| Over a month ago | ||||
DA Davidson analyst Gary… DA Davidson analyst Gary Tenner downgraded Hanmi Financial to Neutral from Buy with a price target of $25, down from $29. The stock has outperformed its peer group by 12% since November of 2021 as sector valuations have narrowed amid the Fed's accelerated tightening campaign and increased recessionary fears, but even at its current valuations, Hanmi is likely to underperform the broader sector, given likely above peer deposit betas in a faster, and steeper, rate cycle than previously assumed, the analyst tells investors in a research note. | ||||
DA Davidson analyst Gary… DA Davidson analyst Gary Tenner downgraded Hanmi Financial to Neutral from Buy with a $25 price target. | ||||
Mid-Cap Banks Analyst… Mid-Cap Banks Analyst Chiaverini holds a virtual meeting with CEO Lee and CFO Santarosa on May 17 hosted by Wedbush. | ||||
Mid-Cap Banks Analyst… Mid-Cap Banks Analyst Chiaverini holds a virtual meeting with CEO Lee and CFO Santarosa on May 17 hosted by Wedbush. | ||||
This was a strong quarter… This was a strong quarter for Hanmi," said Bonnie Lee, President and Chief Executive Officer of Hanmi. "We produced solid earnings and have positive momentum to start 2022, driven by continued healthy loan production, net interest margin expansion, excellent credit quality and carefully managed expenses. We continue to develop new client relationships and deepen ties with existing clients thanks to the exceptional customer service provided by our employees." Net interest income was $51M for the first quarter of 2022, compared with $49.5M for the fourth quarter of 2021. First quarter interest and fees on loans receivable increased 3.2%, or $1.7M from the preceding quarter, primarily due to a 6.8% increase in the average balance of loans receivable, partially offset by a five basis point decrease in average loan yields. Interest on securities in the first quarter increased $0.7 million from the fourth quarter of 2021, primarily due to a $16.4 million increase in the average balance and a 28 basis point increase in the average yield. First quarter loan prepayment penalties were $0.4 million compared with $0.3 million for the fourth quarter. Total interest expense for the first quarter increased $0.8 million from the preceding quarter, primarily due to a $1.1 million charge for unamortized debt issuance costs related to the redemption of the 2027 Subordinated Notes and was partially offset by a two basis point reduction in the average rate paid on interest-bearing deposits."Our ability to expand, and leverage, our deep community ties was evident, particularly in our new residential mortgage platform as well as our Corporate Korea initiative. Partly as a result of these efforts, our noninterest-bearing demand deposits continued to grow in the quarter, up 4% from the fourth quarter and 23% year-over-year. These core deposits represent over 46% of total deposits and help contribute to our very attractive total funding costs." "Despite a competitive lending environment, we delivered strong net loan growth of 3.6% in the first quarter with solid loan production across all of our loan categories. Additionally, total loan production more than doubled from the prior year, excluding PPP loans. As we enter the second quarter, our loan pipeline remains solid, our net interest margin is healthy, and our credit quality is excellent. We will remain focused on continuing to drive disciplined growth and deliver attractive returns for our shareholders in 2022." | ||||
Hanmi Financial released… Hanmi Financial released its 2022 Environmental, Social and Governance, ESG, Report on April 15, 2022. "Hanmi is a community bank that believes long-term corporate value is derived by investing in the communities we serve," said Bonnie Lee, President and Chief Executive Officer of Hanmi. "Our ESG Report reflects our continued desire to provide transparency into our efforts around environmental, social and governance issues. We believe our commitment to doing what is right for our customers, employees, stockholders, and our broader community will ensure that Hanmi is well positioned to continue sustainable growth into the future." The company said, "Among the many areas this report covers, key highlights include: Supporting our Community...Supporting our Employees and Environment... Supporting Board Diversity." | ||||
| Over a quarter ago | ||||
Hanmi Financial announced… Hanmi Financial announced the release of its 2021 annual letter to shareholders authored by President and Chief Executive Officer Bonnie Lee. "2021 Performance Highlights. Our team of 600 bankers performed exceptionally well in 2021 while continuing to navigate the challenges of the ongoing global pandemic, political and social volatility, and shifting economic dynamics. Guided by our strategic growth plan, we expanded our product and service offerings and diversified our loan and deposit portfolios. Working closely with our customers, we also further strengthened our portfolio and asset quality metrics... At the beginning of 2021, I outlined several strategic initiatives to grow and diversify our business, and I am pleased to report on our team's successful execution on these initiatives. We successfully ramped up production in our residential mortgage program, which accounted for 11 percent of originations in 2021, excluding PPP loans, in its first full year of operation... We advanced our Corporate Korea initiative, which accounted for more than 14 percent of our total 2021 loan production and 12 percent of total loans outstanding at year end... We expect this important program to make a growing contribution to both loan production and deposits in 2022 and beyond. These strategic growth initiatives, along with strong momentum across our diverse business lines, fueled record growth in loan and lease production in 2021... Our strategic priorities for 2022 include: Growing our successful residential mortgage business, Further diversifying our loan portfolios by building on the success of our Corporate Korea initiative as well as increasing multi-family and SBA loans, Increasing our focus more broadly on corporate clients to drive meaningful growth in loans and new sources of stable, low-cost deposits, Identifying strategic opportunities to enter new high-growth, deposit-rich verticals that need relationship banking partners like Hanmi...As we execute against a set of strategies that are paying off, we feel confident that 2022 will be another great year." | ||||
Hanmi Financial announced… Hanmi Financial announced that it has issued a notice of redemption for its 5.45% Subordinated Notes due March 30, 2027 regarding the redemption of all of the outstanding $100 million aggregate principal amount of the 2027 Subordinated Notes. The redemption date for the 2027 Subordinated Notes is March 30, 2022. A portion of the redemption will be funded with the proceeds from Hanmi's August 20, 2021 subordinated debt offering. The redemption price for each of the 2027 Subordinated Notes will equal 100% of the outstanding principal amount to be redeemed, plus any accrued and unpaid interest thereon. All interest accruing on the 2027 Subordinated Notes will cease to accrue on and after the Redemption Date. Upon the redemption, Hanmi will recognize a pre-tax charge of $1.1 million for the remaining unamortized debt issuance costs associated with the 2027 Subordinated Notes. | ||||
Hanmi Financial announced… Hanmi Financial announced that its Board of Directors declared a cash dividend on its common stock for the 2022 first quarter of $0.22 per share, up 10% from $0.20 per share in the prior quarter. The dividend will be paid on February 24, 2022, to stockholders of record as of the close of business on February 7, 2022. | ||||
JonesTrading analyst… JonesTrading analyst Jason Stewart raised the firm's price target on Hanmi Financial to $29 from $24 and reiterates a Buy rating on the shares. The company reported a large Q4 earnings beat primarily on reserve releases and guided to a "fairly optimistic" 2022 outlook, Stewart tells investors in a research note. The analyst says the new price target represents a total return opportunity of 17% | ||||
