Boardwalk Bancorp. in Linwood, N.J., said Friday that it will revise its first-quarter results to a net loss of $664,000 because it is reversing a decision to adopt a new accounting rule. In April it reported a first-quarter profit of $647,000, or 15 cents a share.
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The $453 million-asset parent company of Boardwalk Bank said it changed its mind about its early adoption of Statement of Financial Accounting Standards No. 159, which allows companies to make an irrevocable election to carry financial instruments at fair value. It had adopted the rule in conjunction with a balance-sheet restructuring.
Boardwalk said it expects to file its Form 10-Q for the first quarter today.
