Wells Financial Corp. in Wells, Minn., said Friday that it revised its 2010 results after boosting reserves for selected loans and repossessed properties.
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The $238.4 million-asset company said the revision led to a 34.3% decline in quarterly net income, to $401,000, or 51 cents a share. Full-year earnings fell 10.3%, to $1.8 million, or $2.32 a share.
The company said it added $71,000 to its loan-loss provision after conducting a review of expected future cash flows on the selected loans and properties.
