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.

- Sponsors -

         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.

- Partner Content -

Entergy’s Energy Smart Program Brings Cost Conscious Innovation to New Orleans

Offering comprehensive energy efficiency at no cost to the consumer, Entergy’s Energy Smart program incentivizes Entergy New Orleans customers to perform energy-saving upgrades in...

         For more information

 

 

Digital Sponsors / Become a Sponsor

Follow the issues, companies and people that matter most to business in New Orleans.

Email Newsletter

Sign up for our email newsletter