Historical
|
||||||||||||||||||
Hanmi | CBI | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||
Assets
|
||||||||||||||||||
Cash and cash equivalents
|
$ | 123,782 | $ | 116,703 | $ | (80,009 | ) | A | $ | 160,476 | ||||||||
Securities available for sale, at fair value
|
505,977 | 669,744 | 100 | B | 1,175,821 | |||||||||||||
Loans held for sale, at the lower of cost or fair value
|
3,842 | - | - | 3,842 | ||||||||||||||
Loans receivable, net of allowance for loan losses
|
2,300,810 | 361,623 | (15,819 | ) | C | 2,646,614 | ||||||||||||
Premises and equipment, net
|
13,929 | 22,629 | (4,744 | ) | D | 31,814 | ||||||||||||
Other real estate owned, net
|
1,714 | 29,477 | 2,518 | E | 33,709 | |||||||||||||
Servicing assets
|
6,355 | 544 | 1,458 | F | 8,357 | |||||||||||||
FDIC loss sharing asset, net
|
- | 17,865 | - | 17,865 | ||||||||||||||
Other intangible assets, net
|
- | 1,042 | 1,238 | G | 2,280 | |||||||||||||
Investment in federal home loan bank stock, at cost
|
16,385 | 1,193 | - | 17,578 | ||||||||||||||
Investment in federal reserve bank stock, at cost
|
11,514 | - | - | 11,514 | ||||||||||||||
Income tax assets, net
|
53,160 | 24,981 | (1) | 10,114 | H | 88,255 | ||||||||||||
Bank-owned life insurance
|
30,147 | 18,294 | - | 48,441 | ||||||||||||||
Other assets
|
27,160 | 13,534 | (1,259 | ) | I | 39,435 | ||||||||||||
Total assets
|
$ | 3,094,775 | $ | 1,277,629 | $ | (86,403 | ) | $ | 4,286,001 | |||||||||
Liabilities and Stockholders' Equity
|
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Liabilities:
|
||||||||||||||||||
Deposits
|
$ | 2,544,849 | $ | 1,107,298 | $ | 11,321 | J | $ | 3,663,468 | |||||||||
Federal home loan bank advances
|
97,000 | 10,000 | - | 107,000 | ||||||||||||||
Subordinated debentures
|
- | 26,805 | (8,332 | ) | K | 18,473 | ||||||||||||
Rescinded stock obligation
|
- | 20,501 | - | 20,501 | ||||||||||||||
Accrued expenses and other liabilities
|
26,578 | 19,260 | (1,801 | ) | L | 44,037 | ||||||||||||
Total liabilities
|
2,668,427 | 1,183,864 | 1,188 | 3,853,479 | ||||||||||||||
Stockholders' equity
|
426,348 | 93,765 | (87,591 | ) | M | 432,522 | ||||||||||||
Total liabilities and stockholders' equity
|
$ | 3,094,775 | $ | 1,277,629 | $ | (86,403 | ) | $ | 4,286,001 |
(1)
|
Income tax assets, net includes federal income taxes receivable of $21.9 million and deferred tax asset of $7.2 million, offset by state income taxes payable of $4.1 million.
|
Historical
|
||||||||||||||||||
Hanmi | CBI | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||
Interest and dividend income:
|
||||||||||||||||||
Interest and fees on loans
|
$ | 56,545 | $ | 21,143 | $ | 4,028 | N | $ | 81,716 | |||||||||
Taxable interest on investment securities
|
4,912 | 5,237 | - | 10,149 | ||||||||||||||
Others
|
946 | 251 | - | 1,197 | ||||||||||||||
Total interest and dividend income
|
62,403 | 26,631 | 4,028 | 93,062 | ||||||||||||||
Interest expense
|
6,453 | 6,716 | (2,334 | ) | O | 10,835 | ||||||||||||
Net interest income before provision for credit losses
|
55,950 | 19,915 | 6,362 | 82,227 | ||||||||||||||
Negative provision for credit losses
|
7,166 | 8,930 | - | 16,096 | ||||||||||||||
Net interest income after provision for credit losses
|
63,116 | 28,845 | 6,362 | 98,323 | ||||||||||||||
Noninterest income:
|
||||||||||||||||||
Service charges on deposit accounts
|
5,041 | 2,247 | - | 7,288 | ||||||||||||||
Gain on purchased credit impaired loans
|
- | 10,929 | - | 10,929 | ||||||||||||||
Gain on sales of SBA loans guaranteed portion
|
1,045 | - | - | 1,045 | ||||||||||||||
Loss on assets covered by FDIC loss share agreements
|
- | (20,985 | ) | - | (20,985 | ) | ||||||||||||
Others
|
4,815 | 2,292 | - | 7,107 | ||||||||||||||
Total non-interest income
|
10,901 | (5,517 | ) | - | 5,384 | |||||||||||||
Noninterest expense:
|
||||||||||||||||||
Salaries and employee benefits
|
20,539 | 12,471 | - | 33,010 | ||||||||||||||
Occupancy and equipment
|
4,866 | 3,514 | - | 8,380 | ||||||||||||||
Professional fees
|
