Hanmi News

  • Feb 19, 2008 Beverly Hills Branch Opens

    Beverly Hills Branch Opens

    All Regular Personal Checking customers will start receiving 1% Cash Back on their net debit card transactions. This feature is automatically added to your account and there is no need to sign up. It's easy, simple, and automatic!

    Hanmi Bank officially opened its 25th branch in the city of Beverly Hills.  This branch represents the first Korean-American bank to open a branch in the city of Beverly Hills and the entire West Los Angeles area.

    The Beverly Hills Branch is located on the southwest corner of Wilshire Blvd and Rexford Drive. This eighth addition to the South Bay District will be managed by Jin Young Kim, who leaves the Cerritos Branch after seven years as a loan officer.

    Beverly Hills Branch
    9300 Wilshire Blvd.
    Beverly Hills, CA 90212
    Tel: 310-724-7800
    Fax: 310-724-7850

  • Feb 13, 2008 Open Accounts Online

    Open Accounts Online

    Starting today, customers are now able to open a checking, savings, and CD account online.  This new service will allow customers who reside outside of our branch network to open an account.  The process only takes a few minutes and can be done during anytime of the day.

     

    Customers may click here to begin the application process.

  • Nov 06, 2007 Hanmi Financial Corporation Reports Net Income of $11.1 Million for Third Quarter of 2007

    Hanmi Financial Corporation Reports Net Income of $11.1 Million for Third Quarter of 2007

    LOS ANGELES--(BUSINESS WIRE)--Nov. 6, 2007--Hanmi Financial Corporation (NASDAQ:HAFC), the holding company for Hanmi Bank, reported that for the three months ended September 30, 2007, it earned net income of $11.1 million, a decrease of 27.6 percent compared to net income of $15.3 million for the second quarter of 2007. Earnings per share were $0.23 (diluted), a decrease of 25.8 percent compared to $0.31 per share (diluted) for the second quarter of 2007.

     

    "Our strong loan growth and the opening of our 24th branch during the quarter were overshadowed by higher loan loss provisions and continued margin compression. During the quarter, our loan portfolio increased $164.0 million and we opened a new branch in Rancho Cucamonga, California," said Sung Won Sohn, Ph.D., President and Chief Executive Officer. "However, our net interest margin decreased from 4.51 percent in the second quarter to 4.26 percent in the third quarter. We expect our margin to continue to experience competitive pressures in the near term and the recent change in the Federal Reserve monetary policy will hurt margins until it is fully reflected in the repricing of our time deposits."

     

    "The third quarter increase of $5.4 million in the provision for credit losses stems in part from a group of six related business acquisition loans amounting to $3.6 million, some of which have become the subject of litigation that we initiated."

     

    "In this uncertain economic and financial environment, the asset quality is a serious concern for all lenders. Fortunately, Hanmi's exposure to the residential market is minimal. The commercial real estate market, about two-thirds of Hanmi's portfolio, continues to remain healthy. However, in recent quarters, we have experienced higher delinquencies and charge-offs resulting from a more challenging environment for our customers."

     

    THIRD-QUARTER HIGHLIGHTS

     

    -- Net interest income before provision for credit losses was $37.9 million for the third quarter of 2007, compared to $38.6 million for the second quarter of 2007 and $39.7 million for the third quarter of 2006, reflecting a 2.8 percent and 7.3 percent, respectively, sequential increase in average interest-earning assets. Net interest margin for the third quarter of 2007 was 4.26 percent, compared to 4.51 percent for the second quarter of 2007 and 4.79 percent for the third quarter of 2006.

     

    -- The loan portfolio increased by $354.9 million, or 12.4 percent, to $3.22 billion at September 30, 2007, compared to $2.86 billion at December 31, 2006, reflecting continued growth in commercial and industrial loans.

     

    -- Non-performing loans increased by $22.1 million to $44.7 million, or 1.39 percent of the portfolio, at September 30, 2007, compared to $22.6 million, or 0.74 percent of the portfolio, at June 30, 2007. Loans over 30 days delinquent increased from $32.0 million at June 30, 2007 to $55.0 million at September 30, 2007.

     

    -- The provision for credit losses was $8.5 million for the third quarter of 2007, compared to $3.0 million for the second quarter of 2007 and $1.7 million for the third quarter of 2006.

