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Section 1: 8-K (FORM 8-K)

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): July 24, 2018  

HANMI FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)

Delaware000-3042195-4788120
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

3660 Wilshire Boulevard, Penthouse Suite A, Los Angeles, California 90010
(Address of Principal Executive Offices) (Zip Code)

(213) 382-2200
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [   ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [   ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [   ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [   ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [   ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

                This information set forth under “Item 2.02. Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

                On July 24, 2018, Hanmi Financial Corporation (“Hanmi Financial”) issued a press release announcing its financial results for the quarter ended June 30, 2018. A copy of the press release is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits

99.1        Press release issued by Hanmi Financial dated July 24, 2018.

Forward-Looking Statements

This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital plans, strategic alternatives for a possible business combination, merger or sale transaction, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: failure to maintain adequate levels of capital and liquidity to support our operations; the effect of potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests; ability to identify a suitable strategic partner or to consummate a strategic transaction; adequacy of our allowance for loan and lease losses; credit quality and the effect of credit quality on our provision for loan and lease losses and allowance for loan and lease losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 HANMI FINANCIAL CORPORATION
   
  
Date: July 24, 2018By: /s/ C. G. Kum        
  C. G. Kum
  President and Chief Executive Officer
  


EXHIBIT INDEX

 

Exhibit No.   Description
   
99.1 Press release, dated July 24, 2018.*

*              Deemed “furnished” and not “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

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Section 2: EX-99.1 (PRESS RELEASE)

EdgarFiling

EXHIBIT 99.1

Hanmi’s Second Quarter Results Highlighted by Continued Strong Loan Production

2018 Second Quarter Highlights:    

LOS ANGELES, July 24, 2018 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ:HAFC) (or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported net income for the 2018 second quarter of $15.5 million, or $0.48 per diluted share, compared with $14.9 million, or $0.46 per diluted share for the 2018 first quarter and $14.5 million, or $0.45 per diluted share for the 2017 second quarter.

C. G. Kum, Chief Executive Officer, said, “Hanmi’s second quarter results reflect strong loan and lease production, excellent asset quality and careful expense management as we continue to operate in a highly competitive banking environment. New loan and lease production in the quarter totaled $309 million, up nearly 26% from the prior quarter and 11% from a year ago. Importantly, asset quality remains excellent. We continue to maintain disciplined underwriting standards and we will not loosen our credit criteria in spite of increasing competition. In addition, I am pleased with our ability to prudently manage expenses and maintain noninterest expense in a tight range over the past year. However, the flattening of the yield curve coupled with strong competition has resulted in the cost of attracting deposits outpacing the growth in loan yields, which has put pressure on our net interest margin.”

Mr. Kum concluded, “To augment our organic growth, during the quarter, we announced the acquisition of SWNB Bancorp, Inc., which will significantly expand Hanmi’s presence in attractive markets throughout Texas as well as provide excess liquidity to help fund future growth. While expenses associated with the SWNB acquisition totaled $0.4 million and reduced Hanmi’s earnings per share by $0.01 during the second quarter, integration activities are proceeding according to plan and we continue to expect the transaction to be completed in the second half of the year.”

Quarterly Highlights
(Dollars in thousands, except per share data)

               
  As of or for the Three Months Ended  Amount Change 
 June 30, March 31, December 31, September 30, June 30, Q2-18 Q2-18 
 2018 2018 2017 2017  2017 vs. Q1-18 vs. Q2-17 
               
Net income$  15,548  $  14,855  $  11,500  $  14,923  $  14,457  $  693 $  1,091 
Net income per diluted common share$  0.48  $  0.46  $  0.36  $  0.46  $  0.45  $  0.02 $  0.03 
               
Assets$  5,415,202  $  5,305,641  $  5,210,485  $  5,111,396  $  4,973,346  $  109,561 $  441,856 
Loans and leases receivable$  4,542,126  $  4,413,557  $  4,304,458  $  4,195,355  $  4,073,062  $  128,569 $  469,064 
Deposits$  4,426,535  $  4,378,101  $  4,348,654  $  4,299,010  $  4,259,173  $  48,434 $  167,362 
               
Return on average assets 1.17%  1.16%  0.88%  1.18%  1.19%  0.02  -0.02 
Return on average stockholders' equity 10.81%  10.65%  8.12%  10.73%  10.65%  0.16  0.16 
               
Net interest margin (1) 3.60%  3.70%  3.79%  3.79%  3.81%  -0.10  -0.21 
Efficiency ratio (2) 57.80%  58.36%  54.16%  53.33%  54.74%  -0.57  3.06 
               
Tangible common equity to tangible assets (3) 10.35%  10.43%  10.58%  10.72%  10.83%  -0.07  -0.48 
Tangible common equity per common share (3)$  17.20  $  16.98  $  16.96  $  16.86  $  16.59  $  0.23 $  0.61 
               
               
(1)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented. 
(2)  Noninterest expense divided by net interest income plus noninterest income. 
(3)  Refer to "Non-GAAP Financial Measures" for further details.  
               

