Community banking

In Brief: UCBH to Restate '05 and Other Results

Published November 15, 2006, 2:00 a.m. EST

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Updated November 14, 2006, 6:46 p.m. EST

1 Min Read

UCBH Holdings Inc. of San Francisco plans to restate its financial results for 2005 and other periods, but said the restatements would not affect earnings.

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The $8.4 billion-asset UCBH said in a Nov. 13 filing with the Securities and Exchange Commission that it plans to restate its cash flows for 2005. It will also amend its reports for the first and second quarters of 2006, to restate cash flows for both periods, as well as for the first and second quarters of 2005 that are used as comparisons in those reports.

UCBH said that the restatements are a result of the company's miscalculation of cash flows for its loans intended for sale and its loans intended for portfolio.

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