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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hanmi Financial Corporation | NASDAQ:HAFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.24% | 16.65 | 14.08 | 18.13 | 16.85 | 16.595 | 16.70 | 112,842 | 05:00:06 |
|
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
95-4788120
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
3660 Wilshire Boulevard, Penthouse Suite A
Los Angeles, California
|
|
90010
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large Accelerated Filer
|
|
x
|
Accelerated Filer
|
¨
|
Non-Accelerated Filer
|
|
¨
|
Smaller Reporting Company
|
¨
|
|
|
|
Emerging Growth Company
|
¨
|
|
|
|
Item 1.
|
||
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
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||
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|
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||
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
|
||
Item 1.
|
||
|
|
|
Item 1A.
|
||
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|
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Item 2.
|
||
|
|
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Item 3.
|
||
|
|
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Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
|
(Unaudited) September 30, 2018
|
|
December 31, 2017
|
||||
Assets
|
|
|
|
|
||||
Cash and due from banks
|
|
$
|
159,617
|
|
|
$
|
153,826
|
|
Securities available for sale, at fair value (amortized cost of $588,097 as of September 30, 2018 and $581,992 as of December 31, 2017)
|
|
572,236
|
|
|
578,804
|
|
||
Loans held for sale, at the lower of cost or fair value
|
|
4,455
|
|
|
6,394
|
|
||
Loans and leases receivable, net of allowance for loan and lease losses of $31,676 as of September 30, 2018 and $31,043 as of December 31, 2017
|
|
4,551,207
|
|
|
4,273,415
|
|
||
Accrued interest receivable
|
|
13,646
|
|
|
12,770
|
|
||
Premises and equipment, net
|
|
28,552
|
|
|
26,655
|
|
||
Customers’ liability on acceptances
|
|
1,265
|
|
|
803
|
|
||
Servicing assets
|
|
8,878
|
|
|
10,218
|
|
||
Goodwill and other intangible assets, net
|
|
12,273
|
|
|
12,544
|
|
||
Federal Home Loan Bank ("FHLB") stock, at cost
|
|
16,385
|
|
|
16,385
|
|
||
Bank-owned life insurance
|
|
51,372
|
|
|
50,554
|
|
||
Prepaid expenses and other assets
|
|
67,156
|
|
|
68,117
|
|
||
Total assets
|
|
$
|
5,487,042
|
|
|
$
|
5,210,485
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
||||
Liabilities:
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
||||
Noninterest-bearing
|
|
$
|
1,313,777
|
|
|
$
|
1,312,274
|
|
Interest-bearing
|
|
3,300,645
|
|
|
3,036,380
|
|
||
Total deposits
|
|
4,614,422
|
|
|
4,348,654
|
|
||
Accrued interest payable
|
|
8,153
|
|
|
5,309
|
|
||
Bank’s liability on acceptances
|
|
1,265
|
|
|
803
|
|
||
Borrowings
|
|
160,000
|
|
|
150,000
|
|
||
Subordinated debentures
|
|
117,670
|
|
|
117,270
|
|
||
Accrued expenses and other liabilities
|
|
17,784
|
|
|
25,972
|
|
||
Total liabilities
|
|
4,919,294
|
|
|
4,648,008
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,188,833 shares (32,087,236 shares outstanding) as of September 30, 2018 and issued 33,083,133 shares (32,431,627 shares outstanding) as of December 31, 2017
|
|
33
|
|
|
33
|
|
||
Additional paid-in capital
|
|
568,861
|
|
|
565,627
|
|
||
Accumulated other comprehensive loss, net of tax benefit of $4,566 as of September 30, 2018 and $1,319 as of December 31, 2017
|
|
(11,295
|
)
|
|
(1,869
|
)
|
||
Retained earnings
|
|
93,768
|
|
|
70,575
|
|
||
Less: treasury stock, at cost; 1,101,597 shares as of September 30, 2018 and 651,506 shares as of December 31, 2017
|
|
(83,619
|
)
|
|
(71,889
|
)
|
||
Total stockholders’ equity
|
|
567,748
|
|
|
562,477
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
5,487,042
|
|
|
$
|
5,210,485
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans and leases
|
$
|
56,361
|
|
|
$
|
50,265
|
|
|
$
|
161,643
|
|
|
$
|
143,614
|
|
Interest on securities
|
3,238
|
|
|
3,188
|
|
|
9,541
|
|
|
8,657
|
|
||||
Dividends on FHLB stock
|
286
|
|
|
286
|
|
|
858
|
|
|
943
|
|
||||
Interest on deposits in other banks
|
151
|
|
|
123
|
|
|
398
|
|
|
323
|
|
||||
Total interest and dividend income
|
60,036
|
|
|
53,862
|
|
|
172,440
|
|
|
153,537
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
11,694
|
|
|
7,071
|
|
|
28,944
|
|
|
18,687
|
|
||||
Interest on borrowings
|
1,264
|
|
|
198
|
|
|
2,959
|
|
|
714
|
|
||||
Interest on subordinated debentures
|
1,749
|
|
|
1,667
|
|
|
5,170
|
|
|
3,677
|
|
||||
Total interest expense
|
14,707
|
|
|
8,936
|
|
|
37,073
|
|
|
23,078
|
|
||||
Net interest income before provision for loan and lease losses
|
45,329
|
|
|
44,926
|
|
|
135,367
|
|
|
130,459
|
|
||||
Loan and lease loss provision
|
200
|
|
|
269
|
|
|
949
|
|
|
611
|
|
||||
Net interest income after provision for loan and lease losses
|
45,129
|
|
|
44,657
|
|
|
134,418
|
|
|
129,848
|
|
||||
Noninterest income:
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts
|
2,513
|
|
|
2,678
|
|
|
7,352
|
|
|
7,667
|
|
||||
Trade finance and other service charges and fees
|
1,128
|
|
|
1,133
|
|
|
3,449
|
|
|
3,449
|
|
||||
Gain on sales of Small Business Administration ("SBA") loans
|
1,114
|
|
|
2,546
|
|
|
3,970
|
|
|
6,678
|
|
||||
Disposition gains on Purchased Credit Impaired ("PCI") loans
|
21
|
|
|
979
|
|
|
166
|
|
|
1,702
|
|
||||
Net gain (loss) on sales of securities
|
19
|
|
|
267
|
|
|
(341
|
)
|
|
1,473
|
|
||||
Other operating income
|
1,420
|
|
|
1,213
|
|
|
3,624
|
|
|
4,764
|
|
||||
Total noninterest income
|
6,215
|
|
|
8,816
|
|
|
18,220
|
|
|
25,733
|
|
||||
Noninterest expense:
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
17,436
|
|
|
16,947
|
|
|
53,590
|
|
|
50,674
|
|
||||
Occupancy and equipment
|
3,685
|
|
|
3,883
|
|
|
11,839
|
|
|
11,743
|
|
||||
Data processing
|
1,745
|
|
|
1,779
|
|
|
4,976
|
|
|
5,148
|
|
||||
Professional fees
|
1,626
|
|
|
1,210
|
|
|
4,210
|
|
|
3,912
|
|
||||
Supplies and communications
|
805
|
|
|
755
|
|
|
2,206
|
|
|
2,135
|
|
||||
Advertising and promotion
|
814
|
|
|
1,147
|
|
|
2,724
|
|
|
2,964
|
|
||||
Merger and integration costs (income)
|
466
|
|
|
—
|
|
|
846
|
|
|
(40
|
)
|
||||
Other operating expenses
|
2,431
|
|
|
2,939
|
|
|
7,883
|
|
|
8,307
|
|
||||
Total noninterest expense
|
29,008
|
|
|
28,660
|
|
|
88,274
|
|
|
84,843
|
|
||||
Income before income tax expense
|
22,336
|
|
|
24,813
|
|
|
64,364
|
|
|
70,738
|
|
||||
Income tax expense
|
6,255
|
|
|
9,890
|
|
|
17,880
|
|
|
27,576
|
|
||||
Net income
|
$
|
16,081
|
|
|
$
|
14,923
|
|
|
$
|
46,484
|
|
|
$
|
43,162
|
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
1.44
|
|
|
$
|
1.34
|
|
Diluted earnings per share
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
1.43
|
|
|
$
|
1.33
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
32,155,132
|
|
|
32,095,286
|
|
|
32,171,558
|
|
|
32,058,705
|
|
||||
Diluted
|
32,275,277
|
|
|
32,255,814
|
|
|
32,306,041
|
|
|
32,230,319
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
16,081
|
|
|
$
|
14,923
|
|
|
$
|
46,484
|
|
|
$
|
43,162
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss) gain on securities:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding (loss) gain arising during period
|
(2,750
|
)
|
|
529
|
|
|
(13,115
|
)
|
|
6,059
|
|
||||
Less: reclassification adjustment for net gain included in net income
|
(19
|
)
|
|
(267
|
)
|
|
(87
|
)
|
|
(1,473
|
)
|
||||
Income tax benefit (expense) related to items of other comprehensive income
|
798
|
|
|
(109
|
)
|
|
3,793
|
|
|
(1,902
|
)
|
||||
Other comprehensive (loss) income, net of tax
|
(1,971
|
)
|
|
153
|
|
|
(9,409
|
)
|
|
2,684
|
|
||||
Comprehensive income
|
$
|
14,110
|
|
|
$
|
15,076
|
|
|
$
|
37,075
|
|
|
$
|
45,846
|
|
|
Common Stock - Number of Shares
|
|
Stockholders’ Equity
|
|||||||||||||||||||||||||||||
|
Shares Issued
|
|
Treasury Shares
|
|
Shares Outstanding
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Retained Earnings
|
|
Treasury Stock, at Cost
|
|
Total Stockholders’ Equity
|
|||||||||||||||
Balance at January 1, 2017
|
32,946,197
|
|
|
(615,450
|
)
|
|
32,330,747
|
|
|
$
|
33
|
|
|
$
|
562,446
|
|
|
$
|
(2,394
|
)
|
|
$
|
41,726
|
|
|
$
|
(70,786
|
)
|
|
$
|
531,025
|
|
Stock options exercised
|
22,125
|
|
|
—
|
|
|
22,125
|
|
|
—
|
|
|
270
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
270
|
|
||||||
Restricted stock awards, net of forfeitures
|
90,844
|
|
|
—
|
|
|
90,844
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,071
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,071
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(30,634
|
)
|
|
(30,634
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(935
|
)
|
|
(935
|
)
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,030
|
)
|
|
—
|
|
|
(19,030
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
43,162
|
|
|
—
|
|
|
43,162
|
|
||||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,684
|
|
|
—
|
|
|
—
|
|
|
2,684
|
|
||||||
Balance at September 30, 2017
|
33,059,166
|
|
|
(646,084
|
)
|
|
32,413,082
|
|
|
$
|
33
|
|
|
$
|
564,787
|
|
|
$
|
290
|
|
|
$
|
65,858
|
|
|
$
|
(71,721
|
)
|
|
$
|
559,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at January 1, 2018
|
33,083,133
|
|
|
(651,506
|
)
|
|
32,431,627
|
|
|
$
|
33
|
|
|
$
|
565,627
|
|
|
$
|
(1,869
|
)
|
|
$
|
70,575
|
|
|
$
|
(71,889
|
)
|
|
$
|
562,477
|
|
Adjustments related to adoption of new accounting standards:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ASU 2016-01
(See Notes 1 and 2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
382
|
|
|
(382
|
)
|
|
—
|
|
|
—
|
|
||||||
ASU 2018-02
(See Notes 1 and 5)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(399
|
)
|
|
399
|
|
|
—
|
|
|
—
|
|
||||||
Adjusted balance at January 1, 2018
|
33,083,133
|
|
|
(651,506
|
)
|
|
32,431,627
|
|
|
$
|
33
|
|
|
$
|
565,627
|
|
|
$
|
(1,886
|
)
|
|
$
|
70,592
|
|
|
$
|
(71,889
|
)
|
|
$
|
562,477
|
|
Stock options exercised
|
25,750
|
|
|
—
|
|
|
25,750
|
|
|
—
|
|
|
570
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
570
|
|
||||||
Restricted stock awards, net of forfeitures
|
79,950
|
|
|
—
|
|
|
79,950
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,664
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,664
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(20,533
|
)
|
|
(20,533
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(607
|
)
|
|
(607
|
)
|
||||||
Repurchase of common stock
|
—
|
|
|
(429,558
|
)
|
|
(429,558
|
)
|
|
—
|
|
|
|
|
|
|
|
|
(11,123
|
)
|
|
(11,123
|
)
|
|||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(23,308
|
)
|
|
|
|
(23,308
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46,484
|
|
|
—
|
|
|
46,484
|
|
||||||
Change in unrealized loss on securities available for sale, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,409
|
)
|
|
—
|
|
|
—
|
|
|
(9,409
|
)
|
||||||
Balance at September 30, 2018
|
33,188,833
|
|
|
(1,101,597
|
)
|
|
32,087,236
|
|
|
$
|
33
|
|
|
$
|
568,861
|
|
|
$
|
(11,295
|
)
|
|
$
|
93,768
|
|
|
$
|
(83,619
|
)
|
|
$
|
567,748
|
|
|
Nine Months Ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
46,484
|
|
|
$
|
43,162
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
8,510
|
|
|
9,353
|
|
||
Share-based compensation expense
|
2,664
|
|
|
2,071
|
|
||
Loan and lease loss provision
|
949
|
|
|
611
|
|
||
Loss (gain) on sales of securities
|
341
|
|
|
(1,473
|
)
|
||
Gain on sales of SBA loans
|
(3,970
|
)
|
|
(6,678
|
)
|
||
Disposition gains on PCI loans
|
(166
|
)
|
|
(1,702
|
)
|
||
Origination of SBA loans held for sale
|
(56,244
|
)
|
|
(81,716
|
)
|
||
Proceeds from sales of SBA loans
|
63,057
|
|
|
92,715
|
|
||
Change in accrued interest receivable
|
(876
|
)
|
|
(1,111
|
)
|
||
Change in bank-owned life insurance
|
(818
|
)
|
|
(828
|
)
|
||
Change in prepaid expenses and other assets
|
3,223
|
|
|
1,829
|
|
||
Change in accrued interest payable
|
2,844
|
|
|
1,504
|
|
||
Change in accrued expenses and other liabilities
|
(7,069
|
)
|
|
(1,914
|
)
|
||
Net cash provided by operating activities
|
58,929
|
|
|
55,823
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from matured, called and repayment of securities
|
79,309
|
|
|
51,117
|
|
||
Proceeds from sales of securities available for sale
|
34,751
|
|
|
70,333
|
|
||
Proceeds from sales of other real estate owned ("OREO")
|
1,902
|
|
|
5,710
|
|
||
Change in loans and leases receivable, excluding purchases
|
(214,670
|
)
|
|
(191,594
|
)
|
||
Purchases of securities
|
(124,964
|
)
|
|
(201,398
|
)
|
||
Purchases of premises and equipment
|
(3,800
|
)
|
|
(147
|
)
|
||
Purchases of loans receivable
|
(66,966
|
)
|
|
(161,253
|
)
|
||
Net cash used in investing activities
|
(294,438
|
)
|
|
(427,232
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Change in deposits
|
265,768
|
|
|
489,273
|
|
||
Change in overnight FHLB borrowings
|
10,000
|
|
|
(205,000
|
)
|
||
Issuance of subordinated debentures
|
—
|
|
|
97,735
|
|
||
Proceeds from exercise of stock options
|
570
|
|
|
270
|
|
||
Cash paid for treasury shares acquired in respect of share-based compensation
|
(607
|
)
|
|
(935
|
)
|
||
Repurchase of common stock
|
(11,123
|
)
|
|
—
|
|
||
Cash dividends paid
|
(23,308
|
)
|
|
(19,030
|
)
|
||
Net cash provided by financing activities
|
241,300
|
|
|
362,313
|
|
||
Net increase (decrease) in cash and cash equivalents
|
5,791
|
|
|
(9,096
|
)
|
||
Cash and cash equivalents at beginning of year
|
153,826
|
|
|
147,235
|
|
||
Cash and cash equivalents at end of period
|
$
|
159,617
|
|
|
$
|
138,139
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid (received) during the period for:
|
|
|
|
||||
Interest
|
$
|
34,229
|
|
|
$
|
23,078
|
|
Income taxes
|
$
|
13,553
|
|
|
$
|
25,146
|
|
Non-cash activities:
|
|
|
|
||||
Transfer of loans receivable to other real estate owned
|
$
|
938
|
|
|
$
|
143
|
|
Income tax benefit (expense) related to items in other comprehensive income
|
$
|
3,793
|
|
|
$
|
(1,902
|
)
|
Change in unrealized loss (gain) in accumulated other comprehensive income
|
$
|
13,115
|
|
|
$
|
(6,059
|
)
|
Cash dividends declared
|
$
|
(23,308
|
)
|
|
$
|
(19,030
|
)
|
|
Amortized Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
(1)
|
$
|
308,054
|
|
|
$
|
51
|
|
|
$
|
9,719
|
|
|
$
|
298,386
|
|
Collateralized mortgage obligations
(1)
|
121,541
|
|
|
6
|
|
|
3,892
|
|
|
117,655
|
|
||||
U.S. government agency securities
|
7,499
|
|
|
—
|
|
|
147
|
|
|
7,352
|
|
||||
Municipal bonds-tax exempt
|
111,328
|
|
|
9
|
|
|
2,059
|
|
|
109,278
|
|
||||
U.S. treasury securities
|
39,675
|
|
|
—
|
|
|
110
|
|
|
39,565
|
|
||||
Total securities available for sale
|
$
|
588,097
|
|
|
$
|
66
|
|
|
$
|
15,927
|
|
|
$
|
572,236
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
(1)
|
$
|
306,166
|
|
|
$
|
145
|
|
|
$
|
2,702
|
|
|
$
|
303,609
|
|
Collateralized mortgage obligations
(1)
|
119,658
|
|
|
8
|
|
|
1,898
|
|
|
117,768
|
|
||||
U.S. government agency securities
|
7,499
|
|
|
—
|
|
|
85
|
|
|
7,414
|
|
||||
Municipal bonds-tax exempt
|
125,601
|
|
|
1,943
|
|
|
69
|
|
|
127,475
|
|
||||
U.S. treasury securities
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
||||
Mutual funds
|
22,916
|
|
|
—
|
|
|
530
|
|
|
22,386
|
|
||||
Total securities available for sale
|
$
|
581,992
|
|
|
$
|
2,096
|
|
|
$
|
5,284
|
|
|
$
|
578,804
|
|
(1)
|
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities.
