UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
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
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 N (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
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(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.
This current report on Form 8-K/A amends and restates Form 8-K filed by
Pocahontas Bancorp, Inc (the "Company") on May 15, 2006.
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, 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 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.
Management also determined that the Company did not correctly present stock
dividends on FHLB stock in the Company's consolidated statements of cash flows
for the years ended September 30, 2005, 2004 and 2003, and for the three months
ended December 31, 2005 and 2004. 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, $113
thousand, and $58 thousand for the year ended September 30, 2005, 2004 and 2003,
respectively and $80 thousand and $49 thousand for the quarters ended December
31, 2005 and 2004, respectively.
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 years ended September 30, 2005, 2004 and 2003
and the interim consolidated financial statements included in the Quarterly
Report on Form 10-Q for the quarter ended December 31, 2005 and 2004 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/A with
Deloitte & Touche, LLP.
Item 9.01. Financial Statements and Exhibits.
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(a) Not Applicable.
(b) Not Applicable.
(c) Exhibits.
None
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SIGNATURES
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 19, 2006 By: /s/ Dwayne Powell
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Dwayne Powell
President and Chief Executive Officer