Hanmi Financial Corporation (NASDAQ: HAFC), the holding company
for Hanmi Bank (the “Bank”), today reported 2011 net income totaled
$28.1 million, or $1.38 per diluted common share, a significant
improvement from the loss of $88.0 million, or $7.46 per share,
posted in 2010. These results reflect the successful fourth quarter
capital raise, continuing improvement in asset quality, strong SBA
loan originations and enhanced operating efficiency. The fourth
quarter of 2011 marks Hanmi’s fifth consecutive quarterly profit,
with net income totaling $5.5 million, or $0.22 per share. All per
share results are adjusted to reflect the 1-for-8 reverse split,
which became effective on December 19, 2011.
“2011 was a year of great transformation for Hanmi. With hard
work and dedication of all our employees, we have overcome many
challenges and have already implemented steps to continue on the
road to profitability,” said Jay S. Yoo, President and Chief
Executive Officer. “We launched the new year with an all-company
rally that brought the entire Hanmi team together. I was impressed
with the dedication and enthusiasm that our team members
demonstrated at the rally. We are once again dedicated to make
Hanmi 'The Bank of Choice' for our customers, our employees, our
communities, and our shareholders.”
Hanmi Financial 2011 Quarterly Financial Highlights
For the Three Months Ended (Dollars in
Thousands) 12/31/2011 9/30/2011
12/31/2010 Net income $ 5,506 $ 4,203 $
5,312 Net income per diluted common share $ 0.22 $ 0.22 $ 0.28
Total assets $ 2,744,824 $ 2,686,570 $ 2,907,148 Total net
loans $ 1,849,020 $ 1,891,533 $ 2,084,447 Total deposits $
2,344,910 $ 2,353,169 $ 2,466,721 Net interest margin 3.66%
3.75% 3.48% Efficiency ratio 69.03% 60.55% 67.87% Tangible
common equity per common share $ 9.02 $ 10.66 $ 9.05
Non-performing assets $ 52,558 $ 78,280 $ 146,526 Non-performing
assets/Total assets 1.91% 2.91% 5.04% Allowance for loan
losses/Total gross loans 4.64% 5.06% 6.55% Allowance for loan
losses/Total non-performing loans 171.71% 129.24% 102.54%
Hanmi Financial Total Risk-Based Capital 18.66% 14.58%
12.32% Tier 1 Leverage Capital 13.34% 9.80% 7.90% Tangible
equity/Tangible assets 10.36% 7.51% 5.89%
Financial Highlights (at or for the period ended December
31, 2011)
- In November, Hanmi raised new capital
of $77.1 million in net proceeds, further solidifying its balance
sheet, and issued 12.6 million shares (adjusted for the 1-for-8
reverse split):
- The Bank’s tangible common equity to
tangible assets ratio at December 31, 2011 was 12.48%, up from
10.63% at September 30, 2011. At the holding company level, the
tangible common equity ratio was 10.36%, and tangible book value
was $9.02 per share at year end.
- With strong fourth quarter earnings,
Hanmi posted its fifth consecutive quarter of profitability:
- Fourth quarter net income grew 31% from
the preceding quarter, with earnings of $5.5 million, or $0.22 per
diluted share, compared to $4.2 million, or $0.22 per diluted
share, when there were fewer shares outstanding in the third
quarter of 2011 and up 3.8% from $5.3 million, or $0.28 per diluted
share in the fourth quarter of 2010. For the full year, profits
totaled $28.1 million, or $1.38 per diluted share.
- Net interest margin (NIM) was 3.68% in
2011, up from 3.55% in 2010, reflecting a 16 basis point
improvement in loan yields, as well as a 63 basis point reduction
on securities yields and a 29 basis point drop in cost of funds for
the year.
- Loan originations improved
significantly in 2011 with Small Business Administration (“SBA”)
loan production totaling $93.9 million, generating $4.5 million in
gain on sale of SBA loans. Other loan production was $212.0 million
for 2011.
- Asset quality substantially improved,
with fewer non-performing assets (NPAs), delinquent loans, and net
charge-offs:
- NPAs declined 64.1% year-over-year to
$52.6 million or 1.91% of total assets, from $146.5 million, or
5.04% of total assets at the end of 2010. NPAs decreased due to the
continuing success in selling non-performing loans (NPLs) as well
as slower migration of new loans to nonaccrual status.
- Delinquent loans, which are 30 to 89
days past due and still accruing, were $13.9 million, or 0.72% of
total gross loans, down from $21.5 million, or 0.96% of total gross
loans a year ago and down from $16.5 million, or 0.83% of total
gross loans in third quarter of 2011.
- Total net charge-offs declined to $15.1
million from $35.2 million in the fourth quarter a year ago and
from $15.5 million in the third quarter of 2011. Net charge-offs
for the full year improved substantially to $68.7 million from
$121.9 million in 2010.
- Operating efficiency improved during
2011 with total overhead costs down 13.2% to $84.0 million from
$96.8 million in 2010, reflecting lower deposit insurance premiums,
significantly reduced asset management expenses and lower
compensation costs. The efficiency ratio improved to 67.2% in 2011
from 73.7% in 2010.
Capital Management
“Our fourth quarter capital raising efforts were very well
received by the investment community. The additional capital
improved our capital ratios. All of our capital levels are well
above those required by regulatory standards,” said Lonny Robinson,
Executive Vice President and Chief Financial Officer. The net
proceeds of $77.1 million in new capital increased total
stockholders’ equity to $285.6 million, or $9.07 per share, at
December 31, 2011. Of the new capital, $50 million was down
streamed to the Bank with the remaining $27.1 million available at
the holding company. Tangible book value was $9.02 per share at
year end. The following table shows the Company’s and Bank’s
capital ratios:
Hanmi Financial December
31, September 30,
December 31, 2011
2011 2010 Total risk-based
18.66% 14.58% 12.32% Tier 1 risk-based 17.36% 12.63% 10.09% Tier 1
leverage 13.34% 9.80% 7.90% Tangible common equity 10.36% 7.51%
5.89%
Hanmi Bank December 31, September
30, December 31, 2011
2011 2010 Total risk-based
17.57% 14.72% 12.22% Tier 1 risk-based 16.28% 13.42% 10.91% Tier 1
leverage 12.50% 10.41% 8.55% Tangible common equity 12.48% 10.63%
8.59%
Results of Operations
Net interest income before the provision for credit losses
totaled $24.4 million for the fourth quarter of 2011, and $101.2
million for 2011, down 2.9% in the quarter and 4.4% for the year.
