Hanmi Financial Q2 2024 Earnings Call Transcript

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Provided by Quartr
July 23, 2024

There are 9 speakers on the call.

Operator

gentlemen, welcome to Henley Financial Corporation's Second Quarter 2024 Conference Call. As a reminder, today's call is being recorded for replay purposes. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. Now, I would like to turn the call over to Ben Brokowitz, Investor Relations for the company.

Operator

Please go ahead.

Speaker 1

Thank you, Joe, and thank you all for joining us today to discuss Hamdi's Q2 2024 results. This afternoon, Omni issued its earnings release and quarterly supplemental slide presentation to accompany today's call. Both documents are available in the IR section of the company's website at homni.com. I'm here today with Bonnie Lee, President and Chief Executive Officer of Omni Financial Corporation Anthony Kim, Chief Banking Officer and Ron Santarosa, Chief Financial Officer. Bonnie will begin today's call with an overview, Anthony will discuss loan and deposit activities, Ron will provide details on our financial performance, and then Bonnie will provide closing comments before we open the call up for your questions.

Speaker 2

Before we begin, I would like

Speaker 1

to remind you that today's comments may include forward looking statements under the federal securities laws. Forward looking statements are based on current plans, expectations, events and financial industry trends that may affect the company's future operating results and financial position. Our results our actual results may differ materially from those contemplated by our forward looking statements, which involve risks and uncertainties. Discussion of the factors that could cause our actual results to differ materially from these forward looking statements can be found in our SEC filings, including our reports on Forms 10 ks and 10 Q. In particular, we direct you to the discussion of certain risk factors affecting our business contained in our earnings release, our investor presentation and in our Form 10 Q.

Speaker 1

With that, I would now like to turn the call over to Bonnie Lee. Bonnie, please go ahead.

Speaker 3

Thank you, Ben. Good afternoon, everyone. Thank you for joining us today to discuss our Q2 2024 results. Hanmi delivered solid results in the Q2, notwithstanding a challenging banking environment. Our team continues to execute our strategy well, always staying true to our core relationship banking model, and we remain focused on diversifying and expanding our loan portfolio and deposit franchise.

Speaker 3

This 2 pronged approach enabled us to expand our market share further during the Q2. Here are some highlights of the Q2. Net income was $14,500,000 or $0.48 per diluted share. Our return on average assets was 0.77 percent and then return on average stockholders' equity was 7.5%. New loan production increased by 17% quarter over quarter.

Speaker 3

Importantly, our asset quality metrics have remained consistently strong. Demand deposits grew 1.4% from the prior quarter and now comprise 31% of total deposits. Non interest income increased by 4.2% from the Q1. And finally, non interest expense declined 3.2%, primarily driven by a decrease in salaries and benefits from seasonally lower employer taxes and capitalized labor costs associated with our investment in a new loan origination system. Looking in more detail at the 17% increase in our new loan production, Of a particular note was the 77% increase in SBA loan production attributable to increased business activity and our investments in talented bankers.

Speaker 3

Additionally, C and I production increased by 16% on a sequential basis and 62% year over year, which contributed to a 3.6% increase in C and I portfolio. While loan production was strong, loans were flat compared to the Q1 due to a higher level of payouts and the continued sales of residential mortgage loans. Deposits were relatively stable. On an encouraging note, we grew demand deposit accounts by 5.6% on an annualized basis and we are seeing margin stabilization. During the Q2, we grew non interest income and employed rigorous expense management.

Speaker 3

Turning to asset quality, we continue to exercise stringent credit management during this quarter. As a result, our asset quality remains excellent, with the current size loans declining by over 17% compared to the Q1. Additionally, net charge offs continued to be low at 12 basis points of average loans annualized. For the 2nd consecutive quarter, we sold residential mortgage loans into the secondary market. We also sold SBA loans during the quarter and both actions supplemented our non interest income.

Speaker 3

We anticipate capitalizing an opportunity to sell more residential mortgage loans contingent on market conditions. This will further diversify our revenue base and enhance our balance sheet. I'm also pleased to report that our strategic growth initiatives are bearing fruit. Our expectations with an increasing number of customer referrals. This serves as a strong sign of confidence in our team's capabilities.

