Hanmi Financial Corporation (NASDAQ:HAFC) Q4 2014 Earnings Conference Call - Final Transcript
Feb 05, 2015 • 04:30 pm ET
Ladies and gentlemen, welcome to the Hanmi Financial Corporation's Year-End 2014 Conference Call. As a reminder, today's call is being recorded for replay purposes. (Operator Instructions) I would now like to introduce Ms. Christina Lee, First Vice President of Investor Relations and Corporate Strategy. Please go ahead.
Christina C. Lee
President of Hanmi Bank and Senior Strategy Officer of Hanmi BankThank you, Adam, and thank you for all joining us today. With me to discuss Hanmi Financial's full year 2014 highlights are C.G. Kum, our President and Chief Executive Officer, Bonnie Lee, Chief Operating Officer, Michael McCall, Chief Financial Officer. Mr. Kum will begin with an overview of the full year 2014 and Mr. McCall will then provide more details on our operating performance and credit quality. At the conclusion of the prepared remarks, we'll open the session for questions.
()For some factors that may cause our results to differ from our expectations, please refer to our SEC filings, including our most recent Form 10-K and 10-Qs. In particular, we direct you to the discussion in our 10-K of certain risk factors affecting our business. This morning, Hanmi Financial issued a news release outlining our financial results for the full year 2014, which can be found on our website at hanmi.com.
I'll now turn the call over to Mr. Kum.
Chong Guk Kum
Thank you, Christina. Good afternoon, everyone. We want to thank all of you for joining us today to discuss our 2014 full year results. We also want to thank you for patiently waiting for the scheduling of this call to enable us to record adjustments to our provisional purchase accounting estimates. Michael McCall will shortly discuss the 2014 earnings and the impact of upward adjustment to $14.6 million to provision of buying and purchase gain associated with the acquisition of Central Bancorp, Inc.
2014 was a transformative year for Hanmi highlighted by the closing of Central Bancorp, Inc., purchased on August 31, 2014. With the acquisition complete, we currently have 49 banking offices and 5 loan production offices serving communities in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado and Washington. We ended 2014 with
Chong Guk Kum
approximately $4.2 billion in assets, $2.8 billion in gross loans and $3.6 billion in deposits. As a result, Hanmi now has the leading deposit market share among Korean-American banks in Illinois and Texas, along with substantial market shares in California and Virginia. Importantly, Hanmi is the first Korean-American bank to add to its core Korean-American customer base by expanding into broader Asian and mainstream communities. Geographic and customer diversification that has resulted from the CBI acquisition enables us to have additional growth levers to pull to continue our growth trajectory.
We are quite pleased with our operational achievements of 2014 and are confident that the momentum we carry into 2015 positions us well for future growth.
Looking at our 2014 full year results which reflect 8 months of standalone operations of legacy Hanmi and 4 months of combined operations following the completion of the acquisition, we reported net