     

    -- The allowance for loan losses was 1.07 percent, 1.05 percent and 0.99 percent of the gross loan portfolio at September 30, 2007, June 30, 2007 and September 30, 2006, respectively.

     

    -- During the third quarter, the Company repurchased 1,004,100 of its shares at a cost of $15.0 million, or $14.90 per share.

     

    NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

     

    Net interest income before provision for credit losses was $37.9 million for the third quarter of 2007, a decrease of $735,000, or 1.9 percent, compared to $38.6 million for the second quarter of 2007, and a decrease of $1.9 million, or 4.7 percent, compared to $39.7 million for the third quarter of 2006.

     

    The yield on the loan portfolio was 8.44 percent for the third quarter of 2007, a decrease of 24 basis points compared to 8.68 percent for the second quarter of 2007, and a decrease of 45 basis points compared to 8.89 percent for the third quarter of 2006. The yield on investment securities was 4.52 percent for the third quarter of 2007, an increase of 12 basis points compared to 4.40 percent for the second quarter of 2007, and an increase of four basis points compared to 4.48 percent for the third quarter of 2006.

     

    The yield on average interest-earning assets was 8.01 percent for the third quarter of 2007, a decrease of 16 basis points compared to 8.17 percent for the second quarter of 2007, and a decrease of 28 basis points compared to 8.29 percent for the third quarter of 2006. The cost of interest-bearing liabilities was 4.93 percent for the third quarter of 2007, an increase of one basis point compared to 4.92 percent for the second quarter of 2007, and an increase of 20 basis points compared to 4.73 percent for the third quarter of 2006, as the competitive deposit rate environment continued to stabilize.

     

    PROVISION FOR CREDIT LOSSES

     

    The provision for credit losses was $8.5 million for the third quarter of 2007, compared to $3.0 million for the second quarter of 2007 and $1.7 million for the third quarter of 2006. In the third quarter of 2007, net charge-offs were $6.1 million, compared to $2.5 million for the second quarter of 2007 and $656,000 for the third quarter of 2006.

     

    The sequential increase in the provision for credit losses is attributable to an increased migration of loans into more adverse risk rating categories, including a group of six related business acquisition loans amounting to $3.6 million, some of which have become the subject of litigation; an increase of $164.0 million, or 5.4 percent, in the loan portfolio; and a higher rate of increase in non-performing assets, which increased $21.3 million in the third quarter to a balance of $45.0 million at September 30, 2007, compared to an increase of $4.2 million to a balance of $23.7 million at June 30, 2007.

     

    Delinquent loans increased to $55.0 million, or 1.71 percent of gross loans, at September 30, 2007 from $32.0 million, or 1.05 percent of gross loans, at June 30, 2007. While the level of non-performing assets and delinquent loans are indicators of the credit quality of the portfolio, the provision for credit losses is determined primarily on the basis of loan classifications and the historical loss experience with similarly situated credits.

     

    NON-INTEREST INCOME

     

    Non-interest income decreased by $1.2 million, or 10.9 percent, to $9.5 million for the third quarter of 2007, compared to $10.7 million for the second quarter of 2007, and increased by $354,000, or 3.9 percent, compared to $9.2 million for the third quarter of 2006. The decrease in non-interest income from the second quarter of 2007 to the third quarter of 2007 is primarily attributable to a $1.2 million decrease in the amount of gain on sales of loans. The increase in non-interest income from the third quarter of 2006 to the third quarter of 2007 is primarily attributable to an increase of $881,000 in insurance commissions, reflecting the acquisitions of two insurance agencies in the first quarter of 2007, and a $226,000 gain on sale of OREO, partially offset by a $877,000 decrease in the amount of gain on sales of loans.

     

    NON-INTEREST EXPENSES

     

    Non-interest expenses decreased by $241,000, or 1.1 percent, to $21.2 million for the third quarter of 2007, compared to $21.5 million for the second quarter of 2007, and increased by $1.4 million, or 7.0 percent, compared to $19.9 million for the third quarter of 2006. Salaries and employee benefits increased by $636,000, or 5.9 percent, sequentially from $10.8 million for the second quarter of 2007 to $11.4 million for the third quarter of 2007 because of the opening of the Rancho Cucamonga branch in August 2007 and increased accruals for incentive compensation.

