Hanmi Financial Corporation has released its Strategy and Governance Update for August 26, 2024, revealing notable changes in its financial metrics and corporate governance. Here are the key highlights:
Financial Performance: Total assets have increased to $7.6 billion, reflecting substantial growth from the previous period's $6.2 billion. Loans have grown to $6.3 billion, up from the previous figure of $6.1 billion. Deposits now stand at $6.3 billion, compared to the previous period's $6.28 billion. The loan growth rate has been 10.4% between 2013 and 2023. Tangible common equity to tangible assets (TCE/TA) ratio stands at 9.19%, an improvement from the previous period. The bank demonstrated a disciplined credit administration and prudent capital management, with an allowance for credit losses to loans at 1.10% and nonperforming assets at 0.26% of total assets.
Financial Position: Net income for the period is $14.5 million, with diluted earnings per share (EPS) at $0.48. Return on average assets (ROAA) is 0.77%, while return on average equity (ROAE) is 7.50%. The bank's net interest margin (NIM) is 2.69%, and the efficiency ratio stands at 62.24%. Tangible book value per share (TBVPS) is $22.99.
Corporate Governance: The Board of Directors is 90% independent, with a majority of diverse members including 30% female representation. The Nomination and Corporate Governance Committee emphasizes the importance of diversity in the selection of board members. * The board members bring a diverse set of complementary core competencies and experiences, contributing to the bank's governance and strategic oversight.
Board Governance Practices: The Board and its committees have conducted a significant number of meetings in 2023, demonstrating a robust governance framework. The bank adheres to corporate governance guidelines, ensuring board independence, accountability, and stock ownership guidelines for directors and executive officers.
The press release emphasizes Hanmi's commitment to sound governance principles, financial growth, and fostering a diverse and inclusive workplace, reflecting its strategic and governance evolution. As a result of these announcements, the company's shares have moved 1.3% on the market, and are now trading at a price of $18.96. For the full picture, make sure to review Hanmi Financial's 8-K report.
