-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Pz+De0rxC/cIpGwo6nmfgwbl913AEBRtmVIhrc4YmTvx4kwrTUVRuEfGCb2NsEpz wYZ7+rfvlSCjE5TeRgy9PQ== 0001193125-05-163018.txt : 20050810 0001193125-05-163018.hdr.sgml : 20050810 20050809215445 ACCESSION NUMBER: 0001193125-05-163018 CONFORMED SUBMISSION TYPE: NT 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050810 DATE AS OF CHANGE: 20050809 EFFECTIVENESS DATE: 20050810 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTER FINANCIAL CORP CENTRAL INDEX KEY: 0001174820 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 522380548 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NT 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-50050 FILM NUMBER: 051011715 BUSINESS ADDRESS: STREET 1: 3435 WILSHIRE BLVD STREET 2: STE 700 CITY: LOS ANGELES STATE: CA ZIP: 90010 BUSINESS PHONE: 2132512222 NT 10-Q 1 dnt10q.htm NOTIFICATION OF LATE FILING Notification of Late Filing

(Check One):

    ¨  Form 10-K

    ¨  Form 20-F

    ¨  Form 11-K

    x  Form 10-Q

    ¨  Form N-SAR

    ¨  Form N-CSR

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 12b-25

 

NOTIFICATION OF LATE FILING

   
     
     
   
     
   

 

    For Period Ended:             June 30, 2005                            
    ¨  Transition Report on Form 10-K
    ¨  Transition Report on Form 20-F
    ¨  Transition Report on Form 11-K
    ¨  Transition Report on Form 10-Q
    ¨  Transition Report on Form N-SAR
    For the Transition Period Ended:                                                              

 

 

Read Instruction (on back page) Before Preparing Form. Please Print or Type.

Nothing in this form shall be construed to imply that the Commission has verified any information contained herein.

 

 

If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:             

 

 

 

PART I — REGISTRANT INFORMATION

 

Center Financial Corporation
Full Name of Registrant
 
Former Name if Applicable
3435 Wilshire Boulevard, Suite 700
Address of Principal Executive Office (Street and Number)
Los Angeles, California 90010
City, State and Zip Code

 


 

PART II — RULES 12b-25(b) AND (c)

 

If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)

 

x   

  (a)   The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;
  (b)   The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition report on Form 10-Q, or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and
  (c)   The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.



 

PART III — NARRATIVE

 

The Quarterly Report on Form 10-Q (the “Form 10-Q”) of Center Financial Corporation (the “Company”) for the Company’s fiscal quarter ended June 30, 2005, could not be filed within the prescribed time period because of the need for the new independent auditor to review the workpapers of the former independent auditor, as well as the Company’s ongoing internal review of the accounting for certain interest rate swaps, which was previously announced.

 

The Company currently expects that its Form 10-Q for the fiscal quarter ended June 30, 2005 will be filed within five calendar days following the prescribed due date.

 


 

PART IV — OTHER INFORMATION

 

(1)   Name and telephone number of person to contact in regard to this notification

 

Patrick Hartman      213    401-2311
(Name)      (Area Code)    (Telephone Number)

 

(2)   Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s).    x  Yes    ¨  No

 

 

 

(3)   Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof?    x  Yes    ¨  No

 

If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.

 

Given the Company’s reliance on the shortcut method rather than documented effectiveness testing, as justification of its hedge accounting from inception of the swaps through Q304, use of hedge accounting was inappropriate and not compliant with GAAP.

 

We have reviewed the swap transactions and market valuations during each quarter between inception and Q304 and estimate the following results: (Dollars in thousands.) (unaudited)

 

     Pre Tax

    After Tax

 
     Pre Tax
Swap Mark
to Market


    Pre Tax
Income


   % of Pre
Tax Income


    After Tax
Swap Mark
to Market


    Net
Income


   % of Net
Income


 

Q401

   (192 )   2,931    (6.6 %)   (111 )   1,757    (6.3 %)
    

 
  

 

 
  

2001

   (192 )   12,106    (1.6 %)   (111 )   7,760    (1.4 %)
    

 
  

 

 
  

Q102

   450     3,473    13.0 %   261     2,141    12.2 %

Q202

   233     3,130    7.4 %   135     1,914    7.0 %

Q302

   1,290     4,490    28.7 %   747     2,807    26.6 %

Q402

   (236 )   3,713    (6.3 %)   (137 )   2,484    (5.5 %)
    

 
  

 

 
  

2002

   1,736     14,806    11.7 %   1,006     9,347    10.8 %
    

 
  

 

 
  

Q103

   1,080     4,007    26.9 %   626     2,525    24.8 %

Q203

   48     4,894    1.0 %   28     3,078    0.9 %

Q303

   382     4,671    8.2 %   222     3,005    7.4 %

Q403

   (1,133 )   4,777    (23.7 %)   (657 )   3,043    (21.6 %)
    

 
  

 

 
  

2003

   376     18,348    2.1 %   218     11,652    1.9 %
    

 
  

 

 
  

Q104

   534     5,418    9.9 %   309     3,347    9.2 %

Q204

   (1,986 )   5,241    (37.9 %)   (1,151 )   3,199    (36.0 %)

Q304

   249     6,654    3.7 %   144     4,103    3.5 %

Q404

   0     6,662    n/a     0     4,365    n/a  
    

 
  

 

 
  

2004

   (1,204 )   23,975    (5.0 %)   (698 )   15,014    (4.6 %)
    

 
  

 

 
  

 

Restatement of the Company’s financial statements may result in some reclassifications of amounts on the Statements of Condition. Before restatement, applying hedge accounting, changes in the market value of the swap contracts were included in Accumulated Other Comprehensive Income (Loss), Net of Tax. The restated financial statements, without hedge accounting, include these amounts in the Statements of Operations and Statements of Cash Flows.

 


 

 

CENTER FINANCIAL CORPORATION
(Name of Registrant as Specified in Charter)

 

has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date 

   August 9, 2005    By     /s/ Patrick Hartman
               Patrick Hartman, Chief Financial Officer

 

INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative’s authority to sign on behalf of the registrant shall be filed with the form.

 

    ATTENTION     
       

Intentional misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).

 

 

GENERAL INSTRUCTIONS

 

1.   This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General Rules and Regulations under the Securities Exchange Act of 1934.
2.   One signed original and four conformed copies of this form and amendments thereto must be completed and filed with the Securities and Exchange Commission, Washington, D.C. 20549, in accordance with Rule 0-3 of the General Rules and Regulations under the Act. The information contained in or filed with the form will be made a matter of public record in the Commission files.
3.   A manually signed copy of the form and amendments thereto shall be filed with each national securities exchange on which any class of securities of the registrant is registered.
4.   Amendments to the notifications must also be filed on Form 12b-25 but need not restate information that has been correctly furnished. The form shall be clearly identified as an amended notification.
5.   Electronic Filers. This form shall not be used by electronic filers unable to timely file a report solely due to electronic difficulties. Filers unable to submit a report within the time period prescribed due to difficulties in electronic filing should comply with either Rule 201 or Rule 202 of Regulation S-T (§232.201 or §232.202 of this chapter) or apply for an adjustment in filing date pursuant to Rule 13(b) of Regulation S-T (§232.13(b) of this chapter).

 

 

-----END PRIVACY-ENHANCED MESSAGE-----