Pinnacle Financial Services Inc. said it would restate its third-quarter results, boosting its loss by $6 million, to $7.1 million or 58 cents per share.
The $2.2 billion-asset banking company has also adjusted downward year- to-date earnings, to $4.9 million or 40 cents per share.
Chairman Richard A. Schanze said the changes were related to the recent acquisitions of Indiana Federal Bank for Savings and Community Bank.
The restatement increased Pinnacle's allowance for loan losses by $14.4 million. But Mr. Schanze said the addition does not indicate deteriorating credit quality. "We fully anticipate that Pinnacle will return to a positive experience in the fourth quarter," he said.