NEWS RELEASE
Hanmi Reports 2023 Second Quarter Results
LOS ANGELES - July 25, 2023 - Hanmi Financial Corporation (NASDAQ: HAFC, or "Hanmi"), the parent company of Hanmi Bank (the "Bank"), today reported financial results for the second quarter of 2023.
Net income for the second quarter of 2023 was $20.6 million, or $0.67 per diluted share, compared with $22.0 million, or $0.72 per diluted share, for the first quarter of 2023. Return on average assets and return on average equity for the second quarter of 2023 were 1.12% and 11.14%, respectively.
Net income for the first half of 2023 was $42.6 million, or $1.39 per diluted share, compared with $45.7 million, or $1.50 per diluted share, for the first half of 2022. For the first six months of 2023, return on average assets and return on average equity were 1.17% and 11.66%, respectively.
CEO Commentary
"Hanmi delivered solid results for the second quarter, reflecting our team's steady execution of our relationship banking strategy during this period of rising interest rates and uncertain economic conditions," said Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation. "These results were supported by healthy deposit growth, disciplined expense management and strong credit administration.
"We grew deposits by 1.9% with solid contributions from both new and existing customers, a testament to the success of our relationship banking model. Importantly, our Corporate Korea initiative contributed significantly to new deposit growth in the quarter. Hanmi is uniquely positioned to capture greater market penetration as Korean corporations continue to expand their U.S. operations.
"As expected, our loan production year-to-date has been impacted by lower demand due to escalating interest rates. That said, we are encouraged that our loan pipeline began to grow as we entered the third quarter. Even so, we will continue to take a selective and disciplined approach to lending in the current environment with a focus on attractively priced loans and high-quality borrowers who also have a deposit relationship with Hanmi.
"We are well-positioned to navigate the remainder of the year with a strong base of loyal customers, a growing pipeline of new opportunities, a healthy balance sheet and liquidity position, excellent credit quality and an outstanding and dedicated team."
Second Quarter 2023 Highlights:
- Second quarter net income was $20.6 million, or $0.67 per diluted share, down 6.2% from $22.0 million, or $0.72 per diluted share, for the first quarter of 2023 and reflects lower revenues, higher noninterest expenses and no significant credit loss expenses.
- Loans receivable were $5.97 billion at June 30, 2023, down 0.3% from the end of the first quarter and essentially unchanged from year-end; loan production for the second quarter was $259.3 million with a weighted average interest rate of 7.39%.
- Deposits increased 1.9% sequentially to $6.32 billion at June 30, 2023 and were up 2.4% from year-end;noninterest-bearing deposits were 34.9% of the deposit portfolio at June 30, 2023.
- Net interest income was $55.4 million for the second quarter, down 4.2% from the first quarter primarily due to higher deposit interest expense.
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- Net interest margin (taxable equivalent) was 3.11% for the second quarter, down 17 basis points from the prior quarter; sequentially, the average yield on loans increased 13 basis points while the cost of interest- bearing deposits increased 52 basis points.
- Noninterest income for the second quarter was $7.9 million, down 4.8% from the first quarter, primarily on lower SBA gains; second quarter noninterest income included a $1.9 million gain from a litigation settlement offset by a $1.9 million loss on the sale of securities.
- Noninterest expense was $34.3 million, up $1.5 million, or 4.5%, from the first quarter; second quarter expenses included a $0.7 million increase in FDIC insurance expense while first quarter included $0.6 million of recoveries of other real estate owned expense and an SBA servicing asset valuation allowance; the efficiency ratio for the second quarter was 54.11%.
- Credit loss expense for the second quarter included a $0.5 million provision for loan losses and a $0.6 million recovery for off-balance sheet items; the ratio of the allowance for credit losses to loans was 1.19% at the end of the second quarter.
- Criticized loans declined 25.2% from the first quarter and stood at 1.4% of loans at quarter-end; nonperforming assets were $22.3 million or 0.30% of total assets at June 30, 2023.