|
|
Available for Sale
|
||||||
|
Amortized Cost
|
|
Estimated Fair Value
|
||||
|
(in thousands)
|
||||||
Within one year
|
$
|
18,067
|
|
|
$
|
18,027
|
|
Over one year through five years
|
116,744
|
|
|
114,401
|
|
||
Over five years through ten years
|
228,679
|
|
|
222,171
|
|
||
Over ten years
|
224,607
|
|
|
217,637
|
|
||
Total
|
$
|
588,097
|
|
|
$
|
572,236
|
|
|
Holding Period
|
|||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||||||||||||||
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Number of Securities
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Number of Securities
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Number of Securities
|
|||||||||||||||
|
(in thousands, except number of securities)
|
|||||||||||||||||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
2,484
|
|
|
$
|
109,384
|
|
|
44
|
|
|
$
|
7,235
|
|
|
$
|
183,568
|
|
|
72
|
|
|
$
|
9,719
|
|
|
$
|
292,952
|
|
|
116
|
|
Collateralized mortgage obligations
|
453
|
|
|
26,235
|
|
|
7
|
|
|
3,439
|
|
|
89,706
|
|
|
47
|
|
|
3,892
|
|
|
115,941
|
|
|
54
|
|
||||||
U.S. government agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
147
|
|
|
7,352
|
|
|
3
|
|
|
147
|
|
|
7,352
|
|
|
3
|
|
||||||
Municipal bonds-tax exempt
|
1,811
|
|
|
98,667
|
|
|
43
|
|
|
248
|
|
|
7,034
|
|
|
4
|
|
|
2,059
|
|
|
105,701
|
|
|
47
|
|
||||||
U.S. treasury securities
|
110
|
|
|
39,565
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
39,565
|
|
|
5
|
|
||||||
Total
|
$
|
4,858
|
|
|
$
|
273,851
|
|
|
99
|
|
|
$
|
11,069
|
|
|
$
|
287,660
|
|
|
126
|
|
|
$
|
15,927
|
|
|
$
|
561,511
|
|
|
225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
1,855
|
|
|
$
|
197,621
|
|
|
66
|
|
|
$
|
847
|
|
|
$
|
56,998
|
|
|
25
|
|
|
$
|
2,702
|
|
|
$
|
254,619
|
|
|
91
|
|
Collateralized mortgage obligations
|
773
|
|
|
65,726
|
|
|
20
|
|
|
1,125
|
|
|
49,986
|
|
|
32
|
|
|
1,898
|
|
|
115,712
|
|
|
52
|
|
||||||
U.S. government agency securities
|
15
|
|
|
1,484
|
|
|
1
|
|
|
70
|
|
|
5,930
|
|
|
2
|
|
|
85
|
|
|
7,414
|
|
|
3
|
|
||||||
Municipal bonds-tax exempt
|
48
|
|
|
11,541
|
|
|
6
|
|
|
21
|
|
|
2,737
|
|
|
2
|
|
|
69
|
|
|
14,278
|
|
|
8
|
|
||||||
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
530
|
|
|
22,382
|
|
|
6
|
|
|
530
|
|
|
22,382
|
|
|
6
|
|
||||||
Total
|
$
|
2,691
|
|
|
$
|
276,372
|
|
|
93
|
|
|
$
|
2,593
|
|
|
$
|
138,033
|
|
|
67
|
|
|
$
|
5,284
|
|
|
$
|
414,405
|
|
|
160
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Gross realized gains on sales of securities
|
$
|
19
|
|
|
$
|
267
|
|
|
$
|
87
|
|
|
$
|
1,473
|
|
Gross realized losses on sales of securities
|
—
|
|
|
—
|
|
|
(957
|
)
|
|
—
|
|
||||
Net realized (losses) gains on sales of securities
|
$
|
19
|
|
|
$
|
267
|
|
|
$
|
(870
|
)
|
|
$
|
1,473
|
|
|
|
|
|
|
|
|
|
||||||||
Proceeds from sales of securities
|
$
|
3,426
|
|
|
$
|
17,644
|
|
|
$
|
34,751
|
|
|
$
|
70,333
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial property
|
|
|
|
||||
Retail
|
$
|
924,007
|
|
|
$
|
915,273
|
|
Hospitality
|
809,287
|
|
|
681,325
|
|
||
Other
(1)
|
1,474,406
|
|
|
1,417,273
|
|
||
Total commercial property loans
|
3,207,700
|
|
|
3,013,871
|
|
||
Construction
|
67,682
|
|
|
55,190
|
|
||
Residential property
|
516,968
|
|
|
521,853
|
|
||
Total real estate loans
|
3,792,350
|
|
|
3,590,914
|
|
||
Commercial and industrial loans:
|
|
|
|
||||
Commercial term
|
186,249
|
|
|
182,685
|
|
||
Commercial lines of credit
|
178,570
|
|
|
181,894
|
|
||
International loans
|
31,564
|
|
|
34,622
|
|
||
Total commercial and industrial loans
|
396,383
|
|
|
399,201
|
|
||
Leases receivable
|
379,455
|
|
|
297,284
|
|
||
Consumer loans
(2)
|
14,695
|
|
|
17,059
|
|
||
Loans and leases receivable
|
4,582,883
|
|
|
4,304,458
|
|
||
Allowance for loan and lease losses
|
(31,676
|
)
|
|
(31,043
|
)
|
||
Loans and leases receivable, net
|
$
|
4,551,207
|
|
|
$
|
4,273,415
|
|
(1)
|
Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans and leases receivable.
|
(2)
|
Consumer loans include home equity lines of credit of
$10.9 million
and
$14.2 million
as of
September 30, 2018
and
December 31, 2017
, respectively.
|
|
SBA Loans Held for Sale
|
||||||||||
|
Real Estate
|
|
Commercial and Industrial
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
September 30, 2018
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
2,785
|
|
|
$
|
2,564
|
|
|
$
|
5,349
|
|
Originations
|
5,408
|
|
|
13,469
|
|
|
18,877
|
|
|||
Sales
|
(6,453
|
)
|
|
(13,299
|
)
|
|
(19,752
|
)
|
|||
Principal payoffs and amortization
|
(3
|
)
|
|
(16
|
)
|
|
(19
|
)
|
|||
Balance at end of period
|
$
|
1,737
|
|
|
$
|
2,718
|
|
|
$
|
4,455
|
|
|
|
|
|
|
|
||||||
September 30, 2017
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
8,817
|
|
|
$
|
2,132
|
|
|
$
|
10,949
|
|
Originations
|
16,326
|
|
|
11,723
|
|
|
28,049
|
|
|||
Sales
|
(20,593
|
)
|
|
(11,926
|
)
|
|
(32,519
|
)
|
|||
Principal payoffs and amortization
|
(4
|
)
|
|
(6
|
)
|
|
(10
|
)
|
|||
Balance at end of period
|
$
|
4,546
|
|
|
$
|
1,923
|
|
|
$
|
6,469
|
|
|
SBA Loans Held for Sale
|
||||||||||
|
Real Estate
|
|
Commercial and Industrial
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
September 30, 2018
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
3,746
|
|
|
$
|
2,648
|
|
|
$
|
6,394
|
|
Originations
|
25,996
|
|
|
30,248
|
|
|
56,244
|
|
|||
Sales
|
(28,000
|
)
|
|
(30,043
|
)
|
|
(58,043
|
)
|
|||
Principal payoffs and amortization
|
(5
|
)
|
|
(135
|
)
|
|
(140
|
)
|
|||
Balance at end of period
|
$
|
1,737
|
|
|
$
|
2,718
|
|
|
$
|
4,455
|
|
|
|
|
|
|
|
||||||
September 30, 2017
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
7,410
|
|
|
$
|
1,906
|
|
|
$
|
9,316
|
|
Originations
|
51,090
|
|
|
30,626
|
|
|
81,716
|
|
|||
Sales
|
(53,930
|
)
|
|
(30,586
|
)
|
|
(84,516
|
)
|
|||
Principal payoffs and amortization
|
(24
|
)
|
|
(23
|
)
|
|
(47
|
)
|
|||
Balance at end of period
|
$
|
4,546
|
|
|
$
|
1,923
|
|
|
$
|
6,469
|
|
|
As of and for the Three Months Ended September 30,
|
|
As of and for the Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
31,818
|
|
|
$
|
33,758
|
|
|
$
|
31,043
|
|
|
$
|
32,429
|
|
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(1,246
|
)
|
|
(2,405
|
)
|
|
(3,535
|
)
|
|
$
|
(3,256
|
)
|
|||
Recoveries on loans and leases previously charged off
|
904
|
|
|
871
|
|
|
3,219
|
|
|
$
|
2,709
|
|
|||
Net charge-offs
|
(342
|
)
|
|
(1,534
|
)
|
|
(316
|
)
|
|
(547
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Loan and lease loss provision
|
200
|
|
|
268
|
|
|
949
|
|
|
$
|
610
|
|
|||
Balance at end of period
|
$
|
31,676
|
|
|
$
|
32,492
|
|
|
$
|
31,676
|
|
|
$
|
32,492
|
|
|
Real Estate
|
|
Commercial
and Industrial
|
|
Leases
Receivable
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
As of and for the Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses on loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
17,916
|
|
|
$
|
7,120
|
|
|
6,649
|
|
|
$
|
109
|
|
|
$
|
24
|
|
|
$
|
31,818
|
|
|
Charge-offs
|
(220
|
)
|
|
(232
|
)
|
|
(794
|
)
|
|
—
|
|
|
—
|
|
|
(1,246
|
)
|
||||||
Recoveries on loans and leases previously charged off
|
577
|
|
|
237
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
904
|
|
||||||
Loan and lease loss provision (income)
|
(184
|
)
|
|
(38
|
)
|
|
446
|
|
|
—
|
|
|
(24
|
)
|
|
200
|
|
||||||
Ending balance
|
$
|
18,089
|
|
|
$
|
7,087
|
|
|
$
|
6,391
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
31,676
|
|
Individually evaluated for impairment
|
$
|
2,428
|
|
|
$
|
631
|
|
|
$
|
1,763
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,822
|
|
Collectively evaluated for impairment
|
$
|
15,661
|
|
|
$
|
6,456
|
|
|
$
|
4,628
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
26,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases receivable:
|
$
|
3,792,350
|
|
|
$
|
396,383
|
|
|
$
|
379,455
|
|
|
$
|
14,695
|
|
|
$
|
—
|
|
|
$
|
4,582,883
|
|
Individually evaluated for impairment
|
$
|
20,596
|
|
|
$
|
3,767
|
|
|
$
|
5,093
|
|
|
$
|
881
|
|
|
$
|
—
|
|
|
$
|
30,337
|
|
Collectively evaluated for impairment
|
$
|
3,771,754
|
|
|
$
|
392,616
|
|
|
$
|
374,362
|
|
|
$
|
13,814
|
|
|
$
|
—
|
|
|
$
|
4,552,546
|
|
|
Real Estate
|
|
Commercial
and Industrial
|
|
Leases
Receivable
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
As of and for the Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses on loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
23,433
|
|
|
$
|
7,020
|
|
|
2,033
|
|
|
$
|
95
|
|
|
$
|
1,177
|
|
|
$
|
33,758
|
|
|
Charge-offs
|
(146
|
)
|
|
(1,976
|
)
|
|
(283
|
)
|
|
—
|
|
|
—
|
|
|
(2,405
|
)
|
||||||
Recoveries on loans and leases previously charged off
|
343
|
|
|
308
|
|
|
220
|
|
|
—
|
|
|
—
|
|
|
871
|
|
||||||
Loan and lease loss provision (income)
|
(3,293
|
)
|
|
1,183
|
|
|
2,867
|
|
|
(30
|
)
|
|
(459
|
)
|
|
268
|
|
||||||
Ending balance
|
$
|
20,337
|
|
|
$
|
6,535
|
|
|
$
|
4,837
|
|
|
$
|
65
|
|
|
$
|
718
|
|
|
$
|
32,492
|
|
Individually evaluated for impairment
|
$
|
3,882
|
|
|
$
|
531
|
|
|
$
|
2,008
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,421
|
|
Collectively evaluated for impairment
|
$
|
16,455
|
|
|
$
|
6,004
|
|
|
$
|
2,829
|
|
|
$
|
65
|
|
|
$
|
718
|
|
|
$
|
26,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases receivable:
|
$
|
3,539,558
|
|
|
$
|
364,456
|
|
|
$
|
272,271
|
|
|
$
|
19,070
|
|
|
$
|
—
|
|
|
$
|
4,195,355
|
|
Individually evaluated for impairment
|
$
|
19,466
