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SAEG: Acquisition: Based on elections, each share of SAEB will receive either $0.4247 cash, 0.06080 shares of Willshire Bank (NYSE: WIBC), or $0.21235 cash and 0.0304 shares of WIBC mixed
http://www.otcbb.com/asp/dailylist_detail.asp?d=11/21/2013&mkt_ctg=NON-OTCBB
56Chevy,I am watching for SFNS earnings report.My investment in the company is small.I hope SFNS is a good investment but I am not sure.
http://www.summitbrokerage.com/index.aspx
56Chevy, Now I know what is a bank holding company.Thanks for the information you provided for me to read.I added those links to my bookmarks and a folder.
56Chevy,You did a wonderful job explaining to me why those numbers do not match.Thanks so much,I will continue to peek behind the curtains but I will no longer purchase bank stocks based on that information.
56Chevy I only purchased 100 shares of NWPP today.Not the 200 Shares I said, I would buy.I will wait for a pull back.Seems every time that stock trades the ask price increases.
56Chevy, I added FSGI to my watch list.Thank you,I like becoming aware of low price bank stocks.I like purchasing shares in as many of those banks as I can. Because I believe by doing so that limits my risk in case some do not perform as I expect. My risk is also limited because I do not have a lot invested in most of the bank stocks I own.I believe most of the banks stocks we have invested in will perform well in time.
56Chevy,I own shares of RVSB,that bank is profitable. I purchased those shares a few years ago.I own shares of ESXB, I loss money on the warrants.I should have put all of my money in the stock,instead of the warrants.But the warrants were selling for pennies when I purchased them.Well,the warrants expired and stock price drop lower than the price offered with the warrants.I purchased ESXB a few years ago.I purchased shares of UWHR,ASRV,FRBK not to long ago.Those banks are profitable.I am watch CSBQ,FCVA,and CBKS. Those stocks moved up within the last couple of weeks.I will keep my eyes on those 3 stocks in the months ahead,I think I really like FCVA. I will not pay over $3.50 for a bank stock.The cheaper the stock the more shares I can purchase.
56Chevy,I believe NWPP has a very bright future after reading your post.I own
200 shares. Now, I plan to purchase 200 more shares on Monday.I like low price bank stocks because I am able to purchase more shares.
Wilshire Bancorp Announces Acquisition of Saehan Bancorp (7/15/13)
Two Valuable Korean-American Franchises Combine to Create Significant Stakeholder Value
Acquisition of Saehan Bancorp to Add Nearly $550 Million in Assets to Wilshire Bancorp
LOS ANGELES, July 15, 2013 (GLOBE NEWSWIRE) -- Wilshire Bancorp, Inc. (Nasdaq:WIBC), the parent company of Wilshire State Bank, and Saehan Bancorp (OTCQB:SAEB), the parent company of Saehan Bank, today jointly announced that Wilshire Bancorp has agreed to acquire Saehan Bancorp at the price of $0.42 per share which is valued at approximately $105.5 million, based on Wilshire's most recent closing price. The combined company will have approximately $3.5 billion in assets with 35 branches.
"Saehan Bank has been a respected competitor for years and we believe their operations will add significant value to the Wilshire State Bank franchise," said Jae Whan Yoo, President and Chief Executive Officer of Wilshire Bancorp and Wilshire State Bank. "Saehan Bank has a very loyal and attractive customer base that we believe will enjoy the expanded product and service offerings, greater lending limits, and increased convenience that Wilshire State Bank can offer. With significant overlap in our operations, we believe that we will have a high level of cost savings opportunities that will enhance the combined bank's earnings power. In addition, we think there are good opportunities to restructure Saehan Bank's balance sheet to enhance the amount of net interest income generated from their operations. As we indicated entering 2013, we were focused on deploying our excess capital in ways that will enhance shareholder value. With our pending acquisitions of BankAsiana in the New York/New Jersey market and Saehan Bancorp in Los Angeles, we believe we have prudently deployed excess capital to expand our franchise and increase our earnings power going forward."
"Wilshire Bancorp is a great fit for Saehan Bancorp, with a similar corporate culture and commitment to serving the Korean-American community in Los Angeles," said Dong Il Kim, President and Chief Executive Officer of Saehan Bancorp. "We appreciate the loyalty that our customers have shown to Saehan and we look forward to continuing to serve their financial needs as part of Wilshire Bancorp. We are pleased to find a partner that will reward our shareholders, while also having the ability to integrate our operations smoothly and ensure that our customers continue to receive a superior level of service."
The agreement was unanimously approved by the Board of Directors of each company. In addition, shareholders of Saehan Bancorp owning or controlling approximately 51% in the aggregate of the current outstanding shares of Saehan Bancorp have entered into voting and support agreements requiring them, subject to the terms and conditions thereof, to vote in favor of the merger. A two-thirds vote of the outstanding shares of Saehan common stock is necessary for shareholder approval of the merger.
Excluding transaction costs, the merger is expected to be immediately accretive to Wilshire Bancorp's earnings per share in the first year, with double digit accretion in subsequent years, and an internal rate of return in excess of 20%. Anticipated gross synergies are expected to be approximately $12.3 million, with 75% being realized in 2014 and 100% being realized thereafter. The transaction is expected to be completed by the end of this year, after the fulfillment of certain customary conditions to closing, including the approval of the shareholders of Saehan Bancorp and receipt of necessary regulatory approvals.
Under the terms of the merger agreement each Saehan Bancorp share will be converted to a right to receive, subject to allocation procedures and certain limitations, either (i) 0.06080 shares of Wilshire Bancorp common stock or (ii) $0.4247 in cash or (iii) a unit consisting of Wilshire Bancorp common stock and cash. Saehan Bancorp shareholders will receive a fixed amount of cash totaling approximately $50.4 million and a fixed amount of Wilshire Bancorp common stock totaling approximately 7.2 million shares. The actual value received by Saehan Bancorp shareholders on a per share basis for those receiving Wilshire common stock will fluctuate based on Wilshire Bancorp's stock price.
Wilshire was advised in this transaction by Macquarie Capital, as financial advisor, and Hunton & Williams LLP, as legal counsel. Saehan was advised by B. Riley & Co., as financial advisor, and King, Holmes, Paterno & Berliner, as legal counsel.
Additional Financial Information
• As of March 31, 2013, Saehan Bancorp had total assets of $542.3 million, total net loans of $365.4 million, and total deposits of $458.3 million.
• On a proforma basis, including the pending acquisitions of BankAsiana and Saehan Bancorp, as of March 31, 2013, Wilshire Bancorp would have approximately $3.5 billion in total assets, $2.7 billion in net loans, and $2.8 billion in total deposits
• An investor presentation for this transaction can be accessed on the websites for Wilshire Bancorp and Saehan Bancorp at www.wilshirebank.com and www.saehanbank.com, within the investor relations sections of each website.
ABOUT WILSHIRE BANCORP
Headquartered in Los Angeles, Wilshire State Bank operates 25 branch offices in California, Texas, New Jersey and New York, and eight loan production offices in Dallas and Houston, TX, Atlanta, GA, Aurora, CO, Annandale, VA, Fort Lee, NJ, Newark, CA, and Bellevue, WA, and is an SBA preferred lender nationwide. Wilshire State Bank is a community bank with a focus on commercial real estate lending and general commercial banking, with its primary market encompassing the multi-ethnic populations of the Los Angeles Metropolitan area. For more information, please go to www.wilshirebank.com.
ABOUT SAEHAN BANCORP
Saehan Bancorp is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive range of financial solutions to meet the needs of multi-ethnic communities in the United States. Saehan Bancorp is committed to satisfying customers and creating shareholder value. Its ten retail branch offices, International Department and SBA Department focus on fulfilling these commitments to customers and shareholders.
