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Jun 30, 2020
Hanmi Q2 2020 Earnings Report
Reported a significant increase in net income driven by solid loan growth and strong deposit gathering activities, despite the challenging operating environment due to the COVID-19 pandemic.
Key Takeaways
Hanmi Financial Corporation reported a net income of $9.2 million, or $0.30 per diluted share, for the second quarter of 2020. This represents a significant increase compared to the previous quarter and the same quarter last year. The performance was highlighted by solid loan growth and strong deposit gathering activities, including participation in the SBA's Paycheck Protection Program.
Net income for the second quarter of 2020 was $9.2 million, or $0.30 per diluted share.
Loan production increased by $281.7 million year-over-year, driven by new loans and Paycheck Protection Program loans.
Noninterest-bearing demand balances grew 36.5% in the quarter, leading to a 13.7% increase in total deposits.
The company's capital far exceeded the minimum thresholds to be deemed well-capitalized, with strong regulatory capital ratios.