Susquehanna Bancshares Inc. of Lititz, Pa., said that the annual report it submitted last week to the Securities and Exchange Commission was filed prematurely, before a management review and independent audit could be completed.
The $7.3 billion-asset company said in an SEC filing Friday that it expects it will need to restate its cash flow statements for 2003, 2004, and 2005, and that it plans to file an amendment to its annual report March 24.
A spokesman for Susquehanna would not expand on the SEC filing.
The company's management is working to determine whether the cash flows for its portfolio of vehicle leases were properly classified as operating or investment activities in its statements. That analysis is the reason Susquehanna expects to restate its cash flows, the filing said.
Susquehanna's management also expects to find a material weakness in its internal controls over financial reporting, the filing said. The company's audit committee and management have discussed the filing with its accounting company, PricewaterhouseCoopers LLP.