Results of Operations
Net interest income was $45.1 million for the second quarter of 2018 compared with $44.9 million for the first quarter of 2018.  Net interest margin on a tax equivalent basis was 3.60% for the second quarter of 2018 compared with 3.70% for the first quarter of 2018.  Interest and fees on loans and leases increased 4.1%, or $2.1 million, from the preceding quarter due to a 2.4% increase in average loan and lease receivables and a three basis point increase in the average yield.  Loan prepayment fees were nominal at $28 thousand for the second quarter compared with $83 thousand in the first quarter.

               
  As of or For the Three Months Ended (in thousands)  Percentage Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
Net Interest Income 2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
               
Interest and fees on loans and leases(1)$  53,708  $  51,574  $  52,176  $  50,265  $  47,971   4.1%  12.0% 
Interest on securities   3,198     3,105     3,194     3,188     2,949   3.0%  8.4% 
Dividends on FHLB stock   283     289     289     286     283   -2.1%  0.0% 
Interest on deposits in other banks   133     114     125     123     123   16.7%  8.1% 
Total interest and dividend income$  57,322  $  55,082  $  55,784  $  53,862  $  51,326   4.1%  11.7% 
               
Interest on deposits   9,465     7,785     7,402     7,071     6,463   21.6%  46.4% 
Interest on borrowings   1,015     679     363     198     49   49.5%  1971.4% 
Interest on subordinated debentures   1,728     1,694     1,676     1,667     1,636   2.0%  5.6% 
Total interest expense   12,208     10,158     9,441     8,936     8,148   20.2%  49.8% 
Net interest income$  45,114  $  44,924  $  46,343  $  44,926  $  43,178   0.4%  4.5% 
               
(1)  Includes loans held for sale.              
               

The average earning asset yield (tax equivalent) was 4.57% for the second quarter of 2018 compared with 4.53% for the first quarter of 2018.  The four basis point increase was primarily due to the increase in average yield for loans and leases receivable.  The cost of interest-bearing liabilities was 1.44% for the second quarter of 2018 compared with 1.25% for the first quarter of 2018.  The 19 basis point increase was primarily due to an increase in higher costing time deposits and an increase in the average rate paid on overnight borrowings. 

               
  For the Three Months Ended (in thousands)  Percentage Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
Average Earning Assets and Interest-bearing Liabilities 2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Loans and leases receivable (1)$  4,414,217  $  4,310,964  $  4,227,259  $  4,092,131  $  3,951,934   2.4%  11.7% 
Securities   591,493     588,738     611,181     611,538     585,384   0.5%  1.0% 
FHLB stock   16,385     16,385     16,385     16,385     16,385   0.0%  0.0% 
Interest-bearing deposits in other banks   28,831     32,401     36,386     38,981     47,402   -11.0%  -39.2% 
Average interest-earning assets$  5,050,926  $  4,948,488  $  4,891,211  $  4,759,035  $  4,601,105   2.1%  9.8% 
               
Demand: interest-bearing$  92,552  $  91,378  $  90,646  $  90,720  $  93,873   1.3%  -1.4% 
Money market and savings   1,412,118     1,478,795     1,513,408     1,526,951     1,532,733   -4.5%  -7.9% 
Time deposits   1,553,692     1,440,382     1,408,227     1,384,724     1,320,005   7.9%  17.7% 
Average interest-bearing deposits   3,058,362     3,010,555     3,012,281     3,002,395     2,946,611   1.6%  3.8% 
Borrowings   214,066     179,000     119,946     67,935     20,000   19.6%  970.3% 
Subordinated debentures   117,456     117,323     117,198     117,065     116,850   0.1%  0.5% 
Average interest-bearing liabilities$  3,389,884  $  3,306,878  $  3,249,425  $  3,187,395  $  3,083,461   2.5%  9.9% 
               
(1)  Includes loans held for sale.              
               
  For the Three Months Ended  Amount Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
Average Yields and Rates 2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Loans and leases receivable(1) 4.88%  4.85%  4.90%  4.87%  4.87%  0.03   0.01  
Securities (2) 2.29%  2.24%  2.37%  2.41%  2.35%  0.05   -0.06  
FHLB stock 6.93%  7.15%  7.00%  6.93%  6.93%  -0.22   0.00  
Interest-bearing deposits in other banks 1.85%  1.43%  1.36%  1.25%  1.04%  0.42   0.81  
Interest-earning assets 4.57%  4.53%  4.56%  4.53%  4.52%  0.04   0.05  
               
Interest-bearing deposits 1.24%  1.05%  0.97%  0.93%  0.88%  0.19   0.36  
Borrowings 1.90%  1.54%  1.20%  1.16%  0.98%  0.36   0.92  
Subordinated debentures 5.87%  5.77%  5.70%  5.68%  5.59%  0.10   0.28  
Interest-bearing liabilities 1.44%  1.25%  1.15%  1.11%  1.06%  0.19   0.38  
               
Net interest margin (taxable equivalent basis) 3.60%  3.70%  3.79%  3.79%  3.81%  -0.10   -0.21  
               
Cost of deposits 0.87%  0.73%  0.68%  0.66%  0.62%  0.14   0.25  
               
(1)  Includes loans held for sale.              
(2)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.           
               

