Fifth District Bancorp appoints new auditor

Fifth District Bancorp , Inc. (NASDAQ:FDSB), a $67 million market cap savings institution federally chartered and headquartered in New Orleans, Louisiana, announced on Monday the appointment of EisnerAmper LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2025. According to InvestingPro data, the bank currently maintains weak financial health metrics and has struggled with profitability. The decision, approved by the company’s Audit Committee, came after the dismissal of the previous auditor, Elliott Davis, LLC.

The company’s recent SEC filing indicated that the change, effective March 31, 2025, was not due to any disagreements over accounting principles or practices, financial statement disclosure, or auditing scope or procedure. This comes as the bank reported revenue of $10.66 million and negative earnings per share of $0.21 over the last twelve months. The audit reports by Elliott Davis for the years ended December 31, 2023, and December 31, 2024, did not contain any adverse opinions or disclaimers and were not qualified or modified in regard to uncertainties, audit scope, or accounting principles.

The filing also stated that there were no reportable events as defined by SEC regulations during the two most recent fiscal years and the subsequent interim period leading up to the notice date of the accounting firm change.

EisnerAmper LLP was engaged by Fifth District Bancorp on the same day Elliott Davis was dismissed. Prior to the engagement, Fifth District Bancorp had not consulted EisnerAmper on any accounting principles or transactions that could have impacted their financial statements, nor were there any disagreements or reportable events with the newly appointed firm.

The transition of auditors comes without any reported issues that would typically raise concerns among investors or regulators. The company provided Elliott Davis with the disclosures made in the SEC filing and requested a letter from the dismissed firm to the SEC, which was filed as Exhibit 16.1 in the 8-K report.

This move by Fifth District Bancorp, trading under the ticker (NASDAQ:FDSB), is part of the corporate governance process that periodically occurs within publicly traded companies. Despite challenging market conditions, the stock has shown resilience with an 18% return over the past year. For deeper insights into FDSB’s financial health and additional exclusive tips, visit InvestingPro, where subscribers can access comprehensive analysis and valuation metrics.

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