Hanmi Financial Reports Significant Growth

By Tamara Parker • Thursday, February 20 15:29 • Permanent Link

Hanmi Financial Corporation has reported its financial performance for the period ending December 31, 2024, showing significant growth and stability. The company reported total assets of $7.7 billion, an increase from $6.3 billion in the previous period. Meanwhile, total deposits increased to $6.4 billion from $6.4 billion, and loans receivable rose to $6.25 billion from $6.17 billion.

The company achieved a 10% loan growth and a tangible common equity to tangible assets (TCE/TA) ratio of 9.41%, demonstrating a disciplined credit administration and prudent capital management. Additionally, Hanmi Bank has maintained a strong average deposit growth of 10% since 2013, with 54% of total deposits being business deposits and 32% being noninterest bearing.

Furthermore, the company's financial position has shown stability and strength, with net income reaching $62.2 million. This is supported by a return on average assets (ROAA) of 0.93% and a return on average equity (ROAE) of 8.89%. The net interest margin (NIM) stood at 2.91%, while the efficiency ratio was reported at 56.79%. The tangible book value per share (TBVPS) increased to $23.88.

Hanmi Financial Corporation's board of directors is notably diverse, with 30% female representation and 70% ethnically diverse members. The company maintains strong governance practices, including annual board and committee assessments, regular executive sessions led by the independent chairman, and robust stock ownership guidelines for all directors and named executive officers.

The company's commitment to its employees is evident through its inclusive workplace culture, with 67% female and 93% ethnically diverse workforce. Hanmi Financial Corporation offers a range of benefits, including paid time off, wellness programs, robust 401(k) matching, long-term family leave, competitive pay, and training and development opportunities.

As a result of these announcements, the company's shares have moved -2.0% on the market, and are now trading at a price of $24.34. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.