Silver State Bancorp, Henderson, Nev., has announced a restatement of its second-quarter financial results that boosted its real-estate-related net loss from $62.7 million ($4.15 per share) to $73.2 million ($4.84 per share). The larger net loss stems from an increase in the company's provision for loan losses from $58.6 million to $69.1 million, which was attributed primarily to an updated appraisal on the collateral underlying one of Silver State's commercial land loans. In the second quarter of 2007, the company reported net income of $6.2 million ($0.44 per share). Silver State can be found online at http://www.silverstatebancorp.com.
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