Hanmi News

  • 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)



  • Sep 02, 2014 Hanmi Financial Corp. Completes Acquisition of Central Bancorp, Inc.

    Hanmi Financial Corp. Completes Acquisition of Central Bancorp, Inc.



    Press Conference: Houston, TX
    Friday, September 5, 2014, 10:30 AM at the Hanmi Bank (former UCB) Houston Banking Center


    (front row, L to R) Joseph K. Rho, Chairman of the Board, C. G. Kum, President & CEO, Bonnie Lee, COO
    (back row) Hanmi Bank employees in Houston

    Press Conference: Dallas, TX
    Thursday, September 4, 2014, 10:30 AM at the Hanmi Bank (former UCB) Dallas Banking Center

    (L to R) Joseph K. Rho, Chairman of the Board, C. G. Kum, President & CEO, Bonnie Lee, COO


    Chairman, CEO, and COO with Hanmi employees in Dallas

    Press Conference: Chicago, IL
    Wed., September 3, 2014, 10:30 AM at the JW Marriott-Chicago

    (L to R) Joseph K. Rho, Chairman of the Board, C. G. Kum, President & CEO, Bonnie Lee, COO

    Press Conference: Los Angeles
    Tues., September 2, 2014, 10:30 AM at the Oxford Palace Hotel


    (L to R) Joseph K. Rho, Chairman of the Board, C. G. Kum, President & CEO, Bonnie Lee, COO


    Hanmi Financial board members and Hanmi Bank senior management


    LOS ANGELES, CA – September 2, 2014 -- Hanmi Financial Corporation (NASDAQ: HAFC) (“Hanmi”), the holding company for Hanmi Bank (the “Bank”), today announced that it has completed its acquisition of Central Bancorp, Inc., the parent company of United Central Bank, effective as of August 31, 2014.

    With the merger complete, Hanmi becomes the second largest Korean American Bank in the United States with 50 banking offices and three loan production offices serving different communities across California, Illinois, New Jersey, New York, Texas, Virginia, and Washington. The combined entity has approximately $4.4 billion in assets, $2.8 billion in gross loans, and $3.7 billion in deposits, providing Hanmi with the leading deposit market share among Korean American Banks in Illinois, Texas, and Virginia along with a substantial market share in California.

    “The completion of our merger with United Central Bank is a momentous occasion for Hanmi,” said C. G. Kum, President and CEO. “Having opened our first branch in Los Angeles in 1982 with the clear mission of helping immigrants achieve the American Dream, we are thrilled to now provide our customers with 50 branches across the United States. With this expanded geographic presence, we will broaden our market share from our core Korean American customer base to the wider Asian American and mainstream communities, making Hanmi the first Korean American Bank to extend into these additional communities.”

    Mr. Kum continued, “I am very pleased that the transaction has proceeded so smoothly, and we can now fully focus our efforts on integrating the two banks as quickly as possible. With the new Hanmi Bank, all of our loyal customers will have the benefit of a larger product offering, improved lending capacity, and enhanced customer service.”
    The transaction was announced December 16, 2013 and approved by shareholders of Central Bancorp on April 17, 2014. The combined companies will operate as Hanmi Financial Corporation and Hanmi Bank, respectively, with banking operations conducted under the Hanmi Bank brand.

    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 50 full-service branches as well as loan production offices in 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.

    Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Hanmi Financial Corporation cautions readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the benefits of the merger involving Hanmi Financial Corporation and Central Bancorp, Inc. including future financial and operating results, plans, objectives, expectations and intentions, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include risks and uncertainties relating to: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the merger may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time on merger-related issues; general worldwide economic conditions and related uncertainties; the effect of changes in governmental regulations; and other factors we discuss or refer to in the “Risk Factors” section of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. Each forward-looking statement speaks only as of the date of the particular statement and Hanmi Financial Corporation undertakes no obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.


    CONTACT:
    Mark (Shick) Yoon
    EVP & Chief Financial Officer
    Direct Phone: 213-427-5636

    Christina Lee
    FVP & Senior Strategy Officer
    Direct Phone: 213-427-5631


  • Aug 21, 2014 Hanmi Bank visits Las Vegas Magic Show to support customers

    Hanmi Bank visits Las Vegas Magic Show to support customers



    Hanmi Bank Fashion District branch manager Sharon Kim and Operations Officer Jin-Young Lee made their way to the Las Vegas Magic Show on the 18th to meet and present gifts to their customers.  

    The apparel industry makes up a significant part of Hanmi's customer base, as well as it is a great part of the Korean-American community.  Representatives of Hanmi continue to support their customers in person in such conventions every year.  


    (L to R): RCRV CFO Soo-Han Kim, Fashion District Br. Mgr. Sharon Kim & Operations Officer Jin-Young Lee


    (L to R): Fashion District Br. Mgr. Sharon Kim & Hye Jung Choi from NikiBiki


  • Aug 06, 2014 Hanmi Financial Receives CDBO approval

    Hanmi Financial Receives CDBO approval



    On August 1, 2014, Hanmi Financial Corporation, a Delaware corporation (the “Corporation”) and the parent company of Hanmi Bank (“Hanmi Bank”), a California state-chartered bank, received a waiver of the application requirements under the Bank Holding Company Act of 1956 from the Federal Reserve Bank of San Francisco (the “Federal Reserve Bank”), acting on delegated authority from the Board of Governors of the Federal Reserve System, in connection with the proposed merger of Central Bancorp, Inc., a Texas corporation (“CBI”) with and into the Corporation and the proposed merger of United Central Bank (“UCB”), the Texas state-chartered bank subsidiary of CBI, with and into Hanmi Bank.

