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PBSK > SEC Filings for PBSK > Form 8-K on 29-Nov-2012All Recent SEC Filings

Show all filings for POAGE BANKSHARES, INC.



Material Impairments

Item 2.06 Material Impairments

On November 26, 2012, Poage Bankshares, Inc. (the "Company") determined that it will likely be required to record a charge for impairment of certain loans in the aggregate amount of approximately $972,000. The impairment relates to the creation of fictitious loans by a former employee of the Company's subsidiary and was discovered by management while in the process of upgrading the Company's lending controls and procedures.

The Company has reported this event to its blanket bond insurance provider and is working with the provider to determine the extent of any coverage.

This Form 8-K contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from expected results, such as the discovery of additional fraudulent activities, the risk of fraudulent activities not detected by the Company's policies and procedures, failure to recover or delays in recovering insurance proceeds if any, changes in the general economic conditions, and legislative and regulatory changes that adversely affect the business of Home Federal Savings and Loan Association and Poage Bankshares, Inc. and changes in the securities markets. Poage Bankshares, Inc. undertakes no obligation to publicly update or revise any forward-looking statements.

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