Hanmi Financial Corporation (Nasdaq:HAFC), the holding company for
Hanmi Bank (the "Bank"), today reported that improving operating
efficiencies and expanding net interest margin generated a 7.7%
increase in net income during the third quarter of 2013. Third
quarter net income grew to $10.3 million, or $0.32 per diluted
share, compared to $9.5 million, or $0.30 per diluted share, for
the second quarter this year. Pretax income improved 9.7% to $16.8
million in the third quarter of 2013 from $15.3 million in the
second quarter of 2013. In the third quarter of 2012, following a
net tax benefit of $644,000 resulting from the reversal of a
deferred tax asset ("DTA") valuation allowance, Hanmi earned $13.3
million, or $0.42 per diluted share.
In the first nine months of 2013, net income was $30.0 million,
or $0.94 per diluted share, compared to $76.4 million, or $2.42 per
diluted share, in the first nine months a year ago, which included
the $47.7 million net tax benefit from the DTA valuation allowance
reversal. Year-to-date pretax income grew 63.9% to $47.0 million
from $28.7 million for the first nine months of 2012.
"We continue to make progress implementing our strategic plan to
build a premier business bank serving the Korean American
community. To build competitive advantage and ultimately achieve
this vision, we will continue to invest in technology,
infrastructure and talented bankers," said C. G. Kum, President and
Chief Executive Officer. "We recently launched our new Corporate
Banking Center and hired four of the top lenders in our market to
increase our lending capacity, particularly for commercial and
industrial loans. Our skilled and dedicated lending team continues
to build an impressive pipeline of new loans. We are also
strengthening our cash management offerings for business customers
with the addition of an experienced banker who will manage the
newly created Cash Management department. Hanmi will be the only
Korean American bank to actively market a full complement of cash
management products and services to deepen our customer
relationships and to generate core deposits."
Third Quarter Results |
|
|
|
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
As
of or for the Three Months Ended |
|
September 30, |
June 30, |
September 30, |
|
2013 |
2013 |
2012 |
|
|
|
|
Net income |
$ 10,250 |
$ 9,519 |
$ 13,279 |
Net income per diluted common share |
$ 0.32 |
$ 0.30 |
$ 0.42 |
|
|
|
|
Total assets |
$ 2,845,137 |
$ 2,773,414 |
$ 2,841,857 |
Loans receivable, net |
$ 2,102,621 |
$ 2,128,208 |
$ 1,892,813 |
Total deposits |
$ 2,429,707 |
$ 2,361,913 |
$ 2,363,385 |
|
|
|
|
Return on average assets |
1.46% |
1.37% |
1.87% |
Return on average stockholders' equity |
10.29% |
9.70% |
14.97% |
Net interest margin |
4.28% |
4.10% |
3.69% |
Efficiency ratio |
52.98% |
56.55% |
59.81% |
|
|
|
|
Tangible common equity to tangible
assets |
13.95% |
14.22% |
12.77% |
Tangible common equity per common share |
$ 12.49 |
$ 12.47 |
$ 11.52 |
|
|
|
|
Financial Highlights (at or for the
period ended September 30, 2013 compared to June 30, 2013 or
September 30, 2012)
- Third quarter net income was $10.3 million, or $0.32 per
diluted share, compared to $9.5 million, or $0.30 per diluted
share, in the second quarter of 2013.
- Net interest margin ("NIM") increased 18 basis points to 4.28%,
from 4.10% in the second quarter of 2013, and increased 59 basis
points from 3.69% in the third quarter of 2012.
- Efficiency ratio continued to improve to 52.98% for this
quarter from 56.55% for the second quarter of 2013 and 59.81% for
the same quarter a year ago.
- New loan production totaled $136.0 million, mainly consisting
of $84.6 million of commercial real estate loans, $22.8 million of
commercial and industrial ("C&I") loans, and $27.9 million of
Small Business Administration ("SBA") loans.
- C&I lending almost doubled to $22.8 million in the third
quarter of 2013, compared to $11.9 million in the preceding
quarter.
- Average gross loans were up 11.7% year-over-year.
- Asset quality improved, with non-performing assets declining to
0.81% of total assets.
- A cash dividend of $0.07 per share of common stock was paid on
September 17, 2013.
Results of Operations
Third quarter net interest income, before provision for credit
losses, increased 4.9% to $28.5 million, from $27.2 million for the
second quarter of 2013, and was up 14.3% from $24.9 million for the
third quarter of 2012. Interest and dividend income increased 4.1%
from the preceding quarter and 7.6% from the third quarter a year
ago, while interest expense decreased 2.2% and 29.7% from the
preceding and year ago quarters, respectively. Year-to-date, net
interest income before provision for credit losses, improved 8.9%
to $81.2 million compared to $74.6 million for the first nine
months of 2012.
"Our net interest margin continued to expand, growing 59 basis
points to 4.28% in the third quarter of 2013 compared to the third
quarter a year ago. The elimination of interest payments on trust
preferred securities that were paid off earlier in the year, as
well as solid yields on loans and stable costs on deposits
contributed to margin expansion in both the quarter and
year-to-date results," said Mark Yoon, Executive Vice President and
Chief Financial Officer. For the first nine months of 2013, NIM
increased to 4.08% from 3.74% for the first nine months of 2012.
