National City Reduces Profit

The bank discovers mistakes in its third-quarter numbers.
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National City

(NCC)

is restating its third-quarter earnings, after discovering that it overstated the value for its mortgage servicing rights portfolio and understated a reserve account.

The Cleveland-based bank reduced its earnings to 86 cents a share, down from the previously announced 90 cents a share.

The bank trimmed the revenue from its mortgage servicing business by $21 million to $104 million.

The bank understated the amount of money it needed to set aside in a reserve account by $18 million.

In early trading, shares of National City were down 11 cents to $37.20.