Hanmi Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 26, 2016 at 01:47 pm
Share
Hanmi Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. The company reported fourth quarter net income of $14.8 million, or $0.46 per diluted share compared with $5.9 million, or $0.19 per diluted share for the fourth quarter of 2014. On a year-over-year basis, net interest income was up from $37.4 million in the fourth quarter last year To $37.6 million. Income from continuing operations before provision for income taxes was $25.3 million against $8.2 million reported last year. Total interest and dividend income was $41.7 million against $41.5 million reported last year. Net interest income after provision for loan losses was $41.4 million against $36.15 million reported last year. Return on average assets was 1.44% against 0.56% and return on average tangible equity was 12.01% against 5.23% reported last year. Adjusted pre-tax income was $25.5 million against $11.3 million reported last year. Adjusted net income was $15 million against $8.1 million reported last year. Tangible book value per share was $15.39, up 8.8% from a year ago.
For the full year of 2015, net income was $53.8 million, or $1.68 per diluted share, up 40.2% from the prior year net income of $49.8 million or $1.56 per diluted share. Net interest income of $148.1 million for the full year in 2015 increased 20.7% compared with $122.7 million for the full year in 2014. Income from continuing operations before provision for income taxes was $92.0 million against $72.6 million reported last year. Total interest and dividend income was $164.2 million against $136.7 million reported last year. Net interest income after provision for loan losses was $159.7 million against $129 million reported last year. Return on average assets was 1.32% against 1.47% and return on average tangible equity was 11.34% against 11.81% reported last year. Adjusted pre-tax income was $94 million against $64.7 million reported last year. Adjusted net income was $55 million against $39.2 million reported last year.
Hanmi Financial Corporation is a holding company of Hanmi Bank (the Bank). The Bank serves multi-ethnic communities through its network of 35 full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. The Bank is a California state-chartered financial institution. The Bank specializes in real estate, commercial, small business administration (SBA) and trade finance lending to small and middle market businesses. The Bank originates loans for its own portfolio and for sale in the secondary market. Its lending activities include real estate loans (commercial property, construction and residential property), commercial and industrial loans (commercial term, commercial lines of credit and international), equipment lease financing and SBA loans. The Bank maintains a small construction portfolio for multifamily and commercial and industrial properties within its market areas.
HANMI FINANCIAL CORPORATION 
