Hanmi News

  • Feb 09, 2015 Hanmi Bank completes system integration with United Central Bank

    Hanmi Bank completes system integration with United Central Bank


    Hanmi Financial Corp. Announces Completion of System Conversion Following the Acquisition of Central Bancorp, Inc.

    LOS ANGELES, CA – February 9, 2015 -- Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank (the “Bank”), today announced that as of this past weekend, Hanmi successfully completed the conversion of Central Bancorp, Inc.’s (CBI) systems into Hanmi’s existing systems.  The acquisition of CBI, the parent company of United Central Bank, was completed on August 31, 2014.

    “Following the completion of Hanmi’s acquisition of CBI, we have been working diligently to integrate our combined operations,” said C. G. Kum, President and Chief Executive Officer. “These efforts culminated with the successful completion of our system conversion this past weekend.  I am very pleased that this process proceeded smoothly and was completed on-schedule.”

    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 across California, Texas, Illinois, Virginia and New Jersey with 46 full-service branches as well as five loan production offices in California, Colorado, Texas, Virginia, 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 shareholder value. Additional information is available at www.hanmi.com.

    CONTACT:

    Christina C. Lee

    FVP & Senior Strategy Officer

    213-427-5631

    Lasse Glassen

    Investor Relations-Addo Communications

    310-829-5400


  • Feb 05, 2015 Hanmi Reports 2014 Full-Year Financial Results

    Hanmi Reports 2014 Full-Year Financial Results





    Full-Year Net Income of $49.8 Million, Up 24.8% Year-Over-Year
    Loan Portfolio Increases to $2.74 Billion, Up 25.7% Year-Over-Year
    Integration of Central Bancorp, Inc. Remains On Track

    LOS ANGELES – February 5, 2015 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported solid growth in 2014.  For the full year 2014, net income increased 24.8% to $49.8 million, or $1.56 per diluted share, compared to $39.9 million, or $1.26 per diluted share a year ago.  In 2014, pretax income from continuing operations grew 16.1% to $72.6 million from $62.5 million in 2013.

    Hanmi’s acquisition of Central Bancorp, Inc. (“CBI”), the parent company of United Central Bank, was completed on August 31, 2014. The combined companies began operating as Hanmi Financial Corporation and Hanmi Bank, respectively, with banking operations conducted under the Hanmi Bank brand effective as of September 1, 2014. The 2014 financial results reflect eight months of stand-alone operations of Hanmi and four months of combined operations.  Hanmi’s accounting for this business combination is incomplete and has been recorded based on provisional amounts.  The accounting is updated during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date.  Adjustments to the provisional amounts during the measurement period are recognized as retrospective adjustments as of the date of the acquisition.  During the fourth quarter Hanmi identified a retrospective adjustment of $8.0 million to the bargain purchase gain that was provisionally reported for the third quarter of 2014.  This retrospective adjustment revises the reported third quarter net income to $21.2 million from $13.3 million as previously reported.

    Fourth quarter 2014 net income totaled $6.5 million, or $0.20 per diluted share, compared $21.2 million, or $0.66 per diluted share, in the third quarter of 2014 and $9.9 million, or $0.31 per diluted share, in the fourth quarter a year ago.

    Full year financial results reflect the impact of the following significant items recorded in conjunction with the CBI acquisition:
    • $14.6 million provisional bargain purchase gain recorded in 2014
    • $6.6 million in merger and integration related expenses in 2014
    • $7.6 million in professional fees for the year, which included significant costs to strengthen our infrastructure and to meet heightened control standards

    Mr. C. G. Kum, President and Chief Executive Officer, said, “2014 was a transformative year for Hanmi highlighted by the acquisition of CBI, strong loan growth and solid credit quality to help continue the growth trajectory across our enterprise. Full year profitability increased sharply with net income of $49.8 million, up 24.8% from 2013.  Strong organic loan production from the legacy Hanmi team helped expand our loan portfolio by 25.7% to $2.74 billion at year end.  Credit quality improved throughout the year with classified loans, excluding PCI loans, declining 42.0% during the year to $47.7 million, or 1.71% of gross loans at year end. Importantly, our activities to integrate the acquisition of CBI into Hanmi are proceeding as planned.” 