FORWARD-LOOKING STATEMENTS
Statements concerning future performance, events, or any other guidance on future periods constitute forward-looking statements that are subject to a number of risks and uncertainties that might cause actual results to differ materially from stated expectations. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed transaction involving Wilshire and Saehan including future financial and operating results, Wilshire's or Saehan's plans, objectives, expectations and intentions, the expected timing of completion of the transaction, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: (i) the ability to obtain the requisite Saehan shareholder approvals; (ii) the risk that Wilshire or Saehan may be unable to obtain governmental and regulatory approvals required for the transaction, or required governmental and regulatory approvals may delay the transaction or result in the imposition of conditions that could cause the parties to abandon the transaction; (iii) the risk that a condition to closing of the transaction may not be satisfied; (iv) the timing to consummate the proposed transaction; (v) the risk that the businesses will not be integrated successfully; (vi) the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; (vii) disruption from the transaction making it more difficult to maintain relationships with customers, employees or vendors; (viii) the diversion of management time on transaction-related issues; (ix) general worldwide economic conditions and related uncertainties; (x) the effect of changes in governmental regulations; (xi) credit risk associated with an obligor's failure to meet the terms of any contract with the bank or to otherwise perform as agreed; (xii) interest risk involving the effect of a change in interest rates on both the bank's earnings and the market value of the portfolio equity; (xiii) liquidity risk affecting the bank's ability to meet its obligations when they come due; (xiv) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (xv) transaction risk arising from problems with service or product delivery; (xvi) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (xvii) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (xviii) reputation risk that adversely affects earnings or capital arising from negative public opinion; (xix) terrorist activities risk that results in loss of consumer confidence and economic disruptions; (xx) economic downturn risk resulting in deterioration in the credit markets; (xxi) greater than expected noninterest expenses; (xxii) excessive loan losses; and (xxiii) other factors we discuss or refer to in the "Risk Factors" section of our most recent Annual Report on Form 10-K filed with the SEC. Additional risks and uncertainties are identified and discussed in Wilshire's reports filed with the SEC and available at the SEC's website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and Wilshire undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT
This communication relates to a proposed merger between Wilshire and Saehan that will become the subject of a registration statement, which will include a proxy statement/prospectus, to be filed with the SEC that will provide full details of the proposed merger and the attendant benefits and risks. This communication is not a substitute for the proxy statement/prospectus or any other document that Wilshire or Saehan may file with the SEC or send to their shareholders in connection with the proposed merger. Investors and security holders are urged to read the registration statement on Form S-4, including the definitive proxy statement/prospectus, and all other relevant documents filed with the SEC or sent to shareholders as they become available because they will contain important information about the proposed merger. All documents, when filed, will be available free of charge at the SEC's website (www.sec.gov). You may also obtain these documents by contacting Wilshire's Corporate Secretary, at Wilshire Bancorp, Inc., 3200 Wilshire Boulevard, Los Angeles, California 90010, or via e-mail at alexko@wilshirebank.com. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
PARTICIPANTS IN THE SOLICITATION
Wilshire, Saehan and their respective directors and executive officers may be deemed to be participants in any solicitation of proxies in connection with the proposed mergers. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC regarding the merger when they become available. Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions.
For Wilshire Bancorp:
Alex Ko, EVP & CFO
(213) 427-6560
For Saehan Bancorp:
Daniel Kim, EVP & CFO
(213) 637-4802
http://globenewswire.com/news-release/2013/07/15/560133/10040405/en/Wilshire-Bancorp-Announces-Acquisition-of-Saehan-Bancorp.html
.339 then .51x1 on offer..would love to see it quick then I will sideline it out til they get the OS back under control
Nice to see a comeback here... Hope you make a nice double! Good Luck D!
OS is 237m now as per pr listed on otcmarkets..
http://www.otcmarkets.com/stock/SAEB/news
so yes a 1 for 10 id be all for.Or jus see this run to .60s-70s here again and id be happy lol
Rut Roh, a 10 for 1 would be beneficial here...
yah jus realized otcmarkets showed 10m OS BUT jus dug into old financials off prs off their website and shows they did a 60mil dollar capital raise few years back bringing OS to 182Mil fully diluted.I dont care for that but its worth a gamble fer me.That rots that OS is that high.Another reason our other bank is our baby and has nothing to hide lol
Profitable and Consent order lifted is a go for me... I'll look into it more when I have a minute.
I dont like saeb nearly as much as our CIbHh but i think saeb is a nice gamble here jus considerin the consent order being lifted there too that was in place there since 2009.
GL hopefully stays cheap and quiet for a while fer us to accumulate on the DL!)
thanks bro!Has a 10.7M OS only too..used to pay divvies too..their consent order was in place since late 2009 I believe..bout as long as this ones been quiet for.I think we have ourselves another sleeper bank like our other!))will see!
indeed hahaha
hey broo!!
funny I was totally wondering if I should give ya heads up er not on this one lol.You know CIbH still our baby but this one seems to have dollars written on it too lol.Funny how I accidentely found this one too looking at CIbHs consent order and thats when this one popped up.
