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Sep 30, 2020
Hanmi Q3 2020 Earnings Report
Hanmi's net income greatly expanded due to lower deposit costs, moderated credit loss expense, a return to SBA loan sales and careful management of noninterest expense.
Key Takeaways
Hanmi Financial Corporation reported a net income of $16.3 million, or $0.53 per diluted share, for the third quarter of 2020, compared to $9.2 million, or $0.30 per diluted share for the second quarter of 2020 and $12.4 million, or $0.40 per diluted share for the third quarter of 2019.
Net income for the third quarter of 2020 was $16.3 million, or $0.53 per diluted share.
Modified loans declined to approximately 12% of the portfolio as of the end of the third quarter, down from 29% at the end of the prior quarter.
New loan production totaled $256.6 million at an average rate of 4.57%.
The company hired key executives to enhance residential mortgage origination capabilities and accelerate the digitization of the banking platform.
Hanmi
Hanmi
Forward Guidance
The company remains committed to supporting customers, prioritizing the health and safety of employees and communities, and emerging from the pandemic well-positioned to drive profitable, sustainable growth and maximize value for shareholders.