Hanmi News

  • Jan 26, 2016 Hanmi’s Strong Fourth Quarter and Full Year 2015 Results

    Hanmi’s Strong Fourth Quarter and Full Year 2015 Results


    Led by Solid New Loan Production and 14.2% Growth in Loans Receivable


    2015 Fourth Quarter and Full Year Highlights:

         • Fourth quarter net income of $14.8 million, or $0.46 per diluted share; full year net income of $53.8 million, or $1.68 per diluted share.
         • Fourth quarter loans receivable up 4.5%, or $138.2 million, from the third quarter and up 14.2% from a year ago.
         • Fourth quarter new loan production of $268.5 million up 31.4% from a year ago; full year new loan production of $917.5 million, up 49.2% from prior year.
         • Noninterest bearing deposits up 3.7% from the third quarter and 13.0% from a year ago and represent 32.9% of deposits.
         • Fourth quarter net interest margin, excluding acquisition accounting, expanded to 3.62% compared with 3.48% for the third quarter and 3.24% for the year-ago period.
         • Asset quality continues to be strong with non-performing assets at 0.65% of total assets; recorded a negative provision for loan losses of $3.8 million for the fourth quarter and $11.6 million for the full year.

    LOS ANGELES – January 26, 2016 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported fourth quarter net income of $14.8 million, or $0.46 per diluted share, compared with $14.0 million, or $0.44 per diluted share, for the prior quarter and $5.9 million, or $0.19 per diluted share, for the fourth quarter of 2014.

    For the full year of 2015, net income was $53.8 million, or $1.68 per diluted share, up 40.2% from the prior year after adjusting for the bargain purchase gain and merger and integration costs recorded primarily in conjunction with the August 31, 2014 acquisition of Central Bancorp, Inc. (“CBI”), the parent company of United Central Bank. Net income for the full year of 2014 was $49.8 million, or $1.56 per diluted share. The prior year included an after-tax bargain purchase gain of $14.6 million, with pre-tax merger and integration costs of $6.6 million in 2014 and $2.0 million in 2015.

    Mr. C. G. Kum, President and Chief Executive Officer, said, “Hanmi’s fourth quarter results were excellent and contributed to a strong year of profitable growth in 2015. For the full year, new loan production was up 49%, which led to a 14% growth in loans receivable. We continue to emphasize disciplined underwriting standards and credit quality remains very strong. In addition, the successful repositioning of our balance sheet since the CBI acquisition has improved the mix of earning assets. This helped to expand fourth quarter net interest margin, excluding acquisition accounting, to 3.62% or 14 basis points higher than the prior quarter and is an impressive accomplishment in the current environment. Furthermore, our ongoing focus on relationship-driven, high-touch business banking is driving our low cost deposit base with higher demand deposits.”

    Mr. Kum continued, “Hanmi’s commitment to improving efficiencies and enhancing profitability pushed net income to $14.8 million in the fourth quarter and $53.8 million for the full year in 2015, an increase of 40% compared to the prior year after excluding the impact of merger and integration costs and accounting adjustments associated primarily with the CBI acquisition. Given our strong financial results in 2015, the Board of Directors increased the quarterly cash dividend in the fourth quarter by 27% to $0.14 per share. Overall, I am very pleased with our performance in 2015 and I believe Hanmi is well-positioned to continue generating profitable growth and capitalizing on market dislocation in the quarters and years ahead.”


    Click here for full report

    Romolo (Ron) Santarosa
    Senior Executive Vice President & Chief Financial Officer
    213-427-5636

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400

  • Oct 27, 2015 Hanmi Reports 5.8% Loan Growth and $0.44 Earnings per Share for the Third Quarter

    Hanmi Reports 5.8% Loan Growth and $0.44 Earnings per Share for the Third Quarter


    Hanmi Reports 5.8% Loan Growth and $0.44 Earnings per Share for the Third Quarter

    2015 Third Quarter Highlights:

          • Net income of $14.0 million, or $0.44 per diluted share.
          • Loans receivable up 5.8% or $168.2 million from the second quarter and 13.5% from a year ago.
          • New loan production up 47.1% or $306.1 million from the second quarter and 80.3% from a year ago.
          • Noninterest bearing deposits up 5.0% from the second quarter and represent 31.7% of deposits.
          • Asset quality continues to be strong with non-performing assets at 0.88% of total assets and a negative provision for loan losses of $3.7 million for the 2015 third quarter.



