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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended March 31, 2021

or

 

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)

 

Delaware

 

95-4788120

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

900 Wilshire Boulevard, Suite 1250

 

 

Los Angeles, California

 

90017

(Address of Principal Executive Offices)

 

(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:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value

 

HAFC

 

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.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging Growth Company

 

 

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 May 3, 2021, there were 30,694,659 outstanding shares of the Registrant’s Common Stock.

 

 

 

 


 

 

Hanmi Financial Corporation and Subsidiaries Quarterly Report on Form 10-Q

Three Months Ended March 31, 2021

Table of Contents

 

 

 

Part I – Financial Information

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets at March 31, 2021 (unaudited) and December 31, 2020

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited)

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

8

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

39

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

53

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

53

 

 

 

 

 

 

 

Part II – Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

54

 

 

 

 

 

Item 1A.

 

Risk Factors

 

54

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

54

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

54

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

54

 

 

 

 

 

Item 5.

 

Other Information

 

54

 

 

 

 

 

Item 6.

 

Exhibits

 

55

 

 

 

Signatures

 

56

 

2


 

 

Part I — Financial Information

Item 1. Financial Statements

Hanmi Financial Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

646,445

 

 

$

391,849

 

Securities available for sale, at fair value (amortized cost of $787,675 as of March 31, 2021 and $749,458 as of December 31, 2020)

 

 

780,114

 

 

 

753,781

 

Loans held for sale, at the lower of cost or fair value

 

 

32,674

 

 

 

8,568

 

Loans receivable, net of allowance for credit losses of $88,392 as of March 31, 2021 and $90,426 as of December 31, 2020

 

 

4,728,759

 

 

 

4,789,742

 

Accrued interest receivable

 

 

14,806

 

 

 

16,363

 

Premises and equipment, net

 

 

26,398

 

 

 

26,431

 

Customers' liability on acceptances

 

 

735

 

 

 

1,319

 

Servicing assets

 

 

6,150

 

 

 

6,212

 

Goodwill and other intangible assets, net

 

 

11,558

 

 

 

11,612

 

Federal Home Loan Bank ("FHLB") stock, at cost

 

 

16,385

 

 

 

16,385

 

Income tax assets

 

 

42,665

 

 

 

42,704

 

Bank-owned life insurance

 

 

54,150

 

 

 

53,894

 

Prepaid expenses and other assets

 

 

77,562

 

 

 

83,028

 

Total assets

 

$

6,438,401

 

 

$

6,201,888

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

2,174,624

 

 

$

1,898,766

 

Interest-bearing

 

 

3,335,199

 

 

 

3,376,242

 

Total deposits

 

 

5,509,823

 

 

 

5,275,008

 

Accrued interest payable

 

 

2,352

 

 

 

4,564

 

Bank's liability on acceptances

 

 

735

 

 

 

1,319

 

Borrowings

 

 

150,000

 

 

 

150,000

 

Subordinated debentures ($126,800 face amount less unamortized discount and debt issuance costs of $7,676 and $7,828 as of March 31, 2021 and December 31, 2020, respectively)

 

 

119,124

 

 

 

118,972

 

Accrued expenses and other liabilities

 

 

74,545

 

 

 

74,981

 

Total liabilities

 

 

5,856,579

 

 

 

5,624,844

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred Stock, $0.001 par value; authorized 10,000,000 shares; no shares issued as of March 31, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,585,181 shares (30,682,533 shares outstanding) as of March 31, 2021 and issued 33,560,801 shares (30,717,835 shares outstanding) as of December 31, 2020

 

 

33

 

 

 

33

 

Additional paid-in capital

 

 

578,958

 

 

 

578,360

 

Accumulated other comprehensive (loss) income, net of tax benefit of $2,268 as of March 31, 2021 and net of tax expense of $1,247 as of December 31, 2020

 

 

(5,293

)

 

 

3,076

 

Retained earnings

 

 

128,211

 

 

 

114,621

 

Less treasury stock; 2,902,648 shares as of March 31, 2021 and 2,842,966 shares as of December 31, 2020

 

 

(120,087

)

 

 

(119,046

)

Total stockholders' equity

 

 

581,822

 

 

 

577,044

 

Total liabilities and stockholders' equity

 

$

6,438,401

 

 

$

6,201,888

 

 

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 March 31,

 

 

 

2021

 

 

2020

 

Interest and dividend income:

 

 

 

 

 

 

 

 

