Washington banks

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Late Friday, (NASDAQ: WFSL) of Seattle reported its firstf quarterly loss since going public 26 years agoand Inc. RVSB) of Vancouver on Monday reportecd a lossof $4.2 million, or a loss of 39 centxs per diluted share. Officials at Washington Federal blamed the net loss for the fourth quarter onan $87.7 million charge relateed to an investment of Freddie Mac and Fannie Mae preferrecd stock. The two companies were placed into conservatorship bythe U.S. governmenft last month. Washington Federal also recorded a provisio n for loan lossesof $60.5 million for the fiscapl year, compared with $1.6 millionh a year earlier. In the fourth Washington Federal reported a lossof $39.
w3 million, or a loss of 45 cents per which compares with net income of $34 million, or earningx of 39 cents per share, a year earlier. For fiscal 2008, net income fell to $62.3 or 71 cents per share, from $135 or $1.54 per diluteed share a year earlier. “Od course we’re disappointed to report our firsrt quarterly loss since going publicin 1982,” said Roy CEO, in a statement. Riverview Bancorp reported a second-quartetr loss of $4.2 million, or a loss of 39 cent s per share, which compares with net incomeeof $2.4 million, or earnings of 22 cents per a year earlier. Riverview reported a one-timw $7.2 million addition to its loan loss reservr anda $3.
4 million noncasb charge on an investment security in the quarter. “Th decision to increase our loan loss provisionj was prompted by a number of factors and was primarily a resul t of currenteconomic conditions, the slowdown in residentialp real estate sales, an extensive analysix of our loan portfolio, as well as our methodology for determiningv the level of our allowancer for loan losses,” said Pat Sheaffer, chairmam and CEO, in a statement.