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

Stock quotes in this article: SAEB

Safe Harbor Statement

This press release may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from the projected, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

 
Saehan Bancorp
Condensed Balance Sheet
(Dollars in thousands)
     
30-Sep
2012 2011
Assets:
Cash & due from banks - demand 18,151 21,111
Due from banks-interest bearing 123,662 125,108
Federal fund sold 73,960 8,425
Securities available-for-sale 40,106 20,164
Loans 363,164 392,583
Less: Allowance for loan losses 13,979 22,259
Net loans 349,185 370,324
Loans held for sale 529 1,194
Bank premises and equipment, net 1,734 2,254
OREO and other investment in real estate 1,870 4,862
Other assets 9,779 10,122
Total assets 618,976 563,564
 
Liabilities and stockholders' equity:
Deposits:
Noninterest bearing demand 159,299 136,797
Interest bearing demand and savings 181,357 138,809
Time deposits 196,119 199,991
Total deposits 536,775 475,597
Other liabilities 23,760 29,418
Total liabilities 560,535 505,015
Total stockholders' equity 58,441 58,549
Total liabilities and
stockholders' equity 618,976 563,564
Book value per share 0.25 0.25
Period end shares outstanding 237,197,874 237,197,874
Nonperforming loans 6,121 20,493
 
Tier I leverage 12.62 % 13.93 %
Tier I risk-based capital 19.99 % 19.51 %

Total risk-based capital

21.41 % 20.97 %
 
Saehan Bancorp
Condensed Income Statement and Comprehensive Income
(Dollars in thousands except per share data)
       
For the three For the nine
months ended months ended
30-Sep 30-Sep
  2012     2011     2012     2011  
Interest income:
Interest and fees on loans 5,121 5,867 15,370 18,419
Interest on securities 112 164 407 637
Interest on federal funds sold 24 36 75 89
Other interest income 144 72 426 212
Total interest income 5,401 6,139 16,278 19,357
Interest expense:
Deposit 1,407 1,492 4,340 5,412
Other 143 160 487 1,270
Total interest expenses 1,550 1,652 4,827 6,682
Net interest income before

provision for loan losses

3,851

 

4,487 11,451 12,675

Provision for loan losses

- - - -
Non-interest income:
Service charges on deposit accounts 417 481 1,236 1,474
Gain on sale of loans 1,212 624 1,883 2,532
Gain on sale of investment securities 96 - 886 3
Gain (loss) on sales of OREO (367 ) 163 (787 ) 563
Other operating income 387 493 1,514 1,404
Total non-interest income 1,745 1,761 4,732 5,976
Non-interest expense:
Salaries and employee benefits 2,499 2,191 7,286 6,628
Net occupancy and equipment expense 942 1,066 2,956 3,446
Other operating expense 1,851 2,381 5,784 6,773
Total non-interest expenses 5,292 5,638 16,026 16,847
Income before income taxes 304 610 157 1,804
Income taxes 2 (110 ) 5 (109 )

Income before extraordinary items

302 720 152 1,913
Extraordinary items, net of taxes
Net income 302 720 152 1,913
Net income per share -
Basic $ 0.001 $ 0.004 $ 0.001 $ 0.010
Diluted $ 0.001 $ 0.004 $ 0.001 $ 0.010
 
Basic average common shares
outstanding 237,197,874 189,620,700 237,197,874 189,274,064
Diluted average common shares
outstanding 237,267,265 189,620,700 237,244,783 189,274,064
 
Charge offs 2,242 1,063 4,794 8,931
Recoveries 413 382 1,552 5,005
 
 

For the three

For the nine
months ended months ended
30-Sep 30-Sep
  2012     2011     2012     2011  
Key Operating Ratios:
Return on average assets 0.20 % 0.52 % 0.03 % 0.45 %
Return on average equity 2.10 % 6.28 % 0.35 % 5.62 %
Yield on earning assets 3.57 % 4.50 % 3.65 % 4.79 %
Cost on interest bearing liabilities 1.18 % 1.43 % 1.62 % 1.82 %
Net interest margin 2.82 % 3.29 % 2.57 % 3.13 %
Cost of funds 0.91 % 1.30 % 1.19 % 1.72 %
Efficiency ratio 94.57 % 90.24 % 99.03 % 90.33 %
Average stockholders' equity to
average total assets 9.34 % 8.24 % 9.64 % 7.99 %




3 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 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

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