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The company recorded a non-cash provision for loan losses of USD25.4m for the three months ended 30 September 2009, compared to USD28.0m for the same quarter in 2008.
Interest income for the quarter ended 30 September 2009 was USD8.5m, down 66.29% from USD25.2m in the comparable period in 2008.
For the nine months ended 30 September 2009 the bank made a net loss of USD66.34m, or USD4.21 per share, against net income of USD4.04m, or USD0.26 per share, for the corresponding period in 2008.
Martin Heimbigner, lead independent director, said that the bank's loss for the quarter and first nine months of the year was impacted by ongoing uncertainty in the market for residential building lots.
"We are selling very few building lots because of the incredibly low market prices right now. Instead, the bank is strategically financing certain builders to complete houses in partially finished developments and sell them in what has been a slightly improved market for homes in recent months," he added.
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