Hanmi Financial reports Q3 EPS 62c, consensus 62c

Noninterest income for the third quarter was $11.2M, up 41.5% from the second quarter, primarily reflecting a $4M gain on the sale-and-leaseback of a branch property; noninterest expense for the third quarter was $34.2M down 0.1% sequentially and the efficiency ratio for the third quarter was 51.82%.Our team successfully navigated another quarter of economic uncertainty and higher interest rates to deliver solid third quarter results that reflect the strength of our franchise and the success of our relationship banking model,” said Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation. “Our focus on our core customers where we obtain and have both a lending and deposit relationship continues to serve us well as evidenced by our strong level of demand deposit accounts, a stable deposit base and solid loan production. “While we continue to take a disciplined and selective approach to lending, third quarter loan production increased, reflecting a contribution from nearly all of our business lines, as well as meaningful increases in new loan yields. Importantly, our asset quality remains excellent, which we attribute to the strength of our direct customer relationships and our proactive approach to credit administration