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Sunday, Sep 25, 2022
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Saehan Bank Moves to Profit

Saehan Bancorp on Tuesday said that it moved to a small second quarter profit, the second consecutive quarter it has done so.

The parent of Saehan Bank reported net income of $368,000 (less than 1 cent per share) compared with a net loss of $3.1 million (-2 cents) in the same period a year earlier.

Net interest income before provision for loan losses fell 21 percent to $4 million. Adjusted noninterest income rose 91 percent to $2.1 million.

Saehan, hurt by bad loans during the real estate downturn, said the value of nonperforming loans fell 46 percent to $23.4 million. At the end of the quarter, total assets were less than $547 million, down 19 percent from a year earlier. Noninterest expense for the quarter fell 17 percent to $5.8 million.

“We made significant progress during the first half of 2011 in our efforts to improve the bank’s financial position, including reducing nonperforming assets and generating positive earnings for the second consecutive quarter,” said Chief Executive Dong Il Kim in a statement.

Shares were unchanged at 27 cents in over-the-counter trading on Tuesday.

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