|
|
|
$
|
3,610
|
|
|
$
|
3,378
|
|
|
$
|
1,045
|
|
|
$
|
—
|
|
|
$
|
27,499
|
|
Collectively evaluated for impairment
|
$
|
3,520,092
|
|
|
$
|
360,846
|
|
|
$
|
268,893
|
|
|
$
|
18,025
|
|
|
$
|
—
|
|
|
$
|
4,167,856
|
|
|
Real Estate
|
|
Commercial
and Industrial
|
|
Leases
Receivable
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
As of and for the Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses on loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
17,012
|
|
|
$
|
7,400
|
|
|
6,279
|
|
|
$
|
122
|
|
|
$
|
230
|
|
|
$
|
31,043
|
|
|
Charge-offs
|
(1,249
|
)
|
|
(597
|
)
|
|
(1,689
|
)
|
|
—
|
|
|
—
|
|
|
(3,535
|
)
|
||||||
Recoveries on loans and leases previously charged off
|
1,833
|
|
|
1,170
|
|
|
214
|
|
|
2
|
|
|
—
|
|
|
3,219
|
|
||||||
Loan and lease loss provision (income)
|
493
|
|
|
(886
|
)
|
|
1,587
|
|
|
(15
|
)
|
|
(230
|
)
|
|
949
|
|
||||||
Ending balance
|
$
|
18,089
|
|
|
$
|
7,087
|
|
|
$
|
6,391
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
31,676
|
|
Individually evaluated for impairment
|
$
|
2,428
|
|
|
$
|
631
|
|
|
$
|
1,763
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,822
|
|
Collectively evaluated for impairment
|
$
|
15,661
|
|
|
$
|
6,456
|
|
|
$
|
4,628
|
|
|
$
|
109
|
|
|
$
|
—
|
|
|
$
|
26,854
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases receivable:
|
$
|
3,792,350
|
|
|
$
|
396,383
|
|
|
$
|
379,455
|
|
|
$
|
14,695
|
|
|
$
|
—
|
|
|
$
|
4,582,883
|
|
Individually evaluated for impairment
|
$
|
20,596
|
|
|
$
|
3,767
|
|
|
$
|
5,093
|
|
|
$
|
881
|
|
|
$
|
—
|
|
|
$
|
30,337
|
|
Collectively evaluated for impairment
|
$
|
3,771,754
|
|
|
$
|
392,616
|
|
|
$
|
374,362
|
|
|
$
|
13,814
|
|
|
$
|
—
|
|
|
$
|
4,552,546
|
|
|
Real Estate
|
|
Commercial
and Industrial
|
|
Leases
Receivable
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
As of and for the Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses on loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
26,134
|
|
|
$
|
5,623
|
|
|
307
|
|
|
$
|
199
|
|
|
$
|
166
|
|
|
$
|
32,429
|
|
|
Charge-offs
|
(289
|
)
|
|
(2,017
|
)
|
|
(950
|
)
|
|
—
|
|
|
—
|
|
|
(3,256
|
)
|
||||||
Recoveries on loans and leases previously charged off
|
1,434
|
|
|
1,021
|
|
|
239
|
|
|
15
|
|
|
—
|
|
|
2,709
|
|
||||||
Loan and lease loss provision (income)
|
(6,942
|
)
|
|
1,908
|
|
|
5,241
|
|
|
(149
|
)
|
|
552
|
|
|
610
|
|
||||||
Ending balance
|
$
|
20,337
|
|
|
$
|
6,535
|
|
|
$
|
4,837
|
|
|
$
|
65
|
|
|
$
|
718
|
|
|
$
|
32,492
|
|
Individually evaluated for impairment
|
$
|
3,882
|
|
|
$
|
531
|
|
|
$
|
2,008
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,421
|
|
Collectively evaluated for impairment
|
$
|
16,455
|
|
|
$
|
6,004
|
|
|
$
|
2,829
|
|
|
$
|
65
|
|
|
$
|
718
|
|
|
$
|
26,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases receivable:
|
$
|
3,539,558
|
|
|
$
|
364,456
|
|
|
$
|
272,271
|
|
|
$
|
19,070
|
|
|
$
|
—
|
|
|
$
|
4,195,355
|
|
Individually evaluated for impairment
|
$
|
19,466
|
|
|
$
|
3,610
|
|
|
$
|
3,378
|
|
|
$
|
1,045
|
|
|
$
|
—
|
|
|
$
|
27,499
|
|
Collectively evaluated for impairment
|
$
|
3,520,092
|
|
|
$
|
360,846
|
|
|
$
|
268,893
|
|
|
$
|
18,025
|
|
|
$
|
—
|
|
|
$
|
4,167,856
|
|
|
Pass/Pass-Watch
|
|
Special Mention
|
|
Classified
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
917,990
|
|
|
$
|
9
|
|
|
$
|
6,008
|
|
|
$
|
924,007
|
|
Hospitality
|
797,772
|
|
|
10
|
|
|
11,505
|
|
|
809,287
|
|
||||
Other
|
1,465,285
|
|
|
2,996
|
|
|
6,125
|
|
|
1,474,406
|
|
||||
Total commercial property loans
|
3,181,047
|
|
|
3,015
|
|
|
23,638
|
|
|
3,207,700
|
|
||||
Construction
|
67,682
|
|
|
—
|
|
|
—
|
|
|
67,682
|
|
||||
Residential property
|
516,826
|
|
|
—
|
|
|
142
|
|
|
516,968
|
|
||||
Total real estate loans
|
3,765,555
|
|
|
3,015
|
|
|
23,780
|
|
|
3,792,350
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
177,342
|
|
|
5,366
|
|
|
3,541
|
|
|
186,249
|
|
||||
Commercial lines of credit
|
149,071
|
|
|
29,499
|
|
|
—
|
|
|
178,570
|
|
||||
International loans
|
31,564
|
|
|
—
|
|
|
—
|
|
|
31,564
|
|
||||
Total commercial and industrial loans
|
357,977
|
|
|
34,865
|
|
|
3,541
|
|
|
396,383
|
|
||||
Leases receivable
|
374,362
|
|
|
—
|
|
|
5,093
|
|
|
379,455
|
|
||||
Consumer loans
|
13,716
|
|
|
195
|
|
|
784
|
|
|
14,695
|
|
||||
Total loans and leases
|
$
|
4,511,610
|
|
|
$
|
38,075
|
|
|
$
|
33,198
|
|
|
$
|
4,582,883
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
909,682
|
|
|
$
|
454
|
|
|
$
|
5,137
|
|
|
$
|
915,273
|
|
Hospitality
|
667,254
|
|
|
4,976
|
|
|
9,095
|
|
|
681,325
|
|
||||
Other
|
1,397,658
|
|
|
11,045
|
|
|
8,570
|
|
|
1,417,273
|
|
||||
Total commercial property loans
|
2,974,594
|
|
|
16,475
|
|
|
22,802
|
|
|
3,013,871
|
|
||||
Construction
|
55,190
|
|
|
—
|
|
|
—
|
|
|
55,190
|
|
||||
Residential property
|
521,261
|
|
|
305
|
|
|
287
|
|
|
521,853
|
|
||||
Total real estate loans
|
3,551,045
|
|
|
16,780
|
|
|
23,089
|
|
|
3,590,914
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
179,835
|
|
|
439
|
|
|
2,411
|
|
|
182,685
|
|
||||
Commercial lines of credit
|
181,462
|
|
|
250
|
|
|
182
|
|
|
181,894
|
|
||||
International loans
|
34,622
|
|
|
—
|
|
|
—
|
|
|
34,622
|
|
||||
Total commercial and industrial loans
|
395,919
|
|
|
689
|
|
|
2,593
|
|
|
399,201
|
|
||||
Leases receivable
|
292,832
|
|
|
—
|
|
|
4,452
|
|
|
297,284
|
|
||||
Consumer loans
|
15,995
|
|
|
—
|
|
|
1,064
|
|
|
17,059
|
|
||||
Total loans and leases
|
$
|
4,255,791
|
|
|
$
|
17,469
|
|
|
$
|
31,198
|
|
|
$
|
4,304,458
|
|
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90 Days or More Past Due
|
|
Total Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
221
|
|
|
$
|
765
|
|
|
$
|
359
|
|
|
$
|
1,345
|
|
|
$
|
922,662
|
|
|
$
|
924,007
|
|
Hospitality
|
—
|
|
|
—
|
|
|
2,314
|
|
|
2,314
|
|
|
806,973
|
|
|
809,287
|
|
||||||
Other
|
37
|
|
|
609
|
|
|
1,411
|
|
|
2,057
|
|
|
1,472,349
|
|
|
1,474,406
|
|
||||||
Total commercial property loans
|
258
|
|
|
1,374
|
|
|
4,084
|
|
|
5,716
|
|
|
3,201,984
|
|
|
3,207,700
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,682
|
|
|
67,682
|
|
||||||
Residential property
|
2,210
|
|
|
682
|
|
|
—
|
|
|
2,892
|
|
|
514,076
|
|
|
516,968
|
|
||||||
Total real estate loans
|
2,468
|
|
|
2,056
|
|
|
4,084
|
|
|
8,608
|
|
|
3,783,742
|
|
|
3,792,350
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
256
|
|
|
144
|
|
|
1,397
|
|
|
1,797
|
|
|
184,452
|
|
|
186,249
|
|
||||||
Commercial lines of credit
|
587
|
|
|
—
|
|
|
—
|
|
|
587
|
|
|
177,983
|
|
|
178,570
|
|
||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,564
|
|
|
31,564
|
|
||||||
Total commercial and industrial loans
|
843
|
|
|
144
|
|
|
1,397
|
|
|
2,384
|
|
|
393,999
|
|
|
396,383
|
|
||||||
Leases receivable
|
2,815
|
|
|
666
|
|
|
3,390
|
|
|
6,871
|
|
|
372,584
|
|
|
379,455
|
|
||||||
Consumer loans
|
105
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|
14,590
|
|
|
14,695
|
|
||||||
Total loans and leases
|
$
|
6,231
|
|
|
$
|
2,866
|
|
|
$
|
8,871
|
|
|
$
|
17,968
|
|
|
$
|
4,564,915
|
|
|
$
|
4,582,883
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
96
|
|
|
$
|
15
|
|
|
$
|
630
|
|
|
$
|
741
|
|
|
$
|
914,532
|
|
|
$
|
915,273
|
|
Hospitality
|
3,421
|
|
|
168
|
|
|
398
|
|
|
3,987
|
|
|
677,338
|
|
|
681,325
|
|
||||||
Other
|
1,245
|
|
|
1,333
|
|
|
563
|
|
|
3,141
|
|
|
1,414,132
|
|
|
1,417,273
|
|
||||||
Total commercial property loans
|
4,762
|
|
|
1,516
|
|
|
1,591
|
|
|
7,869
|
|
|
3,006,002
|
|
|
3,013,871
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,190
|
|
|
55,190
|
|
||||||
Residential property
|
609
|
|
|
—
|
|
|
—
|
|
|
609
|
|
|
521,244
|
|
|
521,853
|
|
||||||
Total real estate loans
|
5,371
|
|
|
1,516
|
|
|
1,591
|
|
|
8,478
|
|
|
3,582,436
|
|
|
3,590,914
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
430
|
|
|
567
|
|
|
829
|
|
|
1,826
|
|
|
180,859
|
|
|
182,685
|
|
||||||
Commercial lines of credit
|
250
|
|
|
—
|
|
|
182
|
|
|
432
|
|
|
181,462
|
|
|
181,894
|
|
||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,622
|
|
|
34,622
|
|
||||||
Total commercial and industrial loans
|
680
|
|
|
567
|
|
|
1,011
|
|
|
2,258
|
|
|
396,943
|
|
|
399,201
|
|
||||||
Leases receivable
|
2,295
|
|
|
944
|
|
|
3,554
|
|
|
6,793
|
|
|
290,491
|
|
|
297,284
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,059
|
|
|
17,059
|
|
||||||
Total loans and leases
|
$
|
8,346
|
|
|
$
|
3,027
|
|
|
$
|
6,156
|
|
|
$
|
17,529
|
|
|
$
|
4,286,929
|
|
|
$
|
4,304,458
|
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
With No
Related Allowance Recorded |
|
With an
Allowance Recorded |
|
Related
Allowance |
||||||||||
|
(in thousands)
|
||||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
3,108
|
|
|
$
|
3,621
|
|
|
$
|
2,772
|
|
|
$
|
336
|
|
|
$
|
54
|
|
Hospitality
|
6,860
|
|
|
8,208
|
|
|
2,441
|
|
|
4,419
|
|
|
2,284
|
|
|||||
Other
|
8,793
|
|
|
9,522
|
|
|
7,151
|
|
|
1,642
|
|
|
90
|
|
|||||
Total commercial property loans
|
18,761
|
|
|
21,351
|
|
|
12,364
|
|
|
6,397
|
|
|
2,428
|
|
|||||
Residential property
|
1,835
|
|
|
1,968
|
|
|
1,835
|
|
|
—
|
|
|
—
|
|
|||||
Total real estate loans
|
20,596
|
|
|
23,319
|
|
|
14,199
|
|
|
6,397
|
|
|
2,428
|
|
|||||
Commercial and industrial loans
|
3,767
|
|
|
3,928
|
|
|
765
|
|
|
3,002
|
|
|
631
|
|
|||||
Leases receivable
|
5,093
|
|
|
5,138
|
|
|
1,095
|
|
|
3,998
|
|
|
1,763
|
|
|||||
Consumer loans
|
881
|
|
|
1,117
|
|
|
761
|
|
|
120
|
|
