ROCKFORD, Ill., Feb. 1, 2010 (GLOBE NEWSWIRE) -- AMCORE Financial, Inc. (Nasdaq:AMFI) today announced financial results for the fourth quarter and the year ended December 31, 2009.

(Numbers in Thousands, Except Per Share Data)
4th 4th
quarter quarter
2009 YTD 2009 2008 YTD 2008
Net Revenues $35,061 $160,811 $43,873 $206,487
Net Loss ($26,266) ($223,783) ($32,119) ($97,799)
Diluted Shares 23,072 22,876 22,652 22,629
Diluted EPS ($1.14) ($9.78) ($1.42) ($4.32)

AMCORE reported a net loss of ($26.3) million for fourth quarter 2009, compared to a net loss of ($32.1) million in the prior-year period and a net loss of ($156.4) million in the previous quarter. Loss per diluted share was ($1.14) for fourth quarter 2009, compared to ($1.42) per diluted share in fourth quarter 2008, and ($6.81) in the previous quarter. Full year 2009 loss per diluted share was ($9.78) compared to ($4.32) per diluted share in 2008. AMCORE's net loss for the full year 2009 was ($223.8) million compared to ($97.8) million in 2008. Full year 2009 results include a $118 million charge ($5.16 per diluted share) for a deferred tax valuation allowance taken in the third quarter.

"Our strategy continues to focus on a series of initiatives designed to improve asset quality, capital ratios and operational efficiencies in order to better position AMCORE to attract capital and support our core markets," said William R. McManaman, Chairman and CEO of AMCORE. "For the first time since fourth quarter 2007, AMCORE realized meaningful credit quality improvements. In the fourth quarter, we were aggressive in our charge-offs and continue to work to reduce our non-accrual loans. Additionally, the cumulative improvement to the bank's capital position from the actions completed in the fourth quarter and the sale of the Central Illinois branches to be completed by the end of the first quarter 2010 will approximate $95 million in equivalent total risk-based capital."