- Hanmi's ratio of tangible common equity to tangible assets was 8.96% at June 30, 2023 and it had a preliminary Common equity Tier 1 capital ratio of 11.91% and a Total capital ratio of 15.12%.
For more information about Hanmi, please see the Q2 2023 News & Events section (and Supplemental Financial Information), which is available on the Bank's Investor Relations section of the corporate website at www.hanmi.com. Also, please refer to "Non-GAAP Financial Measures" herein for further details of the presentation of certain non-GAAP financial measures.
Quarterly Highlights
(Dollars in thousands, except per share data)
As of or for the Three Months Ended | Amount Change | |||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | June 30, | Q2-23 | Q2-23 | ||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | ||||||||||||||
Net income | $ | 20,620 | $ | 21,991 | $ | 28,479 | $ | 27,169 | $ | 25,050 | $ | (1,371) | $ | (4,430) | ||||||
Net income per diluted common share | $ | 0.67 | $ | 0.72 | $ | 0.93 | $ | 0.89 | $ | 0.82 | $ | (0.05) | $ | (0.15) | ||||||
Assets | $ | 7,344,924 | $ | 7,434,130 | $ | 7,378,262 | $ | 7,128,511 | $ | 6,955,968 | $ | (89,206) | $ | 388,956 | ||||||
Loans receivable | $ | 5,965,171 | $ | 5,980,458 | $ | 5,967,133 | $ | 5,800,991 | $ | 5,655,403 | $ | (15,287) | $ | 309,768 | ||||||
Deposits | $ | 6,315,768 | $ | 6,201,038 | $ | 6,168,072 | $ | 6,201,376 | $ | 5,979,390 | $ | 114,730 | $ | 336,378 | ||||||
Return on average assets | 1.12% | 1.21% | 1.56% | 1.52% | 1.45% | -0.09 | -0.33 | |||||||||||||
Return on average stockholders' equity | 11.14% | 12.19% | 15.90% | 15.58% | 14.92% | -1.05 | -3.78 | |||||||||||||
Net interest margin | 3.11% | 3.28% | 3.67% | 3.66% | 3.55% | -0.17 | -0.44 | |||||||||||||
Efficiency ratio (1) | 54.11% | 49.54% | 46.99% | 46.22% | 46.05% | 4.57 | 8.06 | |||||||||||||
Tangible common equity to tangible assets (2) | 8.96% | 8.77% | 8.50% | 8.40% | 8.74% | 0.19 | 0.22 | |||||||||||||
Tangible common equity per common share (2) | $ | 21.56 | $ | 21.30 | $ | 20.54 | $ | 19.60 | $ | 19.91 | 0.26 | 1.65 |
- Noninterest expense divided by net interest income plus noninterest income.
- Refer to "Non-GAAP Financial Measures" for further details
Results of Operations
Net interest income for the second quarter decreased $2.5 million to $55.4 million from $57.9 million for the first quarter of 2023, down 4.2%. The decrease was primarily due to an increase in the cost of interest-bearing deposits, partially offset by an increase in interest-earning asset yields. The cost of interest-bearing deposits increased 52 basis points to 3.25% for the second quarter of 2023 from 2.73% for the first quarter of 2023. The increase was due to higher market interest rates and a shift in the composition of the portfolio to higher rate deposits. Average interest- bearing deposits were $3.97 billion for the second quarter compared with $3.79 billion for the first quarter. Average
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loans were $5.94 billion for the second quarter, consistent with the first quarter of 2023. The yield on average loans for the second quarter increased 13 basis points to 5.64% from 5.51% for the first quarter. Second quarter loan prepayment fees were $0.2 million compared with $0.4 million for the first quarter. Net interest margin (taxable- equivalent) for the second quarter was 3.11% compared with 3.28% for the first quarter.
Net Interest Income
Interest and fees on loans receivable(1)
Interest on securities
Dividends on FHLB stock
Interest on deposits in other banks
Total interest and dividend income
Interest on deposits
Interest on borrowings
Interest on subordinated debentures
Total interest expense
Net interest income
- Includes loans held for sale.
