South Financial Group Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company's total revenue was $113.5 million compared with $124.3 million for the same period a year ago. Net interest income was $80.0 million compared with $95.6 million for the same period a year ago. Loss before income taxes was $200.2 million compared with $54.5 million for the same period a year ago. Net loss available to common shareholders was $340.8 million or $1.95 per diluted share compared with $31.2 million or $0.43 per diluted share for the same period a year ago. Negative return on average assets was 10.33% compared with 0.72% for the same period a year ago. Negative return on average equity was 85.43% compared with 6.39% for the same period a year ago. For the nine months, the company's total revenue was $340.5 million compared with $380.5 million for the same period a year ago. Net interest income was $250.9 million compared with $288.5 million for the same period a year ago. Loss before income taxes was $473.6 million compared with $291.3 million for the same period a year ago. Net loss available to common shareholders was $543.1 million or $4.67 per diluted share compared with $249.4 million or $3.44 per diluted share for the same period a year ago. Negative return on average assets was 5.01% compared with 2.29% for the same period a year ago. Negative return on average equity was 42.13% compared with 20.60% for the same period a year ago. The company announced impairment of long lived assets of $0.75 million for the third quarter of 2009.

South Financial Group Inc. announced that its Board of Directors has declared a quarterly cash dividend of $12.50 per share on its Fixed Rate Cumulative Perpetual Preferred Stock (Series 2008-T) issued to the U.S. Treasury Department under its voluntary Capital Purchase Program. This amount is based on a rate per annum of 5% and is payable on November 15, 2009 to the preferred stock shareholder of record as of November 1, 2009. Also, TSFG's Board of Directors declared a quarterly cash dividend of $25.00 per share on the 4,650 outstanding shares of Mandatory Convertible Non-cumulative Preferred Stock (Series 2008D-V and Series 2008D-NV). This dividend totals $116,250 in aggregate and is payable on November 1, 2009 to preferred stock shareholders of record as of October 15, 2009.

South Financial Group Inc., Q3 2009 Earnings Call, Oct 21 2009