Fourth quarter interest and dividend income was down 3.3% from the
third quarter of 2011 and down 11.5% compared to the fourth quarter
of 2010, while interest expense fell 4.7% and 28.2% compared to the
third quarter of 2011 and the fourth quarter of 2010, respectively.
For the full year, interest and dividend income fell 10.9% while
interest expense fell 28.5%.
Loan yields improved during the year, as asset quality continued
to stabilize and interest income reversal on loans in non-accrual
status have declined. The average yield on loans for 2011 increased
16 basis points to 5.56%, from 5.40% for 2010. The yield on the
investment securities portfolio, which accounted for 16.2% of 2011
average earning assets, continued to fall, moving down to 2.26% in
2011 from 2.89% in 2010. Total securities and cash and equivalents
accounted for 27.7% of total assets, up from 24.0% of total assets
at the end of the third quarter and 22.8% of total assets a year
ago.
Cost of funds continues to decline as the mix of deposits
continues to shift from time deposits to transaction accounts. For
2011, the cost of funds was down 29 basis points to 1.41% from
1.70% in 2010, and the cost of deposits was down 33 basis points to
1.00% from 1.33% in 2010. Hanmi’s net interest margin was down 9
basis points to 3.66% for the fourth quarter of 2011 compared to
3.75% for the third quarter of 2011 mainly due to a decrease in
loan and investment yield. NIM for the fourth quarter of 2011 was
up 18 basis points from 3.48% for the fourth quarter of 2010 mainly
due to a decrease in cost of deposits. For 2011, NIM increased 13
basis points to 3.68% from 3.55% for 2010. “We have approximately
$440 million in promotional CDs with a weighted average rate of
1.89% maturing over the next six months, of which $250 million will
mature in March 2012. As we replace these promotional deposits with
lower-cost deposits, we anticipate further margin improvement,”
said Robinson.
With improving asset quality, the provision for credit losses
declined in both the fourth quarter and full year of 2011. The
fourth quarter provision of $4.0 million brought the full year
provision to $12.1 million. Net interest income after the provision
for credit losses totaled $20.4 million in the fourth quarter and
$89.1 million for the full year in 2011.
Non-interest income in the fourth quarter of 2011 was $6.3
million, up 6.2% or $370,000 from $6.0 million in the third quarter
of 2011, and up 4.9% or $295,000 from $6.1 million in the fourth
quarter of 2010. Insurance commissions and other operating income
increased by $157,000 and $137,000 compared to the third quarter of
2011. Net gain of $2.9 million was recognized from the sales of SBA
loans during the fourth quarter of 2011, partially offset by the
loss of $2.5 million from the sale of NPLs. As a result, net gain
from the sale of loans increased by $312,000 compared to the same
quarter a year ago. For 2011, non-interest income was down 6.1% or
$1.6 million to $23.9 million from $25.4 million in 2010. Several
factors that contributed to the fluctuations in non-interest income
were lower service charges on deposit accounts, and net loss
recognized from the sale of loans, partially offset by the gains
from the sale of investment securities. During 2011, Hanmi recorded
a $1.5 million net loss from the sale of loans which consisted of
$2.9 million of impairment adjustments and $6.8 million of direct
losses from the sale of NPLs, partially offset by $8.2 million of
gains from sales of SBA loans and NPLs.
Non-interest expense in the fourth quarter of 2011 was $21.2
million, up 12.7% or $2.4 million from $18.9 million in the third
quarter of 2011, and down 2.2% or $486,000 from $21.7 million in
the fourth quarter a year ago. Salaries and employee benefits
increased by $1.3 million, and other operating expenses, including
advertising and promotion, supplies and communication, and stock
warrant expense, increased by $1.0 million compared to the third
quarter of 2011. Salaries and employee benefits increased mainly
due to a holiday bonus paid out to all employees at year end of
$262,000 and commissions for the fourth quarter of $200,000. In the
third quarter, there was a $389,000 reversal of employee bonus and
unused vacation accrued. In addition, severance costs for work
force reduction of 11 staff in December was $220,000 and there was
accrual for unused sick days of $210,000 for the fourth quarter.
The work force reduction will result in a savings of $1.0 million
on an annual basis going forward. Promotion expenses increased by
$258,000 as a result of marketing efforts focused on developing new
customers related to SBA production and customers with low cost
deposits and DDA’s during the fourth quarter of 2011. There was an
increase of $681,000 in stock warrant expense in the fourth quarter
due to the increase in our stock price at year end as compared to
the third quarter of 2011. These increases negatively impacted the
efficiency ratio for the current quarter compared to the prior
quarter. For 2011, non-interest expense decreased by $12.8 million
or 13.2% to $84.0 million from $96.8 million in 2010. Improving
operating efficiencies were gained from lower expenses related to
foreclosed real estate (OREO) and reduced FDIC deposit insurance
assessments and other regulatory costs, partially offset by $2.2
million in expenses associated with the unconsummated capital
raising efforts earlier in the year. The efficiency ratio for 2011
improved to 67.2% as compared to 73.7% in 2010.
Balance Sheet
Total assets were $2.74 billion at December 31, 2011, up 2.2%
from $2.69 billion at September 30, 2011, and down 5.6% from $2.91
billion at December 31, 2010.
Gross loans, net of deferred loan fees, totaled $1.94 billion at
December 31, 2011, down 2.68% from $1.99 billion at September 30,
2011, and down 13.07% from $2.23 billion at December 31, 2010.
Average gross loans, net of deferred loan fees, decreased to $2.01
billion for the fourth quarter of 2011, down 14.4% from $2.35
billion for the fourth quarter of 2010. The decline in loan balance
in 2011 reflects continued progress in reducing problem loans,
partially offset by new loans originated and a lower level of
charge-offs.
