After Restatement, Pa. Bank Reports $44 Million Loss for '09
Stewart, Jackie, American Banker
Byline: Jackie Stewart
First National Community Bancorp Inc. in Dunmore, Pa., said Friday that it had restated financial results for 2009 and two quarters in 2010 after an internal audit uncovered inaccuracies in its accounting for loans losses.
The $1.1 billion-asset company said in October 2010 that the financial statements previously filed with the Securities and Exchange Commission for the year ending Dec. 31, 2009 and the quarters ending March 31, 2010 and June 30, 2010 had to be restated.
Its analysis found that accounting charges and loan-loss allowances that were previously recorded in 2010 should have been reported in 2009. As a result, the company updated its 2009 financial statement to reflect a loss of $44.3 million, up from the $11.3 million loss it initially reported. This adjustment included a $10.1 million addition to the provision for loan and lease losses, $14.5 million additional charges related to other-than-temporary impairment in the securities investment portfolio and an $8. …