After months of delay, Nara Bancorp Inc. of Los Angeles has finally reported earnings for the first quarter and all of 2004.
The $1.6 billion-asset company said in March that it would delay filing its quarterly 10-Q and its annual report with the Securities and Exchange Commission while it investigated the profit-sharing rights of its former president and chief executive officer, Benjamin Hong.
In documents filed late Thursday, Nara said that first-quarter earnings rose 54% from a year earlier, to $5.4 million. Full-year earnings rose 45%, to $19.8 million.
Nara also restated earnings for 2002 and 2003. It was forced to do so after outside counsel hired by its audit committee determined that the company had improperly accounted for a 2002 arrangement in which Mr. Hong agreed to give up some of his profit-sharing rights for 2003 and 2004 in exchange for reimbursement of country club and car expenses.
Mr. Hong retired as the president in February and was removed from the board in March.