For the second quarter of 2018, the loan and lease loss provision was $0.1 million compared with $0.6 million for the preceding quarter reflecting the continued strong asset quality of the portfolio of loans and leases.

Second quarter noninterest income decreased 1.9% to $5.9 million from $6.1 million for the first quarter, primarily due to a $0.2 million decrease in service charges on deposit accounts and a $0.2 million decrease in servicing income.  The second quarter included a small gain from the sales of securities compared with a $0.4 million loss on sales of securities in the first quarter.

               
  For the Three Months Ended (in thousands)  Percentage Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
Noninterest Income 2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Service charges on deposit accounts$  2,328  $  2,511  $  2,729  $  2,678  $  2,461   -7.3%  -5.4% 
Trade finance and other service charges and fees   1,149     1,173     1,047     1,133     1,269   -2.0%  -9.5% 
Servicing income   421     662     564     644     625   -36.4%  -32.6% 
Bank-owned life insurance income   256     277     285     286     260   -7.6%  -1.5% 
Other operating income   305     285     636     283     941   7.0%  -67.6% 
Service charges, fees & other   4,459     4,908     5,261     5,024     5,556   -9.1%  -19.7% 
               
Gain on sale of SBA loans   1,408     1,448     2,056     2,546     2,668   -2.8%  -47.2% 
Disposition gain on PCI loans   11     133     91     979     540   -91.7%  -98.0% 
Net gain (loss) on sales of securities   67     (428)    275     267     938   -115.7%  -92.9% 
Total noninterest income$  5,945  $  6,061  $  7,683  $  8,816  $  9,702   -1.9%  -38.7% 
               

Noninterest expense has remained within a relatively tight range over the past year. During the second quarter, noninterest expense decreased 0.8% to $29.5 million from $29.8 million in the first quarter primarily due to a $1.2 million decrease in salaries and employee benefits and $0.2 million decrease in professional fees, partially offset by a $0.6 million increase in other operating expenses. Salaries and employee benefit expenses are typically higher in the first quarter due to the seasonal impact of elevated payroll taxes and employee benefits. As a result of the decrease in noninterest expense, as well as the increase in net interest income, the efficiency ratio improved to 57.80% in the second quarter from 58.36% in the prior quarter.

               
  For the Three Months Ended (in thousands)  Percentage Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
  2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Noninterest Expense              
Salaries and employee benefits$  17,453  $  18,702  $  17,270  $  16,947  $  16,623   -6.7%  5.0% 
Occupancy and equipment   4,082     4,072     3,997     3,883     3,878   0.2%  5.3% 
Data processing   1,554     1,678     1,812     1,779     1,738   -7.4%  -10.6% 
Professional fees   1,214     1,369     1,552     1,210     1,554   -11.3%  -21.9% 
Supplies and communication   693     708     778     755     745   -2.1%  -7.0% 
Advertising and promotion   1,034     876     988     1,147     1,015   18.0%  1.9% 
Merger and integration costs   380     -      -      -      (9)  0.0%  -4322.2% 
Other operating expenses   2,854     2,273     2,961     2,955     2,881   25.6%  -0.9% 
subtotal   29,264     29,678     29,358     28,676     28,425   -1.4%  3.0% 
               
Other real estate owned expense (income)   246     79     (100)    (16)    519   211.4%  -52.6% 
Total noninterest expense$  29,510  $  29,757  $  29,258  $  28,660  $  28,944   -0.8%  2.0% 
               

Hanmi recorded a provision for income taxes of $5.9 million for the second quarter of 2018, representing an effective tax rate of 27.5%, compared with $5.7 million, representing an effective tax rate of 27.8%, for the first quarter. Our effective tax rate for the second quarter of 2017 was 38.5% with a provision of $9.1 million. The year-over-year decrease was a result of the lower Federal corporate tax rate beginning in 2018.

Financial Position
Total assets were $5.42 billion at June 30, 2018, a 2.1% increase from $5.31 billion at March 31, 2018. The increase in total assets was primarily due to an increase in loans and leases receivable.

Loans and leases receivable, before the allowance for loan and lease losses, were $4.54 billion at June 30, 2018, up 2.9% from $4.41 billion at the end of the prior quarter. The increase in loans and leases from the first quarter reflects Hanmi’s continued strong loan and lease production. Loans held for sale, representing the guaranteed portion of SBA loans, were $5.3 million at June 30, 2018 compared with $6.0 million at the end of the first quarter.

Loans and leases receivable, before the allowance for loan and lease losses, increased 11.5% from $4.07 billion for the second quarter last year, primarily due to strong loan and lease production over the last twelve months.

