| Quarterly Financial Data (Unaudited) |
Quarterly Financial Data (Unaudited)
Summarized quarterly financial data is shown in the following tables:
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Quarter Ended |
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March 31 |
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June 30 |
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September 30 |
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December 31 |
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(In thousands, except per share data) |
2015: |
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Interest and dividend income |
$ |
41,437 |
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$ |
41,050 |
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$ |
40,025 |
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$ |
41,714 |
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Interest expense |
3,981 |
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|
3,958 |
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|
4,040 |
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|
4,130 |
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Net interest income before provision for loan losses |
37,456 |
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|
37,092 |
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|
35,985 |
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|
37,584 |
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(Negative) provision for loan losses |
(1,672 |
) |
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(2,403 |
) |
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(3,704 |
) |
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(3,835 |
) |
Non-interest income |
10,850 |
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|
11,135 |
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|
13,561 |
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|
12,056 |
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Non-interest expense |
31,391 |
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|
27,028 |
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28,723 |
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|
28,186 |
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Income before provision for income taxes |
18,587 |
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23,602 |
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24,527 |
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|
25,289 |
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Provision for income taxes |
7,534 |
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9,619 |
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10,569 |
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|
10,460 |
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Net income from continuing operations, net of taxes |
$ |
11,053 |
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$ |
13,983 |
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$ |
13,958 |
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$ |
14,829 |
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Income (loss) from discontinued operations |
— |
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— |
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— |
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— |
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Net income |
$ |
11,053 |
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$ |
13,983 |
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$ |
13,958 |
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$ |
14,829 |
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Basic earnings per share: |
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Income from continuing operations, net of taxes |
$ |
0.35 |
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$ |
0.44 |
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$ |
0.44 |
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$ |
0.46 |
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Loss from discontinued operations, net of taxes |
— |
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— |
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— |
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— |
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Basic earnings per share |
$ |
0.35 |
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$ |
0.44 |
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$ |
0.44 |
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$ |
0.46 |
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Diluted earnings per share: |
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Income from continuing operations, net of taxes |
$ |
0.35 |
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$ |
0.44 |
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$ |
0.44 |
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$ |
0.46 |
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Loss from discontinued operations, net of taxes |
— |
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— |
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— |
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— |
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Diluted earnings per share |
$ |
0.35 |
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$ |
0.44 |
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$ |
0.44 |
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$ |
0.46 |
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2014: |
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Interest and dividend income |
$ |
30,367 |
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$ |
30,343 |
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$ |
34,562 |
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$ |
41,462 |
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Interest expense |
3,269 |
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|
3,183 |
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|
3,475 |
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|
4,106 |
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Net interest income before provision for loan losses |
27,098 |
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27,160 |
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31,087 |
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37,356 |
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Provision for loan losses |
(3,608 |
) |
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(3,902 |
) |
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(60 |
) |
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1,312 |
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Non-interest income |
6,214 |
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5,487 |
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21,611 |
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8,984 |
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Non-interest expense |
18,108 |
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18,174 |
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25,590 |
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36,799 |
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Income before provision for income taxes |
18,812 |
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18,375 |
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27,168 |
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|
8,229 |
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Provision for income taxes |
7,844 |
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6,866 |
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|
5,368 |
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|
2,301 |
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Net income from continuing operations, net of taxes |
$ |
10,968 |
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$ |
11,509 |
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$ |
21,800 |
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$ |
5,928 |
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Loss (income) from discontinued operations |
23 |
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(467 |
) |
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— |
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— |
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Net income |
$ |
10,991 |
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$ |
11,042 |
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$ |
21,800 |
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$ |
5,928 |
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Basic earnings per share: |
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Income from continuing operations, net of taxes |
$ |
0.34 |
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$ |
0.36 |
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$ |
0.69 |
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$ |
0.19 |
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Income from discontinued operations, net of taxes |
— |
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(0.01 |
) |
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— |
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— |
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Basic earnings per share |
$ |
0.34 |
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$ |
0.35 |
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$ |
0.69 |
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$ |
0.19 |
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Diluted earnings per share: |
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Income from continuing operations, net of taxes |
$ |
0.34 |
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$ |
0.36 |
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$ |
0.68 |
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$ |
0.19 |
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(Loss) income from discontinued operations, net of taxes |
— |
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(0.01 |
) |
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— |
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— |
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Diluted earnings per share |
$ |
0.34 |
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$ |
0.35 |
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$ |
0.68 |
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$ |
0.19 |
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Hanmi’s acquisition of Central Bancorp, Inc. (“CBI”), the parent company of United Central Bank, was completed on August 31, 2014. The combined companies began operating as Hanmi Financial Corporation and Hanmi Bank, respectively, with banking operations conducted under the Hanmi Bank brand effective as of September 1, 2014. The 2014 financial results reflect eight months of stand-alone operations of Hanmi and four months of combined operations. Hanmi’s accounting for this business combination is complete and has been recorded based on finalized amounts. The accounting is updated during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date. Adjustments to the provisional amounts during the measurement period are recognized as retrospective adjustments as of the date of the acquisition. During the fourth quarter of 2014 Hanmi updated the valuation of assets and liabilities acquired in the transaction. As a result, the provisional values of certain assets and liabilities reported in the third quarter of 2014 have been updated to reflect the changes in estimated values. The results as of and for the quarters ended September 30, 2014, included herein, have been adjusted retrospectively to reflect measurement period adjustments to the provisional acquisition accounting values as of the acquisition date. The changes in provisional values resulted in a retrospective adjustment of $8.0 million to the bargain purchase gain that was provisionally reported for the third quarter of 2014 for a total bargain purchase gain of $14.6 million. This retrospective adjustment revises the reported third quarter net income to $21.8 million from $13.3 million as previously reported.
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