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Nasdaq accepts First NBC Bank Holding's compliance plan

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Nasdaq accepts First NBC Bank Holding's compliance plan

New Orleans-based First NBC Bank Holding Co. has received notification from the Nasdaq Stock Market LLC indicating that it has accepted the company's plan to regain compliance with the listing rules of Nasdaq.

Compliance will permit the company's continued listing on the Nasdaq Global Select Market, the company said in Jan. 30 Form 8-K filing.

The company also noted in the filing that it has reached a preliminary conclusion that it expects to record a material valuation allowance related to its deferred tax asset at the end of 2016, though it cautioned that "at this time, the [company] is unable to estimate the amount of the valuation allowance."

"The Company does not expect to provide further information about the potential valuation allowance until its consolidated financial statements for 2016 are finalized and filed with the SEC," it added in the filing.

The company previously disclosed that it had received a Nasdaq Staff Determination Letter in connection to its failure to timely file its quarterly report on Form 10-Q for the period ended Sept. 30, 2016, with the SEC, which the company said in the filing was a result of the time required to hire a new auditor to review its financial statements.

Under the compliance plan, First NBC Bank has agreed to file its quarterly report on Form 10-Q for the period ended Sept. 30, 2016, and its annual report on Form 10-K for the year ended Dec. 31, 2016, no later than April 30. If unable to comply, the company's securities will be subject to delisting.