|
—
|
|
|||||
Total loans and leases
|
$
|
30,337
|
|
|
$
|
33,502
|
|
|
$
|
16,820
|
|
|
$
|
13,517
|
|
|
$
|
4,822
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
1,403
|
|
|
$
|
1,423
|
|
|
$
|
1,246
|
|
|
$
|
157
|
|
|
$
|
1
|
|
Hospitality
|
6,184
|
|
|
7,220
|
|
|
2,144
|
|
|
4,040
|
|
|
1,677
|
|
|||||
Other
|
8,513
|
|
|
9,330
|
|
|
7,569
|
|
|
944
|
|
|
394
|
|
|||||
Total commercial property loans
|
16,100
|
|
|
17,973
|
|
|
10,959
|
|
|
5,141
|
|
|
2,072
|
|
|||||
Residential property
|
2,563
|
|
|
2,728
|
|
|
824
|
|
|
1,739
|
|
|
21
|
|
|||||
Total real estate loans
|
18,663
|
|
|
20,701
|
|
|
11,783
|
|
|
6,880
|
|
|
2,093
|
|
|||||
Commercial and industrial loans
|
3,039
|
|
|
3,081
|
|
|
1,068
|
|
|
1,971
|
|
|
441
|
|
|||||
Leases receivable
|
4,452
|
|
|
4,626
|
|
|
455
|
|
|
3,997
|
|
|
3,334
|
|
|||||
Consumer loans
|
1,029
|
|
|
1,215
|
|
|
919
|
|
|
110
|
|
|
10
|
|
|||||
Total loans and leases
|
$
|
27,183
|
|
|
$
|
29,623
|
|
|
$
|
14,225
|
|
|
$
|
12,958
|
|
|
$
|
5,878
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Average Recorded Investment
|
|
Interest
Income
Recognized
|
|
Average Recorded Investment
|
|
Interest
Income
Recognized
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
2,671
|
|
|
$
|
93
|
|
|
$
|
1,936
|
|
|
$
|
141
|
|
Hospitality
|
7,146
|
|
|
104
|
|
|
7,639
|
|
|
376
|
|
||||
Other
|
8,659
|
|
|
187
|
|
|
8,021
|
|
|
430
|
|
||||
Total commercial property loans
|
18,476
|
|
|
384
|
|
|
17,596
|
|
|
947
|
|
||||
Residential property
|
1,966
|
|
|
23
|
|
|
2,269
|
|
|
80
|
|
||||
Total real estate loans
|
20,442
|
|
|
407
|
|
|
19,865
|
|
|
1,027
|
|
||||
Commercial and industrial loans
|
3,819
|
|
|
40
|
|
|
3,266
|
|
|
119
|
|
||||
Leases receivable
|
5,424
|
|
|
11
|
|
|
5,072
|
|
|
33
|
|
||||
Consumer loans
|
1,018
|
|
|
17
|
|
|
1,031
|
|
|
45
|
|
||||
Total loans and leases
|
$
|
30,703
|
|
|
$
|
475
|
|
|
$
|
29,234
|
|
|
$
|
1,224
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2017
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
1,487
|
|
|
$
|
24
|
|
|
$
|
1,551
|
|
|
$
|
85
|
|
Hospitality
|
6,476
|
|
|
143
|
|
|
6,268
|
|
|
309
|
|
||||
Other
|
9,489
|
|
|
202
|
|
|
9,681
|
|
|
601
|
|
||||
Total commercial property loans
|
17,452
|
|
|
369
|
|
|
17,500
|
|
|
995
|
|
||||
Residential property
|
2,794
|
|
|
26
|
|
|
2,797
|
|
|
87
|
|
||||
Total real estate loans
|
20,246
|
|
|
395
|
|
|
20,297
|
|
|
1,082
|
|
||||
Commercial and industrial loans
|
4,555
|
|
|
54
|
|
|
4,592
|
|
|
181
|
|
||||
Leases receivable
|
3,560
|
|
|
12
|
|
|
4,044
|
|
|
36
|
|
||||
Consumer loans
|
1,201
|
|
|
15
|
|
|
917
|
|
|
21
|
|
||||
Total loans and leases
|
$
|
29,562
|
|
|
$
|
476
|
|
|
$
|
29,850
|
|
|
$
|
1,320
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Interest income that would have been recognized had impaired loans and leases performed in accordance with their original terms
|
$
|
819
|
|
|
$
|
696
|
|
|
$
|
2,150
|
|
|
$
|
1,934
|
|
Less: Interest income recognized on impaired loans and leases
|
(475
|
)
|
|
(476
|
)
|
|
(1,224
|
)
|
|
(1,320
|
)
|
||||
Interest foregone on impaired loans and leases
|
$
|
344
|
|
|
$
|
220
|
|
|
$
|
926
|
|
|
$
|
614
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial property
|
|
|
|
||||
Retail
|
$
|
987
|
|
|
$
|
224
|
|
Hospitality
|
6,121
|
|
|
5,263
|
|
||
Other
|
2,205
|
|
|
2,462
|
|
||
Total commercial property loans
|
9,313
|
|
|
7,949
|
|
||
Residential property
|
142
|
|
|
591
|
|
||
Total real estate loans
|
9,455
|
|
|
8,540
|
|
||
Commercial and industrial loans
|
2,974
|
|
|
1,892
|
|
||
Leases receivable
|
5,093
|
|
|
4,452
|
|
||
Consumer loans
|
761
|
|
|
921
|
|
||
Total nonaccrual loans and leases
|
$
|
18,283
|
|
|
$
|
15,805
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Nonaccrual loans and leases
|
$
|
18,283
|
|
|
$
|
15,805
|
|
Loans and leases 90 days or more past due and still accruing
|
—
|
|
|
—
|
|
||
Total nonperforming loans and leases
|
18,283
|
|
|
15,805
|
|
||
Other real estate owned ("OREO")
|
877
|
|
|
1,946
|
|
||
Total nonperforming assets
|
$
|
19,160
|
|
|
$
|
17,751
|
|
|
Nonaccrual TDRs
|
|
Accrual TDRs
|
||||||||||||||||||||||||||||||||||||
|
Deferral
of Principal |
|
Deferral
of Principal and Interest |
|
Reduction
of Principal and Interest |
|
Extension
of Maturity |
|
Total
|
|
Deferral
of Principal |
|
Deferral
of Principal and Interest |
|
Reduction
of Principal and Interest |
|
Extension
of Maturity |
|
Total
|
||||||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Real estate loans
|
$
|
1,136
|
|
|
$
|
3,560
|
|
|
$
|
178
|
|
|
$
|
—
|
|
|
$
|
4,874
|
|
|
$
|
3,387
|
|
|
$
|
—
|
|
|
$
|
1,160
|
|
|
$
|
746
|
|
|
$
|
5,293
|
|
Commercial and industrial loans
|
394
|
|
|
107
|
|
|
690
|
|
|
448
|
|
|
1,639
|
|
|
—
|
|
|
172
|
|
|
415
|
|
|
191
|
|
|
778
|
|
||||||||||
Consumer loans
|
761
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
761
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
97
|
|
||||||||||
Total TDR loans
|
$
|
2,291
|
|
|
$
|
3,667
|
|
|
$
|
868
|
|
|
$
|
448
|
|
|
$
|
7,274
|
|
|
$
|
3,387
|
|
|
$
|
172
|
|
|
$
|
1,672
|
|
|
$
|
937
|
|
|
$
|
6,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Real estate loans
|
$
|
1,935
|
|
|
$
|
3,761
|
|
|
$
|
64
|
|
|
$
|
—
|
|
|
$
|
5,760
|
|
|
$
|
3,409
|
|
|
$
|
—
|
|
|
$
|
1,387
|
|
|
$
|
1,237
|
|
|
$
|
6,033
|
|
Commercial and industrial loans
|
131
|
|
|
123
|
|
|
1,173
|
|
|
102
|
|
|
1,529
|
|
|
6
|
|
|
182
|
|
|
503
|
|
|
427
|
|
|
1,118
|
|
||||||||||
Consumer loans
|
811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
108
|
|
||||||||||
Total TDR loans
|
$
|
2,877
|
|
|
$
|
3,884
|
|
|
$
|
1,237
|
|
|
$
|
102
|
|
|
$
|
8,100
|
|
|
$
|
3,415
|
|
|
$
|
182
|
|
|
$
|
1,998
|
|
|
$
|
1,664
|
|
|
$
|
7,259
|
|
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Servicing assets:
|
|
|
|
||||
Balance at beginning of period
|
$
|
9,255
|
|
|
$
|
10,480
|
|
Addition related to sale of SBA loans
|
378
|
|
|
755
|
|
||
Amortization
|
(755
|
)
|
|
(807
|
)
|
||
Balance at end of period
|
$
|
8,878
|
|
|
$
|
10,428
|
|
|
|
|
|
||||
Servicing liabilities:
|
|
|
|
||||
Balance at beginning of period
|
$
|
1,837
|
|
|
$
|
2,553
|
|
Amortization
|
(172
|
)
|
|
(183
|
)
|
||
Balance at end of period
|
$
|
1,665
|
|
|
$
|
2,370
|
|
|
2018
|
|
2017
|
||||
|
(in thousands)
|
||||||
Servicing assets:
|
|
|
|
||||
Balance at beginning of period
|
$
|
10,218
|
|
|
$
|
10,564
|
|
Addition related to sale of SBA loans
|
1,219
|
|
|
1,949
|
|
||
Amortization
|
(2,559
|
)
|
|
(2,415
|
)
|
||
Reversal of allowance
|
—
|
|
|
330
|
|
||
Balance at end of period
|
$
|
8,878
|
|
|
$
|
10,428
|
|
|
|
|
|
||||
Servicing liabilities:
|
|
|
|
||||
Balance at beginning of period
|
$
|
2,217
|
|
|
$
|
3,143
|
|
Amortization
|
(552
|
)
|
|
(706
|
)
|
||
Reversal of allowance
|
—
|
|
|
(67
|
)
|
||
Balance at end of period
|
$
|
1,665
|
|
|
$
|
2,370
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands, except for share and per share data)
|
||||||||||||||
Basic EPS:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
16,081
|
|
|
$
|
14,923
|
|
|
$
|
46,484
|
|
|
$
|
43,162
|
|
Less: income allocated to unvested restricted shares
|
101
|
|
|
93
|
|
|
284
|
|
|
270
|
|
||||
Income allocated to common shares
|
$
|
15,980
|
|
|
$
|
14,830
|
|
|
$
|
46,200
|
|
|
$
|
42,892
|
|
Weighted-average shares for basic EPS
|
32,155,132
|
|
|
32,095,286
|
|
|
32,171,558
|
|
|
32,058,705
|
|
||||
Basic EPS
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
1.44
|
|
|
$
|
1.34
|
|
|
|
|
|
|
|
|
|
||||||||
Effect of dilutive securities - options and unvested restricted stock
|
120,145
|
|
|
160,528
|
|
|
134,483
|
|
|
171,614
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||
Income allocated to common shares
|
$
|
15,980
|
|
|
$
|
14,830
|
|
|
$
|
46,200
|
|
|
$
|
42,892
|
|
Weighted-average shares for diluted EPS
|
32,275,277
|
|
|
32,255,814
|
|
|
32,306,041
|
|
|
32,230,319
|
|
||||
Diluted EPS
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
1.43
|
|
|
$
|
1.33
|
|
|
Unrealized Gains
and Losses on
Available for Sale
Securities
|
|
Tax Benefit (Expense)
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
September 30, 2018
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
(13,092
|
)
|
|
$
|
3,768
|
|
|
$
|
(9,324
|
)
|
Other comprehensive loss before reclassification
|
(2,750
|
)
|
|
798
|
|
|
(1,952
|
)
|
|||
Reclassification from accumulated other comprehensive income
|
(19
|
)
|
|
—
|
|
|
(19
|
)
|
|||
Period change
|
(2,769
|
)
|
|
798
|
|
|
(1,971
|
)
|
|||
Balance at end of period
|
$
|
(15,861
|
)
|
|
$
|
4,566
|
|
|
$
|
(11,295
|
)
|
|
|
|
|
|
|
||||||
September 30, 2017
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
235
|
|
|
$
|
(98
|
)
|
|
$
|
137
|
|
Other comprehensive income before reclassification
|
529
|
|
|
(109
|
)
|
|
420
|
|
|||
Reclassification from accumulated other comprehensive income
|
(267
|
)
|
|
—
|
|
|
(267
|
)
|
|||
Period change
|
262
|
|
|
(109
|
)
|
|
153
|
|
|||
Balance at end of period
|
$
|
497
|
|
|
$
|
(207
|
)
|
|
$
|
290
|
|
|
Unrealized Gains
and Losses on
Available for Sale
Securities
|
|
Tax Benefit (Expense)
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
September 30, 2018
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
(3,188
|
)
|
|
$
|
1,319
|
|
|
$
|
(1,869
|
)
|
Other comprehensive loss before reclassification
|
(13,115
|
)
|
|
3,793
|
|
|
(9,322
|
)
|
|||
