Why Hanmi Financial (HAFC) Is Up Today

NEW YORK (TheStreet) -- Hanmi Financial  (HAFC), the holding company for Hanmi Bank, 6.2% to $22.46 on Monday after the West Coast-focused bank announced its fourth-quarter and fiscal-year earnings results.

Hanmi reported 9.6% loan growth and 4.9% deposit growth in the fiscal year 2013. Its fourth-quarter net income was $10 million, or 31 cents per diluted share, compared to $10.3 million, or 32 cents per diluted share, in the third quarter and $14 million, or 44 cents per diluted share, in the fourth quarter one year ago, though that figure included a $5.5 million gross benefit from the reversal of a deferred tax asset valuation allowance.

The company's full-year net income was $39.9 million, or $1.26 per diluted share, compared to $90.4 million or $2.87 per diluted share, one year earlier. Those latter figures include a $47.4 million net tax benefit from the deferred tax asset valuation allowance reversal.

Pretax income also grew 44.1% to $62 million in 2013 from $43 million in 2012.

"The fourth quarter of 2013 was solidly profitable, highlighted by continued loan growth, with excellent results from our business lending team," said president and CEO C.G. Kum in a company statement. "Expanding our capabilities, particularly for commercial and industrial lending and treasury management services, is allowing us to broaden and deepen our relationship with business customers throughout our market, while diversifying our loan portfolio and expanding our ability to generate fee income.

"We are also expanding our franchise into new markets with the pending acquisition of Central Bancorp, Inc. When approved, Hanmi will become the second largest Korean American Bank in the nation. With strong earnings accretion and significant strategic benefits, this deal is garnering solid support from our stockholders and other stakeholders. This transaction will add significant momentum for us and position us for future growth."

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