Silver State Bancorp (SSBX) announced that it has restated its earlier reported second quarter financial results.
The company reported a restated net loss for the second quarter of $73.2 million or $4.84 per share, compared to the previously disclosed net loss of $62.7 million or $4.15 per share.
The company attributed the wider net loss to an increase in the provision for loan loss reserve to $69.1 million from the previously reported $58.6 million. The increased provision is due to the company receiving an updated appraisal on the collateral underlying one of the company's commercial land loans subsequent to issuing the initial earnings press release.
by RTT Staff Writer
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