Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Parent Company (Tables)

v3.10.0.1
Condensed Financial Information of Parent Company (Tables)
12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Balance Sheets of Parent Company
 
Year Ended December 31,
 
2018
 
2017
 
(in thousands)
Assets
 
 
 
Cash
$
7,450

 
$
13,087

Investment in consolidated subsidiaries
652,174

 
666,371

Other assets
12,196

 
831

Total assets
$
671,820


$
680,289

Liabilities and Stockholders’ Equity
 
 
 
Liabilities:
 
 
 
Subordinated debentures
$
117,808

 
$
117,270

Other liabilities
1,444

 
542

Total liabilities
119,252

 
117,812

Stockholders’ equity
552,568

 
562,477

Total liabilities and stockholders’ equity
$
671,820


$
680,289

Statement of Income of Parent Company
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(in thousands)
Dividends from bank subsidiary
$
76,669

 
$
22,619

 
$
8,978

Interest expense
(6,925
)
 
(5,353
)
 
(825
)
Other expense
(5,988
)
 
(5,291
)
 
(5,188
)
Income before taxes and undistributed income
63,756

 
11,975

 
2,965

Income tax benefit
4,116

 
7,513

 
2,382

Income before undistributed income of subsidiary
67,872

 
19,488

 
5,347

Equity in undistributed earnings of subsidiary
(10,004
)
 
35,172

 
51,142

Net income
$
57,868

 
$
54,660

 
$
56,489

Statement of Cash Flows of Parent Company
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(in thousands)
Cash Flows from Operating Activities:
 
 
 
 
 
Net income
$
57,868

 
$
54,660

 
$
56,489

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
 
 
Undistributed earnings from subsidiary
10,004

 
(35,172
)
 
(51,141
)
Amortization of subordinated debentures
538

 
463

 
275

Share-based compensation expense
3,515

 
2,893

 
3,008

Change in other assets and liabilities
(10,463
)
 
5,156

 
(95
)
Net cash provided by operating activities
61,462


28,000


8,536

Cash Flows from Investing Activities:
 
 
 
 
 
Investment in Hanmi Bank

 
(90,000
)
 

Net cash used in investing activities


(90,000
)


Cash Flows from Financing Activities:
 
 
 
 
 
Proceeds from exercise of stock options and stock warrants
570

 
288

 
1,453

Proceeds from issuance of long-term debt

 
97,828

 

Cash paid for repurchases of vested shares due to employee tax liability
(680
)
 
(1,103
)
 
(579
)
Repurchase of common stock
(36,068
)
 

 

Cash dividends paid
(30,921
)
 
(25,811
)
 
(21,185
)
Net cash (used in) provided by financing activities
(67,099
)

71,202


(20,311
)
Net (decrease) increase in cash
(5,637
)
 
9,202

 
(11,775
)
Cash at beginning of year
13,087

 
3,885

 
15,660

Cash at end of year
$
7,450


$
13,087


$
3,885