Delaware
|
000-30421
|
95-4788120
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
3660 Wilshire Boulevard, Penthouse Suite A
Los Angeles, California
|
90010
|
||
(Address of principal executive offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
99.1
|
Fourth quarter and retroactively adjusted third quarter of 2014 financial results provided by Hanmi Financial dated February 17, 2015.
|
Date: February 17, 2015
|
HANMI FINANCIAL CORPORATION
|
|
By:
|
/s/ C. G. Kum
|
|
C. G. Kum
|
||
President and Chief Executive Officer
|
Exhibit
No.
|
Description
|
99.1
|
Fourth quarter and retroactively adjusted third quarter of 2014 financial results, dated February 17, 2015.*
|
*
|
Deemed “furnished” and not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
|
As of or for the Three Months Ended
|
As of or for the Year Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2014
|
2014 (1)
|
2013 (2)
|
2014
|
2013 (2)
|
||||||||||||||||
Net income
|
$ | 5,928 | $ | 21,800 | $ | 9,930 | $ | 49,761 | $ | 39,857 | ||||||||||
Net income per diluted common share
|
$ | 0.19 | $ | 0.68 | $ | 0.31 | $ | 1.56 | $ | 1.26 | ||||||||||
Assets
|
$ | 4,234,768 | $ | 4,240,835 | $ | 3,054,379 | $ | 4,234,768 | $ | 3,054,379 | ||||||||||
Loans receivable, net
|
$ | 2,738,157 | $ | 2,632,283 | $ | 2,177,498 | $ | 2,738,157 | $ | 2,177,498 | ||||||||||
Deposits
|
$ | 3,556,746 | $ | 3,598,154 | $ | 2,512,325 | $ | 3,556,746 | $ | 2,512,325 | ||||||||||
Return on average assets (3)
|
0.56 | % | 2.46 | % | 1.37 | % | 1.47 | % | 1.41 | % | ||||||||||
Pre-tax, pre-provision earnings on average assets (3)
|
0.88 | % | 3.06 | % | 2.08 | % | 1.95 | % | 2.21 | % | ||||||||||
Return on average stockholders' equity (3)
|
5.21 | % | 19.97 | % | 9.89 | % | 11.79 | % | 10.13 | % | ||||||||||
Net interest margin
|
3.80 | % | 3.72 | % | 3.86 | % | 3.88 | % | 3.94 | % | ||||||||||
Efficiency ratio
|
80.03 | % | 48.45 | % | 54.54 | % | 59.73 | % | 53.18 | % | ||||||||||
Efficiency ratio (excluding merger and integration costs)
|
73.39 | % | 41.97 | % | 52.36 | % | 55.70 | % | 52.64 | % | ||||||||||
Tangible common equity to tangible assets
|
10.66 | % | 10.42 | % | 13.07 | % | 10.66 | % | 13.07 | % | ||||||||||
Tangible common equity per common share
|
$ | 14.14 | $ | 13.84 | $ | 12.56 | $ | 14.14 | $ | 12.56 |
(1)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(2)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
(3)
|
Amount calculated based on net income from continuing operations.
|
|
·
|
Assets grew 38.6% during 2014 to $4.23 billion, compared to $3.05 billion a year ago.
|
|
·
|
Gross loans increased $107.4 million (4.0%) and $553.5 million (24.8%) over the prior quarter and prior year, respectively.
|
|
·
|
After retrospective adjustments, fourth quarter net income totaled $5.9 million, or $0.19 per diluted share, compared to $21.8 million, or $0.68 per diluted share, in the prior quarter.
|
|
·
|
Fourth quarter new loan production (excluding loan purchases) totaled $204.3 million, representing $34.4 million increase from the preceding quarter; fourth quarter production consisted of $159.4 million of commercial real estate loans, $25.5 million of C&I loans, $17.2 million of SBA loans and $2.2 million of consumer loans.
|
|
·
|
Deposits grew 41.6% year-over-year, including a 24.9% increase in noninterest bearing deposits, which represent 28.8% of total deposits.
|
|
·
|
Asset quality improved with classified loans, excluding PCI loans, down 42.0% year-over-year; $0 loan loss provisions for legacy and non-PCI loans and $1.0 million in loan loss provisions for PCI loans for the fourth quarter.
|
|
·
|
Net interest margin (NIM) was 3.80% for the fourth quarter of 2014, up 8 basis points from the third quarter; NIM excluding effects of purchase accounting adjustments was 3.24% for the fourth quarter of 2014.
|
|
·
|
A cash dividend of $0.07 per share was paid on January 15, 2015.
