A week after reporting a first-quarter profit of $71,000, Bank Holdings in Reno said it lost $24,000 that quarter.
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The $401 million-asset parent of Nevada Security Bank said late Monday that it revised its earnings because it had miscalculated the cost of compliance with a Financial Accounting Standards Board rule.
For the first quarter of last year, Bank Holdings reported net income of $177,000. It attributed the decline primarily to an increase its loan-loss provision, to reflect its rapid loan growth.
Its loan total rose 58% from a year earlier, to $274 million as of March 31.
The company said it had no past due loans or nonperforming assets at the end of the quarter.
