Nara Bancorp Inc. reported a wider second quarter loss due to ongoing difficulties in the banking industry.
After markets closed Monday, the Koreatown parent of Nara Bank said it lost $16.9 million (45 cents per share) during the quarter, compared with a loss of $7.1 million (27 cents) during the same period a year ago.
Net interest income before provision for loan losses rose 26 percent to $26.8 million.
The bank holding company is in the process of selling $63.3 million in problem assets.
Chief Executive Alvin Kang said the landscape of the banking industry appears to be improving.
“For the third quarter in a row, our level of early stage delinquencies declined, which we believe indicates a gradual slowing in the number of borrowers under stress,” Kang said in a statement. “We are also seeing encouraging signs of loan demand, particularly in the commercial portfolio.”
Shares were down 15 cents, or 4 percent, to $7.41 in afternoon trading Tuesday.
For reprint and licensing requests for this article, CLICK HERE.