1,557 | 3,334 | (318 | ) | P | 4,573 | ||||||||||||
Others
|
9,868 | 6,821 | 1,093 | Q | 17,782 | |||||||||||||
Total noninterest expense
|
36,830 | 26,140 | 775 | 63,745 | ||||||||||||||
Income (loss) from continuting operations before provision for income taxes
|
37,187 | (2,812 | ) | 5,587 | 39,962 | |||||||||||||
Provision (benefit) for income taxes
|
14,710 | (485 | ) | 2,349 | R | 16,574 | ||||||||||||
Income (loss) from continuting operations, net of taxes
|
$ | 22,477 | $ | (2,327 | ) | $ | 3,238 | $ | 23,388 | |||||||||
Loss from discontinued operations
|
444 | - | - | 444 | ||||||||||||||
Net income (loss)
|
$ | 22,033 | $ | (2,327 | ) | $ | 3,238 | $ | 22,944 | |||||||||
Dividends and amortization on preferred stock
|
- | (1,162 | ) | 1,162 | S | - | ||||||||||||
Net income (loss) available to commom shareholders
|
$ | 22,033 | $ | (3,489 | ) | $ | 4,400 | $ | 22,944 | |||||||||
Basic earnings (loss) per share:
|
||||||||||||||||||
Income (loss) from continuing operations, net of taxes
|
$ | 0.71 | $ | (1.23 | ) | $ | 0.14 | $ | 0.74 | |||||||||
Loss from discontinued operations, net of taxes
|
(0.01 | ) | - | - | (0.01 | ) | ||||||||||||
Basic earnings (loss) per share
|
$ | 0.70 | $ | (1.23 | ) | $ | 0.14 | $ | 0.72 | |||||||||
Diluted earnings (loss) per share:
|
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Income (loss) from continuing operations, net of taxes
|
$ | 0.70 | $ | (1.23 | ) | $ | 0.14 | $ | 0.73 | |||||||||
Loss from discontinued operations, net of taxes
|
(0.01 | ) | - | - | (0.01 | ) | ||||||||||||
Diluted earnings (loss) per share
|
$ | 0.69 | $ | (1.23 | ) | $ | 0.14 | $ | 0.72 | |||||||||
Weighted-average shares outstanding:
|
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Basic
|
31,670,436 | 2,843,065 | (2,843,065 | ) | 31,670,436 | |||||||||||||
Diluted
|
31,950,313 | 2,843,065 | (2,843,065 | ) | 31,950,313 |
Historical
|
||||||||||||||||||
Hanmi | CBI | Pro Forma Adjustments | Pro Forma Combined | |||||||||||||||
Interest and dividend income:
|
||||||||||||||||||
Interest and fees on loans
|
$ | 111,992 | $ | 61,659 | $ | 10,856 | N | $ | 184,507 | |||||||||
Taxable interest on investment securities
|
8,434 | 3,160 | - | 11,594 | ||||||||||||||
Others
|
1,902 | 1,349 | - | 3,251 | ||||||||||||||
Total interest and dividend income
|
122,328 | 66,168 | 10,856 | 199,352 | ||||||||||||||
Interest expense
|
13,507 | 18,340 | (6,475 | ) | O | 25,372 | ||||||||||||
Net interest income before provision for credit losses
|
108,821 | 47,828 | 17,331 | 173,980 | ||||||||||||||
Provision for credit losses
|
- | 428 | - | 428 | ||||||||||||||
Net interest income after provision for credit losses
|
108,821 | 47,400 | 17,331 | 173,552 | ||||||||||||||
Noninterest income:
|
||||||||||||||||||
Service charges on deposit accounts
|
11,307 | 5,395 | - | 16,702 | ||||||||||||||
Gain on purchased credit impaired loans
|
- | 10,449 | - | 10,449 | ||||||||||||||
Gain on sales of SBA loans guaranteed portion
|
8,000 | - | - | 8,000 | ||||||||||||||
Loss on assets covred by FDIC loss share agreements
|
- | (9,793 | ) | - | (9,793 | ) | ||||||||||||
Others
|
6,880 | 2,344 | - | 9,224 | ||||||||||||||
Total non-interest income
|
26,187 | 8,395 | - | 34,582 | ||||||||||||||
Noninterest expense:
|
||||||||||||||||||
Salaries and employee benefits
|
35,129 | 24,693 | - | 59,822 | ||||||||||||||
Occupancy and equipment
|
10,017 | 7,003 | - | 17,020 | ||||||||||||||
Professional fees
|
7,396 | 13,331 | (3,580 | ) | P | 17,147 | ||||||||||||
Others
|
19,950 | 19,514 | 2,218 | Q | 41,682 | |||||||||||||
Total noninterest expense
|
72,492 | 64,541 | (1,362 | ) | 135,671 | |||||||||||||
Income (loss) from continuting operations before provision for income taxes
|
62,516 | (8,746 | ) | 18,693 | 72,463 | |||||||||||||
Provision (benefit) for income taxes
|
22,732 | (606 | ) | 7,860 | R | 29,986 | ||||||||||||
Income (loss) from continuting operations, net of taxes
|
$ | 39,784 | $ | (8,140 | ) | $ | 10,833 | $ | 42,477 | |||||||||
