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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 March 31, 2022

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.)

 

900 Wilshire Boulevard, Suite 1250

 

 

Los Angeles, California

 

90017

(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 May 2, 2022, there were 30,467,022 outstanding shares of the Registrant’s Common Stock.

 

 

 


 

 

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

Three Months Ended March 31, 2022

Table of Contents

 

 

 

Part I – Financial Information

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

3

 

 

 

 

 

 

 

Consolidated Balance Sheets at March 31, 2022 (unaudited) and December 31, 2021

 

3

 

 

 

 

 

 

 

Consolidated Statements of Income for the three months ended March 31, 2022 and 2021 (unaudited)

 

4

 

 

 

 

 

 

 

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021 (unaudited)

 

5

 

 

 

 

 

 

 

Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2022 and 2021 (unaudited)

 

6

 

 

 

 

 

 

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)

 

7

 

 

 

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

 

8

 

 

 

 

 

Item 2.

 

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

 

38

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

54

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

54

 

 

 

 

 

 

 

Part II – Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

55

 

 

 

 

 

Item 1A.

 

Risk Factors

 

55

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

55

 

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

 

55

 

 

 

 

 

Item 4.

 

Mine Safety Disclosures

 

55

 

 

 

 

 

Item 5.

 

Other Information

 

55

 

 

 

 

 

Item 6.

 

Exhibits

 

56

 

 

 

Signatures

 

57

 

2


 

 

Part I — Financial Information

Item 1. Financial Statements

Hanmi Financial Corporation and Subsidiaries

Consolidated Balance Sheets

(in thousands, except share data)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

312,491

 

 

$

608,965

 

Securities available for sale, at fair value (amortized cost of $941,007 and $922,654 as of March 31, 2022 and December 31, 2021, respectively)

 

 

876,980

 

 

 

910,790

 

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

 

 

15,617

 

 

 

13,342

 

Loans receivable, net of allowance for credit losses of $71,512 and $72,557 as of March 31, 2022 and December 31, 2021, respectively

 

 

5,265,988

 

 

 

5,078,984

 

Accrued interest receivable

 

 

12,289

 

 

 

11,976

 

Premises and equipment, net

 

 

24,410

 

 

 

24,788

 

Customers' liability on acceptances

 

 

182

 

 

 

 

Servicing assets

 

 

7,202

 

 

 

7,080

 

Goodwill and other intangible assets, net

 

 

11,353

 

 

 

11,395

 

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

 

 

16,385

 

 

 

16,385

 

Income tax assets

 

 

51,939

 

 

 

44,060

 

Bank-owned life insurance

 

 

55,149

 

 

 

54,905

 

Prepaid expenses and other assets

 

 

87,067

 

 

 

75,917

 

Total assets

 

$

6,737,052

 

 

$

6,858,587

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

2,678,726

 

 

$

2,574,517

 

Interest-bearing

 

 

3,104,444

 

 

 

3,211,752

 

Total deposits

 

 

5,783,170

 

 

 

5,786,269

 

Accrued interest payable

 

 

966

 

 

 

1,161

 

Bank's liability on acceptances

 

 

182

 

 

 

 

Borrowings

 

 

125,000

 

 

 

137,500

 

Subordinated debentures ($136,800 and $224,100 face amount less unamortized discount and debt issuance costs of $7,833 and $9,094 as of March 31, 2022 and December 31, 2021, respectively)

 

 

128,967

 

 

 

215,006

 

Accrued expenses and other liabilities

 

 

77,315

 

 

 

75,234

 

Total liabilities

 

 

6,115,600

 

 

 

6,215,170

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; authorized 10,000,000 shares; no shares issued as of March 31, 2022 and December 31, 2021

 

 

 

 

 

 

Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,670,197 shares (30,468,458 shares outstanding) and 33,603,839 shares (30,407,261 shares outstanding) as of March 31, 2022 and December 31, 2021, respectively

 

 

33

 

 

 

33

 

Additional paid-in capital

 

 

581,337

 

 

 

580,796

 

Accumulated other comprehensive (loss) income, net of tax benefit of $19,208 and $3,421 as of March 31, 2022 and December 31, 2021, respectively

 

 

(44,819

)

 

 

(8,443

)

Retained earnings

 

 

210,788

 

 

 

196,784

 

Less treasury stock; 3,201,739 shares and 3,196,578 shares as of March 31, 2022 and December 31, 2021, respectively

 

 

(125,887

)

 

 

(125,753

)

Total stockholders' equity

 

 

621,452

 

 

 

643,417

 

Total liabilities and stockholders' equity

 

$

6,737,052

 

 

$

6,858,587

 

 

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 March 31,

 

 

 

2022

 

 

2021

 

Interest and dividend income:

 

 

 

 

 

 

 

 

Interest and fees on loans receivable

 

$

53,924

 

 

$

50,614

 

Interest on securities

 

 

2,516

 

 

 

1,140

 

Dividends on FHLB stock

 

 

248

 

 

 

206

 

Interest on deposits in other banks

 

