Pocahontas Bancorp Inc. in Jonesboro, Ark., said it plans to restate certain line items in its 2004 and 2005 financial reports and that previous reports should not be relied upon.
The $737 million-asset parent of First Community Bank said in a Securities and Exchange Commission filing Friday that it found errors in how it presented company transfers from loans to real estate it acquired. It said it would restate its securities interest income from 2004 and its cash-flow statements for 2004 and 2005.
The company said the corrections would have no effect on its consolidated statements of income or financial condition.
Pocahontas announced in July that it is selling itself to Iberiabank Corp. in Lafayette, La., for about $76 million. Reached late Friday, Pocahontas' chief financial officer, Terry Prichard, would not comment on whether the restatement would affect the deal.
Iberiabank officials were not available to comment.