The following table details the asset yields, liability costs,
spread and margin.
|
|
|
|
|
|
|
Three
Months Ended |
Nine Months
Ended |
|
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
|
2013 |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
Interest-earning assets |
4.75% |
4.59% |
4.35% |
4.59% |
4.49% |
Interest-bearing liabilities |
0.77% |
0.78% |
1.01% |
0.81% |
1.14% |
Net interest spread |
3.98% |
3.81% |
3.34% |
3.78% |
3.35% |
Net interest margin |
4.28% |
4.10% |
3.69% |
4.08% |
3.74% |
|
|
|
|
|
|
Hanmi is benefitting from the continuing improvement in the
credit performance of its loan portfolio. Net charge-offs for
the third quarter of 2013 were $2.2 million compared to $5.9
million in the third quarter of 2012. The improvement in our
asset quality metrics when applied in our allowance for loan losses
methodology resulted in an allowance of $57.6 million, which is a
coverage ratio of 2.67% of gross loans and 253.07% of
non-performing loans ("NPLs") as of September 30, 2013, compared to
2.88% of gross loans and 186.03% of NPLs as of December 31, 2012.
There was no provision for loan losses for the three and nine
months ended September 30, 2013.
For the first nine months of 2013, net interest income after
provision for credit losses increased 18.4% to $81.2 million,
compared to $68.6 million, which included a $6.0 million provision
for credit losses, for the first nine months of 2012.
Non-interest income in the third quarter of 2013 was $7.3
million, compared to $8.2 million in the preceding
quarter. The modest decline reflects lower gains from selling
SBA loans. For the first nine months of 2013, non-interest
income increased 37.4% to $23.8 million from $17.3 million for the
like period a year ago, reflecting a significant reduction in
losses from selling NPLs, partially offset by lower gains from
selling SBA loans and investment securities.
Non-interest expense fell 5.0% to $19.0 million in the third
quarter of 2013, compared to $20.0 million in the second quarter of
2013, and was up 0.9% from $18.8 million in the third quarter a
year ago. For the first nine months of 2013, non-interest
expense increased 1.4% to $58.1 million, compared to $57.3 million
for the first nine months last year. "With the addition of new
personnel, compensation cost increased 5.4% in the quarter and 8.5%
from the third quarter a year ago," said Yoon. "Professional
fees were down in the third quarter of 2013, due primarily to lower
legal expenses incurred in defending lawsuits in the ordinary
course of business, as well as lower professional and legal
expenses related to strategic reviews. The decline in legal
expenses was mainly a result of not incurring further costs in
connection with a lawsuit we prevailed on in the prior quarter and
the reimbursement of $634,000 from our insurance company for legal
expenses incurred for another lawsuit."
Balance Sheet
Assets totaled $2.85 billion at September 30, 2013, up from
$2.77 billion at three months earlier and from $2.84 billion a year
ago. With loan pay-offs and growing retail
deposits this quarter, cash and cash equivalents were $193.9
million, up 149.0% from the second quarter of 2013 and down 35.9%
from a year ago.
Excluding loans held for sale, loans receivable decreased 1.2%
in the quarter and increased 11.1% year-over-year to $2.10 billion
at September 30, 2013, from $2.13 billion at June 30, 2013, and
$1.89 billion a year ago. Loans held for sale totaled $5.2
million at September 30, 2013, compared to $2.6 million at June 30,
2013 and $10.7 million at September 30, 2012. Average gross
loans, net of deferred loan fees, increased to $2.19 billion for
the third quarter of 2013, up from $2.17 billion for the preceding
quarter and $1.96 billion for the third quarter a year ago.
Average deposits were $2.38 billion, up slightly from $2.37
billion for the preceding quarter and $2.36 billion for the third
quarter of 2012. The overall mix of funding continued to
improve with core deposits increasing. The deposit mix is
detailed in the table below.
|
|
|
|
|
September 30, |
June 30, |
September 30, |
|
2013 |
2013 |
2012 |
|
|
|
|
Demand-noninterest-bearing |
32.0% |
31.1% |
29.4% |
Savings |
4.7% |
4.9% |
4.7% |
Money market checking and NOW accounts |
22.2% |
24.4% |
23.9% |
Time deposits of $100,000 or more |
20.3% |
23.9% |
26.9% |
Other time deposits |
20.8% |
15.7% |
15.1% |
Total deposits |
100.0% |
100.0% |
100.0% |
|
|
|
|
At September 30, 2013, stockholders' equity was $398.0 million.
Tangible common stockholders' equity was $396.7 million, or
13.95% of tangible assets, compared to $362.6 million, or 12.77% of
tangible assets, a year ago. Tangible book value per share was
$12.49, up from $12.47 three months earlier and $11.52 at September
30, 2012. Hanmi paid a cash dividend of $0.07 per share,
representing an aggregate dividend of $2.2 million, on September
17, 2013. In addition, volatility in interest rates and the
resulting impact on the value of the securities portfolio reduced
the accumulated other comprehensive income component of
shareholders' equity.