     

    The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for credit losses and non-interest income) for the third quarter of 2007 was 44.85 percent, compared to 43.61 percent for the second quarter of 2007 and 40.61 percent for the third quarter of 2006, in part reflecting the acquisitions of two insurance agencies in the first quarter of 2007 and the opening of the Rancho Cucamonga and Fullerton branches during 2007.

     

    PROVISION FOR INCOME TAXES

     

    The provision for income taxes reflects a 37.2 percent effective tax rate for the third quarter of 2007, compared to a 38.1 percent effective tax rate for the second quarter of 2007 and a 35.7 percent effective tax rate for the third quarter of 2006. Changes in the effective tax rate reflect a relatively stable level of Enterprise Zone and low-income housing tax credits in periods in which there were changes in taxable income.

     

    FINANCIAL POSITION

     

    Total assets were $4.01 billion at September 30, 2007, an increase of $286.4 million, or 7.7 percent, compared to $3.73 billion at December 31, 2006, and an increase of $272.5 million, or 7.3 percent, from the September 30, 2006 balance of $3.74 billion.

     

    At September 30, 2007, net loans totaled $3.19 billion, an increase of $348.0 million, or 12.3 percent, from $2.84 billion at December 31, 2006. Real estate loans increased by $57.7 million, or 5.5 percent, to $1.10 billion at September 30, 2007, compared to $1.04 billion at December 31, 2006, and commercial and industrial loans grew by $306.6 million, or 17.8 percent, to $2.03 billion at September 30, 2007, compared to $1.73 billion at December 31, 2006.

     

    The growth in total assets was funded primarily by an increase in FHLB advances and other borrowings of $192.3 million, up 113.8 percent to $361.3 million at September 30, 2007, compared to $169.0 million at December 31, 2006. In addition, deposits increased $102.8 million, up 3.5 percent to $3.05 billion at September 30, 2007 from $2.94 billion at December 31, 2006. The increase in deposits included increases in time deposits of $100,000 or more of $91.4 million, up 6.6 percent to $1.47 billion, in money market checking accounts of $38.0 million, up 8.7 percent to $476.3 million, and in other time deposits of $16.4 million, up 5.5 percent to $311.9 million, partially offset by decreases in noninterest-bearing demand deposits of $37.8 million, down 5.2 percent to $690.5 million, and in savings accounts of $5.1 million, down 5.1 percent to $94.2 million.

     

    ASSET QUALITY

     

    Total non-performing assets, including loans 90 days or more past due and still accruing, non-accrual loans and other real estate owned ("OREO") assets, increased by $30.8 million to $45.0 million at September 30, 2007 from $14.2 million at December 31, 2006, and increased by $31.5 million from $13.5 million at September 30, 2006. Non-performing loans at September 30, 2007 included a $17 million construction loan for low-income housing that is fully collateralized and participated in by the local government. The downgrade of this loan relates to project cost overruns and construction delays. Despite these set backs we anticipate the project being completed and our loan being repaid without a loss to the Bank. Additionally, to date, we have never lost any money on low-income housing projects. Non-performing loans as a percentage of gross loans increased to 1.39 percent at September 30, 2007 from 0.50 percent at December 31, 2006 and 0.47 percent at September 30, 2006.

     

    At September 30, 2007, delinquent loans were $55.0 million, or 1.71 percent of gross loans, compared to $19.6 million, or 0.68 percent of gross loans, at December 31, 2006, and $24.1 million, or 0.84 percent of gross loans, at September 30, 2006.

     

    At September 30, 2007, the Company maintained an allowance for loan losses of $34.5 million and a liability for off-balance sheet exposure, primarily unfunded loan commitments, of $1.8 million. The allowance for loan losses represented 1.07 percent of gross loans at September 30, 2007, compared to 0.96 percent and 0.99 percent at December 31, 2006 and September 30, 2006, respectively. As of September 30, 2007, the allowance for loan losses was 77.19 percent of non-performing loans, compared to 193.9 percent at December 31, 2006 and 209.8 percent at September 30, 2006.

     

    ABOUT HANMI FINANCIAL CORPORATION

     

    Headquartered in Los Angeles, Hanmi Bank, a wholly owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 24 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and nine loan production offices in California, Colorado, Georgia, Illinois, Texas, Virginia and Washington. Hanmi Bank specializes in commercial, SBA, trade finance and consumer 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.hanmifinancial.com.

