Shares of UCBH Holdings Inc. fell sharply Wednesday after the San Francisco company disclosed that its loan chargeoffs in 2007 were higher than first reported.
In its annual report filed with the Securities and Exchange Commission Friday, the $11.8 billion-asset UCBH said that net chargeoffs for the year totaled $10.7 million — $3.1 million more than reported when it announced its 2007 earnings on Jan. 24. It increased by $6 million its provision for loan losses, to $20.2 million.
In heavy trading, the shares fell 14.7% Wednesday, to $9.15.
On Monday, UCBH announced that it had reappointed Jonathan H. Downing as its chief financial officer, succeeding Dennis Wu. Mr. Downing had been CFO from 1989 to 2005 and most recently was UCBH's director of corporate development and investor relations.
