Exhibit 99.1
HANMI FINANCIAL CORPORATION REPORTS RECORD
NET INCOME OF $17.6 MILLION FOR THIRD QUARTER OF 2006
EARNINGS PER SHARE INCREASE 20.0% TO $0.36
LOS ANGELES — October 24, 2006 — Hanmi Financial Corporation (NASDAQ:HAFC), the holding
company for Hanmi Bank, reported that for the three months ended September 30, 2006, it earned
record net income of $17.6 million, an increase of 17.6 percent over net income of $15.0 million
for the comparable period a year ago. Earnings per share were $0.36 (diluted), an increase of 20.0
percent compared to $0.30 (diluted) for the same period in 2005.
For the nine months ended September 30, 2006, net income was $48.3 million, an increase of
11.5 percent over net income of $43.3 million for the comparable period a year ago. Earnings per
share were $0.98 (diluted), an increase of 14.0 percent compared to $0.86 (diluted) for the same
period in 2005.
“Record quarterly net income of $17.6 million reflects the continuation of favorable trends we
saw in the second quarter,” said Sung Won Sohn, Ph.D., President and Chief Executive Officer.
“Assets were a record $3.74 billion at September 30, 2006, up from $3.62 billion at June 30, 2006,
an improvement that was accompanied by modest but steady growth in both loans and deposits; loans
were a record $2.82 billion at September 30, 2006, compared to $2.76 billion at June 30, 2006, and
deposits were a record $2.97 billion at September 30, 2006, compared to $2.90 billion at June 30,
2006. Noteworthy was a continuation of the shift in mix from real estate loans to commercial and
industrial loans, which made up 61.0 percent of the portfolio at September 30, 2006 compared to
59.6 percent at June 30, 2006.”
“I would also
point to two other metrics in particular,” said Dr. Sohn. “Return on average
shareholders’ equity, regarded by many as among the most important measures of
financial performance in the banking industry, was 15.08 percent for the third quarter of 2006,
compared to 14.22 percent for the second quarter of 2006 and 13.89 percent for the third quarter of
2005. And our third-quarter efficiency ratio was 40.14 percent compared to 41.59 percent in the
second quarter and 38.34 percent a year ago.”
“Margin compression remains pervasive throughout the industry, and despite record net income,
Hanmi, like many of our competitors, has seen persistent pressure on margins during 2006,”
concluded Dr. Sohn. “The good news, however, is that third-quarter net interest margin of 4.73
percent was only three basis points lower than in the second quarter.
And even though we anticipate continuing margin pressures, we hope to hold the line on profitability in the fourth quarter.”
THIRD-QUARTER HIGHLIGHTS
| • |
|
Net interest income before provision for credit losses was $39.2
million for the third quarter of 2006, compared to $37.8 million for
the second quarter of 2006 and $35.1 million for the third quarter of
2005. |
| • |
|
Net interest margin for the third quarter of 2006 was 4.73 percent,
compared to 4.76 percent for the second quarter of 2006 and 4.78
percent for the third quarter of 2005. |
| • |
|
Return on average assets for the third quarter of 2006 was 1.90
percent, compared to 1.79 percent for the second quarter of 2006 and
1.80 percent for the third quarter of 2005. |
| • |
|
Return on average shareholders’ equity for the third quarter of 2006
was 15.08 percent, compared to 14.22 percent for the second quarter of
2006 and 13.89 percent for the third quarter of 2005. |
| • |
|
The loan portfolio increased by $61.2 million, or 2.2 percent, to
$2.82 billion at September 30, 2006 from $2.76 billion at June 30,
2006 and $2.47 billion at December 31, 2005. |
| • |
|
The provision for credit losses was $1.7 million for the third quarter
of 2006, compared to $900,000 for the second quarter of 2006 and $3.2
million for the third quarter of 2005. |
- 1 -
| • |
|
Non-performing assets increased $1.3 million, or 11.0 percent, from
$12.1 million at June 30, 2006 to $13.5 million at September 30, 2006. |
| • |
|
The allowance for loan losses was 0.99 percent and 0.98 percent of the
gross loan portfolio at September 30, 2006 and June 30, 2006,
respectively. |
| • |
|
The efficiency ratio for the third quarter of 2006 was 40.14 percent
compared to 41.59 percent for the second quarter of 2006 and 38.34
percent for the third quarter of 2005. |
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
Net interest income before provision for credit losses was $39.2 million for the third quarter
of 2006, an increase of $1.4 million, or 3.8 percent, compared to $37.8 million for the second
quarter of 2006, and an increase of $4.1 million, or 11.6 percent, compared to $35.1 million for
the third quarter of 2005.
The yield on the loan portfolio was 8.81 percent for the third quarter of 2006, an increase of
25 basis points compared to 8.56 percent for the second quarter of 2006, and an increase of 114
basis points compared to 7.67 percent for the third quarter of 2005. The yield on investment
securities was 4.48 percent for the third quarter of 2006, an increase of eight basis points
compared to 4.40 percent for the second quarter of 2006, and an increase of 46 basis points
compared to 4.02 percent for the third quarter of 2005. The yield on average interest-earning
assets was 8.22 percent for the third quarter of 2006, an increase of 24 basis points compared to
7.98 percent for the second quarter of 2006, while the cost of interest-bearing liabilities was
4.73 percent for the third quarter of 2006, an increase of 36 basis points compared to 4.37 percent
for the second quarter of 2006, as the Company continued to operate in a highly competitive deposit
taking environment.
