This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.81 -55.64 -0.33%
S&P 500 1,996.84 -6.53 -0.33%
NASDAQ 4,584.0320 +3.7610 0.08%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs