The following is a summary of the Hanmi Financial Corporation (HAFC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hanmi Financial reported net income of $15 million or $0.50 per diluted share in Q1 2024, with return on average assets at 0.81% and return on average stockholders' equity at 7.9%.

• Saw a 0.4% increase in loan growth and a substantial 16% rise in non-interest income.

• Net interest income for the quarter came in at $50.7 million, a decline by 4.7% from the previous quarter, and net interest margin dropped 14 basis points to 2.78%.

• There was a 3.5% increase in non-interest expenses, amounting to $36.4 million.

Business Progress:

• The company experienced a substantial 6% annualized deposit growth, driven by its relationship banking model.

• Criticized and nonperforming loans declined by 11% and 9% respectively from the previous quarter, indicating improving credit quality.

• Hanmi's Corporate Korea initiative continues to steadily expand, accounting for approximately 14% of total loans and 13% of total deposits.

• The company consolidated three of its branches and plans to introduce a new branch in Atlanta later this year, indicative of strategic expansion efforts.

• Hanmi began residential mortgage sales as part of a strategy to manage balance sheet and diversify revenue, with a goal to sell around $30 million worth of loans per quarter.

• A continued repurchase of shares occurred, with the intent to continue this trend considering the current devaluation of its currency.

More details: Hanmi Financial IR

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