Q2 2024 Hanmi Financial Corp Earnings Call Transcript
Key Points
- Net income for the second quarter was $14.5 million, or $0.48 per diluted share.
- New loan production increased by 17% quarter over quarter.
- Noninterest income increased by 4.2% from the first quarter.
- Non-interest expense declined 3.2%, primarily driven by a decrease in salaries and benefits.
- The Corporate Korea Initiative continues to perform well, contributing significantly to loan and deposit growth.
- Net interest income for the second quarter was down 4% from the first quarter.
- The cost of interest-bearing deposits increased by 11 basis points, leading to a 9 basis point decline in net interest margin.
- Loan balances were flat compared to the first quarter due to higher levels of payoffs.
- Residential mortgage loan production was down 43% from the previous quarter.
- Non-performing assets increased by $5 million, primarily due to one commercial loan.
Ladies and gentlemen, welcome to Hanmi Financial Corporation's second quarter 2024 conference call. As a reminder, today's call is being recorded for replay purposes. (Operator Instructions) Now I would like to turn the call over to Ben Brockovich, Investor Relations for the company. Please go ahead.
Thank you, Joe, and thank you all for joining us today to discuss Hanmi's second quarter 2024 results. This afternoon, Hanmi 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 hanmi.com.
I'm here today with Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation, Anthony Kim, Chief Banking Officer, and Rom Santarosa, Chief Financial Officer. Bonnie will begin today's call with an overview. Anthony will discuss loan and deposit activities. Rom will provide details on our financial performance, and then Bonnie will provide closing comments before we open the call up for
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