Income from discontinued operations
|
74 | - | - | 74 | ||||||||||||||
Net income (loss)
|
$ | 39,858 | $ | (8,140 | ) | $ | 10,833 | $ | 42,551 | |||||||||
Dividends and amortization on preferred stock
|
- | (1,613 | ) | 1,613 | S | - | ||||||||||||
Net income (loss) available to commom shareholders
|
$ | 39,858 | $ | (9,753 | ) | $ | 12,446 | $ | 42,551 | |||||||||
Basic earnings (loss) per share:
|
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Income (loss) from continuing operations, net of taxes
|
$ | 1.26 | $ | (3.43 | ) | $ | 0.39 | $ | 1.35 | |||||||||
Income from discontinued operations, net of taxes
|
- | - | - | - | ||||||||||||||
Basic earnings (loss) per share
|
$ | 1.26 | $ | (3.43 | ) | $ | 0.39 | $ | 1.35 | |||||||||
Diluted earnings (loss) per share:
|
||||||||||||||||||
Income (loss) from continuing operations, net of taxes
|
$ | 1.26 | $ | (3.43 | ) | $ | 0.39 | $ | 1.34 | |||||||||
Income from discontinued operations, net of taxes
|
- | - | - | - | ||||||||||||||
Diluted earnings (loss) per share
|
$ | 1.26 | $ | (3.43 | ) | $ | 0.39 | $ | 1.34 | |||||||||
Weighted-average shares outstanding:
|
||||||||||||||||||
Basic
|
31,598,913 | 2,843,065 | (2,843,065 | ) | 31,598,913 | |||||||||||||
Diluted
|
31,696,520 | 2,843,065 | (2,843,065 | ) | 31,696,520 |
A.
|
Represent cash consideration of $50.0 million to CBI shareholders, preferred stock liquidation of $23.6 million, accrued dividend of $4.9 million for preferred stock holders and accrued interest of $1.5 million for subordinated debentures.
|
B.
|
Represents the estimated fair value adjustment to investment securities available for sale.
|
C.
|
Represents the estimated fair value adjustments to the acquired loans. Accordingly, the existing CBI allowance for loan losses of $47.0 million was not carried over.
|
D.
|
Represents the estimated fair value adjustment to the acquired premises and equipment.
|
E.
|
Represents the estimated fair value adjustments to the acquired other real estate owned.
|
F.
|
Represents the estimated fair value adjustment of servicing assets.
|
G.
|
Represents the recognition of the fair value of the core deposit intangible asset and the elimination of CBI’s historical intangible assets. Core deposits exclude time deposits.
|
H.
|
Represents the estimated deferred tax assets related to the fair value adjustments for acquired assets and assumed liabilities using a combined federal and state tax rate of 42 percent.
|
I.
|
Represents the write-off of prepaid items and other assets that have no value to the combined company.
|
J.
|
Represents the fair value adjustment to time deposits.
|
K.
|
Represents the fair value adjustment to subordinated debentures.
|
L.
|
Represents fair value adjustments primarily related to contingent liabilities at the date of the acquisition, accrued dividend on preferred stock and accrued interest on subordinated debentures.
|
M.
|
Represents the elimination of CBI common equity of $70.1 million, preferred stock of $23.6 million and the recognition of a $6.2 million bargain purchase gain resulting from purchase price being less than the fair value of net assets acquired.
|
N.
|
Represents the accretion of discount on loans over the estimated weighted average remaining life of the loan portfolio of 34 months.
|
O.
|
Represents the accretions of the time deposit fair value adjustment using a level yield method over approximately 5 years and the amortization of the subordinated debentures fair value adjustment using a level yield method over approximately 21 years.
|
P.
|
Represents non-recurring acquisition costs mainly consisting of legal and investment advisory fees.
|
Q.
|
Represents the amortizations of core deposit intangible using an accelerated method over 10 years and other assets fair value adjustment.
|
R.
|
Represents the tax impact of the pro forma merger adjustments using a combined federal and state tax rate of 42 percent.
|
S.
|
Represents the elimination of dividends and amortization on preferred stock.
|