Losses widened for Bank of Florida Corp. in 2009.

The bank holding company - headquartered in Naples - reported a loss of $108.7 million, or $8.51 per diluted share, for 2009.

Excluding a goodwill charge of $62 million recorded in the third quarter, the net loss for the year was $46.7 million, or $3.66 a share. That compares to a loss of $13.2 million, or $1.03 a share, in 2008.

Full-year highlights include:

*Total core deposits increased 10 percent.

*Land, construction and development loans decreased 34 percent to $223.8 million.

*Assets under administration at Bank of Florida Trust Company totaled $740.5 million, an increase of 50 percent.

The net loss for the fourth quarter of last year was $19.8 million, or $1.55 a share. That compares to a loss of $78.1 million, or $6.10 per share, in the third quarter of 2009.

"Our results for the fourth quarter and full year 2009 were as we had expected, and in line with the disclosure provided in our registration statement on file with the Securities and Exchange Commission," said Michael L. McMullan, the company's CEO, in a statement. "Our registration statement remains on file with the SEC, and we are working hard on several internal and external capital raising options."

The bank remains focused on reducing its problem aseets.

"We continue to make progress through sales, absorption and restructures of non-performing loans and anticipate this activity to pick up as we move through 2010. We have also continued to reduce our expsosure to land, construction, and development loans over the past 12 months, as this portfolio now represents 18 percent of our total loans, compared to 26 percent at Dec. 31, 2008."

Non-performing loans totaled $164.5 million, or 13.56 percent of total loans at the end of the fourth quarter, up $14.4 million from the third quarter.

Bank of Florida Corp., with $1.4 billion in assets, is the parent for Bank of Florida - Southwest in Collier and Lee counties; Bank of Florida - Southeast in Broward, Miami-Dade and Palm Beach counties, Bank of Florida - Tampa Bay in Hillsborough and Pinellas counties, and Bank of Florida Trust Company.