Hanmi Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Hanmi Financial Corp. has filed its Q1 2024 10-Q report, detailing financial performance and portfolio information.</b>

AI Summary

HANMI FINANCIAL CORP (HAFC) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Hanmi Financial Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial instruments and loan portfolios. Specific segments mentioned include Real Estate Loans (Construction, Commercial Property, Residential) and Equipment Financing. The report references financial metrics such as Fair Value Measurements, Subordinated Debt, and Retained Earnings. Key dates include March 31, 2024, December 31, 2023, and January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking HANMI FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Hanmi Financial Corp.'s financial health, asset quality, and operational performance. The specific details on loan portfolios, fair value measurements, and debt instruments are crucial for assessing the company's risk exposure and future profitability.

Risk Assessment

Risk Level: medium — HANMI FINANCIAL CORP shows moderate risk based on this filing. The filing contains numerous specific financial data points and risk-related terms, indicating a need for careful analysis of the company's financial health and market position.

Analyst Insight

Review the detailed breakdown of loan portfolios and fair value measurements to assess potential risks and opportunities in Hanmi Financial Corp.'s lending activities.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-03 — Filing Date (FILED AS OF DATE)
• 2023-12-31 — Previous Year End Date (Reference for loan portfolios)
• 2023-03-31 — Previous Year Quarter End Date (Reference for Retained Earnings)

Key Players & Entities

• HANMI FINANCIAL CORP (company) — FILER
• 0000950170-24-052648 (other) — ACCESSION NUMBER
• 20240331 (date) — CONFORMED PERIOD OF REPORT
• 20240503 (date) — FILED AS OF DATE
• 0001109242 (company) — CENTRAL INDEX KEY
• 6021 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (other) — STATE OF INCORPORATION
• 10-Q (other) — FORM TYPE

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The filing references fair value measurements, including those using market approach valuation techniques, indicating potential volatility in asset valuations.
• Loan Portfolio Risk [medium — financial]: Details on specific loan types like Commercial Real Estate and Residential loans, along with past due information, highlight potential credit risks.
• Subordinated Debt [medium — financial]: The mention of subordinated debt suggests leverage and potential financial risk depending on its terms and the company's ability to service it.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.
• 2023-12-31: Previous Year End — Reference point for comparative financial data.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value HAFC Nasdaq Global Select

Filing Documents

• hafc-20240331.htm (10-Q) — 7038KB
• hafc-ex31_1.htm (EX-31.1) — 15KB
• hafc-ex31_2.htm (EX-31.2) — 15KB
• hafc-ex32_1.htm (EX-32.1) — 9KB
• hafc-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-052648.txt (&nbsp;) — 32259KB
• hafc-20240331.xsd (EX-101.SCH) — 2116KB
• hafc-20240331_htm.xml (XML) — 10388KB

– Financial Information

Part I – Financial Information Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 55 Item 4.

Controls and Procedures

Controls and Procedures 55

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 56 Item 3. Defaults Upon Senior Securities 56 Item 4. Mine Safety Disclosures 56 Item 5. Other Information 56 Item 6. Exhibits 57

— Financi al Information

Part I — Financi al Information

Financi al Statements

Item 1. Financi al Statements Hanmi Financial Corporation and Subsidiaries Consolidated B alance Sheets (in thousands, except share data) March 31, December 31, 2024 2023 (Unaudited) Assets Cash and due from banks $ 256,038 $ 302,324 Securities available for sale, at fair value (amortized cost of $ 978,580 and $ 967,031 as of March 31, 2024 and December 31, 2023, respectively) 872,190 865,739 Loans held for sale, at the lower of cost or fair value 3,999 12,013 Loans receivable, net of allowance for credit losses of $ 68,270 and $ 69,462 as of March 31, 2024 and December 31, 2023, respectively 6,109,570 6,112,972 Accrued interest receivable 23,032 23,371 Premises and equipment, net 21,952 21,959 Customers' liability on acceptances 161 625 Servicing assets 6,890 7,070 Goodwill and other intangible assets, net 11,074 11,099 Federal Home Loan Bank ("FHLB") stock, at cost 16,385 16,385 Income tax assets 35,863 35,226 Bank-owned life insurance 56,639 56,335 Prepaid expenses and other assets 98,253 105,223 Total assets $ 7,512,046 $ 7,570,341 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 1,933,060 $ 2,003,596 Interest-bearing 4,443,000 4,276,978 Total deposits 6,376,060 6,280,574 Accrued interest payable 38,007 39,306 Bank's liability on acceptances 161 625 Borrowings 172,500 325,000 Subordinated debentures ($ 136,800 and $ 136,800 face amount less unamortized discount and debt issuance costs of $ 6,635 and $ 6,788 as of March 31, 2024 and December 31, 2023, respectively) 130,165 130,012 Accrued expenses and other liabilities 92,053 92,933 Total liabilities 6,808,946 6,868,450 Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 10,000,000 shares; no shares issued as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value

View Full Filing

View this 10-Q filing on SEC EDGAR