The Nasdaq stock exchange has warned Enterprise Financial Services Corp. (ESFC) in St. Louis that its stock is in danger of being delisted because the company has yet to file its 2011 annual report with the Securities and Exchange Commission.
The $3.6 billion-asset company said Monday that it expects to file fourth-quarter and full-year results by April 15 and reiterated that it will report a profit for the full year.
Enterprise informed investors in January that it would restate financial results for 2010 and the first three quarters of 2011 as a result of accounting errors it discovered in its calculations for income on loans it inherited in its acquisitions of failed banks in Arizona and Kansas.
Specifically, Enterprise said it overstated income covered by the FDIC through loss-sharing agreements during those periods.
Enterprise acquired three failed banks, including two Arizona, since late 2009.
The company said that it expects its earnings per share for 2010 will be in the range of 20 cents to 25 cents, compared to the 45 cents it first reported. For the first nine months of 2011 it expects to show a profit of between 98 cents and $1.25 per share, compared to the $1.46, or $24.8 million, it initially reported.
Enterprise's shares were trading at $11.75 early Monday, up a penny from Friday's closing price but still down 20% for the year.