Nara Bancorp Inc. (NARA) filed Quarterly Report for the period ended 2009-09-30.
Nara Bancorp Inc. is a bank holding company for Nara Bank N.A. Nara Bancorp Inc. has a market cap of $188.3 million; its shares were traded at around $7.17 with and P/S ratio of 1. Nara Bancorp Inc. had an annual average earning growth of 22.2% over the past 5 years.
Highlight of Business Operations:
During the nine months ended September 30, 2009, we experienced strong growth in assets, primarily cash and cash equivalents and securities, supported by growth in deposits, especially during first half of the year. Our total assets grew by $540.6 million, or 20%, to $3.2 billion at September 30, 2009 from $2.7 billion at December 31, 2008. Our deposits grew $548.5 million, or $28%, to $2.5 billion at September 30, 2009 from $1.9 billion at December 31, 2008.
Our net income available to common stockholders for the three months ended September 30, 2009 was $2.9 million, or $0.11 per diluted share, compared to net income available to common stockholders of $5.0 million, or $0.19 per diluted share, for the same period of 2008, representing a decrease of $2.1 million, or 42%. The decrease in earnings is primarily due to the increases in provision for loan losses and dividends and discount accretion on preferred stock, partially offset by a decrease in income taxes.
Our net loss available to common stockholders for the nine months ended September 30, 2009 was ($8.5 million), or ($0.32) per diluted share, compared to net income available to common stockholders of $12.6 million, or $0.48 per diluted share, for the same period of 2008, representing a decrease of $21.1 million, or 167%. The decline in earnings during the period was due to the increases in provision for loan losses, non-interest expense and dividends and discount accretion on preferred stock as well as a decrease in net interest income, partially offset by a decrease in income taxes.
Interest income for the nine months ended September 30, 2009 was $116.2 million, which represented a decrease of $11.7 million, or 9.1%, compared to $127.8 million for the same period of 2008. The decrease was the result of a $22.8 million decrease in interest income due to a decrease in the average yield earned on average interest-earning assets (rate change), offset by a $11.1 million increase in interest income due to an increase in the volume of average interest-earning assets (volume change).
Interest expense for the third quarter of 2009 was $17.5 million, a decrease of $536 thousand, or 3.2%, compared to interest expense of $16.9 million for the same quarter of 2008. The decrease was primarily the result of a $3.4 million decrease in interest expense due to a decrease in the average rates paid on interest-bearing liabilities (rate change), offset by $3.9 million increase in interest expense due to an increase in the volume of average interest-bearing liabilities (volume change).
Interest expense for the nine months ended September 30, 2009 was $50.2 million, a decrease of $4.1 million, or 7.5%, compared to interest expense of $54.3 million for the same period of 2008. The decrease was primarily the result of a $13.1 million decrease in interest expense due to a decrease in the average rates paid on interest-bearing liabilities (rate change), offset by $9.0 million increase in interest expense due to an increase in the volume of average interest-bearing liabilities (volume change).
NARA is in the portfolios of Richard Pzena of Pzena Investment Management LLC.
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