Hanmi Earns $28.1 Million, Or $1.38 Per Share In 2011

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 $ 5,506 $ 4,203 $ 5,312
Net income per diluted common share $ 0.22 $ 0.22 $ 0.28
 
Total assets $ 2,744,824 $ 2,686,570 $ 2,907,148
Total net loans $ 1,849,020 $ 1,891,533 $ 2,084,447
Total deposits $ 2,344,910 $ 2,353,169 $ 2,466,721
 
Net interest margin 3.66% 3.75% 3.48%
Efficiency ratio 69.03% 60.55% 67.87%
 
Tangible common equity per common share $ 9.02 $ 10.66 $ 9.05
 
Non-performing assets $ 52,558 $ 78,280 $ 146,526
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%
 
Hanmi Financial
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%
 

Financial Highlights (at or for the period ended December 31, 2011)

  • In November, Hanmi raised new capital of $77.1 million in net proceeds, further solidifying its balance sheet, and issued 12.6 million shares (adjusted for the 1-for-8 reverse split):
    • The Bank’s tangible common equity to tangible assets ratio at December 31, 2011 was 12.48%, up from 10.63% at September 30, 2011. At the holding company level, the tangible common equity ratio was 10.36%, and tangible book value was $9.02 per share at year end.
  • With strong fourth quarter earnings, Hanmi posted its fifth consecutive quarter of profitability:
    • Fourth quarter net income grew 31% from the preceding quarter, with earnings of $5.5 million, or $0.22 per diluted share, compared to $4.2 million, or $0.22 per diluted share, when there were fewer shares outstanding in the third quarter of 2011 and up 3.8% from $5.3 million, or $0.28 per diluted share in the fourth quarter of 2010. For the full year, profits totaled $28.1 million, or $1.38 per diluted share.
  • Net interest margin (NIM) was 3.68% in 2011, up from 3.55% in 2010, reflecting a 16 basis point improvement in loan yields, as well as a 63 basis point reduction on securities yields and a 29 basis point drop in cost of funds for the year.
  • Loan originations improved significantly in 2011 with Small Business Administration (“SBA”) loan production totaling $93.9 million, generating $4.5 million in gain on sale of SBA loans. Other loan production was $212.0 million for 2011.
  • Asset quality substantially improved, with fewer non-performing assets (NPAs), delinquent loans, and net charge-offs:
    • NPAs declined 64.1% year-over-year to $52.6 million or 1.91% of total assets, from $146.5 million, or 5.04% of total assets at the end of 2010. NPAs decreased due to the continuing success in selling non-performing loans (NPLs) as well as slower migration of new loans to nonaccrual status.
    • Delinquent loans, which are 30 to 89 days past due and still accruing, were $13.9 million, or 0.72% of total gross loans, down from $21.5 million, or 0.96% of total gross loans a year ago and down from $16.5 million, or 0.83% of total gross loans in third quarter of 2011.
    • Total net charge-offs declined to $15.1 million from $35.2 million in the fourth quarter a year ago and from $15.5 million in the third quarter of 2011. Net charge-offs for the full year improved substantially to $68.7 million from $121.9 million in 2010.
  • Operating efficiency improved during 2011 with total overhead costs down 13.2% to $84.0 million from $96.8 million in 2010, reflecting lower deposit insurance premiums, significantly reduced asset management expenses and lower compensation costs. The efficiency ratio improved to 67.2% in 2011 from 73.7% in 2010.

Capital Management

“Our fourth quarter capital raising efforts were very well received by the investment community. The additional capital improved our capital ratios. All of our capital levels are well above those required by regulatory standards,” said Lonny Robinson, Executive Vice President and Chief Financial Officer. The net proceeds of $77.1 million in new capital increased total stockholders’ equity to $285.6 million, or $9.07 per share, at December 31, 2011. Of the new capital, $50 million was down streamed to the Bank with the remaining $27.1 million available at the holding company. Tangible book value was $9.02 per share at year end. The following table shows the Company’s and Bank’s capital ratios:
Hanmi Financial         December 31,       September 30,       December 31,
2011 2011 2010
Total risk-based 18.66% 14.58% 12.32%
Tier 1 risk-based 17.36% 12.63% 10.09%
Tier 1 leverage 13.34% 9.80% 7.90%
Tangible common equity 10.36% 7.51% 5.89%
 
Hanmi Bank December 31, September 30, December 31,
2011 2011 2010
Total risk-based 17.57% 14.72% 12.22%
Tier 1 risk-based 16.28% 13.42% 10.91%
Tier 1 leverage 12.50% 10.41% 8.55%
Tangible common equity 12.48% 10.63% 8.59%
 

Results of Operations

Net interest income before the provision for credit losses totaled $24.4 million for the fourth quarter of 2011, and $101.2 million for 2011, down 2.9% in the quarter and 4.4% for the year. Fourth quarter interest and dividend income was down 3.3% from the third quarter of 2011 and down 11.5% compared to the fourth quarter of 2010, while interest expense fell 4.7% and 28.2% compared to the third quarter of 2011 and the fourth quarter of 2010, respectively. For the full year, interest and dividend income fell 10.9% while interest expense fell 28.5%.

Loan yields improved during the year, as asset quality continued to stabilize and interest income reversal on loans in non-accrual status have declined. The average yield on loans for 2011 increased 16 basis points to 5.56%, from 5.40% for 2010. The yield on the investment securities portfolio, which accounted for 16.2% of 2011 average earning assets, continued to fall, moving down to 2.26% in 2011 from 2.89% in 2010. Total securities and cash and equivalents accounted for 27.7% of total assets, up from 24.0% of total assets at the end of the third quarter and 22.8% of total assets a year ago.