Reclassification from accumulated other comprehensive income
|
(87
|
)
|
|
—
|
|
|
(87
|
)
|
|||
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02 (see Notes 2 and 5)
|
529
|
|
|
(546
|
)
|
|
(17
|
)
|
|||
Period change
|
(12,673
|
)
|
|
3,247
|
|
|
(9,426
|
)
|
|||
Balance at end of period
|
$
|
(15,861
|
)
|
|
$
|
4,566
|
|
|
$
|
(11,295
|
)
|
|
|
|
|
|
|
||||||
September 30, 2017
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
(4,089
|
)
|
|
$
|
1,695
|
|
|
$
|
(2,394
|
)
|
Other comprehensive income before reclassification
|
6,059
|
|
|
(1,902
|
)
|
|
4,157
|
|
|||
Reclassification from accumulated other comprehensive income
|
(1,473
|
)
|
|
—
|
|
|
(1,473
|
)
|
|||
Period change
|
4,586
|
|
|
(1,902
|
)
|
|
2,684
|
|
|||
Balance at end of period
|
$
|
497
|
|
|
$
|
(207
|
)
|
|
$
|
290
|
|
|
Actual
|
|
Minimum
Regulatory
Requirement
|
|
Minimum to Be
Categorized as
“Well Capitalized”
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(dollars in thousands)
|
|||||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
702,278
|
|
|
15.01
|
%
|
|
$
|
374,228
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
689,866
|
|
|
14.76
|
%
|
|
$
|
373,906
|
|
|
8.00
|
%
|
|
$
|
467,382
|
|
|
10.00
|
%
|
Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
571,146
|
|
|
12.21
|
%
|
|
$
|
280,671
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
656,833
|
|
|
14.05
|
%
|
|
$
|
280,429
|
|
|
6.00
|
%
|
|
$
|
373,906
|
|
|
8.00
|
%
|
Common equity Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
551,575
|
|
|
11.79
|
%
|
|
$
|
210,503
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
656,833
|
|
|
14.05
|
%
|
|
$
|
210,322
|
|
|
4.50
|
%
|
|
$
|
303,798
|
|
|
6.50
|
%
|
Tier 1 capital (to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
571,146
|
|
|
10.53
|
%
|
|
$
|
217,047
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
656,833
|
|
|
12.11
|
%
|
|
$
|
217,044
|
|
|
4.00
|
%
|
|
$
|
271,304
|
|
|
5.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
684,272
|
|
|
15.50
|
%
|
|
$
|
353,171
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
670,896
|
|
|
15.20
|
%
|
|
$
|
353,091
|
|
|
8.00
|
%
|
|
$
|
441,364
|
|
|
10.00
|
%
|
Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
553,970
|
|
|
12.55
|
%
|
|
$
|
264,878
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
638,557
|
|
|
14.47
|
%
|
|
$
|
264,818
|
|
|
6.00
|
%
|
|
$
|
353,091
|
|
|
8.00
|
%
|
Common equity Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
537,950
|
|
|
12.19
|
%
|
|
$
|
198,658
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
638,557
|
|
|
14.47
|
%
|
|
$
|
198,614
|
|
|
4.50
|
%
|
|
$
|
286,886
|
|
|
6.50
|
%
|
Tier 1 capital (to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
553,970
|
|
|
10.79
|
%
|
|
$
|
205,344
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
638,557
|
|
|
12.44
|
%
|
|
$
|
205,385
|
|
|
4.00
|
%
|
|
$
|
256,731
|
|
|
5.00
|
%
|
•
|
Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
|
•
|
Level 2 - Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs with No
Active Market
with Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Balance
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
298,386
|
|
|
$
|
—
|
|
|
$
|
298,386
|
|
Collateralized mortgage obligations
|
—
|
|
|
117,655
|
|
|
—
|
|
|
117,655
|
|
||||
U.S. government agency securities
|
—
|
|
|
7,352
|
|
|
—
|
|
|
7,352
|
|
||||
Municipal bonds-tax exempt
|
—
|
|
|
109,278
|
|
|
—
|
|
|
109,278
|
|
||||
U.S. treasury securities
|
39,565
|
|
|
—
|
|
|
—
|
|
|
39,565
|
|
||||
Total securities available for sale
|
$
|
39,565
|
|
|
$
|
532,671
|
|
|
$
|
—
|
|
|
$
|
572,236
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
303,609
|
|
|
$
|
—
|
|
|
$
|
303,609
|
|
Collateralized mortgage obligations
|
—
|
|
|
117,768
|
|
|
—
|
|
|
117,768
|
|
||||
U.S. government agency securities
|
—
|
|
|
7,414
|
|
|
—
|
|
|
7,414
|
|
||||
Municipal bonds-tax exempt
|
—
|
|
|
127,475
|
|
|
—
|
|
|
127,475
|
|
||||
U.S. treasury securities
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
||||
Mutual funds
|
22,386
|
|
|
—
|
|
|
—
|
|
|
22,386
|
|
||||
Total securities available for sale
|
$
|
22,538
|
|
|
$
|
556,266
|
|
|
$
|
—
|
|
|
$
|
578,804
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Loss During the
Nine Months Ended
September 30, 2018
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans
(1)
|
$
|
—
|
|
|
$
|
5,287
|
|
|
$
|
1,955
|
|
|
$
|
3,473
|
|
OREO
|
—
|
|
|
877
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
Loss During the Twelve Months Ended December 31, 2017
|
||||||||
December 31, 2017
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans
(2)
|
$
|
—
|
|
|
$
|
6,121
|
|
|
$
|
2,436
|
|
|
$
|
2,730
|
|
OREO
|
—
|
|
|
1,946
|
|
|
—
|
|
|
—
|
|
(1)
|
Consist of real estate loans of
$5.7 million
and commercial and industrial loans of
$1.6 million
.
|
(2)
|
Consist of real estate loans of
$6.7 million
, commercial and industrial loans of
$1.7 million
.
|
|
September 30, 2018
|
||||||||||
|
Carrying
|
|
Fair Value
|
||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||
|
(in thousands)
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||
Cash and due from banks
|
159,617
|
|
|
159,617
|
|
|
—
|
|
|
—
|
|
Securities available for sale
|
572,236
|
|
|
39,565
|
|
|
532,671
|
|
|
—
|
|
Loans and leases receivable, net of allowance for loan and lease losses
|
4,551,207
|
|
|
—
|
|
|
—
|
|
|
4,477,912
|
|
Loans held for sale
|
4,455
|
|
|
—
|
|
|
4,755
|
|
|
—
|
|
Accrued interest receivable
|
13,646
|
|
|
13,646
|
|
|
—
|
|
|
—
|
|
FHLB stock
|
16,385
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
||||
Noninterest-bearing deposits
|
1,313,777
|
|
|
—
|
|
|
1,313,777
|
|
|
—
|
|
Interest-bearing deposits
|
3,300,645
|
|
|
—
|
|
|
—
|
|
|
3,294,348
|
|
Borrowings and subordinated debentures
|
277,670
|
|
|
—
|
|
|
93,858
|
|
|
159,842
|
|
Accrued interest payable
|
8,153
|
|
|
8,153
|
|
|
—
|
|
|
—
|
|
Off-balance sheet items:
|
|
|
|
|
|
|
|
||||
Commitments to extend credit
|
358,570
|
|
|
—
|
|
|
—
|
|
|
358,570
|
|
Standby letters of credit
|
29,404
|
|
|
—
|
|
|
—
|
|
|
29,404
|
|
Commercial letters of credit
|
10,975
|
|
|
—
|
|
|
—
|
|
|
10,975
|
|
|
December 31, 2017
|
||||||||||||||
|
Carrying
|
|
Fair Value
|
||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(in thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
153,826
|
|
|
$
|
153,826
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available for sale
|
578,804
|
|
|
22,538
|
|
|
556,266
|
|
|
—
|
|
||||
Loans and leases receivable, net of allowance for loan and lease losses
|
4,273,415
|
|
|
—
|
|
|
—
|
|
|
4,213,689
|
|
||||
Loans held for sale
|
6,394
|
|
|
—
|
|
|
6,394
|
|
|
—
|
|
||||
Accrued interest receivable
|
12,770
|
|
|
12,770
|
|
|
—
|
|
|
—
|
|
||||
FHLB stock
|
16,385
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing deposits
|
1,312,274
|
|
|
—
|
|
|
1,312,274
|
|
|
—
|
|
||||
Interest-bearing deposits
|
3,036,380
|
|
|
—
|
|
|
—
|
|
|
2,973,139
|
|
||||
Borrowings and subordinated debentures
|
267,270
|
|
|
—
|
|
|
—
|
|
|
267,270
|
|
||||
Accrued interest payable
|
5,309
|
|
|
5,309
|
|
|
—
|
|
|
—
|
|
||||
Off-balance sheet items:
|
|
|
|
|
|
|
|
||||||||
Commitments to extend credit
|
318,634
|
|
|
—
|
|
|
—
|
|
|
318,634
|
|
||||
Standby letters of credit
|
19,294
|
|
|
—
|
|
|
—
|
|
|
19,294
|
|
||||
Commercial letters of credit
|
9,308
|
|
|
—
|
|
|
—
|
|
|
9,308
|
|
|
Unrecognized
Expense |
|
Average Expected
Recognition Period |
||
|
(in thousands)
|
|
|
||
Restricted stock awards
|
$
|
5,069
|
|
|
2.0 years
|
|
Number of
Shares |
|
Weighted-
Average Exercise Price Per Share |
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate
Intrinsic Value of In-the- Money Options |
|
|||||
|
|
|
|
|
|
|
(in thousands)
|
|
|||||
Options outstanding at beginning of period
|
338,338
|
|
|
$
|
17.52
|
|
|
5.5 years
|
|
$
|
3,657
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|||||
Options outstanding at end of period
|
338,338
|
|
|
$
|
17.52
|
|
|
5.1 years
|
|
$
|
2,498
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|||||
Options exercisable at end of period
|
338,338
|
|
|
$
|
17.52
|
|
|
5.1 years
|
|
$
|
2,498
|
|
(2)
|
(1)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$28.35
as of June 30, 2018, over the exercise price, multiplied by the number of options.
|
(2)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$24.90
as of
September 30, 2018
, over the exercise price, multiplied by the number of options.
|
|
Number of
Shares |
|
Weighted-
Average Exercise Price Per Share |
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate
Intrinsic Value of In-the- Money Options |
|
|||||
|
|
|
|
|
|
|
(in thousands)
|
|
|||||
Options outstanding at beginning of period
|
364,088
|
|
|
$
|
17.86
|
|
|
5.9 years
|
|
$
|
4,548
|
|
(1)
|
Options exercised
|
(25,750
|
)
|
|
$
|
22.06
|
|
|
5.9 years
|
|
—
|
|
|
|
Options outstanding at end of period
|
338,338
|
|
|
$
|
17.52
|
|
|
5.1 years
|
|
$
|
2,498
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|||||
Options exercisable at end of period
|
338,338
|
|
|
$
|
17.52
|
|
|
5.1 years
|
|
$
|
2,498
|
|
(2)
|
(1)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$30.35
as of December 31, 2017, over the exercise price, multiplied by the number of options.
|
(2)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$24.90
as of
September 30, 2018
, over the exercise price, multiplied by the number of options.
