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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2023
or
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period From To
Commission File Number: 000-30421
HANMI FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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95-4788120 |
(State or Other Jurisdiction of |
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(I.R.S. Employer |
Incorporation or Organization) |
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Identification No.) |
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900 Wilshire Boulevard, Suite 1250 |
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Los Angeles, California |
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90017 |
(Address of Principal Executive Offices) |
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(Zip Code) |
(213) 382-2200
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)
Securities Registered Pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.001 par value |
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HAFC |
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Nasdaq Global Select Market |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☒ |
Non-accelerated filer |
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☐ |
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Smaller reporting company |
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☐ |
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Emerging Growth Company |
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☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of November 1, 2023, there were 30,394,397 outstanding shares of the Registrant’s Common Stock.
Hanmi Financial Corporation and Subsidiaries Quarterly Report on Form 10-Q
Three Months Ended September 30, 2023
Table of Contents
2
Part I — Financial Information
Item 1. Financial Statements
Hanmi Financial Corporation and Subsidiaries
Consolidated Balance Sheets
(in thousands, except share data)
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September 30, |
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December 31, |
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2023 |
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2022 |
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(Unaudited) |
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Assets |
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Cash and due from banks |
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$ |
289,006 |
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$ |
352,421 |
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Securities available for sale, at fair value (amortized cost of $957,272 and $978,796 as of September 30, 2023 and December 31, 2022, respectively) |
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817,242 |
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853,838 |
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Loans held for sale, at the lower of cost or fair value |
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11,767 |
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8,043 |
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Loans receivable, net of allowance for credit losses of $67,313 and $71,523 as of September 30, 2023 and December 31, 2022, respectively |
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5,953,472 |
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5,895,610 |
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Accrued interest receivable |
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20,715 |
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18,537 |
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Premises and equipment, net |
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20,707 |
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22,850 |
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Customers' liability on acceptances |
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1,386 |
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328 |
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Servicing assets |
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7,156 |
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7,176 |
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Goodwill and other intangible assets, net |
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11,131 |
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11,225 |
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Federal Home Loan Bank ("FHLB") stock, at cost |
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16,385 |
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16,385 |
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Income tax assets |
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48,039 |
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51,924 |
