In brief: Bank’s parent posts quarterly, yearly loss
Northwest Bancorporation on Friday reported losses for the year and fourth-quarter 2009.
For the quarter, the loss was $1.7 million, or 72 cents per share, compared with $1.42 million, or 60 cents per share, for the 2008 quarter.
For the year, the parent of Inland Northwest Bank lost $3.9 million, or $1.63 per share, compared with $275,000, or 12 cents per share, in 2008.
Assets decreased 1.6 percent at year-end, to $393.7 million. Net loans decreased 6 percent to $314.2 million, while deposits grew 6.9 percent to $337.8 million. Revenues grew 10.1 percent to $17.3 million.
President Randy Fewel said loans and repossessed real estate were marked down $1.8 million for the fourth quarter, and $5.9 million for the year.
“This is by far the highest level of loan-related losses INB has ever experienced in a single year,” he said.
Before those allowances, Fewel said, Inland earned $4.6 million despite the tripling of Federal Deposit Insurance Corp. payments to $805,000.
Berkshire Hathaway’s BNSF purchase done
Omaha, Neb. – Warren Buffett’s company completed its largest acquisition ever Friday when it bought Burlington Northern Santa Fe Corp.
Berkshire Hathaway Inc. also joined the S&P 500 and S&P 100 stock indexes after Friday’s close of the markets because as part of the BNSF deal, the Omaha-based company gained liquidity by issuing new shares and splitting its Class B shares 50-for-1. The deal also created an opening in the S&P indexes because Berkshire bought one of the nation’s largest railroads.
On Friday, Berkshire’s A shares closed at $114,000, and the B shares finished the week at $76.90. The A shares are up 12 percent since S&P announced plans to add Berkshire to its stock indexes, and the B shares have gained 13 percent.
DirecTV lawsuit targets Dish ad claim
New York – Satellite TV provider DirecTV Inc. is suing its rival, Dish Network Corp., for running an advertisement claiming that Dish delivers the same programs for less money.
The TV commercial shows three TV sets broadcasting the same programs, with Dish costing $39.99 a month, DirecTV costing $63.99 and cable TV at $63.83.
DirecTV’s lawsuit, filed Thursday in U.S. District Court in New York, accuses Dish of “blatantly false and misleading advertising.” DirecTV said the subscription plan used in the commercial offers more than 140 channels while Dish Network’s cheaper plan has fewer than 100 channels.
Dish said it stands by its claim. Dish launched its “Why Pay More” ad campaign last summer and since has been reversing a decline in subscribers.