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Dec 31, 2021
Hanmi Q4 2021 Earnings Report
Reported strong earnings, record loan production, and significant improvements in asset quality.
Key Takeaways
Hanmi Financial Corporation reported strong Q4 2021 results with a net income of $33.3 million, driven by record loan production and improvements in asset quality. The quarter included a recovery of credit loss expense of $16.0 million, reflecting a $9.1 million recovery from a loan charge-off in the previous year, and a $2.7 million benefit from a decrease in the valuation allowance for deferred tax assets.
Net income for the fourth quarter of 2021 was $33.3 million, or $1.09 per diluted share.
A recovery of credit loss expense of $16.0 million was recorded, including a $9.1 million recovery from a loan charge-off.
New loan production reached a record high of $625.1 million.
Deposits grew, driven by increases in money market and savings deposits and noninterest-bearing demand deposits.
Hanmi
Hanmi
Forward Guidance
Hanmi is focused on executing its strategic plan to drive disciplined growth and deliver attractive returns and long-term value for its shareholders.