  • Dec 23, 2014 Hanmi Bank Opens Loan Center in Fremont

    Hanmi Bank Opens Loan Center in Fremont



    Hanmi Bank opened a new Northern California Loan Center and SBA LPO on November 3rd, and held a grand opening ceremony at the Marriot Fremont on December 19th. The loan center is located right in Fremont in between the San Francisco and Silicon Valley branches, and will cater loans regarding mortgage, SBA, international trade financing, and more. Headed by Northern California District Leader Man-Sun Cho and powered by 6 employees, it is a one-stop hub for customers to experience tailored services from consultation to finalization of the loan process.  New SBA LPO manager Peter Shin has also recently joined the team to lead SBA loan production.

    A total of 50 guests attended the grand opening ceremony, including the San Francisco Consulate General Dong Man Han, President of the Federation of Korean Associations USA Angela Chung Soon Lee, leaders of the S. F., Silicon Valley, and Monterey Korean American Federations, and Indo-Pakistani community leaders and media including Jeevan Zutshi and Sikh Guardwara.

    CEO C. G. Kum states, “Northern California is a strategically important area for business. It is our hope that customers in this area will find even more convenience through the addition of this loan center on top of our existing branches. In addition, with the acquisition of UCB, we will aggressively market to our widened multi-ethnic customer pool.”

    Hanmi Bank now has a total of 5 LPO’s in Seattle, Dallas, Virginia, Colorado, and Northern California, and 49 branches across 7 states



    Hanmi Bank Northern CA Loan Center
    39420 Liberty Street, Suite 250
    Fremont, CA 94538
    Tel: 510-824-7016
    Fax: 510-824-7006

    Center Hours: Monday to Friday 8:30am - 5:30pm


    (5th from L to R): SF General Consul Dong-Man Han, CEO C. G. Kum, President of The Federation of Korean Associations USA Angela Lee




  • Dec 15, 2014 Hanmi Bank celebrates 32nd Anniversary

    Hanmi Bank celebrates 32nd Anniversary


    Hanmi Bank held a 32nd Anniversary celebration on Monday, December 15, 2014 at its very first branch on Olympic and Crenshaw.  The branch was decorated with a mini gallery, showing the bank's history since its founding since 1982, up to the acquisition of UCB this year.  A brief ceremony was held, honoring employees and customers who were with the bank since its opening with flowers and award plaques.

    Chairman Joseph K. Rho gave a welcoming speech saying that "Hanmi Bank has been supporting the growth of the businesses of Korean immigrants since its founding.  Though the bank went through many trying times for the past 30 years, it is now a nationwide institution with 49 branches across the nation."

    President and CEO C. G. Kum also gave his remarks, "Hanmi's deeply rooted history and relationship with the community has always been the bank's pride.  It is our hope that we will continue to shine in communities nationwide."

    Refreshments and promotion items were handed out for customers who visited the bank.



    (L to R): HR Joan Lee, Western Branch Mgr. Helen Kim, Audit Mimi Park


    (L to R): CEO C. G. Kum, Jung-Ha Lee (on behalf of customer Eun-Ae Paik), customer Kyung-Hee Chung, Chairman Joseph K. Rho, Susan Cho (on behalf of customer In-Hwa Ahn) 



    (L to R): CEO C. G. Kum, First Chairman Ji-Choi Cho, Chairman Joseph K. Rho, Directors I-Joon Ahn, David Rosenblum, & Joon-Hyung Lee 


    (L to R): CEO C. G. Kum, First Chairman Ji-Choi Cho, Chairman Joseph K. Rho, Directors I-Joon Ahn, David Rosenblum, Paul Kim, & Joon-Hyung Lee 



  • Nov 12, 2014 Hanmi Financial Corp. Appoints Michael McCall as Chief Financial Officer

    Hanmi Financial Corp. Appoints Michael McCall as Chief Financial Officer



    LOS ANGELES, CA – November 12, 2014 -- Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank (the “Bank”), today announced that Michael W. McCall has been appointed Executive Vice President & Chief Financial Officer (“CFO”), effective November 12, 2014. As CFO, Mr. McCall will oversee Hanmi’s finance and accounting functions, as well as investor relations.