Speaker 3

In the Q2, corporate Korea production was slightly higher than the Q1 at $55,000,000 $58,000,000 in new deposits. Corporate Korea currently represents approximately 14% of our total loans and 14% of our total deposits. Our SBA loan production reached $55,000,000 exceeding our quarterly production target of $40,000,000 to $45,000,000 Going forward, we expect production to be more in line with this quarterly target. During the Q2, we completed the consolidation of 3 branch locations, which Bonnie and Ron will discuss later. As a reminder, these actions are integral part of our strategy to maximize growth and generate cost savings.

Speaker 3

We will continue to evaluate future opportunities to optimize our branch footprint. Finally, as a part of continued investment in people, process and technology to support our growth, we completed a more than a year long effort to implement a new loan origination system. This new system offers well rounded solution where all of our lending processes now occurred under one and enhance the customer experience through loan origination. And enhance the customer experience through loan origination. I'll now turn the call over to Anthony Kim, our Chief Banking Officer, to discuss the Q2 loan production and deposit activity in more detail.

Speaker 3

Anthony?

Speaker 4

Thank you, Bonnie. Thank you all for joining us today. I'll begin by providing additional details on our loan production. 2nd quarter loan production was $274,000,000 up $40,000,000 or 17% from the 1st quarter with a weighted average interest rate of 8.31% compared to 8.02% last quarter. The increase in loan production was primarily due to an increase in commercial real estate, C and I and SBA, while residential mortgages declined from the 1st quarter levels.

Speaker 4

We remain disciplined with our underwriting as we pursue high quality loans that meet our standards in the current rate environment. CRE production was 88 $1,000,000 up from $60,000,000 in the first quarter due to increased volume in California and the Northeast. The high interest rate environment continues to impact the traditional and refinancing activity. We remain pleased with the quality of our CRE portfolio. It has a weighted average loan to value ratio of approximately 50% and a weighted average debt service coverage ratio of 2.2x.

Speaker 4

SBA loan production increased to $55,000,000 in the 2nd quarter, up from $31,000,000 in the Q1. This production increase reflects the marketing talent we have added to the team and the growth we are driving with the small businesses across our markets. Production in C and I during the Q2 was 59,000,000 dollars an increase of $8,000,000 or 16%. The increase was driven by strong demand from the corporate Korea, which represented $35,000,000 or 59 percent of total C and I loan production during the quarter. Total commitments for our commercial lines of credit were over $1,200,000,000 in the second quarter, up 15% on an annualized basis.

Speaker 4

Outstanding balances grew by 8%, resulting in an utilization rate of 41%, up from 40% last quarter. Residential mortgage loan production was $30,000,000 for the 2nd quarter, down 43% from the previous quarter due to lower demand for purchase transactions and this higher interest rate environment. Most of our current lending opportunities continue to be in the purchase market as refinance activity remains subdued. Residential mortgage loan represented over 15% of our total loan portfolio, the same as 1 year ago. As Bonnie noted, during the Q1, we sold approximately $20,000,000 of residential mortgages from our portfolio and are currently exploring additional portfolio sales depending on market conditions.

Speaker 4

With respect to corporate Korea, we again saw healthy demand from these customers who accounted for $55,000,000 of total loan production, which includes approximately $35,000,000 of C and I production. Our efforts to expand and grow these relationships are continuing to bear fruit. USKC loan balances were $865,000,000 up $30,000,000 or 4% from the 1st quarter and represents approximately 14% of our total loan portfolio. Turning to deposits. In the 2nd quarter, deposits were down 0.7% from the previous quarter, although our demand deposit accounts grew 1 point 4% or 5.6 percent annualized over the same period.

Speaker 4

We continue to expand our partnership base with our corporate Korea clients with a deposit production of $58,000,000 in the quarter. Our team is making a good progress in adding new relationships that we believe can grow over time. At quarter end, corporate Korea deposits represented 14% of our total deposits and 16% of our demand deposits. The competition of our deposit base remains relatively stable, which reflects the success of our relationship packing model. During the Q2, our mix of non interest bearing demand deposits increased from 30% to 31%.

Speaker 4

We completed consolidation of 3 branches in May and this was executed successfully with no discernible impact on deposits. We'll continue to evaluate the branch network to optimize our footprint. And now I'll hand the call over to Ron Santorosa, our Chief Financial Officer, for more details on our Q2 financial results.