               
  As of (in thousands)  Percentage Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
  2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Loan and Lease Portfolio              
Commercial real estate loans$  3,241,348  $  3,122,745  $  3,069,063  $  3,108,931  $  3,068,069   3.8%  5.6% 
Residential real estate loans   539,861     545,053     521,852     430,627     384,044   -1.0%  40.6% 
Commercial and industrial loans   396,522     409,380     399,197     364,456     346,150   -3.1%  14.6% 
Lease receivable   350,578     321,480     297,286     272,271     257,525   9.1%  36.1% 
Consumer loans   13,817     14,899     17,060     19,070     17,274   -7.3%  -20.0% 
Loans and leases receivable 4,542,126   4,413,557   4,304,458   4,195,355   4,073,062   2.9%  11.5% 
Loans held for sale   5,349     6,008     6,394     6,469     10,949   -11.0%  -51.1% 
Total loans and leases$  4,547,475  $  4,419,565  $  4,310,852  $  4,201,824  $  4,084,011   2.9%  11.3% 
               

New loan and lease production for the 2018 second quarter was $308.8 million while payoffs, amortization and net line utilization was $186.2 million compared with $245.3 million and $154.3 million, respectively, for the first quarter.  Second quarter 2018 new loan and lease production was comprised of $198.3 million of commercial real estate loans, $19.2 million of commercial and industrial loans, $29.6 million of SBA loans, $60.3 million of commercial leases and $1.3 million of consumer loans. Loan purchases for the 2018 second quarter were $25.9 million, compared with $38.9 million in the first quarter. For the second quarter of 2018, commercial real estate loans as a percentage of loans and leases receivable decreased to 71.4% compared with 75.3% for the same period last year.

Bonnie Lee, President and Chief Operating Officer, said, “Hanmi continues to deliver strong new loan and lease production. During the quarter we saw meaningful contributions from the Illinois market, as well as our new branch in New York City that provides access to one of the top Asian American banking markets in the country. I am also pleased with our Commercial Equipment Leasing division, which originated the most leases since we acquired this business in the fourth quarter of 2016.”

Deposits increased to $4.43 billion at the end of the second quarter from $4.38 billion at the end of the preceding quarter. Time deposits and interest bearing demand deposits led this growth with increases of 8.6% and 13.1%, respectively. The loans to deposits ratio at June 30, 2018 increased to 102.6% from 100.8% in the first quarter.

Deposits increased 3.9% from $4.26 billion in the second quarter last year, as total time deposits, noninterest-bearing demand deposits and interest-bearing demand deposits increased 15.4%, 7.1% and 13.3%, respectively, from a year ago. Noninterest-bearing demand deposits as a percentage of total deposits have remained stable in a range of 30% to 31% even as overall deposits have increased.

               
  As of (in thousands)  Percentage Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
  2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Deposit Portfolio              
Demand: noninterest-bearing$  1,350,383  $  1,352,162  $  1,312,274  $  1,293,538  $  1,260,929   -0.1%  7.1% 
Demand: interest-bearing   105,825     93,591     92,948     90,734     93,390   13.1%  13.3% 
Money market and savings   1,381,038     1,469,010     1,527,100     1,534,457     1,528,127   -6.0%  -9.6% 
Time deposits   1,589,289     1,463,338     1,416,332     1,380,281     1,376,727   8.6%  15.4% 
Total deposits$  4,426,535  $  4,378,101  $  4,348,654  $  4,299,010  $  4,259,173   1.1%  3.9% 
               

At June 30, 2018, stockholders’ equity was $571.7 million, compared with $564.3 million at March 31, 2018. Tangible common stockholders’ equity was $559.3 million, or 10.35% of tangible assets, compared with $551.8 million, or 10.43% of tangible assets at the end of the first quarter. Tangible book value per share increased to $17.20 from $16.98 in the prior quarter.

Hanmi continues to be well capitalized, with a preliminary Tier 1 risk-based capital ratio of 12.52% and a Total risk-based capital ratio of 15.36% at June 30, 2018, versus 12.52% and 15.43%, respectively, for the first quarter.

               
  As of  Amount Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
  2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Regulatory Capital ratios (1)              
Hanmi Financial              
Total risk-based capital 15.36%  15.43%  15.50%  15.58%  15.69%  -0.07   -0.33  
Tier 1 risk-based capital 12.52%  12.52%  12.55%  12.56%  12.58%  0.00   -0.06  
Common equity tier 1 capital 12.09%  12.09%  12.19%  12.20%  12.22%  0.00   -0.13  
Tier 1 leverage capital ratio 10.89%  10.88%  10.79%  10.92%  11.08%  0.01   -0.19  
Hanmi Bank              
Total risk-based capital 15.04%  15.13%  15.20%  15.32%  15.44%  -0.09   -0.40  
Tier 1 risk-based capital 14.32%  14.39%  14.47%  14.55%  14.62%  -0.07   -0.30  
Common equity tier 1 capital 14.32%  14.39%  14.47%  14.55%  14.62%  -0.07   -0.30  
Tier 1 leverage capital ratio 12.46%  12.51%  12.44%  12.66%  12.89%  -0.05   -0.43  
               
(1)  Preliminary ratios for June 30, 2018              
               

Hanmi declared a cash dividend of $0.24 per common share on its common stock in the second quarter.  The dividend was paid on May 29, 2018, to stockholders of record as of the close of business on May 7, 2018.

Asset Quality
Nonperforming loans were $15.8 million at the end of the second quarter of 2018, or 0.35% of loans, compared with $15.4 million at the end the prior quarter, or 0.35% of loans. Loans 30 to 89 days past due and still accruing were 0.20% of loans at the end of the second quarter of 2018, compared with 0.16% of loans at the end of the first quarter.

