AMCORE reported a $156.4 million loss in its third quarter.The company’s revenue plummeted to just $34.7 million, the lowest quarterly total by more than $9 million this decade, and because the value of the company’s assets continues to decline, it shifted $60.3 million more into its loan-loss reserves to cover future loan failures.
The losses continue to chip away at AMCORE’s operating capital. The company said in the earnings release that it had $430 million in bank capital at the beginning of the quarter and still had $350 million at the end of the quarter and that potential future credit losses can be covered by its remaining capital
Click on the following for more details: AMCORE losses accelerate - - BusinessRockford.com
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