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Bank-owned life insurance |
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56,364 |
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55,544 |
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Prepaid expenses and other assets |
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96,770 |
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84,381 |
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Total assets |
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$ |
7,350,140 |
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$ |
7,378,262 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Deposits: |
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Noninterest-bearing |
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$ |
2,161,238 |
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$ |
2,539,602 |
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Interest-bearing |
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4,098,834 |
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3,628,470 |
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Total deposits |
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6,260,072 |
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6,168,072 |
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Accrued interest payable |
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50,286 |
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7,792 |
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Bank's liability on acceptances |
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1,386 |
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328 |
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Borrowings |
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162,500 |
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350,000 |
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Subordinated debentures ($136,800 and $136,800 face amount less unamortized discount and debt issuance costs of $6,940 and $7,391 as of September 30, 2023 and December 31, 2022, respectively) |
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129,860 |
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129,409 |
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Accrued expenses and other liabilities |
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82,677 |
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85,146 |
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Total liabilities |
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6,686,781 |
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6,740,747 |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value; authorized 10,000,000 shares; no shares issued as of September 30, 2023 and December 31, 2022 |
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— |
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— |
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Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,909,457 shares (30,410,582 shares outstanding) and 33,708,234 shares (30,485,621 shares outstanding) as of September 30, 2023 and December 31, 2022, respectively |
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34 |
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33 |
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Additional paid-in capital |
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586,169 |
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583,410 |
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Accumulated other comprehensive loss, net of tax benefit of $40,608 and $35,973 as of September 30, 2023 and December 31, 2022, respectively |
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(99,422 |
) |
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(88,985 |
) |
Retained earnings |
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308,007 |
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269,542 |
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Less treasury stock; 3,498,875 shares and 3,222,613 shares as of September 30, 2023 and December 31, 2022, respectively |
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(131,429 |
) |
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(126,485 |
) |
Total stockholders’ equity |
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663,359 |
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637,515 |
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Total liabilities and stockholders’ equity |
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$ |
7,350,140 |
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|
$ |
7,378,262 |
|
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
3
Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans receivable |
|
$ |
85,398 |
|
|
$ |
66,976 |
|
|
$ |
249,888 |
|
|
$ |
180,755 |
|
Interest on securities |
|
|
4,204 |
|
|
|
3,271 |
|
|
|
12,356 |
|
|
