| Condensed Financial Information of Parent Company |
Note 24 — Condensed Financial Information of Parent
Company
Balance Sheets
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Year Ended December 31, |
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2014 |
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2013 |
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(In
thousands) |
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| Assets |
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Cash
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$ |
18,688 |
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$ |
13,657 |
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Investment in consolidated subsidiaries
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450,572 |
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385,110 |
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Other assets
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4,247 |
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1,928 |
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Total assets
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$ |
473,508 |
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$ |
400,695 |
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| Liabilities and
Stockholders’ Equity |
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Liabilities:
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Subordinated debentures
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$ |
18,544 |
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$ |
— |
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Other liabilities
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1,577 |
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618 |
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Stockholders’ equity
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453,387 |
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400,077 |
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Total liabilities and stockholders’ equity
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$ |
473,508 |
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$ |
400,695 |
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Year Ended
December 31, |
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2014 |
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2013 |
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|
2012 |
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(In
thousands) |
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Equity in earnings of subsidiaries
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$ |
39,576 |
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$ |
42,937 |
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$ |
96,300 |
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Other income (expenses), net
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10,185 |
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(3,080 |
) |
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(5,976 |
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Net income
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$ |
49,761 |
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$ |
39,857 |
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$ |
90,324 |
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Year Ended
December 31, |
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2014 |
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2013 |
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2012 |
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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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$ |
49,761 |
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$ |
39,857 |
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$ |
90,324 |
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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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(39,576 |
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(42,937 |
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(96,300 |
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Amortization of subordinated debentures
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71 |
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— |
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— |
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Share-based compensation expense
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2,165 |
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705 |
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478 |
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Changes in fair value of stock warrants
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— |
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82 |
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23 |
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Bargain purchase gain
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(14,577 |
) |
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— |
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— |
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Gain on sale of investment securities
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— |
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(218 |
) |
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— |
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Other-than-temporary loss on investment securities
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— |
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— |
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292 |
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Change in other assets
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(2,319 |
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(923 |
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(330 |
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Change in other liabilities
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15,715 |
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(8,897 |
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(1,481 |
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Net cash provided by (used in) operating activities
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11,240
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(12,331
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(6,994
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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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— |
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436 |
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— |
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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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— |
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Proceeds from Hanmi Bank
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76,231 |
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86,845 |
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— |
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Payments to Hanmi Bank
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(193,179 |
) |
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— |
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— |
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Net cash provided by investing activities
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19 |
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87,281
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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
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467 |
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830 |
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10 |
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Redemption of subordinated debentures
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— |
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(82,406 |
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— |
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Cash dividend paid
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(6,694 |
) |
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(4,439 |
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— |
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Net cash (used in) provided by financing activities
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(6,227
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) |
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(86,015
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) |
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10 |
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Net increase (decrease) in cash
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5,032 |
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(11,065
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(6,984
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Cash at beginning of year
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13,657 |
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24,722 |
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31,706 |
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Cash at end of year
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$ |
18,689
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$ |
13,657
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$ |
24,722
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