Doral Financial informs SEC of delay in 2Q13 report

Written by  //  August 13, 2013  //  Banking, Financial District  //  No comments

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Doral is behind in completing its quarterly report. (Credit: © Mauricio Pascual)

Doral is behind in completing its quarterly report. (Credit: © Mauricio Pascual)

Doral Financial Corp. informed the Securities and Exchange Commission Monday that it was unable to timely file its report for the quarter ended June 30, 2013 because of “a delay in the preparation of its unaudited consolidated financial statements for such quarter.”

“During the final closing procedures relating to the quarterly financial statements, the company became aware that the recording of past due interest associated with a number of loan modifications was incorrect,” the bank based in San Juan told the regulatory agency.

“The company is reviewing the potentially affected population of loan modifications to determine the impact of the matter to the financial statements,” Doral said in the notification of late filing signed by Penko Ivanov, Doral Financial Corp.’s interim chief financial officer.

Doral Financial Corp., parent company of Doral Bank and several subsidiaries, is also currently evaluating the control implications of these corrections.

“As a result of these matters, the company is unable to file its Form 10-Q on a timely basis without unreasonable effort and expense,” the financial institution stated.

“Until the conclusion of the company’s review and evaluation of the matter described … above, the company will not be able to finally determine whether there will be any significant change in results of operations from the corresponding period in 2012,” the report also noted.

The bank intends to file the second quarter report in coming days.

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