Cost of funds continues to decline as the mix of deposits continues to shift from time deposits to transaction accounts. For 2011, the cost of funds was down 29 basis points to 1.41% from 1.70% in 2010, and the cost of deposits was down 33 basis points to 1.00% from 1.33% in 2010. Hanmi’s net interest margin was down 9 basis points to 3.66% for the fourth quarter of 2011 compared to 3.75% for the third quarter of 2011 mainly due to a decrease in loan and investment yield. NIM for the fourth quarter of 2011 was up 18 basis points from 3.48% for the fourth quarter of 2010 mainly due to a decrease in cost of deposits. For 2011, NIM increased 13 basis points to 3.68% from 3.55% for 2010. “We have approximately $440 million in promotional CDs with a weighted average rate of 1.89% maturing over the next six months, of which $250 million will mature in March 2012. As we replace these promotional deposits with lower-cost deposits, we anticipate further margin improvement,” said Robinson.

With improving asset quality, the provision for credit losses declined in both the fourth quarter and full year of 2011. The fourth quarter provision of $4.0 million brought the full year provision to $12.1 million. Net interest income after the provision for credit losses totaled $20.4 million in the fourth quarter and $89.1 million for the full year in 2011.

Non-interest income in the fourth quarter of 2011 was $6.3 million, up 6.2% or $370,000 from $6.0 million in the third quarter of 2011, and up 4.9% or $295,000 from $6.1 million in the fourth quarter of 2010. Insurance commissions and other operating income increased by $157,000 and $137,000 compared to the third quarter of 2011. Net gain of $2.9 million was recognized from the sales of SBA loans during the fourth quarter of 2011, partially offset by the loss of $2.5 million from the sale of NPLs. As a result, net gain from the sale of loans increased by $312,000 compared to the same quarter a year ago. For 2011, non-interest income was down 6.1% or $1.6 million to $23.9 million from $25.4 million in 2010. Several factors that contributed to the fluctuations in non-interest income were lower service charges on deposit accounts, and net loss recognized from the sale of loans, partially offset by the gains from the sale of investment securities. During 2011, Hanmi recorded a $1.5 million net loss from the sale of loans which consisted of $2.9 million of impairment adjustments and $6.8 million of direct losses from the sale of NPLs, partially offset by $8.2 million of gains from sales of SBA loans and NPLs.

Non-interest expense in the fourth quarter of 2011 was $21.2 million, up 12.7% or $2.4 million from $18.9 million in the third quarter of 2011, and down 2.2% or $486,000 from $21.7 million in the fourth quarter a year ago. Salaries and employee benefits increased by $1.3 million, and other operating expenses, including advertising and promotion, supplies and communication, and stock warrant expense, increased by $1.0 million compared to the third quarter of 2011. Salaries and employee benefits increased mainly due to a holiday bonus paid out to all employees at year end of $262,000 and commissions for the fourth quarter of $200,000. In the third quarter, there was a $389,000 reversal of employee bonus and unused vacation accrued. In addition, severance costs for work force reduction of 11 staff in December was $220,000 and there was accrual for unused sick days of $210,000 for the fourth quarter. The work force reduction will result in a savings of $1.0 million on an annual basis going forward. Promotion expenses increased by $258,000 as a result of marketing efforts focused on developing new customers related to SBA production and customers with low cost deposits and DDA’s during the fourth quarter of 2011. There was an increase of $681,000 in stock warrant expense in the fourth quarter due to the increase in our stock price at year end as compared to the third quarter of 2011. These increases negatively impacted the efficiency ratio for the current quarter compared to the prior quarter. For 2011, non-interest expense decreased by $12.8 million or 13.2% to $84.0 million from $96.8 million in 2010. Improving operating efficiencies were gained from lower expenses related to foreclosed real estate (OREO) and reduced FDIC deposit insurance assessments and other regulatory costs, partially offset by $2.2 million in expenses associated with the unconsummated capital raising efforts earlier in the year. The efficiency ratio for 2011 improved to 67.2% as compared to 73.7% in 2010.

Balance Sheet

Total assets were $2.74 billion at December 31, 2011, up 2.2% from $2.69 billion at September 30, 2011, and down 5.6% from $2.91 billion at December 31, 2010.

Gross loans, net of deferred loan fees, totaled $1.94 billion at December 31, 2011, down 2.68% from $1.99 billion at September 30, 2011, and down 13.07% from $2.23 billion at December 31, 2010. Average gross loans, net of deferred loan fees, decreased to $2.01 billion for the fourth quarter of 2011, down 14.4% from $2.35 billion for the fourth quarter of 2010. The decline in loan balance in 2011 reflects continued progress in reducing problem loans, partially offset by new loans originated and a lower level of charge-offs.

With the successful capital raise in the fourth quarter of 2011, Hanmi’s total investment portfolio, term Federal Funds sold and cash and equivalents rose to $760.1 million from $663.7 million a year ago. The change in liquid assets was due to a $115.0 million increase in term Federal Funds sold and a $27.6 million increase in investment portfolio, partially offset by a $46.2 million decrease in cash and cash equivalents. Term Federal Funds sold of $115.0 million at December 31, 2011 had a weighted average yield of 1.04% with a weighted average maturity of 1.7 months. The investment portfolio increased $27.6 million due to $427.6 million new purchases and $6.5 million positive fair value adjustments, partially offset by $220.1 million matured and called bonds, $120.9 million sales, $62.3 million principal paydowns, and $3.2 million premium amortization. New purchases of $427.6 million had a weighted average yield-to-maturity of 2.42% with a weighted average duration of 2.85 years. The $120.9 million of securities sold had a weighted average yield-to-maturity of 2.92% with a weighted average duration of 4.41 years. Including secured off-balance sheet lines of credit, total liquidity available to Hanmi was $910.8 million at December 31, 2011, representing 33.17% of total assets and 38.83% of total deposits.

