Central Illinois Bancorp, Inc. Reports Restated Consolidated Financial Statements for the Fiscal Year Ended Dec. 31, 1998.PEWAUKEE, Wis.--(BUSINESS WIRE)--April 16, 1999-- Central Illinois Central Illinois is a region of the U.S. state of Illinois that consists of the entire central section of the state, divided in thirds from north to south. It is an area of mostly flat prairie. Bancorp, Inc. (the "Company") today reported that it has restated its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge for the fiscal year ended Dec. 31, 1998. The restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. was made to recognize non-cash compensation expense related to the February 1998 extension of the expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. of all previously issued and unexpired stock options granted under its stock option plans. As a result of this restatement, net income for the fiscal year ended Dec. 31, 1998, was $8.7 million or $0.9 million lower than originally reported. Net income for the fiscal year ended Dec. 31, 1997, was $5.3 million. The Company estimates that the non-cash compensation expense related to the extension of the expiration date of its stock option plans will have no significant impact on future operating results. As a result of this restatement, total equity and total assets each increased by $0.5 million from the amounts previously reported. Total restated assets at Dec. 31, 1998, were $1.2 billion as compared to $807 million at Dec. 31, 1997. Total restated equity at Dec. 31, 1998, was $144 million as compared to $101 million at Dec. 31, 1997. Restated book value per share at Dec. 31, 1998, was $1,344.77 or $5.02 higher than originally reported, as compared to $1,110.18 at Dec. 31, 1997. The Company is in the process of amending its 1998 Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , including financial statements, which was filed April 2, 1999, and will promptly file the amended Form 10-K upon completion. The information contained in the amended Form 10-K will supersede To obliterate, replace, make void, or useless. Supersede means to take the place of, as by reason of superior worth or right. A recently enacted statute that repeals an older law is said to supersede the prior legislation. all previously reported financial information for 1998. |
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