Hanmi Bank 3rd Quarter Net Income reached $23.7 million, powered by improvements in the net interest margin (NIM) and an increase in deposits, according to its parent company, Hanmi Financial (led by CEO Bonnie Lee).
On October 27, Hanmi Financial filed its third-quarter financial results with the Securities and Exchange Commission (SEC), announcing a net income of $23.7 million and a diluted earnings per share (EPS) of 80 cents.
Compared to the previous quarter’s net income of $23.5 million and EPS of 79 cents, net profit increased by 0.8% and EPS rose by 1 cent.
Supported by this earnings growth, total assets reached $8.04379 billion, marking a 2.4% increase compared to the same period last year.
Profitability indicators showed a return on assets (ROA) of 1.17% and a return on equity (ROE) of 10.90%, both seeing slight declines compared to the previous quarter’s 1.20% and 11.09%, respectively.
Net interest income, the core revenue driver, recorded $67.6 million, up 5.8% from the previous quarter. The NIM stood at 3.44%, rising 8 basis points (1bp = 0.01%p) from the previous quarter. Margin improvement was largely driven by a 13-basis-point increase in average loan yields, while the average interest-bearing deposit rate rose by only 1 basis point.
Total deposits at the end of the third quarter stood at $7.06 billion, up 1.4% from the previous quarter, while total loans increased by 0.5% to $6.57 billion.
