First NBC Bank Says It Will Rewrite Financial Statements

NEW ORLEANS (AP) — First NBC Bank Holding Co. says it will restate its financials for 2013, 2014 and 2015 because it undercounted losses from historic tax credit investments.

         The New Orleans company announced Friday that financial statements from 2011 through 2015 should no longer be relied upon by investors.

         CEO Ashton J. Ryan Jr. tells the New Orleans Advocate’s Ted Griggs that it's taking longer than expected to fix problems first disclosed in March. The bank hasn't released estimates of how much profits will fall.

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         The company missed a March 30 deadline with the Nasdaq stock market to file its annual report.

         First NBC's shares have fallen from $42.47 on Dec. 1 to close at $19.12 Friday.

         The company, with $4.3 billion in assets, has 39 branches in southeast Louisiana and the Florida Panhandle.

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