Entegra in N.C. delays earnings to review potential impairment charge
Entegra Financial in Franklin, N.C., has postponed the release of its quarterly results so it can address a potential goodwill impairment charge.
The $1.7 billion-asset company, which announced Tuesday it was being sold to SmartFinancial in Knoxville, Tenn., said it will delay its earnings release until Jan. 24 to complete a review of the issue.
Entegra said a goodwill charge, if taken, would reduce shareholder equity and cut into its 2018 income. The company did not disclose the specific reason for the review, though it said in a regulatory filing that the issue is "in connection with the announcement of the merger."
The $2.3 billion-asset SmartFinancial will pay $158.2 million in stock for Entegra in a deal expected to close in mid-2019. Several Entegra executives are expected to join SmartFinancial’s management team.