Western Sierra Bancorp Reports a Delay in Release of 2005 Results
January 31 2006 - 1:54AM
PR Newswire (US)
CAMERON PARK, Calif., Jan. 31 /PRNewswire-FirstCall/ -- Western
Sierra Bancorp (NASDAQ:WSBA), a multi-bank holding company,
announced that the year end financial reporting process has not yet
been completed. Chief Financial Officer Anthony J. Gould reported
that the delay in issuing its 2005 annual results is related to a
review of the Company's historical application of accounting for
income taxes. "As a part of our year end financial reporting
process, we have conducted an extensive review of our accounting
for income taxes and the related deferred tax assets the Company
includes on its balance sheet. Our review to date indicates that
there may have been errors made in prior periods related to the
accounting for income taxes for mergers the Company has completed
since 1999. We expect that there may be adjustments necessary to
increase goodwill assets for purchase accounting transactions since
2002 and adjustments to shareholders' equity for pooling
transactions that occurred from 1999 to 2001. At this time, we do
not expect the aggregate adjustments to exceed $1.5 million and we
do not believe the final resolution of these matters will impact
net income or earnings per share for 2004 or 2005. Management thus
reaffirms it previous guidance of $2.21 GAAP diluted earnings per
share for 2005." The Company will issue its fourth quarter earnings
release and conduct a conference call as soon as any necessary
adjustments have been finalized. The Company will issue a press
release announcing the date and time of the conference call as soon
as practicable. Western Sierra Bancorp is comprised of Western
Sierra Bank, Lake Community Bank, Central California Bank, and
Auburn Community Bank and has assets exceeding $1.2 billion. The
Company operates in the counties of El Dorado, Placer, Sacramento,
Lake, Stanislaus, San Joaquin, Calaveras, Amador, Contra Costa and
Tuolumne. For additional information and press releases regarding
Western Sierra Bancorp, visit the Company's web site at
http://www.westernsierrabancorp.com/. Forward-Looking Statements
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act of 1934, as amended, and
Western Sierra Bancorp intends for such forward-looking statements
to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements describe Western
Sierra Bancorp's expectation regarding anticipated adjustments to
goodwill and shareholders' equity and its anticipated earnings for
2005. The expectations described above are necessarily subject to
risk and uncertainty that may cause actual results to differ
materially and adversely from those expressed in, or implied by,
the forward-looking statements. In addition, discussions about
risks and uncertainties are set forth from time to time in Western
Sierra Bancorp's publicly available Securities and Exchange
Commission ("SEC") filings. DATASOURCE: Western Sierra Bancorp
CONTACT: Anthony J. Gould of Western Sierra Bancorp,
+1-530-698-2234 Web site: http://www.westernsierrabancorp.com/
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