Awesome Find D!!!
Rub the Sehan bank lamp and it will awake from it's slumber. ;)
Saehan Bancorp Announces the Termination of The Bank's Consent Order
LOS ANGELES, Mar 15, 2013 (BUSINESS WIRE) -- Saehan Bancorp (OTCBB:SAEB), parent company of Saehan Bank, today announced that the Federal Deposit Insurance Corporation and the California State Department of Financial Institutions have terminated a Consent Order issued in January 2011, reflecting management's success in improving the bank's financial condition.
"This regulatory decision marks an important milestone in Saehan Bank's recovery efforts. We greatly appreciate the contributions of our board and employees during the past few years as we focused on improving the bank's capital position, asset quality and profitability. Equally important, we are grateful to our customers and shareholders for their support and confidence in our financial institution," said Dong Il Kim, president and CEO.
About Saehan Bancorp
Saehan Bancorp is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive range of financial solutions to meet the needs of the Korean-American community in Los Angeles. Saehan Bancorp is committed to satisfying customers and creating shareholder value. Its ten retail branch offices, International Department, and SBA Department of Saehan Bank focus on fulfilling these commitments to customers and shareholders.
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."
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130315005975r1&sid=cmtx4&distro=nx
SOURCE: Saehan Bancorp
CONTACT:
Saehan Bancorp Daniel Kim Executive Vice President & Chief Financial Officer (213) 637-4802 (213) 637-4802 or Maier & Company, Inc. Gary S. Maier (310) 442-9852 (310) 442-9852
Just getting feet wet today..
would love to see this stick below .40 fer a bit so can get more ammo up and get to chippin!
My other bank stock has over tripled since consent order was lifted there few weeks back.I believe that is key to the pps waking again on these types.Especially with this small OS.Will see if this can mimic my other bank stock SOON and get um both to dollarland!
10m OS traded as high as 22.00 before too!check chart!
now with consent order lifted and the company becoming profitable again shows this bank is turning itself around!Could be a multi dollar stock easy imo!
.33x.3699x1 next .65x1..
once that 140k goes at 37 tis on to dollars me thinks
consent order lifted..Saehan Bancorp Announces the Termination of The Bank's Consent Order
LOS ANGELES, Mar 15, 2013 (BUSINESS WIRE) -- Saehan Bancorp (OTCBB:SAEB), parent company of Saehan Bank, today announced that the Federal Deposit Insurance Corporation and the California State Department of Financial Institutions have terminated a Consent Order issued in January 2011, reflecting management's success in improving the bank's financial condition.
"This regulatory decision marks an important milestone in Saehan Bank's recovery efforts. We greatly appreciate the contributions of our board and employees during the past few years as we focused on improving the bank's capital position, asset quality and profitability. Equally important, we are grateful to our customers and shareholders for their support and confidence in our financial institution," said Dong Il Kim, president and CEO.
About Saehan Bancorp
Saehan Bancorp is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive range of financial solutions to meet the needs of the Korean-American community in Los Angeles. Saehan Bancorp is committed to satisfying customers and creating shareholder value. Its ten retail branch offices, International Department, and SBA Department of Saehan Bank focus on fulfilling these commitments to customers and shareholders.
Saehan Bancorp Receives Commitment Letters Totaling $30.9 MillionLast update: 1/21/2010 6:00:00 PM
LOS ANGELES, Jan 21, 2010 (BUSINESS WIRE) -- Saehan Bancorp (SAEB), parent company of Saehan Bank, today announced it has received conditional commitment letters from various accredited investors, including several members of the Board of Directors, totaling up to $30.9 million in connection with its private placement stock offering. It is anticipated that these commitment letters will be funded by next week. All funds received pursuant to the commitment letters will be deposited into an impound account and not released to the Company until certain conditions have been met, including raising a minimum of $60.0 million in commitments to purchase the Company's common stock, receipt of all necessary regulatory approvals, and certain other conditions. Unless these conditions are satisfied, all funds deposited into the impound account will be returned to investors. The Company is conducting a private placement stock offering to raise additional capital to be infused to Saehan Bank to satisfy certain regulatory capital ratios. Saehan Bank entered into a consent order with the Federal Deposit Insurance Corporation and the California State Department of Financial Institutions effective December 7, 2009. Among other things, the Bank is required to attain a Tier 1 capital leverage ratio of 8% within 60 days of the consent order and to attain and thereafter maintain a Tier 1 capital leverage ratio of 10% within 90 days of the consent order. ETC ETC....