Speaker 2

Thank you, Anthony. Net interest income for the 2nd quarter was $48,600,000 down 4% from the Q1. This decline was principally due to an 11 basis point increase in the cost of our interest bearing deposits. This increase also led to a 9 basis point decline in our net interest margin that was 2.69% on a taxable equivalent basis for the 2nd quarter. Reviewing our net interest margin as it unfolded for the first half of the year, we saw an uptick in June, which may be an inflection point indicating a directional change in the trend.

Speaker 2

Looking forward, we see that the amount of time deposit maturities for the Q3 is somewhat low and that the average rate paid for those maturities is not that far from our current rates. In addition, the cost of interest bearing deposits for July to date is only about 2 basis points higher than our Q2 average. Importantly, the average rate of our new loan production continues to exceed 8%. In summary, recognizing that 1 month does not make a trend, our net interest margin expanded at the end of the second quarter, hopefully indicating a positive inflection into the Q3. Turning to non interest income, revenues were $8,100,000 up 4.2% from the Q1.

Speaker 2

For the 2nd consecutive quarter, we had gains from the sale of residential mortgages and although the gain was $78,000 less than the Q1, we retained the servicing rights in this transaction, which will further diversify our revenue sources. Gains from the sales of SBA loans for the 2nd quarter increased $200,000 to $1,600,000 as trade premiums increased to 8.54% and income from bank owned life insurance increased $300,000 Non interest expenses for the 2nd quarter declined 3 point 2% to $35,300,000 Here, we saw the effect of seasonally lower employer taxes and benefits, as well as the investment in a new loan origination system that Bonnie mentioned. In addition, as Anthony noted, we completed a branch consolidation at the end of May that resulted in expenses of $300,000 and in addition to other real estate owned of $700,000 Credit loss expense for the 2nd quarter was $961,000 comprised of a loan loss provision of $1,200,000 and a recovery for off balance sheet items of $287,000 Net loan charge offs for the 2nd quarter remained low at 12 basis points of average loans annualized and overall asset quality remained favorable. Turning to equity capital, our negative AOCI increased $1,100,000 from an increase in unrealized after tax losses on our available for sale securities portfolio as well as an increase in unrealized after tax losses on our cash flow hedges.

Speaker 2

During the Q2, the company announced a new 1,500,000 share repurchase program and subsequently repurchased 170,000 shares at an average price of $16.05 Tangible book value per share at the end of the second quarter was $22.99 and our tangible equity to tangible asset ratio was 9.19%. Omni and the bank continued to exceed the minimum regulatory capital requirements and the bank continues to exceed the minimum ratios for the well capitalized category. The company's common equity Tier 1 capital ratio was 12.11 percent and the bank's total capital ratio was 14.51%. With that, I will turn the call back to you, Bonnie.

Speaker 3

Thank you, Ron. I'd like to thank our team for their ongoing commitment and dedication. I am thankful to our bankers who continue to foster meaningful relationships with our customers and enhance our franchise value. Harmony is well positioned for sustainable growth. Our balance sheet is robust as evidenced by our strong capital ratios, solid liquidity and excellent credit quality.

Speaker 3

Our loan pipeline is healthy and building, which reinforces our confidence in our ability to achieve lowtomidsingledigit loan growth this year. We have a stable base of core deposits and have recently experienced the improved mix shift to DDAs. We are committed to disciplined expense management. And finally, we are expanding our geographic reach with the opening of a branch in region later this year. With broader macroeconomic uncertainty persist, our relationship banking model is our foundation.

Speaker 3

It guides us how we operate and execute our strategy. We remain confident in our ability to drive ongoing growth and enhance our franchise value for all stakeholders. Thank you for your time today and we'll now open the call for your questions. Operator, please open the line.

Operator

Thank you. And our first question comes from the line of Kelly Motta with KBW. Please proceed.

Speaker 5

Hey, good evening. Thanks for the question. Maybe starting with loan growth, I think you mentioned in your prepared remarks that production was up 17%, but it looks like balances themselves were flat. Wondering if you have any commentary as to what potentially drove payoffs or paydowns higher, if any of that had to do with working certain relationships out of the bank? And as you look ahead and putting it all together, what seems like a reasonable expectation for loan growth at this juncture, given your conservatism as well as what you're seeing in your markets?