|
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2018 |
||||||||||
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value Per Share |
|
Number of
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
||||||
Restricted stock at beginning of period
|
315,505
|
|
|
$
|
22.44
|
|
|
317,783
|
|
|
$
|
21.09
|
|
Restricted stock granted
|
16,177
|
|
|
25.59
|
|
|
135,571
|
|
|
26.46
|
|
||
Restricted stock vested
|
(3,826
|
)
|
|
23.52
|
|
|
(82,480
|
)
|
|
26.40
|
|
||
Restricted stock forfeited
|
(12,438
|
)
|
|
25.69
|
|
|
(55,456
|
)
|
|
15.19
|
|
||
Restricted stock at end of period
|
315,418
|
|
|
23.05
|
|
|
315,418
|
|
|
23.05
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Commitments to extend credit
|
$
|
358,570
|
|
|
$
|
318,634
|
|
Standby letters of credit
|
29,404
|
|
|
19,294
|
|
||
Commercial letters of credit
|
10,975
|
|
|
9,308
|
|
||
Total undisbursed loan commitments
|
$
|
398,949
|
|
|
$
|
347,236
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at beginning of period
|
$
|
1,357
|
|
|
$
|
1,135
|
|
|
$
|
1,296
|
|
|
$
|
1,184
|
|
Provision (income)
|
—
|
|
|
(220
|
)
|
|
61
|
|
|
(269
|
)
|
||||
Balance at end of period
|
$
|
1,357
|
|
|
$
|
915
|
|
|
$
|
1,357
|
|
|
$
|
915
|
|
|
As of or for the
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(dollars in thousands, except per share data)
|
||||||||||||||
Summary balance sheets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
159,617
|
|
|
$
|
138,139
|
|
|
$
|
159,617
|
|
|
$
|
138,139
|
|
Securities
|
572,236
|
|
|
598,440
|
|
|
572,236
|
|
|
598,440
|
|
||||
Loans and leases receivable, net
|
4,551,207
|
|
|
4,162,863
|
|
|
4,551,207
|
|
|
4,162,863
|
|
||||
Assets
|
5,487,042
|
|
|
5,111,396
|
|
|
5,487,042
|
|
|
5,111,396
|
|
||||
Deposits
|
4,614,422
|
|
|
4,299,010
|
|
|
4,614,422
|
|
|
4,299,010
|
|
||||
Liabilities
|
4,919,294
|
|
|
4,552,149
|
|
|
4,919,294
|
|
|
4,552,149
|
|
||||
Stockholders’ equity
|
567,748
|
|
|
559,247
|
|
|
567,748
|
|
|
559,247
|
|
||||
Tangible equity
(12)
|
555,475
|
|
|
546,619
|
|
|
555,475
|
|
|
546,619
|
|
||||
Average loans and leases receivable
(1)
|
4,551,284
|
|
|
4,092,131
|
|
|
4,551,284
|
|
|
3,976,021
|
|
||||
Average securities
|
589,939
|
|
|
611,538
|
|
|
589,939
|
|
|
574,801
|
|
||||
Average assets
|
5,453,465
|
|
|
5,027,704
|
|
|
5,453,465
|
|
|
4,881,527
|
|
||||
Average deposits
|
4,481,344
|
|
|
4,260,349
|
|
|
4,481,344
|
|
|
4,101,640
|
|
||||
Average stockholders’ equity
|
584,637
|
|
|
551,763
|
|
|
584,637
|
|
|
543,503
|
|
||||
Per share data:
|
|
|
|
|
|
|
|
||||||||
Earnings per share – basic
(2)
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
1.44
|
|
|
$
|
1.34
|
|
Earnings per share – diluted
(2)
|
$
|
0.50
|
|
|
$
|
0.46
|
|
|
$
|
1.43
|
|
|
$
|
1.33
|
|
Book value per share
(3)
|
$
|
17.69
|
|
|
$
|
17.25
|
|
|
$
|
17.69
|
|
|
$
|
17.25
|
|
Tangible book value per share
(4) (12)
|
$
|
17.31
|
|
|
$
|
16.86
|
|
|
$
|
17.31
|
|
|
$
|
16.86
|
|
Cash dividends per share
|
$
|
0.24
|
|
|
$
|
0.21
|
|
|
$
|
0.24
|
|
|
$
|
0.59
|
|
Common shares outstanding
|
32,087,236
|
|
|
32,413,082
|
|
|
32,087,236
|
|
|
32,413,082
|
|
||||
Performance ratios:
|
|
|
|
|
|
|
|
||||||||
Return on average assets
(5) (6)
|
1.17
|
%
|
|
1.18
|
%
|
|
1.17
|
%
|
|
1.18
|
%
|
||||
Return on average stockholders’ equity
(5) (7)
|
10.91
|
%
|
|
10.73
|
%
|
|
10.91
|
%
|
|
10.62
|
%
|
||||
Net interest margin
(8)
|
3.48
|
%
|
|
3.79
|
%
|
|
3.48
|
%
|
|
3.83
|
%
|
||||
Efficiency ratio
(9)
|
56.28
|
%
|
|
53.33
|
%
|
|
56.28
|
%
|
|
54.32
|
%
|
||||
Dividend payout ratio
(10)
|
48.00
|
%
|
|
45.45
|
%
|
|
48.00
|
%
|
|
53.66
|
%
|
||||
Average stockholders’ equity to average assets
|
10.72
|
%
|
|
10.97
|
%
|
|
10.72
|
%
|
|
11.13
|
%
|
||||
Asset quality ratios:
|
|
|
|
|
|
|
|
||||||||
Nonperforming loans and leases to loans and leases
|
0.40
|
%
|
|
0.35
|
%
|
|
0.40
|
%
|
|
0.35
|
%
|
||||
Nonperforming assets to assets
(11)
|
0.35
|
%
|
|
0.32
|
%
|
|
0.35
|
%
|
|
0.32
|
%
|
||||
Net loan and lease charge-offs (recoveries) to average loans and leases
|
0.03
|
%
|
|
0.15
|
%
|
|
0.03
|
%
|
|
0.02
|
%
|
||||
Allowance for loan lease losses to loans and leases
|
0.69
|
%
|
|
0.77
|
%
|
|
0.69
|
%
|
|
0.77
|
%
|
||||
Allowance for loan and lease losses to nonperforming loans and leases
|
173.3
|
%
|
|
223.2
|
%
|
|
173.3
|
%
|
|
223.2
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
Capital ratios:
|
|
|
|
|
|
|
|
||||||||
Total risk-based capital:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
15.01
|
%
|
|
15.58
|
%
|
|
15.01
|
%
|
|
15.58
|
%
|
||||
Hanmi Bank
|
14.76
|
%
|
|
15.32
|
%
|
|
14.76
|
%
|
|
15.32
|
%
|
||||
Tier 1 risk-based capital:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
12.21
|
%
|
|
12.56
|
%
|
|
12.21
|
%
|
|
12.56
|
%
|
||||
Hanmi Bank
|
14.05
|
%
|
|
14.55
|
%
|
|
14.05
|
%
|
|
14.55
|
%
|
||||
Common equity Tier 1 capital:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
11.79
|
%
|
|
12.20
|
%
|
|
11.79
|
%
|
|
12.20
|
%
|
||||
Hanmi Bank
|
14.05
|
%
|
|
14.55
|
%
|
|
14.05
|
%
|
|
14.55
|
%
|
||||
Tier 1 leverage:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
10.53
|
%
|
|
10.92
|
%
|
|
10.53
|
%
|
|
10.92
|
%
|
||||
Hanmi Bank
|
12.11
|
%
|
|
12.66
|
%
|
|
12.11
|
%
|
|
12.66
|
%
|
(1)
|
Average loans and leases receivable include loans held for sale and exclude the allowance for loan and lease losses
|
(2)
|
Calculation based on net income allocated to common shares
|
(3)
|
Stockholders’ equity divided by common shares outstanding
|
(4)
|
Tangible equity divided by common shares outstanding
|
(5)
|
Calculation based on annualized net income
|
(6)
|
Net income divided by average assets
|
(7)
|
Net income divided by average stockholders’ equity
|
(8)
|
Net interest income on a taxable equivalent basis before provision for loan and lease losses divided by average interest-earning assets
|
(9)
|
Noninterest expense divided by the sum of net interest income before provision for loan and lease losses and noninterest income
|
(10)
|
Dividend declared per share divided by basic earnings per share
|
(11)
|
Nonperforming assets consist of nonperforming loans and leases and OREO
|
(12)
|
See "Non-GAAP Financial Measures" section below
|
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
|
(in thousands, except per share data)
|
||||||
Total assets
|
$
|
5,487,042
|
|
|
$
|
5,111,396
|
|
Less goodwill
|
(11,031
|
)
|
|
(11,031
|
)
|
||
Less other intangible assets, net
|
(1,242
|
)
|
|
(1,597
|
)
|
||
Tangible assets
|
$
|
5,474,769
|
|
|
$
|
5,098,768
|
|
|
|
|
|
||||
Total stockholders’ equity
|
$
|
567,748
|
|
|
$
|
559,247
|
|
Less goodwill
|
(11,031
|
)
|
|
(11,031
|
)
|
||
Less other intangible assets, net
|
(1,242
|
)
|
|
(1,597
|
)
|
||
Tangible stockholders' equity
|
$
|
555,475
|
|
|
$
|
546,619
|
|
|
|
|
|
||||
Book value per share
|
$
|
17.69
|
|
|
$
|
17.25
|
|
Effect of goodwill
|
(0.34
|
)
|
|
(0.34
|
)
|
||
Effect of other intangible assets
|
(0.04
|
)
|
|
(0.05
|
)
|
||
Tangible book value per share
|
$
|
17.31
|
|
|
$
|
16.86
|
|
•
|
Loans and leases receivable, before the allowance for loan and lease losses, were $4.58 billion at the end of the third quarter of 2018, up $278.4 million, or 6.5 percent, from $4.30 billion at the end of 2017.
|
•
|
Deposits were $4.61 billion at the end of the third quarter of 2018, up $265.8 million, or 6.1 percent, from $4.35 billion at the end of 2017.
|
•
|
Return on average equity increased to 10.91 percent from 10.73 percent for the three months ended September 30, 2018 and 2017, respectively, and to 10.79 from 10.62 percent for the nine months ended September 30, 2018 and
|
|
Three Months Ended
|
||||||||||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
(1)
|
$
|
4,551,284
|
|
|
$
|
56,361
|
|
|
4.91
|
%
|
|
$
|
4,092,131
|
|
|
$
|
50,265
|
|
|
4.87
|
%
|
Securities
(2)
|
589,939
|
|
|
3,408
|
|
|
2.31
|
%
|
|
611,538
|
|
|
3,683
|
|
|
2.41
|
%
|
||||
FHLB stock
|
16,385
|
|
|
286
|
|
|
6.93
|
%
|
|
16,385
|
|
|
286
|
|
|
6.93
|
%
|
||||
Interest-bearing deposits in other banks
|
30,368
|
|
|
151
|
|
|
1.97
|
%
|
|
38,981
|
|
|
123
|
|
|
1.25
|
%
|
||||
Total interest-earning assets
|
5,187,976
|
|
|
60,206
|
|
|
4.60
|
%
|
|
4,759,035
|
|
|
54,357
|
|
|
4.53
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
124,072
|
|
|
|
|
|
|
114,108
|
|
|
|
|
|
||||||||
Allowance for loan and lease losses
|
(32,172
|
)
|
|
|
|
|
|
(34,252
|
)
|
|
|
|
|
||||||||
Other assets
|
173,589
|
|
|
|
|
|
|
188,813
|
|
|
|
|
|
||||||||
Total assets
|
$
|
5,453,465
|
|
|
|
|
|
|
$
|
5,027,704
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand: interest-bearing
|
$
|
92,090
|
|
|
$
|
36
|
|
|
0.16
|
%
|
|
$
|
90,720
|
|
|
$
|
18
|
|
|
0.08
|
%
|
Money market and savings
|
1,377,739
|
|
|
4,011
|
|
|
1.16
|
%
|
|
1,526,951
|
|
|
3,311
|
|
|
0.86
|
%
|
||||
Time deposits
|
1,687,827
|
|
|
7,647
|
|
|
1.80
|
%
|
|
1,384,724
|
|
|
3,742
|
|
|
1.07
|
%
|
||||
Total interest-bearing deposits
|
3,157,656
|
|
|
11,694
|
|
|
1.47
|
%
|
|
3,002,395
|
|
|
7,071
|
|
|
0.93
|
%
|
||||
Borrowings
|
240,054
|
|
|
1,264
|
|
|
2.09
|
%
|
|
67,935
|
|
|
198
|
|
|
1.16
|
%
|
||||
Subordinated debentures
|
117,584
|
|
|
1,749
|
|
|
5.92
|
%
|
|
117,065
|
|
|
1,667
|
|
|
5.68
|
%
|
||||
Total interest-bearing liabilities
|
3,515,294
|
|
|
14,707
|
|
|
1.66
|
%
|
|
3,187,395
|
|
|
8,936
|
|
|
1.11
|
%
|
||||
Noninterest-bearing liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits: noninterest-bearing
|
1,323,688
|
|
|
|
|
|
|
1,257,954
|
|
|
|
|
|
||||||||
Other liabilities
|
29,846
|
|
|
|
|
|
|
30,592
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
584,637
|
|
|
|
|
|
|
551,763
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
5,453,465
|
|
|
|
|
|
|
$
|
5,027,704
|
|
|
|
|
|
||||||
Net interest income (taxable equivalent)
|
|
|
$
|
45,499
|
|
|
|
|
|
|
$
|
45,421
|
|
|
|
||||||
Cost of deposits
(3)
|
|
|
|
|
1.04
|
%
|
|
|
|
|
|
0.66
|
%
|
||||||||
Net interest spread (taxable equivalent basis)
(4)
|
|
|
|
|
2.94
|
%
|
|
|
|
|
|
3.42
|
%
|
||||||||
Net interest margin (taxable equivalent basis)
(5)
|
|
|
|
|
3.48
|
%
|
|
|
|
|
|
3.79
|
%
|
(1)
|
Loans and leases receivable include loans held for sale and exclude the allowance for loan and lease losses. Nonaccrual loans and leases are included in the average loan and lease balance.
|
(2)
|
Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.
|
(3)
|
Represents interest expense on deposits as a percentage of all interest-bearing and noninterest-bearing deposits.
|
(4)
|
Represents the average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
|
(5)
|
Represents net interest income as a percentage of average interest-earning assets.
|
|
Three Months Ended
|
||||||||||
|
September 30, 2018 vs. September 30, 2017
|
||||||||||
|
Increases (Decreases) Due to Change In
|
||||||||||
|
Volume
|
|
Rate
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans and leases receivable
|
$
|
5,651
|
|
|
$
|
445
|
|
|
$
|
6,096
|
|
Securities
|
(127
|
)
|
|
(148
|
)
|
|
(275
|
)
|
|||
FHLB stock
|
—
|
|
|
—
|
|
|
—
|
|
|||
Interest-bearing deposits in other banks
|
(31
|
)
|
|
59
|
|
|
28
|
|
|||
Total interest and dividend income (taxable equivalent)
|
$
|
5,493
|
|
|
$
|
356
|
|
|
$
|
5,849
|
|
Interest expense:
|
|
|
|
|
|
||||||
Demand: interest-bearing
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
18
|
|
Money market and savings
|
(348
|
)
|
|
1,048
|
|
|
700
|
|
|||
Time deposits
|
951
|
|
|
2,954
|
|
|
3,905
|
|
|||
Borrowings
|
809
|
|
|
256
|
|
|
1,065
|
|
|||
Subordinated debentures
|
7
|
|
|
75
|
|
|
82
|
|
|||
Total interest expense
|
$
|
1,419
|
|
|
$
|
4,351
|
|
|
$
|
5,770
|
|
Change in net interest income (taxable equivalent)
|
$
|
4,074
|
|
|
$
|
(3,995
|
)
|
|
$
|
79
|
|
|
Nine Months Ended
|
||||||||||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans and leases
(1)
|
$
|
4,426,369
|
|
|
$
|
161,643
|
|
|
4.88
|
%
|
|
$
|
3,976,021
|
|
|
$
|
143,614
|
|
|
4.83
|
%
|
Securities
(2)
|
590,062
|
|
|
10,087
|
|
|
2.28
|
%
|
|
574,801
|
|
|
10,153
|
|
|
2.36
|
%
|
||||
FHLB stock
|
16,385
|
|
|
858
|
|
|
7.00
|
%
|
|
16,385
|
|
|
943
|
|
|
7.69
|
%
|
||||
Interest-bearing deposits in other banks
|
30,526
|
|
|
398
|
|
|
1.74
|
%
|
|
41,663
|
|
|
323
|
|
|
1.04
|
%
|
||||
Total interest-earning assets
|
5,063,342
|
|
|
172,986
|
|
|
4.57
|
%
|
|
4,608,870
|
|
|
155,033
|
|
|
4.50
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
123,680
|
|
|
|
|
|
|
116,206
|
|
|
|
|
|
||||||||
Allowance for loan and lease losses
|
(32,175
|
)
|
|
|
|
|
|
(33,550
|
)
|
|
|
|
|
||||||||
Other assets
|
174,685
|
|
|
|
|
|
|
190,001
|
|
|
|
|
|
||||||||
Total assets
|
$
|
5,329,532
|
|
|
|
|
|
|
$
|
4,881,527
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand: interest-bearing
|
$
|
92,009
|
|
|
$
|
72
|
|
|
0.10
|
%
|
|
$
|
94,040
|
|
|
$
|
56
|
|
|
0.08
|
%
|
Money market and savings
|
1,422,514
|
|
|
10,883
|
|
|
1.02
|
%
|
|
1,489,302
|
|
|
9,200
|
|
|
0.83
|
%
|
||||
Time deposits
|
1,561,541
|
|
|
17,989
|
|
|
1.54
|
%
|
|
1,293,412
|
|
|
9,431
|
|
|
0.97
|
%
|
||||
Total interest-bearing deposits
|
3,076,064
|
|
|
28,944
|
|
|
1.26
|
%
|
|
2,876,754
|
|
|
18,687
|
|
|
0.87
|
%
|
||||
Borrowings
|
211,264
|
|
|
2,959
|
|
|
1.87
|
%
|
|
118,736
|
|
|
714
|
|
|
0.80
|
%
|
||||
Subordinated debentures
|
117,455
|
|
|
5,170
|
|
|
5.86
|
%
|
|
88,604
|
|
|
3,677
|
|
|
5.52
|
%
|
||||
Total interest-bearing liabilities
|
3,404,783
|
|
|
37,073
|
|
|
1.46
|
%
|
|
3,084,094
|
|
|
23,078
|
|
|
1.00
|
%
|
||||
Noninterest-bearing liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits: noninterest-bearing
|
1,318,713
|
|
|
|
|
|
|
1,224,886
|
|
|
|
|
|
||||||||
Other liabilities
|
30,140
|
|
|
|
|
|
|
29,044
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
575,896
|
|
|
|
|
|
|
543,503
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
5,329,532
|
|
|
|
|
|
|
$
|
4,881,527
|
|
|
|
|
|
||||||
Net interest income (taxable equivalent)
|
|
|
$
|
135,913
|
|
|
|
|
|
|
$
|
131,955
|
|
|
|
||||||
Cost of deposits
(3)
|
|
|
|
|
0.88
|
%
|
|
|
|
|
|
0.61
|
%
|
||||||||
Net interest spread (taxable equivalent basis)
(4)
|
|
|
|
|
3.11
|
%
|
|
|
|
|
|
3.50
|
%
|
||||||||
Net interest margin (taxable equivalent basis)
(5)
|
|
|
|
|
3.59
|
%
|
|
|
|
|
|
3.83
|
%
|
(1)
|
Loans and leases receivable include loans held for sale and exclude the allowance for loan and lease losses. Nonaccrual loans and leases are included in the average loan and lease balance.
