Business
Hanmi Reports 2024 Second Quarter Results
LOS ANGELES, July 23, 2024 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today
About this update from Hanmi Financial Corporation
[{"type":"text","content":"LOS ANGELES, July 23, 2024 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported financial results for the second quarter of 2024. Net income for the second quarter of 2024 was $14.5 million, or $0.48 per diluted share, compared with $15.2 million, or $0.50 per diluted share, for the first quarter of 2024. The return on average assets for the second quarter of 2024 was 0.77% and the return on average equity was 7.50%, compared with a return on average assets of 0.81% and the return on average equity of 7.90% for the first quarter of 2024. CEO Commentary “Our second quarter results demonstrate that while the economic environment has been challenging, we are observing improved business activity and stabilizing margin pressure,” said Bonnie Lee, President and Chief Executive Officer of Hanmi. Our relationship banking model has enabled us to attract new customers, resulting in 17% quarterly growth in loan production as well as growth in demand deposit accounts, further expanding our market share. Importantly, our rigorous underwriting practices continue to generate excellent asset quality.\" “As we look to the second half of 2024, we are progressing with a robust balance sheet, ample liquidity and strong capital ratios. We continue to prioritize our customers by enhancing their Hanmi experience through strategic technology investments, which are also enabling us to achieve operational efficiencies. Finally, our prudent expense and credit management has positioned Hanmi to capitalize on the growth opportunities ahead. I am thankful to our team of bankers and support staff who continue to foster meaningful relationships with our customers and enhance our franchise value.” Second Quarter 2024 Highlights: Second quarter net income was $14.5 million, or $0.48 per diluted share, compared with $15.2 million, or $0.50 per diluted share for the first quarter of 2024. The decline in net income reflects lower net interest income, and a higher credit loss expense, partially offset by lower noninterest expenses.Loans receivable were $6.18 billion at June 30, 2024, essentially unchanged from the end of the first quarter of 2024; loan production for the second quarter was $273.9 million with a weighted average interest rate of 8.31%.Deposits were $6.33 billion at J...