November 12, 2009 (FinancialWire) — StellarOne Corp. (NASDAQ: STEL) (StellarOne), the parent company of StellarOne Bank, reported the company will revise its third quarter loss to reflect a non-cash impairment charge in the amount of $1.9 million related to the common stock of several Virginia and North Carolina based community banks held in its investment portfolio.

With this non-cash impairment charge, the carrying value of such investments is reduced to $1.1 million. The timing of this decision is based on recent discussions with the staff of the Securities and Exchange Commission  regarding existing accounting guidance on accounting for equity securities, and interpretations as to when unrealized losses, length of loss period, and anticipated recovery period for such securities warrant a charge for other-than-temporary impairment. Management and the board of directors determined it necessary to revise policy in light of these discussions and record this impairment in the third quarter. The adjusted net loss applicable to common shareholders for the third quarter of 2009 amounts to $9.4 million or $0.41 per diluted common share and $10.4 million or $0.46 per diluted common share for the nine months ended September 30, 2009.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.