Asset Quality
NPLs were down 18.6% to $22.8 million for the third quarter of
2013 and 49.1% year-over year, reflecting the continuing
improvement in the economy and active management of delinquent
accounts. Troubled debt restructurings ("TDRs") totaled $28.0
million at September 30, 2013, down from $29.0 million at June 30,
2013 and $38.0 million at September 30, 2012. Of these TDRs,
$10.2 million were included in NPLs. The following table shows
NPLs in each category:
|
|
|
|
|
|
|
|
September 30,
2013 |
June 30,
2013 |
September 30,
2012 |
|
|
% of Total |
|
% of Total |
|
% of Total |
|
Amount |
NPLs |
Amount |
NPLs |
Amount |
NPLs |
|
|
|
(In thousands) |
|
|
Real estate loans: |
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
Retail |
$ 768 |
3.4% |
$ -- |
0.0% |
$ 1,102 |
2.5% |
Land |
-- |
0.0% |
1,612 |
5.8% |
2,037 |
4.6% |
Construction |
-- |
0.0% |
-- |
0.0% |
7,868 |
17.6% |
Residential property |
1,659 |
7.3% |
1,620 |
5.8% |
1,411 |
3.2% |
Commercial & industrial
loans: |
|
|
|
|
|
|
Commercial term loans |
|
|
|
|
|
|
Unsecured |
2,490 |
10.9% |
6,209 |
22.2% |
8,106 |
18.1% |
Secured by real estate |
5,591 |
24.5% |
5,389 |
19.3% |
8,418 |
18.8% |
Commercial lines of credit |
830 |
3.6% |
1,052 |
3.8% |
1,359 |
3.0% |
SBA |
9,959 |
43.7% |
10,596 |
37.9% |
13,048 |
29.2% |
Consumer loans |
1,479 |
6.5% |
1,497 |
5.4% |
1,343 |
3.0% |
Total non-performing
loans |
$ 22,776 |
100.0% |
$ 27,975 |
100.0% |
$ 44,692 |
100.0% |
|
|
|
|
|
|
|
Asset quality continues to improve in all major aspects, and
there were no sales of problem loans in the third quarter. Losses
associated with our loan sales strategy were just $557,000 year to
date, compared to $8.2 million in the first nine months of
2012. Classified loans were $83.7 million, or 3.9% of gross
loans, at September 30, 2013, down from $89.6 million, or 4.1%, at
June 30, 2013, and from $130.9 million, or 6.7%, a year ago.
Conference Call
Management will host a conference call today, October 22, 2013,
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 stockholders are invited to access the live call by
dialing 1-480-629-9723 before 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.
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 loan production offices in
Texas and 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 stockholder value.
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, strategic alternatives for a possible business
combination, merger or sale transaction 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: failure to maintain
adequate levels of capital and liquidity to support our operations;
the effect of 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 of Hanmi Bank to make distributions to
Hanmi Financial, which is restricted by certain factors, including
Hanmi Bank's retained earnings, net income, prior distributions
made, and certain other financial tests; ability to identify a
suitable strategic partner or to consummate a strategic
transaction; 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 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 Item 1A of our Form
10-K for the year ended December 31, 2012, our quarterly reports on
Form 10-Q, and current and periodic reports that we will file with
the SEC 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 |
|
|
|
|
|
Consolidated Balance Sheets
(Unaudited) |
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
June 30, |
Percentage |
September 30, |
Percentage |
|
2013 |
2013 |
Change |
2012 |
Change |
Assets |
|
|
|
|
|
Cash and due from banks |
$ 78,810 |
$ 72,429 |
8.8% |
$ 72,053 |
9.4% |
Interest-bearing deposits in other
banks |
115,044 |
5,431 |
2018.3% |
217,375 |
-47.1% |
Federal funds sold |
-- |
-- |
0.0% |
13,000 |
-100.0% |
Cash and cash
equivalents |
193,854 |
77,860 |
149.0% |
302,428 |
-35.9% |
Restricted cash |
-- |
-- |
0.0% |
4,393 |
-100.0% |
Term federal funds sold |
-- |
-- |
0.0% |
55,000 |
-100.0% |
Securities available for sale, at fair
value |
383,057 |
400,815 |
-4.4% |
410,210 |
-6.6% |
Loans held for sale, at the lower of cost
or fair value |
5,228 |
2,553 |
104.8% |
10,736 |
-51.3% |
Loans receivable, net of allowance for
loan losses |
2,102,621 |
2,128,208 |
-1.2% |
1,892,813 |
11.1% |
Accrued interest receivable |
6,957 |
7,441 |
-6.5% |
7,467 |
-6.8% |
Premises and equipment, net |
14,205 |
14,463 |
-1.8% |
15,412 |
-7.8% |
Other real estate owned, net |
290 |
900 |
-67.8% |
364 |
-20.3% |
Customers' liability on acceptances |
1,535 |
1,372 |
11.9% |
2,157 |
-28.8% |
Servicing assets |
6,385 |
6,383 |
0.0% |
5,148 |
24.0% |
Other intangible assets, net |
1,212 |
1,253 |
-3.3% |
1,376 |
-11.9% |
Investment in federal home loan bank
