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Hanmi Financial Corp. (HAFC)
NASDAQ:HAFC
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Earnings Data
Report Date
Jan 28, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.52Last Year’s EPS
$0.61Same Quarter Last Year
Moderate Buy
Based on 5 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 22, 2024
|% Change Since: 19.94%
|Next Earnings Date:Jan 28, 2025
Earnings Call Sentiment|Positive
The earnings call highlighted strong loan and deposit growth, successful execution of strategic initiatives, and solid asset quality. However, there were some challenges with loan migrations to special mention and the closure of a branch. The positive aspects, particularly in loan production and net interest margin improvement, outweigh the negatives.Company Guidance
During Hanmi Financial Corporation's third quarter 2024 earnings call, the company reported a net income of $14.9 million, or $0.49 per diluted share, achieving a return on average assets of 0.79% and a return on average stockholder's equity of 7.55%. The net interest margin expanded by 5 basis points to 2.74%, driven by higher yields on interest-earning assets and lower funding costs. Total loans increased by 2% sequentially, with new loan production rising by 27%, highlighted by a 26% increase in commercial real estate loans, a 78% increase in commercial and industrial loans, and a 35% increase in residential loans. Deposits grew by 1.2%, with noninterest-bearing deposits rising nearly 5% and money market and savings accounts increasing by 3.5%. The company also continued to sell residential mortgage loans, totaling $21 million in the quarter, to diversify revenue and manage its balance sheet. Hanmi's corporate Korea initiative saw a 6.1% sequential growth in loans, and the company is preparing to open a representative office in Seoul, South Korea, to support this strategic growth initiative.Strong Loan and Deposit Growth
Total loans grew 2% sequentially, with new loan production increasing by 27%. Deposits grew by 1.2%, led by a nearly 5% increase in noninterest-bearing deposits.
Record Loan Production
Loan production reached $348 million, up 27% from the second quarter, driven by a 26% increase in commercial real estate, a 78% increase in commercial and industrial, and a 35% increase in residential loan production.
Corporate Korea Initiative Success
Corporate Korea loans grew 6.1% sequentially, driven by an 89% increase in loan production to $103.8 million. Corporate Korea represents 14.5% of the total loan portfolio.
Improved Net Interest Margin
Net interest margin expanded by 5 basis points to 2.74%, with net interest income increasing by 2.9% from the second quarter.
Solid Asset Quality
Credit quality remains strong with a minor increase in the allowance for credit losses ratio to 1.11% and successful resolution of criticized and nonaccrual loans.
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HAFC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HAFC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 22, 2024 | $19.91 | $21.32 | +7.08% |
| Jul 23, 2024 | $20.20 | $18.94 | -6.24% |
| Apr 23, 2024 | $15.02 | $14.54 | -3.20% |
| Jan 23, 2024 | $17.49 | $15.84 | -9.43% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Hanmi Financial Corp. (HAFC) report earnings?
Hanmi Financial Corp. (HAFC) is schdueled to report earning on Jan 28, 2025, TBA Not Confirmed.
What is Hanmi Financial Corp. (HAFC) earnings time?
Hanmi Financial Corp. (HAFC) earnings time is at Jan 28, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HAFC EPS forecast?
HAFC EPS forecast for the fiscal quarter 2024 (Q4) is $0.52.
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