The year-over-year increase of $16.2 million in interest income was primarily due to: 1) an
increase in the yield on average interest-earning assets, which increased from 7.08 percent to 8.22
percent, an increase of 114 basis points that provided an additional $8.4 million of interest
income compared to the third quarter of 2005; and 2) an increase in average interest-earning
assets, which increased from $2.91 billion to $3.29 billion, an increase of $374.4 million that
provided an additional $7.8 million of interest income compared to the third quarter of 2005. The
majority of this growth was funded by a $277.3 million, or 10.5 percent, increase in average
deposits. Average borrowings also increased by $56.6 million, or 55.3 percent, compared to the
third quarter of 2005, but decreased by $7.1 million, or 4.3 percent, compared to the second
quarter of 2006. During the quarter, the Company borrowed $90.0 million from the Federal Home Loan
Bank for terms of 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 represents the charge against current earnings that is
determined by management, through a disciplined credit review process, to be the amount needed to
maintain an allowance that is sufficient to absorb estimated probable loan losses inherent in the
loan portfolio. The provision for credit losses was $1.7 million for the third quarter of 2006,
compared to $900,000 for the second quarter of 2006 and $3.2 million for the third quarter of 2005.
The increase in the provision for credit losses is attributable to the migration of loan
classification in the criticized and classified loans and an increase in specific allocation for
impaired loans. The increase in the provision for credit losses also is attributable to an increase
in net charge-offs from $353,000 for the second quarter of 2006 to $656,000 in the third quarter
of 2006.
NON-INTEREST INCOME
Non-interest income increased by $407,000, or 4.6 percent, to $9.3 million for the third
quarter of 2006, compared to $8.9 million for the second quarter of 2006, and by $122,000, or 1.3
percent, compared to $9.2 million for the third quarter of 2005. Gain on sales of loans was $1.4
million for the third quarter of 2006, compared to $1.3 million for the second quarter of 2006 and
$1.7 million for the third quarter of 2005. Other non-interest income increased by $318,000, or 4.2
percent, to $7.9 million, compared to $7.6 million for the second quarter of 2006, and by $434,000,
or 5.8 percent, compared to $7.5 million for the third quarter of 2005. The increase reflects
increases in the value of derivatives, as well as increased service charges and trade finance fees.
- 2 -
NON-INTEREST EXPENSES
Non-interest expenses increased by $57,000, or 0.3 percent, to $19.5 million for the third
quarter of 2006, compared to $19.4 million for the second quarter of 2006. Salaries and employee
benefits decreased by $334,000, or 3.1 percent, to $10.4 million for the third quarter of 2006,
compared to $10.7 million for the second quarter of 2006. The decrease in salaries and employee
benefits is primarily due to higher deferred loan origination costs in the third quarter of 2006.
Advertising and promotion expense decreased by $146,000, or 18.0 percent, to $665,000, compared to
$811,000 for the second quarter of 2006, and professional fees decreased by $102,000, or 20.7
percent, to $390,000, compared to $492,000 for the second 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 third quarter of 2006 was 40.14
percent, compared to 41.59 percent for the second quarter of 2006 and 38.34 percent for the third
quarter of 2005.
PROVISION FOR INCOME TAXES
The provision for income taxes was $29.6 million at a 38.0 percent effective tax rate for the
nine months ended September 30, 2006, compared to $27.3 million at a 38.7 percent effective tax
rate for the nine months ended September 30, 2005. The Company recognized Enterprise Zone
tax credits, which reduced its effective tax rate by 2.0
percent and 0.9 percent for the nine months ended
September 30, 2006 and 2005, respectively, including
0.9 percent and 0.2 percent attributable to the true-up of
prior year credits recognized in the third quarter of 2006 and 2005,
respectively.
FINANCIAL POSITION
Total assets were $3.74 billion at
September 30, 2006, an increase of $325.6 million, or 9.5
percent, compared to the December 31, 2005 balance of $3.41 billion, and an increase of $371.4
million, or 11.0 percent, over the September 30, 2005 balance of $3.37 billion.
At September 30, 2006, net loans totaled $2.82 billion, an increase of $326.6 million, or 14.3
percent, from $2.47 billion at December 31, 2005. The increase in net loans was primarily
attributable to increased loan production in 2006. Real estate loans increased by $39.9 million, or
4.1 percent, to $1.01 billion at September 30, 2006, compared to $974.2 million at December 31,
2005. Commercial and industrial loans grew by $308.0 million, or 21.5 percent, to $1.74 billion at
September 30, 2006, compared to $1.43 billion at December 31, 2005.
