Hanmi Financial Corporation Announces Redemption of Subordinated Notes Due March 30, 2027
Hanmi Financial Corporation (NASDAQ: HAFC) announced a notice of redemption for its 5.45% Subordinated Notes due March 30, 2027, totaling $100 million. The redemption will happen on March 30, 2022, funded partly from a previous subordinated debt offering. Each note will be redeemed at 100% of the principal plus accrued interest, which will cease post-redemption. Hanmi expects a pre-tax charge of $1.1 million for unamortized debt issuance costs associated with these notes.
- Successful redemption of $100 million of Subordinated Notes enhances financial stability.
- Redemption funded partly by a previous subordinated debt offering, indicating strong liquidity management.
- Pre-tax charge of $1.1 million for unamortized debt issuance costs could impact financial results.
LOS ANGELES, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the holding company for Hanmi Bank, today announced that it has issued a notice of redemption for its
The redemption price for each of the 2027 Subordinated Notes will equal
Upon the redemption, Hanmi will recognize a pre-tax charge of
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 eight 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
Hanmi Financial Corporation (the “Company”) cautions investors that any statements contained herein that are not historical facts are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, those statements regarding operating and financial performance, financial position and liquidity, business strategies, regulatory, economic and competitive conditions, changes in the interest rate environment, legislative, accounting and regulatory changes, changes in the quality of our loan and securities portfolios, investment and expenditure plans, capital and financing needs and availability, litigation, plans and objectives, merger or sale activity, the effects of COVID-19 on our business, financial condition and results of operations, and all other forecasts and statements of expectation or assumption underlying any of the foregoing. These statements involve known and unknown risks and uncertainties that are difficult to predict. Investors should not rely on any forward-looking statement and should consider risks, such as changes in governmental policy, legislation and regulations, economic climate uncertainty, fluctuations in interest rate and credit risk, competitive pressures, the ability to succeed in new markets, balance sheet management, the ability to identify and remediate any material weakness in internal controls over financial reporting, and other operational factors.
Further, given its ongoing and dynamic nature, it is difficult to predict the continuing impact of the COVID-19 pandemic on our business, financial condition and results of operations. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated. As the result of the COVID-19 pandemic and the related adverse local and national economic consequences, we could be subject to various risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations.
Forward-looking statements are based upon the current beliefs and expectations of management as of this date only and are further subject to additional risks and uncertainties, including, but not limited to, the risk factors set forth in our earnings release dated January 25, 2022, including the section titled “Forward Looking Statements” and the Company’s most recent Form 10-K, 10-Q and other filings with the Securities and Exchange Commission (“SEC”). Investors are urged to review our earnings release dated January 25, 2022, including the section titled “Forward Looking Statements” and the Company’s SEC filings. The Company disclaims any obligation to update or revise the forward-looking statements herein.
Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636
Matthew Keating, CFA
Investor Relations / Financial Profiles
310-622-8230
FAQ
What is the redemption amount for Hanmi's Subordinated Notes?
When is the redemption date for Hanmi Financial's Subordinated Notes?
What financial impact will Hanmi face due to the redemption?
How will Hanmi fund the redemption of its Subordinated Notes?
What will happen to the interest on the Subordinated Notes after redemption?