stock, at cost |
14,060 |
14,197 |
-1.0% |
19,621 |
-28.3% |
Investment in federal reserve bank stock,
at cost |
13,200 |
13,200 |
0.0% |
10,261 |
28.6% |
Income tax asset |
61,747 |
63,783 |
-3.2% |
60,515 |
2.0% |
Bank-owned life insurance |
29,468 |
29,517 |
-0.2% |
28,816 |
2.3% |
Prepaid expenses |
1,986 |
2,572 |
-22.8% |
2,239 |
-11.3% |
Other assets |
9,332 |
8,897 |
4.9% |
12,901 |
-27.7% |
Total assets |
$ 2,845,137 |
$ 2,773,414 |
2.6% |
$ 2,841,857 |
0.1% |
|
|
|
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Deposits: |
|
|
|
|
|
Noninterest-bearing |
$ 778,345 |
$ 736,470 |
5.7% |
$ 694,345 |
12.1% |
Interest-bearing |
1,651,362 |
1,625,443 |
1.6% |
1,669,040 |
-1.1% |
Total
deposits |
2,429,707 |
2,361,913 |
2.9% |
2,363,385 |
2.8% |
Accrued interest payable |
2,705 |
2,570 |
5.3% |
15,266 |
-82.3% |
Bank's liability on acceptances |
1,535 |
1,372 |
11.9% |
2,157 |
-28.8% |
Federal home loan bank advances |
2,645 |
2,743 |
-3.6% |
3,029 |
-12.7% |
Junior subordinated debentures |
-- |
-- |
0.0% |
82,406 |
-100.0% |
Accrued expenses and other
liabilities |
10,589 |
9,420 |
12.4% |
11,627 |
-8.9% |
Total liabilities |
2,447,181 |
2,378,018 |
2.9% |
2,477,870 |
-1.2% |
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock |
257 |
257 |
0.0% |
257 |
0.0% |
Additional paid-in capital |
551,881 |
551,253 |
0.1% |
549,722 |
0.4% |
Accumulated other comprehensive
income |
(4,469) |
1,634 |
-373.5% |
5,364 |
-183.3% |
Accumulated deficit |
(79,855) |
(87,890) |
-9.1% |
(121,498) |
-34.3% |
Less treasury stock |
(69,858) |
(69,858) |
0.0% |
(69,858) |
0.0% |
Total stockholders'
equity |
397,956 |
395,396 |
0.6% |
363,987 |
9.3% |
Total liabilities and stockholders'
equity |
$ 2,845,137 |
$ 2,773,414 |
2.6% |
$ 2,841,857 |
0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Hanmi Financial Corporation and
Subsidiaries |
|
|
|
|
|
Consolidated Statements of Operations
(Unaudited) |
|
|
|
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
September 30, |
June 30, |
Percentage |
September 30, |
Percentage |
|
2013 |
2013 |
Change |
2012 |
Change |
Interest and Dividend
Income: |
|
|
|
|
|
Interest and fees on loans |
$ 29,098 |
$ 27,839 |
4.5% |
$ 26,781 |
8.7% |
Taxable interest on investment
securities |
2,040 |
2,100 |
-2.9% |
1,992 |
2.4% |
Tax-exempt interest on investment
securities |
69 |
73 |
-5.5% |
98 |
-29.6% |
Interest on term federal funds sold |
-- |
-- |
0.0% |
191 |
-100.0% |
Interest on federal funds sold |
-- |
-- |
0.0% |
20 |
-100.0% |
Interest on interest-bearing deposits in
other banks |
28 |
24 |
16.7% |
142 |
-80.3% |
Dividends on federal reserve bank
stock |
198 |
196 |
1.0% |
154 |
28.6% |
Dividends on federal home loan bank
stock |
194 |
147 |
32.0% |
24 |
708.3% |
Total interest and dividend
income |
31,627 |
30,379 |
4.1% |
29,402 |
7.6% |
Interest Expense: |
|
|
0.0% |
|
|
Interest on deposits |
3,117 |
3,100 |
0.5% |
3,639 |
-14.3% |
Interest on federal home loan bank
advances |
36 |
41 |
-12.2% |
40 |
-10.0% |
Interest on junior subordinated
debentures |
-- |
84 |
-100.0% |
804 |
-100.0% |
Total interest expense |
3,153 |
3,225 |
-2.2% |
4,483 |
-29.7% |
Net interest income before provision for
credit losses |
28,474 |
27,154 |
4.9% |
24,919 |
14.3% |
Provision for credit losses |
-- |
-- |
0.0% |
-- |
0.0% |
Net interest income after provision for
credit losses |
28,474 |
27,154 |
4.9% |
24,919 |
14.3% |
Non-Interest Income: |
|
|
0.0% |
|
0.0% |
Service charges on deposit accounts |
2,730 |
2,884 |
-5.3% |
2,851 |
-4.2% |
Insurance commissions |
1,273 |
1,418 |
-10.2% |
1,092 |
16.6% |
Trade finance & other service charges
and fees |
1,078 |
1,152 |
-6.4% |
1,111 |
-3.0% |
Bank-owned life insurance income |
230 |
233 |
-1.3% |
235 |
-2.1% |
Gain on sales of SBA loans guaranteed
portion |
994 |
2,378 |
-58.2% |
1,772 |
-43.9% |
Net loss on sales of other loans |
-- |
(460) |
-100.0% |
(515) |
-100.0% |
Net gain on sales of investment
securities |
611 |
303 |
101.7% |
10 |
6010.0% |
Other-than-temporary impairment loss on
investment securities |
-- |
-- |
0.0% |
(176) |
-100.0% |
Other operating income |
410 |
242 |
69.4% |
140 |
192.9% |
Total non-interest
income |
7,326 |
8,150 |
-10.1% |
6,520 |
12.4% |
Non-Interest Expense: |
|
|
|
|
|
Salaries and employee benefits |
9,926 |
9,415 |
5.4% |
9,148 |
8.5% |
Occupancy and equipment |
2,634 |
2,555 |
3.1% |
2,623 |
0.4% |
Deposit insurance premiums and regulatory
assessments |
308 |
517 |
-40.4% |
283 |
8.8% |
Data processing |
1,158 |
1,142 |
1.4% |
1,211 |
-4.4% |
Other real estate owned expense |
(59) |
(20) |
195.0% |
352 |
-116.8% |
Professional fees |
907 |
2,365 |
-61.6% |
1,112 |
-18.4% |
Directors and officers liability
insurance |
219 |
