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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
October 28
Nara Bancorp Inc. of Los Angeles swung to a $4 million profit in the third quarter, a 37% improvement from a year earlier, after selling a pool of problem loans.
The $2.9 billion-asset company reported Monday that it sold $61.1 million of the loans, booking a pre-tax gain of $3.7 million.
Despite the sale, credit problems remain high. Nara's provision for loan losses totaled $11.1 million, up 30% from a year earlier, and roughly a quarter of the provision for the second quarter. The majority of the provision went toward covering net charge-offs, which totaled $10.4 million, up 80% from a year earlier.
Nonperforming assets totaled $88.5 million, or 4.11% of total assets, up 2% from the second quarter and 4% from a year earlier.
Nara also reported a 46% year-over-year reduction in interest expense, which totaled $9.5 million for the quarter, as the company added more non-interest bearing deposits.
