OMAHA - Commercial Federal Corp. said it had a loss of $21.8 million, or 39 cents a share, because of additional loan-loss reserves and charges associated with a restructuring plan.
Without the charges, profits would have been $18.6 million, or 33 cents a share. The Omaha thrift company has been struggling to boost revenues while some vocal shareholders push for a sale of the company. The quarter included $44.1 million of charges associated with branch divestitures and an accounting adjustment regarding the company's derivatives portfolio.
The charges were partially offset by a $3.7 million gain on securities sales.
Commercial Federal also said it is converting to a calendar-year reporting schedule.