Average deposits for 2011 declined 7.07% to $2.40 billion compared to $2.59 billion a year ago. The continuing successful strategy of reducing time deposits, particularly high-cost promotional accounts, contributed to lower deposits in the year, but resulted in a better overall mix of funding. “Core deposits, which are total deposits less time deposits equal to or greater than $100,000, now account for 64.9% of total deposits, up from 54.7% a year ago,” said Robinson. Average demand deposit accounts increased 6.81% to $600.7 million at December 31, 2011 compared to $562.4 million a year ago. Demand deposit accounts were 27.1% of total deposits at December 31, 2011, up from 22.2% a year ago. Total deposits decreased by 4.9% from a year ago to $2.34 billion at December 31, 2011, from $2.47 billion a year ago. Time deposits equal to or greater than $100,000 were down $296.4 million during 2011. There were no brokered deposits at quarter-end.

At December 31, 2011, total stockholders’ equity was $285.6 million, or $9.07 per share. In November 2011, Hanmi completed a common stock offering, issuing 12.6 million shares adjusted for 1-for-8 reverse stock split, resulting in net proceeds of approximately $77.1 million. In December 2011, Hanmi announced a 1-for-8 reverse stock split, which took effect on December 19, 2011. Every eight shares of Hanmi’s pre-split common shares were automatically consolidated into one post-split share. Taking the reverse stock split into account, Hanmi had 31.5 million shares outstanding at December 31, 2011, compared to 18.9 million shares outstanding a year ago. Tangible common stockholders’ equity was $284.1 million at December 31, 2011, or 10.36% of tangible assets, compared to $171.0 million, or 5.89% of tangible assets at December 31, 2010. Tangible book value per share was $9.02 at December 31, 2011.

Asset Quality

NPLs declined to $52.4 million at December 31, 2011, down 32.8% from $78.0 million at September 30, 2011, and down 63.2% from $142.4 million at December 31, 2010. Of the NPLs, non-performers current on payments were $31.1 million, or 59.4% compared to $43.4 million or 55.6% at September 30, 2011 and $43.0 million or 30.2% at December 31, 2010. In addition, $15.0 million, or 28.6% of the NPLs, were recorded at the lower of cost or fair value as they were classified as held for sale. Out of the NPLs, $7.3 million is guaranteed by the SBA and the State of California. The following table shows NPLs by loan category and excludes loans held for sale:
            % of Total             % of Total             % of Total

(Dollars in Thousands)
  12/31/2011 NPL   9/30/2011 NPL   12/31/2010 NPL
Real Estate Loans:
Commercial Property $ 2,458 4.7% $ 10,420 13.4% $ 19,951 14.0%
Construction 8,310 15.9% 6,142 7.9% 17,691 12.4%
Land Loans 2,362 4.5% 2,723 3.5% 25,725 18.1%
Residential Property 2,745 5.2% 1,464 1.9% 1,926 1.4%
Commercial & Industrial Loans:
Owner Occupied Property 20,309 38.9% 22,285 28.6% 31,053 21.8%
Other C&I 16,033 30.6% 33,857 43.3% 45,044 31.6%
Consumer Loans   161 0.2%   1,100 1.4%   1,047 0.7%
Total Non-Performing Loans $ 52,378 100.0% $ 77,991 100.0% $ 142,437 100.0%
 

“Asset quality continues to improve with the success of our loan sales program, and with the diligence of our loan workout teams,” said J.H. Son, Executive Vice President and Chief Credit Officer. “During 2011, we sold $89.3 million in non-performing loans. We are continuing to sell small tranches of properties and loans to improve overall asset quality.”

“Our other real estate owned (OREO) balances have been a relatively small part of our nonperforming assets, because we have proactively sold loans prior to completing the foreclosure process,” Son continued. In 2011, we sold 16 properties valued at $7.7 million resulting in a net loss of $713,000. OREO totaled $180,000 at December 31, 2011, down from $289,000 at September 30, 2011, and down from $4.1 million at December 31, 2010.

Delinquent loans that are less than 90 days past due and still accruing declined 15% in the quarter and 35% year-over-year to $13.9 million, or 0.72% of gross loans. At December 31, 2011, the allowance for loan losses was $89.9 million or 4.64% of gross loans. The ratio of allowance for loan losses to non-performing loans at December 31, 2011, improved to 171.71% compared to 129.24% at September 30, 2011. Fourth quarter charge-offs, net of recoveries, were $15.1 million, compared to $15.5 million in the third quarter of 2011 and $35.2 million in the fourth quarter of 2010. For the full year of 2011, net charge-offs totaled $68.7 million compared to $121.9 million a year ago.

Conference Call Information

Management will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. ET) to discuss these results. This call will also be broadcast live via the internet. Investment professionals and all current and prospective shareholders are invited to access the live call by dialing (617) 213-8055 at 1:30 p.m. Pacific Time, using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com. Shortly after the call concludes, the replay will also be available at (617) 801-6888, using access code #78210974 where it will be archived until February 2, 2012.