The growth in total assets was funded by an increase in deposits of $147.7 million, up 5.2
percent to $2.97 billion at September 30, 2006, compared to $2.83 billion at December 31, 2005, and
an increase in FHLB advances and other borrowings of $123.1 million, up 265.7 percent to $169.4
million at September 30, 2006, compared to $46.3 million at December 31, 2005. The increase in
deposits included increases in time deposits of $100,000 or more of $231.8 million, up 19.9 percent
to $1.39 billion, in noninterest-bearing demand deposits of $18.3 million, up 2.5 percent to $756.9
million, and in other time deposits of $10.9 million, up 3.9 percent to $288.7 million, partially
offset by decreases in money market checking accounts of $91.4 million, down 17.4 percent to $434.7
million, and in savings accounts of $21.9 million, down 18.0 percent to $99.7 million.
At September 30, 2006, goodwill totaled $207.6 million, a decrease of $1.4 million, or 0.7
percent, from $209.1 million at December 31, 2005 due to a tax refund related to the acquisition of
Pacific Union Bank.
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 $1.3 million, or 11.0
percent, to $13.5 million at September 30, 2006 from $12.1 million at June 30, 2006, and increased
by $3.3 million, or 33.0 percent, from $10.1 million at December 31, 2005. Non-performing loans as
a percentage of gross loans increased to 0.47 percent at September 30, 2006 from 0.43 percent at
June 30, 2006 and 0.41 percent at December 31, 2005. As of September 30, 2006, loans to borrowers
in the wholesale trade, retail trade, and accommodation and food services industries made up 29.7
percent, 28.1 percent and 9.0 percent, respectively, of non-performing assets.
- 3 -
At September 30, 2006, loans 90 days or more past due and still accruing were $6,000, down
$3,000 from $9,000 at December 31, 2005. At September 30, 2006, non-accrual loans were $13.5
million, up $3.3 million, or 33.1 percent, from $10.1 million at December 31, 2005. There were no
OREO assets at September 30, 2006 or December 31, 2005.
At September 30, 2006, the allowance for loan losses was $28.3 million, and represented
management’s best estimate of the amount needed to maintain an allowance that the Company believes
should be sufficient to absorb estimated probable loan losses inherent in its loan portfolio. In
addition, the Company maintained a liability for off-balance sheet exposure, primarily unfunded
loan commitments, totaling $2.1 million at September 30, 2006 and December 31, 2005. The allowance
for loan losses represented 0.99 percent of gross loans at September 30, 2006, compared to 0.98
percent and 1.00 percent at June 30, 2006 and December 31, 2005, respectively. As of September 30,
2006, the allowance for loan losses was 209.8 percent of non-performing loans, compared to 224.5
percent at June 30, 2006 and 246.4 percent at December 31, 2005, reflecting less loss severity of
non-performing loans in light of the real estate collateral that secures the newly arising
non-performing loans.
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 22 full-service
offices in Los Angeles, Orange, San Francisco, Santa Clara and San Diego counties, and seven loan
production offices in California, Colorado, Georgia, Illinois, Texas, Virginia and Washington.
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.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 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, 2005, which could cause actual results to differ from those projected.
CONTACT
Hanmi Financial Corporation