Average Earning Assets and Interest-bearing Liabilities Loans receivable (1)
Securities (2)
FHLB stock
Interest-bearing deposits in other banks
Average interest-earning assets
Demand: interest-bearing
Money market and savings
Time deposits
Average interest-bearing deposits
Borrowings
Subordinated debentures
Average interest-bearing liabilities
Average Noninterest Bearing Deposits
Demand deposits - noninterest bearing
As of or For the Three Months Ended (in thousands) | Percentage Change | ||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Q2-23 | Q2-23 | |||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | |||||||||||
$ | 83,567 | $ | 80,923 | $ | 77,123 | $ | 66,976 | $ | 59,855 | 3.3% | 39.6% | ||||||
4,126 | 4,025 | 3,633 | 3,271 | 2,930 | 2.5% | 40.8% | |||||||||||
283 | 289 | 289 | 245 | 242 | -2.1% | 16.9% | |||||||||||
2,794 | 2,066 | 1,194 | 958 | 193 | 35.2% | 1347.7% | |||||||||||
$ | 90,770 | $ | 87,303 | $ | 82,239 | $ | 71,450 | $ | 63,220 | 4.0% | 43.6% | ||||||
32,115 | 25,498 | 14,900 | 6,567 | 2,457 | 26.0% | 1207.1% | |||||||||||
1,633 | 2,369 | 1,192 | 349 | 370 | -31.1% | 341.4% | |||||||||||
1,600 | 1,583 | 1,586 | 1,448 | 1,349 | 1.1% | 18.6% | |||||||||||
35,348 | 29,450 | 17,678 | 8,364 | 4,176 | 20.0% | 746.5% | |||||||||||
$ | 55,422 | $ | 57,853 | $ | 64,561 | $ | 63,086 | $ | 59,044 | -4.2% | -6.1% | ||||||
For the Three Months Ended (in thousands) | Percentage Change | ||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Q2-23 | Q2-23 | |||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | |||||||||||
$ | 5,941,071 | $ | 5,944,399 | $ | 5,877,298 | $ | 5,696,587 | $ | 5,572,504 | -0.1% | 6.6% | ||||||
971,531 | 980,712 | 966,299 | 956,989 | 945,291 | -0.9% | 2.8% | |||||||||||
16,385 | 16,385 | 16,385 | 16,385 | 16,385 | 0.0% | 0.0% | |||||||||||
230,974 | 192,902 | 138,476 | 181,401 | 136,473 | 19.7% | 69.2% | |||||||||||
$ | 7,159,961 | $ | 7,134,398 | $ | 6,998,458 | $ | 6,851,362 | $ | 6,670,653 | 0.4% | 7.3% | ||||||
$ | 99,057 | $ | 109,391 | $ | 119,106 | $ | 121,269 | $ | 122,771 | -9.4% | -19.3% | ||||||
1,463,304 | 1,453,569 | 1,781,834 | 2,079,490 | 2,139,488 | 0.7% | -31.6% | |||||||||||
2,403,685 | 2,223,615 | 1,585,798 | 1,120,149 | 894,345 | 8.1% | 168.8% | |||||||||||
3,966,046 | 3,786,575 | 3,486,738 | 3,320,908 | 3,156,604 | 4.7% | 25.6% | |||||||||||
196,776 | 268,056 | 197,554 | 123,370 | 140,245 | -26.6% | 40.3% | |||||||||||
129,631 | 129,483 | 129,335 | 129,176 | 129,029 | 0.1% | 0.5% | |||||||||||
$ | 4,292,453 | $ | 4,184,114 | $ | 3,813,627 | $ | 3,573,454 | $ | 3,425,878 | 2.6% | 25.3% | ||||||
$ | 2,213,171 | $ | 2,324,413 | $ | 2,593,948 | $ | 2,717,810 | $ | 2,716,297 | -4.8% | -18.5% |
- Includes loans held for sale.
- Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.
