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CST: 18/11/2019 10:17:53   

Hanmi Reports Third Quarter 2019 Results

26 Days ago

2019 Third Quarter Highlights:      

  • Net income of $12.4 million, or $0.40 per diluted share, up from $2.7 million, or $0.09 per diluted share for the prior quarter and down from $16.1 million or $0.50 per diluted share from the same quarter a year ago; second quarter net income included a $16.7 million provision for loan and lease losses arising from a $15.7 million specific allowance relating to a $40.7 million loan relationship.
  • Loans and leases receivable stood at $4.57 billion at the end of the third quarter, compared with $4.56 billion at the end of the prior quarter, and $4.58 billion at the end of the third quarter of 2018; average loans and leases for the third quarter increased 2.5% on an annualized basis.
  • Deposits were $4.69 billion at June 30, 2019, down 1.5% from the end of the prior quarter principally due to a decline in higher-costing time deposits; deposits were up 1.6% from $4.61 billion a year ago.
  • Net interest income was $44.1 million, up 2.5% from the previous quarter benefitting from an improved net interest margin and one additional day in the quarter.
  • Net interest margin improved to 3.36% compared with 3.30% for the previous quarter reflecting a four basis point decline in the cost of deposits and an improvement in the yield on interest earning assets.
  • Noninterest income was $6.9 million, down from $7.7 million for the previous quarter; gains on sales of SBA loans were $1.8 million and $1.1 million, respectively; second quarter included gains on sales of securities of $0.6 million, and a gain on the sale of a branch building of $1.2 million.
  • Noninterest expense was $32.6 million compared with $30.1 million for the second quarter reflecting elevated charges arising from the troubled loan relationship, the implementation of the new credit loss accounting standard and legal matters.
  • Loan and lease loss provision of $1.6 million compared with $16.7 million for the second quarter; the ratio of the allowance to loans and leases ended the quarter at 1.11% compared with 1.08% at the end of the previous quarter.
  • Third quarter return on average assets was 0.90% and return on average equity was 8.67%.

LOS ANGELES, Oct. 22, 2019 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported net income for the 2019 third quarter of $12.4 million, or $0.40 per diluted share, compared with $2.7 million, or $0.09 per diluted share for the 2019 second quarter and $16.1 million, or $0.50 per diluted share for the 2018 third quarter.

Bonnie Lee, President and Chief Executive Officer, said, “Hanmi’s third quarter results reflect the continuation of our strategy to protect net interest margin which has led to moderate growth in loans and leases. Our focus on demand deposits and emphasis on loan and lease yields accretive to our overall portfolio underscore this effort. In addition, SBA loan production was the highest in nearly two years and earnings in the quarter benefitted from rising premiums on the guaranteed portion of the SBA (7a) loans that we sold in the period.  Importantly, net interest margin expanded six basis points in the quarter due to a slight increase in loan yields and lower deposit costs driven by a favorable mix of lower time deposits and growth in non-interest bearing demand deposits.”

Ms. Lee concluded, “Notwithstanding the troubled loan relationship identified in the prior quarter, overall asset quality remains strong. Hanmi continues to maintain disciplined underwriting standards and we remain focused on originating high-quality, well-priced loans and leases.”

Quarterly Highlights
(In thousands, except per share data)

                             
  As of or for the Three Months Ended   Amount Change  
  September 30,   June 30,   March 31,   December 31,   September 30,   Q3-19   Q3-19  
   2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18  
                             
Net income $ 12,376     $ 2,656     $ 14,672     $ 11,385     $ 16,081     $ 9,720     $ (3,705 )  
Net income per diluted common share $ 0.40     $ 0.09     $ 0.48     $ 0.37     $ 0.50     $ 0.31     $ (0.10 )  
                             
Assets $ 5,527,982     $ 5,511,752     $ 5,571,068     $ 5,502,219     $ 5,487,042     $ 16,230     $ 40,940    
Loans and leases receivable $ 4,569,837     $ 4,555,802     $ 4,575,620     $ 4,600,540     $ 4,582,883     $ 14,035     $ (13,046 )  
Deposits $ 4,690,141     $ 4,762,068     $ 4,820,175     $ 4,747,235     $ 4,614,422     $ (71,927 )   $ 75,719    
                             
Return on average assets   0.90 %     0.19 %     1.09 %     0.83 %     1.17 %     0.71       -0.27    
Return on average stockholders' equity   8.67 %     1.87 %     10.62 %     7.92 %     10.91 %     6.80       -2.24    
                             
Net interest margin (1)   3.36 %     3.30 %     3.52 %     3.51 %     3.48 %     0.06       -0.12    
Efficiency ratio (2)   64.04 %     59.44 %     56.83 %     56.40 %     56.28 %     4.60       7.76    
                             
Tangible common equity to tangible assets (3)   10.20 %     10.04 %     9.93 %     9.84 %     10.15 %     0.16       0.05    
Tangible common equity per common share (3) $ 18.05     $ 17.83     $ 17.89     $ 17.47     $ 17.31     $ 0.22     $ 0.74    
                             
                             
(1)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.              
(2)  Noninterest expense divided by net interest income plus noninterest income.                      
(3)  Refer to "Non-GAAP Financial Measures" for further details.                        
                             


Results of Operations
Third quarter 2019 net interest income increased 2.5% to $44.1 million from $43.0 million in the 2019 second quarter, principally due to an increase of $1.1 million in interest and fees on loans and leases as a result of increased balances and one additional day in the period as well as a decrease in interest expense on interest bearing liabilities due to lower time deposit balances.  Third quarter loan prepayment penalties were $0.3 million compared with $0.1 million for the second quarter.

