Quarterly report pursuant to Section 13 or 15(d)

Acquisition (Tables)

v3.2.0.727
Acquisition (Tables)
6 Months Ended
Jun. 30, 2015
Business Combinations [Abstract]  
Summary Of Consideration Paid, Provisional Estimate Of Fair Value Of Assets Acquired and Liabilities Assumed
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 stock 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

OREO
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Rescinded stock obligation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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
 
(in thousands, except per share data)
Pro forma revenues (net interest income plus noninterest income)
$
53,491

 
$
49,343

 
$
107,022

 
$
105,589

Pro forma net income from continuing operations
$
15,276

 
$
8,521

 
$
27,887

 
$
24,801

Pro forma earnings per share from continuing operations:
 
 
 
 
 
 
 
Basic
$
0.48

 
$
0.27

 
$
0.88

 
$
0.78

Diluted
$
0.48

 
$
0.27

 
$
0.87

 
$
0.78