Hanmi’s Net Income More Than Doubles
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Hanmi Financial Corp., parent of Los Angeles-based Hanmi Bank, reported $13.3 million in first-quarter net income, more than double year-earlier earnings of $6.4 million. Per-share earnings, affected by a 100% stock dividend paid in January, were 27 cents, compared with 22 cents a year earlier.
The bank’s president credited the jump in profit to economies of scale created by the bank’s acquisition of Pacific Union Bank in April 2004.
Net interest income rose to $31.7 million from $16.8 million a year earlier. Non-interest income rose 53%, primarily because of increased service charges on deposit accounts as a result of the merger.
Total assets increased to $3.14 billion from $1.76 billion, and total loans rose to $2.23 billion from $1.28 billion.
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-- Kathy M. Kristof
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