|
As Reported
|
Retrospective Adjustments
|
As Remeasured
|
||||||||||
(In thousands)
|
||||||||||||
Consideration paid:
|
||||||||||||
CBI stockholders
|
$ | 50,000 | $ | - | $ | 50,000 | ||||||
Redemption of preferred and cumulative unpaid dividends
|
28,675 | - | 28,675 | |||||||||
Accrued interest on subordinated debentures
|
1,566 | (1,566 | ) | - | ||||||||
80,241 | (1,566 | ) | 78,675 | |||||||||
Assets acquired:
|
||||||||||||
Cash and cash equivalents
|
197,209 | - | 197,209 | |||||||||
Securities available for sale
|
663,497 | - | 663,497 | |||||||||
Loans
|
294,032 | 3,240 | 297,272 | |||||||||
Premises and equipment
|
17,735 | 190 | 17,925 | |||||||||
Other real estate owned
|
28,027 | (2,075 | ) | 25,952 | ||||||||
Income tax assets, net
|
8,800 | 3,211 | 12,011 | |||||||||
Core deposit intangible
|
2,213 | - | 2,213 | |||||||||
FDIC loss sharing assets
|
9,692 | 1,721 | 11,413 | |||||||||
Bank-owned life insurance
|
18,296 | - | 18,296 | |||||||||
Other assets
|
16,428 | (334 | ) | 16,094 | ||||||||
Total assets acquired
|
1,255,929 | 5,953 | 1,261,882 | |||||||||
Liabilities assumed:
|
||||||||||||
Deposits
|
1,098,997 | - | 1,098,997 | |||||||||
Subordinated debentures
|
18,473 | - | 18,473 | |||||||||
Rescinded stock obligation
|
15,720 | (235 | ) | 15,485 | ||||||||
FHLB advances
|
10,000 | - | 10,000 | |||||||||
Other liabilities
|
25,905 | (230 | ) | 25,675 | ||||||||
Total liabilities assumed
|
1,169,095 | (465 | ) | 1,168,630 | ||||||||
Total identifiable net assets
|
$ | 86,834 | $ | 6,418 | $ | 93,252 | ||||||
Bargain purchase gain, net of deferred taxes
|
$ | 6,593 | $ | 7,984 | $ | 14,577 |
Three Months Ended
|
Year Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2014
|
2014 (1)
|
2013 (2)
|
2014
|
2013 (2)
|
||||||||||||||||
Interest-earning assets
|
4.21 | % | 4.13 | % | 4.34 | % | 4.33 | % | 4.44 | % | ||||||||||
Interest-bearing liabilities
|
0.61 | % | 0.66 | % | 0.78 | % | 0.68 | % | 0.80 | % | ||||||||||
Net interest spread
|
3.60 | % | 3.47 | % | 3.56 | % | 3.65 | % | 3.64 | % | ||||||||||
Net interest margin
|
3.80 | % | 3.72 | % | 3.86 | % | 3.88 | % | 3.94 | % |
(1)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(2)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
December 31, 2014
|
|||||||||
Three Months
|
Year
|
||||||||
Ended
|
Ended
|
||||||||
Core loan yield
|
4.78 | % | 4.82 | % | |||||
Accretion of discount on purchased loans
|
0.54 | % | 0.19 | % | |||||
As reported
|
5.32 | % | 5.01 | % |
December 31, 2014
|
||||||||||||||||
Three Months Ended
|
Year Ended
|
|||||||||||||||
Amount
|
NIM Impact
|
Amount
|
NIM Impact
|
|||||||||||||
(In thousands) | ||||||||||||||||
NIM excluding purchase accounting
|
$ | 31,891 | 3.24 | % | $ | 115,572 | 3.66 | % | ||||||||
Accretion of discount on Non-PCI loans
|
2,802 | 0.28 | % | 3,821 | 0.12 | % | ||||||||||
Accretion of discount on PCI loans
|
963 | 0.10 | % | 1,114 | 0.03 | % | ||||||||||
Accretion of time deposits premium
|
1,747 | 0.18 | % | 2,338 | 0.07 | % | ||||||||||
Amortization of subordinated debentures discount
|
(36 | ) | - | (71 | ) | - | ||||||||||
Net impact
|
5,476 | 0.56 | % | 7,202 | 0.22 | % | ||||||||||
As reported
|
$ | 37,367 | 3.80 | % | $ | 122,774 | 3.88 | % |
December 31,
|
September 30,
|
December 31,
|
||||||||||
2014
|
2014
|
2013
|
||||||||||
Demand-noninterest-bearing
|
28.8 | % | 28.6 | % | 32.5 | % | ||||||
Savings
|
3.4 | % | 3.5 | % | 4.6 | % | ||||||
Money market checking and NOW accounts
|
22.4 | % | 22.1 | % | 22.9 | % | ||||||
Time deposits of $100,000 or more
|
25.6 | % | 25.5 | % | 20.2 | % | ||||||
Other time deposits
|
19.8 | % | 20.3 | % | 19.8 | % | ||||||
Total deposits
|
100.0 | % | 100.0 | % | 100.0 | % |
December 31, 2014
|
September 30, 2014
|
December 31, 2013
|
||||||||||||||||||||||
% of Total
|
% of Total
|
% of Total
|
||||||||||||||||||||||
Amount
|
NPLs
|
Amount
|
NPLs
|
Amount
|
NPLs
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
Commercial property
|
||||||||||||||||||||||||
Retail
|
$ | 2,160 | 8.5 | % | $ | 2,062 | 8.6 | % | $ | 2,946 | 11.4 | % | ||||||||||||
Hotel/Motel
|
4,028 | 15.8 | % | 3,051 | 12.7 | % | 5,200 | 20.1 | % | |||||||||||||||
Gas station
|
3,514 | 13.8 | % | 5,208 | 21.7 | % | 2,492 | 9.6 | % | |||||||||||||||
Other
|
4,961 | 19.4 | % | 3,689 | 15.4 | % | 4,808 | 18.6 | % | |||||||||||||||
Residential property
|
1,588 | 6.2 | % | 1,516 | 6.3 | % | 1,365 | 5.3 | % | |||||||||||||||
Commercial and industrial loans:
|
||||||||||||||||||||||||
Commercial term
|
7,052 | 27.7 | % | 6,060 | 25.2 | % | 7,146 | 27.6 | % | |||||||||||||||
Commercial lines of credit
|
466 | 1.8 | % | 674 | 2.8 | % | 423 | 1.6 | % | |||||||||||||||
Consumer loans
|
1,742 | 6.8 | % | 1,758 | 7.3 | % | 1,497 | 5.8 | % | |||||||||||||||
Total Nonperforming Non-PCI loans
|
$ | 25,511 | 100.0 | % | $ | 24,018 | 100.0 | % | $ | 25,877 | 100.0 | % |
December 31,
|
September 30,
|
Percentage
|
December 31,
|
Percentage
|
||||||||||||||||
2014
|
2014 (1)
|
Change
|
2013 (2)
|
Change
|
||||||||||||||||
Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 158,320 | $ | 197,016 | -19.6 | % | $ | 179,357 | -11.7 | % | ||||||||||
Securities available for sale, at fair value
|
1,060,717 | 1,128,624 | -6.0 | % | 530,926 | 99.8 | % | |||||||||||||