                           
  As of or For the Three Months Ended (in thousands)   Percentage Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
Net Interest Income  2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
                           
Interest and fees on loans and leases(1) $ 57,929     $ 56,872     $ 58,334     $ 57,947     $ 56,361       1.9 %     2.8 %
Interest on securities   3,769       3,770       3,456       3,278       3,238       -0.0 %     16.4 %
Dividends on FHLB stock   286       283       289       555       286       1.1 %     0.0 %
Interest on deposits in other banks   193       557       335       179       151       -65.4 %     27.8 %
Total interest and dividend income $ 62,177     $ 61,482     $ 62,414     $ 61,959     $ 60,036       1.1 %     3.6 %
                           
Interest on deposits   15,995       16,728       15,683       14,139       11,694       -4.4 %     36.8 %
Interest on borrowings   367       -       71       420       1,264       0.0 %     -71.0 %
Interest on subordinated debentures   1,757       1,764       1,772       1,754       1,749       -0.4 %     0.5 %
Total interest expense   18,119       18,492       17,526       16,313       14,707       -2.0 %     23.2 %
Net interest income $ 44,058     $ 42,990     $ 44,888     $ 45,646     $ 45,329       2.5 %     -2.8 %
                           
(1)  Includes loans held for sale.                          
                           

Net interest margin on a tax equivalent basis was 3.36% for the third quarter of 2019 compared with 3.30% for the second quarter of 2019. Net interest margin increased 6 basis points from the prior quarter primarily due to lower cost of deposits and an increase in interest-earning asset yields.

The average earning asset yield (tax equivalent) was 4.74% for the third quarter of 2019 compared with 4.72% for the second quarter of 2019. The two basis point increase was principally due to a higher level of loan and lease balances in average earning assets.

The cost of interest-bearing liabilities was 2.04% for the third quarter of 2019 compared with 2.06% for the second quarter of 2019. The two basis point decrease was primarily due to a 4.6% decrease in average interest-bearing deposits.

                           
  For the Three Months Ended (in thousands)   Percentage Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
Average Earning Assets and Interest-bearing Liabilities  2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Loans and leases receivable (1) $ 4,519,770     $ 4,491,377     $ 4,533,120     $ 4,544,722     $ 4,551,284       0.6 %     -0.7 %
Securities   630,450       629,062       589,547       581,550       589,939       0.2 %     6.9 %
FHLB stock   16,385       16,385       16,385       16,385       16,385       0.0 %     0.0 %
Interest-bearing deposits in other banks   35,140       92,753       53,022       34,301       30,368       -62.1 %     15.7 %
Average interest-earning assets $ 5,201,745     $ 5,229,577     $ 5,192,074     $ 5,176,958     $ 5,187,976       -0.5 %     0.3 %
                           
Demand: interest-bearing $ 82,665     $ 83,932     $ 85,291     $ 89,971     $ 92,090       -1.5 %     -10.2 %
Money market and savings   1,555,639       1,541,976       1,526,710       1,510,428       1,377,739       0.9 %     12.9 %
Time deposits   1,692,419       1,863,685       1,852,562       1,751,429       1,687,827       -9.2 %     0.3 %
Average interest-bearing deposits   3,330,723       3,489,593       3,464,563       3,351,828       3,157,656       -4.6 %     5.5 %
Borrowings   74,239       59       10,611       65,217       240,054       125728.8 %     -69.1 %
Subordinated debentures   118,145       118,007       117,863       117,728       117,584       0.1 %     0.5 %
Average interest-bearing liabilities $ 3,523,107     $ 3,607,659     $ 3,593,037     $ 3,534,773     $ 3,515,294       -2.3 %     0.2 %
                           
(1)  Includes loans held for sale.                          
                           
  For the Three Months Ended   Amount Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
Average Yields and Rates  2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Loans and leases receivable(1)   5.08 %     5.08 %     5.22 %     5.06 %     4.91 %     0.01       0.17  
Securities (2)   2.39 %     2.40 %     2.44 %     2.37 %     2.31 %     -0.01       0.08  
FHLB stock   6.93 %     6.93 %     7.15 %     13.44 %     6.93 %     -0.00       -0.00  
Interest-bearing deposits in other banks   2.18 %     2.41 %     2.56 %     2.07 %     1.97 %     -0.23       0.21  
Interest-earning assets   4.74 %     4.72 %     4.89 %     4.76 %     4.60 %     0.03       0.14  
                           
Interest-bearing deposits   1.91 %     1.92 %     1.84 %     1.67 %     1.47 %     -0.02       0.44  
Borrowings   1.96 %     0.00 %     2.71 %     2.56 %     2.09 %     1.96       -0.13  
Subordinated debentures   5.92 %     5.96 %     6.01 %     5.94 %     5.92 %     -0.04       0.00  
Interest-bearing liabilities   2.04 %     2.06 %     1.98 %     1.83 %     1.66 %     -0.02       0.38  
                           
Net interest margin (taxable equivalent basis)   3.36 %     3.30 %     3.52 %     3.51 %     3.48 %     0.06       -0.12  
                           
Cost of deposits   1.37 %     1.41 %     1.35 %     1.20 %     1.04 %     -0.04       0.33  
                           
(1)  Includes loans held for sale.                          
(2)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.            
                           

For the third quarter of 2019, the loan and lease loss provision was $1.6 million compared with $16.7 million for the preceding quarter. Net charge-offs were $0.3 million for the 2019 third quarter, compared with $0.2 million for the 2019 second quarter. The allowance to loans and leases increased to 1.11% at the end of the third quarter from 1.08% for the previous quarter.

