First Charter Corp. in Charlotte said Monday that it was delaying the release of its fourth-quarter results until it completes an accounting analysis of both a recent acquisition and the sale of a subsidiary.
The $4.9 billion-asset First Charter said that it had rescheduled its earnings release to Feb. 5. It had expected to report earnings Monday. The company said that it needs to complete the purchase accounting analysis of its $102 million acquisition of the $418 million asset GBC Bancorp Inc. of Lawrenceville, Ga., which closed in November.
First Charter said it also needs to analyze the tax implications of its December sale of Southeastern Employee Benefits Services to an undisclosed buyer. The sale was expected to produce a pretax gain of $900,000 in the fourth quarter.
For the fourth quarter of 2005, First Charter reported a loss of $8.3 million.
