Bangalore ablaze at 33.5 degrees C

Sunday was unusually hot for February, signalling that summer could be here early. Many who were out enjoying the holiday, felt the blazing heat.

As economicconditions continued to deteriorate during the second quarter of 2009, theCompany's net loan charge-offs totaled $23,281,000 and a loan loss provision of$24,384,000 was deemed necessary. The following information graphically displays the Bank-only loan portfoliobreakdown, by purpose code, at June 30, 2009, and does not include overdraftreclassifications: (See accompanying chart)During the second quarter, the Company increased its loan loss reserve to$50,157,000, which represented 2.30% of loans at June 30, 2009, compared with2.19% at March 31, 2009, and 1.51% of loans at June 30, 2008. For the three and six month periods endedJune 30, 2008, the Company reported net income of almost $1.5 million and $8.6million, respectively, and net income per diluted share of $0.11 and $0.67,respectively. The net operating loss of $14.0 million during the second quarter of 2009 wasprimarily influenced by a loan loss provision of $24.4 million, accompanied byapproximately $3.3 million in net write-offs related to foreclosed properties.In addition, the one-time assessment, levied against all banks by the FDIC,increased the Company's FDIC deposit insurance costs to $2.6 million for thequarter.

At June 30, 2009, GreenBank's Tier 1 Leverage Ratio was 10.85%, its Tier1 Risk-based Capital Ratio was 13.46%, and its Total Risk-based Capital Ratiowas 14.72% - all well above the required minimums of 5%, 6% and 10%,respectively, to be deemed a 'well capitalized' financial institution.Additionally, the Company's ratio of tangible equity to tangible assets was5.98% at June 30, 2009." For the six months ended June 30, 2009, the Company reported a net loss of$147.9 million or $11.32 per diluted share, including the after-tax, non-cashgoodwill impairment charge of $137.4 million or $10.52 per diluted share.Excluding the goodwill impairment charge, the net operating loss was $10.5million or $0.80 per diluted share. This decline resulted in the market price of theCompany's common stock trading at a deep discount from both net book value andtangible book value per share over an extended period, which in turn led to thenon-cash charge associated with the write off of the entire amount ofnon-amortizing goodwill on our balance sheet." Puckett added, "Despite the second quarter net loss of $151.4 million and netoperating loss of $14.0 million, the Company's capital ratios remain extremelystrong. Excluding goodwill impairment, the Company's netoperating loss totaled $14.0 million or $1.07 per diluted share for the quarter.(Please refer to the reconciliation of non-GAAP measures included on page fourof this press release.) Stan Puckett, Chairman and Chief Executive Officer, commented, "As a result ofcontinued deterioration in real estate market conditions and the furtherweakening in the economic environment, the Company has experienced a sharpdecline in its stock price, not only from year-end 2008, but also from the endof the first quarter of 2009. This charge hadno impact on the Company's cash, liquidity, tangible equity ratio, or its strongregulatory capital ratios. (NASDAQ:GRNB), the holding company for GreenBank, todayreported a net loss for the second quarter and six months ended June 30, 2009.The net loss of $151.4 million or $11.58 per diluted share for the secondquarter of 2009 was primarily driven by an after-tax, non-cash goodwillimpairment charge of $137.4 million or $10.51 per diluted share. SOURCETripFit Lauren Boukas of TripFit , 1-888-416-5072, ext 11, . GREENEVILLE, Tenn.--(Business Wire)--Green Bankshares, Inc.

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