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The $23.3 billion-asset company reported Wednesday a second-quarter profit of $74 million, 5% higher than the second quarter of 2012.
July 18 -
Hanmi Financial announced Wednesday that it has hired an advisor to help it explore strategic alternatives. Observers say the recovered lender could be a hot ticket, fetching between $16 to $20 per share.
January 10
East West Bancorp (EWBC) in Pasadena, Calif., reported a small rise in quarterly profit because of loan growth.
The $24.5 billion-asset company said Wednesday that its earnings rose 3% from a year earlier, to $73.2 million. Earnings per share were 53 cents were a penny below estimates from analysts polled by Bloomberg expected.
Net interest income rose 15% from a year earlier, to $254 million, as loans receivable rose 19% from the third quarter of last year, to $17.2 billion. Deposits increased by 15% from a year earlier, to $20.4 billion. East Wests net interest margin compressed by 51 basis points from a year earlier, to 3.44%.
East West recorded a noninterest loss of $41.4 million, compared with noninterest income of $2.8 million a year earlier. The loss was due to a reduction in its Federal Deposit Insurance Corp.indemnification asset. Fee revenue was strong, as branch fees, loan fees and fees from letters of credit all increased.
The loan-loss provision fell 66% from a year earlier, to $4.5 million. Net chargeoffs fell to $334,000, compared to $10.6 million a year earlier.
Noninterest expense fell less than 1% from a year earlier, to $100.4 million.
East West agreed last month to pay
