The Bancorp in Wilmington, Del., again delayed the filing of its annual report after it found $24 million in additional loan losses that should have been reported in earlier periods.
The $4.9 billion-asset company said in a Monday regulatory filing that it found the additional loan losses while completing an analysis of more than 2,500 individual loans from both discontinued and continuing business lines. The $24 million in loan losses, related to discontinued operations, will be reported in the company's restated financial reports.
The Bancorp also said about $15 million of additional losses tied to discontinued loans were resolved after the delayed annual report due date, and those losses will be reflected in its updated financial statements.
The deadline for filing the annual report was delayed to July 15, due to "ongoing work and analysis related to the previously reported errors, which was not completed within the time frame originally estimated," the Bancorp said in a regulatory filing.
The company had expected to file the annual report by the end of this month. The Bancorp missed its previous filing deadline last month.
The Bancorp also expects to file its Form 10-Q for the first quarter of this year shortly after it files its delayed annual report.
The Bancorp did not return calls seeking comment.