First Banks, Inc., the holding company of First Bank, today announced a net loss of $51.4 million for the three months ended December 31, 2010 as compared to a net loss of $153.8 million for the three months ended December 31, 2009.
For the year ended December 31, 2010, First Banks recorded a net loss of $191.7 million compared to a net loss of $427.6 million for the year ended December 31, 2009. The net loss for the three months and year ended December 31, 2010 includes a provision for loan losses of $52.0 million and $214.0 million, respectively, as compared to $63.0 million and $390.0 million for the three months and year ended December 31, 2009, respectively.