|
8,718 |
|
Dividends on FHLB stock |
|
|
317 |
|
|
|
245 |
|
|
|
888 |
|
|
|
735 |
|
Interest on deposits in other banks |
|
|
4,153 |
|
|
|
958 |
|
|
|
9,012 |
|
|
|
1,366 |
|
Total interest and dividend income |
|
|
94,072 |
|
|
|
71,450 |
|
|
|
272,144 |
|
|
|
191,574 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
|
36,818 |
|
|
|
6,567 |
|
|
|
94,431 |
|
|
|
11,038 |
|
Interest on borrowings |
|
|
753 |
|
|
|
349 |
|
|
|
4,755 |
|
|
|
1,056 |
|
Interest on subordinated debentures |
|
|
1,646 |
|
|
|
1,448 |
|
|
|
4,828 |
|
|
|
6,394 |
|
Total interest expense |
|
|
39,217 |
|
|
|
8,364 |
|
|
|
104,014 |
|
|
|
18,488 |
|
Net interest income before credit loss expense |
|
|
54,855 |
|
|
|
63,086 |
|
|
|
168,130 |
|
|
|
173,086 |
|
Credit loss expense |
|
|
5,154 |
|
|
|
563 |
|
|
|
7,210 |
|
|
|
783 |
|
Net interest income after credit loss expense |
|
|
49,701 |
|
|
|
62,523 |
|
|
|
160,920 |
|
|
|
172,303 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
2,605 |
|
|
|
2,996 |
|
|
|
7,756 |
|
|
|
8,745 |
|
Trade finance and other service charges and fees |
|
|
1,155 |
|
|
|
1,132 |
|
|
|
3,586 |
|
|
|
3,690 |
|
Gain on sale of Small Business Administration ("SBA") loans |
|
|
1,172 |
|
|
|
2,250 |
|
|
|
4,253 |
|
|
|
7,545 |
|
Other operating income |
|
|
6,296 |
|
|
|
2,536 |
|
|
|
11,904 |
|
|
|
6,763 |
|
Total noninterest income |
|
|
11,228 |
|
|
|
8,914 |
|
|
|
27,499 |
|
|
|
26,743 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
20,361 |
|
|
|
19,365 |
|
|
|
61,336 |
|
|
|
55,861 |
|
Occupancy and equipment |
|
|
4,825 |
|
|
|
4,736 |
|
|
|
13,737 |
|
|
|
13,979 |
|
Data processing |
|
|
3,490 |
|
|
|
3,352 |
|
|
|
10,208 |
|
|
|
9,702 |
|
Professional fees |
|
|
1,568 |
|
|
|
1,249 |
|
|
|
4,278 |
|
|
|
3,909 |
|
Supplies and communications |
|
|
552 |
|
|
|
710 |
|
|
|
1,866 |
|
|
|
1,956 |
|
Advertising and promotion |
|
|
534 |
|
|
|
1,186 |
|
|
|
2,114 |
|
|
|
2,664 |
|
Other operating expenses |
|
|
2,915 |
|
|
|
2,677 |
|
|
|
7,777 |
|
|
|
8,370 |
|
Total noninterest expense |
|
|
34,245 |
|
|
|
33,275 |
|
|
|
101,316 |
|
|
|
96,441 |
|
Income before tax |
|
|
26,684 |
|
|
|
38,162 |
|
|
|
87,103 |
|
|
|
102,605 |
|
Income tax expense |
|
|
7,888 |
|
|
|
10,993 |
|
|
|
25,695 |
|
|
|
29,690 |
|
Net income |
|
$ |
18,796 |
|
|
$ |
27,169 |
|
|
$ |
61,408 |
|
|
$ |
72,915 |
|
Basic earnings per share |
|
$ |
0.62 |
|
|
$ |
0.89 |
|
|
$ |
2.01 |
|
|
$ |
2.39 |
|
Diluted earnings per share |
|
$ |
0.62 |
|
|
$ |
0.89 |
|
|
$ |
2.01 |
|
|
$ |
2.39 |
|
Weighted-average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
30,251,961 |
|
|
|
30,314,439 |
|
|
|
30,296,991 |
|
|
|
30,289,068 |
|
Diluted |
|
|
30,292,872 |
|
|
|
30,396,762 |
|
|
|
30,338,678 |
|
|
|
30,369,538 |
|
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
4
Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
18,796 |
|
|
$ |
27,169 |
|
|
$ |
61,408 |
|
|
$ |
72,915 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized holding gain (loss) arising during period |
|
|
(20,820 |
) |
|
|
(42,135 |
) |
|
|
(16,943 |
) |
|
|
(125,368 |
) |
Unrealized gain (loss) on securities |
|
|
(20,820 |
) |
|
|
(42,135 |
) |
|
|
(16,943 |
) |
|
|
(125,368 |
) |
Income tax benefit (expense) related to items of other comprehensive income |
|
|
6,037 |
|
|
|
12,641 |
|
|
|
5,187 |
|
|
|
37,749 |
|
Other comprehensive income (loss), net of tax |
|
|
(14,783 |
) |
|
|
(29,494 |
) |
|
|
(11,756 |
) |
|
|
(87,619 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reclassification adjustment for (gains) losses included in net earnings |
|
|
— |
|
|
|
— |
|
|
|
1,871 |
|
|
|
— |
|
Income tax (benefit) expense related to reclassification adjustment |
|
|
— |
|
|
|
— |
|
|
|
(552 |
) |
|
|
— |
|
Reclassification adjustment for (gains) losses included in net earnings, net of tax |
|
|
— |
|
|
|
— |
|
|
|
1,319 |
|
|
|
— |
|
Other comprehensive income (loss), net of tax |
|
|
(14,783 |
) |
|
|
(29,494 |
) |
|
|
(10,437 |
) |
|
|
(87,619 |
) |
Total comprehensive income (loss) |
|
$ |
4,013 |
|
|
$ |
(2,325 |
) |
|
$ |
50,971 |
|
|
$ |
(14,704 |
) |
See Accompanying Notes to Consolidated Financial Statements (Unaudited)
5
Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
For the Three Months Ended September 30, 2023 and 2022
(in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock - Number of Shares |
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
Other |
|
|
|
|
|
Treasury |
|
|
Total |
|
|
|
Shares |
|
|
Treasury |
|
|
Shares |
|
|
Common |
|
|
Paid-in |
|
|
Comprehensive |
|
|
Retained |
|
|
Stock, |
|
|
Stockholders' |
|
|
|
Issued |
|
|
Shares |
|
|
Outstanding |
|
|
Stock |
|
|
Capital |
|
|
Loss |
|
|
Earnings |
|
|
at Cost |
|
|
Equity |
|
Balance at July 1, 2022 |
|
|
33,701,784 |
|
|
|
(3,218,794 |
) |
|
|
30,482,990 |
|
|
$ |
33 |
|
|
$ |
582,018 |
|
|
$ |
(66,568 |
) |
|
$ |
229,135 |
|
|
$ |
(126,322 |
) |
|
$ |
618,296 |
|
Stock options exercised |
|
|
— |
|
|
|
1,050 |
|
|
|
1,050 |
|
|
|
— |
|
|
|
13 |
|
|
|