Hanmi Financial Corp. Files 10-Q for Q2 2024
Ticker: HAFC · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 1109242
| Field | Detail |
|---|---|
| Company | Hanmi Financial CORP (HAFC) |
| Form Type | 10-Q |
| Filed Date | Aug 6, 2024 |
| Risk Level | medium |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, quarterly-report
TL;DR
Hanmi Financial Corp. 10-Q filed for Q2 2024. Financials are in.
AI Summary
Hanmi Financial Corp. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the second quarter of 2024.
Why It Matters
This filing provides investors and analysts with the latest financial results and operational details for Hanmi Financial Corp., crucial for understanding the company's performance and future outlook.
Risk Assessment
Risk Level: medium — As a financial institution, Hanmi Financial Corp. is subject to various market and regulatory risks that can impact its performance.
Key Players & Entities
- Hanmi Financial Corp. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240806 (date) — Filing date
- 3660 WILSHIRE BLVD SUITE PH-A (address) — Company's business street address
- LOS ANGELES (city) — Company's business city
- CA (state) — Company's business state
- 90010 (zip_code) — Company's business zip code
- 2133822200 (phone_number) — Company's business phone number
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, indicating the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240806.
What is Hanmi Financial Corp.'s Standard Industrial Classification code?
Hanmi Financial Corp.'s Standard Industrial Classification code is 6021, which corresponds to National Commercial Banks.
Where is Hanmi Financial Corp. headquartered?
Hanmi Financial Corp.'s business address is listed as 3660 Wilshire Blvd Suite PH-A, Los Angeles, CA 90010.
What is the SEC File Number for Hanmi Financial Corp.?
The SEC File Number for Hanmi Financial Corp. is 000-30421.
Filing Stats: 4,499 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-08-06 12:16:04
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value HAFC Nasdaq Global Select
Filing Documents
- hafc-20240630.htm (10-Q) — 8456KB
- hafc-ex31_1.htm (EX-31.1) — 16KB
- hafc-ex31_2.htm (EX-31.2) — 16KB
- hafc-ex32_1.htm (EX-32.1) — 9KB
- hafc-ex32_2.htm (EX-32.2) — 9KB
- 0000950170-24-091398.txt ( ) — 35874KB
- hafc-20240630.xsd (EX-101.SCH) — 2177KB
- hafc-20240630_htm.xml (XML) — 11465KB
– Financial Information
Part I – Financial Information Item 1.
Financial Statements
Financial Statements 3 Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 8
Notes to Consolidated Financial Statements (unaudited)
Notes to Consolidated Financial Statements (unaudited) 9 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 43 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 64 Item 4.
Controls and Procedures
Controls and Procedures 64
– Other Information
Part II – Other Information Item 1.
Legal Proceedings
Legal Proceedings 65 Item 1A.
Risk Factors
Risk Factors 65 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 65 Item 3. Defaults Upon Senior Securities 65 Item 4. Mine Safety Disclosures 65 Item 5. Other Information 65 Item 6. Exhibits 66
— 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) June 30, December 31, 2024 2023 (Unaudited) Assets Cash and due from banks $ 313,079 $ 302,324 Securities available for sale, at fair value (amortized cost of $ 985,305 and $ 967,031 as of June 30, 2024 and December 31, 2023, respectively) 877,638 865,739 Loans held for sale, at the lower of cost or fair value 10,467 12,013 Loans receivable, net of allowance for credit losses of $ 67,729 and $ 69,462 as of June 30, 2024 and December 31, 2023, respectively 6,108,630 6,112,972 Accrued interest receivable 23,958 23,371 Premises and equipment, net 21,955 21,959 Customers' liability on acceptances 551 625 Servicing assets 6,836 7,070 Goodwill and other intangible assets, net 11,048 11,099 Federal Home Loan Bank ("FHLB") stock, at cost 16,385 16,385 Income tax assets 42,246 35,226 Bank-owned life insurance 56,534 56,335 Prepaid expenses and other assets 97,020 105,223 Total assets $ 7,586,347 $ 7,570,341 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 1,959,963 $ 2,003,596 Interest-bearing 4,369,377 4,276,978 Total deposits 6,329,340 6,280,574 Accrued interest payable 47,699 39,306 Bank's liability on acceptances 551 625 Borrowings 292,500 325,000 Subordinated debentures ($ 136,800 and $ 136,800 face amount less unamortized discount and debt issuance costs of $ 6,482 and $ 6,788 as of June 30, 2024 and December 31, 2023, respectively) 130,318 130,012 Accrued expenses and other liabilities 78,880 92,933 Total liabilities 6,879,288 6,868,450 Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 10,000,000 shares; no shares issued as of June 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; au