     

    FORWARD-LOOKING STATEMENTS

     

    This release contains forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: general economic and business conditions in those areas in which we operate; demographic changes; competition for loans and deposits; fluctuations in interest rates; risks of natural disasters related to our real estate portfolio; risks associated with SBA loans; changes in governmental regulation; credit quality; the ability of borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to successfully integrate acquisitions we may make; the availability of capital to fund the expansion of our business; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

  • Aug 16, 2007 Rancho Cucamonga Branch Opens

    Rancho Cucamonga Branch Opens

    Hanmi Bank officially opened its 24th branch in the city of Rancho Cucamonga.  The Rancho Cucamonga Branch is the first branch that Hanmi Bank has opened in the San Bernardino County area.

    Rancho Cucamonga Branch
    9759 Baseline Rd
    Rancho Cucamonga, CA 91730
    Tel: 909-919-7599
    Fax: 909-919-7597

  • Jun 18, 2007 New Bill Pay Launched

    New Bill Pay Launched

    Hanmi Bank recently revamped its Bill Pay system to be more user friendly and efficient to use.  The conversion took place on June 18 and now users are able to enjoy the following benefits:

     

    •Easily schedule recurring payments

    •View a snapshot of processed and pending payments

    •Receive bill pay reminders via email

    For more information on our new Bill Pay system, please click here.

  • May 03, 2007 Hanmi Financial Corporation Reports Net Income of $13.1 Million for First Quarter of 2007

    Hanmi Financial Corporation Reports Net Income of $13.1 Million for First Quarter of 2007

    Year-over-Year Earnings Per Share Decrease 13% to $0.26

    LOS ANGELES--(BUSINESS WIRE)--May 3, 2007--Hanmi Financial Corporation (NASDAQ:HAFC), the holding company for Hanmi Bank, reported that for the three months ended March 31, 2007, it earned net income of $13.1 million, a decrease of 24.6 percent compared to net income of $17.3 million in the fourth quarter of 2006, and a decrease of 11.8 percent compared to net income of $14.8 million in the comparable period a year ago. Earnings per share were $0.26 (diluted), a decrease of 13.3 percent compared to $0.30 (diluted) for the same period in 2006.

    "Financial results for the quarter point to solid performance within our core operations that unfortunately was offset by a handful of problem loans," noted Sung Won Sohn, Ph.D., President and Chief Executive Officer. "These problem loans required a $6.1 million provision for credit losses during the quarter and reflect an increase in non-performing assets to $19.5 million from $14.2 million at December 31, 2006."

    "Without minimizing the effect of the increase in provision for credit losses," added Dr. Sohn, "it is worth noting that whereas fourth-quarter 2006 net income included a pre-tax gain of $1.9 million on the sale of the unguaranteed portion of approximately $15.5 million in SBA loans, no comparable gain was realized in the first quarter of 2007."

    "On a positive note, both loans and deposits were up during the quarter, by $48.3 million and $39.3 million, respectively, from December 31, 2006," said Dr. Sohn, "as was net interest margin, which was 4.61 percent compared to 4.59 percent in the fourth quarter of 2006. We look for further growth in loans and deposits in the second quarter and hope to maintain net margin at or near current levels."

    FIRST-QUARTER HIGHLIGHTS

    •Net interest margin for the first quarter of 2007 was 4.61 percent, compared to 4.59 percent for the fourth quarter of 2006 and 4.92 percent for the first quarter of 2006. Net interest income before provision for credit losses was $38.1 million for the first quarter of 2007, compared to $38.8 million for the fourth quarter of 2006 and $36.9 million for the first quarter of 2006, declining slightly sequentially because of the smaller number of days in the quarter. •The loan portfolio increased by $48.3 million, or 1.7 percent, to $2.89 billion at March 31, 2007, compared to $2.84 billion at December 31, 2006, reflecting balanced growth of the commercial real estate and commercial and industrial portions of the portfolio. •Non-performing assets increased by $5.3 million to $19.5 million, or 0.67 percent of the portfolio, at March 31, 2007, compared to $14.2 million, or 0.50 percent of the portfolio, at December 31, 2006. •The provision for credit losses was $6.1 million for the first quarter of 2007, compared to $1.6 million for the fourth quarter of 2006 and $3.0 million for the first quarter of 2006. •The allowance for loan losses was 1.08 percent, 0.96 percent and 1.00 percent of the gross loan portfolio at March 31, 2007, December 31, 2006 and March 31, 2006, respectively. •Non-interest income and non-interest expenses reflect the acquisitions of Chun-Ha Insurance Services, Inc. ("Chun-Ha") and All World Insurance Services, Inc. ("All World"). The acquisition was marginally accretive to earnings per share.ACQUISITIONS

