Willow Grove Bancorp Inc. in Wayne, Pa., said in a restatement of its fiscal fourth-quarter results that it earned about $1.5 million less than it initially reported.
After the market closed Wednesday, the $1.6 billion-asset company said that it increased its loan-loss provision from the $195,000 reported in its Aug. 14 earnings announcement, to $2.5 million, because of concerns about two commercial loans to a single borrower. Willow Grove's fiscal year ended June 30. The loans were classified as substandard at June 30, but after further review the company concluded that the borrower's revenue shortfall would be long-term and that the value of the collateral for the loans was lower than the amount owed.
Willow Grove said it earned $2.3 million, or 16 cents per share, in the quarter, instead of the previously reported $3.8 million and 26 cents per share.