| |
|
|
Michael J. Winiarski
|
|
Stephanie Yoon |
Chief Financial Officer
|
|
Investor Relations |
(213) 368-3200
|
|
(213) 427-5631 |
- 4 -
HANMI FINANCIAL CORPORATION AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
September 30, |
|
|
December 31, |
|
|
% |
|
|
September 30, |
|
|
% |
|
| |
|
2006 |
|
|
2005 |
|
|
Change |
|
|
2005 |
|
|
Change |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents |
|
$ |
164,609 |
|
|
$ |
163,477 |
|
|
|
0.7 |
% |
|
$ |
174,233 |
|
|
|
(5.5 |
)% |
Investment Securities |
|
|
398,956 |
|
|
|
443,912 |
|
|
|
(10.1 |
)% |
|
|
398,274 |
|
|
|
0.2 |
% |
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, Net of Deferred Loan Fees |
|
|
2,850,146 |
|
|
|
2,494,043 |
|
|
|
14.3 |
% |
|
|
2,483,471 |
|
|
|
14.8 |
% |
Allowance for Loan Losses |
|
|
(28,276 |
) |
|
|
(24,963 |
) |
|
|
13.3 |
% |
|
|
(24,523 |
) |
|
|
15.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loans |
|
|
2,821,870 |
|
|
|
2,469,080 |
|
|
|
14.3 |
% |
|
|
2,458,948 |
|
|
|
14.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers’ Liability on Acceptances |
|
|
11,245 |
|
|
|
8,432 |
|
|
|
33.4 |
% |
|
|
9,360 |
|
|
|
20.1 |
% |
Premises and Equipment, Net |
|
|
20,322 |
|
|
|
20,784 |
|
|
|
(2.2 |
)% |
|
|
20,426 |
|
|
|
(0.5 |
)% |
Accrued Interest Receivable |
|
|
16,190 |
|
|
|
14,120 |
|
|
|
14.7 |
% |
|
|
12,157 |
|
|
|
33.2 |
% |
Deferred Income Taxes |
|
|
11,615 |
|
|
|
9,651 |
|
|
|
20.4 |
% |
|
|
8,159 |
|
|
|
42.4 |
% |
Servicing Asset |
|
|
4,266 |
|
|
|
3,910 |
|
|
|
9.1 |
% |
|
|
3,716 |
|
|
|
14.8 |
% |
Goodwill |
|
|
207,646 |
|
|
|
209,058 |
|
|
|
(0.7 |
)% |
|
|
209,058 |
|
|
|
(0.7 |
)% |
Core Deposit Intangible |
|
|
6,876 |
|
|
|
8,691 |
|
|
|
(20.9 |
)% |
|
|
9,336 |
|
|
|
(26.3 |
)% |
Federal Reserve Bank and Federal Home Loan Bank Stock |
|
|
24,768 |
|
|
|
24,587 |
|
|
|
0.7 |
% |
|
|
24,251 |
|
|
|
2.1 |
% |
Bank-Owned Life Insurance |
|
|
23,368 |
|
|
|
22,713 |
|
|
|
2.9 |
% |
|
|
22,498 |
|
|
|
3.9 |
% |
Other Assets |
|
|
28,080 |
|
|
|
15,837 |
|
|
|
77.3 |
% |
|
|
17,972 |
|
|
|
56.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
3,739,811 |
|
|
$ |
3,414,252 |
|
|
|
9.5 |
% |
|
$ |
3,368,388 |
|
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing |
|
$ |
756,901 |
|
|
$ |
738,618 |
|
|
|
2.5 |
% |
|
$ |
764,380 |
|
|
|
(1.0 |
)% |
Interest-Bearing |
|
|
2,216,880 |
|
|
|
2,087,496 |
|
|
|
6.2 |
% |
|
|
1,982,390 |
|
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits |
|
|
2,973,781 |
|
|
|
2,826,114 |
|
|
|
5.2 |
% |
|
|
2,746,770 |
|
|
|
8.3 |
% |
Accrued Interest Payable |
|
|
19,191 |
|
|
|
11,911 |
|
|
|
61.1 |
% |
|
|
9,010 |
|
|
|
113.0 |
% |
Acceptances Outstanding |
|
|
11,245 |
|
|
|
8,432 |
|
|
|
33.4 |
% |
|
|
9,360 |
|
|
|
20.1 |
% |
FHLB Advances and Other Borrowings |
|
|
169,435 |
|
|
|
46,331 |
|
|
|
265.7 |
% |
|
|
86,931 |
|
|
|
94.9 |
% |
Junior Subordinated Debentures |
|
|
82,406 |
|
|
|
82,406 |
|
|
|
— |
|
|
|
82,406 |
|
|
|
— |
|
Other Liabilities |
|
|
12,392 |
|
|
|
12,281 |
|
|
|
0.9 |
% |
|
|
17,905 |
|
|
|
(30.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
3,268,450 |
|
|
|
2,987,475 |
|
|
|
9.4 |
% |
|
|
2,952,382 |
|
|
|
10.7 |
% |
Shareholders’ Equity |
|
|
471,361 |
|
|
|
426,777 |
|
|
|
10.4 |
% |
|
|
416,006 |
|
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders’ Equity |
|
$ |
3,739,811 |
|
|
$ |
3,414,252 |
|
|
|
9.5 |
% |
|
$ |
3,368,388 |
|
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 5 -
HANMI FINANCIAL CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
% |
|
|
Sept. 30, |