Loans held for sale, at the lower of cost or fair value
|
5,451 | 7,757 | -29.7 | % | - | - | ||||||||||||||
Loans receivable, net of allowance for loan losses
|
2,738,157 | 2,632,283 | 4.0 | % | 2,177,498 | 25.7 | % | |||||||||||||
Accrued interest receivable
|
9,749 | 9,880 | -1.3 | % | 7,055 | 38.2 | % | |||||||||||||
Premises and equipment, net
|
30,912 | 31,377 | -1.5 | % | 14,221 | 117.4 | % | |||||||||||||
Other real estate owned ("OREO"), net
|
15,790 | 22,706 | -30.5 | % | 756 | 1988.6 | % | |||||||||||||
Customers' liability on acceptances
|
1,847 | 2,428 | -23.9 | % | 2,018 | -8.5 | % | |||||||||||||
Servicing assets
|
13,773 | 13,842 | -0.5 | % | 6,833 | 101.6 | % | |||||||||||||
FDIC loss sharing asset
|
- | 9,416 | -100.0 | % | - | - | ||||||||||||||
Other intangible assets, net
|
2,080 | 2,179 | -4.5 | % | 1,171 | 77.6 | % | |||||||||||||
Investment in Federal Home Loan Bank ("FHLB") stock, at cost
|
17,580 | 17,579 | 0.0 | % | 14,060 | 25.0 | % | |||||||||||||
Investment in Federal Reserve Bank ("FRB") stock, at cost
|
12,273 | 12,273 | 0.0 | % | 11,196 | 9.6 | % | |||||||||||||
Income tax asset
|
84,371 | 75,142 | 12.3 | % | 63,841 | 32.2 | % | |||||||||||||
Bank-owned life insurance
|
48,866 | 48,670 | 0.4 | % | 29,699 | 64.5 | % | |||||||||||||
Prepaid expenses
|
2,672 | 2,753 | -2.9 | % | 1,415 | 88.8 | % | |||||||||||||
Other assets
|
32,210 | 26,910 | 19.7 | % | 14,333 | 124.7 | % | |||||||||||||
Total assets
|
$ | 4,234,768 | $ | 4,240,835 | -0.1 | % | $ | 3,054,379 | 38.6 | % | ||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||
Liabilities:
|
||||||||||||||||||||
Deposits:
|
||||||||||||||||||||
Noninterest-bearing
|
$ | 1,022,972 | $ | 1,029,343 | -0.6 | % | $ | 819,015 | 24.9 | % | ||||||||||
Interest-bearing
|
2,533,774 | 2,568,811 | -1.4 | % | 1,693,310 | 49.6 | % | |||||||||||||
Total deposits
|
3,556,746 | 3,598,154 | -1.2 | % | 2,512,325 | 41.6 | % | |||||||||||||
Accrued interest payable
|
3,450 | 3,030 | 13.9 | % | 3,366 | 2.5 | % | |||||||||||||
Bank's liability on acceptances
|
1,847 | 2,428 | -23.9 | % | 2,018 | -8.5 | % | |||||||||||||
FHLB advances
|
150,000 | 110,000 | 36.4 | % | 127,546 | 17.6 | % | |||||||||||||
Servicing liabilities
|
5,971 | 5,998 | -0.5 | % | - | - | ||||||||||||||
FDIC loss sharing liability
|
1,139 | - | - | - | - | |||||||||||||||
Rescinded stock obligation
|
933 | 15,485 | -94.0 | % | - | - | ||||||||||||||
Subordinated debentures
|
18,544 | 18,509 | 0.2 | % | - | - | ||||||||||||||
Accrued expenses and other liabilities
|
42,751 | 43,525 | -1.8 | % | 9,047 | 372.5 | % | |||||||||||||
Total liabilities
|
3,781,381 | 3,797,129 | -0.4 | % | 2,654,302 | 42.5 | % | |||||||||||||
|
||||||||||||||||||||
Stockholders' equity:
|
||||||||||||||||||||
Common stock
|
257 | 257 | 0.0 | % | 257 | 0.0 | % | |||||||||||||
Additional paid-in capital
|
554,904 | 554,446 | 0.1 | % | 552,270 | 0.5 | % | |||||||||||||
Accumulated other comprehensive income (loss)
|
463 | (5,065 | ) | -109.1 | % | (9,380 | ) | -104.9 | % | |||||||||||
Accumulated deficit
|
(32,379 | ) | (36,074 | ) | -10.2 | % | (73,212 | ) | -55.8 | % | ||||||||||
Less treasury stock
|
(69,858 | ) | (69,858 | ) | 0.0 | % | (69,858 | ) | 0.0 | % | ||||||||||
Total stockholders' equity
|
453,387 | 443,706 | 2.2 | % | 400,077 | 13.3 | % | |||||||||||||
Total liabilities and stockholders' equity
|
$ | 4,234,768 | $ | 4,240,835 | -0.1 | % | $ | 3,054,379 | 38.6 | % |
(1)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(2)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
Three Months Ended
|
||||||||||||||||||||
December 31,
|
September 30,
|
Percentage
|
December 31,
|
Percentage
|
||||||||||||||||
2014
|
2014 (1)
|
Change
|
2013 (2)
|
Change
|
||||||||||||||||
Interest and Dividend Income:
|
||||||||||||||||||||
Interest and fees on loans
|
$ | 36,457 | $ | 30,912 | 17.9 | % | $ | 27,417 | 33.0 | % | ||||||||||
Taxable interest on investment securities
|
4,453 | 3,138 | 41.9 | % | 2,178 | 104.5 | % | |||||||||||||
Tax-exempt interest on investment securities
|
20 | 20 | 0.0 | % | 46 | -56.5 | % | |||||||||||||
Interest on interest-bearing deposits in other banks
|
40 | 29 | 37.9 | % | 69 | -42.0 | % | |||||||||||||
Dividends on FRB stock
|
185 | 173 | 6.9 | % | 177 | 4.5 | % | |||||||||||||
Dividends on FHLB stock
|
307 | 290 | 5.9 | % | 201 | 52.7 | % | |||||||||||||
Total interest and dividend income
|
41,462 | 34,562 | 20.0 | % | 30,088 | 37.8 | % | |||||||||||||
Interest Expense:
|
||||||||||||||||||||
Interest on deposits
|
3,909 | 3,278 | 19.2 | % | 3,302 | 18.4 | % | |||||||||||||
Interest on FHLB advances
|
35 | 37 | -5.4 | % | 36 | -2.8 | % | |||||||||||||
Interest on subordinated debentures
|
162 | 73 | 121.9 | % | - | - | ||||||||||||||
Interest on rescinded stock obligation
|
- | 87 | -100.0 | % | - | - | ||||||||||||||
Total interest expense
|
4,106 | 3,475 | 18.2 | % | 3,338 | 23.0 | % | |||||||||||||
Net interest income before provision for credit losses
|
37,356 | 31,087 | 20.2 | % | 26,750 | 39.6 | % | |||||||||||||
Provision for credit losses
|
1,026 | - | - | - | - | |||||||||||||||
Net interest income after provision for credit losses
|
36,330 | 31,087 | 16.9 | % | 26,750 | 35.8 | % | |||||||||||||
Noninterest Income:
|
||||||||||||||||||||
Bargain purchase gain, net of deferred taxes
|
