latest news releases from the newsroom
Northrim BanCorp, Inc.
Northrim BanCorp Earns $6.1 Million or $0.93 Per Share in 2008
ANCHORAGE, Alaska, Jan. 28, 2009 (GLOBE NEWSWIRE) -- Northrim BanCorp, Inc. (Nasdaq:NRIM) today reported net income was $6.1 million in 2008, or $0.93 per diluted share, compared to net income of $11.7 million, or $1.80 per diluted share, a year ago. In the fourth quarter of 2008, Northrim earned $946,000, or $0.14 per diluted share, compared to $1.6 million, or $0.24 per diluted share, in the immediate prior quarter and $2.2 million, or $0.34 per diluted share, in the fourth quarter of 2007.
Financial Institutions, Inc.
Financial Institutions, Inc. Announces Fourth Quarter and Year-End Results; Reports Non-Cash OTTI Charge; Retains 'Well-Capitalized' Position
WARSAW, N.Y., Jan. 28, 2009 (GLOBE NEWSWIRE) -- Financial Institutions, Inc. (Nasdaq:FISI) (the "Company"), the parent company of Five Star Bank, today reported a net loss of $3.1 million (or $0.33 loss per share) for the quarter ended December 31, 2008, compared to net income of $4.1 million (or $0.34 earnings per diluted share) for the 2007 fourth quarter. For the year ended December 31, 2008, the Company's net loss totaled $26.2 million (or $2.56 loss per share), compared to net income of $16.4 million (or $1.33 diluted earnings per share) in 2007.
Park Sterling Bank
Community Capital Corporation Reports Earnings
GREENWOOD, S.C., Jan. 28, 2009 (GLOBE NEWSWIRE) -- Community Capital Corporation (Nasdaq:CPBK) reports operating results for the twelve months and quarter ending December 31, 2008.
The Savannah Bancorp, Inc.
The Savannah Bancorp Reports Fourth Quarter Earnings of $778,000, 2008 Earnings of $6 Million and Declares Quarterly Dividend
SAVANNAH, Ga., Jan. 28, 2009 (GLOBE NEWSWIRE) -- The Savannah Bancorp, Inc. (Nasdaq:SAVB) reported net income for the fourth quarter 2008 of $778,000 compared to $353,000 for the same period in 2007. Fourth quarter net income per diluted share was $0.13 in 2008 and $0.06 in 2007, an increase of 117 percent. Net income for 2008 was $6,006,000 compared with net income of $7,636,000 in 2007, a decrease of 21 percent. Net income per diluted share was $1.01 for 2008 and $1.29 in 2007, a decrease of 22 percent. The decline in 2008 earnings results primarily from a higher provision for loan losses and a lower net interest margin when compared to 2007. 2008 earnings include the net income derived from the previously announced acquisition of Minis & Co., Inc. ("Minis") on August 31, 2007. Other growth and performance ratios are included in the attached financial highlights and information.
Cree Announces Sample Release of Two New GaN HEMT Microwave Transistors for Telecommunications Applications
DURHAM, N.C., Jan. 28, 2009 (GLOBE NEWSWIRE) -- Cree, Inc (Nasdaq:CREE) announces the sample release of two 120W, highly efficient GaN HEMT microwave transistors for telecommunication applications such as W-CDMA, LTE and WiMAX. Due to the unique combination of high RF power density, low capacitance and high thermal conductivity silicon carbide (SiC) substrates, these transistors provide superior performance compared to other technologies such as GaAs MESFET or Si LDMOSFET. Two demonstration amplifiers-one for each device-are available for transistor evaluation.
Banner Corporation Announces Fourth Quarter and Year End Results; Includes $71 Million Goodwill Write-Off and $124 Million TARP CPP Proceeds; Remains 'Well Capitalized'
WALLA WALLA, Wash., Jan. 28, 2009 (GLOBE NEWSWIRE) -- Banner Corporation (Nasdaq:BANR), the parent company of Banner Bank and Islanders Bank, today reported that it had a net loss of $78.5 million, or $4.72 per diluted share available to common shareholders, for the quarter ended December 31, 2008, compared to net income of $12.0 million, or $0.74 per diluted share, for the quarter ended December 31, 2007. The current quarter's results included a $71.1 million non-cash impairment charge to write-off the remaining balance of goodwill previously reflected on the Company's books. The current quarter's net income also included a $33.0 million provision for loan losses and $13.7 million of net fair value gains. Banner recorded a net loss of $128.0 million, or $7.94 per diluted share available to common shareholders (including a $121.1 million write-down of goodwill), for the year ended December 31, 2008, compared to net income of $36.9 million, or $2.49 per diluted share, for the year ended December 31, 2007.