Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Parent Company

v3.8.0.1
Condensed Financial Information of Parent Company
12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company
Condensed Financial Information of Parent Company
Balance Sheets
 
Year Ended December 31,
 
2017
 
2016
 
(In thousands)
Assets
 
 
 
Cash
$
13,087

 
$
3,885

Investment in consolidated subsidiaries
666,371

 
540,672

Other assets
831

 
5,572

Total assets
$
680,289


$
550,129

Liabilities and Stockholders’ Equity
 
 
 
Liabilities:
 
 
 
Subordinated debentures
$
117,270

 
$
18,978

Other liabilities
542

 
126

Total liabilities
117,812

 
19,104

Stockholders’ equity
562,477

 
531,025

Total liabilities and stockholders’ equity
$
680,289


$
550,129



Statements of Income
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(In thousands)
Dividends from bank subsidiary
$
22,619

 
$
8,978

 
$
15,129

Interest expense
(5,353
)
 
(825
)
 
(623
)
Other expense
(5,291
)
 
(5,188
)
 
(4,639
)
Income before taxes and undistributed income
11,975

 
2,965

 
9,867

Income tax benefit
7,513

 
2,382

 
2,140

Income before undistributed income of subsidiary
19,488

 
5,347

 
12,007

Equity in undistributed earnings of subsidiary
35,172

 
51,142

 
41,816

Net income
$
54,660

 
$
56,489

 
$
53,823


Statements of Cash Flows
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(In thousands)
Cash Flows from Operating Activities:
 
 
 
 
 
Net income
$
54,660

 
$
56,489

 
$
53,823

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
 
 
Income from subsidiary
(35,172
)
 
(51,141
)
 
(56,840
)
Amortization of subordinated debentures
463

 
275

 
159

Share-based compensation expense
2,893

 
3,008

 
2,241

Change in other assets and liabilities
5,156

 
(95
)
 
(2,680
)
Net cash provided by (used in) operating activities
28,000


8,536


(3,297
)
Cash Flows from Investing Activities:
 
 
 
 
 
Cash paid for repurchases of vested shares due to employee tax liability

 

 

Cash acquired in acquisition, net of cash consideration paid

 

 

Proceeds from Hanmi Bank

 

 
12,782

Payments to Hanmi Bank
(90,000
)
 

 

Net cash (used in) provided by investing activities
(90,000
)



12,782

Cash Flows from Financing Activities:
 
 
 
 
 
Proceeds from exercise of stock options and stock warrants
288

 
1,453

 
616

Proceeds from issuance of long-term debt
97,828

 

 

Cash paid for repurchases of vested shares due to employee tax liability
(1,103
)
 
(579
)
 
(349
)
Cash dividend paid
(25,811
)
 
(21,185
)
 
(12,780
)
Net cash provided (used in) by financing activities
71,202


(20,311
)

(12,513
)
Net increase (decrease) in cash
9,202

 
(11,775
)
 
(3,028
)
Cash at beginning of year
3,885

 
15,660

 
18,688

Cash at end of year
$
13,087


$
3,885


$
15,660