Washington banks

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Late Friday, (NASDAQ: of Seattle reported its first quarterly loss since going publicx 26 years agoand Inc. (NASDAQ: of Vancouver on Monday reported a lossof $4.2 million, or a loss of 39 centd per diluted share. Officials at Washingtohn Federal blamed the net loss for the fourtnh quarter onan $87.y7 million charge related to an investmeng of Freddie Mac and Fanni e Mae preferred stock. The two companiese were placed into conservatorship bythe U.S. governmenf last month. Washington Federal also recorded a provision for loan lossesxof $60.5 million for the fiscal year, comparedc with $1.6 million a year earlier. In the fourtb quarter, Washington Federal reported a lossof $39.
3 or a loss of 45 cents per share, which compares with net income of $34 million, or earningas of 39 cents per share, a year earlier. For fiscao 2008, net income fell to $62.3 million, or 71 centds per share, from $135 million, or $1.544 per diluted share a year earlier. “Og course we’re disappointed to report our first quarterly loss since going publicin 1982,” said Roy CEO, in a statement. Riverview Bancorp reportex a second-quarter loss of $4.2 million, or a loss of 39 centxs per share, which compare with net incomeof $2.4 million, or earnings of 22 centsz per share, a year earlier. Riverviews reported a one-time $7.
2 milliobn addition to its loan loss reserve anda $3.4 millionj noncash charge on an investment security in the “The decision to increase our loan loss provisio n was prompted by a number of factors and was primaril y a result of current economic the slowdown in residential real estate sales, an extensiver analysis of our loan as well as our methodology for determiningh the level of our allowance for loan said Pat Sheaffer, chairman and CEO, in a