Anything to worry about here? This obviously is not a good development and concerning that they don't give an ETA.
The release is being delayed to allow the Company additional time to finalize its results for the third quarter. In particular, the Company is reexamining certain booked entries that were made to correct differences between the Company’s underlying loan systems and the general ledger. The Company is engaged in a comprehensive review of its loan and general ledger technologies and its journal entries and its reconciliation processes to ensure the accuracy of its loan accounting systems and will announce third quarter earnings when this review is complete.
>>Paul A. Perrault, President and Chief Executive Officer of Brookline Bancorp, Inc., stated: “pending its completion, it is important to note that this review has not identified any information that would undermine the Company’s strong asset quality metrics, the reported value of its investment portfolio, or its favorable capital position. <<
But has the Company identified any undermining of the Company's accounting procedures and internal controls?
Once they tell you there'll be no impairment you can bet your last dollar there are problems a-plenty. My bet is they acquired a boatload of bad loans from that RI deal that were never disclosed. Area has of the highest unemployment rates in the country and these guys were carrying a minimal bad debt reserve. I suspect brookline got taken.