219 |
0.0% |
296 |
-26.0% |
Supplies and communications |
562 |
630 |
-10.8% |
669 |
-16.0% |
Advertising and promotion |
1,140 |
1,005 |
13.4% |
1,023 |
11.4% |
Loan-related expense |
91 |
91 |
0.0% |
164 |
-44.5% |
Amortization of other intangible
assets |
41 |
41 |
0.0% |
41 |
0.0% |
Other operating expenses |
2,039 |
2,004 |
1.7% |
1,882 |
8.3% |
Total non-interest
expense |
18,966 |
19,964 |
-5.0% |
18,804 |
0.9% |
Income before provision for income taxes |
16,834 |
15,340 |
9.7% |
12,635 |
33.2% |
Provision (benefit) for income taxes |
6,584 |
5,821 |
13.1% |
(644) |
-1122.4% |
Net income |
$ 10,250 |
$ 9,519 |
7.7% |
$ 13,279 |
-22.8% |
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
Basic |
$ 0.32 |
$ 0.30 |
|
$ 0.42 |
|
Diluted |
$ 0.32 |
$ 0.30 |
|
$ 0.42 |
|
Weighted-average shares outstanding: |
|
|
|
|
|
Basic |
31,621,049 |
31,590,760 |
|
31,475,976 |
|
Diluted |
31,733,004 |
31,655,988 |
|
31,545,111 |
|
Common shares outstanding |
31,754,115 |
31,604,837 |
|
31,489,201 |
|
|
|
|
|
|
|
|
|
|
|
Hanmi Financial Corporation and
Subsidiaries |
|
|
|
Consolidated Statements of
Operations, Continued (Unaudited) |
|
|
|
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
September 30, |
September 30, |
Percentage |
|
2013 |
2012 |
Change |
Interest and Dividend
Income: |
|
|
|
Interest and fees on loans |
$ 83,736 |
$ 81,564 |
2.7% |
Taxable interest on investment
securities |
6,256 |
6,280 |
-0.4% |
Tax-exempt interest on investment
securities |
237 |
299 |
-20.7% |
Interest on term federal funds sold |
-- |
684 |
-100.0% |
Interest on federal funds sold |
6 |
53 |
-88.7% |
Interest on interest-bearing deposits in
other banks |
140 |
269 |
-48.0% |
Dividends on federal reserve bank
stock |
577 |
430 |
34.2% |
Dividends on federal home loan bank
stock |
449 |
82 |
447.6% |
Total Interest and Dividend
Income |
91,401 |
89,661 |
1.9% |
Interest Expense: |
|
|
|
Interest on deposits |
9,376 |
12,511 |
-25.1% |
Interest on federal home loan bank
advances |
115 |
126 |
-8.7% |
Interest on junior subordinated
debentures |
678 |
2,400 |
-71.8% |
Total interest expense |
10,169 |
15,037 |
-32.4% |
Net interest income before provision for
credit losses |
81,232 |
74,624 |
8.9% |
Provision for credit losses |
-- |
6,000 |
-100.0% |
Net interest income after provision for
credit losses |
81,232 |
68,624 |
18.4% |
Non-Interest Income: |
|
|
|
Service charges on deposit accounts |
8,662 |
8,955 |
-3.3% |
Insurance commissions |
3,904 |
3,622 |
7.8% |
Trade finance & other service charges
and fees |
3,402 |
3,380 |
0.7% |
Bank-owned life insurance income |
693 |
872 |
-20.5% |
Gain on sales of SBA loans guaranteed
portion |
6,064 |
7,245 |
-16.3% |
Net loss on sales of other loans |
(557) |
(8,234) |
-93.2% |
Net gain on sales of investment
securities |
923 |
1,392 |
-33.7% |
Other-than-temporary impairment loss on
investment securities |
-- |
(292) |
-100.0% |
Other operating income |
742 |
402 |
84.6% |
Total non-interest
income |
23,833 |
17,342 |
37.4% |
Non-Interest Expense: |
|
|
|
Salaries and employee benefits |
28,692 |
27,707 |
3.6% |
Occupancy and equipment |
7,745 |
7,839 |
-1.2% |
Deposit insurance premiums and regulatory
assessments |
1,059 |
3,182 |
-66.7% |
Data processing |
3,470 |
3,762 |
-7.8% |
Other real estate owned expense |
(47) |
377 |
-112.5% |
Professional fees |
5,428 |
2,950 |
84.0% |
Directors and officers liability
insurance |
658 |
888 |
-25.9% |
Supplies and communications |
1,687 |
1,803 |
-6.4% |
Advertising and promotion |
2,817 |
2,633 |
7.0% |
Loan-related expense |
328 |
452 |
-27.4% |
Amortization of other intangible
assets |
123 |
157 |
-21.7% |
Other operating expenses |
6,137 |
5,563 |
10.3% |
Total non-interest
expense |
58,097 |
57,313 |
1.4% |
Income before provision for income taxes |
46,968 |
28,653 |
63.9% |
Provision (benefit) for income taxes |
17,089 |
(47,742) |
-135.8% |
Net income |
$ 29,879 |
$ 76,395 |
-60.9% |
|
|
|
|
Earnings per share: |
|
|
|
Basic |
$ 0.95 |
$ 2.43 |
|
Diluted |
$ 0.94 |
$ 2.42 |
|
Weighted-average shares outstanding: |
|
|
|
Basic |
31,583,897 |
31,474,042 |
|
Diluted |
31,652,795 |
31,506,767 |
|
Common shares outstanding |
31,754,115 |
31,489,201 |
|
|
|
|
|
|
|
|
|
Hanmi Financial Corporation and
Subsidiaries |
|
|
|
Selected Financial Data
(Unaudited) |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
As of or
for the Three Months Ended |
|
September 30, |
June 30, |
September 30, |
|
2013 |
2013 |
2012 |
Average balances: |
|
|
|
Average gross loans, net of deferred loan
fees (1) |
$ 2,186,884 |
$ 2,165,741 |
$ 1,958,819 |
Average investment securities |
385,961 |
423,562 |
386,513 |
Average interest-earning assets |
2,644,844 |
2,657,629 |
2,694,571 |
