-
Regions Financial in Birmingham, Ala., met bullish second-quarter earnings expectations as loan growth offset a decline in fee income.
July 22 -
Wilshire Bancorp (WIBC) in Los Angeles reported an increase in quarterly profit tied largely to recent acquisitions.
July 22 -
More community banks have begun offering SBA loans nationwide, a smart strategy given improving demand and double-digit premiums in the secondary loan market. Banks moving into far-flung territories have determined that they need highly targeted strategies to be successful as well as methods for minimizing risk.
May 22
Hanmi Financial in Los Angeles
The $3 billion-asset company said in a press release Tuesday that its second-quarter profit rose 16% from a year earlier, to $11 million. Earnings of 35 cents a share topped the average estimate of analysts polled by Bloomberg by 2 cents.
Earnings were boosted by growth in lending. Net interest income rose 3%, to $28 million. Total loans increased by 8%, to $2.3 billion, offsetting a net interest margin that compressed by 16 basis points, to 3.94%.
Asset quality also improved. Net chargeoffs fell 50%, to $806,000.
Noninterest income decreased 25%, to $5.1 million. The company attributed the change to lower returns on the sale of SBA loans, which fell 79% from the same time last year.
"Our SBA team is starting to rebuild momentum" after opening up an office in northern Virginia during the second quarter, C.G. Kum, Hanmi's president and chief executive, said in the release. The company recently
Noninterest expenses remained steady, at $18.6 million.
Hanmi said in the release that it expects to complete its