About Hanmi Financial Corporation

Headquartered in Los Angeles, Hanmi Bank, a wholly-owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and a loan production office in Washington State. Hanmi Bank specializes in commercial, SBA and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmi.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital plans and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: inability to continue as a going concern; inability to raise additional capital on acceptable terms or at all; failure to maintain adequate levels of capital and liquidity to support our operations; the effect of regulatory orders we have entered into and potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability to receive regulatory approval for Hanmi Bank to declare dividends to Hanmi Financial; adequacy of our allowance for loan losses, credit quality and the effect of credit quality on our provision for credit losses and allowance for loan losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to successfully integrate acquisitions we may make; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission (“SEC”), including, in particular Item 1A of our Form 10K for the year ended December 31, 2010, as well as current and periodic reports filed with the U.S. Securities and Exchange Commission hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.
HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in Thousands)
                                         
December 31, September 30, % December 31, %
2011 2011 Change 2010 Change

ASSETS
 
Cash and Due from Banks $ 82,400 $ 72,591 13.5 % $ 60,983 35.1 %
Interest-Bearing Deposits in Other Banks 101,101 156,271 (35.3)% 158,737 (36.3)%
Federal Funds Sold   20,000  

 
  30,000 (33.3)%
 
Cash and Cash Equivalents   203,501   228,862 (11.1)%   249,720 (18.5)%
 
Term Federal Fund Sold 115,000
Investment Securities 441,604 415,698 6.2 % 413,963 6.7 %
 
Loans:
Gross Loans, Net of Deferred Loan Fees 1,938,956 1,992,325 (2.7)% 2,230,506 (13.1)%
Allowance for Loan Losses   (89,936)   (100,792) (10.8)%   (146,059) (38.4)%
 
Loans Receivable, Net   1,849,020   1,891,533 (2.2)%   2,084,447 (11.3)%
 
Loan Held for Sale, at the Lower of Cost or Fair Value 22,587 37,202 (39.3)% 36,620 (38.3)%
Accrued Interest Receivable 7,829 7,225 8.4 % 8,048 (2.7)%
Due from Customers on Acceptances 1,715 599 NM 711 NM
Premises and Equipment, Net 16,603 16,627 (0.1)% 17,599 (5.7)%
Other Real Estate Owned, Net 180 289 (37.7)% 4,089 (95.6)%
Servicing Assets 3,720 2,884 29.0 % 2,890 28.7 %
Other Intangible Assets, Net 1,533 1,664 (7.9)% 2,233 (31.3)%
Investment in FHLB and FRB Stock, at Cost 31,412 31,451 (0.1)% 34,731 (9.6)%
Bank-Owned Life Insurance 28,289 28,051 0.8 % 27,350 3.4 %
Income Taxes Receivable 9,188 9,188 9,188
Other Assets   12,643   15,297 (17.3)%   15,559 (18.7)%
 
TOTAL ASSETS $ 2,744,824 $ 2,686,570 2.2 % $ 2,907,148 (5.6)%
 

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
Liabilities:
Deposits:
Noninterest-Bearing $ 634,466 $ 621,195 2.1 % $ 546,815 16.0 %
Interest-Bearing   1,710,444   1,731,974 (1.2)%   1,919,906 (10.9)%
 
Total Deposits 2,344,910 2,353,169 (0.4)% 2,466,721 (4.9)%
 
Accrued Interest Payable 16,032 13,490 18.8 % 15,966 0.4 %
Bank Acceptances Outstanding 1,715 599 186.3 % 711 141.2 %
FHLB Advances and Other Borrowings 3,303 3,392 (2.6)% 153,650 (97.9)%
Other Borrowings 18,708 NM 1,570 NM
Junior Subordinated Debentures 82,406 82,406 82,406
Accrued Expenses and Other Liabilities   10,850   11,603 (6.5)%   12,868 (15.7)%
 
Total Liabilities 2,459,216 2,483,367 (1.0)% 2,733,892 (10.0)%
 
Stockholders’ Equity   285,608   203,203 40.6 %   173,256 64.8 %
 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 2,744,824 $ 2,686,570 2.2 % $ 2,907,148 (5.6)%
 

HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
                                         
Three Months Ended
December 31, September 30, % December 31, %
2011 2011 Change 2010 Change
INTEREST AND DIVIDEND INCOME:
Interest and Fees on Loans $ 28,162 $ 29,355 (4.1)% $ 32,466 (13.3)%
Taxable Interest on Investment Securities 1,979 2,022 (2.1)% 1,839 7.6 %
Tax-Exempt Interest on Investment Securities 100 39 NM 9 NM
Interest on Interest-Bearing Deposits in Other Banks 72 75 (4.0)% 149 (51.7)%
Dividends on FHLB and FRB Stock 140 129 8.5 % 135 3.7 %
Interest on Term Federal Funds Sold 182 49 NM NM
Interest on Federal Funds Sold   5   5   15 (66.7)%
Total Interest and Dividend Income   30,640   31,674 (3.3)%   34,613 (11.5)%
 
INTEREST EXPENSE:
Interest on Deposits 5,301 5,730 (7.5)% 7,592 (30.2)%
Interest on Junior Subordinated Debentures 767 739 3.8 % 711 7.9 %
Interest on FHLB Advances 44 46 (4.3)% 339 (87.0)%
Interest on Other Borrowings   94    
Total Interest Expense   6,206   6,515 (4.7)%   8,642 (28.2)%
 
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 24,434 25,159 (2.9)% 25,971 (5.9)%
Provision for Credit Losses   4,000   8,100 (50.6)%   5,000 (20.0)%
 
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   20,434   17,059 19.8 %   20,971 (2.6)%
 
