Hanmi Financial Q3 profit rises as higher net interest income offsets loan charge-off
Overview
U.S. regional bank's Q3 net income and EPS rose slightly from prior quarter
Net interest income increased 5.8% quarter-over-quarter, supported by deposit and asset growth
Company returned 55.6% of Q3 earnings to shareholders via dividends and share repurchases
Outlook
Hanmi says strong capital and deposit growth position it to capitalize on market opportunities
Result Drivers
NET INTEREST INCOME - Co said Q3 net interest income rose 5.8%, driven by growth in average interest-earning assets funded by higher average deposits
LOAN PRODUCTION - Co said robust loan production of $544 mln was partially offset by elevated payoffs, resulting in modest loan balance growth
ASSET QUALITY - Co said asset quality remained strong despite a $3.2 mln charge-off on a commercial real estate loan, with nonperforming assets unchanged at 0.12% of total assets
Company press release:
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 EPS | $0.80 | ||
Q3 Net Income | $23.68 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "hold"
Wall Street's median 12-month price target for Hanmi Financial Corp is $34.00, about 5.7% above its October 26 closing price of $32.17
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago
Reuters Recommended Reads
Oct 27 - Skyline Bankshares Q3 profit rises on loan growth
Oct 27 - Central Bancompany Q3 net income rises 20% on higher net interest income
Oct 27 - Ohio Valley Banc Q3 net income rises on loan growth
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)