Hanmi Financial ( (HAFC) ) has released its Q4 earnings. Here is a breakdown of the information Hanmi Financial presented to its investors.
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Hanmi Financial Corporation operates as the parent company of Hanmi Bank, specializing in real estate, commercial, SBA, and trade finance lending to small and middle market businesses across multiple U.S. states. Headquartered in Los Angeles, California, Hanmi Bank serves multi-ethnic communities through its network of branches and loan production offices.
In its latest financial report, Hanmi Financial Corporation reported a net income of $17.7 million for the fourth quarter of 2024, marking an 18.8% increase from the previous quarter. For the full year, the company recorded a net income of $62.2 million, down from $80.0 million in 2023, indicating a challenging year despite a strong finish.
Key financial highlights include a 6.8% increase in net interest income for the fourth quarter, driven by a decrease in interest expense on deposits. The company also reported a significant improvement in asset quality, with nonperforming assets reducing to 0.19% of total assets. Loan production for the quarter amounted to $339.0 million, maintaining stable loan receivables.
Hanmi’s deposit base grew by 0.5% in the fourth quarter, with noninterest-bearing demand deposits representing 32.6% of total deposits. The company’s capital ratios remained strong, supporting its growth strategy and positioning it well for future expansion.
Looking ahead, Hanmi Financial Corporation’s management remains optimistic about executing its growth strategy, leveraging its strong capital foundation and relationship-driven banking model to deliver long-term value to shareholders.
