Commonwealth Bankshares Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2009. The company reported a loss of $12.4 million for the three months ended September 30, 2009, an increase of 36.8% over the $9.1 million reported in the third quarter of 2008. On a per share basis, the diluted loss increased 36.1% to $1.81 for the three months ended September 30, 2009 compared to $1.33 for the same period in 2008. Negative return on average assets was 4.32% compared to 3.66% for the third quarter of 2008. For the quarter, negative return on average equity was 45.98% as compared to 31.16% for the quarter ended September 30, 2008. For the quarter ended September 30, 2009, net interest income was $8.8 million, a decrease of $578.8 thousand or 6.2% over the comparable period in 2008. Loss before income taxes and non controlling interest was $18.9 million against $13.8 million last year. Book value per share was $13.73 against $15.53 a year ago. Net loss for the nine months ended September 30, 2009 totaled $11.3 million, an increase of 160.1% or $6.9 million over the amount reported for the first nine months of 2008. Diluted loss per share equaled $1.64 for the nine months ended September 30, 2009 compared to a loss of $0.63 for the same period in 2008. Negative return on average assets was 1.34%, down 71 basis points from 0.63% for the first nine months of 2008. Negative return on average equity was 14.07% compared to 5.01% for the nine months ended September 30, 2008. Net interest income was $27.5 million for the nine months ended September 30, 2009, an increase of $1.6 million or 6.2% over the $25.8 million for the nine months ended September 30, 2008. Loss before income taxes and non controlling interest was $17.1 million against $6.6 million last year. Book value per share was $13.73 against $15.53 a year ago.

Commonwealth Bankshares Inc. reported un-audited earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company reported net income of $584,000 or $0.09 diluted per share against net income of $2.4 million or $0.35 diluted per share a year ago. Net interest income was $9.5 million against $8.4 million a year ago. Income before provision for income taxes and non controlling interest was $912,000 against $3.7 million a year ago. Book value was $15.53 against $16.95 a year ago. Return on average assets was 0.21% against 1.05% a year ago. Return on average shareholders' equity was 2.19% against 8.33% a year ago. For the six months, the company reported net income of $1.2 million or $0.17 diluted per share against net income of $4.8 million or $0.68 diluted per share a year ago. Net interest income was $18.7 million against $16.5 million a year ago. Income before provision for income taxes and non controlling interest was $1.8 million against $7.3 million a year ago. Book value was $15.53 against $16.95 a year ago. Return on average assets was 0.21% against 1.08% a year ago. Return on average shareholders' equity was 2.2% against 8.31% a year ago.

Commonwealth Bankshares Inc., Annual General Meeting, Jun 22, 2010