|
|
% |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
% |
|
| |
|
2006 |
|
|
2006 |
|
|
Change |
|
|
2005 |
|
|
Change |
|
|
2006 |
|
|
2005 |
|
|
Change |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Fees on Loans |
|
$ |
62,854 |
|
|
$ |
58,242 |
|
|
|
7.9 |
% |
|
$ |
47,454 |
|
|
|
32.5 |
% |
|
$ |
173,733 |
|
|
$ |
128,430 |
|
|
|
35.3 |
% |
Interest on Investments |
|
|
4,836 |
|
|
|
5,013 |
|
|
|
(3.5 |
)% |
|
|
4,277 |
|
|
|
13.1 |
% |
|
|
14,948 |
|
|
|
13,659 |
|
|
|
9.4 |
% |
Interest on Federal Funds Sold |
|
|
436 |
|
|
|
23 |
|
|
|
1,795.7 |
% |
|
|
221 |
|
|
|
97.3 |
% |
|
|
748 |
|
|
|
679 |
|
|
|
10.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Income |
|
|
68,126 |
|
|
|
63,278 |
|
|
|
7.7 |
% |
|
|
51,952 |
|
|
|
31.1 |
% |
|
|
189,429 |
|
|
|
142,768 |
|
|
|
32.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Deposits |
|
|
25,178 |
|
|
|
21,921 |
|
|
|
14.9 |
% |
|
|
14,655 |
|
|
|
71.8 |
% |
|
|
66,690 |
|
|
|
35,811 |
|
|
|
86.2 |
% |
Interest on FHLB Advances and Other Borrowings |
|
|
2,084 |
|
|
|
2,001 |
|
|
|
4.1 |
% |
|
|
878 |
|
|
|
137.4 |
% |
|
|
4,699 |
|
|
|
2,330 |
|
|
|
101.7 |
% |
Interest on Junior Subordinated Debentures |
|
|
1,672 |
|
|
|
1,587 |
|
|
|
5.4 |
% |
|
|
1,298 |
|
|
|
28.8 |
% |
|
|
4,734 |
|
|
|
3,499 |
|
|
|
35.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest Expense |
|
|
28,934 |
|
|
|
25,509 |
|
|
|
13.4 |
% |
|
|
16,831 |
|
|
|
71.9 |
% |
|
|
76,123 |
|
|
|
41,640 |
|
|
|
82.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES |
|
|
39,192 |
|
|
|
37,769 |
|
|
|
3.8 |
% |
|
|
35,121 |
|
|
|
11.6 |
% |
|
|
113,306 |
|
|
|
101,128 |
|
|
|
12.0 |
% |
Provision for Credit Losses |
|
|
1,682 |
|
|
|
900 |
|
|
|
86.9 |
% |
|
|
3,157 |
|
|
|
(46.7 |
)% |
|
|
5,542 |
|
|
|
3,743 |
|
|
|
48.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES |
|
|
37,510 |
|
|
|
36,869 |
|
|
|
1.7 |
% |
|
|
31,964 |
|
|
|
17.4 |
% |
|
|
107,764 |
|
|
|
97,385 |
|
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service Charges on Deposit Accounts |
|
|
4,249 |
|
|
|
4,183 |
|
|
|
1.6 |
% |
|
|
4,059 |
|
|
|
4.7 |
% |
|
|
12,663 |
|
|
|
11,657 |
|
|
|
8.6 |
% |
Trade Finance Fees |
|
|
1,227 |
|
|
|
1,116 |
|
|
|
9.9 |
% |
|
|
1,162 |
|
|
|
5.6 |
% |
|
|
3,414 |
|
|
|
3,143 |
|
|
|
8.6 |
% |
Remittance Fees |
|
|
517 |
|
|
|
532 |
|
|
|
(2.8 |
)% |
|
|
527 |
|
|
|
(1.9 |
)% |
|
|
1,537 |
|
|
|
1,545 |
|
|
|
(0.5 |
)% |
Other Service Charges and Fees |
|
|
591 |
|
|
|
614 |
|
|
|
(3.7 |
)% |
|
|
680 |
|
|
|
(13.1 |
)% |
|
|
1,739 |
|
|
|
1,948 |
|
|
|
(10.7 |
)% |
Bank-Owned Life Insurance Income |
|
|
221 |
|
|
|
215 |
|
|
|
2.8 |
% |
|
|
215 |
|
|
|
2.8 |
% |
|
|
654 |
|
|
|
630 |
|
|
|
3.8 |
% |
Increase in Fair Value of Derivatives |
|
|
389 |
|
|
|
109 |
|
|
|
256.9 |
% |
|
|
176 |
|
|
|
121.0 |
% |
|
|
723 |
|
|
|
965 |
|
|
|
(25.1 |
)% |
Other Income |
|
|
731 |
|
|
|
835 |
|
|
|
(12.5 |
)% |
|
|
648 |
|
|
|
12.8 |
% |
|
|
2,209 |
|
|
|
1,823 |
|
|
|
21.2 |
% |
Gain on Sales of Loans |
|
|
1,400 |
|
|
|
1,311 |
|
|
|
6.8 |
% |
|
|
1,712 |
|
|
|
(18.2 |
)% |
|
|
3,550 |
|
|
|
2,076 |
|
|
|
71.0 |
% |
Gain (Loss) on Sales of Securities Available for Sale |
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
21 |
|
|
|
(114.3 |
)% |
|
|
2 |
|
|
|
117 |
|
|
|
(98.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Income |
|
|
9,322 |
|
|
|
8,915 |
|
|
|
4.6 |
% |
|
|
9,200 |
|
|
|
1.3 |
% |
|
|
26,491 |
|
|
|
23,904 |
|
|
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-INTEREST EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Employee Benefits |
