{"id":725490,"date":"2023-01-24T16:21:02","date_gmt":"2023-01-24T21:21:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/hanmi-reports-2022-fourth-quarter-and-full-year-results\/"},"modified":"2023-01-24T16:21:02","modified_gmt":"2023-01-24T21:21:02","slug":"hanmi-reports-2022-fourth-quarter-and-full-year-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/hanmi-reports-2022-fourth-quarter-and-full-year-results\/","title":{"rendered":"Hanmi Reports 2022 Fourth Quarter and Full Year Results"},"content":{"rendered":"

\nRecord full year earnings, loan production, and significant improvements in asset quality
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LOS ANGELES, Jan. 24, 2023 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or \u201cHanmi\u201d)<\/strong>, the parent company of Hanmi Bank (the \u201cBank\u201d), today reported financial results for the 2022 fourth quarter and full year.<\/p>\n

Net income for the fourth quarter of 2022 was $28.5 million, or $0.93 per diluted share, up 4.8% from $27.2 million, or $0.89 per diluted share, for the third quarter of 2022. The fourth quarter included a $1.5 million increase in net interest income and a $0.5 million reduction in credit loss expense, offset by a $1.4 million decrease in noninterest income and a $0.5 million increase in noninterest expense. In addition, income tax expense for the fourth quarter included a $1.4 million benefit due to a lower effective tax rate. Return on average assets and return on average equity for the fourth quarter of 2022 were 1.56% and 15.90%, respectively.<\/p>\n

For the full year 2022, net income was $101.4 million, or $3.32 per diluted share, compared with $98.7 million, or $3.22 per diluted share, for the full year of 2021. The year-over-year improvement in net income reflects a $42.6 million, or 21.8%, increase in net interest income, offset by a $25.2 million reduction in the benefit from the year-ago credit loss expense recovery, a $6.3 million, or 15.5%, decrease in noninterest income and a $5.8 million, or 4.7%, increase in noninterest expense. Return on average assets and return on average equity for the full year 2022 were 1.44% and 14.83%, respectively.<\/p>\n

\n CEO Commentary<\/strong>\n <\/p>\n

\u201cWe delivered another quarter of solid results, capping off our fiscal year with strong momentum, delivering full year record net income and loan production, and an improved net interest margin, all while diligently managing our operating expenses and significantly improving our asset quality,\u201d said Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation. \u201cOver the course of the year, we successfully executed on our strategic initiatives, including further diversifying our loan portfolio, strengthening our relationships with existing customers, expanding our customer base and bolstering our core deposit franchise.<\/p>\n

\u201cWe enter 2023 with a strong balance sheet and a demonstrated ability to manage through challenging times. Importantly, asset quality remains very healthy as we have been proactive with our customers, keeping open lines of communication and we stand ready to navigate this uncertain macroeconomic environment. We remain focused on continuing to build upon our foundation for prudent growth while strengthening the Hanmi franchise, all with the view of delivering attractive returns to our shareholders.<\/p>\n

\u201cI want to thank the entire Hanmi team for their exceptional work this year, which generated positive results for our customers and our shareholders. We just celebrated our 40th<\/sup> anniversary, an important milestone for our company. We look forward to building upon this storied history with a continued commitment to helping our customers reach their financial goals and, ultimately, strengthening the communities we call home.\u201d<\/p>\n

\n Fourth Quarter 2022 Highlights:<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n