Hanmi Financial reports Q1 EPS 50c, consensus 52c

Reports Q 1 net interest income for the first quarter was $50.7M, down $2.4M, or 4.7%, from the fourth quarter of 2023, and net interest margin was 2.78% for the first quarter, down 14 basis points; the average yield on loans increased 12 basis points while the cost of interest-bearing deposits increased 33 basis points …”Our first quarter performance highlights the continued execution of our strategy of diversifying our loan portfolio and deposit franchise,” said Bonnie Lee, President and Chief Executive Officer of Hanmi. “Our relationship banking model enabled us to attract new customers, expanding our market share and driving a 6% annualized increase in deposits and a nearly 4% net increase in our C&I portfolio in the first quarter. We remained disciplined and selective in our underwriting practices, which have resulted in excellent asset quality.” “The Hanmi franchise is robust and well positioned to successfully navigate a dynamic economic environment. Our balance sheet is solid with ample liquidity, and we have strong credit quality and excellent capital ratios. Furthermore, we have a healthy loan pipeline, stable core deposits, and well-managed expenses. Looking ahead, we will continue to optimize our branch network through a consolidation of existing offices and by entering new markets this year. I am grateful to our team of highly skilled bankers who continually build enduring banking relationships with our customers and create value for our shareholders.”