Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v2.4.0.8
Acquisition (Tables)
9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Summary Of Consideration Paid, Provisional Estimate Of Fair Value Of Assets Acquired and Liabilities Assumed

In connection with the acquisition, the consideration paid, the provisional estimate of the fair value of the assets acquired and the liabilities assumed as of August 31, 2014 are summarized in the following table:

 

     (In thousands)  

Consideration paid:

  

CBI Stockholders

   $ 50,000   

Redemption of preferred stock and cumulative unpaid dividends

     28,675   

Accrued interest on subordinated debentures

     1,566   
  

 

 

 
     80,241   

Assets acquired:

  

Cash and cash equivalents

     197,209   

Securities available for sale

     663,497   

Loans

     294,032   

Premises and equipment

     17,735   

Other real estate owned

     28,027   

Income tax assets, net

     8,800   

Core deposit intangible

     2,213   

FDIC loss sharing assets

     9,692   

Bank-owned life insurance

     18,296   

Other assets

     16,428   
  

 

 

 

Total assets acquired

     1,255,929   

Liabilities assumed:

  

Deposits

     1,098,997   

Subordinated debentures

     18,473   

Rescinded stock obligation

     15,720   

FHLB advances

     10,000   

Other liabilities

     25,905   
  

 

 

 

Total liabilities assumed

     1,169,095   
  

 

 

 

Total identifiable net assets

   $ 86,834   
  

 

 

 

Bargain purchase gain, net of deferred taxes

   $ 6,593   
  

 

 

Summary Of Accretable Yield On Purchased Credit Impaired Loans Acquired

The following table summarizes the accretable yield on the purchased credit impaired loans acquired from the CBI merger at August 31, 2014.

 

     (In thousands)  

Undiscounted contractual cash flows

   $ 117,301   

Nonaccretable discount

     (18,565
  

 

 

 

Undiscounted cash flow to be collected

     98,736   

Estimated fair value of PCI loans

     75,878   
  

 

 

 

Accretable yield

   $ 22,858   
  

 

 

 

 

Business Acquisition, Unaudited Proforma Result of Operation Information

The following table presents our unaudited pro forma results of operations for the periods presented as if the CBI acquisition had been completed on January 1, 2013. The unaudited pro forma results of operations include the historical accounts of Hanmi Financial and CBI and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of our future operating results or operating results that would have occurred had the CBI acquisition been completed at the beginning of 2013. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions.

 

     Three Months Ended September 30,      Nine Months Ended September 30,  
     2014      2013      2014      2013  
     (In thousands, except per share data)  

Pro forma revenues (net interest income plus noninterest income)

   $ 62,427       $ 55,727       $ 170,923       $ 182,135   

Pro forma net income from continuing operations

   $ 18,359       $ 12,826       $ 43,546       $ 47,201   

Pro forma earnings per share from continuing operations:

           

Basic

   $ 0.58       $ 0.41       $ 1.37       $ 1.49   

Diluted

   $ 0.57       $ 0.40       $ 1.36       $ 1.49