    “We are delighted to welcome Michael as CFO,” said C. G. Kum, President and Chief Executive Officer.  “Michael brings a wealth of expertise to Hanmi.  He has strong leadership capabilities with excellent financial, accounting and operational acumen in the banking industry.  Given his significant experience with banks involved in mergers and acquisitions, Michael is particularly well-suited to lead Hanmi’s complex accounting and financial reporting activities now that we have completed our acquisition of United Central Bank, a wholly-owned subsidiary of Central Bancorp, Inc.”

    Michael McCall brings more than 35 years of experience in banking and financial services to Hanmi. Most recently, Mr. McCall served as Senior Vice President and Principal Accounting Officer at BBCN Bank, where he managed the accounting and financial reporting functions for the bank and its holding company.  Prior to BBCN Bank, he held numerous leadership positions in the banking sector.   Mr. McCall earned his B.A. from the University of California, Los Angeles.

    "I look forward to leading Hanmi’s finance team as we integrate our recent acquisition and move forward with our goals of expanding the business, reducing balance sheet risk and improving operational efficiencies," said Mr. McCall.



    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 across California, Texas, Illinois, Virginia, New Jersey and New York with 49 full-service branches as well as loan production offices in Colorado, Texas, Virginia, 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 shareholder value. Additional information is available at www.hanmi.com.

    Contact:
    Christina C. Lee
    FVP & Senior Strategy Officer
    213-427-5631

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400


  • Nov 07, 2014 Hanmi Reports Strong Financial Results for the Third Quarter 2014

    Hanmi Reports Strong Financial Results for the Third Quarter 2014



    Net Income Increases to $13.3 Million, or $0.41 Per Share
    Completed Acquisition of Central Bancorp, Inc.

    LOS ANGELES – November 7, 2014 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported third quarter 2014 net income totaled $13.3 million, or $0.41 per diluted share.  In the second quarter of 2014, Hanmi earned $11.0 million, or $0.35 per diluted share, and earned $10.4 million, or $0.33 per diluted share, for the third quarter of 2013.   
    In the first nine months of 2014, net income increased 18.0% to $35.3 million, or $1.10 per diluted share, compared to $29.9 million, or $0.95 per diluted share, in the first nine months of 2013.  Earnings from continuing operations increased 20.1%, to $35.8 million in the first nine months of 2014, from $29.8 million in the first nine months of 2013.

    Hanmi’s acquisition of Central Bancorp, Inc. (“CBI”), the parent company of United Central Bank, was completed on August 31, 2014. The combined companies began operating as Hanmi Financial Corporation and Hanmi Bank, respectively, with banking operations conducted under the Hanmi Bank brand effective as of September 1, 2014. Third quarter 2014 financial results reflect two months of stand-alone operations of Hanmi and one month of combined operations following the completion of the acquisition.  Nine-month 2014 financial results reflect eight months of stand-alone operations of Hanmi and one month of combined operations.

    Third quarter financial results reflect the impact of the following significant items recorded in conjunction with the CBI acquisition:
    • $6.6 million bargain purchase gain
    • $3.4 million merger and integration costs

    Mr. C. G. Kum, President and Chief Executive Officer, said, “I am very pleased with our third quarter results, which reflect strong growth and the initial benefits from our acquisition of Central Bancorp, Inc. Third quarter profitability exceeded expectations with net income up 20.1% from the prior quarter. We also achieved strong organic loan production for the legacy Hanmi Bank, which totaled $169.9 million in the third quarter compared to $115.2 million in the prior quarter.  Asset quality continues to improve as both nonperforming loans and classified assets, excluding PCI loans, declined during the quarter. Furthermore, we are making good progress on our ongoing initiatives to increase operating efficiencies and reduce expenses.”