Third quarter noninterest income decreased 11.2% to $6.9 million from the second quarter, primarily from the $1.2 million gain on sale of a branch building realized last quarter as well as the decrease of $0.6 million in gain on sales of securities from the second quarter sale of the Bank’s remaining portfolio of tax-exempt municipal bonds. These decreases were partially offset by a $0.7 million increase in gain on sale of SBA loans. Gains on sales of SBA loans were $1.8 million for the third quarter, up from $1.1 million for the preceding quarter. The volume of SBA loans sold for the 2019 third quarter and 2019 second quarter were $24.3 million and $15.4 million, respectively.

                           
  For the Three Months Ended (in thousands)   Percentage Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
Noninterest Income  2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Service charges on deposit accounts $ 2,518     $ 2,486     $ 2,358     $ 2,648     $ 2,513       1.3 %     0.2 %
Trade finance and other service charges and fees   1,191       1,204       1,124       1,167       1,128       -1.1 %     5.6 %
Servicing income   614       600       357       630       673       2.3 %     -8.8 %
Bank-owned life insurance income   279       281       280       288       285       -0.7 %     -2.1 %
Gain on sale of bank premises   -       1,235       -       -       -       -100.0 %     0.0 %
All other operating income   491       293       484       584       483       67.6 %     1.7 %
Service charges, fees & other   5,093       6,099       4,603       5,317       5,082       -16.5 %     0.2 %
                           
Gain on sale of SBA loans   1,767       1,060       926       983       1,114       66.7 %     58.6 %
Net gain (loss) on sales of securities   -       570       725       -       19       -100.0 %     -100.0 %
Total noninterest income $ 6,860     $ 7,729     $ 6,254     $ 6,300     $ 6,215       -11.2 %     10.4 %
                           

Noninterest expense for the third quarter increased 8.2% to $32.6 million from $30.1 million for the prior quarter primarily due to a $1.1 million increase in occupancy and equipment expense, a $0.8 million increase in professional fees and a $0.6 million increase in salaries and benefits expense. The increase in salary and benefits expense arose from an increase in incentive expense and personnel. Occupancy and equipment expense was driven by the second quarter reassessment and reduction of personal property tax expense, while the increase in professional fees reflects charges related to the reporting delay for the troubled loan relationship, expenses for CECL implementation and legal fees from the year-ago terminated merger transaction. Primarily as a result of higher noninterest expense, the efficiency ratio increased to 64.0% in the third quarter from 59.4% in the prior quarter.

                             
  For the Three Months Ended (in thousands)   Percentage Change  
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19  
  2019   2019   2019   2018   2018   vs. Q2-19   vs. Q3-18  
Noninterest Expense                            
Salaries and employee benefits $ 17,530     $ 16,881     $ 15,738     $ 15,845     $ 17,436       3.8 %     0.5 %  
Occupancy and equipment   4,528       3,468       4,521       4,105       3,685       30.6 %     22.9 %  
Data processing   2,410       2,140       2,083       1,894       1,745       12.6 %     38.1 %  
Professional fees   2,826       1,983       1,649       1,969       1,626       42.5 %     73.8 %  
Supplies and communication   726       649       844       797       805       11.9 %     -9.8 %  
Advertising and promotion   927       945       760       1,316       814       -1.9 %     13.9 %  
Merger and integration costs   -       -       -       -       466       -       -100.0 %  
Off-balance sheet loss allowance provision (income)   209       233       (339 )     82       -       -10.3 %     0.0 %  
All other operating expenses   3,291       3,687       3,728       3,669       2,872       -10.7 %     14.6 %  
subtotal   32,447       29,986       28,984       29,677       29,449       8.2 %     10.2 %  
                             
Other real estate owned expense (income)   160       158       81       (378 )     (441 )     1.3 %     -136.3 %  
Total noninterest expense $ 32,607     $ 30,144     $ 29,065     $ 29,299     $ 29,008       8.2 %     12.4 %  
                             

Hanmi recorded a provision for income taxes of $4.3 million for the third quarter of 2019, representing an effective tax rate of 25.9% compared with $1.2 million, representing an effective tax rate of 31.5% for the second quarter of 2019. For the first nine months of 2019, the effective tax rate was 28.5%.

Financial Position
Total assets were $5.53 billion at September 30, 2019, a 0.3% increase from $5.51 billion at June 30, 2019.

Loans and leases receivable, before the allowance for loan and lease losses, were $4.57 billion at September 30, 2019, compared with $4.56 billion at June 30, 2019. Hanmi continued to emphasize growth in commercial loans and leases, while allowing residential mortgages to decline through amortization. Loans held for sale, representing the guaranteed portion of SBA loans, were $6.6 million at September 30, 2019 compared with $6.0 million at the end of the second quarter.

Loans and leases receivable, before the allowance for loan and lease losses, were $4.58 billion at September 30, 2018.

                           
                           
  As of (in thousands)   Percentage Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
   2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Loan and Lease Portfolio                          
Commercial real estate loans $ 3,209,752     $ 3,213,135     $ 3,230,526     $ 3,257,792     $ 3,275,382       -0.1 %     -2.0 %
Residential real estate loans   436,576       458,327       483,830       500,563       516,968       -4.7 %     -15.6 %
Commercial and industrial loans   441,210       409,502       422,502       429,903       396,383       7.7 %     11.3 %
Lease receivables   467,777       460,519       425,530       398,858       379,455       1.6 %     23.3 %
Consumer loans   14,522       14,319       13,232       13,424       14,695       1.4 %     -1.2 %
Loans and leases receivable   4,569,837       4,555,802       4,575,620       4,600,540       4,582,883       0.3 %     -0.3 %
Loans held for sale   6,598       6,029       7,140       9,390       4,455       9.4 %     48.1 %
Total loans and leases $ 4,576,435     $ 4,561,831     $ 4,582,760     $ 4,609,930     $ 4,587,338       0.3 %     -0.2 %
                           
                           

For the third quarter of 2019, commercial real estate loans as a percentage of loans and leases receivable decreased to 70.2% compared with 71.5% for the same period last year.

