Hanmi Financial Corporation (NASDAQ: HAFC), the holding company for Hanmi Bank (the “Bank”), today reported 2011 net income totaled $28.1 million, or $1.38 per diluted common share, a significant improvement from the loss of $88.0 million, or $7.46 per share, posted in 2010. These results reflect the successful fourth quarter capital raise, continuing improvement in asset quality, strong SBA loan originations and enhanced operating efficiency. The fourth quarter of 2011 marks Hanmi’s fifth consecutive quarterly profit, with net income totaling $5.5 million, or $0.22 per share. All per share results are adjusted to reflect the 1-for-8 reverse split, which became effective on December 19, 2011.“2011 was a year of great transformation for Hanmi. With hard work and dedication of all our employees, we have overcome many challenges and have already implemented steps to continue on the road to profitability,” said Jay S. Yoo, President and Chief Executive Officer. “We launched the new year with an all-company rally that brought the entire Hanmi team together. I was impressed with the dedication and enthusiasm that our team members demonstrated at the rally. We are once again dedicated to make Hanmi 'The Bank of Choice' for our customers, our employees, our communities, and our shareholders.”
|Hanmi Financial 2011 Quarterly Financial Highlights|
|For the Three Months Ended|
|(Dollars in Thousands)||12/31/2011||9/30/2011||12/31/2010|
|Net income per diluted common share||$||0.22||$||0.22||$||0.28|
|Total net loans||$||1,849,020||$||1,891,533||$||2,084,447|
|Net interest margin||3.66%||3.75%||3.48%|
|Tangible common equity per common share||$||9.02||$||10.66||$||9.05|
|Non-performing assets/Total assets||1.91%||2.91%||5.04%|
|Allowance for loan losses/Total gross loans||4.64%||5.06%||6.55%|
|Allowance for loan losses/Total non-performing loans||171.71%||129.24%||102.54%|
|Total Risk-Based Capital||18.66%||14.58%||12.32%|
|Tier 1 Leverage Capital||13.34%||9.80%||7.90%|
|Tangible equity/Tangible assets||10.36%||7.51%||5.89%|
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