Average total assets |
2,789,741 |
2,793,505 |
2,829,778 |
Average deposits |
2,374,847 |
2,365,887 |
2,361,534 |
Average borrowings |
5,587 |
19,154 |
85,482 |
Average interest-bearing liabilities |
1,630,637 |
1,663,951 |
1,766,709 |
Average stockholders' equity |
395,274 |
393,741 |
352,980 |
Average tangible equity |
394,035 |
392,461 |
351,577 |
|
|
|
|
Performance ratios: |
|
|
|
Return on average assets (2) |
1.46% |
1.37% |
1.87% |
Return on average stockholders' equity
(2) |
10.29% |
9.70% |
14.97% |
Return on average tangible equity
(2) |
10.32% |
9.73% |
15.03% |
Efficiency ratio |
52.98% |
56.55% |
59.81% |
Net interest spread (2), (3) |
3.98% |
3.81% |
3.34% |
Net interest margin (2), (3) |
4.28% |
4.10% |
3.69% |
|
|
|
|
Allowance for loan
losses: |
|
|
|
Balance at beginning of period |
$ 59,876 |
$ 61,191 |
$ 71,893 |
Provision charged to operating
expense |
(10) |
308 |
117 |
Charge-offs, net of recoveries |
(2,227) |
(1,623) |
(5,903) |
Balance at end of
period |
$ 57,639 |
$ 59,876 |
$ 66,107 |
|
|
|
|
Asset quality ratios: |
|
|
|
Net loan charge-offs to average gross
loans (2) |
0.41% |
0.30% |
1.21% |
Allowance for loan losses to gross
loans |
2.67% |
2.74% |
3.38% |
Allowance for loan losses to
non-performing loans |
253.07% |
214.03% |
147.92% |
Non-performing assets to total
assets |
0.81% |
1.04% |
1.59% |
Non-performing loans to gross loans |
1.05% |
1.28% |
2.28% |
Non-performing assets to allowance for
loan losses |
40.02% |
48.22% |
68.16% |
|
|
|
|
Allowance for off-balance sheet
items: |
|
|
|
Balance at beginning of period |
$ 1,320 |
$ 1,628 |
$ 2,348 |
Provision charged to operating
expense |
10 |
(308) |
(117) |
Balance at end of
period |
$ 1,330 |
$ 1,320 |
$ 2,231 |
|
|
|
|
Non-performing assets: |
|
|
|
Non-accrual loans |
$ 22,776 |
$ 27,975 |
$ 44,692 |
Loans 90 days or more past due and still
accruing |
-- |
-- |
-- |
Non-performing loans |
22,776 |
27,975 |
44,692 |
Other real estate owned, net |
290 |
900 |
364 |
Non-performing assets |
23,066 |
28,875 |
45,056 |
Non-performing loans in loans held for
sale |
-- |
2,553 |
4,421 |
Non-performing assets (including loans
held for sale) |
$ 23,066 |
$ 31,428 |
$ 49,477 |
|
|
|
|
Delinquent loans (30 to 89
days past due and still accruing) |
$ 6,756 |
$ 2,565 |
$ 4,005 |
|
|
|
|
Delinquent loans to gross loans |
0.31% |
0.12% |
0.20% |
|
|
|
|
(1) Included loans held for sale |
|
|
|
(2) Annualized |
|
|
|
(3) Amounts calculated on a fully
taxable equivalent basis using the current statutory federal tax
rate |
|
|
|
|
|
|
|
|
|
Hanmi Financial Corporation and
Subsidiaries |
|
|
|
Selected Financial Data, Continued
(Unaudited) |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
As of or
for the Three Months Ended |
|
September 30, |
June 30, |
September 30, |
|
2013 |
2013 |
2012 |
Loan portfolio: |
|
|
|
Real estate loans |
$ 887,576 |
$ 887,782 |
$ 736,287 |
Residential loans |
82,519 |
88,654 |
103,774 |
Commercial and industrial loans |
1,155,111 |
1,175,573 |
1,079,814 |
Consumer loans |
34,065 |
35,380 |
38,415 |
Gross loans |
2,159,271 |
2,187,389 |
1,958,290 |
Deferred loan fees |
989 |
695 |
630 |
Gross loans, net of deferred loan
fees |
2,160,260 |
2,188,084 |
1,958,920 |
Allowance for loan losses |
(57,639) |
(59,876) |
(66,107) |
Loans receivable, net |
2,102,621 |
2,128,208 |
1,892,813 |
Loans held for sale, at the lower of cost
or fair value |
5,228 |
2,553 |
10,736 |
Total loans receivable,
net |
$ 2,107,849 |
$ 2,130,761 |
$ 1,903,549 |
|
|
|
|
Loan mix: |
|
|
|
Real estate loans |
41.1% |
40.6% |
37.6% |
Residential loans |
3.8% |
4.1% |
5.3% |
Commercial and industrial loans |
53.5% |
53.7% |
55.1% |
Consumer loans |
1.6% |
1.6% |
2.0% |
Total loans |
100.0% |
100.0% |
100.0% |
|
|
|
|
Deposit portfolio: |
|
|
|
Demand-noninterest-bearing |
$ 778,345 |
$ 736,470 |
$ 694,345 |
Savings |
113,892 |
115,318 |
111,654 |
Money market checking and NOW
accounts |
539,130 |
575,471 |
563,785 |
Time deposits of $100,000 or more |
493,532 |
564,079 |
635,802 |
Other time deposits |
504,808 |
370,575 |
357,799 |
Total deposits |
$ 2,429,707 |
$ 2,361,913 |
$ 2,363,385 |
|
|
|
|
Deposit mix: |
|
|
|
Demand-noninterest-bearing |
32.0% |
31.1% |
29.4% |
Savings |
4.7% |
4.9% |
4.7% |
Money market checking and NOW
accounts |
22.2% |
24.4% |
23.9% |
Time deposits of $100,000 or more |
20.3% |
23.9% |
26.9% |
Other time deposits |
20.8% |
15.7% |
15.1% |
Total deposits |
100.0% |
100.0% |
100.0% |
|
|
|
|
Capital ratios: |
|
|
|
Hanmi Financial |
|
|
|
Total risk-based capital
ratio |
17.73% |
16.50% |
20.79% |
Tier 1 risk-based capital
ratio |
16.47% |
15.23% |
19.52% |
Tier 1 leverage capital
ratio |
13.68% |
12.90% |
14.71% |
Tangible equity to tangible
