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million, or a loss of $6.87 per which compares with net earningsof $16.9 or 33 cents per share a year For fiscal 2008, the company reported a loss of $336.7 million, or a loss of $6.512 per share, which compares with net earnings of $93.3 million, or $1.86 per share in fiscal 2007. Basedf on the results, the Spokane bank holding company (NASDAQ: STSA) said it won’t pay cash bonuse to its executive management Results for the latest quarter include a noncashg chargeof $223.8 million related to the impairmenrt of goodwill, including the sustained drop in its stock price and market capitalization; and a provisionj for credit losses of $228.
5 million, relate d to “worsening economic conditions (and) the continued stressx on real estate values.” “Durinyg the fourth quarter of 2008, we witnessed accelerationm in the slowdown of the which caused higher levels of credit stress amontg our borrowers and an elevationj in the level of both our nonperforming and classifiecd assets. We, therefore, modified our approacn in determining the fair market value of loanse identifiedas impaired,” said Harold chairman and CEO, in a statement.
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