    Mr. Kum continued, “With the acquisition of Central Bancorp, Inc. complete, our integration efforts are proceeding as planned. We have identified several areas where we believe we can continue to streamline operations, including selected branch closures, which we expect will occur in early 2015.  In addition, we recently announced the hiring of two experienced Regional Presidents who will be responsible for increasing market share and driving profitable growth in Texas and Illinois—two states where we now have a strong presence.  We will look to broaden our market share from our core Korean American customer base to the wider Asian American and mainstream communities by providing our customers with the benefit of a larger product offering, improved lending capacity and  enhanced customer service.”

    Click to view full report.

    Contact:
    Christina C. Lee
    FVP & Senior Strategy Officer
    213-427-5631

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400


  • Oct 29, 2014 Hanmi Bank Hires Regional President to Expand Market Share in Illinois

    Hanmi Bank Hires Regional President to Expand Market Share in Illinois



    LOS ANGELES, CA – October 29, 2014 -- Hanmi Bank (the “Bank”), a wholly-owned subsidiary of Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), today announced that Susan Kim has joined the Bank as Executive Vice President and Regional President Illinois. Ms. Kim will be responsible for leading the Bank’s loan production and deposit generation activities in Illinois.

    “We are pleased to welcome Susan to Hanmi,” said C. G. Kum, President and Chief Executive Officer. “With the recent completion of our acquisition of United Central Bank, a wholly-owned subsidiary of Central Bancorp, Inc., Susan joins the Bank at an important time as we look to expand our presence in Illinois. Her leadership, business development skills and knowledge of the Illinois market will greatly enhance our ability to serve the Korean, Chinese, South Asian and mainstream communities throughout the state. We are fortunate to have an executive with her capabilities and experience joining Hanmi in this critical role.”

    Susan Kim brings to Hanmi 20 years of experience in retail and commercial banking. Most recently, Ms. Kim was Senior Vice President, Division Manager of Korean Banking at MB Financial Bank, N.A., a Chicago-based bank with nearly $10 billion in assets, where she was responsible for the Division’s strategy, business development and management of retail and business banking. She held various positions of increasing responsibility during her fifteen-year tenure at MB Financial Bank. Ms. Kim earned her B.A degree from the University of California-Irvine and attended the University of Wisconsin-Madison’s Graduate School of Banking.

    “I am delighted to join Hanmi Bank and look forward to working with the team to increase market share in Illinois and drive profitable growth,” said Ms. Kim.



    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 across California, Texas, Illinois, Virginia, New Jersey and New York with 49 full-service branches as well as loan production offices in Colorado, Texas, Virginia, 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 shareholder value. Additional information is available at www.hanmi.com.


    CONTACT:
    Christina C. Lee
    FVP & Senior Strategy Officer
    213-427-5631

    Lasse Glassen
    Investor Relations, Addo Communications
    310-829-5400


  • Oct 28, 2014 Hanmi Bank Hires Regional President to Lead Growth in Texas

    Hanmi Bank Hires Regional President to Lead Growth in Texas



    LOS ANGELES, CA – October 27, 2014 -- Hanmi Bank (the “Bank”), a wholly-owned subsidiary of Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), today announced that Mohammad Tariq has joined the Bank as Executive Vice President and Regional President Texas. Mr. Tariq will be responsible for managing the Bank’s loan production and deposit generation activities in Texas.

    “We are delighted to welcome Mohammad to Hanmi,” said C. G. Kum, President and Chief Executive Officer.  “He has a proven track record of generating profitable growth in his previous position as Chief Lending Officer at MetroBank, N.A., serving customers in the Korean, Chinese, South Asian and mainstream communities in Texas. He brings strong marketing capabilities, excellent leadership skills and a deep understanding of the Texas marketplace. With the completion of our acquisition of United Central Bank, a wholly-owned subsidiary of Central Bancorp, Inc., Hanmi now has a significant presence in the region. Mohammad is an excellent fit and ideally suited to help Hanmi expand its customer base in Texas.”

