Hanmi Financial Corp Files Q3 2024 10-Q

TL;DR

Hanmi Financial Corp dropped its Q3 2024 10-Q. Check financials.

AI Summary

Hanmi Financial Corp filed its 10-Q for the period ending September 30, 2024. The filing provides financial details for the third quarter of 2024. Key financial statements and disclosures are included, offering insights into the company's performance and position.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Hanmi Financial Corp, crucial for understanding its current health and future prospects.

Risk Assessment

Risk Level: medium — As a financial institution, Hanmi Financial Corp is subject to various market and regulatory risks inherent in the banking sector.

Key Players & Entities

• Hanmi Financial Corp (company) — Filer of the 10-Q
• 20240930 (date) — Period of report
• 20241104 (date) — Filing date
• 3660 Wilshire Blvd Suite PH-A (address) — Company business address
• Los Angeles (location) — Company city
• CA (location) — Company state
• 90010 (zip_code) — Company zip code
• 2133822200 (phone_number) — Company business phone

FAQ

Key Financial Figures

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

Filing Documents

• hafc-20240930.htm (10-Q) — 8495KB
• 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
• 0000950170-24-120861.txt ( ) — 36093KB
• hafc-20240930.xsd (EX-101.SCH) — 2203KB
• hafc-20240930_htm.xml (XML) — 11466KB

– Financial Information

Part I – Financial Information Item 1.

Financial Statements

Financial Statements 3 Consolidated Balance Sheets at September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 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 63 Item 4.

Controls and Procedures

Controls and Procedures 63

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 64 Item 1A.

Risk Factors

Risk Factors 64 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 64 Item 6. Exhibits 65

— 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) September 30, December 31, 2024 2023 (Unaudited) Assets Cash and due from banks $ 287,767 $ 302,324 Securities available for sale, at fair value (amortized cost of $ 987,498 and $ 967,031 as of September 30, 2024 and December 31, 2023, respectively) 908,921 865,739 Loans held for sale, at the lower of cost or fair value 54,336 12,013 Loans receivable, net of allowance for credit losses of $ 69,163 and $ 69,462 as of September 30, 2024 and December 31, 2023, respectively 6,188,581 6,112,972 Accrued interest receivable 21,955 23,371 Premises and equipment, net 21,371 21,959 Customers' liability on acceptances 67 625 Servicing assets 6,683 7,070 Goodwill and other intangible assets, net 11,031 11,099 Federal Home Loan Bank ("FHLB") stock, at cost 16,385 16,385 Income tax assets 36,954 35,226 Bank-owned life insurance 56,851 56,335 Prepaid expenses and other assets 101,397 105,223 Total assets $ 7,712,299 $ 7,570,341 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 2,051,790 $ 2,003,596 Interest-bearing 4,351,431 4,276,978 Total deposits 6,403,221 6,280,574 Accrued interest payable 52,613 39,306 Bank's liability on acceptances 67 625 Borrowings 300,000 325,000 Subordinated debentures 130,478 130,012 Accrued expenses and other liabilities 89,211 92,933 Total liabilities 6,975,590 6,868,450 Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 10,000,000 shares; no shares issued as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; authorized 62,500,000 shares; issued 34,125,864 shares ( 30,196,755 shares outstanding) and 33,918,035 shares ( 30,368,655 shares outstanding) as of S

View Full Filing

View this 10-Q filing on SEC EDGAR