AmericanWest Bancorp. of Spokane reported a third-quarter loss of $96.9 million, or $5.63 a share, compared with a profit of $5.3 million, or 31 cents a share, a year earlier.
The loss was primarily driven by an $82 million goodwill impairment charge and a surge in nonperforming loans that led to a $27.6 million loan-loss provision, up 2,200% from a year earlier, AmericanWest said Friday.
Nonperforming assets rose 340%, to $88.7 million.
The $2 billion-asset company also announced a reorganization under which its banking operations report to a single executive in each of AmericanWest's two principal markets: Washington-Idaho and Utah. It said the change will save $4.9 million a year.
It also plans to shut six of its 64 branches that are either underperforming or redundant.
Also Friday, AmericanWest named Patrick J. Rusnak president and chief executive. He had been interim president and CEO since the board's ouster of Robert M. Daugherty in July.