Colonial Virginia Bank (CNVB) in Gloucester, Va., has revised its yearly earnings downward after a required adjustment to pension costs.
The $114.9 million-asset company said in a press release Friday that it earned $742,181 last year, compared to the originally reported $862,279. After the adjustment, Colonial's profits were still 160% higher than they were in 2012.
The company's net after-tax earnings for the year are the second-highest in its history, at $544,054. "Therefore, the bank considers the performance of 2013 to be a banner year," the release said.