UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 15, 2006
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POCAHONTAS BANCORP, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 0-23969 71-0806097
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(State or Other Jurisdiction (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
1700 East Highland, Jonesboro, Arkansas 72401
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (870) 802-1700
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Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
In connection with the preparation of its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2006, management and the Audit Committee of the Board of
Directors of Pocahontas Bancorp, Inc. (the "Company"), in consultation with its
independent registered public accounting firm, Deloitte & Touche, LLP,
determined that the Company did not correctly present the purchase of investment
securities not yet settled and the stock dividends on FHLB stock in the
Company's consolidated statement of cash flows for the year ended September 30,
2005 and the three months ended December 31, 2005. The Company previously
reported the purchase of $2.4 million in securities not yet settled as a cash
activity in the consolidated statement of cash flows rather than presenting it
as non-cash investing activity for the year ended September 30, 2005 and as an
operating activity rather than investing activity for the quarter ended December
31, 2005. The Company previously reported the stock dividends on FHLB stock as
an investing activity rather than presenting it as an operating activity. The
stock dividends on FHLB stock were $258 thousand for the year ended September
30, 2005 and $80 thousand for the quarter ended December 31, 2005. The
corrections will not affect the total increase or decrease in cash. Further, the
corrections will have no effect on the Company's consolidated statements of
income, consolidated statements of financial condition or consolidated statement
of shareholders' equity.
As a result of this determination, the Company's management and Audit Committee
of the Board of Directors concluded on May 12, 2006 that the Company's
previously issued consolidated financial statements included in the Company's
Annual Report on Form 10-K for the year ended September 30, 2005 and the interim
consolidated financial statements included in the Quarterly Report on Form 10-Q
for the quarter ended December 31, 2005 should no longer be relied upon with
respect to the matters described herein.
The Company intends to file an amended Annual Report on Form 10-K/A for the year
ended September 30, 2005 and amended Quarterly Report on Form 10-Q/A for the
quarter ended December 31, 2005 containing a corrected consolidated statement of
cash flows for each applicable period.
Management of the Company and the Audit Committee of the Board of Directors have
discussed the matters disclosed in this Current Report on Form 8-K with Deloitte
& Touche, LLP.
Item 9.01. Financial Statements and Exhibits.
(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
None
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
POCAHONTAS BANCORP, INC.
DATE: May 15, 2006 By: /s/ Dwayne Powell
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Dwayne Powell
President and Chief Executive Officer