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Hanmi Financial (HAFC) in Los Angeles has agreed to buy Central Bancorp in Garland, Texas.
December 16 -
Early in the year Hanmi Financial in Los Angeles was poised to put itself up for sale. But its deal to buy a Texas bank with operations in six states could rearm Hanmi in its fight with BBCN Bancorp and Wilshire Bancorp to be the top Korean-American bank.
December 16 -
Improved credit quality and steady loan yields helped Hanmi Financial Corp. (HAFC) post solid earnings in the third quarter.
October 22
Hanmi Financial (HAFC) in Los Angeles reported dip in quarterly profits because of costs related to its planned acquisition of Central Bancorp.
The company earned $10 million in the fourth quarter. While profits were down 29% from the same period a year ago, the decline was largely owed to the $5.5 million tax benefit Hanmi received in the fourth quarter of 2012. Compared to the third quarter, Hanmi's profits fell 3%. Earnings per share of 31 cents were 1 cent lower than the estimates of analysts polled by Bloomberg.
Noninterest expense rose 3.1% from the fourth quarter of 2012, to $20.2 million. Hanmi cited reviews of strategic transactions as a leading cause of the increase. The $3 billion-asset Hanmi
Hanmi's net interest income climbed 4.4%, to $27.6 million. Gross loans rose 8.4% from the previous year, to $2.2 billion. Interest expense fell 10%, primarily because the company paid no interest on junior subordinated debentures in the fourth quarter. Its net interest margin increased 12 basis points, to 3.98%.
Noninterest income increased 1.5%, to $7.6 million. The increase was partially driven by higher revenue from insurance commissions and gains on the sale of investment securities.
Hanmi did not put aside a loan-loss provision in the fourth quarter of 2013 or 2012. Net chargeoffs plunged 94%, to $166,000.