- | 14,577 | -100.0 | % | - | - | ||||||||||||||
Service charges on deposit accounts
|
3,449 | 2,883 | 19.6 | % | 2,645 | 30.4 | % | |||||||||||||
Trade finance and other service charges and fees
|
1,606 | 1,153 | 39.3 | % | 1,073 | 49.7 | % | |||||||||||||
Bank-owned life insurance income
|
198 | 225 | -12.0 | % | 232 | -14.7 | % | |||||||||||||
Gain on sale of SBA loans
|
1,227 | 1,221 | 0.5 | % | 1,936 | -36.6 | % | |||||||||||||
Net gain on sales of investment securities
|
159 | 67 | 137.3 | % | 116 | 37.1 | % | |||||||||||||
Disposition gains on PCI loans
|
1,432 | - | - | - | - | |||||||||||||||
Other operating income
|
913 | 1,485 | -38.5 | % | 763 | 19.7 | % | |||||||||||||
Total noninterest income
|
8,984 | 21,611 | -58.4 | % | 6,765 | 32.8 | % | |||||||||||||
Noninterest Expense:
|
||||||||||||||||||||
Salaries and employee benefits
|
16,791 | 12,847 | 30.7 | % | 9,003 | 86.5 | % | |||||||||||||
Occupancy and equipment
|
4,331 | 3,098 | 39.8 | % | 2,485 | 74.3 | % | |||||||||||||
Merger and integration costs
|
3,074 | 3,415 | -10.0 | % | 730 | 321.1 | % | |||||||||||||
Deposit insurance premiums and regulatory assessments
|
682 | 513 | 32.9 | % | 376 | 81.4 | % | |||||||||||||
Data processing
|
2,333 | 1,476 | 58.1 | % | 1,147 | 103.4 | % | |||||||||||||
Other real estate owned expense
|
686 | (741 | ) | -192.6 | % | (12 | ) | -5,816.7 | % | |||||||||||
Professional fees
|
4,778 | 1,386 | 244.7 | % | 1,239 | 285.6 | % | |||||||||||||
Directors and officers liability insurance
|
121 | 191 | -36.6 | % | 219 | -44.7 | % | |||||||||||||
Supplies and communications
|
887 | 628 | 41.2 | % | 563 | 57.5 | % | |||||||||||||
Advertising and promotion
|
1,293 | 809 | 59.8 | % | 991 | 30.5 | % | |||||||||||||
Loan-related expense
|
318 | 58 | 448.3 | % | 68 | 367.6 | % | |||||||||||||
Amortization of other intangible assets
|
100 | 33 | 203.0 | % | - | - | ||||||||||||||
Other operating expenses
|
1,691 | 1,817 | -6.9 | % | 1,469 | 15.1 | % | |||||||||||||
Total noninterest expense
|
37,085 | 25,530 | 45.3 | % | 18,278 | 102.9 | % | |||||||||||||
Income from continuing operations before provision for income taxes
|
8,229 | 27,168 | -69.7 | % | 15,237 | -46.0 | % | |||||||||||||
Provision for income taxes
|
2,301 | 5,368 | -57.1 | % | 5,222 | -55.9 | % | |||||||||||||
Income from continuing operations, net of taxes
|
$ | 5,928 | $ | 21,800 | -72.8 | % | $ | 10,015 | -40.8 | % | ||||||||||
Discontinued operations
|
||||||||||||||||||||
Loss from operations of discontinued subsidiary (including gain on disposal of $51 in the second quarter of 2014)
|
$ | - | $ | - | - | $ | (126 | ) | -100.0 | % | ||||||||||
Income tax expense
|
- | - | - | (41 | ) | -100.0 | % | |||||||||||||
Loss from discontinued operations
|
- | - | - | (85 | ) | -100.0 | % | |||||||||||||
Net income
|
$ | 5,928 | $ | 21,800 | -72.8 | % | $ | 9,930 | -40.3 | % | ||||||||||
- | ||||||||||||||||||||
Basic earnings per share:
|
||||||||||||||||||||
Income from continuing operations, net of taxes
|
$ | 0.19 | $ | 0.69 | $ | 0.31 | ||||||||||||||
Income from discontinued operations, net of taxes
|
- | - | - | |||||||||||||||||
Basic earnings per share
|
$ | 0.19 | $ | 0.69 | $ | 0.31 | ||||||||||||||
Diluted earnings per share:
|
||||||||||||||||||||
Income from continuing operations, net of taxes
|
$ | 0.19 | $ | 0.68 | $ | 0.31 | ||||||||||||||
Income from discontinued operations, net of taxes
|
- | - | - | |||||||||||||||||
Diluted earnings per share
|
$ | 0.19 | $ | 0.68 | $ | 0.31 | ||||||||||||||
Weighted-average shares outstanding:
|
||||||||||||||||||||
Basic
|
31,734,129 | 31,708,581 | 31,643,463 | |||||||||||||||||
Diluted
|
32,021,391 | 32,001,419 | 31,864,845 | |||||||||||||||||
Common shares outstanding
|
31,910,203 | 31,894,429 | 31,761,550 |
Year Ended December 31,
|
||||||||||||
December 31,
|
December 31,
|
Percentage
|
||||||||||
2014
|
2013 (2)
|
Change
|
||||||||||
Interest and Dividend Income:
|
||||||||||||
Interest and fees on loans
|
$ | 122,222 | $ | 108,804 | 12.3 | % | ||||||
Taxable interest on investment securities
|
12,502 | 8,434 | 48.2 | % | ||||||||
Tax-exempt interest on investment securities
|
136 | 283 | -51.9 | % | ||||||||
Interest on federal funds sold
|
- | 6 | -100.0 | % | ||||||||
Interest on interest-bearing deposits in other banks
|
107 | 209 | -48.8 | % | ||||||||
Dividends on FRB stock
|
698 | 754 | -7.4 | % | ||||||||
Dividends on FHLB stock
|
1,069 | 650 | 64.5 | % | ||||||||
Total Interest and Dividend Income
|
136,734 | 119,140 | 14.8 | % | ||||||||
Interest Expense:
|
||||||||||||
Interest on deposits
|
13,560 | 12,678 | 7.0 | % | ||||||||
Interest on FHLB advances
|
151 | 151 | 0.0 | % | ||||||||
Interest on subordinated debentures
|
235 | 678 | -65.3 | % | ||||||||
Interest on rescinded stock obligation
|
87 | - | - | |||||||||
Total interest expense
|
14,033 | 13,507 | 3.9 | % | ||||||||
Net interest income before provision for credit losses
|
122,701 | 105,633 | 16.2 | % | ||||||||
Negative provision for credit losses
|
(6,140 | ) | - | - | ||||||||
Net interest income after provision for credit losses
|
128,841 | 105,633 | 22.0 | % | ||||||||
Noninterest Income:
|
||||||||||||
Bargain purchase gain, net of deferred taxes
|
14,577 | - | - | |||||||||
Service charges on deposit accounts
|
