| Condensed Financial Information of Parent Company |
Note 20 — Condensed Financial Information of Parent
Company
Balance Sheets
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Year Ended
December 31, |
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2013 |
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2012 |
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(In
thousands) |
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| Assets |
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|
Cash
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|
$ |
13,657 |
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$ |
24,722 |
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Securities available for sale
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|
— |
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|
296 |
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|
Investment in consolidated subsidiaries
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|
386,270 |
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|
442,380 |
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Investment in trust preferred securities
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— |
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2,475 |
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Other assets
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|
1,928 |
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|
330 |
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Total assets
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$ |
401,855 |
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$ |
470,203 |
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| Liabilities and
Stockholders’ Equity |
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Liabilities:
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Junior subordinated debentures
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$ |
— |
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$ |
82,406 |
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Other liabilities
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|
618 |
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9,433 |
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Stockholders’ equity
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401,237 |
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378,364 |
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Total liabilities and stockholders’ equity
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$ |
401,855 |
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$ |
470,203 |
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Statement of Income
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Year Ended
December 31, |
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2013 |
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2012 |
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|
2011 |
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(In
thousands) |
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Equity in earnings of subsidiaries
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$ |
42,986 |
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$ |
96,350 |
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$ |
35,654 |
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Other expenses, net
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(3,080 |
) |
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(5,976 |
) |
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(7,507 |
) |
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Net income
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$ |
39,906 |
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$ |
90,374 |
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$ |
28,147 |
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Statement of Cash Flows
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Year Ended
December 31, |
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2013 |
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2012 |
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2011 |
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(In
thousands) |
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Cash Flows from Operating Activities:
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Net income
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$ |
39,906 |
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$ |
90,374 |
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$ |
28,147 |
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Adjustments to reconcile net income to net cash used in operating
activities:
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(Income) losses from subsidiaries
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(42,986 |
) |
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(96,350 |
) |
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(35,654 |
) |
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Share-based compensation expense
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|
705 |
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|
478 |
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|
608 |
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Changes in fair value of stock warrants
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82 |
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23 |
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(717 |
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Gain on sale of investment securities
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(218 |
) |
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— |
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— |
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Other-than-temporary loss on investment securities
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— |
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292 |
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— |
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Change in decrease in other assets
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(923 |
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(330 |
) |
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1,833 |
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Change in other liabilities
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(8,897 |
) |
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(1,481 |
) |
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2,664 |
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Net cash used in operating activities
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(12,331 |
) |
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(6,994 |
) |
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(3,119 |
) |
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Cash Flows from Investing Activities:
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Proceeds from sale of security available for sale
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436 |
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— |
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— |
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Proceeds from Hanmi Bank
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86,845 |
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— |
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— |
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Payments to Hanmi Bank
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— |
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— |
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(50,000 |
) |
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Net cash provided by (used in) investing activities
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87,281 |
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—
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(50,000 |
) |
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Cash Flows from Financing Activities:
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Proceeds from exercise of stock options and stock warrants
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|
830 |
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10 |
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— |
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Net proceeds from issuance of common stock in offering
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— |
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— |
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77,109 |
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Redemption of junior subordinated debentures
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(82,406 |
) |
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— |
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— |
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Cash dividend paid
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(4,439 |
) |
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— |
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— |
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Net cash (used in) provided by financing activities
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(86,015 |
) |
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10 |
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77,109 |
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Net (decrease) increase in cash
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(11,065 |
) |
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(6,984 |
) |
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23,990 |
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Cash at beginning of year
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24,722 |
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31,706 |
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7,716 |
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Cash at end of year
|
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$ |
13,657 |
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$ |
24,722 |
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$ |
31,706 |
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