New loan and lease production in the 2019 third quarter was $217.5 million at an average rate of 5.54% while the average rate of the loans that paid off during the period was 5.15%.

  For the Three Months Ended (in thousands)
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,
   2019     2019     2019      2018     2018 
New Loan & Lease Production                  
Commercial real estate loans $ 78,039     $ 105,527     $ 46,531     $ 87,523     $ 112,748  
Commercial and industrial loans   51,093       48,451       33,643       68,113       32,714  
SBA loans   34,114       19,970       29,976       30,758       25,388  
Lease receivable   52,333       77,983       69,577       59,023       64,284  
Consumer loans   1,882       450       122       831       2,873  
  subtotal   217,461       252,381       179,849       246,248       238,007  
                   
                   
Net line utilization   (4,012 )     (52,404 )     19,581       (21,715 )     (21,423 )
Loan purchases   -       -       -       -       2,160  
Payoffs & amortization   (174,045 )     (201,617 )     (207,784 )     (184,891 )     (156,376 )
Loan sales   (24,286 )     (16,650 )     (15,459 )     (18,210 )     (19,751 )
Charge-offs   (916 )     (1,527 )     (1,107 )     (3,775 )     (1,245 )
Other real estate owned   (168 )     -       -       -       (615 )
                   
Loans and leases-beginning balance $ 4,555,803     $ 4,575,620     $ 4,600,540     $ 4,582,883     $ 4,542,126  
Loans and leases-ending balance $ 4,569,837     $ 4,555,803     $ 4,575,620     $ 4,600,540     $ 4,582,883  
                   

Deposits decreased to $4.69 billion at the end of the 2019 third quarter from $4.76 billion at the end of the preceding quarter. The decrease reflects an 11.6% decline in time deposits offset by a 5.8% increase in noninterest-bearing demand deposits. The average loan-to-deposit ratio for the third quarter was 97.6% compared with 94.6% in the second quarter.

Deposits increased 1.6% from $4.61 billion at the end of the third quarter last year, as money market and savings deposits and non interest-bearing demand deposits increased 7.5% and 5.7%, respectively.

                           
  As of (in thousands)   Percentage Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
   2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Deposit Portfolio                          
Demand: noninterest-bearing $ 1,388,121     $ 1,312,577     $ 1,316,114     $ 1,284,530     $ 1,313,777       5.8 %     5.7 %
Demand: interest-bearing   84,155       80,248       85,946       87,582       90,586       4.9 %     -7.1 %
Money market and savings   1,590,037       1,528,000       1,543,299       1,573,622       1,478,631       4.1 %     7.5 %
Time deposits   1,627,828       1,841,243       1,874,816       1,801,501       1,731,428       -11.6 %     -6.0 %
Total deposits $ 4,690,141     $ 4,762,068     $ 4,820,175     $ 4,747,235     $ 4,614,422       -1.5 %     1.6 %
                           
                    -      

At September 30, 2019, stockholders’ equity was $574.5 million, compared with $564.5 million at June 30, 2019. Tangible common stockholders’ equity was $562.6 million, or 10.20% of tangible assets, compared with $552.4 million, or 10.04% of tangible assets at June 30, 2019. Tangible book value per share increased to $18.05 from $17.83 in the second quarter.

Hanmi continues to be well capitalized, with a preliminary Tier 1 risk-based capital ratio of 12.04% and a total risk-based capital ratio of 15.23% at September 30, 2019, versus 11.83% and 14.99%, respectively, at June 30, 2019.  

  As of   Amount Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
   2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Regulatory Capital ratios (1)                          
Hanmi Financial                          
Total risk-based capital   15.23 %     14.99 %     14.17 %     14.54 %     15.01 %     0.24       0.22  
Tier 1 risk-based capital   12.04 %     11.83 %     11.94 %     11.74 %     12.21 %     0.21       -0.17  
Common equity tier 1 capital   11.61 %     11.41 %     11.52 %     11.32 %     11.79 %     0.20       -0.18  
Tier 1 leverage capital ratio   10.44 %     10.20 %     10.39 %     10.18 %     10.53 %     0.24       -0.09  
Hanmi Bank                          
Total risk-based capital   14.81 %     14.62 %     14.37 %     14.19 %     14.76 %     0.19       0.05  
Tier 1 risk-based capital   13.69 %     13.54 %     13.64 %     13.47 %     14.05 %     0.15       -0.36  
Common equity tier 1 capital   13.69 %     13.54 %     13.64 %     13.47 %     14.05 %     0.15       -0.36  
Tier 1 leverage capital ratio   11.90 %     11.67 %     11.88 %     11.67 %     12.11 %     0.23       -0.21  
                           
(1)  Preliminary ratios for September 30, 2019                          
                           

Hanmi declared a cash dividend of $0.24 per common share on its common stock in the 2019 third quarter. The dividend was paid on August 30, 2019, to stockholders of record as of the close of business on August 9, 2019.

Asset Quality
Loans and leases 30 to 89 days past due and still accruing were 0.18% of loans and leases at the end of the third quarter of 2019, compared with 0.25% at the end of the second quarter.

Classified loans were $80.7 million at September 30, 2019 compared with $75.7 million at the end of the second quarter, while special mention loans were $27.4 million at the end of the third quarter compared with $23.8 million at June 30, 2019.

Nonperforming loans and leases were $64.7 million at the end of the third quarter of 2019, or 1.42% of loans and leases compared with $63.0 million for the second quarter, or 1.38% of the portfolio.

