Item 2.02 Results of Operations and Financial Condition.

On July 24, 2009, Cowlitz Bancorporation issued a press release announcing preliminary second quarter 2009 financial results. On August 14, 2009 the Company filed a Notification of Late Filing on Form 12b-25 stating that the Company's second quarter Form 10-Q would not be filed timely because the Company had not completed its financial statements as of August 14, 2009 for the quarter ended June 30, 2009. The delay in completing the financial statements was primarily caused by accounting personnel having reduced availability due to facilitating and responding to requests related to an ongoing annual regulatory examination and additional time needed to complete an interim goodwill impairment analysis. Review of the Company's financial statements by the Company's independent auditors could not be completed by the initial filing deadline for the reasons cited above.

Upon completion of the financial statements for the quarter ending June 30, 2009, reflected in the Company's Form 10-Q filed contemporaneously with this Form 8-K, the Company recorded two adjustments that were not reflected in the Company's previously filed earnings release. First, the Company recorded a 100 per cent valuation allowance against its net deferred tax asset of $10.9 million. Second, the Company recorded an other-than-temporary impairment charge of $76,000 related to one non-agency mortgage-backed security. These non-cash charges resulted in a net loss of $15.4 million, or ($3.01) per share, for the three months ended June 30, 2009 compared with a net loss of $3.0 million, or ($0.58) per share, as disclosed in the Company's preliminary earnings release. These non-cash charges did not affect the Company's cash flows or liquidity, and did not have a significant effect on the Company's regulatory capital ratios.

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