11,374 | 11,307 | 0.6 | % | ||||||||
Trade finance and other service charges and fees
|
4,946 | 4,475 | 10.5 | % | ||||||||
Bank-owned life insurance income
|
879 | 1,171 | -24.9 | % | ||||||||
Gain on sale of SBA loans
|
3,494 | 8,000 | -56.3 | % | ||||||||
Net loss on sales of other loans
|
- | (557 | ) | -100.0 | % | |||||||
Net gain on sales of investment securities
|
2,011 | 1,039 | 93.6 | % | ||||||||
Disposition gains on PCI loans
|
1,432 | - | - | |||||||||
Other operating income
|
3,583 | 2,465 | 45.4 | % | ||||||||
Total noninterest income
|
42,296 | 27,900 | 51.6 | % | ||||||||
Noninterest Expense:
|
||||||||||||
Salaries and employee benefits
|
50,177 | 35,129 | 42.8 | % | ||||||||
Occupancy and equipment
|
12,295 | 10,017 | 22.7 | % | ||||||||
Merger and integration costs
|
6,646 | 730 | 810.4 | % | ||||||||
Unconsummated acquisition costs
|
- | 1,331 | -100.0 | % | ||||||||
Deposit insurance premiums and regulatory assessments
|
2,031 | 1,435 | 41.5 | % | ||||||||
Data processing
|
6,080 | 4,582 | 32.7 | % | ||||||||
Other real estate owned expense
|
(49 | ) | (59 | ) | -16.9 | % | ||||||
Professional fees
|
7,564 | 5,335 | 41.8 | % | ||||||||
Directors and officers liability insurance
|
696 | 876 | -20.5 | % | ||||||||
Supplies and communications
|
2,612 | 2,155 | 21.2 | % | ||||||||
Advertising and promotion
|
3,435 | 3,411 | 0.7 | % | ||||||||
Loan-related expense
|
521 | 396 | 31.6 | % | ||||||||
Amortization of other intangible assets
|
133 | - | - | |||||||||
Other operating expenses
|
6,412 | 5,679 | 12.9 | % | ||||||||
Total noninterest expense
|
98,553 | 71,017 | 38.8 | % | ||||||||
Income from continuing operations before provision for income taxes
|
72,584 | 62,516 | 16.1 | % | ||||||||
Provision for income taxes
|
22,379 | 22,732 | -1.6 | % | ||||||||
Income from continuing operations, net of taxes
|
$ | 50,205 | $ | 39,784 | 26.2 | % | ||||||
Discontinued operations
|
||||||||||||
Income from operations of discontinued subsidiary | ||||||||||||
(including gain on disposal of $51 in the second quarter of 2014)
|
$ | 37 | $ | 115 | -67.8 | % | ||||||
Income tax expense
|
481 | 42 | 1045.2 | % | ||||||||
(Loss) income from discontinued operations
|
(444 | ) | 73 | -708.2 | % | |||||||
Net income
|
$ | 49,761 | $ | 39,857 | 24.8 | % | ||||||
Basic earnings per share:
|
||||||||||||
Income from continuing operations, net of taxes
|
$ | 1.58 | $ | 1.26 | ||||||||
Income from discontinued operations, net of taxes
|
(0.01 | ) | - | |||||||||
Basic earnings per share
|
$ | 1.57 | $ | 1.26 | ||||||||
Diluted earnings per share:
|
||||||||||||
Income from continuing operations, net of taxes
|
$ | 1.57 | $ | 1.26 | ||||||||
Income from discontinued operations, net of taxes
|
(0.01 | ) | - | |||||||||
Diluted earnings per share
|
$ | 1.56 | $ | 1.26 | ||||||||
Weighted-average shares outstanding:
|
||||||||||||
Basic
|
31,696,100 | 31,598,913 | ||||||||||
Diluted
|
31,978,064 | 31,696,520 | ||||||||||
Common shares outstanding
|
31,910,203 | 31,761,550 |
(1)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(2)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
As of or for the Three Months Ended
|
As of or for the Year Ended
|
|||||||||||||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
||||||||||||||||
2014
|
2014 (6)
|
2013 (7)
|
2014
|
2013 (7)
|
||||||||||||||||
Average balances:
|
||||||||||||||||||||
Average gross loans, net of deferred loan costs (1)
|
$ | 2,719,692 | $ | 2,499,951 | $ | 2,198,654 | $ | 2,440,682 | $ | 2,156,626 | ||||||||||
Average investment securities
|
1,112,606 | 749,566 | 447,272 | 676,729 | 446,563 | |||||||||||||||
Average interest-earning assets
|
3,905,646 | 3,317,356 | 2,755,182 | 3,163,141 | 2,687,799 | |||||||||||||||
Average assets
|
4,187,559 | 3,522,234 | 2,900,034 | 3,410,751 | 2,827,508 | |||||||||||||||
Average deposits
|
3,578,114 | 2,884,535 | 2,474,262 | 2,872,029 | 2,391,248 | |||||||||||||||
Average borrowings
|
110,418 | 118,358 | 8,606 | 81,110 | 27,815 | |||||||||||||||
Average interest-bearing liabilities
|
2,666,651 | 2,076,610 | 1,693,689 | 2,054,680 | 1,678,618 | |||||||||||||||
Average stockholders’ equity
|
450,986 | 433,164 | 401,675 | 425,913 | 392,601 | |||||||||||||||
Average tangible equity
|
449,276 | 432,638 | 400,477 | 425,018 | 391,342 | |||||||||||||||
Performance ratios:
|
||||||||||||||||||||
Return on average assets (2) (3)
|
0.56 | % | 2.46 | % | 1.37 | % | 1.47 | % | 1.41 | % | ||||||||||
Pre-tax, pre-provision earnings on average assets (2) (3)
|
0.88 | % | 3.06 | % | 2.08 | % | 1.95 | % | 2.21 | % | ||||||||||
Return on average stockholders’ equity (2) (3)
|
5.21 | % | 19.97 | % | 9.89 | % | 11.79 | % | 10.13 | % | ||||||||||
Return on average tangible equity (2) (3)
|
5.23 | % | 19.99 | % | 9.92 | % | 11.81 | % | 10.17 | % | ||||||||||
Efficiency ratio
|
80.03 | % | 48.45 | % | 54.54 | % | 59.73 | % | 53.18 | % | ||||||||||
Efficiency ratio (excluding merger and integration costs)
|
73.39 | % | 41.97 | % | 52.36 | % | 55.70 | % | 52.64 | % | ||||||||||
Net interest spread (2) (4)
|
3.60 | % | 3.47 | % | 3.56 | % | 3.65 | % | 3.64 | % | ||||||||||
Net interest margin (2) (4)
|
3.80 | % | 3.72 | % | 3.86 | % | 3.88 | % | 3.94 | % | ||||||||||
Average stockholders' equity to average assets
|
10.77 | % | 12.30 | % | 13.85 | % | 12.49 | % | 13.89 | % | ||||||||||
