|
Accounting for Investments in Qualified Affordable Housing Projects (Tables)
|
9 Months Ended |
|
Sep. 30, 2014
|
| Accounting Changes and Error Corrections [Abstract] |
|
| Summary of Change in Accounting Principle on Balance Sheets |
Hanmi Financial Corporations and
Subsidiaries
Consolidated Balance Sheet (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
Income tax assets
|
|
|
63,536 |
|
|
|
305 |
|
|
|
63,841 |
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Summary of Change in Accounting Principle on Statements of Income |
Hanmi Financial Corporations and
Subsidiaries
Consolidated Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Three Months Ended
September 30, 2013 |
|
| |
|
As Previously
Reported |
|
|
Effect of Change in
Accounting Principle |
|
|
As
Adjusted |
|
| |
|
(In thousands,
except per share data) |
|
|
Interest and dividend income
|
|
$ |
31,627 |
|
|
$ |
— |
|
|
$ |
31,627 |
|
|
Interest expense
|
|
|
3,153 |
|
|
|
— |
|
|
|
3,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$ |
28,474 |
|
|
$ |
— |
|
|
$ |
28,474 |
|
|
Noninterest income
|
|
|
6,059 |
|
|
|
— |
|
|
|
6,059 |
|
|
Noninterest expense
|
|
|
17,811 |
|
|
|
(175 |
) |
|
|
17,636 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes
|
|
$ |
16,722 |
|
|
$ |
175 |
|
|
$ |
16,897 |
|
|
Provision for income taxes
|
|
|
6,542 |
|
|
|
40 |
|
|
|
6,582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$ |
10,180 |
|
|
$ |
135 |
|
|
$ |
10,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.32 |
|
|
$ |
0.01 |
|
|
$ |
0.33 |
|
|
Diluted
|
|
$ |
0.32 |
|
|
$ |
0.01 |
|
|
$ |
0.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Nine Months Ended September
30, 2013 |
|
| |
|
As Previously
Reported |
|
|
Effect of Change in
Accounting Principle |
|
|
As
Adjusted |
|
| |
|
(In thousands,
except per share data) |
|
|
Interest and dividend income
|
|
$ |
91,401 |
|
|
$ |
— |
|
|
$ |
91,401 |
|
|
Interest expense
|
|
|
10,169 |
|
|
|
— |
|
|
|
10,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
|
$ |
81,232 |
|
|
$ |
— |
|
|
$ |
81,232 |
|
|
Noninterest income
|
|
|
19,945 |
|
|
|
— |
|
|
|
19,945 |
|
|
Noninterest expense
|
|
|
54,451 |
|
|
|
(553 |
) |
|
|
53,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before provision for income taxes
|
|
$ |
46,726 |
|
|
$ |
553 |
|
|
$ |
47,279 |
|
|
Provision for income taxes
|
|
|
17,008 |
|
|
|
502 |
|
|
|
17,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations
|
|
$ |
29,718 |
|
|
$ |
51 |
|
|
$ |
29,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share from continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
0.94 |
|
|
$ |
— |
|
|
$ |
0.94 |
|
|
Diluted
|
|
$ |
0.94 |
|
|
$ |
— |
|
|
$ |
0.94 |
|
|
| Summary of Change in Accounting Principle on Statements of Cash Flows |
Hanmi Financial Corporations and
Subsidiaries
Consolidated Statement of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
For the Nine Months Ended
September 30, 2013 |
|
| |
|
As Previously
Reported |
|
|
Effect of Change in
Accounting Principle |
|
|
As
Adjusted |
|
| |
|
(In
thousands) |
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
29,879 |
|
|
$ |
51 |
|
|
$ |
29,930 |
|
|
Total adjustment in net income
|
|
|
18,098 |
|
|
|
(51 |
) |
|
|
18,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$ |
47,977 |
|
|
$ |
— |
|
|
$ |
47,977 |
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(71,768 |
) |
|
|
— |
|
|
|
(71,768 |
) |
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities
|
|
|
(50,402 |
) |
|
|
— |
|
|
|
(50,402 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents
|
|
$ |
(74,193 |
) |
|
$ |
— |
|
|
$ |
(74,193 |
) |
|
Cash and cash equivalents at beginning of period
|
|
|
268,047 |
|
|
|
— |
|
|
|
268,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
|
$ |
193,854 |
|
|
$ |
— |
|
|
$ |
193,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|