Auburn National Bancorp in Auburn, Ala., has restated third-quarter earnings to account for a $600,000 boost in loan-loss reserves.
The revision puts net income at $346,000, or 9 cents a share, for the three months that ended Sept. 30, against $689,000, or 18 cents, initially reported. In the year-earlier period net income was $484,000, or 12 cents a share.
The $399 million-asset company said Thursday in documents filed at the Securities and Exchange Commission that it increased provisions after a management review of its loan portfolio. The increase will bring loan-loss reserves to $3.7 million, versus $3.8 million at yearend 1999.