Allowance for loan losses:
|
||||||||||||||||||||
Balance at beginning of period
|
$ | 51,179 | $ | 51,886 | $ | 57,639 | $ | 57,555 | $ | 63,305 | ||||||||||
Provision (negative provision) charged to operating expense
|
1,204 | 48 | 82 | (6,258 | ) | 576 | ||||||||||||||
Net recoveries (charge-offs)
|
283 | (755 | ) | (166 | ) | 1,369 | (6,326 | ) | ||||||||||||
Balance at end of period
|
$ | 52,666 | $ | 51,179 | $ | 57,555 | $ | 52,666 | $ | 57,555 | ||||||||||
Asset quality ratios:
|
||||||||||||||||||||
Nonperforming assets to assets (5)
|
0.98 | % | 1.10 | % | 0.87 | % | 0.98 | % | 0.87 | % | ||||||||||
Nonperforming loans to gross loans (5)
|
0.92 | % | 0.90 | % | 1.16 | % | 0.92 | % | 1.16 | % | ||||||||||
Nonperforming loans to allowance for loan losses (5)
|
48.44 | % | 46.93 | % | 44.96 | % | 48.44 | % | 44.96 | % | ||||||||||
Net loan (recoveries) charge-offs to average gross loans (2)
|
-0.04 | % | 0.12 | % | 0.03 | % | -0.06 | % | 0.29 | % | ||||||||||
Allowance for loan losses to gross loans
|
1.89 | % | 1.91 | % | 2.58 | % | 1.89 | % | 2.58 | % | ||||||||||
Allowance for loan losses to nonperforming loans
|
206.44 | % | 213.09 | % | 222.42 | % | 206.44 | % | 222.42 | % | ||||||||||
Allowance for off-balance sheet items:
|
||||||||||||||||||||
Balance at beginning of period
|
$ | 1,544 | $ | 1,592 | $ | 1,320 | $ | 1,248 | $ | 1,824 | ||||||||||
(Negative provision) provision charged to operating expense
|
(179 | ) | (48 | ) | 10 | 117 | (576 | ) | ||||||||||||
Balance at end of period
|
$ | 1,365 | $ | 1,544 | $ | 1,330 | $ | 1,365 | $ | 1,248 | ||||||||||
Nonperforming assets (5):
|
||||||||||||||||||||
Nonaccrual loans
|
$ | 25,511 | $ | 24,003 | $ | 25,877 | $ | 25,511 | $ | 25,877 | ||||||||||
Loans 90 days or more past due and still accruing
|
- | 15 | - | - | - | |||||||||||||||
Nonperforming loans
|
25,511 | 24,018 | 25,877 | 25,511 | 25,877 | |||||||||||||||
Other real estate owned, net
|
15,790 | 22,706 | 756 | 15,790 | 756 | |||||||||||||||
Nonperforming assets
|
41,301 | 46,724 | 26,633 | 41,301 | 26,633 | |||||||||||||||
Nonperforming loans in loans held for sale
|
- | - | - | - | - | |||||||||||||||
Nonperforming assets
|
$ | 41,301 | $ | 46,724 | $ | 26,633 | $ | 41,301 | $ | 26,633 | ||||||||||
Delinquent loans, 30 to 89 days past due and still accruing
|
$ | 9,515 | $ | 7,506 | $ | 6,756 | $ | 9,515 | $ | 6,756 | ||||||||||
Delinquent loans to gross loans
|
0.34 | % | 0.28 | % | 0.30 | % | 0.34 | % | 0.30 | % |
December 31,
|
September 30,
|
December 31,
|
||||||||||
2014
|
2014 (6)
|
2013 (7)
|
||||||||||
Loan portfolio:
|
||||||||||||
Real estate loans
|
$ | 2,375,538 | $ | 2,306,348 | $ | 1,890,720 | ||||||
Residential loans
|
135,303 | 108,835 | 79,078 | |||||||||
Commercial and industrial loans
|
249,188 | 236,073 | 231,786 | |||||||||
Consumer loans
|
27,557 | 28,895 | 32,505 | |||||||||
Gross loans
|
2,787,586 | 2,680,151 | 2,234,089 | |||||||||
Deferred loan costs
|
3,237 | 3,311 | 964 | |||||||||
Gross loans, net of deferred loan costs
|
2,790,823 | 2,683,462 | 2,235,053 | |||||||||
Allowance for loan losses
|
(52,666 | ) | (51,179 | ) | (57,555 | ) | ||||||
Loans receivable, net
|
2,738,157 | 2,632,283 | 2,177,498 | |||||||||
Loans held for sale, at the lower of cost or fair value
|
5,451 | 7,757 | - | |||||||||
Total loans receivable, net
|
$ | 2,743,608 | $ | 2,640,040 | $ | 2,177,498 | ||||||
Loan mix:
|
||||||||||||
Real estate loans
|
85.2 | % | 86.0 | % | 84.6 | % | ||||||
Residential loans
|
4.9 | % | 4.1 | % | 3.5 | % | ||||||
Commercial and industrial loans
|
8.9 | % | 8.8 | % | 10.4 | % | ||||||
Consumer loans
|
1.0 | % | 1.1 | % | 1.5 | % | ||||||
Total loans
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||
Deposit portfolio:
|
||||||||||||
Demand-noninterest-bearing
|
$ | 1,022,972 | $ | 1,029,343 | $ | 819,015 | ||||||
Savings
|
120,659 | 121,667 | 115,371 | |||||||||
Money market checking and NOW accounts
|
796,490 | 796,849 | 574,334 | |||||||||
Time deposits of $100,000 or more
|
910,340 | 919,085 | 506,946 | |||||||||
Other time deposits
|
706,285 | 731,210 | 496,659 | |||||||||
Total deposits
|
$ | 3,556,746 | $ | 3,598,154 | $ | 2,512,325 | ||||||
Deposit mix:
|
||||||||||||
Demand-noninterest-bearing
|
28.8 | % | 28.6 | % | 32.5 | % | ||||||
Savings
|
3.4 | % | 3.5 | % | 4.6 | % | ||||||
Money market checking and NOW accounts
|
22.4 | % | 22.1 | % | 22.9 | % | ||||||
Time deposits of $100,000 or more
|
25.6 | % | 25.5 | % | 20.2 | % | ||||||
Other time deposits
|
19.8 | % | 20.3 | % | 19.8 | % | ||||||
Total deposits
|
100.0 | % | 100.0 | % | 100.0 | % | ||||||
Capital ratios:
|
||||||||||||
Hanmi Financial
|
||||||||||||
Total risk-based capital ratio
|
15.63 | % | 16.51 | % | 17.53 | % | ||||||
Tier 1 risk-based capital ratio
|
14.37 | % | 15.26 | % | 16.26 | % | ||||||
Tier 1 leverage capital ratio
|
10.88 | % | 12.95 | % | 13.66 | % | ||||||
Hanmi Bank
|
||||||||||||
Total risk-based capital ratio
|
15.13 | % | 16.50 | % | 16.84 | % | ||||||
Tier 1 risk-based capital ratio
|
13.88 | % | 15.24 | % | 15.58 | % | ||||||
Tier 1 leverage capital ratio
|
10.34 | % | 12.94 | % | 13.09 | % |
(1)
|
Includes loans held for sale
|
(2)
|
Annualized
|
(3)
|
Amount calculated based on net income from continuing operations.
