Hanmi Financial Corp. reported a hefty second quarter loss amid an aggressive effort to deal with its problem assets.
Before markets opened Tuesday, the Koreatown parent of Hanmi Bank said it lost $29.3 million (57 cents per share), compared to a loss of $9.5 million (21 cents) in the same quarter a year ago. The loss was due largely to $37.5 million loan loss provision.
Net interest income before provision for credit losses rose 14 percent from a year ago to $26.3 million.
The company’s assets declined to $2.91 billion after Hanmi sold $82.1 million of problem assets at a discount during the quarter.
“We are pleased with the progress we made in the second quarter of 2010 reducing the size of our problem assets while maintaining strong liquidity,” Chief Executive Jay S. Yoo said in a statement.
Hanmi, which had been ordered by regulators to raise its capital levels, recently completed a stock offering that brought in $120 million.
Shares were down 2 cents, or less than 2 percent, to $1.22 in afternoon trading.
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