With the successful capital raise in the fourth quarter of 2011,
Hanmi’s total investment portfolio, term Federal Funds sold and
cash and equivalents rose to $760.1 million from $663.7 million a
year ago. The change in liquid assets was due to a $115.0 million
increase in term Federal Funds sold and a $27.6 million increase in
investment portfolio, partially offset by a $46.2 million decrease
in cash and cash equivalents. Term Federal Funds sold of $115.0
million at December 31, 2011 had a weighted average yield of 1.04%
with a weighted average maturity of 1.7 months. The investment
portfolio increased $27.6 million due to $427.6 million new
purchases and $6.5 million positive fair value adjustments,
partially offset by $220.1 million matured and called bonds, $120.9
million sales, $62.3 million principal paydowns, and $3.2 million
premium amortization. New purchases of $427.6 million had a
weighted average yield-to-maturity of 2.42% with a weighted average
duration of 2.85 years. The $120.9 million of securities sold had a
weighted average yield-to-maturity of 2.92% with a weighted average
duration of 4.41 years. Including secured off-balance sheet lines
of credit, total liquidity available to Hanmi was $910.8 million at
December 31, 2011, representing 33.17% of total assets and 38.83%
of total deposits.
Average deposits for 2011 declined 7.07% to $2.40 billion
compared to $2.59 billion a year ago. The continuing successful
strategy of reducing time deposits, particularly high-cost
promotional accounts, contributed to lower deposits in the year,
but resulted in a better overall mix of funding. “Core deposits,
which are total deposits less time deposits equal to or greater
than $100,000, now account for 64.9% of total deposits, up from
54.7% a year ago,” said Robinson. Average demand deposit accounts
increased 6.81% to $600.7 million at December 31, 2011 compared to
$562.4 million a year ago. Demand deposit accounts were 27.1% of
total deposits at December 31, 2011, up from 22.2% a year ago.
Total deposits decreased by 4.9% from a year ago to $2.34 billion
at December 31, 2011, from $2.47 billion a year ago. Time deposits
equal to or greater than $100,000 were down $296.4 million during
2011. There were no brokered deposits at quarter-end.
At December 31, 2011, total stockholders’ equity was $285.6
million, or $9.07 per share. In November 2011, Hanmi completed a
common stock offering, issuing 12.6 million shares adjusted for
1-for-8 reverse stock split, resulting in net proceeds of
approximately $77.1 million. In December 2011, Hanmi announced a
1-for-8 reverse stock split, which took effect on December 19,
2011. Every eight shares of Hanmi’s pre-split common shares were
automatically consolidated into one post-split share. Taking the
reverse stock split into account, Hanmi had 31.5 million shares
outstanding at December 31, 2011, compared to 18.9 million shares
outstanding a year ago. Tangible common stockholders’ equity was
$284.1 million at December 31, 2011, or 10.36% of tangible assets,
compared to $171.0 million, or 5.89% of tangible assets at December
31, 2010. Tangible book value per share was $9.02 at December 31,
2011.
Asset Quality
NPLs declined to $52.4 million at December 31, 2011, down 32.8%
from $78.0 million at September 30, 2011, and down 63.2% from
$142.4 million at December 31, 2010. Of the NPLs, non-performers
current on payments were $31.1 million, or 59.4% compared to $43.4
million or 55.6% at September 30, 2011 and $43.0 million or 30.2%
at December 31, 2010. In addition, $15.0 million, or 28.6% of the
NPLs, were recorded at the lower of cost or fair value as they were
classified as held for sale. Out of the NPLs, $7.3 million is
guaranteed by the SBA and the State of California. The following
table shows NPLs by loan category and excludes loans held for
sale:
% of Total
% of Total
% of Total
(Dollars in Thousands)
12/31/2011 NPL 9/30/2011
NPL 12/31/2010 NPL Real Estate
Loans: Commercial Property $ 2,458 4.7% $ 10,420 13.4% $ 19,951
14.0% Construction 8,310 15.9% 6,142 7.9% 17,691 12.4% Land Loans
2,362 4.5% 2,723 3.5% 25,725 18.1% Residential Property 2,745 5.2%
1,464 1.9% 1,926 1.4%
Commercial & Industrial Loans:
Owner Occupied Property 20,309 38.9% 22,285 28.6% 31,053 21.8%
Other C&I 16,033 30.6% 33,857 43.3% 45,044 31.6%
Consumer
Loans 161 0.2%
1,100 1.4% 1,047
0.7% Total Non-Performing Loans
$ 52,378
100.0% $
77,991 100.0%
$ 142,437
100.0%
“Asset quality continues to improve with the success of our loan
sales program, and with the diligence of our loan workout teams,”
said J.H. Son, Executive Vice President and Chief Credit Officer.
“During 2011, we sold $89.3 million in non-performing loans. We are
continuing to sell small tranches of properties and loans to
improve overall asset quality.”
“Our other real estate owned (OREO) balances have been a
relatively small part of our nonperforming assets, because we have
proactively sold loans prior to completing the foreclosure
process,” Son continued. In 2011, we sold 16 properties valued at
$7.7 million resulting in a net loss of $713,000. OREO totaled
$180,000 at December 31, 2011, down from $289,000 at September 30,
2011, and down from $4.1 million at December 31, 2010.
Delinquent loans that are less than 90 days past due and still
accruing declined 15% in the quarter and 35% year-over-year to
$13.9 million, or 0.72% of gross loans. At December 31, 2011, the
allowance for loan losses was $89.9 million or 4.64% of gross
loans. The ratio of allowance for loan losses to non-performing
loans at December 31, 2011, improved to 171.71% compared to 129.24%
at September 30, 2011. Fourth quarter charge-offs, net of
recoveries, were $15.1 million, compared to $15.5 million in the
third quarter of 2011 and $35.2 million in the fourth quarter of
2010. For the full year of 2011, net charge-offs totaled $68.7
million compared to $121.9 million a year ago.
Conference Call Information
Management will host a conference call today at 1:30 p.m.
Pacific Time (4:30 p.m. ET) to discuss these results. This call
will also be broadcast live via the internet. Investment
professionals and all current and prospective shareholders are
invited to access the live call by dialing (617) 213-8055 at 1:30
p.m. Pacific Time, using access code HANMI. To listen to the call
online, either live or archived, visit the Investor Relations page
of Hanmi’s website at www.hanmi.com. Shortly after the call
concludes, the replay will also be available at (617) 801-6888,
using access code #78210974 where it will be archived until
February 2, 2012.
