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GRBS > SEC Filings for GRBS > Form 8-K on 10-Sep-2013All Recent SEC Filings

Show all filings for GREER BANCSHARES INC



Non-Reliance on Previous Financials, Audits or Interim Review

Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

On September 10, 2013 Greer Bancshares Incorporated (the "Company") is filing an amendment to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013 to amend and restate financial statements for the second fiscal quarter of 2013. The amendment is to revise the amount of the deferred tax valuation allowance reversal that was recorded in the 10-Q filed with the Securities and Exchange Commission on August 13, 2013. The valuation allowance reversal was recorded as $5,386,000 and has been revised to be $3,910,000 based on our reevaluation of intra-period tax allocation provisions of ASC 740. The intra-period tax allocation was recalculated based on projected taxable book income for the subsequent interim periods of 2013 resulting in a net adjustment to the income tax benefit of $1.5 million.

ASC 740, Income Taxes, requires the Company to determine the tax effect of a change in the beginning-of-the-year valuation allowance resulting from ordinary income in the current year which should be included in the computation of the estimated annual tax expense or benefit. The remaining tax effect of a change in the beginning-of-the-year balance of a valuation allowance that results from changes in the projection of income expected to be available in future years is required to be recognized discretely in the interim period (second fiscal quarter) in which the change in judgment about the ability to realize the deferred tax assets occurred.

In light of this revision that the Company concluded was necessary on September 6, 2013, investors should not rely upon the Company's previously filed financial statements and other financial information for the fiscal quarter ended June 30, 2013.

The Company's Board of Directors discussed this matter with the Company's independent public accounting firm who agreed that the financial statements for the fiscal quarter ended June 30, 2013 should no longer be relied upon and should be restated.

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