Saehan Bancorp Reports Third Quarter Results
Saehan Bancorp (OTCBB:SAEB) today reported results for its third quarter ended September 30, 2012, reflecting continued modest profitability and a sharp decrease in nonperforming loans.
The company reported net income of $302,000, or $0.001 per share, for the third quarter of 2012 compared with $720,000, or $0.004 per share, a year ago. The return on average equity for the third quarter of 2012 was 2.10 percent and the return on average assets was 0.20 percent compared with 6.28 percent and 0.52 percent, respectively, for the third quarter of 2011.
Other highlights for the third quarter of 2012 included:
- Total assets at September 30, 2012 increased 9.8 percent to $619.0 million from $563.6 million a year ago.
- Net loans were $349.2 million at September 30, 2012 compared with $370.3 million last year.
- Total deposits at September 30, 2012 increased 12.9 percent to $536.8 million from $475.6 million at September 30, 2011.
- Net interest margin for the third quarter of 2012 was 2.82 percent compared with 3.29 percent reported in the same period a year ago.
- Efficiency for the third quarter of 2012 was 94.6 percent compared with 90.2 percent in the third quarter of 2011.
- Nonperforming loans at September 30, 2012 decreased to $6.1 million from $20.5 million at September 30, 2011.
“Third quarter results reflect a continued focus on the execution and implementation of strategies to improve the bank’s asset quality and achieve higher profitability. We realized both of these internal targets despite ongoing challenges in the economy, and look forward to reporting further progress in our turnaround initiatives,” said Dong Il Kim, president and chief executive officer.Net interest income before provision for loan losses was $3.9 million in the third quarter of 2012 compared with $4.5 million in the same period a year ago. Net interest margin for the third quarter of 2012 was 2.82 percent compared with 3.29 percent in the third quarter a year earlier. Yield on earning assets for the third quarter of 2012 was 3.57 percent compared with 4.50 percent for the third quarter of 2011. Cost of funds for the third quarter of 2012 was 1.18 percent compared with 1.43 percent for the third quarter of 2011.
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