Hanmi Financial reports Q2 EPS 67c, consensus 65c

Reports Q2 revenue $63.36M , consensus $64.10M. “Hanmi delivered solid results for the second quarter, reflecting our team’s steady execution of our relationship banking strategy during this period of rising interest rates and uncertain economic conditions,” said Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation. “These results were supported by healthy deposit growth, disciplined expense management and strong credit administration. “We grew deposits by 1.9% with solid contributions from both new and existing customers, a testament to the success of our relationship banking model. Importantly, our Corporate Korea initiative contributed significantly to new deposit growth in the quarter. Hanmi is uniquely positioned to capture greater market penetration as Korean corporations continue to expand their U.S. operations. As expected, our loan production year-to-date has been impacted by lower demand due to escalating interest rates. That said, we are encouraged that our loan pipeline began to grow as we entered the third quarter. Even so, we will continue to take a selective and disciplined approach to lending in the current environment with a focus on attractively priced loans and high-quality borrowers who also have a deposit relationship with Hanmi.”