    LOS ANGELES – October 27, 2015 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported third quarter net income of $14.0 million, or $0.44 per diluted share, unchanged from the second quarter of 2015. Compared with the third quarter of 2014, after adjusting for the after-tax bargain purchase gain and merger and integration costs, net income was up 52% from a year ago. Third quarter 2014 net income was $21.8 million, or $0.68 per diluted share, and included an after-tax bargain purchase gain of $14.6 million and pretax merger and integration costs of $3.4 million recorded in conjunction with the August 31, 2014 acquisition of Central Bancorp, Inc. (“CBI”), the parent company of United Central Bank.

    For the first nine months of 2015, net income was $39.0 million, or $1.22 per diluted share, up 26% from a year ago after adjusting for the $14.6 million after-tax bargain purchase gain in 2014 and pre-tax merger and integration costs of $3.6 million in 2014 and $1.7 million in 2015. Net income for the first nine months of 2014 was $43.8 million, or $1.38 per diluted share.

    Mr. C. G. Kum, President and Chief Executive Officer, said, “Hanmi’s strong third quarter results were driven by the continued success of our strategic expansion initiatives, improving credit quality and the positive impact of repositioning our balance sheet since the CBI acquisition. Meaningful loan production from our operations in Texas and Illinois, along with the strong performance of our new Healthcare Banking Group, augmented solid growth in our core markets in California. Our focus on credit remains strong, both in our originations as well as in our follow-on administration. Moreover, our pursuit of meaningful banking relationships helped lead the increase in our demand deposits.”

    Mr. Kum continued, “Since the acquisition, we successfully repositioned our balance sheet to where loans now represent 72% of total assets and 87% of deposits. We also remain focused on improving our operating efficiencies and enhancing profitability across the enterprise. During the third quarter, we completed the closure and consolidation of four branches that resulted in one-time charges of $1.2 million. I believe our actions to streamline our cost structure over the course of the year, coupled with our successful expansion initiatives have positioned Hanmi to generate profitable growth in the years ahead.”


    Click here to view full report


    Romolo (Ron) Santarosa
    Senior Executive Vice President, Corporate Finance and Strategy
    213-427-5636

    Michael McCall
    Executive Vice President & Chief Financial Officer
    213-427-5701

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400


  • Oct 16, 2015 Hanmi Bank Holds Texas VIP Event

    Hanmi Bank Holds Texas VIP Event


     
    Hanmi Bank Actively Markets the Texas Region
    Bank gains momentum through holding series of VIP events

    Los Angeles, California – October 8, 2015 – Hanmi Bank is actively looking to expand its market share in the Texas region. The bank has recently held series of VIP events to attract its key customers and community leaders in the Houston and Dallas regions.

    Last month, Hanmi held VIP dinner events in Houston and Dallas inviting key businessmen and community leaders from South Asian as well as other Asian communities. Hanmi also held a similar event this month, targeting the Koreans and Chinese customers in Dallas. The event was hosted by Mohammad Tariq, Executive Vice President and Texas Regional President, attracting approximately 80 guests to each event. C. G. Kum, President and CEO and Bonnie Lee, Senior Executive Vice President and COO of Hanmi in addition to Texas management team attended the events to personally meet with the customers and share Hanmi’s plan to support the customers.

    “Hanmi is founded purely by capitals of the immigrants who have come to the U.S. with the hope of achieving the American Dream. We understand the challenges and needs of immigrant communities better than many mainstream banks. We are a community bank that is committed to investing in local communities and our customers. With strong management team and robust capital, we are here to meet the customers’ financial needs”, said C. G. Kum, President & CEO of Hanmi Bank.

    In addition to the VIP events, Hanmi is actively working to increase its brand awareness in the Texas region. Hanmi has recently completed its new logo signage installation at all of its branches in Texas. It has also begun a branding advertising campaign, boasting a modern and youthful look. Furthermore, the bank is also promoting its product and services through active marketing. Recently, Hanmi has completed its loan promotion ad and is now promoting Hanmi Remote Cash Depositor, a virtual vault service targeting business customers with large cash transaction volume.