Nonperforming assets were $65.1 million at the end of the third quarter of 2019, or 1.18% of assets, compared with $63.5 million, or 1.15% of assets, at the end of the prior quarter.

The troubled loan relationship identified in the 2019 second quarter, included in both the classified and nonaccrual categories, was $40.0 million at September 30, 2019, compared with $40.7 million at June 30, 2019. The decline reflects payments applied to the loans outstanding and the specific allowance remained unchanged at $15.7 million at the end of the third quarter. The $25.0 million commercial loan relationship previously identified in the 2019 first quarter declined to $2.1 million through payments; there were no charge-offs. The balance remaining at the end of the third quarter represents nonaccrual real estate secured loans expected to be paid-off from pending real estate sales.

Gross charge-offs for the third quarter of 2019 were $0.9 million compared with $1.5 million for the preceding quarter. Recoveries of previously charged-off loans and leases for the third quarter of 2019 were $0.6 million compared with $1.3 million for the preceding quarter. As a result, net charge-offs were $0.3 million for the third quarter of 2019, compared with $0.2 million for the second quarter of 2019. For the third and second quarters of 2019, net charge-offs were 0.02% of average loans and leases, respectively.

The allowance for loan and lease losses was $50.7 million as of September 30, 2019, generating an allowance for loan and lease losses to loans and leases of 1.11% compared with 1.08% in the prior quarter.

                           
  As of or for the Three Months Ended (in thousands)   Amount Change
  Sep 30,   Jun 30,   Mar 31,   Dec 31,   Sep 30,   Q3-19   Q3-19
   2019     2019     2019     2018     2018    vs. Q2-19   vs. Q3-18
Asset Quality Data and Ratios                          
                           
Delinquent loans and leases:                          
Loans and leases, 30 to 89 days past due and still accruing $ 8,085     $ 11,210     $ 9,242     $ 10,674     $ 6,901     $ (3,125 )   $ 1,184  
Delinquent loans and leases to loans and leases   0.18 %     0.25 %     0.20 %     0.23 %     0.15 %     -0.07       0.03  
                           
Criticized loans and leases:                          
Special mention $ 27,400     $ 23,820     $ 9,257     $ 29,183     $ 38,076     $ 3,580     $ (10,676 )
Classified   80,734       75,686       53,087       29,542       33,199       5,048       47,535  
Total criticized loans & leases $ 108,134     $ 99,506     $ 62,344     $ 58,725     $ 71,275     $ 8,628     $ 36,859  
                           
Nonperforming assets :                          
Nonaccrual loans and leases $ 64,194     $ 63,031     $ 40,041     $ 15,525     $ 18,283     $ 1,163     $ 45,911  
Loans and leases 90 days or more past due and still accruing   544       -       -       4       -       544       544  
Nonperforming loans and leases   64,738       63,031       40,041       15,529       18,283       1,707       46,455  
Other real estate owned, net   330       507       622       663       877       (177 )     (547 )
Nonperforming assets $ 65,068     $ 63,538     $ 40,663     $ 16,192     $ 19,160     $ 1,530     $ 45,908  
                           
Nonperforming loans and leases to loans and leases   1.42 %     1.38 %     0.88 %     0.34 %     0.40 %        
Nonperforming assets to assets   1.18 %     1.15 %     0.73 %     0.29 %     0.35 %        
                           
Allowance for loan and lease losses:                          
Balance at beginning of period $ 49,386     $ 32,896     $ 31,974     $ 31,676     $ 31,818          
Loan and lease loss provision   1,602       16,699       1,117       3,041       200          
Less: Net loan and lease charge-offs   276       209       195       2,743       342          
Balance at end of period $ 50,712     $ 49,386       $ 32,896       $ 31,974       $ 31,676          
                           
Net loan and lease charge-offs to average loans and leases (1)   0.02 %     0.02 %     0.02 %     0.24 %     0.03 %        
Allowance for loan and lease losses to loans and leases   1.11 %     1.08 %     0.72 %     0.70 %     0.69 %        
                           
Allowance for off-balance sheet items:                          
Balance at beginning of period $ 1,333     $ 1,100     $ 1,439     $ 1,357     $ 1,357          
Provision (income) for off-balance sheet items   209       233       (339 )     82       -          
Balance at end of period $ 1,542     $ 1,333     $ 1,100     $ 1,439     $ 1,357          
                           

Conference Call                            
Management will host a conference call today, October 22, 2019 at 2:00 p.m. PT (5:00 p.m. ET) to discuss these results. This call will also be broadcast live via the internet. Investment professionals and all current and prospective stockholders are invited to access the live call by dialing 1-877-407-9039 before 2:00 p.m. PT, using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 35 full-service branches and 9 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital plans, strategic alternatives for a possible business combination, merger or sale transaction, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: failure to maintain adequate levels of capital and liquidity to support our operations; the effect of potential future supervisory action against us or Hanmi Bank; our ability to remediate any material weakness in our internal controls over financial reporting; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters; a failure in or breach of our operational or security systems or infrastructure, including cyberattacks; the failure to maintain current technologies; inability to successfully implement future information technology enhancements; difficult business and economic conditions that can adversely affect our industry and business, including competition and lack of soundness of other financial institutions, fraudulent activity and negative publicity; risks associated with Small Business Administration loans; failure to attract or retain key employees; our ability to access cost-effective funding; fluctuations in real estate values; changes in accounting policies and practices; the imposition of tariffs or other domestic or international governmental policies impacting the value of the products of our borrowers; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests; ability to identify a suitable strategic partner or to consummate a strategic transaction; adequacy of our allowance for loan and lease losses; credit quality and the effect of credit quality on our provision for loan and lease losses and allowance for loan and lease losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to control expenses; changes in securities markets; and risks as it relates to cyber security against our information technology. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Lasse Glassen
Investor Relations / Addo Investor Relations
310-829-5400

