MIAMI - Hamilton Bancorp said that its Hamilton Bank will restate its third-quarter earnings as a result of increased provisions for credit losses after reaching an agreement with regulators.
The Miami banking company had originally slated $13.3 million for credit losses during the quarter. However, in a press release late Friday, the bank said that it changed certain of the bank's methodologies for calculating losses and made a greater allocation of reserves designated to certain loans, causing credit losses for the third quarter to jump to $32.5 million.
The bank will also restate its financial statements for 1998 and 1999, which will result in a decrease of $14.3 million in after-tax net income for 1998, and an increase of comprehensive income for 1999. In addition, as a result of that change, net income for the six months that ended June 30 increased $1.2 million on an after-tax basis, the bank said.