assets ratio |
13.95% |
14.22% |
12.77% |
Hanmi Bank |
|
|
|
Total risk-based capital
ratio |
17.10% |
16.53% |
19.91% |
Tier 1 risk-based capital
ratio |
15.83% |
25.26% |
18.63% |
Tier 1 leverage capital
ratio |
13.15% |
12.88% |
14.05% |
Tangible equity to tangible
assets ratio |
13.38% |
13.66% |
14.96% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hanmi Financial
Corporation and Subsidiaries |
|
|
|
|
|
|
|
|
Average
Balance, Average Yield Earned and Average Rate Paid
(Unaudited) |
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
September 30,
2013 |
June 30,
2013 |
September 30,
2012 |
|
|
Interest |
Average |
|
Interest |
Average |
|
Interest |
Average |
|
Average |
Income / |
Yield / |
Average |
Income / |
Yield / |
Average |
Income / |
Yield / |
|
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Assets |
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
Gross loans, net of
deferred loan fees |
$ 2,186,884 |
$ 29,098 |
5.28% |
$ 2,165,741 |
$ 27,839 |
5.16% |
$ 1,958,819 |
$ 26,781 |
5.44% |
Municipal
securities-taxable |
43,259 |
442 |
4.09% |
46,102 |
454 |
3.94% |
44,887 |
452 |
4.03% |
Municipal securities-tax
exempt |
10,088 |
106 |
4.21% |
10,707 |
112 |
4.20% |
12,587 |
151 |
4.79% |
Obligations of other U.S.
government agencies |
94,350 |
455 |
1.93% |
93,432 |
432 |
1.85% |
74,345 |
280 |
1.51% |
Other debt securities |
238,264 |
1,143 |
1.92% |
273,321 |
1,214 |
1.78% |
254,694 |
1,260 |
1.98% |
Equity securities |
28,058 |
392 |
5.59% |
28,729 |
343 |
4.78% |
30,886 |
178 |
2.31% |
Federal funds sold |
-- |
-- |
0.00% |
341 |
-- |
0.00% |
17,925 |
20 |
0.44% |
Term federal funds
sold |
-- |
-- |
0.00% |
-- |
-- |
0.00% |
78,967 |
191 |
0.96% |
Interest-bearing deposits
in other banks |
43,941 |
28 |
0.25% |
39,256 |
24 |
0.25% |
221,461 |
142 |
0.26% |
Total
interest-earning assets |
2,644,844 |
31,664 |
4.75% |
2,657,629 |
30,418 |
4.59% |
2,694,571 |
29,455 |
4.35% |
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
66,808 |
|
|
66,643 |
|
|
70,591 |
|
|
Allowance for loan
losses |
(58,991) |
|
|
(61,026) |
|
|
(71,481) |
|
|
Other assets |
137,080 |
|
|
130,259 |
|
|
136,097 |
|
|
Total
noninterest-earning assets |
144,897 |
|
|
135,876 |
|
|
135,207 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ 2,789,741 |
|
|
$ 2,793,505 |
|
|
$ 2,829,778 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Savings |
$ 115,058 |
$ 454 |
1.57% |
$ 115,685 |
$ 466 |
1.62% |
$ 111,432 |
$ 516 |
1.84% |
Money market
checking and NOW accounts |
546,413 |
691 |
0.50% |
591,317 |
769 |
0.52% |
555,454 |
859 |
0.62% |
Time deposits
of $100,000 or more |
522,664 |
942 |
0.72% |
565,927 |
1,057 |
0.75% |
660,036 |
1,467 |
0.88% |
Other time
deposits |
440,915 |
1,030 |
0.93% |
371,868 |
808 |
0.87% |
354,305 |
797 |
0.89% |
FHLB advances |
5,587 |
36 |
2.56% |
9,188 |
41 |
1.79% |
3,076 |
40 |
5.17% |
Junior subordinated
debentures |
-- |
-- |
0.00% |
9,966 |
84 |
3.38% |
82,406 |
804 |
3.88% |
Total
interest-bearing liabilities |
1,630,637 |
3,153 |
0.77% |
1,663,951 |
3,225 |
0.78% |
1,766,709 |
4,483 |
1.01% |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
Demand deposits |
749,797 |
|
|
721,090 |
|
|
680,307 |
|
|
Other liabilities |
14,033 |
|
|
14,723 |
|
|
29,782 |
|
|
Total
noninterest-bearing liabilities |
763,830 |
|
|
735,813 |
|
|
710,089 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
2,394,467 |
|
|
2,399,764 |
|
|
2,476,798 |
|
|
Stockholders' equity |
395,274 |
|
|
393,741 |
|
|
352,980 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
$ 2,789,741 |
|
|
$ 2,793,505 |
|
|
$ 2,829,778 |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 28,511 |
|
|
$ 27,193 |
|
|
$ 24,972 |
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
0.52% |
|
|
0.53% |
|
|
0.61% |
Net interest spread |
|
|
3.98% |
|
|
3.81% |
|
|
3.34% |
Net interest margin |
|
|
4.28% |
|
|
4.10% |
|
|
3.69% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hanmi Financial
Corporation and Subsidiaries |
|
|
|
|
|
Average Balance, Average
Yield Earned and Average Rate Paid (Unaudited) |
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended |
|
September 30,
2013 |
September 30,
2012 |
|
|
Interest |
Average |
|
Interest |
Average |
|
Average |
Income / |
Yield / |
Average |
Income / |
Yield / |
|
Balance |
Expense |
Rate |
Balance |
Expense |
Rate |
Assets |
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
Gross loans, net of
deferred loan fees |
$ 2,142,462 |
$ 83,736 |
5.23% |
$ 1,982,369 |
$ 81,564 |
5.50% |
Municipal
securities-taxable |
45,141 |
1,350 |
3.99% |
44,881 |
1,340 |
3.98% |
Municipal securities-tax
exempt |
11,188 |
365 |
4.35% |
12,959 |
460 |
4.73% |
Obligations of other U.S.