Hanmi Financial Corporation and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(In thousands)

                   
  September 30,   June 30,   Percentage   September 30,   Percentage
   2019     2019    Change    2018    Change
Assets                  
Cash and due from banks $ 150,678     $ 130,851     15.2 %   $ 159,617     -5.6 %
Securities available for sale, at fair value   621,815       639,995     -2.8 %     572,236     8.7 %
Loans held for sale, at the lower of cost or fair value   6,598       6,029     9.4 %     4,455     48.1 %
Loans and leases receivable, net of allowance for loan and lease losses   4,519,125       4,506,416     0.3 %     4,551,207     -0.7 %
Accrued interest receivable   11,723       12,946     -9.4 %     13,646     -14.1 %
Premises and equipment, net   27,271       26,698     2.1 %     28,552     -4.5 %
Customers' liability on acceptances   33       849     -96.1 %     1,265     -97.4 %
Servicing assets   7,436       7,567     -1.7 %     8,878     -16.2 %
Goodwill and other intangible assets, net   11,950       12,028     -0.6 %     12,273     -2.6 %
Federal Home Loan Bank ("FHLB") stock, at cost   16,385       16,385     0.0 %     16,385     0.0 %
Bank-owned life insurance   52,500       52,222     0.5 %     51,372     2.2 %
Prepaid expenses and other assets   102,468       99,766     2.7 %     67,156     52.6 %
Total assets $ 5,527,982     $ 5,511,752     0.3 %   $ 5,487,042     0.7 %
                   
Liabilities and Stockholders' Equity                  
Liabilities:                  
Deposits:                  
Noninterest-bearing $ 1,388,121     $ 1,312,577     5.8 %   $ 1,313,777     5.7 %
Interest-bearing   3,302,020       3,449,491     -4.3 %     3,300,645     0.0 %
Total deposits   4,690,141       4,762,068     -1.5 %     4,614,422     1.6 %
Accrued interest payable   10,076       11,438     -11.9 %     8,153     23.6 %
Bank's liability on acceptances   33       849     -96.1 %     1,265     -97.4 %
Borrowings   75,000       -     -       160,000     -53.1 %
Subordinated debentures   118,232       118,087     0.1 %     117,670     0.5 %
Accrued expenses and other liabilities   59,973       54,852     9.3 %     17,784     237.2 %
Total liabilities   4,953,455       4,947,294     0.1 %     4,919,294     0.7 %
                   
Stockholders' equity:                  
Common stock   33       33     0.0 %     33     0.0 %
Additional paid-in capital   574,957       571,105     0.7 %     568,861     1.1 %
Accumulated other comprehensive income (loss)   3,708       2,375     56.1 %     (11,295 )   -132.8 %
Retained earnings   104,927       100,021     4.9 %     93,768     11.9 %
Less treasury stock   (109,098 )     (109,076 )   0.0 %     (83,619 )   30.5 %
Total stockholders' equity   574,527       564,458     1.8 %     567,748     1.2 %
Total liabilities and stockholders' equity $ 5,527,982     $ 5,511,752     0.3 %   $ 5,487,042     0.7 %
                   


Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)

                   
  Three Months Ended
  September 30,   June 30,   Percentage   September 30,   Percentage
   2019    2019    Change    2018    Change
Interest and dividend income:                  
Interest and fees on loans and leases $ 57,929   $ 56,872     1.9 %   $ 56,361     2.8 %
Interest on securities   3,769     3,770     -0.0 %     3,238     16.4 %
Dividends on FHLB stock   286     283     1.1 %     286     0.0 %
Interest on deposits in other banks   193     557     -65.4 %     151     27.8 %
Total interest and dividend income   62,177     61,482     1.1 %     60,036     3.6 %
Interest expense:                  
Interest on deposits   15,995     16,728     -4.4 %     11,694     36.8 %
Interest on borrowings   367     -     -       1,264     -71.0 %
Interest on subordinated debentures   1,757     1,764     -0.4 %     1,749     0.5 %
Total interest expense   18,119     18,492     -2.0 %     14,707     23.2 %
Net interest income before provision for loan and lease losses   44,058     42,990     2.5 %     45,329     -2.8 %
Loan and lease loss provision   1,602     16,699     -90.4 %     200     701.0 %
Net interest income after provision for loan and lease losses   42,456     26,291     61.5 %     45,129     -5.9 %
Noninterest income:                  
Service charges on deposit accounts   2,518     2,486     1.3 %     2,513     0.2 %
Trade finance and other service charges and fees   1,191     1,204     -1.1 %     1,128     5.6 %
Gain on sale of Small Business Administration ("SBA") loans   1,767     1,060     66.7 %     1,114     58.6 %
Servicing income   614     600     2.3 %     673     -8.8 %
Bank-owned life insurance income   279     281     -0.7 %     285     -2.1 %
Net gain on sales of securities   -     570     -100.0 %     19     -100.0 %
Other operating income   491     1,528     -67.9 %     483     1.7 %
Total noninterest income   6,860     7,729     -11.2 %     6,215     10.4 %
Noninterest expense:                  
Salaries and employee benefits   17,530     16,881     3.8 %       17,436     0.5 %
Occupancy and equipment   4,528     3,468     30.6 %     3,685     22.9 %
Data processing   2,410     2,140     12.6 %     1,745     38.1 %
Professional fees   2,826     1,983     42.5 %     1,626     73.8 %
Supplies and communications   726     649     11.9 %     805     -9.8 %
Advertising and promotion   927     945     -1.9 %     814     13.9 %
Other real estate owned expense   160     158     1.3 %     (441 )   -136.3 %
Other operating expenses   3,500     3,920     -10.7 %     3,338     4.9 %
Total noninterest expense   32,607     30,144     8.2 %     29,008     12.4 %
Income before provision for income taxes   16,709     3,876     331.1 %     22,336     -25.2 %
Provision for income taxes   4,333     1,220     255.2 %       6,255     -30.7 %
Net income $ 12,376   $ 2,656     366.0 %     $ 16,081     -23.0 %
Basic earnings per share: $ 0.40   $ 0.09         $ 0.50      
Diluted earnings per share: $ 0.40   $ 0.09         $ 0.50      
                   
