Shares of Colonial Bankshares Inc. of Vineland, N.J., fell sharply Thursday after the thrift company said a revision to its fourth-quarter earnings would cut its previously announced profits by nearly half.
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The $458 million-asset Colonial said it had taken a $196,000 after-tax charge as a result of the declining value of a mutual fund in its investment portfolio.
The charge reduced its fourth-quarter net income to $230,000, or 5 cents a share.
Last month Colonial had announced that it had earned $426,000, or 10 cents a share.
By late Thursday, Colonial's shares had dropped 4.9%, to $9.99.