NON-INTEREST INCOME:
Service Charges on Deposit Accounts 3,182 3,225 (1.3)% 3,279 (3.0)%
Insurance Commissions 1,097 940 16.7 % 1,122 (2.2)%
Remittance Fees 495 469 5.5 % 499 (0.8)%
Trade Finance Fees 339 341 (0.6)% 379 (10.6)%
Other Service Charges and Fees 357 389 (8.2)% 323 10.5 %
Bank-Owned Life Insurance Income 239 237 0.8 % 239
Net Gain (Loss) on Sales of Loans 383 (1,445) NM 71 NM
Net Gain on Sales of Investment Securities 1 1,704 (99.9)% 5 (80.0)%
Other Operating Income   255   118 116.1 %   136 87.5 %
Total Non-Interest Income   6,348   5,978 6.2 %   6,053 4.9 %
 
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 9,433 8,146 15.8 % 9,381 0.6 %
Occupancy and Equipment 2,533 2,605 (2.8)% 2,672 (5.2)%
Deposit Insurance Premiums and Regulatory Assessments 1,631 1,552 5.1 % 2,204 (26.0)%
Data Processing 1,356 1,383 (2.0)% 1,499 (9.5)%
Other Real Estate Owned Expense 71 (86) NM 681 (89.6)%
Professional Fees 1,114 1,147 (2.9)% 680 63.8 %
Directors and Officers Liability Insurance 736 737 (0.1)% 716 2.8 %
Other Operating Expenses   4,375   3,368 29.9 %   3,902 12.1 %
Total Non-Interest Expense   21,249   18,852 12.7 %   21,735 (2.2)%
 
INCOME BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 5,533 4,185 32.2 % 5,289 4.6 %
Provision (Benefit) for Income Taxes   27   (18) NM   (23) NM
 
NET INCOME $ 5,506 $ 4,203 31.0 % $ 5,312 3.7 %
 
EARNINGS PER SHARE:
Basic $ 0.22 $ 0.22 $ 0.28 (21.4)%
Diluted $ 0.22 $ 0.22 $ 0.28 (21.4)%
 
WEIGHTED-AVERAGE SHARES OUTSTANDING:
Basic 24,905,479 18,888,474 18,881,488
Diluted 24,924,935 18,907,299 18,899,688
 
SHARES OUTSTANDING AT PERIOD-END: 31,487,924 18,907,299 18,899,799
 

HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
                           
Year Ended
December 31, December 31, %
2011 2010 Change
INTEREST AND DIVIDEND INCOME:
Interest and Fees on Loans $ 117,671 $ 137,328 (14.3)%
Taxable Interest on Investment Securities 9,768 5,874 66.3 %
Tax-Exempt Interest on Investment Securities 216 225 (4.0)%
Interest on Interest-Bearing Deposits in Other Banks 315 468 (32.7)%
Dividends on FHLB and FRB Stock 534 532 0.4 %
Interest on Term Federal Funds Sold 276 33 NM
Interest on Federal Funds Sold   27   52 (48.1)%
Total Interest and Dividend Income   128,807   144,512 (10.9)%
 
INTEREST EXPENSE:
Interest on Deposits 23,958 34,408 (30.4)%
Interest on Junior Subordinated Debentures 2,915 2,811 3.7 %
Interest on FHLB Advances 662 1,366 (51.5)%
Interest on Other Borrowings   95   53 79.2 %
Total Interest Expense   27,630   38,638 (28.5)%
 
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES 101,177 105,874 (4.4)%

 
Provision for Credit Losses   12,100   122,496 (90.1)%
 
NET INTEREST INCOME (LOSS) AFTER PROVISION FOR CREDIT LOSSES   89,077   (16,622) NM
 
NON-INTEREST INCOME:
Service Charges on Deposit Accounts 12,826 14,049 (8.7)%
Insurance Commissions 4,500 4,695 (4.2)%
Remittance Fees 1,925 1,968 (2.2)%
Trade Finance Fees 1,305 1,523 (14.3)%
Other Service Charges and Fees 1,447 1,516 (4.6)%
Bank-Owned Life Insurance Income 939 942 (0.3)%
Net (Loss) Gain on Sales of Loans (1,477) 514 NM
Net Gain on Sales of Investment Securities 1,635 122 NM
Impairment Loss on Investment Securities (790) NM
Other Operating Income   751   867 (13.4)%
Total Non-Interest Income   23,851   25,406 (6.1)%
 
NON-INTEREST EXPENSE:
Salaries and Employee Benefits 35,465 36,730 (3.4)%
Occupancy and Equipment 10,353 10,773 (3.9)%
Deposit Insurance Premiums and Regulatory Assessments 6,630 10,756 (38.4)%
Data Processing 5,625 5,931 (5.2)%
Other Real Estate Owned Expense 1,620 10,679 (84.8)%
Professional Fees 4,188 3,521 18.9 %
Directors and Officers Liability Insurance 2,940 2,865 2.6 %
Operating Expense related to Unconsummated Capital Raise 2,220
Other Operating Expenses   15,007   15,550 (3.5)%
Total Non-Interest Expense   84,048   96,805 (13.2)%
 
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES 28,880 (88,021) NM
Provision (Benefit) for Income Taxes   733   (12) NM
 
NET INCOME (LOSS) $ 28,147 $ (88,009) NM
 
EARNING (LOSS) PER SHARE:
Basic $ 1.38 $ (7.46)
Diluted $ 1.38 $ (7.46)
 
WEIGHTED-AVERAGE SHARES OUTSTANDING:
Basic 20,405,347 11,790,278
Diluted 20,424,781 11,790,278
 