government agencies |
92,262 |
1,309 |
1.89% |
75,058 |
985 |
1.75% |
Other debt securities |
268,699 |
3,597 |
1.78% |
276,646 |
3,955 |
1.91% |
Equity securities |
29,032 |
1,026 |
4.71% |
31,486 |
512 |
2.17% |
Federal funds sold |
2,079 |
6 |
0.39% |
16,545 |
53 |
0.43% |
Term federal funds
sold |
-- |
-- |
0.00% |
91,898 |
684 |
0.99% |
Interest-bearing deposits
in other banks |
74,224 |
140 |
0.25% |
139,458 |
269 |
0.26% |
Total
interest-earning assets |
2,665,087 |
91,529 |
4.59% |
2,671,300 |
89,822 |
4.49% |
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
66,542 |
|
|
70,303 |
|
|
Allowance for loan
losses |
(60,872) |
|
|
(79,502) |
|
|
Other assets |
133,467 |
|
|
103,207 |
|
|
Total
noninterest-earning assets |
139,137 |
|
|
94,008 |
|
|
|
|
|
|
|
|
|
Total assets |
$ 2,804,224 |
|
|
$ 2,765,308 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Savings |
$ 114,978 |
$ 1,377 |
1.60% |
$ 109,605 |
$ 1,675 |
2.04% |
Money market
checking and NOW accounts |
568,490 |
2,180 |
0.51% |
512,086 |
2,313 |
0.60% |
Time deposits
of $100,000 or more |
560,999 |
3,174 |
0.76% |
700,443 |
5,978 |
1.14% |
Other time
deposits |
394,784 |
2,645 |
0.90% |
346,925 |
2,545 |
0.98% |
FHLB advances |
5,898 |
115 |
2.61% |
3,478 |
126 |
4.84% |
Junior subordinated
debentures |
28,410 |
678 |
3.19% |
82,406 |
2,400 |
3.89% |
Total
interest-bearing liabilities |
1,673,559 |
10,169 |
0.81% |
1,754,943 |
15,037 |
1.14% |
|
|
|
|
|
|
|
Noninterest-bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
724,021 |
|
|
666,712 |
|
|
Other liabilities |
15,944 |
|
|
29,837 |
|
|
Total
noninterest-bearing liabilities |
739,965 |
|
|
696,549 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
2,413,524 |
|
|
2,451,492 |
|
|
Stockholders' equity |
390,700 |
|
|
313,816 |
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders'
equity |
$ 2,804,224 |
|
|
$ 2,765,308 |
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ 81,360 |
|
|
$ 74,785 |
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
0.53% |
|
|
0.72% |
Net interest spread |
|
|
3.78% |
|
|
3.35% |
Net interest margin |
|
|
4.08% |
|
|
3.74% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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'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. 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:
|
|
|
|
Tangible Common Equity to Tangible
Assets Ratio (Unaudited) |
|
|
|
(In thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
September 30, |
June 30, |
September 30, |
Hanmi Financial
Corporation |
2013 |
2013 |
2012 |
Total assets |
$ 2,845,137 |
$ 2,773,414 |
$ 2,841,857 |
Less other intangible assets |
(1,212) |
(1,253) |
(1,376) |
Tangible assets |
$ 2,843,925 |
$ 2,772,161 |
$ 2,840,481 |
Total stockholders' equity |
$ 397,956 |
$ 395,396 |
$ 363,987 |
Less other intangible assets |
(1,212) |
(1,253) |
(1,376) |
Tangible stockholders' equity |
$ 396,744 |
$ 394,143 |
$ 362,611 |
|
|
|
|
Total stockholders' equity to total
assets |
13.99% |
14.26% |
12.81% |
Tangible common equity to tangible
assets |
13.95% |
14.22% |
12.77% |
|
|
|
|
Common shares outstanding |
31,754,115 |
31,604,837 |
31,489,201 |
Tangible common equity per common share |
$ 12.49 |
$ 12.47 |
$ 11.52 |
|
|
|
|
CONTACT: Hanmi Financial Corporation
Shick (Mark) Yoon, CFA CPA CVA
EVP & Chief Financial Officer
213-427-5636
Investor Relations
The Cereghino Group
Becky Reid
206-388-5788
www.stockvalues.com
Hanmi Financial (NASDAQ:HAFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hanmi Financial (NASDAQ:HAFC)
Historical Stock Chart
From Jul 2023 to Jul 2024