| Condensed Financial Information of Parent Company |
Condensed Financial Information of Parent Company
Balance Sheets
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Year Ended December 31, |
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2015 |
|
2014 |
|
(In thousands) |
Assets |
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Cash |
$ |
15,660 |
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|
$ |
18,688 |
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Investment in consolidated subsidiaries |
491,610 |
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|
450,572 |
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Other assets |
5,525 |
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|
4,248 |
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Total assets |
$ |
512,795 |
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$ |
473,508 |
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Liabilities and Stockholders’ Equity |
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Liabilities: |
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Subordinated debentures |
$ |
18,703 |
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$ |
18,544 |
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Other liabilities |
174 |
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|
1,577 |
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Total liabilities |
18,877 |
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|
20,121 |
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Stockholders’ equity |
493,918 |
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|
453,387 |
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Total liabilities and stockholders’ equity |
$ |
512,795 |
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$ |
473,508 |
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Statements of Income
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Year Ended December 31, |
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2015 |
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2014 |
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2013 |
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(In thousands) |
Equity in earnings of subsidiaries |
$ |
56,840 |
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$ |
39,576 |
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$ |
42,937 |
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Other income (expenses), net |
(3,017 |
) |
|
10,185 |
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(3,080 |
) |
Net income |
$ |
53,823 |
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$ |
49,761 |
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$ |
39,857 |
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Statements of Cash Flows
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Year Ended December 31, |
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2015 |
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2014 |
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2013 |
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(In thousands) |
Cash Flows from Operating Activities: |
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Net income |
$ |
53,823 |
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$ |
49,761 |
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$ |
39,857 |
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Adjustments to reconcile net income to net cash used in operating activities: |
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(Income) losses from subsidiaries |
(56,840 |
) |
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(39,576 |
) |
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(42,937 |
) |
Amortization of subordinated debentures |
159 |
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|
71 |
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— |
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Share-based compensation expense |
2,241 |
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|
2,165 |
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|
705 |
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Changes in fair value of stock warrants |
— |
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— |
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|
82 |
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Bargain purchase gain |
— |
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(14,577 |
) |
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— |
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Gain on sale of securities |
— |
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— |
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(218 |
) |
Change in other assets |
(1,277 |
) |
|
(2,320 |
) |
|
(923 |
) |
Change in other liabilities |
(1,403 |
) |
|
15,715 |
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|
(8,897 |
) |
Net cash provided by (used in) operating activities |
(3,297 |
) |
|
11,239 |
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(12,331 |
) |
Cash Flows from Investing Activities: |
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Proceeds from sale of security available for sale |
— |
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— |
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|
436 |
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Cash acquired in acquisition, net of cash consideration paid |
— |
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116,967 |
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— |
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Proceeds from Hanmi Bank |
12,782 |
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|
76,231 |
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|
86,845 |
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Payments to Hanmi Bank |
(349 |
) |
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(193,179 |
) |
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— |
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Net cash provided by investing activities |
12,433 |
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|
19 |
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|
87,281 |
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Cash Flows from Financing Activities: |
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Proceeds from exercise of stock options and stock warrants |
616 |
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467 |
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|
830 |
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Redemption of subordinated debentures |
— |
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— |
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(82,406 |
) |
Cash dividend paid |
(12,780 |
) |
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(6,694 |
) |
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(4,439 |
) |
Net cash (used in) provided by financing activities |
(12,164 |
) |
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(6,227 |
) |
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(86,015 |
) |
Net increase (decrease) in cash |
(3,028 |
) |
|
5,031 |
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(11,065 |
) |
Cash at beginning of year |
18,688 |
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|
13,657 |
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|
24,722 |
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Cash at end of year |
$ |
15,660 |
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$ |
18,688 |
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$ |
13,657 |
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