Hanmi Financial Reports Lower Q4 Profit - Quick Facts

(RTTNews) - Hanmi Financial Corp. (HAFC), the holding company for Hanmi Bank, reported fourth-quarter net income of $10.0 million, or $0.31 per share, compared to $14.0 million, or $0.44 per share, last year. The company's prior year quarter results included a $5.5 million gross benefit from the reversal of a deferred tax asset valuation allowance.

During the fourth quarter, Hanmi incurred costs associated with reviews of strategic transactions in the amounts of $730 thousand or $0.015 per share after tax. Excluding this, earnings per share would have been $0.33 for the fourth quarter of 2013.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.32 for the quarter. Analysts' estimates typically exclude special items.

Net interest income before provision for credit losses increased to $27.59 million, from $26.43 million, a year ago. Total non-interest income was $7.58 million, compared to $7.47 million, last year. Analysts expected revenue of $35.24 million for the quarter.