First NBC Bank says it'll rewrite financial statements

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Source:   —  April 10, 2016, at 1:56 AM

says it'll restate its financials for two thousand thirteen, two thousand fourteen and two thousand fifteen because it undercounted losses from historic tax credit investments. The New Orleans company announced Friday that financial statements from two thousand eleven through two thousand fifteen should number longer be relied upon by investors.

First NBC Bank says it'll rewrite financial statements

First NBC Bank Holding Co. says it'll restate its financials for two thousand thirteen, two thousand fourteen and two thousand fifteen because it undercounted losses from historic tax credit investments.

The New Orleans company announced Friday that financial statements from two thousand eleven through two thousand fifteen should number longer be relied upon by investors.

CEO Ashton J. Ryan Jr. tells the New Orleans Advocate (http://bit. ly/1Ylgr6e ) that it'south taking longer than expected to fix problems first disclosed in March. The bank hasn't released estimates of how much profits will fall.

The company missed a March thirty deadline with the Nasdaq stock market to file its annual report.

First NBC'south shares have fallen from $42.47 on Dec. one to near at $19.12 Friday.

The company, with $4.3 billion in assets, has thirty-nine branches in southeast LA and the Florida Panhandle.

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