| Condensed Financial Information of Parent Company |
Condensed Financial Information of Parent Company
Balance Sheets
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Year Ended December 31, |
|
2017 |
|
2016 |
|
(In thousands) |
Assets |
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|
Cash |
$ |
13,087 |
|
|
$ |
3,885 |
|
Investment in consolidated subsidiaries |
666,371 |
|
|
540,672 |
|
Other assets |
831 |
|
|
5,572 |
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Total assets |
$ |
680,289 |
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|
$ |
550,129 |
|
Liabilities and Stockholders’ Equity |
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Liabilities: |
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Subordinated debentures |
$ |
117,270 |
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|
$ |
18,978 |
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Other liabilities |
542 |
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|
126 |
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Total liabilities |
117,812 |
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|
19,104 |
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Stockholders’ equity |
562,477 |
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|
531,025 |
|
Total liabilities and stockholders’ equity |
$ |
680,289 |
|
|
$ |
550,129 |
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Statements of Income
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Year Ended December 31, |
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2017 |
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2016 |
|
2015 |
|
(In thousands) |
Dividends from bank subsidiary |
$ |
22,619 |
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|
$ |
8,978 |
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|
$ |
15,129 |
|
Interest expense |
(5,353 |
) |
|
(825 |
) |
|
(623 |
) |
Other expense |
(5,291 |
) |
|
(5,188 |
) |
|
(4,639 |
) |
Income before taxes and undistributed income |
11,975 |
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|
2,965 |
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|
9,867 |
|
Income tax benefit |
7,513 |
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|
2,382 |
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|
2,140 |
|
Income before undistributed income of subsidiary |
19,488 |
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|
5,347 |
|
|
12,007 |
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Equity in undistributed earnings of subsidiary |
35,172 |
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|
51,142 |
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|
41,816 |
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Net income |
$ |
54,660 |
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$ |
56,489 |
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$ |
53,823 |
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Statements of Cash Flows
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Year Ended December 31, |
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2017 |
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2016 |
|
2015 |
|
(In thousands) |
Cash Flows from Operating Activities: |
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Net income |
$ |
54,660 |
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$ |
56,489 |
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$ |
53,823 |
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Adjustments to reconcile net income to net cash used in operating activities: |
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Income from subsidiary |
(35,172 |
) |
|
(51,141 |
) |
|
(56,840 |
) |
Amortization of subordinated debentures |
463 |
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|
275 |
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|
159 |
|
Share-based compensation expense |
2,893 |
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|
3,008 |
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|
2,241 |
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Change in other assets and liabilities |
5,156 |
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|
(95 |
) |
|
(2,680 |
) |
Net cash provided by (used in) operating activities |
28,000 |
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|
8,536 |
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(3,297 |
) |
Cash Flows from Investing Activities: |
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Cash paid for repurchases of vested shares due to employee tax liability |
— |
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— |
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— |
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Cash acquired in acquisition, net of cash consideration paid |
— |
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— |
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— |
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Proceeds from Hanmi Bank |
— |
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— |
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|
12,782 |
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Payments to Hanmi Bank |
(90,000 |
) |
|
— |
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|
— |
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Net cash (used in) provided by investing activities |
(90,000 |
) |
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— |
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|
12,782 |
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Cash Flows from Financing Activities: |
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Proceeds from exercise of stock options and stock warrants |
288 |
|
|
1,453 |
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|
616 |
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Proceeds from issuance of long-term debt |
97,828 |
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|
— |
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— |
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Cash paid for repurchases of vested shares due to employee tax liability |
(1,103 |
) |
|
(579 |
) |
|
(349 |
) |
Cash dividend paid |
(25,811 |
) |
|
(21,185 |
) |
|
(12,780 |
) |
Net cash provided (used in) by financing activities |
71,202 |
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|
(20,311 |
) |
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(12,513 |
) |
Net increase (decrease) in cash |
9,202 |
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(11,775 |
) |
|
(3,028 |
) |
Cash at beginning of year |
3,885 |
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|
15,660 |
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|
18,688 |
|
Cash at end of year |
$ |
13,087 |
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$ |
3,885 |
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$ |
15,660 |
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