Loading...
•
Sep 30, 2021
Hanmi Q3 2021 Earnings Report
Reported a record net income and solid loan production, driven by strategic initiatives and strong credit management.
Key Takeaways
Hanmi Financial Corporation reported a record net income of $26.6 million for the third quarter of 2021, or $0.86 per diluted share, compared to $16.3 million, or $0.53 per diluted share for the third quarter of 2020. New loan production reached $500 million, nearly two times higher than the previous year, and deposits increased solidly, driven primarily by noninterest-bearing demand deposits. The company also saw improvement in asset quality, with nonperforming assets declining significantly.
Net income for Q3 2021 reached a record $26.6 million, or $0.86 per diluted share.
New loan production was $500 million, nearly double the amount from a year ago.
Nonperforming assets decreased by 58.4% from the prior quarter, representing 0.32% of total assets.
A $7.2 million recovery of credit loss expense was recorded, reflecting positive asset quality trends.
Hanmi
Hanmi
Forward Guidance
Hanmi anticipates a strong finish to the year, building on the momentum from the third quarter.