Hanmi Financial Corp. of Los Angeles said it expects to post losses for the fourth quarter and the full year, because of a goodwill impairment charge of at least $70 million.
The $4 billion-asset Hanmi said in a Securities and Exchange Commission filing Friday that the charge primarily is a result of a decline in goodwill value accumulated after the 2004 acquisition of the $1.1 billion-asset Pacific Union Bank of Los Angeles.
A number of banking and thrift companies took goodwill impairment charges for the fourth quarter to reflect the declining value of past acquisitions. To date publicly traded banks and thrifts have reported $4.2 billion of such charges, according to data compiled by SNL Financial LC.
Hanmi said it would amend its fourth-quarter call report to reflect its impairment charge and a $2.7 million increase in its loan-loss provision. It said it expects to announce its fourth-quarter and full-year results Tuesday.
For 2006 it reported net income of $17.3 million for the fourth quarter and $65.6 million for the year.
Hanmi's shares rose 2.2% Friday, to $8.56.
