EX-99 2 c97936exv99.htm EXHIBIT 99 Exhibit 99
Exhibit 99
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CORUS BANKSHARES, INC.
PRELIMINARY BALANCE SHEETS
(Unaudited)
                 
    December 31     December 31  
(dollars in thousands, except per share data)   2009 *     2008  
Assets
               
Cash and cash equivalents
  $ 37,475     $ 48,188  
Securities available-for-sale, at fair value
(amortized cost $0 and $3,394)
          2,839  
Loans, net of unearned income
    10,413       3,824  
Less: Allowance for loan losses
    (3,658 )      
 
           
Loans, net
    6,755       3,824  
Investment in Trust Preferred Securities
          12,147  
Taxes receivable
    258,243       5,865  
Other assets
    15,127       11,439  
Assets from discontinued operations
          8,331,868  
 
           
Total Assets
  $ 317,600     $ 8,416,170  
 
           
 
               
Liabilities and Shareholders’ (Deficit)/Equity
               
Liabilities:
               
Subordinated debentures relating to Trust Preferred Securities
  $ 411,056     $ 409,414  
Taxes payable to FDIC as receiver for Corus Bank
    109,455        
Other liabilities
    9,479       13,750  
Liabilities from discontinued operations
          7,710,441  
 
           
Total Liabilities
    529,990       8,133,605  
Total Shareholders’ (Deficit)/Equity
    (212,390 )     282,565  
 
           
Total Liabilities and Shareholders’ (Deficit)/Equity
  $ 317,600     $ 8,416,170  
 
           
     
*  
Preliminary

 

 


 

CORUS BANKSHARES, INC.
PRELIMINARY STATEMENTS OF INCOME
(Unaudited)
                                 
    Three Months Ended     Twelve Months Ended  
    December 31     December 31  
(dollars in thousands)   2009 *     2008     2009 *     2008  
Income:
                               
Interest, points and fees on loans
  $     $ 34     $ 36     $ 2,086  
Investments
    12       756       321       8,117  
Securities gains/(losses), net
    269             269       25,917  
Other income
    6       166       8       789  
 
                       
Total Income
    287       956       634       36,909  
 
                               
Expense:
                               
Interest expense
    2,726       5,509       13,346       24,586  
Provision for credit losses
          (4,336 )     6,682       13,914  
Other expenses
    2,778       (29 )     9,416       619  
 
                       
Total Expense
    5,504       1,144       29,444       39,119  
 
                       
Loss Before Income Taxes
    (5,217 )     (188 )     (28,810 )     (2,210 )
Income tax benefit
    (104,016 )     (1,620 )     (109,943 )     (996 )
 
                       
Income (loss) from continuing operations
    98,799       1,432       81,133       (1,214 )
 
                       
 
                               
Discontinued Operations (1)
                               
Loss from discontinued operations before income taxes
          (386,348 )     (816,578 )     (573,573 )
Non-cash gain from disposition of Corus Bank, N.A.
                251,905        
Income tax expense/(benefit)
          (68,131 )     6,431       (118,324 )
 
                       
Loss from discontinued operations
          (318,217 )     (571,104 )     (455,249 )
 
                       
Net Income (Loss)
  $ 98,799     $ (316,785 )   $ (489,971 )   $ (456,463 )
 
                       
     
*  
Preliminary
 
(1)  
The results from discontinued operations in 2009 include activity up to and including September 11, 2009.