New Orleans-based First NBC Bank Holding Co. received a notice from theNasdaq Stock Market indicating that the company is no longer in compliance withits listing rules, in relation to the company's nontimely filing of itsForm 10-K.
According to a Form 8-K filed April 8, the company has 60days to submit a plan for re-compliance to Nasdaq. If Nasdaq accepts the plan, thecompany could be granted up to 180 days from the prescribed due date for filingthe Form 10-K to regain compliance.
In a separate news release filed on the same day, thecompany said that it expects to file its Form 10-K for the year ended Dec. 31within the compliance period established by Nasdaq.
The company also elaborated on the nature of the discoveredaccounting errors.The board's audit committee has determined that the consolidated and interimfinancial statements as of and for the years ended Dec. 31, 2014, 2013, 2012and 2011 should not be relied upon and need to be restated due to an error inthe bank's methodology for the recognition of impairment of its investment intax credit entities and improper consolidation of variable interest entitiesrelated to Low-Income Housing Tax Credit entities.