Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Parent Company

v2.4.0.8
Condensed Financial Information of Parent Company
12 Months Ended
Dec. 31, 2013
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company

Note 20 — Condensed Financial Information of Parent Company

Balance Sheets

 

     Year Ended
December 31,
 
     2013      2012  
     (In thousands)  
Assets      

Cash

   $ 13,657       $ 24,722   

Securities available for sale

     —           296   

Investment in consolidated subsidiaries

     386,270         442,380   

Investment in trust preferred securities

     —           2,475   

Other assets

     1,928         330   
  

 

 

    

 

 

 

Total assets

   $ 401,855       $ 470,203   
  

 

 

    

 

 

 
Liabilities and Stockholders’ Equity      

Liabilities:

     

Junior subordinated debentures

   $ —         $ 82,406   

Other liabilities

     618         9,433   

Stockholders’ equity

     401,237         378,364   
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity

   $ 401,855       $ 470,203   
  

 

 

    

 

 

 

Statement of Income

 

     Year Ended December 31,  
     2013     2012     2011  
     (In thousands)  

Equity in earnings of subsidiaries

   $ 42,986      $ 96,350      $ 35,654   

Other expenses, net

     (3,080     (5,976     (7,507
  

 

 

   

 

 

   

 

 

 

Net income

   $ 39,906      $ 90,374      $ 28,147   
  

 

 

   

 

 

   

 

 

 

 

Statement of Cash Flows

 

     Year Ended December 31,  
     2013     2012     2011  
     (In thousands)  

Cash Flows from Operating Activities:

      

Net income

   $ 39,906      $ 90,374      $ 28,147   

Adjustments to reconcile net income to net cash used in operating activities:

      

(Income) losses from subsidiaries

     (42,986     (96,350     (35,654

Share-based compensation expense

     705        478        608   

Changes in fair value of stock warrants

     82        23        (717

Gain on sale of investment securities

     (218     —          —     

Other-than-temporary loss on investment securities

     —          292        —     

Change in decrease in other assets

     (923     (330     1,833   

Change in other liabilities

     (8,897     (1,481     2,664   
  

 

 

   

 

 

   

 

 

 

Net cash used in operating activities

     (12,331     (6,994     (3,119
  

 

 

   

 

 

   

 

 

 

Cash Flows from Investing Activities:

      

Proceeds from sale of security available for sale

     436        —          —     

Proceeds from Hanmi Bank

     86,845        —          —     

Payments to Hanmi Bank

     —          —          (50,000
  

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     87,281        —          (50,000
  

 

 

   

 

 

   

 

 

 

Cash Flows from Financing Activities:

      

Proceeds from exercise of stock options and stock warrants

     830        10        —     

Net proceeds from issuance of common stock in offering

     —          —          77,109   

Redemption of junior subordinated debentures

     (82,406     —          —     

Cash dividend paid

     (4,439     —          —     
  

 

 

   

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (86,015     10        77,109   
  

 

 

   

 

 

   

 

 

 

Net (decrease) increase in cash

     (11,065     (6,984     23,990   

Cash at beginning of year

     24,722        31,706        7,716   
  

 

 

   

 

 

   

 

 

 

Cash at end of year

   $ 13,657      $ 24,722      $ 31,706