MAF Bancorp Inc. of Clarendon Hills, Ill., said Tuesday that it earned almost 3% less in the third quarter than previously reported because of an additional $1.2 million of noninterest expenses.
In October the $9.3 billion-asset parent of Mid America Bank had said earnings in the period rose 28% from a year earlier, to $26.3 million. Earnings per share were unchanged, at 79 cents, MAF said.
But after adjusting for expenses to correct errors in its automated teller machine network processing that stemmed from a 2002 change, MAF lowered its profit to $25.6 million, or 77 cents a share.
After the restatement, the Livingston, N.J., investment bank Ryan Beck & Co. Inc. lowered its full-year estimates by 2 cents, to $3.03. Ryan Beck noted that MAF has failed to meet Wall Street expectations for any quarter this year.
MAF's stock was up 1.1% late Tuesday, to $43.18 a share.