    Effective January 2, 2007, the Company completed the acquisitions of Chun-Ha and All World. The acquisitions increased first quarter non-interest income by $984,000 and increased total non-interest expenses by $848,000. The insurance agencies' first quarter net income (after recognizing amortization of acquired intangible assets) of $85,000 is included in the Company's consolidated net income.

    NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

    Net interest income before provision for credit losses was $38.1 million for the first quarter of 2007, a decrease of $713,000, or 1.8 percent, compared to $38.8 million for the fourth quarter of 2006, and an increase of $1.2 million, or 3.3 percent, compared to $36.9 million for the first quarter of 2006.

    The yield on the loan portfolio was 8.80 percent for the first quarter of 2007, an increase of 3 basis points compared to 8.77 percent for the fourth quarter of 2006, and an increase of 34 basis points compared to 8.46 percent for the first quarter of 2006. Interest income on loans in the first quarter of 2007 included prepayment penalties of $417,000, or 0.06 percent of average loans, compared to $6,000 for the fourth quarter of 2006. The yield on investment securities was 4.44 percent for the first quarter of 2007, a decrease of 2 basis points compared to 4.46 percent for the fourth quarter of 2006, and an increase of 8 basis points compared to 4.36 percent for the first quarter of 2006.

    The yield on average interest-earning assets was 8.23 percent for the first quarter of 2007, an increase of 5 basis points compared to 8.18 percent for the fourth quarter of 2006, and an increase of 41 basis points compared to 7.82 percent for the first quarter of 2006. The cost of interest-bearing liabilities was 4.87 percent for the first quarter of 2007, an increase of 2 basis points compared to 4.85 percent for the fourth quarter of 2006, and an increase of 90 basis points compared to 3.97 percent for the first quarter of 2006, as the competitive deposit rate environment stabilized.

    The year-over-year increase of $9.4 million in interest income was primarily due to: 1) an increase in average interest-earning assets, which increased from $3.04 billion to $3.35 billion, an increase of $314.0 million that provided an additional $7.0 million of interest income compared to the first quarter of 2006; and 2) an increase in the yield on average interest-earning assets, which increased from 7.82 percent to 8.23 percent, an increase of 41 basis points that provided an additional $2.4 million of interest income compared to the first quarter of 2006. The majority of this growth was funded by a $135.0 million, or 4.8 percent, increase in average deposits. Average borrowings also increased by $113.2 million, or 81.8 percent, compared to the first quarter of 2006. During 2006, the Company borrowed $130.0 million from the Federal Home Loan Bank for terms of 12 to 24 months to allow it to fund fixed-rate loans, but maintain the desired level of asset sensitivity.

    PROVISION FOR CREDIT LOSSES

    The provision for credit losses was $6.1 million for the first quarter of 2007, compared to $1.6 million for the fourth quarter of 2006 and $3.0 million for the same quarter last year. In the first quarter of 2007, net charge-offs were $2.4 million, compared to $2.4 million for the fourth quarter of 2006 and $1.2 million for the same quarter last year.

    The increase in the provision for credit losses is attributable primarily to the migration of loans among the Company's risk rating categories. In the first quarter of 2007, three large loans, two of which became delinquent in the first quarter and one of which remained current as to principal and interest payments, migrated to higher risk categories. A fourth loan was deemed to be impaired, and a partial charge-off was recorded to bring its carrying balance to the level supported by real estate collateral. Together, the migration of these four loans required a provision for credit losses of $3.4 million. The migration of other loans accounted for the remainder of the provision.

    The increase in the provision for credit losses also reflects increases in non-performing assets, which increased from $14.2 million at December 31, 2006 to $19.5 million at March 31, 2007, and delinquent loans, which increased from $19.6 million at December 31, 2006 to $37.3 million at March 31, 2007. While the level of non-performing assets and delinquent loans are indicators of the credit quality of the portfolio, the provision for credit losses is determined based primarily on loan classifications and the Company's historical loss experience with similarly situated credits.

