NT 10-Q 1 e00194_hscb-12b25.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 12b-25

 

SEC File Number: 000-26995

Cusip Number: 40413R107

 

NOTIFICATION OF LATE FILING

 

(Check One): o Form 10-K o Form 20-F o Form 11-K x Form 10-Q o Form N-SAR

 

For Period Ended: March 31, 2014

£  Transition Report on Form 10-K

£  Transition Report on Form 20-F

£  Transition Report on Form 11-K

£  Transition Report on Form 10-Q

£  Transition Report on Form N-SAR

 

For the Transition Period Ended:    

 

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

 

 

If the notification relates to a portion of the filing checked above, identify the items(s) to which the notification relates:

 

 

 

PART I – REGISTRANT INFORMATION

 

HCSB Financial Corporation

Full Name of Registrant

 

5201 Broad Street

Address of Principal Executive Office (Street and Number)

 

Loris, South Carolina 29569

City, State and Zip Code

 

PART II – RULES 12b-25(b) and (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

    (a)  

The reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;

 

x   (b)  

The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F. 11-K, Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and

 

    (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.

 

 
 

PART III – NARRATIVE

 

HCSB Financial Corporation (referred to herein on an unconsolidated basis as the “Company” and on a consolidated basis as “we”, “our”, or “us”) was not able to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (the “Form 10-Q”) because the audits of Company’s consolidated financial statements for the years ended December 31, 2012 and December 31, 2013 have not been finalized and, as a result, the Company cannot file its Form 10-Q for the period ended March 31, 2014 by May 15, 2014 without unreasonable effort and expense. At this time, we currently anticipate reporting a net income of $317 thousand for the period ended March 31, 2014. Based on our analysis of our allowance for loan losses, we do not anticipate taking any loan loss provision for the quarter ended March 31, 2014. However, based on our continued analysis, our actual results for the period ended March 31, 2014 may differ from our current estimates. As a result, we are still finalizing our unaudited consolidated financial statements and related disclosures for the quarter ended March 31, 2014.

 

PART IV - OTHER INFORMATION

 

(1)Name and telephone number of person to contact in regard to this notification

 

  James R. Clarkson 843 716-6400
  (Name) (Area Code) (Telephone Number)

 

(2)Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).           £ Yes     S No

 

Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2012
Quarterly Report on Form 10-Q for the Quarter Ended March 31, 2013
Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2013
Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2013
Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2013

 

(3)Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?           £ Yes      S No

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

Forward-Looking Statements

 

Certain matters discussed in this Report on Form 12b-25 may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and as such, may involve risks and uncertainties. These forward-looking statements relate to our financial condition. Our actual results, performance, or achievements may differ significantly from the results, performance, or achievements expected or implied in such forward-looking statements. We do not undertake, and specifically disclaim any obligation, to update any forward looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

 

 
 

 

HCSB Financial Corporation
(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date:   May 16, 2014 By:     /s/ James R. Clarkson  
    James R. Clarkson  
    Chief Executive Officer