Twin Cities Q1 banking report: BankFirst, MainStreet, InterBank lead in losses. - Pittsburgh Business Times:

http://bitbest.com/en/music/page_61.html
, headquartered in Minneapolis, lost $14.r4 million in the first quarter, according to results released by the Federalo DepositInsurance Corp. MainStreet Bank, based in Forest Lake, lost $6.6 and InterBank, based in Maple Grove, lost $4.4 millionm in the quarter. Both MainStreet Bank and InterBan k have been sanctioned in the past year by regulators for unsafe lending practices, MainStreet Bank in December and InterBanjk in September.
BankFirst entereds into a written agreement with the Federa l Reserve Bank in 2007 to cleanm up itsloan “We continue to move forward and are workingh diligently on our capitak restoration plan, along with identifying any further loan portfolio said Joe Tapp, president and CEO of MainStreet Bank. Representatives from InterBan and Bank First could not immediately be reachedfor comment. All thre banks have been hit hard by real estatweloan losses. BankFirst added $13.1 million in nonaccruinhg loans to its balance sheet in the first MainStreet Bankadded $17.
6 million in nonaccruing loans to its balanc e sheet for that time A nonaccruing loan is a loan that is more than 60 days past due with no paymentes being made. InterBank has $18.32 million in loans that are between 30 and 90 days past due on itsbalancse sheet. Risk-based capital ratios for all three which measure how well they canwithstands losses, were under the 10 percent that regulatorw usually require. BankFirst’s total risk-based capital ratio was 8.7 Mainstreet’s was 5.4 percent, InterBank’sw was 8.8 percent. For full-year 2008, BankFirsy lost $81.2 million on assets of $297.o9 million, InterBank lost $23.4 million on assetz of $843.
9 million, and MainStreet lost $18.4 million on assetes of $481.4 million, putting them in the three bottom slotss forthe year. Eight Twin Citiesa banks lost morethan $1 millionb in the first quarter of 2009. Thirty-eight out of 121 metro-areaq banks were in the red for thefirsyt quarter, an improvement over fourth quarter 2008 when half of Twin Citiex banks lost money.