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Hanmi Financial unable to submit Form 10-Q with SEC on time

Los Angeles-based Hanmi Financial Corp. was unable to file its Form 10-Q with the Securities and Exchange Commission on time for the quarter ended June 30 due to its ongoing evaluation of a credit relationship classification.

The company and its auditor are determining how to classify a $40.7 million credit relationship, which consists of a $28.0 million construction loan and a $12.7 million business loan, and the related adjustment to the allowance for loan and lease losses that could affect the financial statements to be included in the Form 10-Q. Hanmi Financial also raised the possibility of an internal control deficiency, which is primarily related to construction lending and could affect prior periods.