A struggling Franklin Bank in Houston is readjusting the losses and earnings it reported over the past three quarters, mostly for the better.
The $5.9 billion-asset subsidiary of Franklin Bank Corp. said Monday that it has amended call reports with the Federal Deposit Insurance Corp. for the second time.
The first quarter is the only one that showed no improvement over the earlier numbers. Its loss for that quarter increased 1.4%, to $35.7 million.
Its fourth-quarter loss was 28% lower than previously reported, or $53.5 million. And its third-quarter earnings were seven times higher, or $19.2 million.
Franklin Bank Corp. is conducting an internal accounting investigation because of potential issues related to single-family mortgages and residential real estate.
The company has yet to file its first-quarter results or its annual results for last year with the Securities and Exchange Commission. It also warned in March that it might have to revise the third-quarter earnings it filed with the SEC.
Franklin's shares were trading at 55 cents Monday, or about 95% lower than a year earlier.
