Bank of Florida loss grows

Bank of Florida Corp. released an amended earnings statement, and the revised results are even worse for the company.

The bank's net loss for the first quarter of 2010 is now being reported at $48.2 million, rather than the $33.1 million that was first reported, according to a release.

Michael L. McMullan, CEO for Bank of Florida, says the bank will continue to try to raise capital via stock offering, which has been reported previously at the Business Review's website.

“This change does not impact our targeted capital raise as the impact is related to the timing of taking these impairments and not the level of impairments taken,” McMullan explained in the release.

The revised quarterly total gives the company a net loss that exceeds $100 million over the past six months, after the company lost $58.7 million in 2009's fourth quarter.