SHARES OUTSTANDING AT PERIOD-END: 31,487,924 18,899,799
 

HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED)
(Dollars in Thousands)
          Three Months Ended             Year Ended
December 31,       September 30,             December 31, December 31,       December 31,
2011 2011 2010 2011 2010
 
AVERAGE BALANCES:

Average Gross Loans, Net of Deferred Loan Fees (1) (2)
$ 2,012,008 $ 2,077,934 $ 2,349,660 $ 2,114,546 $ 2,544,472
Average Investment Securities 421,386 394,379 350,954 446,198 215,280
Average Interest-Earning Assets 2,656,213 2,660,776 2,961,297 2,752,696 2,981,878
Average Total Assets 2,708,364 2,700,629 2,949,647 2,787,707 2,998,507
Average Deposits 2,350,558 2,383,639 2,512,893 2,404,655 2,587,686
Average Borrowings 99,545 87,386 237,702 153,148 243,690
Average Interest-Bearing Liabilities 1,814,548 1,859,847 2,186,920 1,957,077 2,268,954
Average Stockholders’ Equity 229,868 200,971 166,753 200,517 137,968
Average Tangible Equity 228,116 199,219 164,381 197,720 135,171
 
PERFORMANCE RATIOS (Annualized):
Return on Average Assets 0.81% 0.62% 0.71% 1.01% (2.94)%
Return on Average Stockholders’ Equity 9.50% 8.30% 12.64% 14.04% (63.79)%
Return on Average Tangible Equity 9.58% 8.37% 12.82%

14.24%
(65.11)%
Efficiency Ratio 69.03% 60.55% 67.87% 67.22% 73.74%

Net Interest Spread (3)
3.22% 3.34% 3.07% 3.27% 3.15%

Net Interest Margin (3)
3.66% 3.75% 3.48% 3.68% 3.55%
 
ALLOWANCE FOR LOAN LOSSES:
Balance at Beginning of Period $ 100,792 $ 109,029 $ 176,063 $ 146,059 $ 144,996
Provision Charged to Operating Expense 4,241 7,269 5,245 12,536 122,955
Charge-Offs, Net of Recoveries   (15,097)   (15,506)   (35,249)   (68,659)   (121,892)
Balance at End of Period $ 89,936 $ 100,792 $ 146,059 $ 89,936 $ 146,059
 
Allowance for Loan Losses to Total Gross Loans 4.64% 5.06% 6.55% 4.64% 6.55%
Allowance for Loan Losses to Total Non-Performing Loans 171.71% 129.24% 102.54% 171.71% 102.54%
 
 
ALLOWANCE FOR OFF-BALANCE SHEET ITEMS:
Balance at Beginning of Period $ 3,222 $ 2,391 $ 3,662 $

3,417
$ 3,876
Provision Charged to Operating Expense   (241)   831   (245)   (436)   (459)
Balance at End of Period $ 2,981 $ 3,222 $ 3,417 $

2,981
$ 3,417
 
(1) Loans Held for Sale are included in average gross loans.

(2) Commercial and industrial loans include owner-occupied commercial real estate loans.

(3) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
 

HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA (UNAUDITED) (Continued)
(Dollars in Thousands)
          December 31,       September 30,             December 31,
2011 2011 2010
NON-PERFORMING ASSETS:
Non-Accrual Loans $ 52,378 $ 77,991 $ 142,437
Loans 90 Days or More Past Due and Still Accruing      
Total Non-Performing Loans 52,378 77,991 142,437
Other Real Estate Owned, Net   180   289   4,089
Total Non-Performing Assets $ 52,558 $ 78,280 $ 146,526
 
Total Non-Performing Loans/Total Gross Loans 2.70% 3.92% 6.38%
Total Non-Performing Assets/Total Assets 1.91% 2.91% 5.04%
Total Non-Performing Assets/Allowance for Loan Losses 58.4% 77.7% 100.3%
 
DELINQUENT LOANS (Accrual Status) $ 13,945 $ 16,473 $ 21,457
 
Delinquent Loans (Accrual Status)/Total Gross Loans 0.72% 0.83% 0.96%
 
LOAN PORTFOLIO:
Real Estate Loans $ 749,922 $ 754,472 $ 852,862
Commercial and Industrial Loans 1,145,473 1,192,740 1,327,910
Consumer Loans   43,346   44,819   50,300
Total Gross Loans 1,938,741 1,992,031 2,231,072
Deferred Loan Fees   215   294   (566)
Gross Loans, Net of Deferred Loan Fees 1,938,956 1,992,325 2,230,506
Allowance for Loan Losses   (89,936)   (100,792)   (146,059)
Loans Receivable, Net $ 1,849,020 $ 1,891,533 $ 2,084,447
 
LOAN MIX:
Real Estate Loans 38.7% 37.9% 38.2%
Commercial and Industrial Loans 59.1% 59.9% 59.5%
Consumer Loans   2.2%   2.2%   2.3%
Total Gross Loans   100.0%   100.0%   100.0%
 
DEPOSIT PORTFOLIO:
Demand - Noninterest-Bearing $ 634,466 $ 621,195 $ 546,815
Savings 104,664 106,633 113,968
Money Market Checking and NOW Accounts 449,854 455,438 402,481
Time Deposits of $100,000 or More 822,165 833,180 1,118,621
Other Time Deposits   333,761   336,723   284,836
Total Deposits $ 2,344,910 $ 2,353,169 $ 2,466,721
 