Interest and fees on loans receivable

 

$

50,614

 

 

$

54,648

 

Interest on securities

 

 

1,140

 

 

 

3,655

 

Dividends on FHLB stock

 

 

206

 

 

 

289

 

Interest on deposits in other banks

 

 

96

 

 

 

333

 

Total interest and dividend income

 

 

52,056

 

 

 

58,925

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

 

 

3,958

 

 

 

12,742

 

Interest on borrowings

 

 

478

 

 

 

496

 

Interest on subordinated debentures

 

 

1,619

 

 

 

1,712

 

Total interest expense

 

 

6,055

 

 

 

14,950

 

Net interest income before credit loss expense

 

 

46,001

 

 

 

43,975

 

Credit loss expense

 

 

2,109

 

 

 

15,739

 

Net interest income after credit loss expense

 

 

43,892

 

 

 

28,236

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

2,357

 

 

 

2,400

 

Trade finance and other service charges and fees

 

 

1,034

 

 

 

986

 

Gain on sale of Small Business Administration ("SBA") loans

 

 

4,125

 

 

 

1,154

 

Net gain on sales of securities

 

 

99

 

 

 

 

Other operating income

 

 

2,193

 

 

 

1,683

 

Total noninterest income

 

 

9,808

 

 

 

6,223

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

16,820

 

 

 

17,749

 

Occupancy and equipment

 

 

4,595

 

 

 

4,475

 

Data processing

 

 

2,926

 

 

 

2,669

 

Professional fees

 

 

1,447

 

 

 

1,915

 

Supplies and communications

 

 

757

 

 

 

781

 

Advertising and promotion

 

 

359

 

 

 

734

 

Other operating expenses

 

 

2,631

 

 

 

2,745

 

Total noninterest expense

 

 

29,535

 

 

 

31,068

 

Income before tax

 

 

24,165

 

 

 

3,391

 

Income tax expense

 

 

7,506

 

 

 

1,041

 

Net income

 

$

16,659

 

 

$

2,350

 

Basic earnings per share

 

$

0.54

 

 

$

0.08

 

Diluted earnings per share

 

$

0.54

 

 

$

0.08

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

30,461,681

 

 

 

30,469,022

 

Diluted

 

 

30,473,970

 

 

 

30,472,899

 

 

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

4


 

Hanmi Financial Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

Net income

 

$

16,659

 

 

$

2,350

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Unrealized gain on securities:

 

 

 

 

 

 

 

 

Unrealized holding gain arising during period

 

 

(11,785

)

 

 

11,924

 

Less: reclassification adjustment for net gain included in net income

 

 

(99

)

 

 

 

Income tax benefit (expense) related to items of other comprehensive income

 

 

3,515

 

 

 

(3,439

)

Other comprehensive income (loss), net of tax

 

 

(8,369

)

 

 

8,485

 

Comprehensive income

 

$

8,290

 

 

$

10,835

 

 

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 March 31, 2021 and March 31, 2020

(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

 

 

Income (Loss)

 

 

Earnings

 

 

at Cost

 

 

Equity

 

Balance at January 1, 2020

 

 

33,475,402

 

 

 

(2,675,778

)

 

 

30,799,624

 

 

$

33

 

 

$

575,816

 

 

$

3,382

 

 

$

100,552

 

 

$

(116,515

)

 

$

563,268

 

Adjustment related to adopting of new accounting standards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASU 2016-13 (See Notes 1 and 3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,167

)

 

 

 

 

 

(12,167

)

Adjusted balance at January 1, 2020

 

 

33,475,402

 

 

 

(2,675,778

)

 

 

30,799,624

 

 

 

33

 

 

 

575,816

 

 

 

3,382

 

 

 

88,385

 

 

 

(116,515

)

 

 

551,101

 

Restricted stock awards, net of forfeitures

 

 

(27,188

)

 

 

 

 

 

(27,188

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

769

 

 

 

 

 

 

 

 

 

 

 

 

769

 

Restricted stock surrendered due to employee tax liability

 

 

 

 

 

(14,295

)

 

 

(14,295

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(171

)

 

 

(171

)

Repurchase of common stock

 

 

 

 

 

(135,400

)

 

 

(135,400

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,196

)

 

 

(2,196

)

Cash dividends declared (common stock, $0.24/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,380

)

 

 

 

 

 

(7,380

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,350

 

 

 

 

 

 

2,350

 

Change in unrealized gain on securities available for sale, net of income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,485