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Section 1: 10-Q (10-Q)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2020

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period From ___________ To _____________

Commission File Number: 000-30421

HANMI FINANCIAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

95-4788120

(State or Other Jurisdiction of

 

(I.R.S. Employer

Incorporation or Organization)

 

Identification No.)

 

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, Former Address and Former Fiscal Year, If Changed Since Last Report)

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.001 par value

 

HAFC

 

Nasdaq Global Select Market

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ☒    No  

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).   Yes  ☒    No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

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.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes      No  

As of November 2, 2020, there were 30,720,110 outstanding shares of the Registrant’s Common Stock.

 

 

 

 


 

Hanmi Financial Corporation and Subsidiaries Quarterly Report on Form 10-Q

Three Months Ended September 30, 2020

Table of Contents

 

 

 

Part I – Financial Information

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets at September 30, 2020 (unaudited) and December 31, 2019

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income (Unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income (Unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows (Unaudited)

 

8

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (Unaudited)

 

9

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

43

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

66

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

67

 

 

 

 

 

 

 

Part II – Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

68

 

 

 

 

 

Item 1A.

 

Risk Factors

 

68

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

68

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

68

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

68

 

 

 

 

 

Item 5.

 

Other Information

 

68

 

 

 

 

 

Item 6.

 

Exhibits

 

69

 

 

 

Signatures

 

70

 

2


 

Part I — Financial Information

Item 1. Financial Statements

Hanmi Financial Corporation and Subsidiaries

Consolidated Balance Sheets (Unaudited)

(in thousands, except share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

359,755

 

 

$

121,678

 

Securities available for sale, at fair value (amortized cost of $721,183, as of September 30, 2020 and $629,725 as of December 31, 2019)

 

 

723,601

 

 

 

634,477

 

Loans held for sale, at the lower of cost or fair value

 

 

12,834

 

 

 

6,020

 

Loans receivable, net of allowance for credit losses of $86,620 as of September 30, 2020 and $61,408 as of December 31, 2019

 

 

4,747,517

 

 

 

4,548,739

 

Accrued interest receivable

 

 

21,417

 

 

 

11,742

 

Premises and equipment, net

 

 

27,956

 

 

 

26,070

 

Customers' liability on acceptances

 

 

208

 

 

 

66

 

Servicing assets

 

 

6,348

 

 

 

6,956

 

Goodwill and other intangible assets, net

 

 

11,677

 

 

 

11,873

 

Federal Home Loan Bank ("FHLB") stock, at cost

 

 

16,385

 

 

 

16,385

 

Income tax assets

 

 

43,652

 

 

 

36,787

 

Bank-owned life insurance

 

 

53,623

 

 

 

52,782

 

Prepaid expenses and other assets

 

 

81,809

 

 

 

64,609

 

Total assets

 

$

6,106,782

 

 

$

5,538,184

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

1,961,006

 

 

$

1,391,624

 

Interest-bearing

 

 

3,233,286

 

 

 

3,307,338

 

Total deposits

 

 

5,194,292

 

 

 

4,698,962

 

Accrued interest payable

 

 

5,427

 

 

 

11,215

 

Bank's liability on acceptances

 

 

208

 

 

 

66

 

Borrowings

 

 

150,000

 

 

 

90,000

 

Subordinated debentures ($126,800 face amount less unamortized discount and debt issuance costs of $7,979) as of September 30, 2020 and ($126,800 face amount less unamortized discount and debt issuance costs of $8,423) as of December 31, 2019

 

 

118,821

 

 

 

118,377

 

Accrued expenses and other liabilities

 

 

74,831

 

 

 

56,297

 

Total liabilities

 

 

5,543,579

 

 

 

4,974,917

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred Stock, $0.001 par value; authorized 10,000,000 shares; no shares issued as of September 30, 2020 and December 31, 2019

 

 

 

 

 

 

Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,560,983 shares (30,719,591 shares outstanding) as of September 30, 2020 and issued 33,475,402 shares (30,799,624 shares outstanding) as of December 31, 2019

 

 

33

 

 

 

33

 

Additional paid-in capital

 

 

577,727

 

 

 

575,816

 

Accumulated other comprehensive income, net of tax expense of $697 as of September 30, 2020 and $1,370 as of December 31, 2019

 

 

1,721

 

 

 

