Provident Bankshares Corp. in Baltimore announced revised earnings data Tuesday for the first, second, and third quarters of this year and all of 2004.
Third-quarter earnings fell from 60 cents per diluted share to 54 cents. The nine-month figure slipped from $1.68 to $1.60.
The $6.4 billion-asset company said the revisions reflect a review of its accounting for rate swaps it used to hedge the rate risk of some of its brokered certificates of deposit, borrowings, and debentures. Changes in the fair value of the swaps should have been reported as gains or losses.
The revision raised last year's earnings to $2 per diluted share, from $1.95. The direction was down for this year's first quarter, to 47 cents, from 54 cents, but up for the second quarter, to 60 cents, from 55 cents.