    NON-INTEREST INCOME

    Non-interest income decreased by $1.1 million, or 9.8 percent, to $10.0 million for the first quarter of 2007, compared to $11.1 million for the fourth quarter of 2006, and increased by $2.0 million, or 24.1 percent, compared to $8.0 million for the first quarter of 2006. The changes in non-interest income are primarily attributable to a decrease in the amount of gain on sales of loans to $1.4 million for the first quarter of 2007, compared to $3.4 million for the fourth quarter of 2006 and $839,000 for the first quarter of 2006. In the fourth quarter of 2006, the Company recognized a pre-tax gain of $1.9 million on the sale of the unguaranteed portion of SBA loans. There were no such sales in the first quarter of 2007.

    NON-INTEREST EXPENSES

    Non-interest expenses increased by $1.1 million, or 5.3 percent, to $21.0 million for the first quarter of 2007, compared to $19.9 million for the fourth quarter of 2006, and increased by $3.3 million, or 18.2 percent, compared to $17.7 million for the first quarter of 2006. Such increases were primarily attributable to increased salaries and benefits associated with the acquisitions of Chun-Ha and All World, offset by decreased advertising and promotion expense in the first quarter of 2007, due to seasonal promotional activities in the fourth quarter of 2006.

    The efficiency ratio (non-interest expenses divided by the sum of net interest income before provision for credit losses and non-interest income) for the first quarter of 2007 was 43.64 percent, compared to 39.95 percent for the fourth quarter of 2006 and 39.51 percent for the first quarter of 2006, reflecting the reduced level of gain on sale of loans and the acquisitions of Chun-Ha and All World.

    PROVISION FOR INCOME TAXES

    The provision for income taxes was $7.9 million at a 37.7 percent effective tax rate for the first quarter of 2007, compared to $11.0 million at a 38.9 percent effective tax rate for the fourth quarter of 2006 and $9.4 million at a 38.8 percent effective tax rate for the first quarter of 2006. This reflects a stable level of Enterprise Zone and low-income housing tax credits in a period in which there was a decline in taxable income.

    FINANCIAL POSITION

    Total assets were $3.78 billion at March 31, 2007, an increase of $52.3 million, or 1.4 percent, compared to $3.73 billion at December 31, 2006, and an increase of $263.3 million, or 7.5 percent, from the March 31, 2006 balance of $3.51 billion.

    At March 31, 2007, net loans totaled $2.89 billion, an increase of $48.3 million, or 1.7 percent, from $2.84 billion at December 31, 2006. Real estate loans increased by $20.5 million, or 2.0 percent, to $1.06 billion at March 31, 2007, compared to $1.04 billion at December 31, 2006. Commercial and industrial loans grew by $32.4 million, or 1.9 percent, to $1.76 billion at March 31, 2007, compared to $1.73 billion at December 31, 2006.

    The growth in total assets was primarily funded by an increase in deposits of $39.3 million, up 1.3 percent to $2.98 billion at March 31, 2007, compared to $2.94 billion at December 31, 2006. The increase in deposits included increases in time deposits of $100,000 or more of $35.0 million, up 2.5 percent to $1.42 billion, in noninterest-bearing demand deposits of $10.0 million, up 1.4 percent to $738.4 million, in other time deposits of $5.5 million, up 1.9 percent to $301.0 million, and in savings accounts of $2.3 million, up 2.3 percent to $101.5 million, partially offset by a decrease in money market checking accounts of $13.5 million, down 3.1 percent to $424.8 million.

    At March 31, 2007, goodwill totaled $209.9 million, an increase of $2.3 million, or 1.1 percent, from $207.6 million at December 31, 2006, due to the acquisitions of Chun-Ha and All World.

    ASSET QUALITY

    Total non-performing assets, including loans 90 days or more past due and still accruing, non-accrual loans and other real estate owned ("OREO") assets, increased by $5.3 million to $19.5 million at March 31, 2007 from $14.2 million at December 31, 2006, and increased by $8.7 million from $10.8 million at March 31, 2006. Non-performing loans as a percentage of gross loans increased to 0.67 percent at March 31, 2007 from 0.50 percent at December 31, 2006 and 0.38 percent at March 31, 2006.