Anyone home as this shot up to .75. Nice one
Saehan Bancorp Reports First Quarter Results
May 13, 2009 5:36:00 PM
Copyright Business Wire 2009
Email Story Discuss on ZenoBank
View Additional ProfilesLOS ANGELES--(BUSINESS WIRE)-- Saehan Bancorp (OTCBB:SAEB) today reported results for its first quarter ended March 31, 2009, reflecting the continued impact of current economic conditions and a reduced net loss on a sequential quarterly basis.
The company reported a net loss of $73,000, or $0.01 per diluted share for the first quarter of 2009 compared with net income of $1.0 million, or $0.05 per diluted share a year ago and net loss of $11.4 million, or $0.85 per diluted share for the fourth quarter of 2008. The return on average equity for the first quarter of 2009 was -0.44 percent and the return on average assets was -0.04 percent compared with 5.93 percent and 0.46 percent, respectively, for the first quarter of 2008.
Other highlights for the first quarter of 2009 included:
-- Total assets increased $52.0 million, or 6.0 percent from the same
period a year ago.
-- Net loans decreased $11.1 million from the same period a year ago.
-- Total deposits increased $87.0 million, or 13.1 percent, from a year
earlier.
-- Net interest margin was 2.52 percent, compared with 3.64 percent for the
first quarter of 2008.
-- Efficiency ratio was 98.2 percent, compared 69.75 percent for the first
quarter of 2008.
-- The ratio of nonperforming loans to net loans was 7.92 percent compared
with 2.17 percent at March 31, 2008.
-- Noninterest income was $424,000, compared with $1.4 million for the
first quarter of 2008.
-- Noninterest expense was $5.2 million, compared with $6.0 million for the
first quarter of 2008.
"While capital ratios remain well above the guidelines established by regulatory agencies, management continues to focus attention on opportunities to further strengthen the bank's capital position and to meet or exceed liquidity requirements in this challenging economic environment." said Chung H. Youk, president and chief executive officer.
Net interest income before provision for loan losses was $4.9 million in the first quarter of 2009 compared with $7.1 million in the same period a year ago. Net interest margin for the first quarter of 2009 was 2.52 percent compared with 3.64 percent in the first quarter a year earlier. Net interest margin was adversely affected by the Federal Reserve's decision to aggressively lower the Federal Funds Rate during 2008 and the increase in non-accrual loans in the first quarter of 2009.
Noninterest income in the first quarter of 2009 totaled $424,000, compared with $1.4 million a year ago. The reduction was primarily attributable to the loss on the sale/write-down of OREO of $790,000 and a $198,000 reduction in gain on sale of SBA loans, partially offset by a $56,000 increase in service charges on deposit accounts. Gain on sale of loans declined substantially as a result of significantly lower SBA market activity and reduced sales premiums paid on SBA loans sold to the secondary market.
Noninterest expense for the first quarter of 2009 was $5.2 million, a decrease of $726,000 from the first quarter last year. The decrease in noninterest expense for the first quarter of 2009 was primarily attributable to lower employee compensation expense, partially offset by higher occupancy and equipment expenses. The efficiency ratio for the first quarter of 2009 was 98.2 percent compared with 69.8 percent in the first quarter of 2008.
Nonperforming loans were $55.1 million at March 31, 2009 -- up $39.5 million from $15.6 million at March 31, 2008. Nonperforming loans and OREO represented 6.53 percent of total assets at March 31, 2009. The provision for loan losses was $230,000 for the first quarter of 2009 compared with $1.1 million a year ago.
Total assets were $913.3 million as of March 31, 2009 -- representing an increase of $52.0 million, or 6.03 percent, over the $861.3 million in total assets reported on March 31, 2008. Total deposits as of March 31, 2009 increased $87.0 million, or 13.1 percent, to $749.4 million from $662.4 million as of March 31, 2008.