About Hanmi Financial Corporation
Headquartered in Los Angeles, Hanmi Bank, a wholly-owned
subsidiary of Hanmi Financial Corporation, provides services to the
multi-ethnic communities of California, with 27 full-service
offices in Los Angeles, Orange, San Bernardino, San Francisco,
Santa Clara and San Diego counties, and a loan production office in
Washington State. Hanmi Bank specializes in commercial, SBA and
trade finance lending, and is a recognized community leader. Hanmi
Bank’s mission is to provide a full range of quality products and
premier services to its customers and to maximize shareholder
value. Additional information is available at www.hanmi.com.
Forward-Looking Statements
This press release contains forward-looking statements, which
are included in accordance with the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995. In some cases,
you can identify forward-looking statements by terminology such as
“may,” “will,” “should,” “could,” “expects,” “plans,” “intends,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,” or
“continue,” or the negative of such terms and other comparable
terminology. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or achievements.
All statements other than statements of historical fact are
“forward-looking statements” for purposes of federal and state
securities laws, including, but not limited to, statements about
anticipated future operating and financial performance, financial
position and liquidity, business strategies, regulatory and
competitive outlook, investment and expenditure plans, capital and
financing needs and availability, plans and objectives of
management for future operations, developments regarding our
capital plans and other similar forecasts and statements of
expectation and statements of assumption underlying any of the
foregoing. These statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ from
those expressed or implied by the forward-looking statement. These
factors include the following: inability to continue as a going
concern; inability to raise additional capital on acceptable terms
or at all; failure to maintain adequate levels of capital and
liquidity to support our operations; the effect of regulatory
orders we have entered into and potential future supervisory action
against us or Hanmi Bank; general economic and business conditions
internationally, nationally and in those areas in which we operate;
volatility and deterioration in the credit and equity markets;
changes in consumer spending, borrowing and savings habits;
availability of capital from private and government sources;
demographic changes; competition for loans and deposits and failure
to attract or retain loans and deposits; fluctuations in interest
rates and a decline in the level of our interest rate spread; risks
of natural disasters related to our real estate portfolio; risks
associated with Small Business Administration loans; failure to
attract or retain key employees; changes in governmental
regulation, including, but not limited to, any increase in FDIC
insurance premiums; ability to receive regulatory approval for
Hanmi Bank to declare dividends to Hanmi Financial; adequacy of our
allowance for loan losses, credit quality and the effect of credit
quality on our provision for credit losses and allowance for loan
losses; changes in the financial performance and/or condition of
our borrowers and the ability of our borrowers to perform under the
terms of their loans and other terms of credit agreements; our
ability to successfully integrate acquisitions we may make; our
ability to control expenses; and changes in securities markets. In
addition, we set forth certain risks in our reports filed with the
U.S. Securities and Exchange Commission (“SEC”), including, in
particular Item 1A of our Form 10K for the year ended December 31,
2010, as well as current and periodic reports filed with the U.S.
Securities and Exchange Commission hereafter, which could cause
actual results to differ from those projected. We undertake no
obligation to update such forward-looking statements except as
required by law.
HANMI FINANCIAL CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Dollars in Thousands)
December 31, September 30, %
December 31, %
2011 2011 Change
2010
Change
ASSETS
Cash and Due from Banks $ 82,400 $ 72,591 13.5 % $ 60,983
35.1 % Interest-Bearing Deposits in Other Banks 101,101 156,271
(35.3)% 158,737 (36.3)% Federal Funds Sold
20,000 — —
30,000 (33.3)% Cash and
Cash Equivalents
203,501
228,862 (11.1)%
249,720 (18.5)% Term Federal Fund
Sold 115,000 — — — — Investment Securities 441,604 415,698 6.2 %
413,963 6.7 % Loans: Gross Loans, Net of Deferred Loan Fees
1,938,956 1,992,325 (2.7)% 2,230,506 (13.1)% Allowance for Loan
