Southern Community Financial Corp. in Winston-Salem, N.C., has revised its Dec. 31 results downward to reflect an addition to its valuation allowance against deferred tax assets.
The $1.7 billion-asset company had an $11.5 million loss for the fourth quarter, compared with the $2.9 million loss it reported on Jan. 31. Since reporting its initial figures, Southern Community determined that it needed to increase its valuation allowance against deferred tax assets by $8.6 million. Southern Community reported a loss of $11.3 million for the fourth quarter of 2009.
Southern Community also said that the additional allowance increased its annual loss to $25.7 million. It had a 2009 loss of $65.7 million.