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Mar 31, 2020
Hanmi Q1 2020 Earnings Report
Hanmi Financial Corporation reported a net income of $2.4 million for Q1 2020.
Key Takeaways
Hanmi Financial Corporation reported a net income of $2.4 million, or $0.08 per diluted share, for the first quarter of 2020. The results reflect the challenges imposed by the COVID-19 crisis, with a significant provision for loan losses. The company is focused on supporting its employees, customers, and communities during this time.
Net income for Q1 2020 was $2.4 million, or $0.08 per diluted share, compared to $14.7 million, or $0.48 per diluted share for Q1 2019.
Net interest income was $44.0 million for Q1 2020, slightly up from $43.9 million for Q4 2019.
Credit loss expense was $15.7 million for Q1 2020, including a $7.4 million specific qualitative provision for the COVID-19 crisis.
Total assets increased to $5.62 billion at March 31, 2020, a 1.4% increase from $5.54 billion at December 31, 2019.