Losses
(89,936) (100,792)
(10.8)% (146,059)
(38.4)% Loans Receivable, Net
1,849,020 1,891,533
(2.2)% 2,084,447
(11.3)% Loan Held for Sale, at the Lower of
Cost or Fair Value 22,587 37,202 (39.3)% 36,620 (38.3)% Accrued
Interest Receivable 7,829 7,225 8.4 % 8,048 (2.7)% Due from
Customers on Acceptances 1,715 599
NM 711
NM Premises
and Equipment, Net 16,603 16,627 (0.1)% 17,599 (5.7)% Other Real
Estate Owned, Net 180 289 (37.7)% 4,089 (95.6)% Servicing Assets
3,720 2,884 29.0 % 2,890 28.7 % Other Intangible Assets, Net 1,533
1,664 (7.9)% 2,233 (31.3)% Investment in FHLB and FRB Stock, at
Cost 31,412 31,451 (0.1)% 34,731 (9.6)% Bank-Owned Life Insurance
28,289 28,051 0.8 % 27,350 3.4 % Income Taxes Receivable 9,188
9,188 — 9,188 — Other Assets
12,643
15,297 (17.3)% 15,559
(18.7)% TOTAL ASSETS
$ 2,744,824
$ 2,686,570 2.2
% $ 2,907,148
(5.6)%
LIABILITIES AND
STOCKHOLDERS’ EQUITY
Liabilities: Deposits: Noninterest-Bearing $ 634,466 $
621,195 2.1 % $ 546,815 16.0 % Interest-Bearing
1,710,444 1,731,974
(1.2)% 1,919,906
(10.9)% Total Deposits 2,344,910 2,353,169
(0.4)% 2,466,721 (4.9)% Accrued Interest Payable 16,032
13,490 18.8 % 15,966 0.4 % Bank Acceptances Outstanding 1,715 599
186.3 % 711 141.2 % FHLB Advances and Other Borrowings 3,303 3,392
(2.6)% 153,650 (97.9)% Other Borrowings — 18,708
NM 1,570
NM Junior Subordinated Debentures 82,406 82,406 — 82,406 —
Accrued Expenses and Other Liabilities
10,850
11,603 (6.5)%
12,868 (15.7)% Total Liabilities
2,459,216 2,483,367 (1.0)% 2,733,892 (10.0)% Stockholders’
Equity
285,608 203,203
40.6 % 173,256 64.8 %
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 2,744,824
$ 2,686,570 2.2
% $ 2,907,148
(5.6)% HANMI FINANCIAL CORPORATION
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (Dollars in Thousands, Except Per Share Data)
Three Months Ended December
31, September 30, %
December 31, %
2011 2011
Change 2010 Change
INTEREST AND DIVIDEND INCOME: Interest and Fees on Loans $ 28,162 $
29,355 (4.1)% $ 32,466 (13.3)% Taxable Interest on Investment
Securities 1,979 2,022 (2.1)% 1,839 7.6 % Tax-Exempt Interest on
Investment Securities 100 39
NM 9
NM Interest on
Interest-Bearing Deposits in Other Banks 72 75 (4.0)% 149 (51.7)%
Dividends on FHLB and FRB Stock 140 129 8.5 % 135 3.7 % Interest on
Term Federal Funds Sold 182 49
NM —
NM Interest on
Federal Funds Sold
5 5
— 15 (66.7)% Total
Interest and Dividend Income
30,640
31,674 (3.3)% 34,613
(11.5)% INTEREST EXPENSE: Interest on Deposits
5,301 5,730 (7.5)% 7,592 (30.2)% Interest on Junior Subordinated
Debentures 767 739 3.8 % 711 7.9 % Interest on FHLB Advances 44 46
(4.3)% 339 (87.0)% Interest on Other Borrowings
94 — —
— — Total Interest Expense
6,206 6,515 (4.7)%
8,642 (28.2)% NET INTEREST
INCOME BEFORE PROVISION FOR CREDIT LOSSES 24,434 25,159 (2.9)%
25,971 (5.9)% — — Provision for Credit Losses
4,000 8,100 (50.6)%
5,000 (20.0)% NET INTEREST
INCOME AFTER PROVISION FOR CREDIT LOSSES
20,434
17,059 19.8 %
20,971 (2.6)% NON-INTEREST INCOME:
Service Charges on Deposit Accounts 3,182 3,225 (1.3)% 3,279 (3.0)%
Insurance Commissions 1,097 940 16.7 % 1,122 (2.2)% Remittance Fees
495 469 5.5 % 499 (0.8)% Trade Finance Fees 339 341 (0.6)% 379
(10.6)% Other Service Charges and Fees 357 389 (8.2)% 323 10.5 %
Bank-Owned Life Insurance Income 239 237 0.8 % 239 — Net Gain
(Loss) on Sales of Loans 383 (1,445)
NM 71
NM Net
Gain on Sales of Investment Securities 1 1,704 (99.9)% 5 (80.0)%
Other Operating Income
255
118 116.1 % 136
87.5 % Total Non-Interest Income
6,348 5,978 6.2 %
6,053 4.9 % NON-INTEREST
EXPENSE: Salaries and Employee Benefits 9,433 8,146 15.8 % 9,381
0.6 % Occupancy and Equipment 2,533 2,605 (2.8)% 2,672 (5.2)%
Deposit Insurance Premiums and Regulatory Assessments 1,631 1,552
5.1 % 2,204 (26.0)% Data Processing 1,356 1,383 (2.0)% 1,499 (9.5)%
Other Real Estate Owned Expense 71 (86)
NM 681 (89.6)%
Professional Fees 1,114 1,147 (2.9)% 680 63.8 % Directors and
Officers Liability Insurance 736 737 (0.1)% 716 2.8 % Other
Operating Expenses
4,375
3,368 29.9 % 3,902
12.1 % Total Non-Interest Expense
21,249 18,852 12.7 %
21,735 (2.2)% INCOME BEFORE
PROVISION (BENEFIT) FOR INCOME TAXES 5,533 4,185 32.2 % 5,289 4.6 %
Provision (Benefit) for Income Taxes
27
(18) NM (23)
NM NET INCOME
$ 5,506
$ 4,203 31.0 %
$ 5,312 3.7 %
EARNINGS PER SHARE: Basic $ 0.22 $ 0.22 $ 0.28
(21.4)% Diluted $ 0.22 $ 0.22 $ 0.28 (21.4)%
WEIGHTED-AVERAGE SHARES OUTSTANDING: Basic 24,905,479
18,888,474 18,881,488 Diluted 24,924,935 18,907,299 18,899,688
SHARES OUTSTANDING AT PERIOD-END: 31,487,924
18,907,299 18,899,799
HANMI FINANCIAL CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (Dollars in Thousands, Except Per Share Data)
Year Ended
December 31, December 31, %