Speaker 3

Sure, Kelly. So I mean we had a better production in the 2nd Q obviously from the compared to the first Q, but the payoff was higher than average. So looking at the last 4 prior four quarters, our payoffs range from average about $85,000,000 so low of $80,000,000 high of 100 20. This quarter, it was higher than average, obviously. And 2 things good quality loans.

Speaker 3

But some of the our competitors offering more aggressive in terms of asset quality, increasing under cash out balances and offering much lower rates in the market. And so unfortunately, we have to let that go. So just looking forward, I think that assuming that the payoffs are staying within the average of $80,000,000 to $85,000,000 with the pipeline that's building up going into the Q3, we think we can stay on course and expect annual net increase of low to mid single digit growth.

Speaker 5

Got it. That's helpful. And then turning to asset quality, understanding that non performers are still relatively low, there was a $6,000,000 pickup, partly NPLs and to a lesser extent OREO. Can you provide any color as to the credits that migrated? Any things of note there?

Speaker 5

And as a second part of that question, it looks like the loan yields didn't really expand much. I'm wondering if there was any interest reversal that may have impacted loan yields in March in this quarter. Thanks.

Speaker 3

Sure. So first of all, NPAs are up roughly about $5,000,000 The main contributor is 1 commercial loan, which is about $3,000,000 That was already identified in the prior quarter and was downgraded in the previous quarter. And the property is in the foreclosure process. Due to the sufficient equity in the property, we do not anticipate any loss coming from that particular loan. And then the rest of them are actually a couple of the small loans that are accumulating about $1,500,000 And actually out of that, one of the loan actually was brought to current at the beginning of July.

Speaker 3

In terms of the loan yield, loan yield is a little bit flat. I think it was down 1 basis points compared to the prior quarter. And as I said, it's related to the actually the payoffs. The payoffs that we had this quarter, it was in a higher rate, higher yielded loans compared to the prior quarter that got paid off. So that's why the although the new production yields came in higher, the overall loan yield kind of stayed flat or slightly down.

Speaker 5

Got it. That's helpful. I'll step back. Thanks so much.

Speaker 3

Sure.

Operator

And the next question comes from the line of Gary Tenner with D. A. Davidson. Please proceed.

Speaker 6

Hey, this is Ahmad Hassan on for Gary Tenner. Good afternoon. I wanted to touch on deposit rates. Is there any visibility on deposit rates peaking here at the end of the quarter? I mean lower rates in

Speaker 2

As we indicated, the cost of interest bearing deposits are only up about 2 basis points. So it's a very modest increase representing a little bit of mix, a little bit of rate. So we as we've tried to point out, we think we're peaking. But again, we see that between June July. When we meet again, we'll have more affirming evidence of exactly what's transpired.

Speaker 6

All right. Sounds good. And what was the period end deposit spot rate?

Speaker 2

I'm sorry, could you repeat?

Speaker 6

The deposit spot rate for the period end?

Speaker 2

So for the end of June, the average for June for CDs was 4.81% and the average for interest bearing deposits was 4.28%.

Speaker 6

Thank you. And maybe if

Speaker 7

I can squeeze one more.

Speaker 6

Buybacks, even with the positive stock move recently, shares remain below tangible book. Is it reasonable to assume that you guys will continue buying back stock?

Speaker 2

So as we mentioned on previous calls, the Board meets quarterly. We review our dividend. We review our other capital actions. Clearly, the way the shares were trading before the most recent moves, share repurchases were, let's say, highly attractive. That gap has narrowed considerably here over the last several weeks.

Speaker 2

So I could anticipate that they may continue, but they certainly won't continue at perhaps the same level that you saw over the last four quarters.

Speaker 8

Thank you.

Operator

And the next question comes from the line of Adam Butler with Piper Sandler. Please proceed.

Speaker 7

Hey, everyone. This is Adam on for Matthew Clark. Thanks for taking the questions. So in your commentary, you mentioned that the cost of IBD deposits were up 2 bps linked quarter or in July to date. And as Kelly mentioned, the loan yields stepped down a slight bit and you guys mentioned that was related to the elevated payoffs at higher yields.

Speaker 7

And I think you Ron, you may have also mentioned in your previous remarks that at the end of the quarter the NIM inflected. So is it fair to assume that those loan yields recovered? And do you guys happen to have the spot NIM in July to help us out a little bit with modeling? Thanks.