|
|
10,357 |
|
|
|
10,691 |
|
|
|
(3.1 |
)% |
|
|
9,155 |
|
|
|
13.1 |
% |
|
|
30,209 |
|
|
|
26,867 |
|
|
|
12.4 |
% |
Occupancy and Equipment |
|
|
2,596 |
|
|
|
2,558 |
|
|
|
1.5 |
% |
|
|
2,179 |
|
|
|
19.1 |
% |
|
|
7,472 |
|
|
|
6,581 |
|
|
|
13.5 |
% |
Data Processing |
|
|
1,202 |
|
|
|
1,218 |
|
|
|
(1.3 |
)% |
|
|
1,253 |
|
|
|
(4.1 |
)% |
|
|
3,635 |
|
|
|
3,663 |
|
|
|
(0.8 |
)% |
Advertising and Promotion |
|
|
665 |
|
|
|
811 |
|
|
|
(18.0 |
)% |
|
|
726 |
|
|
|
(8.4 |
)% |
|
|
2,122 |
|
|
|
1,983 |
|
|
|
7.0 |
% |
Supplies and Communications |
|
|
636 |
|
|
|
576 |
|
|
|
10.4 |
% |
|
|
559 |
|
|
|
13.8 |
% |
|
|
1,848 |
|
|
|
1,867 |
|
|
|
(1.0 |
)% |
Professional Fees |
|
|
390 |
|
|
|
492 |
|
|
|
(20.7 |
)% |
|
|
393 |
|
|
|
(0.8 |
)% |
|
|
1,550 |
|
|
|
1,432 |
|
|
|
8.2 |
% |
Amortization of Core Deposit Intangible |
|
|
585 |
|
|
|
605 |
|
|
|
(3.3 |
)% |
|
|
694 |
|
|
|
(15.7 |
)% |
|
|
1,815 |
|
|
|
2,140 |
|
|
|
(15.2 |
)% |
Decrease in Fair Value of Embedded Option |
|
|
78 |
|
|
|
112 |
|
|
|
(30.4 |
)% |
|
|
173 |
|
|
|
(54.9 |
)% |
|
|
292 |
|
|
|
748 |
|
|
|
(61.0 |
)% |
Other Operating Expenses |
|
|
2,964 |
|
|
|
2,353 |
|
|
|
26.0 |
% |
|
|
1,859 |
|
|
|
59.4 |
% |
|
|
7,385 |
|
|
|
5,836 |
|
|
|
26.5 |
% |
Merger-Related Expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(509 |
) |
|
|
(100.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Interest Expenses |
|
|
19,473 |
|
|
|
19,416 |
|
|
|
0.3 |
% |
|
|
16,991 |
|
|
|
14.6 |
% |
|
|
56,328 |
|
|
|
50,608 |
|
|
|
11.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
27,359 |
|
|
|
26,368 |
|
|
|
3.8 |
% |
|
|
24,173 |
|
|
|
13.2 |
% |
|
|
77,927 |
|
|
|
70,681 |
|
|
|
10.3 |
% |
Provision for Income Taxes |
|
|
9,762 |
|
|
|
10,428 |
|
|
|
(6.4 |
)% |
|
|
9,204 |
|
|
|
6.1 |
% |
|
|
29,588 |
|
|
|
27,342 |
|
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME |
|
$ |
17,597 |
|
|
$ |
15,940 |
|
|
|
10.4 |
% |
|
$ |
14,969 |
|
|
|
17.6 |
% |
|
$ |
48,339 |
|
|
$ |
43,339 |
|
|
|
11.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.36 |
|
|
$ |
0.33 |
|
|
|
9.1 |
% |
|
$ |
0.30 |
|
|
|
20.0 |
% |
|
$ |
0.99 |
|
|
$ |
0.88 |
|
|
|
12.5 |
% |
Diluted |
|
$ |
0.36 |
|
|
$ |
0.32 |
|
|
|
12.5 |
% |
|
$ |
0.30 |
|
|
|
20.0 |
% |
|
$ |
0.98 |
|
|
$ |
0.86 |
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,890,662 |
|
|
|
48,822,729 |
|
|
|
|
|
|
|
49,144,508 |
|
|
|
|
|
|
|
48,809,921 |
|
|
|
49,386,112 |
|
|
|
|
|
Diluted |
|
|
49,450,601 |
|
|
|
49,404,204 |
|
|
|
|
|
|
|
49,914,432 |
|
|
|
|
|
|
|
49,395,152 |
|
|
|
50,157,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES OUTSTANDING AT PERIOD-END |
|
|
48,991,146 |
|
|
|
48,908,580 |
|
|
|
|
|
|
|
48,606,245 |
|
|
|
|
|
|
|
48,991,146 |
|
|
|
48,606,245 |
|
|
|
|
|
- 6 -
HANMI FINANCIAL CORPORATION AND SUBSIDIARY
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in Thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
| |
|
Sept. 30, |
|
|
June 30, |
|
|
% |
|
|
Sept. 30, |
|
|
% |
|
|
Sept. 30, |
|
|
Sept. 30, |
|
|
% |
|
| |
|
2006 |
|
|
2006 |
|
|
Change |
|
|
2005 |
|
|
Change |
|
|
2006 |
|
|
2005 |
|
|
Change |
|
AVERAGE BALANCES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Gross Loans, Net of Deferred Loan Fees |
|
$ |
2,828,972 |
|
|
$ |
2,729,218 |
|
|
|
3.7 |
% |
|
$ |
2,456,033 |
|
|
|
15.2 |
% |
|
$ |
2,702,902 |
|
|
$ |
2,344,123 |
|
|
|
15.3 |
% |
Average Interest-Earning Assets |
|
|
3,287,581 |
|
|
|
3,180,999 |
|
|
|
3.4 |
% |
|
|
2,913,198 |
|
|
|
12.9 |
% |
|
|
3,169,215 |
|
|
|
2,815,192 |
|
|
|