|
(4)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
(5)
|
Excludes PCI loans
|
(6)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(7)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
Three Months Ended
|
||||||||||||||||||||||||||||||||||||
December 31, 2014
|
September 30, 2014 (1)
|
December 31, 2013 (2)
|
||||||||||||||||||||||||||||||||||
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 costs
|
$ | 2,719,692 | $ | 36,457 | 5.32 | % | $ | 2,499,951 | $ | 30,912 | 4.91 | % | $ | 2,198,654 | $ | 27,417 | 4.95 | % | ||||||||||||||||||
Municipal securities-taxable
|
16,646 | 164 | 3.94 | % | 16,713 | 164 | 3.93 | % | 34,214 | 357 | 4.17 | % | ||||||||||||||||||||||||
Municipal securities-tax exempt
|
4,423 | 31 | 2.78 | % | 4,441 | 31 | 2.77 | % | 7,035 | 71 | 4.02 | % | ||||||||||||||||||||||||
Obligations of other U.S. government agencies
|
139,872 | 599 | 1.71 | % | 144,177 | 491 | 1.36 | % | 87,079 | 424 | 1.95 | % | ||||||||||||||||||||||||
Other debt securities
|
921,403 | 3,690 | 1.60 | % | 555,584 | 2,483 | 1.79 | % | 292,860 | 1,397 | 1.91 | % | ||||||||||||||||||||||||
Equity securities
|
30,262 | 492 | 6.50 | % | 28,651 | 463 | 6.46 | % | 26,084 | 378 | 5.80 | % | ||||||||||||||||||||||||
Interest-bearing deposits in other banks
|
73,348 | 40 | 0.22 | % | 67,839 | 29 | 0.17 | % | 109,256 | 69 | 0.25 | % | ||||||||||||||||||||||||
Total interest-earning assets
|
3,905,646 | 41,473 | 4.21 | % | 3,317,356 | 34,573 | 4.13 | % | 2,755,182 | 30,113 | 4.34 | % | ||||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
87,410 | 73,935 | 71,768 | |||||||||||||||||||||||||||||||||
Allowance for loan losses
|
(52,155 | ) | (58,390 | ) | (57,884 | ) | ||||||||||||||||||||||||||||||
Other assets
|
246,658 | 189,333 | 130,968 | |||||||||||||||||||||||||||||||||
Total noninterest-earning assets
|
281,913 | 204,878 | 144,852 | |||||||||||||||||||||||||||||||||
Total assets
|
$ | 4,187,559 | $ | 3,522,234 | $ | 2,900,034 | ||||||||||||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||||||||||||||
Savings
|
$ | 120,332 | $ | 521 | 1.72 | % | $ | 112,690 | $ | 348 | 1.23 | % | $ | 114,939 | $ | 435 | 1.50 | % | ||||||||||||||||||
Money market checking and NOW accounts
|
800,490 | 884 | 0.44 | % | 652,524 | 803 | 0.49 | % | 565,993 | 733 | 0.51 | % | ||||||||||||||||||||||||
Time deposits of $100,000 or more
|
919,195 | 1,491 | 0.64 | % | 641,545 | 1,388 | 0.86 | % | 503,822 | 920 | 0.72 | % | ||||||||||||||||||||||||
Other time deposits
|
716,216 | 1,013 | 0.56 | % | 551,493 | 739 | 0.53 | % | 500,329 | 1,214 | 0.96 | % | ||||||||||||||||||||||||
FHLB advances
|
78,478 | 35 | 0.18 | % | 105,667 | 37 | 0.14 | % | 8,575 | 36 | 1.67 | % | ||||||||||||||||||||||||
Other Borrowings
|
- | - | 0.00 | % | 1,247 | - | 0.00 | % | 31 | - | 0.00 | % | ||||||||||||||||||||||||
Rescinded stock obligation
|
13,426 | - | 0.00 | % | 5,219 | 87 | 6.61 | % | - | - | 0.00 | % | ||||||||||||||||||||||||
Subordinated debentures
|
18,514 | 162 | 3.47 | % | 6,225 | 73 | 4.65 | % | - | - | 0.00 | % | ||||||||||||||||||||||||
Total interest-bearing liabilities
|
2,666,651 | 4,106 | 0.61 | % | 2,076,610 | 3,475 | 0.66 | % | 1,693,689 | 3,338 | 0.78 | % | ||||||||||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Demand deposits
|
1,021,881 | 926,283 | 789,179 | |||||||||||||||||||||||||||||||||
Other liabilities
|
48,041 | 86,177 | 15,491 | |||||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities
|
1,069,922 | 1,012,460 | 804,670 | |||||||||||||||||||||||||||||||||
Total liabilities
|
3,736,573 | 3,089,070 | 2,498,359 | |||||||||||||||||||||||||||||||||
Stockholders' equity
|
450,986 | 433,164 | 401,675 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 4,187,559 | $ | 3,522,234 | $ | 2,900,034 | ||||||||||||||||||||||||||||||
Net interest income
|
$ | 37,367 | $ | 31,098 | $ | 26,775 | ||||||||||||||||||||||||||||||
Cost of deposits
|
0.43 | % | 0.45 | % | 0.53 | % | ||||||||||||||||||||||||||||||
Net interest spread
|
3.60 | % | 3.47 | % | 3.56 | % | ||||||||||||||||||||||||||||||
Net interest margin
|
3.80 | % | 3.72 | % | 3.86 | % |
For the Year Ended
|
||||||||||||||||||||||||
December 31, 2014
|
December 31, 2013 (2)
|
|||||||||||||||||||||||
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 costs