Speaker 2

So working backwards, no, we don't do NIM on a daily basis. With respect to the loan yields, as Bonnie pointed out, it's just a basis point differential. So I would call that flat. But in addition to the payoffs, which had higher average yields than the production that was put in. You also saw a small and I would underscore small mix shift in the portfolio.

Speaker 2

Equipment financing is a little bit less on a percentage basis. Residential moved down just a bit and CRE picked up. And so you start to see, again, just as a smidge, so I wouldn't make it too much. It's more evident that you see it year over year than it is quarter over quarter. With respect again to the cost of interest bearing deposits, when we met last quarter, I indicated we were on a month to date basis, 10 basis points over, we finished out the quarter at 11.

Speaker 2

So if you think about it, that's only a one basis point move over the last 2 months of the Q2. Here we are at 2 basis points. I just have a sense that you're probably going to see the same kind of idea for the Q3. That's assuming, 1, there's no further market conditions that would cause our competitors to act in ways that may not be conducive to a rate environment that most people expect will decline. And 3 or second, I should say, any particular moves that the Fed might do outside of expectations now for September.

Speaker 2

So, it seems like we're on the right trajectory for the inflection. But as I pointed out, we really need July, August September to affirm that that is in fact the trend.

Speaker 7

Okay. That's some helpful information. I appreciate that. And if I look over on Slide 19, you guys have some good information on loan maturities and repricing. It looks like over the next year, you've about 130,000,000 or so per quarter in fixed rate loan production maturing or repricing.

Speaker 7

What yields are coming off the fixed portfolio right now? And I guess for the maturing portion, do you plan to use that to fund growth or free up some higher cost funding? Thanks.

Speaker 2

I don't have that particular data point for you, Adam. I will say and you could see it, I think, better on an earlier slide, and let me kind of go backwards. Yes, so if you look at Slide 10, you can see the maturities over a 12 month period and but it's granular relative to the loan class. And as you can see, it's the C and I is a category, fairly larger piece because those are typically term credits that are 1 to 3 lines, which are typically 1. And so the renewal element, particularly on the line, let's say, is perhaps a bit more certain, if I could use that phrase.

Speaker 2

And then you go into the roll down of the commercial property loans, the largest one being hospitality, followed by perhaps office and retail. And so those have a tendency, as Bonnie mentioned, or as Anthony mentioned, either one, that we're kind of selective in how we will look at that renewal, either from a credit perspective, where we may feel it's not quite what we need for the portfolio or from a competition perspective, where there'll be another lending institution that might offer a much lower rate than we're comfortable with, a cash out that we're comfortable with or other parts of financing terms that we just don't feel would benefit our bank in the long term.

Speaker 7

Okay, helpful. And then just one more for me. And I might be missing some information, but I saw that you guys closed 2 branches in Texas this quarter. Was that just a product of redundancies in the footprint? Or is that reflective like a broader initiative?

Speaker 3

Yes. That's an our branch evaluation and optimization of our branches, it's an ongoing effort. So during the Q2, we closed 3 branches, 1 in California and 2 in Texas. And not only the consolidation of the branches, but if you remember, we opened 2 new branches last year, 1 in Fort Bend and 1 in Dublin, the emerging markets. And then as I had mentioned in my prepared remarks that we plan to open 1 in the later part of this year in the metropolitan Georgia area.

Speaker 3

So that's an ongoing process.

Speaker 7

Okay, got it. Thank you. Thank you for taking my questions. I appreciate it.

Speaker 3

Thank you.

Operator

And the next question comes from the line of Matthew Erdner with Jones Trading. Please proceed.

Speaker 8

Hey, guys. Thanks for taking the question. The loan to deposit ratio increased quarter over quarter, kind of due to that net loan growth there. Is there a ratio that you guys are targeting internally? And as this kind of creeps up, should we expect more loan sales going forward to increase the gain on sale revenue?

Speaker 8

Thank you.

Speaker 3

So I think, couple of quarters, I think I shared that ideally, we'll target try to target loan to deposit ratio below 95%. But coming out of the pandemic and whatnot and then with the interest rate environment, we are where we are. So I mean, we will take in terms of loan sales as we see it's worn and contributing bottom line and then also managing the balance sheet will continue with loan sales in the residential portfolio for now.