12.6 |
% |
Average Total Assets |
|
|
3,675,091 |
|
|
|
3,570,389 |
|
|
|
2.9 |
% |
|
|
3,299,551 |
|
|
|
11.4 |
% |
|
|
3,557,227 |
|
|
|
3,191,373 |
|
|
|
11.5 |
% |
Average Deposits |
|
|
2,927,956 |
|
|
|
2,832,218 |
|
|
|
3.4 |
% |
|
|
2,650,581 |
|
|
|
10.5 |
% |
|
|
2,857,260 |
|
|
|
2,571,380 |
|
|
|
11.1 |
% |
Average Interest-Bearing Liabilities |
|
|
2,427,883 |
|
|
|
2,341,481 |
|
|
|
3.7 |
% |
|
|
2,075,091 |
|
|
|
17.0 |
% |
|
|
2,329,135 |
|
|
|
1,988,038 |
|
|
|
17.2 |
% |
Average Shareholders’ Equity |
|
|
463,011 |
|
|
|
449,664 |
|
|
|
3.0 |
% |
|
|
427,535 |
|
|
|
8.3 |
% |
|
|
450,069 |
|
|
|
416,737 |
|
|
|
8.0 |
% |
Average Tangible Equity |
|
|
248,147 |
|
|
|
232,802 |
|
|
|
6.6 |
% |
|
|
208,729 |
|
|
|
18.9 |
% |
|
|
233,671 |
|
|
|
197,060 |
|
|
|
18.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PERFORMANCE RATIOS (Annualized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets |
|
|
1.90 |
% |
|
|
1.79 |
% |
|
|
|
|
|
|
1.80 |
% |
|
|
|
|
|
|
1.82 |
% |
|
|
1.82 |
% |
|
|
|
|
Return on Average Shareholders’ Equity |
|
|
15.08 |
% |
|
|
14.22 |
% |
|
|
|
|
|
|
13.89 |
% |
|
|
|
|
|
|
14.36 |
% |
|
|
13.90 |
% |
|
|
|
|
Return on Average Tangible Equity |
|
|
28.13 |
% |
|
|
27.46 |
% |
|
|
|
|
|
|
28.45 |
% |
|
|
|
|
|
|
27.66 |
% |
|
|
29.40 |
% |
|
|
|
|
Efficiency Ratio |
|
|
40.14 |
% |
|
|
41.59 |
% |
|
|
|
|
|
|
38.34 |
% |
|
|
|
|
|
|
40.29 |
% |
|
|
40.88 |
% |
|
|
|
|
Net Interest Margin |
|
|
4.73 |
% |
|
|
4.76 |
% |
|
|
|
|
|
|
4.78 |
% |
|
|
|
|
|
|
4.78 |
% |
|
|
4.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR LOAN LOSSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the Beginning of Period |
|
$ |
27,250 |
|
|
$ |
26,703 |
|
|
|
2.0 |
% |
|
$ |
22,049 |
|
|
|
23.6 |
% |
|
$ |
24,963 |
|
|
$ |
22,702 |
|
|
|
10.0 |
% |
Provision Charged to Operating Expense |
|
|
1,682 |
|
|
|
900 |
|
|
|
86.9 |
% |
|
|
3,069 |
|
|
|
(45.2 |
)% |
|
|
5,542 |
|
|
|
3,519 |
|
|
|
57.5 |
% |
Charge-Offs, Net of Recoveries |
|
|
(656 |
) |
|
|
(353 |
) |
|
|
85.8 |
% |
|
|
(595 |
) |
|
|
10.3 |
% |
|
|
(2,229 |
) |
|
|
(1,698 |
) |
|
|
31.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the End of Period |
|
$ |
28,276 |
|
|
$ |
27,250 |
|
|
|
3.8 |
% |
|
$ |
24,523 |
|
|
|
15.3 |
% |
|
$ |
28,276 |
|
|
$ |
24,523 |
|
|
|
15.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses to Total Gross Loans |
|
|
0.99 |
% |
|
|
0.98 |
% |
|
|
|
|
|
|
0.99 |
% |
|
|
|
|
|
|
0.99 |
% |
|
|
0.99 |
% |
|
|
|
|
Allowance for Loan Losses to Total Non-Performing Loans |
|
|
209.8 |
% |
|
|
224.5 |
% |
|
|
|
|
|
|
310.7 |
% |
|
|
|
|
|
|
209.8 |
% |
|
|
310.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR OFF-BALANCE
SHEET ITEMS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the Beginning of Period |
|
$ |
2,130 |
|
|
$ |
2,130 |
|
|
|
— |
|
|
$ |
1,936 |
|
|
|
10.0 |
% |
|
$ |
2,130 |
|
|
$ |
1,800 |
|
|
|
18.3 |
% |
Provision Charged to Operating Expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
224 |
|
|
|
(100.0 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the End of Period |
|
$ |
2,130 |
|
|
$ |
2,130 |
|
|
|
— |
|
|
$ |
2,024 |
|
|
|
5.2 |
% |
|
$ |
2,130 |
|
|
$ |
2,024 |
|
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 7 -
HANMI FINANCIAL CORPORATION AND SUBSIDIARY
SELECTED FINANCIAL DATA (UNAUDITED)(Continued)
(Dollars in Thousands)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Sept. 30, |
|
|
Dec. 31, |
|
|
% |
|
|
Sept. 30, |
|
|
% |
|
| |
|
2006 |
|
|
2005 |
|
|
Change |
|
|
2005 |
|
|
Change |
|
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accrual Loans |
