VOORHEES, N.J. -- Glendale Bancorp. said an additional loan-loss provision has wiped out its previously reported earnings for the nine months ending Sept. 30.

Citing economic conditions and a review of its loan portfolio, the corporation increased its loan-loss reserved by $1.5 million, effective Sept. 30.

The move resulted in a restated, consolidated loss for the nine months of $503,000, or 27 cents a share, compared with the previously reported earnings of $729,000, or 39 cents a share.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.