Shares of Hanmi Financial Corp. plunged Wednesday after the Los Angeles banking company announced it would delay the release of its third-quarter earnings and that it expects a decline in net income due to credit losses.
The $3.9 billion-asset Hanmi said it has moved the earnings release date from Oct. 25 to Nov. 6 to give it more time to calculate its allowance for loan losses.
Currently, Hanmi expects to record a loan-loss provision of at least $7.5 million for the third quarter. It said it expects earnings per share to be at least 20% lower than the 31 cents per share the company reported for the second quarter.
In the third quarter of 2006, Hanmi's net income was $17.6 million, or 36 cents per share.
Hanmi's shares closed at $11.37 Wednesday, down 23.4%.
