Frontier Financial (FTBK) Misses Q1 EPS by 29c; Suspends 401k Matching Plan
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Frontier Financial (Nasdaq: FTBK) reports a Q1 loss of $0.72, 29 cents worse than the analyst estimate of ($0.43). Contributing to the first quarter 2009 net loss was a $58.0 million provision for loan losses.
As part of our ongoing strategy to reduce noninterest expense, the Board of Directors voted to suspend the Corporation's matching of employee 401(k) plan contributions, effective May 1, 2009. This cost saving measure is expected to reduce noninterest expense by approximately $1.7 million annually.
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