|
$ | 2,440,682 | $ | 122,222 | 5.01 | % | $ | 2,156,626 | $ | 108,804 | 5.05 | % | ||||||||||||
Municipal securities-taxable
|
20,881 | 847 | 4.06 | % | 42,387 | 1,707 | 4.03 | % | ||||||||||||||||
Municipal securities-tax exempt
|
6,593 | 209 | 3.17 | % | 10,141 | 435 | 4.29 | % | ||||||||||||||||
Obligations of other U.S. government agencies
|
98,387 | 1,896 | 1.93 | % | 90,956 | 1,733 | 1.91 | % | ||||||||||||||||
Other debt securities
|
523,076 | 9,759 | 1.87 | % | 274,789 | 4,994 | 1.82 | % | ||||||||||||||||
Equity securities
|
27,792 | 1,767 | 6.36 | % | 28,290 | 1,404 | 4.96 | % | ||||||||||||||||
Federal funds sold
|
3 | - | 0.00 | % | 1,555 | 6 | 0.39 | % | ||||||||||||||||
Interest-bearing deposits in other banks
|
45,727 | 107 | 0.23 | % | 83,055 | 209 | 0.25 | % | ||||||||||||||||
Total interest-earning assets
|
3,163,141 | 136,807 | 4.33 | % | 2,687,799 | 119,292 | 4.44 | % | ||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
76,828 | 67,859 | ||||||||||||||||||||||
Allowance for loan losses
|
(54,817 | ) | (60,119 | ) | ||||||||||||||||||||
Other assets
|
225,599 | 131,969 | ||||||||||||||||||||||
Total noninterest-earning assets
|
247,610 | 139,709 | ||||||||||||||||||||||
Total assets
|
$ | 3,410,751 | $ | 2,827,508 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Savings
|
$ | 116,254 | $ | 1,646 | 1.42 | % | $ | 114,968 | $ | 1,812 | 1.58 | % | ||||||||||||
Money market checking and NOW accounts
|
653,793 | 3,213 | 0.49 | % | 567,860 | 2,912 | 0.51 | % | ||||||||||||||||
Time deposits of $100,000 or more
|
643,017 | 4,321 | 0.67 | % | 546,588 | 4,094 | 0.75 | % | ||||||||||||||||
Other time deposits
|
560,506 | 4,380 | 0.78 | % | 421,387 | 3,860 | 0.92 | % | ||||||||||||||||
FHLB advances
|
69,781 | 151 | 0.22 | % | 6,573 | 151 | 2.30 | % | ||||||||||||||||
Other Borrowings
|
315 | - | 0.00 | % | 8 | - | 0.00 | % | ||||||||||||||||
Rescinded stock obligation
|
4,778 | 87 | 1.82 | % | - | - | 0.00 | % | ||||||||||||||||
Subordinated debentures
|
6,236 | 235 | 3.77 | % | 21,234 | 678 | 3.19 | % | ||||||||||||||||
Total interest-bearing liabilities
|
2,054,680 | 14,033 | 0.68 | % | 1,678,618 | 13,507 | 0.80 | % | ||||||||||||||||
Noninterest-bearing liabilities:
|
||||||||||||||||||||||||
Demand deposits
|
898,459 | 740,445 | ||||||||||||||||||||||
Other liabilities
|
31,699 | 15,844 | ||||||||||||||||||||||
Total noninterest-bearing liabilities
|
930,158 | 756,289 | ||||||||||||||||||||||
Total liabilities
|
2,984,838 | 2,434,907 | ||||||||||||||||||||||
Stockholders' equity
|
425,913 | 392,601 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,410,751 | $ | 2,827,508 | ||||||||||||||||||||
Net interest income
|
$ | 122,774 | $ | 105,785 | ||||||||||||||||||||
Cost of deposits
|
0.47 | % | 0.53 | % | ||||||||||||||||||||
Net interest spread
|
3.65 | % | 3.64 | % | ||||||||||||||||||||
Net interest margin
|
3.88 | % | 3.94 | % |
(1)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(2)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
December 31,
|
September 30,
|
December 31,
|
||||||||||
Hanmi Financial Corporation
|
2014
|
2014 (1)
|
2013 (2)
|
|||||||||
Assets
|
$ | 4,234,768 | $ | 4,240,835 | $ | 3,054,379 | ||||||
Less other intangible assets
|
(2,080 | ) | (2,179 | ) | (1,171 | ) | ||||||
Tangible assets
|
$ | 4,232,688 | $ | 4,238,656 | $ | 3,053,208 | ||||||
Stockholders' equity
|
$ | 453,387 | $ | 443,706 | $ | 400,077 | ||||||
Less other intangible assets
|
(2,080 | ) | (2,179 | ) | (1,171 | ) | ||||||
Tangible stockholders' equity
|
$ | 451,307 | $ | 441,527 | $ | 398,906 | ||||||
Stockholders' equity to assets
|
10.71 | % | 10.46 | % | 13.10 | % | ||||||
Tangible common equity to tangible assets
|
10.66 | % | 10.42 | % | 13.07 | % | ||||||
Common shares outstanding
|
31,910,203 | 31,894,429 | 31,761,550 | |||||||||
Tangible common equity per common share
|
$ | 14.14 | $ | 13.84 | $ | 12.56 |
(1)
|
Results for September 30, 2014 have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date.
|
(2)
|
Results for December 31, 2013 have been adjusted to reflect the adoption of FASB ASU 2014-01, Accounting for Investment in Qualified Affordable Housing Projects. See section of Change in Accounting Principle.
|
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