2011
2010 Change INTEREST AND DIVIDEND
INCOME: Interest and Fees on Loans $ 117,671 $ 137,328 (14.3)%
Taxable Interest on Investment Securities 9,768 5,874 66.3 %
Tax-Exempt Interest on Investment Securities 216 225 (4.0)%
Interest on Interest-Bearing Deposits in Other Banks 315 468
(32.7)% Dividends on FHLB and FRB Stock 534 532 0.4 % Interest on
Term Federal Funds Sold 276 33
NM Interest on Federal Funds
Sold
27 52
(48.1)% Total Interest and Dividend Income
128,807 144,512
(10.9)% INTEREST EXPENSE: Interest on Deposits
23,958 34,408 (30.4)% Interest on Junior Subordinated Debentures
2,915 2,811 3.7 % Interest on FHLB Advances 662 1,366 (51.5)%
Interest on Other Borrowings
95
53 79.2 % Total Interest Expense
27,630 38,638 (28.5)%
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
101,177 105,874 (4.4)%
Provision for Credit Losses
12,100
122,496 (90.1)% NET INTEREST
INCOME (LOSS) AFTER PROVISION FOR CREDIT LOSSES
89,077 (16,622)
NM NON-INTEREST INCOME: Service Charges
on Deposit Accounts 12,826 14,049 (8.7)% Insurance Commissions
4,500 4,695 (4.2)% Remittance Fees 1,925 1,968 (2.2)% Trade Finance
Fees 1,305 1,523 (14.3)% Other Service Charges and Fees 1,447 1,516
(4.6)% Bank-Owned Life Insurance Income 939 942 (0.3)% Net (Loss)
Gain on Sales of Loans (1,477) 514
NM Net Gain on Sales of
Investment Securities 1,635 122
NM Impairment Loss on
Investment Securities — (790)
NM Other Operating Income
751 867
(13.4)% Total Non-Interest Income
23,851 25,406 (6.1)%
NON-INTEREST EXPENSE: Salaries and Employee Benefits 35,465
36,730 (3.4)% Occupancy and Equipment 10,353 10,773 (3.9)% Deposit
Insurance Premiums and Regulatory Assessments 6,630 10,756 (38.4)%
Data Processing 5,625 5,931 (5.2)% Other Real Estate Owned Expense
1,620 10,679 (84.8)% Professional Fees 4,188 3,521 18.9 % Directors
and Officers Liability Insurance 2,940 2,865 2.6 % Operating
Expense related to Unconsummated Capital Raise 2,220 — — Other
Operating Expenses
15,007
15,550 (3.5)% Total Non-Interest Expense
84,048 96,805
(13.2)% INCOME (LOSS) BEFORE PROVISION
(BENEFIT) FOR INCOME TAXES 28,880 (88,021)
NM Provision
(Benefit) for Income Taxes
733
(12) NM NET INCOME
(LOSS) $ 28,147
$ (88,009)
NM EARNING (LOSS) PER SHARE:
Basic $ 1.38 $ (7.46) Diluted $ 1.38 $ (7.46)
WEIGHTED-AVERAGE SHARES OUTSTANDING: Basic 20,405,347
11,790,278 Diluted 20,424,781 11,790,278
SHARES
OUTSTANDING AT PERIOD-END: 31,487,924 18,899,799
HANMI FINANCIAL CORPORATION AND SUBSIDIARIES SELECTED
FINANCIAL DATA (UNAUDITED) (Dollars in Thousands)
Three Months Ended
Year Ended
December 31, September 30,
December 31,
December 31, December 31,
2011 2011
2010 2011
2010 AVERAGE BALANCES:
Average Gross Loans, Net of Deferred Loan
Fees (1) (2)
$ 2,012,008 $ 2,077,934 $ 2,349,660 $ 2,114,546 $ 2,544,472 Average
Investment Securities 421,386 394,379 350,954 446,198 215,280
Average Interest-Earning Assets 2,656,213 2,660,776 2,961,297
2,752,696 2,981,878 Average Total Assets 2,708,364 2,700,629
2,949,647 2,787,707 2,998,507 Average Deposits 2,350,558 2,383,639
2,512,893 2,404,655 2,587,686 Average Borrowings 99,545 87,386
237,702 153,148 243,690 Average Interest-Bearing Liabilities
1,814,548 1,859,847 2,186,920 1,957,077 2,268,954 Average
Stockholders’ Equity 229,868 200,971 166,753 200,517 137,968
Average Tangible Equity 228,116 199,219 164,381 197,720 135,171
PERFORMANCE RATIOS (Annualized): Return on Average
Assets 0.81% 0.62% 0.71% 1.01% (2.94)% Return on Average
Stockholders’ Equity 9.50% 8.30% 12.64% 14.04% (63.79)% Return on
Average Tangible Equity 9.58% 8.37% 12.82%
14.24%
(65.11)% Efficiency Ratio 69.03% 60.55% 67.87% 67.22% 73.74%
Net Interest Spread (3)
3.22% 3.34% 3.07% 3.27% 3.15%
Net Interest Margin (3)
3.66% 3.75% 3.48% 3.68% 3.55%
ALLOWANCE FOR LOAN
LOSSES: Balance at Beginning of Period $ 100,792 $ 109,029 $
176,063 $ 146,059 $ 144,996 Provision Charged to Operating Expense
4,241 7,269 5,245 12,536 122,955 Charge-Offs, Net of Recoveries
(15,097) (15,506)
(35,249) (68,659)
(121,892) Balance at End of Period
$
89,936 $ 100,792
$ 146,059 $
89,936 $ 146,059
Allowance for Loan Losses to Total Gross Loans 4.64% 5.06% 6.55%
4.64% 6.55% Allowance for Loan Losses to Total Non-Performing Loans
171.71% 129.24% 102.54% 171.71% 102.54%
ALLOWANCE
FOR OFF-BALANCE SHEET ITEMS: Balance at Beginning of Period $
3,222 $ 2,391 $ 3,662 $
3,417
$ 3,876 Provision Charged to Operating Expense
(241) 831
(245) (436)
(459) Balance at End of Period
$
2,981 $ 3,222 $
3,417 $
2,981
$ 3,417 (1) Loans Held for Sale
are included in average gross loans.
(2) Commercial and industrial loans
include owner-occupied commercial real estate loans.
(3) Amounts calculated on a fully taxable
equivalent basis using the current statutory federal tax rate.
HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED) (Continued) (Dollars in
Thousands)
December 31,
September 30,
December 31, 2011
2011 2010 NON-PERFORMING
ASSETS: Non-Accrual Loans $ 52,378 $ 77,991 $ 142,437 Loans 90
Days or More Past Due and Still Accruing
—
— — Total Non-Performing
Loans 52,378 77,991 142,437 Other Real Estate Owned, Net
180 289 4,089
Total Non-Performing Assets
$ 52,558
$ 78,280 $
146,526 Total Non-Performing Loans/Total Gross
Loans 2.70% 3.92% 6.38% Total Non-Performing Assets/Total Assets
1.91% 2.91% 5.04% Total Non-Performing Assets/Allowance for Loan
Losses 58.4% 77.7% 100.3%
DELINQUENT LOANS (Accrual
Status) $ 13,945 $
16,473 $ 21,457
Delinquent Loans (Accrual Status)/Total Gross Loans 0.72% 0.83%
0.96%
LOAN PORTFOLIO: Real Estate Loans $ 749,922 $
754,472 $ 852,862 Commercial and Industrial Loans 1,145,473
1,192,740 1,327,910 Consumer Loans
43,346
44,819 50,300 Total Gross
Loans 1,938,741 1,992,031 2,231,072 Deferred Loan Fees
215 294 (566)
Gross Loans, Net of Deferred Loan Fees 1,938,956 1,992,325
2,230,506 Allowance for Loan Losses
(89,936)
(100,792) (146,059) Loans
Receivable, Net
$ 1,849,020
$ 1,891,533 $
2,084,447 LOAN MIX: Real Estate Loans
38.7% 37.9% 38.2% Commercial and Industrial Loans 59.1% 59.9% 59.5%
Consumer Loans
2.2% 2.2%
2.3% Total Gross Loans
100.0% 100.0%
100.0% DEPOSIT PORTFOLIO: Demand -
Noninterest-Bearing $ 634,466 $ 621,195 $ 546,815 Savings 104,664
106,633 113,968 Money Market Checking and NOW Accounts 449,854
455,438 402,481 Time Deposits of $100,000 or More 822,165 833,180
1,118,621 Other Time Deposits
333,761
336,723 284,836 Total Deposits
$ 2,344,910 $
2,353,169 $ 2,466,721
DEPOSIT MIX: Demand - Noninterest-Bearing 27.1% 26.4% 22.2%
Savings 4.5% 4.5% 4.6% Money Market Checking and NOW Accounts 19.2%
19.4% 16.3% Time Deposits of $100,000 or More 35.1% 35.4% 45.3%
Other Time Deposits
14.1%
14.3% 11.6% Total Deposits
100.0% 100.0%
100.0% CAPITAL RATIOS: Hanmi
Financial Total Risk-Based 18.66% 14.58% 12.32% Tier 1
Risk-Based 17.36% 12.63% 10.09% Tier 1 Leverage 13.34% 9.80% 7.90%
Tangible equity ratio 10.36% 7.51% 5.89%
Hanmi Bank Total
Risk-Based 17.57% 14.72% 12.22% Tier 1 Risk-Based 16.28% 13.42%
10.91% Tier 1 Leverage 12.50% 10.41% 8.55% Tangible equity ratio
12.48% 10.63% 8.59%
HANMI FINANCIAL CORPORATION
AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID
(UNAUDITED) (Dollars in Thousands)
For the
Three Months Ended December 31,
2011 September 30, 2011
December 31, 2010 Interest
Average Interest Average
Interest Average Average
Income/ Rate/ Average Income/
Rate/ Average Income/ Rate/
Balance Expense
Yield Balance
Expense Yield
Balance Expense
Yield
ASSETS
Interest-Earning Assets: Gross Loans, Net of Deferred Loan
Fees (1)(2) $ 2,012,008 $ 28,162 5.55 % $ 2,077,934 $ 29,355 5.60 %
$ 2,349,660 $ 32,466 5.48 % Municipal Securities - Taxable 44,913
451 3.98 % 10,732 115 4.29 % 14,860 189 5.09 % Municipal Securities
- Nontaxable (3) 12,987 153 4.67 % 4,526 60 5.30 % 6,322 14 0.89 %
Obligations of Other U.S. Government Agencies 83,927 324 1.53 %
106,029 387 1.46 % 84,904 389 1.83 % Other Debt Securities 279,559
1,204 1.71 % 273,092 1,519 2.22 % 244,868 1,262 2.06 % Equity
Securities 31,930 140 1.74 % 32,491 129 1.59 % 35,883 135 1.50 %
Federal Funds Sold and Securities Purchased under Agreements to
Resell 4,961 5 0.40 % 4,734 5 0.42 % 8,239 11 0.53 % Term Federal
Funds Sold 77,717 182 0.93 % 42,913 49 0.46 % 3,043 4 0.53 %
Interest-Bearing Deposits in Other Banks
108,211 72 0.26 %
108,325 75 0.28 %
213,518 149 0.28 %
Total Interest-Earning Assets
2,656,213
30,693 4.58 %
2,660,776
31,694 4.73 %
2,961,297 34,619 4.64 %
Noninterest-Earning Assets: Cash and Cash Equivalents
69,635 67,153 67,506 Allowance for Loan Losses (99,182 ) (107,456 )
(180,011 ) Other Assets
81,698
80,156 100,855
Total Noninterest-Earning Assets
52,151
39,853
(11,650 ) Total Assets
$ 2,708,364
$ 2,700,629
$ 2,949,647
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing Liabilities: Deposits: Savings $ 104,754
600 2.29 % $ 107,643 674 2.48 % $ 116,220 804 2.74 % Money Market
Checking and NOW Accounts 449,998 644 0.57 % 475,712 805 0.67 %
414,773 1,003 0.96 % Time Deposits of $100,000 or More 825,444
3,082 1.49 % 854,894 3,237 1.50 % 1,127,027 4,736 1.67 % Other Time
Deposits 334,807 975 1.16 % 334,212 1,014 1.20 % 291,198 1,049 1.43
% FHLB Advances 3,349 44 5.26 % 3,437 46 5.31 % 153,693 339 0.88 %
Other Borrowings 13,790 94 2.73 % 1,543 - - 1,603 - - Junior
Subordinated Debentures
82,406
767 3.72 %
82,406
739 3.56 %
82,406
711 3.42 % Total Interest-Bearing Liabilities
1,814,548 6,206 1.37
%
1,859,847 6,515
1.39 %
2,186,920
8,642 1.57 %
Noninterest-Bearing
Liabilities: Demand Deposits 635,555 611,178 563,675 Other
Liabilities
28,393
28,633 32,300
Total Noninterest-Bearing Liabilities
663,948
639,811
595,975 Total Liabilities
2,478,496 2,499,658 2,782,895
Shareholders' Equity
229,868 200,971
166,752 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $
2,708,364 $
2,700,629 $
2,949,647 NET INTEREST
INCOME $ 24,487
$ 25,179
$ 25,977 COST OF
DEPOSITS
0.90 %
0.96 %
1.21 % NET
INTEREST SPREAD (3) 3.22
% 3.34
% 3.07
% NET INTEREST MARGIN (3)
3.66 %
3.75 %
3.48 %
(1) Loans Held for Sale are included in
gross loans.
(2) Commercial and industrial loans
include owner occupied commercial real estate loans.
(3) Amounts calculated on a fully taxable
equivalent basis using the current statutory federal tax rate.
