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million, or a loss of $6.87 per share, whichb compares with net earningsof $16.9 million, or 33 centzs per share a year earlier. For fiscal the company reported a lossof $336.87 million, or a loss of $6.51 per which compares with net earnings of $93.43 million, or $1.86 per share in fiscap 2007. Based on the results, the Spokane bank holdingg company (NASDAQ: STSA) said it won’t pay cash bonusew to its executivemanagement team. Resultzs for the latest quarter include a noncasu chargeof $223.8 million related to the impairment of goodwill, includinh the sustained drop in its stocl price and market and a provision for credit losses of $228.
5 related to “worsening economic conditions (and) the continuedr stress on real estate “During the fourth quarter of we witnessed acceleration in the slowdown of the which caused higher levels of credit stress among our borrowers and an elevatio n in the level of both our nonperforminfg and classified assets. We, therefore, modified our approacg in determining the fair market value of loans identified as saidHarold Gilkey, chairman and CEO, in a
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