    CONTACT:
    Jenny Park | Corporate Marketing Manager
    Hanmi Bank
    213-427-4255
    jennyjp@hanmi.com


  • Jul 23, 2015 Hanmi Reports Strong 2015 Second Quarter Results

    Hanmi Reports Strong 2015 Second Quarter Results



    Second Quarter Net Income Up 27% Quarter-Over-Quarter


    LOS ANGELES – July 23, 2015 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported second quarter net income increased 26.5% to $14.0 million, or $0.44 per diluted share, compared with $11.1 million, or $0.35 per diluted share, for the first quarter of 2015 and was up 26.6% from $11.0 million, or $0.35 per diluted share, for the year-ago period.
    For the first six months of 2015, net income increased 13.6% to $25.0 million, or $0.78 per diluted share, compared with $22.0 million, or $0.69 per diluted share, for the first six months of 2014.

    Mr. C. G. Kum, President and Chief Executive Officer, said, “Our second quarter results reflect the early success of our expansion efforts and improving profitability across the enterprise. While the net growth in our loans reflected a high level of payoffs, our $208 million of organic loan production increased 54% since last quarter and was 81% higher than the second quarter last year. Our loan pipeline for the third quarter is strong. Our net income for the second quarter grew 27% to $14 million driven by our ongoing initiatives to improve operating efficiencies and reduce expenses. The platforms we have in California, Texas and Illinois together with the commencement of our Healthcare Banking Group will allow us to grow our brand, expand our customer base and generate long-term sustainable growth.”

    Click to view Full Report

    Romolo (Ron) Santarosa
    Senior Executive Vice President, Corporate Finance and Strategy
    213-427-5636

    Michael McCall
    Executive Vice President & Chief Financial Officer
    213-427-5701

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400

  • Jun 29, 2015 Hanmi Bank Unveils New Corporate Logo

    Hanmi Bank Unveils New Corporate Logo



    Los Angeles, CA - June 29, 2015 - Hanmi Bank (“Hanmi”)
    , a subsidiary of Hanmi Financial Corporation (NASDAQ: HAFC), today announced the introduction of a new corporate logo. A logo unveiling ceremony will be held at 10 AM today at Hanmi’s Olympic-Crenshaw branch, 3737 W. Olympic Blvd., Los Angeles, CA 90019, which is the Bank’s first branch location. Attendees expected to attend include local community leaders, customers, bank directors and executives.

    “Founded by Korean American immigrants, Hanmi Bank has always been dedicated to helping its customers achieve the American Dream and the new logo is inspired by our rich heritage. The logo embodies our desire to connect, partner and grow with our customers. It also reflects our strong commitment to continue to serve the Korean American community, while expanding our reach to include more ethnically diverse customers throughout the U.S.,” said C. G. Kum, President & CEO of Hanmi Bank.

    Hanmi has already installed temporary signage introducing its new corporate logo at all of its California branches. Permanent signage at all branches throughout the U. S. will be implemented beginning in July. Hanmi will also roll out a public advertising campaign throughout its regions to support the new logo announcement.

    About Hanmi Financial Corporation

    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 46 full-service branches and 6 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in commercial real estate, C&I, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.


    CONTACT:

    Jenny Park | Corporate Marketing Manager
    Hanmi Bank
    213-427-4255
    jennyjp@hanmi.com

  • Jun 08, 2015 Hanmi Financial Corp. Appoints Romolo Santarosa as Senior Executive Vice President, Corporate Finance and Strategy

    Hanmi Financial Corp. Appoints Romolo Santarosa as Senior Executive Vice President, Corporate Finance and Strategy



    LOS ANGELES, CA – June
    8, 2015 -- Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank (the “Bank”), announced today that Mr. Romolo C. Santarosa has been hired by the Company and Bank to serve as its Senior Executive Vice President, Corporate Finance and Strategy.

    In this newly created position, Mr. Santarosa will oversee the Company’s corporate strategy, financial planning and corporate development activities, while providing additional leadership and experience to the Bank’s finance and accounting teams.

    Mr. Santarosa, 58, has over 22 years of experience in banking and financial services. Over his career, he has been responsible for leading and directing growth strategies, cost reduction and process improvement initiatives, technology implementations and capital management.  Most recently, since June 2013 he was Executive Vice President and Chief Operating Officer at Opus Bank, where he was responsible for operational and support functions. Prior to this, Mr. Santarosa served as the Senior Executive Vice President, Chief Financial Officer and Chief Operating Officer at First California Financial Group, Inc. and its bank subsidiary, First California Bank from November 2002 to May 2013. Before 2002, Mr. Santarosa served in leadership positions with several financial institutions and was an Audit Senior Manager with Price Waterhouse. Mr. Santarosa graduated from Ithaca College, with a B.S. in Accounting and a Minor in Mathematics.