|
(2)
|
Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.
|
(3)
|
Represents interest expense on deposits as a percentage of all interest-bearing and noninterest-bearing deposits.
|
(4)
|
Represents the average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
|
(5)
|
Represents net interest income as a percentage of average interest-earning assets.
|
|
Nine Months Ended
|
||||||||||
|
September 30, 2018 vs. September 30, 2017
|
||||||||||
|
Increases (Decreases) Due to Change In
|
||||||||||
|
Volume
|
|
Rate
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans and leases receivable
|
$
|
16,519
|
|
|
$
|
1,510
|
|
|
$
|
18,029
|
|
Securities
|
273
|
|
|
(339
|
)
|
|
(66
|
)
|
|||
FHLB stock
|
—
|
|
|
(85
|
)
|
|
(85
|
)
|
|||
Interest-bearing deposits in other banks
|
(103
|
)
|
|
178
|
|
|
75
|
|
|||
Total interest and dividend income (taxable equivalent)
|
$
|
16,689
|
|
|
$
|
1,264
|
|
|
$
|
17,953
|
|
Interest expense:
|
|
|
|
|
|
||||||
Demand: interest-bearing
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
16
|
|
Money market and savings
|
42
|
|
|
1,641
|
|
|
1,683
|
|
|||
Time deposits
|
2,233
|
|
|
6,325
|
|
|
8,558
|
|
|||
Borrowings
|
828
|
|
|
1,417
|
|
|
2,245
|
|
|||
Subordinated debentures
|
1,255
|
|
|
238
|
|
|
1,493
|
|
|||
Total interest expense
|
$
|
4,358
|
|
|
$
|
9,637
|
|
|
$
|
13,995
|
|
Change in net interest income (taxable equivalent)
|
$
|
12,331
|
|
|
$
|
(8,373
|
)
|
|
$
|
3,958
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2018
|
|
2017
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Service charges on deposit accounts
|
$
|
2,513
|
|
|
$
|
2,678
|
|
|
$
|
(165
|
)
|
|
(6.2
|
)%
|
Trade finance and other service charges and fees
|
1,128
|
|
|
1,133
|
|
|
(5
|
)
|
|
(0.4
|
)%
|
|||
Servicing income
|
673
|
|
|
644
|
|
|
29
|
|
|
4.5
|
%
|
|||
Bank-owned life insurance income
|
285
|
|
|
286
|
|
|
(1
|
)
|
|
(0.3
|
)%
|
|||
All other operating income
|
462
|
|
|
283
|
|
|
179
|
|
|
63.3
|
%
|
|||
Subtotal service charges, fees and other income
|
5,061
|
|
|
5,024
|
|
|
37
|
|
|
0.7
|
%
|
|||
Gain on sale of SBA loans
|
1,114
|
|
|
2,546
|
|
|
(1,432
|
)
|
|
(56.2
|
)%
|
|||
Disposition gains on PCI loans
|
21
|
|
|
979
|
|
|
(958
|
)
|
|
(97.9
|
)%
|
|||
Net gain on sales of securities
|
19
|
|
|
267
|
|
|
(248
|
)
|
|
(92.9
|
)%
|
|||
Total noninterest income
|
$
|
6,215
|
|
|
$
|
8,816
|
|
|
$
|
(2,601
|
)
|
|
(29.5
|
)%
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2018
|
|
2017
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Service charges on deposit accounts
|
$
|
7,352
|
|
|
$
|
7,667
|
|
|
$
|
(315
|
)
|
|
(4.1
|
)%
|
Trade finance and other service charges and fees
|
3,449
|
|
|
3,449
|
|
|
—
|
|
|
—
|
%
|
|||
Servicing income
|
1,755
|
|
|
2,067
|
|
|
(312
|
)
|
|
(15.1
|
)%
|
|||
Bank-owned life insurance income
|
819
|
|
|
828
|
|
|
(9
|
)
|
|
(1.1
|
)%
|
|||
All other operating income
|
1,050
|
|
|
1,869
|
|
|
(819
|
)
|
|
(43.8
|
)%
|
|||
Subtotal service charges, fees and other income
|
14,425
|
|
|
15,880
|
|
|
(1,455
|
)
|
|
(9.2
|
)%
|
|||
Gain on sale of SBA loans
|
3,970
|
|
|
6,678
|
|
|
(2,708
|
)
|
|
(40.6
|
)%
|
|||
Disposition gains on PCI loans
|
166
|
|
|
1,702
|
|
|
(1,536
|
)
|
|
(90.2
|
)%
|
|||
Net (loss) gain on sales of securities
|
(341
|
)
|
|
1,473
|
|
|
(1,814
|
)
|
|
(123.2
|
)%
|
|||
Total noninterest income
|
$
|
18,220
|
|
|
$
|
25,733
|
|
|
$
|
(7,513
|
)
|
|
(29.2
|
)%
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2018
|
|
2017
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Salaries and employee benefits
|
$
|
17,436
|
|
|
$
|
16,947
|
|
|
$
|
489
|
|
|
2.9
|
%
|
Occupancy and equipment
|
3,685
|
|
|
3,883
|
|
|
(198
|
)
|
|
(5.1
|
)%
|
|||
Data processing
|
1,745
|
|
|
1,779
|
|
|
(34
|
)
|
|
(1.9
|
)%
|
|||
Professional fees
|
1,626
|
|
|
1,210
|
|
|
416
|
|
|
34.4
|
%
|
|||
Supplies and communications
|
805
|
|
|
755
|
|
|
50
|
|
|
6.6
|
%
|
|||
Advertising and promotion
|
814
|
|
|
1,147
|
|
|
(333
|
)
|
|
(29.0
|
)%
|
|||
Merger and integration costs (income)
|
466
|
|
|
—
|
|
|
466
|
|
|
100.0
|
%
|
|||
All other operating expenses
|
2,431
|
|
|
2,939
|
|
|
(508
|
)
|
|
(17.3
|
)%
|
|||
Total noninterest expense
|
$
|
29,008
|
|
|
$
|
28,660
|
|
|
$
|
348
|
|
|
1.2
|
%
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2018
|
|
2017
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Salaries and employee benefits
|
$
|
53,590
|
|
|
$
|
50,674
|
|
|
$
|
2,916
|
|
|
5.8
|
%
|
Occupancy and equipment
|
11,839
|
|
|
11,743
|
|
|
96
|
|
|
0.8
|
%
|
|||
Data processing
|
4,976
|
|
|
5,148
|
|
|
(172
|
)
|
|
(3.3
|
)%
|
|||
Professional fees
|
4,210
|
|
|
3,912
|
|
|
298
|
|
|
7.6
|
%
|
|||
Supplies and communications
|
2,206
|
|
|
2,135
|
|
|
71
|
|
|
3.3
|
%
|
|||
Advertising and promotion
|
2,724
|
|
|
2,964
|
|
|
(240
|
)
|
|
(8.1
|
)%
|
|||
Merger and integration costs (income)
|
846
|
|
|
(40
|
)
|
|
886
|
|
|
2,215.0
|
%
|
|||
All other operating expenses
|
7,883
|
|
|
8,307
|
|
|
(424
|
)
|
|
(5.1
|
)%
|
|||
Total noninterest expense
|
$
|
88,274
|
|
|
$
|
84,843
|
|
|
$
|
3,431
|
|
|
4.0
|
%
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Unrealized
Gain
(Loss)
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Unrealized
Gain
(Loss)
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
$
|
308,054
|
|
|
$
|
298,386
|
|
|
$
|
(9,668
|
)
|
|
$
|
306,166
|
|
|
$
|
303,609
|
|
|
$
|
(2,557
|
)
|
Collateralized mortgage obligations
|
121,541
|
|
|
117,655
|
|
|
(3,886
|
)
|
|
119,658
|
|
|
117,768
|
|
|
(1,890
|
)
|
||||||
U.S. government agency securities
|
7,499
|
|
|
7,352
|
|
|
(147
|
)
|
|
7,499
|
|
|
7,414
|
|
|
(85
|
)
|
||||||
Municipal bonds-tax exempt
|
111,328
|
|
|
109,278
|
|
|
(2,050
|
)
|
|
125,601
|
|
|
127,475
|
|
|
1,874
|
|
||||||
U.S. treasury securities
|
39,675
|
|
|
39,565
|
|
|
(110
|
)
|
|
152
|
|
|
152
|
|
|
—
|
|
||||||
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
22,916
|
|
|
22,386
|
|
|
(530
|
)
|
||||||
Total securities available for sale
|
$
|
588,097
|
|
|
$
|
572,236
|
|
|
$
|
(15,861
|
)
|
|
$
|
581,992
|
|
|
$
|
578,804
|
|
|
$
|
(3,188
|
)
|
|
|
|
|
|
After One Year But
|
|
After Five Years But
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Within One Year
|
|
Within Five Years
|
|
Within Ten Years
|
|
After Ten Years
|
|
Total
|
|||||||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
2
|
|
|
3.53
|
%
|
|
$
|
57,408
|
|
|
2.18
|
%
|
|
$
|
69,140
|
|
|
2.19
|
%
|
|
$
|
181,504
|
|
|
2.48
|
%
|
|
$
|
308,054
|
|
|
2.34
|
%
|
Collateralized mortgage obligations
|
—
|
|
|
—
|
%
|
|
3,332
|
|
|
1.47
|
%
|
|
14,198
|
|
|
1.64
|
%
|
|
104,011
|
|
|
2.13
|
%
|
|
121,541
|
|
|
2.12
|
%
|
|||||
U.S. government agency securities
|
3,000
|
|
|
1.20
|
%
|
|
4,499
|
|
|
1.73
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
|
|
7,499
|
|
|
1.52
|
%
|
||||||
Municipal bonds-tax exempt
(1)
|
—
|
|
|
—
|
%
|
|
15,313
|
|
|
2.28
|
%
|
|
70,438
|
|
|
2.74
|
%
|
|
25,577
|
|
|
3.38
|
%
|
|
111,328
|
|
|
2.84
|
%
|
|||||
U.S. treasury securities
|
14,716
|
|
|
2.42
|
%
|
|
24,959
|
|
|
2.66
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
39,675
|
|
|
|
||||||
Total securities available for sale
|
$
|
17,718
|
|
|
1.72
|
%
|
|
$
|
105,511
|
|
|
2.27
|
%
|
|
$
|
153,776
|
|
|
2.39
|
%
|
|
$
|
311,092
|
|
|
2.44
|
%
|
|
$
|
588,097
|
|
|
2.39
|
%
|
(1)
|
The yield on municipal bonds has been computed on a federal tax-equivalent basis.
|
|
September 30, 2018
|
|
December 31, 2017
|
||||
|
(in thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial property
|
|
|
|
||||
Retail
|
$
|
924,007
|
|
|
$
|
915,273
|
|
Hospitality
|
809,287
|
|
|
681,325
|
|
||
Other
(1)
|
1,474,406
|
|
|
1,417,273
|
|
||
Total commercial property loans
|
3,207,700
|
|
|
3,013,871
|
|
||
Construction
|
67,682
|
|
|
55,190
|
|
||
Residential property
|
516,968
|
|
|
521,853
|
|
||
Total real estate loans
|
3,792,350
|
|
|
3,590,914
|
|
||
Commercial and industrial loans:
|
|
|
|
||||
Commercial term
|
186,249
|
|
|
182,685
|
|
||
Commercial lines of credit
|
178,570
|
|
|
181,894
|
|
||
International loans
|
31,564
|
|
|
34,622
|
|
||
Total commercial and industrial loans
|
396,383
|
|
|
399,201
|
|
||
Leases receivable
|
379,455
|
|
|
297,284
|
|
||
Consumer loans
(2)
|
14,695
|
|
|
17,059
|
|
||
Loans and leases receivable
|
4,582,883
|
|
|
4,304,458
|
|
||
Allowance for loan and lease losses
|
(31,676
|
)
|
|
(31,043
|
)
|
||
Loans and leases receivable, net
|
$
|
4,551,207
|
|
|
$
|
4,273,415
|
|
(1)
|
Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans and leases receivable.
|
(2)
|
Consumer loans include home equity lines of credit of
$10.9 million
and
$14.2 million
as of September 30, 2018 and December 31, 2017, respectively.
