First NBC in La. Likely to Cut 2015 Profit on Accounting Errors

First NBC Bank Holding in New Orleans will likely cut its 2015 profit after it discovered errors in its accounting for tax credits.

The $4.8 billion-asset company may retroactively lower its net income for the fourth quarter and prior quarters in 2015 after it found mistakes in its accounting of federal and state historic rehabilitation tax credit entities. The review may also require the company to adjust noninterest expense and income tax figures reported in the quarter. First NBC reported fourth-quarter net income of $15.7 million, up 0.8% year over year.

First NBC will also file its annual report late as it assesses the impact of the errors. The company filed its second-quarter 10-Q late last year after the discovery of accounting errors.

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First NBC in La. to Raise Purchase Price for State Investors

First NBC Bank Holding in New Orleans has agreed to raise its purchase price for State Investors Bancorp and has delayed the targeted completion date.

By Andy Peters

August 27
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First NBC in Louisiana Delays 10-Q After Accounting Error

First NBC Bank Holding in New Orleans has delayed the release of its 10-Q, after it discovered an accounting error.

By Jacob Passy

August 13
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First NBC Joins Crowded Field Vying for Florida Customers

The Louisiana company is the latest out-of-stater to move into the Sunshine State after buying a failed bank in the Florida Panhandle. First NBC's chief executive made it clear his company has more expansion in mind.

By Robert Barba

January 20

As part of its review, First NBC said it will also evaluate its internal controls over financial reporting. First NBC did not provide a date for when it expects to file its annual report.

The company disclosed its discovery of the errors in a Wednesday regulatory filing. Its shares fell nearly 22% on Wednesday and were down 6% in early trading Thursday.

Andy Peters

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