Hanmi Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reports Net Loan Charge-Off for the Fourth Quarter Ended December 31, 2018
January 14, 2019
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Hanmi Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company reported total interest and dividend income of $61,959,000 compared to $60,036,000 a year ago. Income before provision for income taxes was $19,607,000 compared to $22,336,000 a year ago. Net income was $11,385,000 compared to $16,081,000 a year ago. Basic earnings per share were $0.37 compared to $0.50 per share a year ago.
For the year, the company reported total interest and dividend income of $234,397,000 compared to $209,321,000 a year ago. Income before provision for income taxes was $83,970,000 compared to $95,284,000 a year ago. Net income was $57,868,000 compared to $54,660,000 a year ago. Basic earnings per share were $1.80 compared to $1.70 per share a year ago. Diluted earnings per share were $1.79 compared to $1.69 per share a year ago.
For the fourth quarter, the company reported net loan charge-offs of $2,743,000 against $1,669,000 a year ago.
Hanmi Financial Corporation is a holding company of Hanmi Bank (the Bank). The Bank serves multi-ethnic communities through its network of 35 full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. The Bank is a California state-chartered financial institution. The Bank specializes in real estate, commercial, small business administration (SBA) and trade finance lending to small and middle market businesses. The Bank originates loans for its own portfolio and for sale in the secondary market. Its lending activities include real estate loans (commercial property, construction and residential property), commercial and industrial loans (commercial term, commercial lines of credit and international), equipment lease financing and SBA loans. The Bank maintains a small construction portfolio for multifamily and commercial and industrial properties within its market areas.
Hanmi Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2018; Reports Net Loan Charge-Off for the Fourth Quarter Ended December 31, 2018