Willow Financial Bancorp Inc. in Wayne, Pa., said Monday that it must restate earnings for its previous two fiscal years.
The parent of the $1.55 billion-asset Willow Financial Bank has yet to report results for the quarters that ended Sept. 30 and Dec. 31 and said it may face delisting by Nasdaq as a result.
The company said that it requested a second extension on the deadline Nasdaq set for reporting its earnings from the Sept. 30 quarter to the Securities and Exchange Commission. The deadline had previously been extended until today, but the Pennsylvania company said it might need more time.
Willow said its upcoming restatements will have the greatest impact on results reported for the first and second quarters of fiscal 2006, which included its August 2005 merger with Chester Valley Bancorp Inc.
It also said it might take a goodwill impairment charge in its fiscal 2008 second quarter, which ended Dec. 31.
It did not estimate the size of the potential charge.
Willow had already reduced its previously reported fiscal 2007 earnings.