Weighted-average shares outstanding:                  
Basic   30,830,445     30,685,301           32,155,132      
Diluted   30,859,119     30,727,681           32,275,277      
Common shares outstanding   31,173,881     30,975,163           32,087,236      
                   
                   
Hanmi Financial Corporation and Subsidiaries                  
Consolidated Statements of Income (Unaudited)                  
(In thousands, except share and per share data)                  
                   
  Nine Months Ended        
  September 30,   September 30,   Percentage        
   2019    2018    Change        
Interest and dividend income:                  
Interest and fees on loans $ 173,135   $ 161,643     7.1 %        
Interest on securities   10,996     9,541     15.2 %        
Dividends on FHLB stock   858     858     0.0 %        
Interest on deposits in other banks   1,085     398     172.6 %        
Total interest and dividend income   186,074     172,440     7.9 %        
Interest expense:                  
Interest on deposits   48,406     28,944     67.2 %        
Interest on borrowings   439     2,959     -85.2 %        
Interest on subordinated debentures   5,293     5,170     2.4 %        
Total interest expense   54,138     37,073     46.0 %        
Net interest income before provision for loan and lease losses   131,936     135,367     -2.5 %        
Loan and lease loss provision   19,418     949     1946.2 %        
Net interest income after provision for loan and lease losses   112,518     134,418     -16.3 %        
Noninterest income:                  
Service charges on deposit accounts   7,362     7,352     0.1 %        
Trade finance and other service charges and fees   3,519     3,449     2.0 %        
Gain on sale of Small Business Administration ("SBA") loans   3,752     3,970     -5.5 %        
Servicing income   1,572     1,755     -10.4 %        
Bank-owned life insurance income   840     819     2.6 %        
Net gain (loss) on sales of securities   1,295     (341 )   -479.8 %        
Other operating income   2,503     1,216     105.8 %        
Total noninterest income   20,843     18,220     14.4 %        
Noninterest expense:                  
Salaries and employee benefits   50,149     53,590     -6.4 %        
Occupancy and equipment   12,517     11,839     5.7 %        
Data processing   6,633     4,976     33.3 %        
Professional fees   6,459     4,210     53.4 %        
Supplies and communications   2,220     2,206     0.6 %        
Advertising and promotion   2,632     2,724     -3.4 %        
Other real estate owned expense   400     (116 )   -444.8 %        
Other operating expenses   10,807     8,845     22.2 %        
Total noninterest expense   91,817     88,274     4.0 %        
Income before provision for income taxes   41,544     64,364     -35.5 %        
Income tax expense   11,840     17,880     -33.8 %        
Net income $ 29,704   $ 46,484     -36.1 %        
                     
Basic earnings per share: $ 0.96   $ 1.44              
Diluted earnings per share: $ 0.96   $ 1.43              
                   
Weighted-average shares outstanding:                  
Basic   30,736,456     32,171,558              
Diluted   30,769,160     32,306,041              
Common shares outstanding   31,173,881     32,087,236              
                   


Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(In thousands, except ratios)

                       
  Three Months Ended
  September 30, 2019   June 30, 2019   September 30, 2018
    Interest Average     Interest Average     Interest Average
  Average Income / Yield /   Average Income / Yield /   Average Income / Yield /
  Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
Assets                      
Interest-earning assets:                      
Loans and leases receivable (1) $ 4,519,770   $ 57,929 5.08 %   $ 4,491,377   $ 56,872 5.08 %   $ 4,551,284   $ 56,361 4.91 %
Securities (2)   630,450     3,769 2.39 %     629,062     3,774 2.40 %     589,939     3,408 2.31 %
FHLB stock   16,385     286 6.93 %     16,385     283 6.93 %     16,385     286 6.93 %
Interest-bearing deposits in other banks   35,140     193 2.18 %     92,753     557 2.41 %     30,368     151 1.97 %
Total interest-earning assets   5,201,745     62,177 4.74 %     5,229,577     61,486 4.72 %     5,187,976     60,206 4.60 %
                       
Noninterest-earning assets:                      
Cash and due from banks   99,492           100,916           124,072      
Allowance for loan and lease losses   (49,762 )         (34,714 )         (32,172 )    
Other assets   210,142           203,870           173,589      
Total assets $ 5,461,617         $ 5,499,649         $ 5,453,465      
                       
