Six weeks after reporting a fourth-quarter loss of $16 million, or 35 cents a share, Irwin Financial Corp. of Columbus, Ind., has revised its results because of an increase to its loan-loss allowance and now says it lost $26 million, or 56 cents a share.
Will Miller, its chairman and chief executive, said the $6.2 billion-asset Irwin decided to revise its results as it was preparing to file its 10-K with the Securities and Exchange Commission.
"We have had time to reflect on and refine our loan loss estimates to account for the extraordinary market conditions our industry was experiencing at yearend," Mr. Miller said in a news release Friday. "We believe these additions … better account for the heightened uncertainty in the current environment."
Irwin earned $10.6 million in the fourth quarter of 2006.
Irwin said that its allowance for loan losses at yearend was $145 million, up 95% from a year earlier.
The company also announced earlier this month that it was suspending quarterly dividends until it returns to normal levels of profitability.
Irwin's stock was up 3% late Friday, to $4.70 a share.
