Business
Hanmi Reports Fourth Quarter 2019 Results
2019 Fourth Quarter and Full Year Highlights: Fourth quarter net income of $3.1 million, or $0.10 per diluted share, down from $12.4 million, or $0.40 per
About this update from Hanmi Financial Corporation
[{"type":"text","content":"2019 Fourth Quarter and Full Year Highlights: \n Fourth quarter net income of $3.1 million, or $0.10 per diluted share, down from $12.4 million, or $0.40 per diluted share from the prior quarter; Full year 2019 net income of $32.8 million, or $1.06 per diluted share, compared with $57.9 million, or $1.79 per diluted share in 2018. Net income for the quarter included a $6.9 million specific provision for loan and lease losses related to a previously identified $39.7 million troubled loan relationship; at year-end the specific allowance stood at $22.6 million. Loans and leases receivable of $4.61 billion, up 3.6% in the fourth quarter on an annualized basis and up 0.2% year-over-year.New loan and lease production of $381.4 million, the highest quarterly loan and lease production since 2015.Deposits of $4.70 billion, up 0.8% in the fourth quarter on an annualized basis and down 1.0% year-over-year.Nonperforming assets at 1.15% of total assets compared with 1.18% from the prior quarter; net charge-offs of 0.02% for the year and an allowance to loans and leases of 1.33% at year-end.Fourth quarter net interest income was $43.9 million, down 0.3% from the prior quarter; for the full year, net interest income was $175.9 million compared with $181.0 million last year.Fourth quarter net interest margin was 3.32%, down 4 basis points from the prior quarter; net interest margin for the full year was 3.37% compared with 3.57% last year.Fourth quarter noninterest income was $6.7 million, down 2.2% from the prior quarter; for the full year, noninterest income was $27.6 million compared with $24.5 million last year.Fourth quarter noninterest expense of $34.1 million, inclusive of a $1.7 million impairment charge on bank premises to be sold, up $1.4 million, or 4.5% from the prior quarter; noninterest expense for the full year was $125.9 million compared with $117.6 million last year.Repurchased approximately 1.2%, or 375,000 shares, of Hanmi common stock under the previously announced share repurchase program; tangible common equity ratio remains strong at 9.98%. LOS ANGELES, Jan. 28, 2020 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported net income for the 2019 fourth quarter of $3.1 million, or $0.10 per diluted share, compared with $12.4 million, or $0.40...