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Hanmi Bank in Los Angeles has hired executives to expand its customer base in Texas and Illinois.
October 29 -
Hanmi Financial in Los Angeles reported higher quarterly earnings as returns from mortgages offset a drop in the sale of Small Business Administration loans.
July 22 -
Hanmi Financial (HAFC) in Los Angeles reported dip in quarterly profits because of costs related to its planned acquisition of Central Bancorp.
January 27
Hanmi Financial in Los Angeles
The $4.2 billion-asset company's third-quarter net income rose 20% from the second quarter and 28% from a year earlier, to $13.3 million. The results were influenced by Hanmi's August purchase of Central Bancorp.
Net interest income increased by 8% from a year earlier, to $30.7 million. Organic loan production rose 47% from a quarter earlier, prompting management to tout Hanmi's performance beyond the Central purchase. The net interest margin compressed by 27 basis points from the second quarter and 61 basis points from a year earlier, to 3.67%.
Noninterest income more than doubled, to $14.3 million. The results included a $6.6 million bargain purchase gain and $1.2 million in gains from selling the guaranteed portion of Small Business Administration loans.
Noninterest expenses rose by 52%, to $26.7 million, including $3.4 million in merger-integration costs.