For the Three Months Ended | Yield/Rate Change | |||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Q2-23 | Q2-23 | ||||||||
Average Yields and Rates | 2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | |||||||
Loans receivable(1) | 5.64% | 5.51% | 5.21% | 4.67% | 4.31% | 0.13 | 1.33 | |||||||
Securities (2) | 1.73% | 1.67% | 1.47% | 1.40% | 1.27% | 0.06 | 0.46 | |||||||
FHLB stock | 6.92% | 7.16% | 7.00% | 5.93% | 5.93% | -0.23 | 0.99 | |||||||
Interest-bearing deposits in other banks | 4.85% | 4.34% | 3.42% | 2.09% | 0.57% | 0.51 | 4.29 | |||||||
Interest-earning assets | 5.09% | 4.96% | 4.67% | 4.15% | 3.80% | 0.13 | 1.29 | |||||||
Interest-bearing deposits | 3.25% | 2.73% | 1.70% | 0.78% | 0.31% | 0.52 | 2.94 | |||||||
Borrowings | 3.33% | 3.58% | 2.55% | 1.24% | 1.10% | -0.26 | 2.23 | |||||||
Subordinated debentures | 4.94% | 4.89% | 4.67% | 4.37% | 4.14% | 0.05 | 0.80 | |||||||
Interest-bearing liabilities | 3.30% | 2.85% | 1.84% | 0.93% | 0.49% | 0.45 | 2.81 | |||||||
Net interest margin (taxable equivalent basis) | 3.11% | 3.28% | 3.67% | 3.66% | 3.55% | -0.17 | -0.44 | |||||||
Cost of deposits | 2.08% | 1.69% | 0.97% | 0.43% | 0.17% | 0.39 | 1.91 |
- Includes loans held for sale.
- Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.
Credit loss expense for the second quarter was negative $0.1 million and included a $0.5 million provision for loan losses and a $0.6 million recovery for off-balance sheet items. For the first quarter, credit loss expense was $2.1 million and included a $2.2 million provision for loan losses and a $0.1 million recovery for off-balance sheet items.
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Noninterest income for the second quarter decreased $0.4 million to $7.9 million from $8.3 million for the first quarter. The decrease reflected $0.7 million lower gain on sale income of SBA loans, partially offset by a $0.2 million net increase in service charges and fee income. The volume of SBA loans sold in the second quarter declined to $19.9 million from $29.7 million for the first quarter due to the higher interest rate environment while trade premiums decreased to 7.75% for the second quarter from 7.85% for the first quarter.
For the Three Months Ended (in thousands) | Percentage Change | |||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Q2-23 | Q2-23 | ||||||||||||
Noninterest Income | 2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | |||||||||||
Service charges on deposit accounts | $ | 2,571 | $ | 2,579 | $ | 2,742 | $ | 2,996 | $ | 2,875 | -0.3% | -10.6% | ||||||
Trade finance and other service charges and fees | 1,173 | 1,258 | 1,115 | 1,132 | 1,416 | -6.8% | -17.2% | |||||||||||
Servicing income | 825 | 742 | 725 | 635 | 663 | 11.2% | 24.4% | |||||||||||
Bank-owned life insurance income (expense) | 271 | 270 | (97) | 245 | 246 | 0.4% | 10.2% | |||||||||||
All other operating income | 1,811 | 1,618 | 1,039 | 1,656 | 1,336 | 11.9% | 35.6% | |||||||||||
Service charges, fees & other | 6,651 | 6,467 | 5,524 | 6,664 | 6,536 | 2.8% | 1.8% | |||||||||||
Gain on sale of SBA loans | 1,212 | 1,869 | 1,933 | 2,250 | 2,774 | -35.2% | -56.3% | |||||||||||
Net gain (loss) on sales of securities | (1,871) | - | - | - | - | 0.0% | 0.0% | |||||||||||
Legal settlement | 1,943 | - | - | - | - | 0.0% | 0.0% | |||||||||||
Total noninterest income | $ | 7,935 | $ | 8,336 | $ | 7,457 | $ | 8,914 | $ | 9,310 | -4.8% | -14.8% |
Noninterest expense for the second quarter increased $1.5 million to $34.3 million from $32.8 million for the first quarter. The increase was primarily due to a $1.5 million increase in other operating expenses that included a $0.7 million increase in FDIC insurance assessment rates and reflected the absence of a $0.4 million first quarter recovery of a servicing asset valuation allowance and a $0.2 million recovery of other real estate owned and repossessed personal property expenses. All other expense categories were relatively consistent with the first quarter. The efficiency ratio for the second quarter increased to 54.11%, from 49.54% for the prior quarter due to the lower revenue and higher expenses.