|
$ |
13,470 |
|
|
$ |
10,122 |
|
|
|
33.1 |
% |
|
$ |
7,622 |
|
|
|
76.7 |
% |
Loans 90 Days or More Past Due and Still Accruing |
|
|
6 |
|
|
|
9 |
|
|
|
(33.3 |
)% |
|
|
270 |
|
|
|
(97.8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Performing Loans |
|
|
13,476 |
|
|
|
10,131 |
|
|
|
33.0 |
% |
|
|
7,892 |
|
|
|
70.8 |
% |
Other Real Estate Owned |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Performing Assets |
|
$ |
13,476 |
|
|
$ |
10,131 |
|
|
|
33.0 |
% |
|
$ |
7,892 |
|
|
|
70.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-Performing Loans/Total Gross Loans |
|
|
0.47 |
% |
|
|
0.41 |
% |
|
|
|
|
|
|
0.32 |
% |
|
|
|
|
Total Non-Performing Assets/Total Assets |
|
|
0.36 |
% |
|
|
0.30 |
% |
|
|
|
|
|
|
0.23 |
% |
|
|
|
|
Total Non-Performing Assets/Allowance for Loan Losses |
|
|
47.7 |
% |
|
|
40.6 |
% |
|
|
|
|
|
|
32.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN PORTFOLIO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans |
|
$ |
1,014,058 |
|
|
$ |
974,172 |
|
|
|
4.1 |
% |
|
$ |
967,025 |
|
|
|
4.9 |
% |
Commercial and Industrial Loans |
|
|
1,739,476 |
|
|
|
1,431,492 |
|
|
|
21.5 |
% |
|
|
1,428,708 |
|
|
|
21.8 |
% |
Consumer Loans |
|
|
100,180 |
|
|
|
92,154 |
|
|
|
8.7 |
% |
|
|
91,799 |
|
|
|
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Loans |
|
|
2,853,714 |
|
|
|
2,497,818 |
|
|
|
14.2 |
% |
|
|
2,487,532 |
|
|
|
14.7 |
% |
Deferred Loan Fees |
|
|
(3,568 |
) |
|
|
(3,775 |
) |
|
|
(5.5 |
)% |
|
|
(4,061 |
) |
|
|
(12.1 |
)% |
Allowance for Loan Losses |
|
|
(29,958 |
) |
|
|
(24,963 |
) |
|
|
20.0 |
% |
|
|
(24,523 |
) |
|
|
22.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans Receivable, Net |
|
$ |
2,820,188 |
|
|
$ |
2,469,080 |
|
|
|
14.2 |
% |
|
$ |
2,458,948 |
|
|
|
14.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOAN MIX: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Loans |
|
|
35.5 |
% |
|
|
39.0 |
% |
|
|
|
|
|
|
38.9 |
% |
|
|
|
|
Commercial and Industrial Loans |
|
|
61.0 |
% |
|
|
57.3 |
% |
|
|
|
|
|
|
57.4 |
% |
|
|
|
|
Consumer Loans |
|
|
3.5 |
% |
|
|
3.7 |
% |
|
|
|
|
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Loans |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT PORTFOLIO: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand — Noninterest-Bearing |
|
$ |
756,901 |
|
|
$ |
738,618 |
|
|
|
2.5 |
% |
|
$ |
764,380 |
|
|
|
(1.0 |
)% |
Money Market |
|
|
434,738 |
|
|
|
526,171 |
|
|
|
(17.4 |
)% |
|
|
506,843 |
|
|
|
(14.2 |
)% |
Savings |
|
|
99,719 |
|
|
|
121,574 |
|
|
|
(18.0 |
)% |
|
|
127,349 |
|
|
|
(21.7 |
)% |
Time Deposits of $100,000 or More |
|
|
1,393,721 |
|
|
|
1,161,950 |
|
|
|
19.9 |
% |
|
|
1,089,917 |
|
|
|
27.9 |
% |
Other Time Deposits |
|
|
288,702 |
|
|
|
277,801 |
|
|
|
3.9 |
% |
|
|
258,281 |
|
|
|
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits |
|
$ |
2,973,781 |
|
|
$ |
2,826,114 |
|
|
|
5.2 |
% |
|
$ |
2,746,770 |
|
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSIT MIX: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand — Noninterest-Bearing |
|
|
25.5 |
% |
|
|
26.1 |
% |
|
|
|
|
|
|
27.8 |
% |
|
|
|
|
Money Market |
|
|
14.6 |
% |
|
|
18.6 |
% |
|
|
|
|
|
|
18.5 |
% |
|
|
|
|
Savings |
|
|
3.4 |
% |
|
|
4.3 |
% |
|
|
|
|
|
|
4.6 |
% |
|
|
|
|
Time Deposits of $100,000 or More |
|
|
46.9 |
% |
|
|
41.1 |
% |
|
|
|
|
|
|
39.7 |
% |
|
|
|
|
Other Time Deposits |
|
|
9.6 |
% |
|
|
9.9 |
% |
|
|
|
|
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
|
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 8 -