Hanmi Ups Loss Estimate, Shares Plunge

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Shares in Hanmi Financial Corp. plummeted Wednesday after the company said it expects a decline in third-quarter earnings as it increases the amount of money it set aside to cover potentially bad loans for the quarter.


The Los Angeles-based business banking services provider said third-quarter results would be at least 30 percent, or 11 cents per share, lower than the 36 cents per share reported for the same period a year earlier.


Hanmi added that it expects to record losses of at least $7.5 million, but also said that it is still determining the exact amount and subsequently postponed its original reporting date for earnings from Oct. 25 to Nov. 6.


Shares in Hanmi closed down 23 percent, or $3.47, to a new 52-week low of $11.37 in trading Wednesday on the Nasdaq.

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