Saehan Bancorp's net loss narrowed sharply in the second quarter while asset quality and net interest margins improved.
The Los Angeles parent company of Saehan Bank posted a net loss of $3.1 million, or 2 cents a share, compared with a net loss of $22.3 million, or $1.39 a share, a year earlier.
Net interest margin jumped to 3.13%, from 1.40% in the second quarter of 2009. Nonperforming assets dropped nearly 26%, to $43.3 million.
Saehan's president and chief executive, Chung Hoon Youk, said in a press release Thursday that it is taking cost-cutting measures to further improve results. Saehan has aggressively pared assets during the past year. They fell 28.6% from a year earlier, to $677.4 million on March 31.
