Condensed Financial Information of Parent Company (Tables)
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12 Months Ended |
Dec. 31, 2018 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
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| Balance Sheets of Parent Company |
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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 |
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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 |
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|
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 |
|
|