|
|
Balance at September 30, 2018
|
|
Percentage of Loans and Leases
Outstanding
|
|||
|
|
|||||
Industry
|
(in thousands)
|
|
|
|||
Lessor of nonresidential buildings
|
$
|
1,400,313
|
|
|
30.6
|
%
|
Hospitality
|
$
|
826,160
|
|
|
18.0
|
%
|
|
September 30, 2018
|
|
December 31, 2017
|
|
Increase (Decrease)
|
|||||||||
|
|
|
Amount
|
|
Percentage
|
|||||||||
|
|
|
(dollars in thousands)
|
|
|
|||||||||
Nonperforming loans and leases:
|
|
|
|
|
|
|
|
|||||||
Real estate loans:
|
|
|
|
|
|
|
|
|||||||
Commercial property
|
|
|
|
|
|
|
|
|||||||
Retail
|
$
|
987
|
|
|
$
|
224
|
|
|
$
|
763
|
|
|
340.6
|
%
|
Hospitality
|
6,121
|
|
|
5,263
|
|
|
858
|
|
|
16.3
|
%
|
|||
Other
|
2,205
|
|
|
2,462
|
|
|
(257
|
)
|
|
(10.4
|
)%
|
|||
Total commercial property loans
|
9,313
|
|
|
7,949
|
|
|
1,364
|
|
|
17.2
|
%
|
|||
Residential property
|
142
|
|
|
591
|
|
|
(449
|
)
|
|
(76.0
|
)%
|
|||
Total real estate loans
|
9,455
|
|
|
8,540
|
|
|
915
|
|
|
10.7
|
%
|
|||
Commercial and industrial loans
|
2,974
|
|
|
1,892
|
|
|
1,082
|
|
|
57.2
|
%
|
|||
Leases receivable
|
5,093
|
|
|
4,452
|
|
|
641
|
|
|
14.4
|
%
|
|||
Consumer loans
|
761
|
|
|
921
|
|
|
(160
|
)
|
|
(17.4
|
)%
|
|||
Total nonperforming loans
|
18,283
|
|
|
15,805
|
|
|
2,478
|
|
|
15.7
|
%
|
|||
Loans 90 days or more past due and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Total nonperforming loans and leases
(1) (2)
|
18,283
|
|
|
15,805
|
|
|
2,478
|
|
|
15.7
|
%
|
|||
OREO
|
877
|
|
|
1,946
|
|
|
(1,069
|
)
|
|
(54.9
|
)%
|
|||
Total nonperforming assets
|
$
|
19,160
|
|
|
$
|
17,751
|
|
|
$
|
1,409
|
|
|
7.9
|
%
|
|
|
|
|
|
|
|
|
|||||||
Nonperforming loans and leases as a percentage of loans and leases
|
0.40
|
%
|
|
0.37
|
%
|
|
|
|
|
|||||
Nonperforming assets as a percentage of assets
|
0.35
|
%
|
|
0.34
|
%
|
|
|
|
|
|||||
Troubled debt restructured performing loans and leases
|
$
|
6,168
|
|
|
$
|
7,259
|
|
|
|
|
|
(1)
|
Includes nonperforming TDRs of $7.3 million and $8.1 million as of
September 30, 2018
and December 31, 2017, respectively.
|
(2)
|
Does not include nonperforming PCI loans of
$1.6 million
and
$0.9 million
as of
September 30, 2018
and December 31, 2017, respectively.
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||
|
Recorded
Investment
|
|
Percentage
|
|
Recorded
Investment
|
|
Percentage
|
||||||
|
(dollars in thousands)
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial property
|
|
|
|
|
|
|
|
||||||
Retail
|
$
|
3,108
|
|
|
10.2
|
%
|
|
$
|
1,403
|
|
|
5.2
|
%
|
Hospitality
|
6,860
|
|
|
22.6
|
%
|
|
6,184
|
|
|
22.7
|
%
|
||
Other
|
8,793
|
|
|
29.1
|
%
|
|
8,513
|
|
|
31.3
|
%
|
||
Total commercial property loans
|
18,761
|
|
|
61.9
|
%
|
|
16,100
|
|
|
59.2
|
%
|
||
Residential property
|
1,835
|
|
|
6.0
|
%
|
|
2,563
|
|
|
9.4
|
%
|
||
Total real estate loans
|
20,596
|
|
|
67.9
|
%
|
|
18,663
|
|
|
68.6
|
%
|
||
Commercial and industrial loans
|
3,767
|
|
|
12.4
|
%
|
|
3,039
|
|
|
11.2
|
%
|
||
Leases receivable
|
5,093
|
|
|
16.8
|
%
|
|
4,452
|
|
|
16.4
|
%
|
||
Consumer loans
|
881
|
|
|
2.9
|
%
|
|
1,029
|
|
|
3.8
|
%
|
||
Total loans and leases
|
$
|
30,337
|
|
|
100.0
|
%
|
|
$
|
27,183
|
|
|
100.0
|
%
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Nonaccrual TDRs
|
|
Accrual TDRs
|
|
Total
|
|
Nonaccrual TDRs
|
|
Accrual TDRs
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Real estate loans
|
$
|
4,874
|
|
|
$
|
5,293
|
|
|
$
|
10,167
|
|
|
$
|
5,760
|
|
|
$
|
6,033
|
|
|
$
|
11,793
|
|
Commercial and industrial loans
|
1,639
|
|
|
778
|
|
|
2,417
|
|
|
1,529
|
|
|
1,118
|
|
|
2,647
|
|
||||||
Consumer loans
|
761
|
|
|
97
|
|
|
858
|
|
|
811
|
|
|
108
|
|
|
919
|
|
||||||
Total TDR loans
|
$
|
7,274
|
|
|
$
|
6,168
|
|
|
$
|
13,442
|
|
|
$
|
8,100
|
|
|
$
|
7,259
|
|
|
$
|
15,359
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||
|
Allowance
Amount
|
|
Percentage
|
|
Total Loans
|
|
Allowance
Amount
|
|
Percentage
|
|
Total Loans
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
3,069
|
|
|
9.7
|
%
|
|
$
|
924,007
|
|
|
$
|
2,729
|
|
|
8.8
|
%
|
|
$
|
915,273
|
|
Hospitality
|
7,009
|
|
|
22.1
|
%
|
|
809,287
|
|
|
5,922
|
|
|
19.1
|
%
|
|
681,325
|
|
||||
Other
|
5,717
|
|
|
18.0
|
%
|
|
1,474,406
|
|
|
5,722
|
|
|
18.4
|
%
|
|
1,417,273
|
|
||||
Total commercial property loans
|
15,795
|
|
|
49.8
|
%
|
|
3,207,700
|
|
|
14,373
|
|
|
46.3
|
%
|
|
3,013,871
|
|
||||
Construction
|
1,177
|
|
|
3.7
|
%
|
|
67,682
|
|
|
796
|
|
|
2.6
|
%
|
|
55,190
|
|
||||
Residential property
|
1,117
|
|
|
3.5
|
%
|
|
516,968
|
|
|
1,843
|
|
|
5.9
|
%
|
|
521,853
|
|
||||
Total real estate loans
|
18,089
|
|
|
57.0
|
%
|
|
3,792,350
|
|
|
17,012
|
|
|
54.8
|
%
|
|
3,590,914
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
5,212
|
|
|
16.5
|
%
|
|
186,249
|
|
|
5,001
|
|
|
16.1
|
%
|
|
182,685
|
|
||||
Commercial lines of credit
|
1,632
|
|
|
5.2
|
%
|
|
178,570
|
|
|
2,070
|
|
|
6.7
|
%
|
|
181,894
|
|
||||
International loans
|
243
|
|
|
0.8
|
%
|
|
31,564
|
|
|
329
|
|
|
1.1
|
%
|
|
34,622
|
|
||||
Total commercial and industrial loans
|
7,087
|
|
|
22.5
|
%
|
|
396,383
|
|
|
7,400
|
|
|
23.9
|
%
|
|
399,201
|
|
||||
Leases receivable
|
6,391
|
|
|
20.2
|
%
|
|
379,455
|
|
|
6,279
|
|
|
20.2
|
%
|
|
297,284
|
|
||||
Consumer loans
|
109
|
|
|
0.3
|
%
|
|
14,695
|
|
|
122
|
|
|
0.4
|
%
|
|
17,059
|
|
||||
Unallocated
|
—
|
|
|
—
|
%
|
|
—
|
|
|
230
|
|
|
0.7
|
%
|
|
—
|
|
||||
Total
|
$
|
31,676
|
|
|
100.0
|
%
|
|
$
|
4,582,883
|
|
|
$
|
31,043
|
|
|
100.0
|
%
|
|
$
|
4,304,458
|
|
|
For the Three Months Ended
|
|
For the Nine Months
Ended
|
||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
|
September 30, 2018
|
|
September 30, 2017
|
||||||||
|
(dollars in thousands)
|
||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
31,818
|
|
|
$
|
33,758
|
|
|
$
|
31,043
|
|
|
$
|
32,429
|
|
|
|
|
|
|
|
|
|
||||||||
Charge-offs
|
(1,246
|
)
|
|
(2,405
|
)
|
|
(3,535
|
)
|
|
(3,256
|
)
|
||||
Recoveries on loans previously charged off
|
904
|
|
|
871
|
|
|
3,219
|
|
|
2,709
|
|
||||
Net loan (charge-offs) recoveries
|
(342
|
)
|
|
(1,534
|
)
|
|
(316
|
)
|
|
(547
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Loan and lease loss provision
|
200
|
|
|
268
|
|
|
949
|
|
|
610
|
|
||||
Balance at end of period
|
$
|
31,676
|
|
|
$
|
32,492
|
|
|
$
|
31,676
|
|
|
$
|
32,492
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance for off-balance sheet items:
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
1,357
|
|
|
$
|
1,135
|
|
|
$
|
1,296
|
|
|
$
|
1,184
|
|
Provision (income)
|
—
|
|
|
(220
|
)
|
|
61
|
|
|
(269
|
)
|
||||
Balance at end of period
|
$
|
1,357
|
|
|
$
|
915
|
|
|
$
|
1,357
|
|
|
$
|
915
|
|
|
|
|
|
|
|
|
|
||||||||
Net loan and lease (charge-offs) recoveries to average loans and leases
(1)
|
(0.03
|
)%
|
|
(0.15
|
)%
|
|
(0.01
|
)%
|
|
(0.02
|
)%
|
||||
Average loans and leases during period
|
$
|
4,551,284
|
|
|
$
|
4,092,131
|
|
|
$
|
4,551,284
|
|
|
$
|
3,976,021
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
As of
|
||||||||||
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||
Ratios:
|
|
|
|
|
(dollars in thousands)
|
||||||||||
Allowance for loan and lease losses to loans and leases
|
|
|
|
|
0.69
|
%
|
|
0.72
|
%
|
||||||
Nonperforming loans and leases to loans and leases
|
|
|
|
|
0.40
|
%
|
|
0.37
|
%
|
||||||
Allowance for loan and lease losses to nonperforming loans and leases
|
|
|
|
|
173.25
|
%
|
|
196.41
|
%
|
||||||
Balance:
|
|
|
|
|
|
|
|
||||||||
Allowance for loan and lease losses at end of period
|
|
|
|
|
$
|
31,676
|
|
|
$
|
31,043
|
|
||||
Nonperforming loans and leases at end of period
|
|
|
|
|
$
|
18,283
|
|
|
$
|
15,805
|
|
||||
Loans and leases at end of period
|
|
|
|
|
$
|
4,582,883
|
|
|
$
|
4,304,458
|
|
(1)
|
Net loan (charge-offs) recoveries are annualized to calculate the ratios.
|
|
For the Three Months Ended
|
|
For the Nine Months Ended
|
||||||||||||||||||||
|
Charge-offs
|
|
Recoveries
|
|
Net
Charge-offs (Recoveries)
|
|
Charge-offs
|
|
Recoveries
|
|
Net
Charge-offs (Recoveries)
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans
|
$
|
220
|
|
|
$
|
577
|
|
|
$
|
(357
|
)
|
|
$
|
1,249
|
|
|
$
|
1,833
|
|
|
$
|
(584
|
)
|
Commercial and industrial loans
|
232
|
|
|
237
|
|
|
(5
|
)
|
|
597
|
|
|
1,170
|
|
|
(573
|
)
|
||||||
Leases receivable
|
794
|
|
|
90
|
|
|
704
|
|
|
1,689
|
|
|
214
|
|
|
1,475
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
||||||
Total loans
|
$
|
1,246
|
|
|
$
|
904
|
|
|
$
|
342
|
|
|
$
|
3,535
|
|
|
$
|
3,219
|
|
|
$
|
316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans
|
$
|
146
|
|
|
$
|
343
|
|
|
(197
|
)
|
|
$
|
289
|
|
|
$
|
1,434
|
|
|
(1,145
|
)
|
||
Commercial and industrial loans
|
1,976
|
|
|
308
|
|
|
1,668
|
|
|
2,015
|
|
|
1,021
|
|
|
994
|
|
||||||
Leases receivable
|
283
|
|
|
220
|
|
|
63
|
|
|
952
|
|
|
239
|
|
|
713
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
(15
|
)
|
||||||
Total loans
|
$
|
2,405
|
|
|
$
|
871
|
|
|
$
|
1,534
|
|
|
$
|
3,256
|
|
|
$
|
2,709
|
|
|
$
|
547
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
||||||
|
(dollars in thousands)
|
||||||||||||
Demand – noninterest-bearing
|
$
|
1,313,777
|
|
|
28.5
|
%
|
|
$
|
1,312,274
|
|
|
30.2
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|||
Demand
|
90,586
|
|
|
2.0
|
%
|
|
92,948
|
|
|
2.1
|
%
|
||
Money market and savings
|
1,478,631
|
|
|
32.0
|
%
|
|
1,527,100
|
|
|
35.1
|
%
|
||
Time deposits of $100,000 or more
(1)
|
1,514,341
|
|
|
32.8
|
%
|
|
1,131,789
|
|
|
26.0
|
%
|
||
Other time deposits
|
217,087
|
|
|
4.7
|
%
|
|
284,543
|
|
|
6.6
|
%
|
||
Total deposits
|
$
|
4,614,422
|
|
|
100.0
|
%
|
|
$
|
4,348,654
|
|
|
100.0
|
%
|
(1)
|
Includes $298.0 million and $462.2 million of time deposits of $250,000 or more as of September 30, 2018 and December 31, 2017, respectively.
|
Purchase Dates:
|
Average Price Paid Per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Program
|
|
Maximum Shares That May Yet Be Purchased Under the Program
|
||||
July 1, 2018 - July 31, 2018
|
$
|
—
|
|
|
—
|
|
|
—
|
|
August 1, 2018 - August 31, 2018
|
$
|
—
|
|
|
—
|
|
|
—
|
|
September 1, 2018 - September 30, 2018
|
$
|
25.89
|
|
|
429,558
|
|
|
1,170,442
|
|
Total
|
$
|
25.89
|
|
|
429,558
|
|
|
1,170,442
|
|
|
|
|
|
Hanmi Financial Corporation
|
|
|
|
|
|
Date:
|
November 9, 2018
|
|
By:
|
/s/
C. G. Kum
|
|
|
|
|
C. G. Kum
|
|
|
|
|
Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
By:
|
/s/
Romolo C. Santarosa
|
|
|
|
|
Romolo C. Santarosa
|
|
|
|
|
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|
1 Year Hanmi Financial Chart |
1 Month Hanmi Financial Chart |
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