Nonperforming assets were $16.1 million at the end of the second quarter of 2018, or 0.30% of assets, compared with 0.32% of assets at the end of the prior quarter.

Gross charge-offs for the second quarter of 2018 were $0.7 million compared with $1.6 million for the preceding quarter. Recoveries of previously charged-off loans for the second quarter of 2018 were $0.6 million compared with $1.7 million for the preceding quarter. As a result, there were net charge offs totaling $59,000 for the second quarter of 2018, compared to net recoveries of $85,000 for the preceding quarter.  For the second quarter of 2018, net charge offs were 0.01% of average loans and leases compared to net recoveries of 0.01% of average loans for the preceding quarter.   

The allowance for loan and lease losses was $31.8 million as of June 30, 2018, generating an allowance of loan and lease losses to loans and leases of 0.70%, down from 0.72% the prior quarter due to higher loan volume.

               
  As of or for the Three Months Ended (in thousands)  Amount Change 
 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Q2-18 Q2-18 
  2018   2018   2017   2017   2017  vs. Q1-18 vs. Q2-17 
Asset Quality              
Non-performing assets:              
Nonaccrual loans$  15,804  $  15,345  $  15,805  $  14,558  $  16,464  $  459  $  (660) 
Loans 90 days or more past due and still accruing   -     17     -     -     -     (17)    -   
Non-performing loans and leases   15,804     15,362     15,805     14,558     16,464     442     (660) 
Other real estate, net   280     1,660     1,946     1,946     4,321     (1,380)    (4,041) 
Nonperforming assets$  16,084  $  17,022  $  17,751  $  16,504  $  20,785  $  (938) $  (4,701) 
               
Delinquent loans:              
Loans, 30 to 89 days past due and still accruing$  9,089  $  7,270  $  8,666  $  5,682  $  9,602  $  1,819  $  (513) 
Delinquent loans to loans 0.20%  0.16%  0.20%  0.14%  0.24%  3.5%  -3.6% 
               
Allowance for loan and lease losses:              
Balance at beginning of period$  31,777  $  31,043  $  32,492  $  33,758  $  33,152      
Loan and lease loss provision   100     649     220     269     422      
Net loan charge-offs (recoveries)   59     (85)    1,669     1,535     (184)     
Balance at end of period$  31,818  $  31,777  $  31,043  $  32,492  $  33,758      
               
Asset quality ratios:              
Non-performing loans and leases to loans and leases 0.35%  0.35%  0.37%  0.35%  0.41%     
Non-performing assets to assets 0.30%  0.32%  0.34%  0.32%  0.42%     
Net loan and lease charge-offs (recoveries) to average loans and leases (1) 0.01%  -0.01%  0.16%  0.15%  -0.02%     
Allowance for loan and lease losses to loans and leases 0.70%  0.72%  0.72%  0.77%  0.83%     
Allowance for loan and lease losses to non-performing loans and leases 201.33%  206.85%  196.41%  223.19%  205.04%     
               
Allowance for off-balance sheet items:              
Balance at beginning of period$  1,323  $  1,296  $  915  $  1,135  $  1,184      
Provision (income) for off-balance sheet items   34     27     381     (220)    (49)     
Balance at end of period$  1,357  $  1,323  $  1,296  $  915  $  1,135      
               
(1)  Annualized              
               

Conference Call
Management will host a conference call today, July 24, 2018 at 2:00 p.m. PT (5:00 p.m. ET) to discuss these results. This call will also be broadcast live via the internet. Investment professionals and all current and prospective stockholders are invited to access the live call by dialing 1-877-407-9039 before 2:00 p.m. PT, using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 40 full-service branches and 9 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital plans, strategic alternatives for a possible business combination, merger or sale transaction, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: failure to maintain adequate levels of capital and liquidity to support our operations; the effect of potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests; ability to identify a suitable strategic partner or to consummate a strategic transaction; adequacy of our allowance for loan and lease losses; credit quality and the effect of credit quality on our provision for loan and lease losses and allowance for loan and lease losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Richard Pimentel
Senior Vice President & Corporate Finance Officer
213-427-3191

Lasse Glassen
Investor Relations
Addo Investor Relations
310-829-5400


Hanmi Financial Corporation and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(In thousands)

           
 June 30, March 31, Percentage June 30, Percentage 
  2018   2018  Change  2017  Change 
Assets          
Cash and due from banks$  136,474  $  151,611  -10% $  138,507  -1.5% 
Securities available for sale, at fair value   565,529     570,351  -0.8%    571,846  -1.1% 
Loans held for sale, at the lower of cost or fair value   5,349     6,008  -11.0%    10,949  -51.1% 
Loans receivable, net of allowance for loan losses    4,510,308     4,381,780  2.9%    4,039,304  11.7% 
Accrued interest receivable   12,940     12,751  1.5%    11,167  15.9% 
Premises and equipment, net   26,324     26,465  -0.5%    26,869  -2.0% 
Customers' liability on acceptances   971     870  11.6%    1,481  -34.4% 
Servicing assets   9,255     9,867  -6.2%    10,480  -11.7% 
Goodwill and other intangible assets, net   12,363     12,454  -0.7%    12,712  -2.7% 
Federal Home Loan Bank ("FHLB") stock, at cost   16,385     16,385  0.0%    16,385  0.0% 
Bank-owned life insurance   51,087     50,831  0.5%    49,982  2.2% 
Prepaid expenses and other assets   68,217     66,268  2.9%    83,664  -18.5% 
Total assets$   5,415,202   $   5,305,641   2.1% $   4,973,346   8.9% 
           