Liabilities and Stockholders' Equity                      
Interest-bearing liabilities:                      
Deposits:                      
Demand: interest-bearing $ 82,665   $ 31 0.15 %   $ 83,932   $ 32 0.15 %   $ 92,090   $ 36 0.16 %
Money market and savings   1,555,639     6,180 1.58 %     1,541,975     6,083 1.58 %     1,377,739     4,011 1.16 %
Time deposits   1,692,419     9,784 2.29 %     1,863,686     10,613 2.28 %     1,687,827     7,647 1.80 %
Total interest-bearing deposits   3,330,723     15,995 1.91 %     3,489,593     16,728 1.92 %     3,157,656     11,694 1.47 %
Borrowings   74,239     367 1.96 %     59     - 0.00 %     240,054     1,264 2.09 %
Subordinated debentures   118,145     1,757 5.92 %     118,007     1,764 5.96 %     117,584     1,749 5.92 %
Total interest-bearing liabilities   3,523,107     18,119 2.04 %     3,607,659     18,492 2.06 %     3,515,294     14,707 1.66 %
Noninterest-bearing liabilities and equity:                      
Demand deposits: noninterest-bearing   1,300,704           1,257,184           1,323,688      
Other liabilities   71,631           66,053           29,846      
Stockholders' equity   566,175           568,753           584,637      
Total liabilities and stockholders' equity $ 5,461,617         $ 5,499,649         $ 5,453,465      
Net interest income (tax equivalent basis)   $ 44,058       $ 42,994       $ 45,499  
Cost of deposits     1.37 %       1.41 %       1.04 %
Net interest spread (taxable equivalent basis)     2.70 %       2.66 %       2.94 %
Net interest margin (taxable equivalent basis)     3.36 %       3.30 %       3.48 %
                       
                       
                       
(1)  Includes loans held for sale                      
(2)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.          
                       
                       


Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(In thousands, except ratios)


               
  Nine Months Ended
  September 30, 2019   September 30, 2018
    Interest Average     Interest Average
  Average Income / Yield /   Average Income / Yield /
  Balance Expense Rate   Balance Expense Rate
Assets              
Interest-earning assets:              
Loans and leases receivable (1) $ 4,514,707   $ 173,135 5.13 %   $ 4,426,369   $ 161,643 4.88 %
Securities (2)   616,503     11,141 2.41 %     590,062     10,087 2.28 %
FHLB stock   16,385     858 7.00 %     16,385     858 7.00 %
Interest-bearing deposits in other banks   60,240     1,085 2.41 %     30,526     398 1.74 %
Total interest-earning assets   5,207,835     186,219 4.78 %     5,063,342     172,986 4.57 %
               
Noninterest-earning assets:              
Cash and due from banks   103,098           123,680      
Allowance for loan and lease losses   (38,885 )         (32,175 )    
Other assets   193,944           174,685      
               
Total assets $ 5,465,992         $ 5,329,532      
               
Liabilities and Stockholders' Equity              
Interest-bearing liabilities:              
Deposits:              
Demand: interest-bearing $ 83,953   $ 93 0.15 %   $ 92,009   $ 72 0.10 %
Money market and savings   1,541,548     17,940 1.56 %     1,422,514     10,883 1.02 %
Time deposits   1,802,303     30,373 2.25 %     1,561,541     17,989 1.54 %
Total interest-bearing deposits   3,427,804     48,406 1.89 %     3,076,064     28,944 1.26 %
Borrowings   28,536     439 2.06 %     211,264     2,959 1.87 %
Subordinated debentures   118,006     5,293 5.97 %     117,455     5,170 5.86 %
Total interest-bearing liabilities   3,574,346     54,138 2.03 %     3,404,783     37,073 1.46 %
               
Noninterest-bearing liabilities:              
Demand deposits: noninterest-bearing   1,270,029           1,318,713      
Other liabilities   56,607           30,140      
Stockholders' equity   565,010           575,896      
               
Total liabilities and stockholders' equity $ 5,465,992         $ 5,329,532      
               
Net interest income (tax equivalent basis)   $ 132,081       $ 135,913  
               
Cost of deposits     1.38 %       0.88 %
Net interest spread (taxable equivalent basis)     2.75 %       3.11 %
Net interest margin (taxable equivalent basis)     3.39 %       3.59 %
               
               
(1)  Includes loans held for sale              
(2)  Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.  


Non-GAAP Financial Measures

Tangible Common Equity to Tangible Assets Ratio

Tangible common equity to tangible assets ratio is supplemental financial information determined by a method other than in accordance with U.S. generally accepted accounting principles (“GAAP”). This non-GAAP measure is used by management in the analysis of Hanmi’s capital strength. Tangible equity is calculated by subtracting goodwill and other intangible assets from stockholders’ equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of this financial measure excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital strength of Hanmi. This disclosure should not be viewed as a substitution for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following table reconciles this non-GAAP performance measure to the GAAP performance measure for the periods indicated:

Tangible Common Equity to Tangible Assets Ratio
(Unaudited)
(In thousands, except share, per share data and ratios)

                   
                   
  September 30,   June 30,   March 31,   December 31,   September 30,
Hanmi Financial Corporation  2019     2019     2019     2018     2018 
Assets $ 5,527,982     $ 5,511,752     $ 5,571,068     $ 5,502,219     $ 5,487,042  
Less goodwill and other intangible assets   (11,950 )     (12,028 )     (12,105 )     (12,182 )     (12,273 )
Tangible assets $ 5,516,032     $ 5,499,724     $ 5,558,963     $ 5,490,037     $ 5,474,769  
                   
Stockholders' equity (1) $ 574,527     $ 564,458     $ 564,292     $ 552,568     $ 567,748  
Less goodwill and other intangible assets   (11,950 )     (12,028 )     (12,105 )     (12,182 )     (12,273 )
Tangible stockholders' equity (1) $ 562,577     $ 552,430     $ 552,187     $ 540,386     $ 555,475  
                   
Stockholders' equity to assets   10.39 %     10.24 %     10.13 %     10.04 %     10.35 %
Tangible common equity to tangible assets (1)   10.20 %     10.04 %     9.93 %     9.84 %     10.15 %
                   
Common shares outstanding   31,173,881       30,975,163       30,860,533       30,928,437       32,087,236  
Tangible common equity per common share $ 18.05     $ 17.83     $ 17.89     $ 17.47     $ 17.31  
                   
                   
(1)  There were no preferred shares outstanding at the periods indicated.              


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