HANMI FINANCIAL CORPORATION AVERAGE BALANCES,
AVERAGE YIELDS EARNED AND AVERAGE RATES PAID (UNAUDITED)
(Dollars in Thousands)
For the Year
Ended December 31, 2011
December 31, 2010 Interest
Average Interest Average
Average Income/ Rate/ Average
Income/ Rate/ Balance
Expense Yield
Balance Expense
Yield
ASSETS
Interest-Earning Assets: Gross Loans, Net of Deferred Loan
Fees (1)(2) $ 2,114,546 $ 117,670 5.56 % $ 2,544,472 $ 137,328 5.40
% Municipal Securities - Taxable 21,740 884 4.07 % 3,746 189 5.05 %
Municipal Securities - Nontaxable (3) 6,544 332 5.07 % 6,909 346
5.01 % Obligations of Other U.S. Government Agencies 121,961 1,963
1.61 % 69,112 1,952 2.82 % Other Debt Securities 295,953 6,921 2.34
% 135,513 3,733 2.75 % Equity Securities 33,573 534 1.59 % 37,437
532 1.42 % Federal Funds Sold and Securities Purchased under
Agreements to Resell 5,857 27 0.46 % 10,346 52 0.50 % Term Federal
Funds Sold 38,693 276 0.71 % 8,342 33 0.40 % Interest-Bearing
Deposits in Other Banks
113,829
315 0.28 %
166,001
468 0.28 % Total Interest-Earning Assets
2,752,696 128,922 4.68 %
2,981,878 144,633
4.85 %
Noninterest-Earning Assets: Cash and Cash
Equivalents 68,255 67,492 Allowance for Loan Losses (119,233 )
(176,103 ) Other Assets
85,989
125,240 Total Noninterest-Earning Assets
35,011 16,629
Total Assets $
2,787,707 $
2,998,507
LIABILITIES AND
SHAREHOLDERS' EQUITY
Interest-Bearing Liabilities: Deposits: Savings $ 109,272
2,757 2.52 % $ 119,754 3,439 2.87 % Money Market Checking and NOW
Accounts 465,840 3,461 0.74 % 464,864 4,936 1.06 % Time Deposits of
$100,000 or More 913,643 13,855 1.52 % 1,069,600 19,529 1.83 %
Other Time Deposits 315,174 3,885 1.23 % 371,046 6,504 1.75 % FHLB
Advances 66,191 662 1.00 % 158,531 1,366 0.86 % Other Borrowings
4,551 95 2.09 % 2,753 53 1.93 % Junior Subordinated Debentures
82,406 2,915 3.54 %
82,406 2,811 3.41 %
Total Interest-Bearing Liabilities
1,957,077 27,630 1.41 %
2,268,954 38,638
1.70 %
Noninterest-Bearing Liabilities: Demand
Deposits 600,726 562,422 Other Liabilities
29,387 29,163
Total Noninterest-Bearing Liabilities
630,113
591,585 Total
Liabilities 2,587,190 2,860,539
Shareholders' Equity
200,517 137,968
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$ 2,787,707
$ 2,998,507
NET INTEREST INCOME $
101,292 $
105,995 COST OF DEPOSITS
1.00 %
1.33 % NET
INTEREST SPREAD (3) 3.27
% 3.15
% NET INTEREST MARGIN (3)
3.68 %
3.55 % (1)
Loans Held for Sale are included in gross loans.
(2) Commercial and industrial loans
include owner occupied commercial real estate loans.
(3) Amounts calculated on a fully taxable
equivalent basis using the current statutory federal tax rate.
Non-GAAP Financial Measures
Tangible Common Equity to Tangible Assets Ratio
Tangible common equity to tangible assets ratio is supplemental
financial information determined by a method other than in
accordance with U.S. generally accepted accounting principles
(“GAAP”). This non-GAAP measure is used by management in the
analysis of Hanmi Financial and Hanmi Bank’s capital strength.
Tangible equity is calculated by subtracting goodwill and other
intangible assets from total stockholders’ equity. Banking and
financial institution regulators also exclude goodwill and other
intangible assets from total stockholders’ equity when assessing
the capital adequacy of a financial institution. Management
believes the presentation of this financial measure excluding the
impact of these items provides useful supplemental information that
is essential to a proper understanding of the capital strength of
Hanmi Financial and Hanmi Bank. This disclosure should not be
viewed as a substitution for results determined in accordance with
GAAP, nor is it necessarily comparable to non-GAAP performance
measures that may be presented by other companies.
The following table reconciles this non-GAAP performance measure
to the GAAP performance measure for the periods indicated:
HANMI FINANCIAL CORPORATION AND SUBSIDIARIES NON-GAAP
FINANCIAL MEASURES (UNAUDITED) (Dollars in Thousands)
December 31, September 30, December 31,
2011 2011
2010 TANGIBLE COMMON EQUITY TO
TANGIBLE ASSETS RATIO Total Assets $ 2,744,824 $
2,686,570 $ 2,907,148 Less Other Intangible Assets
(1,533) (1,664)
(2,233) Tangible Assets
$
2,743,291 $ 2,684,906
$ 2,904,915 Total Stockholders'
Equity $ 285,608 $ 203,203 $ 173,256 Less Other Intangible Assets
(1,533) (1,664)
(2,233) Tangible Stockholders' Equity
$
284,075 $ 201,539
$ 171,023 Total Stockholders'
Equity to Total Assets Ratio 10.41% 7.56% 5.96% Tangible Common
Equity to Tangible Assets Ratio 10.36% 7.51% 5.89% Common
Shares Outstanding 31,487,924 18,907,299 18,899,799 Tangible Common
Equity Per Common Share $ 9.02 $ 10.66 $ 9.05
HANMI BANK NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in Thousands)
December 31, September
30, December 31, 2011
2011 2010
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO Total
Assets $ 2,739,577 $ 2,681,517 $ 2,900,415 Less Other Intangible
Assets
(34) (94)
(450) Tangible Assets
$
2,739,543 $ 2,681,423
$ 2,899,965 Total Stockholders'
Equity $ 342,023 $ 285,250 $ 249,637 Less Other Intangible Assets
(34) (94)
(450) Tangible Stockholders' Equity
$
341,989 $ 285,156
$ 249,187 Total Stockholders'
Equity to Total Assets Ratio 12.48% 10.64% 8.61% Tangible Common
Equity to Tangible Assets Ratio 12.48% 10.63% 8.59%
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