Capital Corp. of the West in Merced, Calif., said it has filed its fourth-quarter call report with the Federal Reserve Bank of San Francisco but that it would not release its full results for the quarter and full year until it completes a review of its operations.
In a news release issued late Thursday, Thomas Hawker, Capital's chief executive officer, said that the call report was filed "based on the best information available at that time."
But the $1.9 billion-asset company was "studying certain valuations in light of existing market conditions and now believes certain adjustments as of yearend 2007 are likely to result from the review process," Mr. Hawker said in the release.
For the quarter that ended Sept. 30, Capital said it earned $6 million, up slightly from the year-earlier period.
But it also reported significant increases in nonperforming assets and net chargeoffs.
Capital's stock was trading at $17.30 a share late Friday, down 6.8%.
