Marshall & Ilsley Corp. today reported a fourth quarter net loss of $259.5 million, or 54 cents per share, which capped a fiscal year in which it lost $858.8 million, or $2.46 per share.
The company's net loss for 2009 was actually an improvement over its 2008 performance, when the firm lost $2.0 billion, or $7.92 per share. The financial results for 2008 a goodwill impairment charge of $1.5 billion after-tax.
"Our aggressive approach to managing credit continued to impact M&I's financial results during the fourth quarter of 2009," said Mark Furlong, president and chief executive officer of the Milwaukee-based parent company of M&I Bank. "Despite the loss, there are some encouraging signs that credit quality has stabilized and core earnings trends have improved. M&I remains committed to returning the company to profitability as soon as possible."
M&I's average loans and leases totaled $45.3 billion for the fourth quarter of 2009, decreasing $4.9 billion or 10 percent compared with the fourth quarter of 2008. When adjusted for the targeted reduction in the corporation's construction and development portfolio, loans fell $1.2 billion or 3 percent vs. the same period last year.
In a conference call with analysts this morning, M&I executives expressed confidence that the company's performance is improving.
The company's nonperforming loans were down for the second consecutive quarter. The $205 million decrease of nonperforming loans in the last quarter was down 9 percent form the previous quarter.
"We continue to remain aggressive in dealing with tough credit issues," Furlong said. "As we move into 2010, we intend to leave no struggling asset unaddressed. We are glad to put the last two years behind us."
Greg Smith, chief financial officer for the company, said, "We are building confidence that a recovery is underway at M&I. our non-performing loans continue to decline."
M&I reports loss of $858.8 million for 2009
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