| Condensed Financial Information of Parent Company |
Condensed Financial Information of Parent Company
Balance Sheets
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Year Ended December 31, |
|
2018 |
|
2017 |
|
(in thousands) |
Assets |
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|
|
Cash |
$ |
7,450 |
|
|
$ |
13,087 |
|
Investment in consolidated subsidiaries |
652,174 |
|
|
666,371 |
|
Other assets |
12,196 |
|
|
831 |
|
Total assets |
$ |
671,820 |
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|
$ |
680,289 |
|
Liabilities and Stockholders’ Equity |
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Liabilities: |
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Subordinated debentures |
$ |
117,808 |
|
|
$ |
117,270 |
|
Other liabilities |
1,444 |
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|
542 |
|
Total liabilities |
119,252 |
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|
117,812 |
|
Stockholders’ equity |
552,568 |
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|
562,477 |
|
Total liabilities and stockholders’ equity |
$ |
671,820 |
|
|
$ |
680,289 |
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Statements of Income
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Year Ended December 31, |
|
2018 |
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2017 |
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2016 |
|
(in thousands) |
Dividends from bank subsidiary |
$ |
76,669 |
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|
$ |
22,619 |
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|
$ |
8,978 |
|
Interest expense |
(6,925 |
) |
|
(5,353 |
) |
|
(825 |
) |
Other expense |
(5,988 |
) |
|
(5,291 |
) |
|
(5,188 |
) |
Income before taxes and undistributed income |
63,756 |
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|
11,975 |
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|
2,965 |
|
Income tax benefit |
4,116 |
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|
7,513 |
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|
2,382 |
|
Income before undistributed income of subsidiary |
67,872 |
|
|
19,488 |
|
|
5,347 |
|
Equity in undistributed earnings of subsidiary |
(10,004 |
) |
|
35,172 |
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|
51,142 |
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Net income |
$ |
57,868 |
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|
$ |
54,660 |
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|
$ |
56,489 |
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Statements of Cash Flows
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Year Ended December 31, |
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2018 |
|
2017 |
|
2016 |
|
(in thousands) |
Cash Flows from Operating Activities: |
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Net income |
$ |
57,868 |
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$ |
54,660 |
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$ |
56,489 |
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Adjustments to reconcile net income to net cash used in operating activities: |
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Undistributed earnings from subsidiary |
10,004 |
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|
(35,172 |
) |
|
(51,141 |
) |
Amortization of subordinated debentures |
538 |
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|
463 |
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|
275 |
|
Share-based compensation expense |
3,515 |
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|
2,893 |
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|
3,008 |
|
Change in other assets and liabilities |
(10,463 |
) |
|
5,156 |
|
|
(95 |
) |
Net cash provided by operating activities |
61,462 |
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|
28,000 |
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|
8,536 |
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Cash Flows from Investing Activities: |
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Investment in Hanmi Bank |
— |
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(90,000 |
) |
|
— |
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Net cash used in investing activities |
— |
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(90,000 |
) |
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— |
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Cash Flows from Financing Activities: |
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Proceeds from exercise of stock options and stock warrants |
570 |
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|
288 |
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|
1,453 |
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Proceeds from issuance of long-term debt |
— |
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|
97,828 |
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|
— |
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Cash paid for repurchases of vested shares due to employee tax liability |
(680 |
) |
|
(1,103 |
) |
|
(579 |
) |
Repurchase of common stock |
(36,068 |
) |
|
— |
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|
— |
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Cash dividends paid |
(30,921 |
) |
|
(25,811 |
) |
|
(21,185 |
) |
Net cash (used in) provided by financing activities |
(67,099 |
) |
|
71,202 |
|
|
(20,311 |
) |
Net (decrease) increase in cash |
(5,637 |
) |
|
9,202 |
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|
(11,775 |
) |
Cash at beginning of year |
13,087 |
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|
3,885 |
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|
15,660 |
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Cash at end of year |
$ |
7,450 |
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$ |
13,087 |
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$ |
3,885 |
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