The Company incurred $17.0 million of combined net impairment provisions in 2010 from its consolidated and unconsolidated portfolio assets and loans compared to $10.8 million in 2009. The provisions in 2010 were recorded primarily to reflect changes in management's estimates as to the timing and amount of projected future collections and declines in domestic real estate values. The global distribution of the $17.0 million of net impairment provisions in 2010 includes $10.5 million for domestic assets, $1.3 million related to Latin American assets, and $5.2 million related to European assets. Net provisions in 2010 were allocated between consolidated assets ($9.3 million) and FirstCity's share of net provisions from unconsolidated subsidiaries ($7.7 million).The Company's share of foreign currency transaction losses from its consolidated and unconsolidated foreign operations was $0.9 million in 2010, compared to $47,000 of foreign currency transactions gains in 2009.
FirstCity Financial Corporation Reports Fourth Quarter And Full Year 2010 Results
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