    About Hanmi Financial Corporation
    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 46 full-service branches and 6 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in commercial real estate, C&I, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

    CONTACT:

    Lasse Glassen
    Investor Relations
    Addo Communications
    310-829-5400

    Michael McCall
    EVP & Chief Financial Officer
    213-427-5701


  • May 01, 2015 Hanmi Financial Corp. Announces the Opening of Two New Loan Production Offices in New York and Georgia

    Hanmi Financial Corp. Announces the Opening of Two New Loan Production Offices in New York and Georgia




    LOS ANGELES, CA – May 1, 2015 -- Hanmi Financial Corporation (NASDAQ: HAFC)
    (“Hanmi”), the holding company for Hanmi Bank (the “Bank”), today announced that it has opened two new Loan Production Offices (LPOs) in New York and Georgia. With the addition of these locations, Hanmi now has a total of six LPOs serving customers nationwide.

    Chris Hwang, SVP and New York Corporate Banking LPO Manager, will lead the New York LPO located at 1140 Avenue of the Americas, 9th Floor, New York, New York. The New York LPO will focus on middle market and C&I loans. Mr. Hwang joined the Hanmi team in January 2015 and has more than 25 years of experience in community banking, serving in several senior level banking/relationship management roles at East West Bank, TD Bank, N.A., Flushing Bank, Korea First Bank, and Long Island Savings Bank. Mr. Hwang earned his Masters of Science in Accounting from the C.W. Post College of Long Island University and completed the Graduate Commercial Lending School for the American Bankers Association at Southern Methodist University.

    A new LPO has also been opened at 3700 Crestwood Parkway, Suite 360, Duluth, Georgia. James Lee, FVP and Georgia LPO Manager, will lead the Georgia LPO, which will focus on SBA loans. Mr. Lee, who joined Hanmi in January 2015, has a decade of experience in mortgage, commercial, and SBA lending, having served as a LPO manager at Wilshire Bank and in loan officer roles at JS Capital Group and Centro Mortgage, Inc. Mr. Lee earned his Masters of Science in Quantitative Computational Finance from the Georgia Institute of Technology.

    About Hanmi Financial Corporation
    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 46 full-service branches and 6 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in commercial real estate, C&I, SBA and trade finance lending to small and middle market businesses. 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



  • Apr 23, 2015 Hanmi Reports Strong 2015 First Quarter Results

    Hanmi Reports Strong 2015 First Quarter Results



    First Quarter Net Income of $11.1 Million, Up 86.5% Quarter-Over-Quarter

    LOS ANGELES – April 23, 2015 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported first quarter 2015 results. For the quarter, net income increased 86.5% to $11.1 million, or $0.35 per diluted share, compared to $5.9 million, or $0.19 per diluted share, in the fourth quarter 2014 and was up 0.6% from $11.0 million, or $0.34 per diluted share, in the year-ago period. In the first quarter 2015, pretax income from continuing operations grew 125.9% to $18.6 million from $8.2 million in the fourth quarter 2014 but was down 1.2% from $18.8 million in the year-ago period.

    Mr. C. G. Kum, President and Chief Executive Officer, said, “We are off to a good start in 2015. First quarter net income of $11.1 million increased 86.5% from the prior quarter driven by a $5.4 million reduction in noninterest expense. We expect ongoing expense reduction initiatives currently underway will continue to improve our financial performance as we transform Hanmi into a nationwide community bank. To this end, we are making good progress integrating the acquisition of Central Bancorp, Inc. (“CBI”) and building out our asset generating platform in the former CBI markets. In doing so, we have created a platform that will enable the Hanmi franchise to generate sustainable growth well into the future.”

    Click to view full report.

    Contact:

    Michael McCall
    EVP & Chief Financial Officer
    213-427-5701

    Christina Lee
    FVP & Senior Strategy Officer
    213-427-5631

    Lasse Glassen
    Investor Relations (Addo Communications)
    310-829-5400



  • 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.” 



Copyright ©2015 Hanmi Bank. All rights reserved.