First Banks, Inc., the holding company of First Bank, today announced a net loss of $15.9 million for the three months ended December 31, 2011 as compared to a net loss of $51.4 million for the three months ended December 31, 2010.
For the year ended December 31, 2011, the Company reported a net loss of $41.2 million as compared to a net loss of $191.7 million for the year ended December 31, 2010. The net loss for the three months and year ended December 31, 2011 includes a provision for loan losses of $17.0 million and $69.0 million, respectively, as compared to $52.0 million and $214.0 million for the three months and year ended December 31, 2010, respectively.