Shareholders' equity increased to $63.0 million at March 31, 2009 from $62.6 million at March 31, 2008. Shareholders' equity primarily increased as a result of a private placement in November 2008, partially offset by net losses in recent quarters. Capital ratios continue to be well above the "Well-Capitalized" guidelines established by the regulatory agencies. The Leverage Ratio was 10.22 percent, the Tier 1 Risk-based Capital Ratio was 10.86 percent and the Total Risk-based Capital Ratio was 12.13 percent.
About Saehan Bancorp
Saehan Bancorp is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Saehan Bank, offers a comprehensive range of financial solutions to meet the needs of multi-ethnic communities in the U.S. Saehan Bancorp is committed to satisfying customers and creating shareholder value. Its ten retail branch offices, International Department, and SBA Department of Saehan Bank focus on fulfilling these commitments to customers and shareholders.
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)
March 31
2009 2008
Assets:
Cash & due from banks - demand 18,624 20,594
Due from banks-interest bearing 112,930 1,022
Federal fund sold 5,790 43,745
Securities available-for-sale 40,686 47,897
Loans 717,480 728,568
Less: Allowance for loan losses 21,441 8,311
Net loans 696,039 720,257
Loans held for sale - 3,208
Bank premises and equipment, net 5,748 7,086
Other assets 33,442 17,472
Total assets 913,259 861,281
Liabilities and stockholders' equity:
Deposits:
Noninterest bearing demand 121,944 130,756
Interest bearing demand and savings 133,397 155,754
Time deposits 494,093 375,897
Total deposits 749,434 662,407
Jr. Subordinated debenture 20,619 20,619
Other borrowed money 75,000 110,280
Other liabilities 5,158 5,389
Total liabilities 850,211 798,695
Total stockholders' equity 63,048 62,586
Total liabilities and
stockholders' equity 913,259 861,281
Book value per share 3.90 5.19
Period end shares outstanding 16,032,429 12,053,596
Nonperforming loans 55,152 15,642
Tier I leverage ratio 10.22 % 10.31 %
Tier 1 risk-based capital ratio 10.86 % 10.63 %
Total risk-based capital ratio 12.13 % 11.75 %
Saehan Bancorp
Condensed Income Statement and Comprehensive Income
(Dollars in thousands except per share data)
For the three
months ended
March 31
2009 2008
Interest income:
Interest and fees on loans 9,593 13,441
Interest on securities 424 526
Interest on federal funds sold 3 92
Other interest income 5 101
Total interest income 10,025 14,160
Interest expense:
Deposit 4,023 5,736
Other 1,094 1,292
Total interest expenses 5,117 7,028
Net interest income before
provision for loan losses 4,908 7,132
Provision for loan losses 230 1,081
Non-interest income:
Service charges on deposit accounts 656 600
Gain (loss) on sale of loans (4 ) 194
Gain on sale of investment securities - -
Gain (loss) on sales of OREO (790 )
Other operating income 562 620
Total non-interest income 424 1,414
Non-interest expense:
Salaries and employee benefits 2,518 3,352
Net occupancy and equipment expense 1,259 1,152
Other operating expense 1,458 1,457
Total non-interest expenses 5,235 5,961
Income before income taxes (133 ) 1,504
Income taxes (60 ) 579
Income before extraordinary items (73 ) 925
Extraordinary items, net of taxes - -
Net income (73 ) 925
Net income per share -
Basic $ (0.005 ) $ 0.05
Diluted $ (0.005 ) $ 0.05
Basic average common shares
outstanding 16,032,429 12,053,596
Diluted average common shares
outstanding 16,032,429 12,066,052
Charge offs 1,983 1,044
Recoveries 1,037 25
For the three
months ended
March 31
2009 2008
Key Operating Ratios:
Return on average assets -0.04 % 0.46 %
Return on average equity -0.44 % 5.93 %
Yield on earning assets 5.14 % 7.24 %
Cost on interest bearing liabilities 2.85 % 4.53 %
Net interest margin 2.52 % 3.64 %
Cost of funds 2.45 % 3.80 %
Efficiency ratio 98.18 % 69.75 %
Source: Saehan Bancorp
----------------------------------------------
Saehan Bancorp
Daniel Kim
Senior Vice President & Chief Financial Officer
213-637-4802
or
Maier & Company
Inc.
Gary S. Maier
310-442-9852
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