Liabilities and Stockholders' Equity          
Liabilities:          
Deposits:          
Noninterest-bearing$  1,350,383  $  1,352,162  -0.1% $  1,260,929  7.1% 
Interest-bearing   3,076,152     3,025,939  1.7%    2,998,244  2.6% 
Total deposits   4,426,535     4,378,101  1.1%    4,259,173  3.9% 
Accrued interest payable   5,775     5,931  -2.6%    3,432  68.3% 
Bank's liability on acceptances   971     870  11.6%    1,481  -34.4% 
Borrowings   270,000     220,000  22.7%    20,000  1250.0% 
Subordinated debentures   117,532     117,400  0.1%    117,011  0.4% 
Accrued expenses and other liabilities   22,682     19,061  19.0%    22,109  2.6% 
Total liabilities   4,843,495      4,741,363   2.2%    4,423,206   9.5% 
           
Stockholders' equity:          
Common stock   33     33  0.0%    33  0.0% 
Additional paid-in capital   568,011     567,081  0.2%    563,948  0.7% 
Accumulated other comprehensive (loss) income   (9,324)    (8,207) 13.6%    137  -6905.8% 
Retained earnings   85,465     77,691  10.0%    57,717  48.1% 
Less treasury stock   (72,478)    (72,320) 0.2%    (71,695) 1.1% 
Total stockholders' equity   571,707      564,278   1.3%    550,140   3.9% 
Total liabilities and stockholders' equity$   5,415,202   $   5,305,641   2.1% $   4,973,346   8.9% 
           

Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data) 

 

          
  Three Months Ended
 June 30, March 31, Percentage June 30, Percentage
  2018   2018  Change  2017  Change
Interest and dividend income:         
Interest and fees on loans and leases$  53,708  $  51,574  4.1% $  47,971  12.0%
Interest on securities   3,198     3,105  3.0%    2,949  8.4%
Dividends on FHLB stock   283     289  -2.1%    283  0.0%
Interest on deposits in other banks   133     114  16.7%    123  8.1%
   Total interest and dividend income   57,322     55,082  4.1%    51,326  11.7%
Interest expense:         
Interest on deposits   9,465     7,785  21.6%    6,463  46.4%
Interest on borrowings   1,015     679  49.5%    49  1971.4%
Interest on subordinated debentures   1,728     1,694  2.0%    1,636  5.6%
   Total interest expense   12,208     10,158  20.2%    8,148  49.8%
Net interest income before provision for loan and lease losses   45,114     44,924  0.4%    43,178  4.5%
Loan and lease loss provision   100     649  -84.6%    422  -76.3%
Net interest income after provision for loan and lease losses   45,014     44,275  1.7%    42,756  5.3%
Noninterest income:         
Service charges on deposit accounts   2,328     2,511  -7.3%    2,461  -5.4%
Trade finance and other service charges and fees   1,149     1,173  -2.0%    1,269  -9.5%
Gain on sale of Small Business Administration ("SBA") loans   1,408     1,448  -2.8%    2,668  -47.2%
Servicing income   421     662  -36.4%    625  -32.6%
Bank-owned life insurance income   256     277  -7.6%    260  -1.5%
Disposition gains on Purchased Credit Impaired ("PCI") loans   11     133  -91.7%    540  -98.0%
Net gain (loss) on sales of securities   67     (428) -115.7%    938  -92.9%
Other operating income   305     285  7.0%    941  -67.6%
   Total noninterest income   5,945     6,061  -1.9%    9,702  -38.7%
Noninterest expense:         
Salaries and employee benefits   17,453     18,702  -6.7%    16,623  5.0%
Occupancy and equipment   4,082     4,072  0.2%    3,878  5.3%
Data processing   1,554     1,678  -7.4%    1,738  -10.6%
Professional fees   1,214     1,369  -11.3%    1,554  -21.9%
Supplies and communications   693     708  -2.1%    745  -7.0%
Advertising and promotion   1,034     876  18.0%    1,015  1.9%
Other real estate owned expense   246     79  211.4%    519  -52.6%
Merger and integration costs   380     -  -     (9) -4322.2%
Other operating expenses   2,854     2,273  25.6%    2,881  -0.9%
   Total noninterest expense   29,510     29,757  -0.8%    28,944  2.0%
Income before provision for income taxes   21,449     20,579  4.2%    23,514  -8.8%
Provision for income taxes   5,901     5,724  3.1%    9,057  -34.8%
Net income$  15,548   $  14,855   4.7% $  14,457   7.6%
           
Basic earnings per share:$  0.48  $  0.46    $  0.45   
Diluted earnings per share:$  0.48  $  0.46    $  0.45   
          
