First NBC Bank Holding (FNBC): Auditor Stepping Down Could Force A Sale - FBR
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First NBC Bank Holding (NASDAQ: FNBC)
FBR Capital analyst, Christopher Nolan, reiterated his Market Perform rating on shares of First NBC Bank (NASDAQ: FNBC) despite the company issuing an 8-K filing on Friday September 2, 2016, announcing that Ernst & Young will decline to stand for reappointment as the company's independent auditor.
The analyst notes that FNBC and Ernst & Young had a complicated relationship due to the delay in filing the 2015 10-K until August 25, 2015, resulting in a significant write-down in tangible book value. This development is likely to help keep the valuation multiples at a discount to peer averages.
However, the analyst also believes that this event increases the likelihood that FNBC could sell itself given the company's attractive deposit franchise.
Shares of First NBC Bank closed at $12.85 yesterday.
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