Corus Loan Portfolio Deteriorating
Corus Bankshares (CORS) expressed substantial doubt about its viability in a regulatory filing Tuesday, saying more than 50% of its loan portfolio was now considered nonperforming.
Chicago-based Corus reported nonperforming loans of $2.0 billion in its delayed 2008 10-K report, filed with the Securities Exchange Commission after the market close Monday, up from the $1.5 billion reported in its Jan. 30 earnings release.
TheStreet.com noted the company's dim prospects as far back as August 2007, when the company paid a special dividend to shareholders. We noted the threat to the company's dividend on common shares in light of its high exposure to nonperforming condominium loans in some of the areas hit the hardest in the boom-and-bust real estate cycle.
The following shows the holding company's nonperforming assets ratios for the past five quarters:
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