Weighted-average shares outstanding:         
Basic   32,189,096     32,145,214       32,078,038   
Diluted   32,336,775     32,301,095       32,243,034   
Common shares outstanding   32,513,518     32,502,658       32,393,856   
          
          
          
Hanmi Financial Corporation and Subsidiaries         
Consolidated Statements of Income (Unaudited)         
(In thousands, except share and per share data)         
  Six Months Ended     
 June 30, June 30, Percentage    
  2018   2017  Change    
Interest and dividend income:         
Interest and fees on loans$  105,283  $  93,349  12.8%    
Interest on securities   6,302     5,468  15.3%    
Dividends on FHLB stock   572     657  -12.9%    
Interest on deposits in other banks   247     200  23.5%    
   Total interest and dividend income   112,404     99,674  12.8%    
Interest expense:         
Interest on deposits   17,250     11,617  48.5%    
Interest on borrowings   1,694     517  227.8%    
Interest on subordinated debentures   3,421     2,009  70.3%    
   Total interest expense   22,365     14,143  58.1%    
Net interest income before provision for loan and lease losses   90,039     85,531  5.3%    
Loan and lease loss provision   749     342  119.0%    
Net interest income after provision for loan and lease losses   89,290     85,189  4.8%    
Noninterest income:         
Service charges on deposit accounts   4,839     4,989  -3.0%    
Trade finance and other service charges and fees   2,322     2,316  0.3%    
Gain on sale of Small Business Administration ("SBA") loans   2,856     4,132  -30.9%    
Servicing income   1,083     1,423  -23.9%    
Bank-owned life insurance income   533     542  -1.6%    
Disposition gains on Purchased Credit Impaired ("PCI") loans   144     723  -80.1%    
Net gain (loss) on sales of securities   (361)    1,206  -129.9%    
Other operating income   590     1,586  -62.8%    
   Total noninterest income   12,006     16,917  -29.0%    
Noninterest expense:         
Salaries and employee benefits   36,155     33,727  7.2%    
Occupancy and equipment   8,154     7,861  3.7%    
Data processing   3,231     3,369  -4.1%    
Professional fees   2,583     2,702  -4.4%    
Supplies and communications   1,401     1,379  1.6%    
Advertising and promotion   1,911     1,817  5.2%    
Other real estate owned expense   325     418  -22.2%    
Merger and integration costs   380     (40) -1050.0%    
Other operating expenses   5,128     4,948  3.6%    
   Total noninterest expense   59,268     56,181  5.5%    
Income before provision for income taxes   42,028     45,925  -8.5%    
Income tax expense   11,625     17,685  -34.3%    
Net income$  30,403   $  28,240   7.7%    
           
Basic earnings per share:$  0.94  $  0.88       
Diluted earnings per share:$  0.94  $  0.87       
          
Weighted-average shares outstanding:         
Basic   32,167,111     32,040,113       
Diluted   32,316,648     32,216,671       
Common shares outstanding   32,513,518     32,393,856       
          

 

 

Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(In thousands, except ratios)

             
 Three Months Ended 
 June 30, 2018 March 31, 2018 June 30, 2017 
  InterestAverage  InterestAverage  InterestAverage 
 AverageIncome /Yield / AverageIncome /Yield / AverageIncome /Yield / 
 BalanceExpenseRate BalanceExpenseRate BalanceExpenseRate 
Assets            
Interest-earning assets:            
Loans and leases receivable (1)$  4,414,217 $  53,7084.88% $  4,310,964 $  51,5744.85% $  3,951,934 $  47,9714.87% 
Securities (2)   591,493    3,3842.29%    588,738    3,2962.24%    585,384    3,4442.35% 
FHLB stock   16,385    2836.93%    16,385    2897.15%    16,385    2836.93% 
Interest-bearing deposits in other banks   28,831    1331.85%    32,401    1141.43%    47,402    1231.04% 
Total interest-earning assets   5,050,926    57,5084.57%    4,948,488    55,2734.53%    4,601,105    51,8214.52% 
             
Noninterest-earning assets:            
Cash and due from banks   124,371       122,580       116,750    
Allowance for loan and lease losses   (31,871)      (32,487)      (33,540)   
Other assets   175,277       175,209       191,158    
             
Total assets$  5,318,703     $  5,213,790     $  4,875,473     
             
Liabilities and Stockholders' Equity            
Interest-bearing liabilities:            
Deposits:            
Demand: interest-bearing$  92,552 $  180.08% $  91,378 $  180.08% $  93,873 $  180.08% 
Money market and savings   1,412,118    3,5461.01%    1,478,795    3,3260.91%    1,532,733    3,2240.84% 
Time deposits   1,553,692    5,9011.52%    1,440,382    4,4411.25%    1,320,005    3,2210.98% 
Total interest-bearing deposits   3,058,362    9,4651.24%    3,010,555    7,7851.05%    2,946,611    6,4630.88% 
Borrowings   214,066    1,0151.90%    179,000    6791.54%    20,000    490.98% 
Subordinated debentures   117,456    1,7285.87%    117,323    1,6945.77%    116,850    1,6365.59% 
Total interest-bearing liabilities   3,389,884    12,2081.44%    3,306,878    10,1581.25%    3,083,461    8,1481.06% 
             
Noninterest-bearing liabilities and equity:            
Demand deposits: noninterest-bearing   1,325,195       1,307,072       1,219,876    
Other liabilities   26,651       33,973       27,853    
Stockholders' equity   576,973       565,867       544,283    
             
Total liabilities and stockholders' equity$  5,318,703     $  5,213,790     $  4,875,473     
             
Net interest income (tax equivalent basis) $   45,300    $   45,115    $  43,673   
             
Cost of deposits  0.87%   0.73%   0.62% 
Net interest spread (taxable equivalent basis)  3.13%   3.28%   3.46% 
Net interest margin (taxable equivalent basis)  3.60%   3.70%   3.81% 
             
             
             
(1)  Includes loans held for sale            
(2)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.     
             