For the Three Months Ended (in thousands) | Percentage Change | |||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Q2-23 | Q2-23 | ||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | ||||||||||||
Noninterest Expense | ||||||||||||||||||
Salaries and employee benefits | $ | 20,365 | $ | 20,610 | $ | 20,279 | $ | 19,365 | $ | 18,779 | -1.2% | 8.4% | ||||||
Occupancy and equipment | 4,500 | 4,412 | 3,668 | 4,736 | 4,597 | 2.0% | -2.1% | |||||||||||
Data processing | 3,465 | 3,253 | 3,431 | 3,352 | 3,114 | 6.5% | 11.3% | |||||||||||
Professional fees | 1,376 | 1,335 | 1,783 | 1,249 | 1,231 | 3.1% | 11.8% | |||||||||||
Supplies and communication | 638 | 676 | 683 | 710 | 581 | -5.6% | 9.8% | |||||||||||
Advertising and promotion | 748 | 833 | 974 | 1,186 | 660 | -10.2% | 13.3% | |||||||||||
All other operating expenses | 3,243 | 1,957 | 3,041 | 2,698 | 2,463 | 65.7% | 31.7% | |||||||||||
Subtotal | 34,335 | 33,076 | 33,859 | 33,296 | 31,425 | 3.8% | 9.3% | |||||||||||
Other real estate owned expense (income) | 4 | (201) | (70) | 2 | 50 | -102.0% | -92.0% | |||||||||||
Repossessed personal property expense (income) | (59) | (84) | 55 | (23) | - | -42.4% | 0.0% | |||||||||||
Total noninterest expense | $ | 34,280 | $ | 32,791 | $ | 33,844 | $ | 33,275 | $ | 31,475 | 4.5% | 8.9% |
Hanmi recorded a provision for income taxes of $8.5 million for the second quarter, compared with $9.3 million in the first quarter representing an effective tax rate of 29.3% compared with 29.7% for the first quarter. For the first six months of 2023, the effective tax rate was 29.5% compared with 29.0% for the same period a year ago.
Financial Position
Total assets at June 30, 2023 declined 1.2%, or $89.2 million, to $7.35 billion from $7.43 billion at March 31, 2023. The decline reflected a $14.1 million decrease in loans receivable, a $41.3 million decrease in cash and due from banks, and a $42.0 million decrease in securities available for sale.
Loans receivable, before the allowance for credit losses, were $5.97 billion at quarter-end, down slightly from March 31, 2023. Loans held for sale, representing the guaranteed portion of SBA 7(a) loans, were $7.3 million at the end of the second quarter, compared with $3.7 million at the end of the prior quarter.
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As of (in thousands) | Percentage Change | |||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | Q2-23 | Q2-23 | ||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | vs. Q1-23 | vs. Q2-22 | ||||||||||||
Loan Portfolio | ||||||||||||||||||
Commercial real estate loans | $ | 3,738,325 | $ | 3,784,176 | $ | 3,833,397 | $ | 3,853,947 | $ | 3,829,656 | -1.2% | -2.4% | ||||||
Residential/consumer loans | 886,984 | 817,917 | 734,473 | 649,591 | 521,576 | 8.4% | 70.1% | |||||||||||
Commercial and industrial loans | 753,456 | 778,149 | 804,475 | 732,030 | 766,813 | -3.2% | -1.7% | |||||||||||
Equipment Finance | 586,406 | 600,216 | 594,788 | 565,423 | 537,358 | -2.3% | 9.1% | |||||||||||
Loans receivable | 5,965,171 | 5,980,458 | 5,967,133 | 5,800,991 | 5,655,403 | -0.3% | 5.5% | |||||||||||
Loans held for sale | 7,293 | 3,652 | 8,043 | 10,044 | 18,528 | 99.7% | -60.6% | |||||||||||
Total | $ | 5,972,464 | $ | 5,984,110 | $ | 5,975,176 | $ | 5,811,035 | $ | 5,673,931 | -0.2% | 5.3% | ||||||
As of | ||||||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||||||
Composition of Loan Portfolio | ||||||||||||||||||
Commercial real estate loans | 62.6% | 63.2% | 64.2% | 66.3% | 67.5% | |||||||||||||
Residential/consumer loans | 14.9% | 13.7% | 12.3% | 11.2% | 9.2% | |||||||||||||
Commercial and industrial loans | 12.6% | 13.0% | 13.5% | 12.6% | 13.5% | |||||||||||||
Equipment Finance | 9.8% | 10.0% | 9.9% | 9.7% | 9.5% | |||||||||||||
Loans receivable | 99.9% | 99.9% | 99.9% | 99.8% | 99.7% | |||||||||||||
Loans held for sale | 0.1% | 0.1% | 0.1% | 0.2% | 0.3% | |||||||||||||
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
New loan production was $259.3 million for the second quarter, at a weighted average rate of 7.39% while $120.6 million of loans paid off during the quarter at an average rate of 7.21%. Lower loan production reflects lower demand in the higher market interest rate environment.
Commercial real estate loan production for the second quarter was $41.0 million. Commercial and industrial loan production was $36.3 million, SBA loan production was $30.9 million, equipment finance production was $50.9 million and residential mortgage loan production was $100.2 million.
For the Three Months Ended (in thousands) | ||||||||||||||
Jun 30, | Mar 31, | Dec 31, | Sep 30, | Jun 30, | ||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | ||||||||||
New Loan Production | ||||||||||||||
Commercial real estate loans | $ | 40,989 | $ | 75,528 | $ | 86,500 | $ | 132,870 | $ | 271,006 | ||||
Commercial and industrial loans | 36,322 | 27,055 | 137,902 | 88,015 | 96,187 | |||||||||
SBA loans | 30,926 | 34,472 | 53,209 | 44,898 | 67,900 | |||||||||
Equipment Finance | 50,905 | 69,307 | 89,193 | 86,092 | 95,371 | |||||||||
Residential/consumer loans | 100,161 | 97,201 | 106,955 | 140,432 | 111,766 | |||||||||
subtotal | 259,303 | 303,563 | 473,759 | 492,307 | 642,230 | |||||||||
Payoffs | (120,609) | (124,923) | (121,409) | (139,883) | (230,536) | |||||||||
Amortization | (102,248) | (102,675) | (91,333) | (80,294) | (94,543) | |||||||||
Loan sales | (20,933) | (30,002) | (50,550) | (45,418) | (41,937) | |||||||||
Net line utilization | (28,092) | (30,401) | (43,124) | (78,927) | 43,295 | |||||||||
Charge-offs & OREO | (2,708) | (2,237) | (1,201) | (2,197) | (606) | |||||||||
Loans receivable-beginning balance | 5,980,458 | 5,967,133 | 5,800,991 | 5,655,403 | 5,337,500 | |||||||||
Loans receivable-ending balance | $ | 5,965,171 | $ | 5,980,458 | $ | 5,967,133 | $ | 5,800,991 | $ | 5,655,403 | ||||
Deposits were $6.32 billion at the end of the second quarter, up $114.7 million, or 1.9%, from $6.20 billion at the end of the prior quarter. Driving this change was a $198.2 million increase in money market and savings deposits and a $51.7 million increase in time deposits, partially offset by a $128.0 million decline in noninterest-bearing demand deposits. Noninterest-bearing demand deposits represented 34.9% of total deposits at quarter-end and the loan-to-deposit ratio was 94.4%.
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Hanmi Financial Corporation published this content on 25 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2023 20:16:29 UTC.