Superior Bancorp in Birmingham, Ala., said it must continue to delay filing its 2010 report with the Securities and Exchange Commission until it addresses issues with certain appraisals.
The $3 billion-asset company said in an SEC filing last week that it was unable to file its annual report "without unreasonable effort or expense" by a March 31 deadline after finding a material weakness in how it handled appraisals on impaired assets. Superior also said there was an inadequate review of impairments between appraisals that would let it determine and record further declines in value.
Superior said it is unable to file its report until "improvements in controls over appraisal ordering, processing and reporting and other steps related to the management of credit administration and problem assets are completed."
Stanley Bailey resigned in March as the company's chairman, president and chief executive. He was succeeded as chairman and CEO by Marvin Scott, a vice chairman and CEO of Superior's thrift. Rick Gardner, also a vice chairman and the thrift's president, became Superior's president.
Data from the Federal Deposit Insurance Corp. shows that the thrift's fourth-quarter loss widened to $43 million, from $10.2 million a year earlier. The thrift was critically undercapitalized at Dec. 31.