    At March 31, 2007, delinquent loans were $37.3 million, or 1.28 percent of gross loans, compared to $19.6 million, or 0.68 percent of gross loans, at December 31, 2006, and $15.6 million, or 0.58 percent of gross loans, at March 31, 2006.

    At March 31, 2007, the Company maintained an allowance for loan losses of $31.5 million and a liability for off-balance sheet exposure, primarily unfunded loan commitments, of $1.9 million. The allowance for loan losses represented 1.08 percent of gross loans at March 31, 2007, compared to 0.96 percent and 1.00 percent at December 31, 2006 and March 31, 2006, respectively. As of March 31, 2007, the allowance for loan losses was 161.6 percent of non-performing loans, compared to 193.9 percent at December 31, 2006 and 259.5 percent at March 31, 2006.

    ABOUT HANMI FINANCIAL CORPORATION

    Headquartered in Los Angeles, Hanmi Bank, a wholly owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 23 full-service offices in Los Angeles, Orange, San Francisco, Santa Clara and San Diego counties, and nine loan production offices in California, Colorado, Georgia, Illinois, Texas, Virginia and Washington. Hanmi Bank specializes in commercial, SBA, trade finance and consumer 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.hanmifinancial.com.

    FORWARD-LOOKING STATEMENTS

    This release contains forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: general economic and business conditions in those areas in which we operate; demographic changes; competition for loans and deposits; fluctuations in interest rates; risks of natural disasters related to our real estate portfolio; risks associated with SBA loans; changes in governmental regulation; credit quality; our ability to successfully integrate acquisitions we may make; the availability of capital to fund the expansion of our business; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, which could cause actual results to differ from those projected.

  • Mar 20, 2007 Business Debit Card Introduced

    Business Debit Card Introduced

    Now Hanmi Bank business customers may enjoy the benefits of a personal debit card, PLUS much more with the Hanmi Business Debit Card.

     

    -  Higher transaction & withdrawal limits

    -  Issue additional cards to other employees

    -  Earn 1 point for every $2 spent through our Debit Card Bonus Program

    -  Make deposits via the ATM

    -  Use it anywhere that accepts Visa Card

    -  Use it at any ATM at Hanmi Bank, Saehan Bank, Wilshire State Bank, Nara Bank, and Center Bank for FREE.

     

    Customers may go to any one of our convenient branches to sign up for a Business Debit Card.

  • Mar 08, 2007 Fullerton Branch Opens

    Fullerton Branch Opens

    Hanmi Bank officially opened its 23rd branch in the city of Buena Park.  Branch Manager, Hye Ja Shin, will take the helm with over 20 years in banking experience.  The Fullerton Branch is the fourth branch in the Orange County area, which is under District Leader, Yong Wook Kim.  This is also the first Hanmi branch to provide automated coin counting service.  This convenient service is free to all Hanmi Bank customers.

    Fullerton Branch
    5245 Beach Blvd.
    Buena Park, CA 90621
    Tel: 714-232-7600
    Fax: 714-232-7630

  • Feb 06, 2007 Mobile Banking is Launched

    Mobile Banking is Launched

    Hanmi Bank is pleased to one of the first banks in the U.S. to launch a Mobile Banking service.  Customers are now able to check the account balance, transfer funds between Hanmi accounts and make loan payments all from their internet enabled cellphone.

    The service is FREE and users may begin the quick enrollment process by visiting m.hanmi.com. 

    Benefits of Hanmi Mobile Banking:

    -  FREE service

    -  24/7 accessibility

    -  Check account balance

    -  Balance transfer between Hanmi Bank accounts

    -  Make loan payments

    -  Conveniently search for Hanmi Bank locations

     

    Click here for more information.

  • Jan 26, 2007 Wealth Management Dept. Opens Their Doors

    Wealth Management Dept. Opens Their Doors

    Hanmi Bank continues its efforts to "meet all our customers' financial needs" by establishing a Wealth Management Department.  This department will service Hanmi's customers by assisting them with their investment and retirement needs.  Start planning for the future now and contact one of our highly qualified Investment Executies today.

    Wealth Management Department
    3660 Wilshire Blvd., Suite 917
    Los Angeles, CA 90010
    TEL:  (213) 427-4231
    FAX:  (213) 427-4221
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