DEPOSIT MIX:
Demand - Noninterest-Bearing 27.1% 26.4% 22.2%
Savings 4.5% 4.5% 4.6%
Money Market Checking and NOW Accounts 19.2% 19.4% 16.3%
Time Deposits of $100,000 or More 35.1% 35.4% 45.3%
Other Time Deposits   14.1%   14.3%   11.6%
Total Deposits   100.0%   100.0%   100.0%
 
CAPITAL RATIOS:
Hanmi Financial
Total Risk-Based 18.66% 14.58% 12.32%
Tier 1 Risk-Based 17.36% 12.63% 10.09%
Tier 1 Leverage 13.34% 9.80% 7.90%
Tangible equity ratio 10.36% 7.51% 5.89%
Hanmi Bank
Total Risk-Based 17.57% 14.72% 12.22%
Tier 1 Risk-Based 16.28% 13.42% 10.91%
Tier 1 Leverage 12.50% 10.41% 8.55%
Tangible equity ratio 12.48% 10.63% 8.59%
 

HANMI FINANCIAL CORPORATION
AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID (UNAUDITED)
(Dollars in Thousands)   For the Three Months Ended
  December 31, 2011   September 30, 2011   December 31, 2010
  Interest   Average   Interest   Average   Interest   Average
Average Income/ Rate/ Average Income/ Rate/ Average Income/ Rate/
Balance Expense Yield Balance Expense Yield Balance Expense Yield

ASSETS
Interest-Earning Assets:
Gross Loans, Net of Deferred Loan Fees (1)(2) $ 2,012,008 $ 28,162 5.55 % $ 2,077,934 $ 29,355 5.60 % $ 2,349,660 $ 32,466 5.48 %
Municipal Securities - Taxable 44,913 451 3.98 % 10,732 115 4.29 % 14,860 189 5.09 %
Municipal Securities - Nontaxable (3) 12,987 153 4.67 % 4,526 60 5.30 % 6,322 14 0.89 %
Obligations of Other U.S. Government Agencies 83,927 324 1.53 % 106,029 387 1.46 % 84,904 389 1.83 %
Other Debt Securities 279,559 1,204 1.71 % 273,092 1,519 2.22 % 244,868 1,262 2.06 %
Equity Securities 31,930 140 1.74 % 32,491 129 1.59 % 35,883 135 1.50 %
Federal Funds Sold and Securities Purchased under Agreements to Resell 4,961 5 0.40 % 4,734 5 0.42 % 8,239 11 0.53 %
Term Federal Funds Sold 77,717 182 0.93 % 42,913 49 0.46 % 3,043 4 0.53 %
Interest-Bearing Deposits in Other Banks   108,211     72 0.26 %   108,325     75 0.28 %   213,518     149 0.28 %
 
Total Interest-Earning Assets   2,656,213     30,693 4.58 %   2,660,776     31,694 4.73 %   2,961,297     34,619 4.64 %
 
Noninterest-Earning Assets:
Cash and Cash Equivalents 69,635 67,153 67,506
Allowance for Loan Losses (99,182 ) (107,456 ) (180,011 )
Other Assets   81,698     80,156     100,855  
 
Total Noninterest-Earning Assets   52,151     39,853     (11,650 )
 
Total Assets $ 2,708,364   $ 2,700,629   $ 2,949,647  
 

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing Liabilities:
Deposits:
Savings $ 104,754 600 2.29 % $ 107,643 674 2.48 % $ 116,220 804 2.74 %
Money Market Checking and NOW Accounts 449,998 644 0.57 % 475,712 805 0.67 % 414,773 1,003 0.96 %
Time Deposits of $100,000 or More 825,444 3,082 1.49 % 854,894 3,237 1.50 % 1,127,027 4,736 1.67 %
Other Time Deposits 334,807 975 1.16 % 334,212 1,014 1.20 % 291,198 1,049 1.43 %
FHLB Advances 3,349 44 5.26 % 3,437 46 5.31 % 153,693 339 0.88 %
Other Borrowings 13,790 94 2.73 % 1,543 - - 1,603 - -
Junior Subordinated Debentures   82,406     767 3.72 %   82,406     739 3.56 %   82,406     711 3.42 %
 
Total Interest-Bearing Liabilities   1,814,548     6,206 1.37 %   1,859,847     6,515 1.39 %   2,186,920     8,642 1.57 %
 
Noninterest-Bearing Liabilities:
Demand Deposits 635,555 611,178 563,675
Other Liabilities   28,393     28,633     32,300  
 
Total Noninterest-Bearing Liabilities   663,948     639,811     595,975  
 
Total Liabilities 2,478,496 2,499,658 2,782,895
Shareholders' Equity   229,868     200,971     166,752  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,708,364   $ 2,700,629   $ 2,949,647  
 
NET INTEREST INCOME $ 24,487 $ 25,179 $ 25,977
 
COST OF DEPOSITS

 

 
0.90 %

 

 
0.96 %

 

 
1.21 %
 
NET INTEREST SPREAD (3) 3.22 % 3.34 % 3.07 %
 
NET INTEREST MARGIN (3) 3.66 % 3.75 % 3.48 %
 

(1) Loans Held for Sale are included in gross loans.

(2) Commercial and industrial loans include owner occupied commercial real estate loans.

