Hanmi Financial Corporation Annual report pursuant to Section 13 and 15(d)

Accounting for Investments in Qualified Affordable Housing Projects (Tables)

12 Months Ended

Dec. 31, 2014

Hanmi Financial Corporations and Subsidiaries

Consolidated Balance Sheet


	As of December 31, 2013
	As Previously Reported		Effect of Change in Accounting Principle			As Adjusted
	(In thousands)
Assets
Cash and cash equivalents	$	179,357	$	—		$	179,357
Securities available for sale		530,926		—			530,926
Loans receivable		2,177,498		—			2,177,498
Deferred tax assets		51,767		121			51,888
Current tax assets		11,769		184			11,953
Other assets		104,222		(1,465	)		102,757

Total assets	$	3,055,539	$	(1,160	)	$	3,054,379

Liabilities and stockholders’ equity
Liabilities	$	2,654,302	$	—		$	2,654,302
Stockholders’ equity		401,237		(1,160	)		400,077

Total liabilities and stockholders’ equity	$	3,055,539	$	(1,160	)	$	3,054,379

Hanmi Financial Corporations and Subsidiaries

Consolidated Statements of Income


	As Previously Reported			Effect of Change in Accounting Principle			As Adjusted
	(In thousands, except per share data)
For the Year Ended December 31, 2013
Interest and dividend income	$	119,140		$	—		$	119,140
Interest expense		13,507			—			13,507

Net interest income	$	105,633		$	—		$	105,633
Noninterest income		27,900			—			27,900
Noninterest expense		71,656			(639	)		71,017

Income before provision for income taxes	$	61,877		$	639		$	62,516
Provision for income taxes		22,044			688			22,732

Income from continuing operations	$	39,833		$	(49	)	$	39,784

Earnings per share from continuing operations
Basic	$	1.26		$	—		$	1.26
Diluted	$	1.26		$	—		$	1.26
For the Year Ended December 31, 2012
Interest and dividend income	$	117,282		$	—		$	117,282
Interest expense		18,745			—			18,745
Provision for credit losses		6,000			—			6,000

Net interest income	$	92,537		$	—		$	92,537
Noninterest income		21,413			—			21,413
Noninterest expense		71,231			(620	)		70,611

Income before provision for income taxes	$	42,719		$	620		$	43,339
(Benefit) provision for income taxes		(47,488	)		670			(46,818	)

Income from continuing operations	$	90,207		$	(50	)	$	90,157

Earnings per share from continuing operations
Basic	$	2.87		$	(0.01	)	$	2.86
Diluted	$	2.86		$	—		$	2.86

Hanmi Financial Corporations and Subsidiaries

Consolidated Statement of Cash Flows


	As Previously Reported			Effect of Change in Accounting Principle			As Adjusted
	(In thousands)
For the Year Ended December 31, 2013
Cash flows from operating activities:
Net income	$	39,906		$	(49	)	$	39,857
Total adjustment in net income		20,812			49			20,861

Net cash provided by operating activities	$	60,718		$	—		$	60,718
Cash flows from investing activities:
Net cash used in investing activities		(304,366	)		—			(304,366	)
Cash flows from financing activities:
Net cash provided by financing activities		154,958			—			154,958

Net decrease in cash and cash equivalents	$	(88,690	)	$	—		$	(88,690	)
Cash and cash equivalents at beginning of period		268,047			—			268,047

Cash and cash equivalents at end of period	$	179,357		$	—		$	179,357

For the Year Ended December 31, 2012
Cash flows from operating activities:
Net income	$	90,374		$	(50	)	$	90,324
Total adjustment in net income		(37,547	)		50			(37,497	)

Net cash provided by operating activities	$	52,827		$	—		$	52,827
Cash flows from investing activities:
Net cash used in investing activities		(37,158	)		—			(37,158	)
Cash flows from financing activities:
Net cash provided by financing activities		50,695			—			50,695

Net increase in cash and cash equivalents	$	66,364		$	—		$	66,364
Cash and cash equivalents at beginning of period		201,683			—			201,683

Cash and cash equivalents at end of period	$	268,047		$	—		$	268,047