Nara Bancorp in Los Angeles said that it has lowered its previously reported first-quarter earnings by 17.1%, to $5.8 million, or 22 cents a share, after it had boosted its loss provision by $2.1 million to cover a loan in which it had participated with another lender.
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The $2.5 billion-asset Nara, which announced the earnings reduction late Wednesday, said the troubled loan is a residential construction one with an outstanding balance of $2.9 million. As a result of the revision, Nara said, it now expects to report full-year earnings of 95 cents to $1 a share. Earlier it had said its full-year earnings would range from $1 to $1.05.
