Business
Hanmi Reports First Quarter 2020 Results
2020 First Quarter Highlights: Net income of $2.4 million, or $0.08 per diluted share, down from $3.1 million, or $0.10 per diluted share for the prior
About this update from Hanmi Financial Corporation
[{"type":"text","content":"2020 First Quarter Highlights: \n Net income of $2.4 million, or $0.08 per diluted share, down from $3.1 million, or $0.10 per diluted share for the prior quarter and down from $14.7 million or $0.48 per diluted share from the same quarter a year ago; 2020 first quarter results included credit loss expense of $15.7 million.Loans receivable of $4.54 billion, down 1.4% from the prior quarter and down 0.7% year-over-year reflecting the strategy of allowing residential mortgages to run-off and shifting the mix of the portfolio to higher-yielding loans; first quarter loan production up 16.0% from the same quarter last year.Deposits of $4.58 billion, down 2.5% from the prior quarter and down 4.9% year-over-year reflecting the decline in higher-costing time deposits; first quarter cost of interest-bearing deposits declined 19 basis points from the prior quarter.Credit loss expense, under the new accounting standard, was $15.7 million, compared with $10.8 million for the prior quarter; the allowance for credit losses stood at 1.46% of loans at March 31, 2020.Nonperforming assets were $52.3 million, or 0.93% of total assets at quarter-end, reflecting the charge-off of the previously identified troubled loan relationship.Net interest income was $44.0 million for the first quarter compared with $43.9 million for the previous quarter; net interest margin increased to 3.36% compared with 3.32% for the prior quarter.Noninterest income was $6.2 million, down from $6.7 million for the previous quarter; gains on sales of SBA loans were $1.2 million and $1.5 million, respectively for the same time periods.Noninterest expense was $31.1 million, down 8.9% from the previous quarter that included a $1.7 million impairment charge on bank premises to be sold; the efficiency ratio for the quarter was 61.89%.Hanmi’s response to the COVID-19 crisis includes $156.8 million of loans funded to-date through the Paycheck Protection Program, which commenced on April 3, 2020. LOS ANGELES, April 30, 2020 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported net income for the 2020 first quarter of $2.4 million, or $0.08 per diluted share, compared with $3.1 million, or $0.10 per diluted share for the 2019 fourth quarter and $14.7 million, or $0.48 per diluted share for the 2019 fi...