             
Hanmi Financial Corporation and Subsidiaries            
Average Balance, Average Yield Earned and Average Rate Paid (Unaudited)            
(In thousands, except ratios)            
             
 Six Months Ended     
 June 30, 2018 June 30, 2017     
  InterestAverage  InterestAverage     
 AverageIncome /Yield / AverageIncome /Yield /     
 BalanceExpenseRate BalanceExpenseRate     
Assets            
Interest-earning assets:            
Loans and leases receivable (1)$  4,362,876 $  105,2834.87% $  3,917,004 $  93,3494.81%     
Securities (2)   590,123    6,6782.26%    556,129    6,4682.33%     
FHLB stock   16,385    5727.04%    16,385    6578.09%     
Interest-bearing deposits in other banks   30,606    2471.63%    43,026    2000.94%     
Total interest-earning assets   4,999,990    112,7804.55%    4,532,544    100,6744.48%     
             
Noninterest-earning assets:            
Cash and due from banks   123,480       117,273        
Allowance for loan and lease losses   (32,177)      (33,193)       
Other assets   175,245       190,602        
             
Total assets$  5,266,538     $  4,807,226         
             
Liabilities and Stockholders' Equity            
Interest-bearing liabilities:            
Deposits:            
Demand: interest-bearing$  91,968 $  360.08% $  95,727 $  380.08%     
Money market and savings   1,445,272    6,8720.96%    1,470,165    5,8900.81%     
Time deposits   1,497,349    10,3421.39%    1,247,000    5,6890.92%     
Total interest-bearing deposits   3,034,589    17,2501.15%    2,812,892    11,6170.83%     
Borrowings   196,630    1,6941.74%    144,558    5170.72%     
Subordinated debentures   117,390    3,4215.82%    74,137    2,0095.41%     
Total interest-bearing liabilities   3,348,609    22,3651.35%    3,031,587    14,1430.94%     
             
Noninterest-bearing liabilities:            
Demand deposits: noninterest-bearing   1,316,184       1,208,079        
Other liabilities   30,292       28,255        
Stockholders' equity   571,453       539,305        
             
Total liabilities and stockholders' equity$  5,266,538     $  4,807,226         
             
Net interest income (tax equivalent basis) $   90,415    $   86,531       
             
Cost of deposits  0.80%   0.58%     
Net interest spread (taxable equivalent basis)  3.20%   3.54%     
Net interest margin (taxable equivalent basis)  3.65%   3.85%     
             
             
(1)  Includes loans held for sale      
(2)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.     

Non-GAAP Financial Measures

Tangible Common Equity to Tangible Assets Ratio

Tangible common equity to tangible assets ratio is supplemental financial information determined by a method other than in accordance with U.S. generally accepted accounting principles (“GAAP”). This non-GAAP measure is used by management in the analysis of Hanmi’s capital strength. Tangible equity is calculated by subtracting goodwill and other intangible assets from stockholders’ equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of this financial measure excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital strength of Hanmi. This disclosure should not be viewed as a substitution for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following table reconciles this non-GAAP performance measure to the GAAP performance measure for the periods indicated:

Tangible Common Equity to Tangible Assets Ratio (Unaudited)
(In thousands, except share, per share data and ratios)

          
 June 30, March 31, December 31, September 30, June 30,
Hanmi Financial Corporation 2018   2018   2017   2017   2017 
Assets$  5,415,202  $  5,305,641  $  5,210,485  $  5,111,396  $  4,973,346 
Less goodwill and other intangible assets   (12,363)    (12,454)    (12,544)    (12,628)    (12,712)
Tangible assets$  5,402,839  $  5,293,187  $  5,197,941  $  5,098,768  $  4,960,634 
          
Stockholders' equity$  571,707  $  564,278  $  562,477  $  559,247  $  550,140 
Less goodwill and other intangible assets   (12,363)    (12,454)    (12,544)    (12,628)    (12,712)
Tangible stockholders' equity$  559,344  $  551,824  $  549,933  $  546,619  $  537,428 
          
Stockholders' equity to assets 10.56%  10.64%  10.80%  10.94%  11.06%
Tangible common equity to tangible assets 10.35%  10.43%  10.58%  10.72%  10.83%
          
Common shares outstanding   32,513,518     32,502,658     32,431,627     32,413,082     32,393,856 
Tangible common equity per common share$  17.20  $  16.98  $  16.96  $  16.86  $  16.59 
          

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