MetroCorp Bancshares Inc. in Houston has revised its fourth-quarter earnings to reflect a $3 million goodwill impairment charge relating to a drop in its market value.
The $1.5 billion-asset company said Thursday that, as a result of the adjustment, it lost $328,000 in the fourth quarter instead of earning $2.7 million as previously reported. For 2011, it earned $6.4 million, or $3 million less than it first reported.
The change will not affect its regulatory capital ratios, cash flows or liquidity, MetroCorp said.
After reporting its results in January, MetroCorp performed a goodwill evaluation because its stock traded at below book value during the quarter. The shares ended the year trading at $6.35. The stock has rebounded in 2012, to $8.25 per share late Thursday, but that is still about $1 below its book value.