Corus Bankshares 8-K Results of Operations and Financial Condition

Exhibit 99

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CORUS BANKSHARES, INC.
PRELIMINARY BALANCE SHEETS
(Unaudited)

	December 31			December 31
(dollars in thousands, except per share data)	2009 *			2008
Assets
Cash and cash equivalents	$	37,475		$	48,188
Securities available-for-sale, at fair value (amortized cost $0 and $3,394)		—			2,839
Loans, net of unearned income		10,413			3,824
Less: Allowance for loan losses		(3,658	)		—
Loans, net		6,755			3,824
Investment in Trust Preferred Securities		—			12,147
Taxes receivable		258,243			5,865
Other assets		15,127			11,439
Assets from discontinued operations		—			8,331,868
Total Assets	$	317,600		$	8,416,170
Liabilities and Shareholders’ (Deficit)/Equity
Liabilities:
Subordinated debentures relating to Trust Preferred Securities	$	411,056		$	409,414
Taxes payable to FDIC as receiver for Corus Bank		109,455			—
Other liabilities		9,479			13,750
Liabilities from discontinued operations		—			7,710,441
Total Liabilities		529,990			8,133,605
Total Shareholders’ (Deficit)/Equity		(212,390	)		282,565
Total Liabilities and Shareholders’ (Deficit)/Equity	$	317,600		$	8,416,170

* Preliminary

CORUS BANKSHARES, INC.
PRELIMINARY STATEMENTS OF INCOME
(Unaudited)

	Three Months Ended						Twelve Months Ended
	December 31						December 31
(dollars in thousands)	2009 *			2008			2009 *			2008
Income:
Interest, points and fees on loans	$	—		$	34		$	36		$	2,086
Investments		12			756			321			8,117
Securities gains/(losses), net		269			—			269			25,917
Other income		6			166			8			789
Total Income		287			956			634			36,909
Expense:
Interest expense		2,726			5,509			13,346			24,586
Provision for credit losses		—			(4,336	)		6,682			13,914
Other expenses		2,778			(29	)		9,416			619
Total Expense		5,504			1,144			29,444			39,119
Loss Before Income Taxes		(5,217	)		(188	)		(28,810	)		(2,210	)
Income tax benefit		(104,016	)		(1,620	)		(109,943	)		(996	)
Income (loss) from continuing operations		98,799			1,432			81,133			(1,214	)
Discontinued Operations (1)
Loss from discontinued operations before income taxes		—			(386,348	)		(816,578	)		(573,573	)
Non-cash gain from disposition of Corus Bank, N.A.		—			—			251,905			—
Income tax expense/(benefit)		—			(68,131	)		6,431			(118,324	)
Loss from discontinued operations		—			(318,217	)		(571,104	)		(455,249	)
Net Income (Loss)	$	98,799		$	(316,785	)	$	(489,971	)	$	(456,463	)

*	Preliminary
(1)	The results from discontinued operations in 2009 include activity up to and including September 11, 2009.