 

216

 

 

 

96

 

Total interest and dividend income

 

 

56,904

 

 

 

52,056

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,013

 

 

 

3,958

 

Interest on borrowings

 

 

337

 

 

 

478

 

Interest on subordinated debentures

 

 

3,598

 

 

 

1,619

 

Total interest expense

 

 

5,948

 

 

 

6,055

 

Net interest income before credit loss expense

 

 

50,956

 

 

 

46,001

 

Credit loss (recovery) expense

 

 

(1,375

)

 

 

2,109

 

Net interest income after credit loss (recovery) expense

 

 

52,331

 

 

 

43,892

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

2,875

 

 

 

2,357

 

Trade finance and other service charges and fees

 

 

1,142

 

 

 

1,034

 

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

 

 

2,521

 

 

 

4,125

 

Net gain on sales of securities

 

 

 

 

 

99

 

Other operating income

 

 

1,982

 

 

 

2,193

 

Total noninterest income

 

 

8,520

 

 

 

9,808

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

17,717

 

 

 

16,820

 

Occupancy and equipment

 

 

4,646

 

 

 

4,595

 

Data processing

 

 

3,236

 

 

 

2,926

 

Professional fees

 

 

1,430

 

 

 

1,447

 

Supplies and communications

 

 

665

 

 

 

757

 

Advertising and promotion

 

 

817

 

 

 

359

 

Other operating expenses

 

 

3,181

 

 

 

2,631

 

Total noninterest expense

 

 

31,692

 

 

 

29,535

 

Income before tax

 

 

29,159

 

 

 

24,165

 

Income tax expense

 

 

8,464

 

 

 

7,506

 

Net income

 

$

20,695

 

 

$

16,659

 

Basic earnings per share

 

$

0.68

 

 

$

0.54

 

Diluted earnings per share

 

$

0.68

 

 

$

0.54

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

30,254,212

 

 

 

30,461,681

 

Diluted

 

 

30,377,580

 

 

 

30,473,970

 

 

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

4


 

Hanmi Financial Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)

(in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

20,695

 

 

$

16,659

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Unrealized gain on securities:

 

 

 

 

 

 

 

 

Unrealized holding (loss) gain arising during period

 

 

(52,163

)

 

 

(11,785

)

Less: reclassification adjustment for net gain included in net income

 

 

 

 

 

(99

)

Income tax benefit (expense) related to items of other comprehensive income

 

 

15,787

 

 

 

3,515

 

Other comprehensive income (loss), net of tax

 

 

(36,376

)

 

 

(8,369

)

Comprehensive income (loss)

 

$

(15,681

)

 

$

8,290

 

 

See Accompanying Notes to Consolidated Financial Statements (Unaudited)

5


 

Hanmi Financial Corporation and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

For the Three Months Ended March 31, 2022 and March 31, 2021

(in thousands, except share data)

 

 

 

Common Stock - Number of Shares

 

 

Stockholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

Treasury

 

 

Total

 

 

 

Shares

 

 

Treasury

 

 

Shares

 

 

Common

 

 

Paid-in

 

 

Comprehensive

 

 

Retained

 

 

Stock,

 

 

Stockholders'

 

 

 

Issued

 

 

Shares

 

 

Outstanding

 

 

Stock

 

 

Capital

 

 

Income (Loss)

 

 

Earnings

 

 

at Cost

 

 

Equity

 

Balance at January 1, 2021

 

 

33,560,801

 

 

 

(2,842,966

)

 

 

30,717,835

 

 

$

33

 

 

$

578,360

 

 

$

3,076

 

 

$

114,621

 

 

$

(119,046

)

 

$

577,044

 

Restricted stock awards, net of forfeitures

 

 

24,380

 

 

 

 

 

 

24,380

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

598

 

 

 

 

 

 

 

 

 

 

 

 

598

 

Restricted stock surrendered due to employee tax liability

 

 

 

 

 

(4,682

)

 

 

(4,682

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(95

)

 

 

(95

)

Repurchase of common stock

 

 

 

 

 

(55,000

)

 

 

(55,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(946

)

 

 

(946

)

Cash dividends paid (common stock, $0.10/share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,069

)

 

 

 

 

 

(3,069

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,659

 

 

 

 

 

 

16,659

 

Change in unrealized gain (loss) on securities available for sale, net of income taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,369

)

 

 

 

 

 

 

 

 

(8,369

)

Balance at March 31, 2021

 

 

33,585,181

 

 

 

(2,902,648

)

 

 

30,682,533

 

 

$

33

 

 

$

578,958

 

 

$

(5,293

)

 

$

128,211

 

 

$

(120,087

)

 

$

581,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2022

 

 

33,603,839

 

 

 

(3,196,578

)

 

 

30,407,261

 

 

$

33

 

 

$

580,796

 

 

$

(8,443

)

 

$

196,784

 

 

$

(125,753

)

 

$

643,417

 

Restricted stock awards, net of forfeitures

 

 

66,358

 

 

 

 

 

 

66,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation expense