Speaker 8

Got you. Thank you for that. And then, you guys mentioned retaining the servicing rights earlier. Could you kind of flush that out for me because I think I've missed the second half of that?

Speaker 2

Sure. So in the first portfolio sale, it was servicing released. In this one, we explored and executed the idea of servicing retained. And so the point we're trying to make that as we continue to look at our production and to look at the appetite for these particular loans in the marketplace, we will continue to explore either retained or released, the retained element again providing us another revenue source that we think would be beneficial to the enterprise over the longer term.

Speaker 8

Got you. And then is there kind of an average coupon on the servicing rights or I guess on the loans that you guys are selling?

Speaker 4

We do charge typically 25 basis points to 30.375

Speaker 1

in the servicing.

Speaker 8

Okay. That's helpful. Thank you, guys.

Operator

And the next question will come again from the line of Kelly Motta with KBW. Please proceed.

Speaker 5

Hey, thanks for letting me back on. I was hoping to go a bit more on the core expense run rate. You guys had a nice reduction in part when you strip out the one time costs related to branch consolidations, a nice reduction in costs. And you mentioned you do have another branch coming online later this year. Just wondering as we look ahead, is there any other areas where you're continuing to work out costs from?

Speaker 5

Or is this a good run rate on which to build as we look ahead to the back half of the year, especially as production and loan growth is expected to rebound a bit?

Speaker 2

So Kelly, for the second quarter, our non interest expenses were about $35,300,000 When we look out over the balance of the year, that seems to be a pretty good run rate, allowing for some movement on the numbers to the right of the decimal point, but it seems like that's going to be able to hold at that vicinity for the balance of the year.

Speaker 5

Got it. That is helpful. And then last question for me. At least as of 1Q, I believe your CRE concentration was above 300%. I know that's lower than it's been historically, but I know you guys are conservative within your niche.

Speaker 5

Just wondering if that's a consideration at all as you look to fund growth and thoughts about the mix of that. Is that a constraint or do you feel good at that level?

Speaker 2

So the regulatory CRE concentration ratio, which we typically illustrate in our investor slides, not so much the quarterly slides, that diminished over, I'll say, the past 5 years or so. And I can't remember the number specifically, but 340 kind of comes to mind. The decline, the more recent decline is a combination of a little bit lower growth in those categories because the other loan classes such as residential mortgages, EFAs, the other CI lending has allowed us to be, let's say, a more balanced producer, notwithstanding some variations that occur quarter to quarter. In addition, you see the general growth in capital, which also then leads to a decline in that number. So I think as we stand today, you're likely to see kind of a continued slow decline in that particular ratio.

Speaker 2

We don't have a policy or desire at this point or any particular directive for that matter to drive it below 300%.

Speaker 5

Got it. Thanks for letting me back on.

Speaker 3

Sure.

Operator

Thank you. Ladies and gentlemen, there are no further questions at this time. I'd like to hand the call back to management for any closing remarks.

Speaker 3

Thank you for joining our call today. We appreciate your interest in Halmi and look forward to sharing our continued progress with you throughout the balance of 2024. We will be participating in the 25th Annual KBW Community Bank Investor Conference in New York on July 30th, and I hope to see many of you there. Thank you.

Operator

This concludes today's conference. You may now disconnect your lines. Enjoy the rest of

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Key Takeaways

  • Omni reported Q2 net income of $14.5 million (EPS $0.48), with a 0.77% return on average assets and 7.5% return on average equity.
  • New loan production rose 17% sequentially to $274 million—led by a 77% jump in SBA lending and 16% growth in C&I—although total loans were flat due to elevated payoffs and residential mortgage sales.
  • Deposits were stable (-0.7% QoQ) while demand deposits grew 1.4% (5.6% annualized) to represent 31% of total funding, including $58 million from corporate Korea clients.
  • Net interest income dipped 4% to $48.6 million and NIM fell to 2.69% TE, but a June uptick suggests possible margin stabilization going into Q3.
  • Asset quality remained strong with net charge-offs at 12 bps, and capitalization well above requirements (CET1 12.11%, total capital 14.51%), supported by disciplined expense management and strategic branch consolidations.
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Earnings Conference Call
Hanmi Financial Q2 2024
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