    Mr. Tariq served as the Chief Lending Officer at MetroBank, N.A. (now East West Bank), the largest Asian ethnic community bank in Texas with $1.1 billion in assets, where he was responsible for loan portfolio growth, commercial lending strategies and marketing plans in the Houston and Dallas metropolitan areas. After MetroBank, Mr. Tariq was Executive Vice President and Chief Loan Officer at Golden Bank, N.A. (formerly Texas First National Bank). Mr. Tariq received graduate banking education from the University of Pennsylvania’s Stonier Graduate School of Banking and holds a Leadership Certification from the Wharton School of Business.

    "Joining Hanmi Bank represents a tremendous opportunity for me to lead a talented group of bankers focused on expanding its market share in Texas. I am confident that we will achieve our growth objectives," said Mr. Tariq. 


    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 across California, Texas, Illinois, Virginia, New Jersey and New York with 49 full-service branches as well as loan production offices in Colorado, Texas, Virginia, 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 shareholder value. Additional information is available at www.hanmi.com.



    CONTACT:
    Christina C. Lee
    FVP & Senior Strategy Officer
    213-427-5631

    Lasse Glassen
    Investor Relations, Addo Communications
    310-829-5400


  • Oct 16, 2014 Hanmi Financial Announces Third Quarter 2014 Conference Call and Webcast

    Hanmi Financial Announces Third Quarter 2014 Conference Call and Webcast



    LOS ANGELES – October 16, 2014 – Hanmi Financial Corporation (Nasdaq: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today announced that it will report third quarter 2014 financial results before the open of the stock market on Friday, November 7, 2014. Management will host a conference call that same day, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to discuss the results. The schedule for reporting third quarter 2014 financial results reflects additional time necessary to finalize accounting associated with the completion of Hanmi’s acquisition of Central Bancorp, Inc., the parent company of United Central Bank, effective as of August 31, 2014.

    Investment professionals and all current and prospective shareholders are invited to access the live call on November 7, 2014 by dialing 1-877-407-9039 before 8:00 a.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 across California, Texas, Illinois, Virginia, New Jersey and New York with 49 full-service branches as well as loan production offices in Colorado, Texas, Virginia, 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 shareholder value. Additional information is available at www.hanmi.com.


    Contact:
    Christina C. Lee
    FVP & Senior Strategy Officer
    213-427-5631

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400


  • Oct 14, 2014 Hanmi Bank holds Special Appreciation Reception for UCB shareholders and VIP guests

    Hanmi Bank holds Special Appreciation Reception for UCB shareholders and VIP guests



    In light of the recently closed deal with United Central Bank, Hanmi Bank held a special VIP reception on October 9th at the Coyote Ridge Golf Club in Carrollton, TX.

    Guests in attendance included the Korean General Consul of Dallas, Dong-Chan Kim, among many community leaders, shareholders, customers, and media members, totaling 180 people.  Hanmi Bank's marketing spokesperson, Shin-Soo Choo, outfielder of the Texas Rangers, also attended and delivered a congratulatory speech to make the night even more special.  For those who weren't familiar with the Hanmi brand, a bank introductory video, a historical gallery, and a branch introduction video were presented to further enlighten the guests.

    President and CEO, C. G. Kum expressed his joy and gratitude to be able to meet customers and community members in person through this special event.  "We will do our best to meet and surpass the expectations of customers in the Texas region.  With a successful event, it is my hope that the Texans will look forward to welcoming Hanmi into their community."

    Hanmi Financial first announced its merger agreement with United Central Corp. on December 16, 2013, and completed the transaction on August 31st of this year.  System integration of the two banks is scheduled to be completed in February of next year.







    President & CEO, C. G. Kum

    Contact:

    Jenny Park | Creative Strategy Manager (213-427-4255)
    Katie Kwon | Creative Strategy Officer (213-368-3237)



Copyright ©2015 Hanmi Bank. All rights reserved.