3,382

 

Retained earnings

 

 

102,751

 

 

 

100,551

 

Less treasury stock; 2,841,392 shares as of September 30, 2020 and 2,675,778 shares as of December 31, 2019

 

 

(119,029

)

 

 

(116,515

)

Total stockholders' equity

 

 

563,203

 

 

 

563,267

 

Total liabilities and stockholders' equity

 

$

6,106,782

 

 

$

5,538,184

 

 

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

3


 

Hanmi Financial Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

(in thousands, except share and per share data)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest and dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans receivable

 

$

52,586

 

 

$

57,929

 

 

$

159,464

 

 

$

173,135

 

Interest on securities

 

 

1,972

 

 

 

3,769

 

 

 

8,852

 

 

 

10,996

 

Dividends on FHLB stock

 

 

204

 

 

 

286

 

 

 

696

 

 

 

858

 

Interest on deposits in other banks

 

 

84

 

 

 

193

 

 

 

495

 

 

 

1,085

 

Total interest and dividend income

 

 

54,846

 

 

 

62,177

 

 

 

169,507

 

 

 

186,074

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

7,032

 

 

 

15,995

 

 

 

28,663

 

 

 

48,406

 

Interest on borrowings

 

 

582

 

 

 

367

 

 

 

1,838

 

 

 

439

 

Interest on subordinated debentures

 

 

1,627

 

 

 

1,757

 

 

 

4,984

 

 

 

5,293

 

Total interest expense

 

 

9,241

 

 

 

18,119

 

 

 

35,485

 

 

 

54,138

 

Net interest income before credit loss expense

 

 

45,605

 

 

 

44,058

 

 

 

134,022

 

 

 

131,936

 

Credit loss expense

 

 

38

 

 

 

1,602

 

 

 

40,371

 

 

 

19,418

 

Net interest income after credit loss expense

 

 

45,567

 

 

 

42,456

 

 

 

93,651

 

 

 

112,518

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

2,002

 

 

 

2,518

 

 

 

6,434

 

 

 

7,362

 

Trade finance and other service charges and fees

 

 

972

 

 

 

1,191

 

 

 

2,920

 

 

 

3,519

 

Gain on sale of Small Business Administration ("SBA") loans

 

 

2,324

 

 

 

1,767

 

 

 

3,478

 

 

 

3,752

 

Net gain on sales of securities

 

 

 

 

 

 

 

 

15,712

 

 

 

1,295

 

Other operating income

 

 

1,842

 

 

 

1,384

 

 

 

5,751

 

 

 

4,915

 

Total noninterest income

 

 

7,140

 

 

 

6,860

 

 

 

34,295

 

 

 

20,843

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

17,194

 

 

 

17,530

 

 

 

49,645

 

 

 

50,149

 

Occupancy and equipment

 

 

4,650

 

 

 

4,528

 

 

 

13,633

 

 

 

12,517

 

Data processing

 

 

2,761

 

 

 

2,410

 

 

 

8,233

 

 

 

6,633

 

Professional fees

 

 

1,794

 

 

 

2,826

 

 

 

5,255

 

 

 

6,459

 

Supplies and communications

 

 

698

 

 

 

726

 

 

 

2,337

 

 

 

2,220

 

Advertising and promotion

 

 

594

 

 

 

927

 

 

 

1,783

 

 

 

2,632

 

Other operating expenses

 

 

2,233

 

 

 

3,660

 

 

 

7,245

 

 

 

11,207

 

Total noninterest expense

 

 

29,924

 

 

 

32,607

 

 

 

88,131

 

 

 

91,817

 

Income before tax

 

 

22,783

 

 

 

16,709

 

 

 

39,815

 

 

 

41,544

 

Income tax expense

 

 

6,439

 

 

 

4,333

 

 

 

11,945

 

 

 

11,840

 

Net income

 

$

16,344

 

 

$

12,376

 

 

$

27,870

 

 

$

29,704

 

Basic earnings per share

 

$

0.53

 

 

$

0.40

 

 

$

0.91

 

 

$

0.96

 

Diluted earnings per share

 

$

0.53

 

 

$

0.40

 

 

$

0.91

 

 

$

0.96

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

30,464,263

 

 

 

30,830,445

 

 

 

30,276,462

 

 

 

30,736,456

 

Diluted