    On August 4, 2014, the California Department of Business Oversight (the “CDBO”) approved Hanmi Bank’s application to merge with UCB.  With the receipt of the waiver from the Federal Reserve Bank and the notice of approval from the CDBO, the Corporation and Hanmi Bank, which had previously announced receipt of
    approval for the merger from the Federal Reserve Bank under the Bank Merger Act on July 17, 2014, have received all necessary regulatory clearances to consummate the mergers.

    “This is a momentous occasion for Hanmi Financial Corporation and Hanmi Bank,” said President and Chief Executive Officer, C. G. Kum. “I am extremely pleased that the regulatory approvals process went smoothly. With the anticipated completion of the merger, Hanmi is taking a significant step towards establishing its brand presence on a nationwide scale. Through the expansion of our regional networks, we can continue to serve an increasingly diverse customer base and support the growth of the local communities we serve.”

    The transaction, which was announced on December 16, 2013 and approved by the shareholders of CBI on April 17, 2014, is expected to be completed on August 31, 2014, subject to the satisfaction of other customary closing conditions. The combined companies will operate as Hanmi Financial Corporation and Hanmi Bank, respectively, with banking operations conducted under the Hanmi Bank brand.


    Contact:
    Jenny Park, Marketing Manager (213-427-4255) 
    Katie Kwon, Creative Strategy Officer (213-368-3237)



  • Jul 22, 2014 Hanmi Earns $11.0 Million, or $0.35 per Share, in 2Q14

    Hanmi Earns $11.0 Million, or $0.35 per Share, in 2Q14



    Profits from Continuing Operations Increase to $11.5 Million in 2Q14

    LOS ANGELES – July 22, 2014 – Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank (the “Bank”), today reported second quarter 2014 net income totaled $11.0 million, or $0.35 per diluted share. Reflecting improving asset quality, the second quarter net income includes a negative loan loss provision of $3.9 million. In the first quarter of 2014, Hanmi earned $11.0 million, or $0.34 per diluted share, including a $3.3 million negative loan loss provision, and earned $9.5 million, or $0.30 per diluted share, for the second quarter of 2013. Excluding results from its discontinued insurance businesses, earnings from continuing operations increased 4.9% to $11.5 million, or $0.36 per diluted share, in the second quarter of 2014 from $11.0 million, $0.34 per diluted share, in the first quarter of 2014 and increased 23.4% from $9.3 million, $0.29 per diluted share, in the second quarter a year ago.

    In the first six months of 2014, net income increased 12.7% to $22.0 million, or $0.69 per diluted share, compared to $19.5 million, or $0.62 per diluted share, in the first six months of 2013. Earnings from continuing operations increased 15.5%, to $22.5 million in the first six months of 2014, from $19.5 million in the first six months of 2013.

    “Our second quarter profits continue to reflect the core operating strength of our franchise,” said C. G. Kum, President and Chief Executive Officer. “We are continuing to streamline our operations, through staff reductions, closing one branch and the sale of our insurance agencies. These initiatives are making Hanmi more efficient and will allow us to focus on growing our core business banking franchise. These steps are particularly important as we move closer to completing the acquisition of Central Bancorp, Inc.”


    To view the entire report, visit our Investor Relations page.


  • Jul 15, 2014 Hanmi Bank Revamps Credit Card Service

    Hanmi Bank Revamps Credit Card Service



    Hanmi Bank has been aggressively marketing their new credit card services, which made a soft launch in May of this year.  With their new Visa line, issued by Elan Financial Services, a much wider pool of customers can take advantage of the products.  Although Hanmi has been offering a credit card service since 2000, the variety was rather limited.  By partnering with the nation’s biggest credit card issuer, the bank is offering much wider pool of options that customers can take advantage of.

    Consumers can acquire points through the VISA Bonus Rewards and VISA Bonus Rewards Plus.  College students can access the College Rewards Card, and Businesses can use the Signature Business Company Card.  Additionally, with the VISA CommUNITY Card for non-profit organizations, customers have access to 10 different credit cards.

     The most popular card by far would be the VISA Bonus Rewards Card, with which consumers receive a bonus of 2,500 points with their first purchase.  One point can be gained per net $1 with every purchase thereafter, and 25% additional points will be acquired every month.  Various rewards and gift cards are available with the points, including travel rewards and cash back.

    C. G. Kum, CEO of Hanmi Bank, said, “Hanmi Bank has been focusing its energy on developing products that offer the highest convenience to our customers.  The soft launch of the Hanmi credit cards has been garnering much interest and we hope to continue to satisfy our customers in this matter.”   More information on the Hanmi credit card can be found on www.hanmi.com. 





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