(3) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
 

HANMI FINANCIAL CORPORATION
AVERAGE BALANCES, AVERAGE YIELDS EARNED AND AVERAGE RATES PAID (UNAUDITED)
(Dollars in Thousands)   For the Year Ended
  December 31, 2011   December 31, 2010
  Interest   Average   Interest   Average
Average Income/ Rate/ Average Income/ Rate/
Balance Expense Yield Balance Expense Yield

ASSETS
Interest-Earning Assets:
Gross Loans, Net of Deferred Loan Fees (1)(2) $ 2,114,546 $ 117,670 5.56 % $ 2,544,472 $ 137,328 5.40 %
Municipal Securities - Taxable 21,740 884 4.07 % 3,746 189 5.05 %
Municipal Securities - Nontaxable (3) 6,544 332 5.07 % 6,909 346 5.01 %
Obligations of Other U.S. Government Agencies 121,961 1,963 1.61 % 69,112 1,952 2.82 %
Other Debt Securities 295,953 6,921 2.34 % 135,513 3,733 2.75 %
Equity Securities 33,573 534 1.59 % 37,437 532 1.42 %
Federal Funds Sold and Securities Purchased under Agreements to Resell 5,857 27 0.46 % 10,346 52 0.50 %
Term Federal Funds Sold 38,693 276 0.71 % 8,342 33 0.40 %
Interest-Bearing Deposits in Other Banks   113,829     315 0.28 %   166,001     468 0.28 %
 
Total Interest-Earning Assets   2,752,696     128,922 4.68 %   2,981,878     144,633 4.85 %
 
Noninterest-Earning Assets:
Cash and Cash Equivalents 68,255 67,492
Allowance for Loan Losses (119,233 ) (176,103 )
Other Assets   85,989     125,240  
 
Total Noninterest-Earning Assets   35,011     16,629  
 
Total Assets $ 2,787,707   $ 2,998,507  
 

LIABILITIES AND SHAREHOLDERS' EQUITY
Interest-Bearing Liabilities:
Deposits:
Savings $ 109,272 2,757 2.52 % $ 119,754 3,439 2.87 %
Money Market Checking and NOW Accounts 465,840 3,461 0.74 % 464,864 4,936 1.06 %
Time Deposits of $100,000 or More 913,643 13,855 1.52 % 1,069,600 19,529 1.83 %
Other Time Deposits 315,174 3,885 1.23 % 371,046 6,504 1.75 %
FHLB Advances 66,191 662 1.00 % 158,531 1,366 0.86 %
Other Borrowings 4,551 95 2.09 % 2,753 53 1.93 %
Junior Subordinated Debentures   82,406     2,915 3.54 %   82,406     2,811 3.41 %
 
Total Interest-Bearing Liabilities   1,957,077     27,630 1.41 %   2,268,954     38,638 1.70 %
 
Noninterest-Bearing Liabilities:
Demand Deposits 600,726 562,422
Other Liabilities   29,387     29,163  
 
Total Noninterest-Bearing Liabilities   630,113     591,585  
 
Total Liabilities 2,587,190 2,860,539
Shareholders' Equity   200,517     137,968  
 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,787,707   $ 2,998,507  
 
NET INTEREST INCOME $ 101,292 $ 105,995
 
COST OF DEPOSITS 1.00 % 1.33 %
 
NET INTEREST SPREAD (3) 3.27 % 3.15 %
 
NET INTEREST MARGIN (3) 3.68 % 3.55 %
 
 
(1) Loans Held for Sale are included in gross loans.

(2) Commercial and industrial loans include owner occupied commercial real estate loans.

(3) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
 

Non-GAAP Financial Measures

Tangible Common Equity to Tangible Assets Ratio

Tangible common equity to tangible assets ratio is supplemental financial information determined by a method other than in accordance with U.S. generally accepted accounting principles (“GAAP”). This non-GAAP measure is used by management in the analysis of Hanmi Financial and Hanmi Bank’s capital strength. Tangible equity is calculated by subtracting goodwill and other intangible assets from total stockholders’ equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from total stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of this financial measure excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital strength of Hanmi Financial and Hanmi Bank. This disclosure should not be viewed as a substitution for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following table reconciles this non-GAAP performance measure to the GAAP performance measure for the periods indicated:
HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in Thousands)
                     
December 31, September 30, December 31,
2011 2011 2010
 
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
 
Total Assets $ 2,744,824 $ 2,686,570 $ 2,907,148
Less Other Intangible Assets   (1,533)   (1,664)   (2,233)
Tangible Assets $ 2,743,291 $ 2,684,906 $ 2,904,915
 
Total Stockholders' Equity $ 285,608 $ 203,203 $ 173,256
Less Other Intangible Assets   (1,533)   (1,664)   (2,233)
Tangible Stockholders' Equity $ 284,075 $ 201,539 $ 171,023
 
Total Stockholders' Equity to Total Assets Ratio 10.41% 7.56% 5.96%
Tangible Common Equity to Tangible Assets Ratio 10.36% 7.51% 5.89%
 
Common Shares Outstanding 31,487,924 18,907,299 18,899,799
Tangible Common Equity Per Common Share $ 9.02 $ 10.66 $ 9.05
 
 
HANMI BANK
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
(Dollars in Thousands)
 
December 31, September 30, December 31,
2011 2011 2010
 
TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO
 
Total Assets $ 2,739,577 $ 2,681,517 $ 2,900,415
Less Other Intangible Assets   (34)   (94)   (450)
Tangible Assets $ 2,739,543 $ 2,681,423 $ 2,899,965
 
Total Stockholders' Equity $ 342,023 $ 285,250 $ 249,637
Less Other Intangible Assets   (34)   (94)   (450)
Tangible Stockholders' Equity $ 341,989 $ 285,156 $ 249,187
 
Total Stockholders' Equity to Total Assets Ratio 12.48% 10.64% 8.61%
Tangible Common Equity to Tangible Assets Ratio 12.48% 10.63% 8.59%

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX