Commonwealth Bankshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported net income of $487,100 compared to $592,500 reported for the quarter ended December 31, 2008. Diluted earnings per share equaled $0.07 for the quarter ended December 31, 2009 compared to earnings of $0.09 for the same period in 2008. Net interest income was $8.7 million, an increase of $797.3 thousand or 10.1% over the comparable period in 2008. Interest and dividend income was $16.4 million compared to $15.6 million for the same quarter a year ago. Income before income taxes and noncontrolling interest was $296,000 compared to $905,000 for the same quarter a year ago. Return on average assets was 0.16% and return on average shareholders equity of 2.42% compared to return on average assets of 0.22% and return on average shareholders equity of 2.21% for the same quarter a year ago. For the year ended December 31, 2009, the company reported a net loss of $25.8 million compared to the net loss of $3.7 million reported for the year ended December 31, 2008. On a per share basis, the diluted loss was $3.75 compared to $0.54 for the same period in 2008. The decline in 2009 earnings included the effects of larger provisions to the allowance for loan losses, increased credit and collection costs, increased Federal Deposit Insurance Corporation assessments, the decrease in interest income due to nonperforming loans, and higher expenses related to foreclosed properties. Net interest income was $36.2 million, an increase of $2.4 million or 7.1% over the $33.8 million for the year ended December 31, 2008. Interest and dividend income was $66 million compared to $63.3 million for the previous year. Loss before income taxes and non controlling interest was $39.3 million compared to $5.7 million for the previous year. Book value was $11.62 per share compared to $15.53 per share for the previous year. Negative return on average assets was 2.26% and negative return on average shareholders equity of 25.73% compared to negative return on average assets of 0.39% and negative return on average shareholders equity of 3.30% for the previous year.

Commonwealth Bankshares Inc. announced that the company is restating its results of operations for the third quarter and year to date period ended September 30, 2009. The company's net loss after tax for the three months ended September 30, 2009 will increase from $12.4 million to $27.4 million. Diluted loss per share for the third quarter of 2009, originally reported as $1.81, will increase to a loss of approximately $3.98. The company's after tax net loss for the nine months ended September 30, 2009 is expected to increase from $11.3 million to $26.3 million, and the diluted loss per share is projected to be $3.82 compared to $1.64 loss per share as originally reported. Based on current preliminary information, the company expects to post a profitable fourth quarter of 2009.

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.

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COMMONWEALTH BANKSHARES INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits

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COMMONWEALTH BANKSHARES INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits

COMMONWEALTH BANKSHARES INC Files SEC form 10-Q, Quarterly Report

COMMONWEALTH BANKSHARES INC Files SEC form 8-K, Other Events, Financial Statements and Exhibits