Hanmi Financial Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

Acquisition (Tables)

3 Months Ended

Mar. 31, 2015

Summary of Purchase Price Allocation Reported

The following table presents the purchase price allocation reported as of the acquisition date:


	(In thousands)
Consideration paid:
CBI stockholders	$	50,000
Redemption of preferred and cumulative unpaid dividends		28,675

		78,675
Assets acquired:
Cash and cash equivalents		197,209
Securities available for sale		663,497
Loans		297,272
Premises and equipment		17,925
Other real estate owned		25,952
Income tax assets, net		12,011
Core deposit intangible		2,213
FDIC loss sharing assets		11,413
Bank-owned life insurance		18,296
Servicing assets		7,497
Other assets		14,636

Total assets acquired		1,267,921
Liabilities assumed:
Deposits		1,098,997
Subordinated debentures		18,473
Rescinded stock obligation		15,485
FHLB advances		10,000
Servicing liabilities		6,039
Other liabilities		25,675

Total liabilities assumed		1,174,669

Total identifiable net assets	$	93,252

Bargain purchase gain, net of deferred taxes	$	14,577

Summary of Accretable Yield on Purchased Credit Impaired Loans Acquired

The following table summarizes the accretable yield on the purchased credit impaired loans acquired from the CBI merger at August 31, 2014.


	(In thousands)
Undiscounted contractual cash flows	$	93,623
Nonaccretable discount		(17,421	)

Undiscounted cash flow to be collected		76,202
Estimated fair value of PCI loans		65,346

Accretable yield	$	10,856

Business Acquisition, Unaudited Proforma Result of Operation Information

The following table presents our unaudited pro forma results of operations for the periods presented as if the CBI acquisition had been completed on January 1, 2014. The unaudited pro forma results of operations include the historical accounts of Hanmi Financial and CBI and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of our future operating results or operating results that would have occurred had the CBI acquisition been completed at the beginning of 2014. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions.


	Three Months Ended March 31,
	2015		2014
	(In thousands, except per share data)
Pro forma revenues (net interest income plus noninterest income)	$	53,531	$	56,245
Pro forma net income from continuing operations	$	12,611	$	16,280
Pro forma earnings per share from continuing operations:
Basic	$	0.40	$	0.51
Diluted	$	0.39	$	0.51