Hanmi Financial Corporation Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017
January 23, 2018 at 09:01 pm
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Hanmi Financial Corporation reported unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $55,784,000 against $47,312,000 a year ago. Net interest income before provision for loan losses was $46,343,000 against $42,065,000 a year ago. Net interest income after provision for loan losses was $46,123,000 against $41,914,000 a year ago. Income before provision for income taxes was $24,548,000 against $24,027,000 a year ago. Net income was $11,500,000 or $0.36 per basic and diluted share against $14,416,000 or $0.45 per basic and diluted share a year ago. Return on average assets was 0.88% against 1.26% a year ago. Return on average stockholders' equity was 8.12% against 10.84% a year ago. Tangible common equity to tangible assets was 10.58% against 11.05% a year ago. The year-over-year improvement in net interest income reflects the 18.0% growth in average loans and leases. Tangible common equity per common share was $16.96 against $16.03 a year ago. Excluding onetime adjustment, fourth quarter net income of $0.48 per diluted share was up by $0.02 or 4.4% compared with the prior quarter, as interest income from the growth in portfolio of loans and leases more than offset lower PCI gains in the quarter and slightly higher noninterest expense from opening of a new branch in New York City in the fourth quarter. Compared to the fourth quarter last year, net income per share increased by $0.03 or 6.7%.
For the year, the company reported total interest and dividend income of $209,321,000 against $178,471,000 a year ago. Net interest income before provision for loan losses was $176,802,000 against $160,197,000 a year ago. Net interest income after provision for loan losses was $175,971,000 against $164,536,000 a year ago. Income before provision for income taxes was $95,284,000 against $89,388,000 a year ago. Net income was $54,660,000 or $1.69 per diluted share against $56,489,000 or $1.75 per diluted share a year ago.
For the fourth quarter of 2017, the company reported net charge-offs of $1.7 million against $1.5 million for the preceding quarter.
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 Reports Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2017