Business

BANKS: Venture Bank owners delay earnings news to work on even-later annual report

DUPONT – Venture Financial Group Inc., which owns Venture Bank, won’t file its first-quarter earnings report on time because it continues to work on its annual report – which also has yet to be filed, according to a Securities and Exchange Commission filing Monday.

The first-quarter earnings filing, also known as a form 10-Q, is typically filed by March 31, 2009. The annual report, also known as a form 10-K, typically is filed shortly after the end of the year, or Dec. 31, 2008.

“The company is continuing to gather information for its independent registered public accountants,” the company said Monday.

Although both filings have been delayed, Venture Financial expects to report a profit of $2.4 million for the first quarter of the year, down from $3.1 million in the same year-ago period, the filing shows. Venture attributed the lower-than-expected net income to an increase in nonperforming assets.

Nonperforming assets soared to $100.2 million in the first quarter of the year, or 9.15 percent of total assets, compared to $20.9 million or 1.72 percent of total assets, for the first quarter of 2008, the filing shows.

Rolf Boone, The Olympian

  Comments