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%
 

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