Investing.com
Published Oct 25, 2023 23:26
Hanmi Financial (NASDAQ:HAFC) Corporation (NASDAQ: HAFC ) reported stable total deposits, strong loan growth, and successful client acquisition in its Q3 2023 earnings call. The company also highlighted a healthy mix of non-interest-bearing deposits, which constituted 35% of total deposits. The firm is on track with its plans to relocate branches in San Francisco and Edison, New Jersey.
Key takeaways from the call include:
During the earnings call, the company mentioned a remaining authorization of just under 500,000 shares and a $128 million credit related to a memory care assisted living facility. Despite not reaching optimal occupancy due to COVID-19 and other factors, the company does not anticipate any loss from this facility. Hanmi expects a $300,000 annual increase in the sale-leaseback line item and plans to continue exploring cost efficiencies in 2024.
The company's CFO, Ron Santarosa, stated that despite inflationary pressures, expenses have been well-controlled and will continue to be a focus for cost-cutting measures in 2024. The occupancy line item was around $4.8 million for the year, with some potential volatility due to maintenance and repairs.
The call concluded with Bonnie Lee, Hanmi's CEO, expressing gratitude for the participants' interest and mentioning a year-end call in January. The company ended the quarter with a strong deposit portfolio and sound capital levels, demonstrating its commitment to maintaining strong credit quality and diversifying its portfolio.
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Written By: Investing.com
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