ハンミ・フィナンシャル（HAFC）2026年第3四半期決算説明会：NIMと融資実行額が上昇

主要ハイライト

• 純利益は前四半期比で2,370万ドル（または 希薄化後1株当たり0.80ドル）に増加しました。平均総資産利益率（ROA）は 1.17%、平均株主資本利益率（ROE）は 10.90%に達しました。
• 貸倒引当金控除前純収益は前四半期比で10.8%増加し、5.8%の純利息収入の増加と規律ある費用管理に支えられました。
• 純利ざやは8ベーシスポイント拡大して3.44%となりました。この増加のうち約4ベーシスポイントは、当四半期特有のいくつかの項目によるものです。
• 新規融資実行額は前四半期比46.2%増の5億4,400万ドルに達し、すべての融資カテゴリーで成長が見られました。しかし、返済額の高水準に伴い、バランスシートの拡大は抑制されました。
• 預金残高は1.4%増加し、うちコア預金は1.9%増加しました。韓国系企業からの預金は12%増加して13億ドルを超え、全預金の約19%を占めました。
• 信用損失費用は450万ドルに増加しました。これは主に、320万ドルの部分貸倒償却（以前に特定された商業用不動産ローン案件）を反映したものです。

主要財務データ

事業および営業業績

商工業向け（C&I）融資の実行額は合計で1億7,000万ドルに達しました。C&I残高は前期比横ばいとなったものの、前年同期比11.3%増加し、同カテゴリーが占める割合は融資ポートフォリオ全体の18%（前年同期の16%から上昇）に拡大しました。

商業用不動産（CRE）融資の実行額は33.4%増の2億2,700万ドルに増加しました。CREは引き続き総貸出金の61%。同ポートフォリオの加重平均LTV比率は約47%、加重平均DSCRは2.27倍でした。

住宅ローン実行額は前四半期比54%増の7,700万ドルとなりました。ハンミは1,300万ドルの住宅ローンを売却し、20万ドルの売却益を得ました。

SBAローン実行額は4,100万ドルに達し、前四半期から400万ドル増加しました。同社は約3,400万ドルのSBAローンを8.1%のプレミアムで売却しました（第2四半期は7.92%のプレミアムで2,090万ドル）。

コーポレート・コリア部門の四半期ローン実行額は3,400万ドルでした。同部門のローン残高は前四半期比5%減少して7億8,000万ドル（総貸出金の約12%）となりました。対照的に、同部門の預金残高は1億4,500万ドル増加して13億ドル超となり、顧客が将来の設備投資や製造投資に備えて資金を蓄積したことを反映しています。

ローンの完済額は2億8,300万ドルに達しました。その3分の1以上は、ハンミの引受基準外の条件を提示する競合他社からの借り換えによるものでした。約4分の1は不動産売却または借入人の自己資金による返済であり、10%弱は取引関係を解消するというハンミ側の決定によるものでした。

経営陣のガイダンス

経営陣は、2026年通期の貸出成長率が1桁台前半にとどまると見込んでおり、ローン実行額が直近の水準付近で推移し、完済の動きが引き続き落ち着くことを前提としています。

2027年について、経営陣は1桁台前半から半ばの貸出成長を予想しました。金利上昇によって借り換えに伴う完済が減少し、現在のローン実行のモメンタムが維持されれば、成長率は1桁台半ば以上に達する可能性があるとしています。

経営陣は、四半期ベースのSBAローン実行額が約4,500万ドルから5,000万ドルになると予想しており、5%から10%の変動の可能性があるとしています。ハンミはすべてのSBA 7(a)ローン実行分を売却する計画です。

2026年第4四半期の自社株買いについて、経営陣は過去3四半期に見られたのとほぼ同等の金額ペース（ランレート）を維持する可能性が高いと示唆しました。

リスクと注視点

当四半期特有の要因により、純利息収入が約70万ドル押し上げられ、純金利マージン（NIM）に約4ベーシスポイント寄与しました。これらには、ローン関連手数料項目、サンフランシスコ連邦住宅ローン銀行（FHLB）からの特別配当、および劣後債の発行・償還に伴う二重利息費用が含まれます。

第3四半期における有利子預金コストの平均は3.18%となり、以下まで上昇しました：9月は3.19%でしたが、10月現在でおよそ3.22%に達しました。経営陣は、特に米連邦準備制度理事会（FRB）の金利調整が大幅である場合や競合圧力が増す場合、預金コストは引き続き上昇する可能性があると述べました。

〜を超える10億ドルの定期預金（CD）が第4四半期に平均利回り約3.69%で満期を迎える予定でした。10月の更新および新規預金の金利設定はほぼ同水準であり、現時点では実質的な再価格設定のメリットも逆風もないことを示しています。

ハンミは、現地の家賃統制規制の変更を受けて、ニューヨークの集合住宅（マルチファミリー）関連の現行2取引を格下げしました。また経営陣は、以前特定していた商業用不動産（CRE）ローンの売却契約を締結し、第4四半期中に完了する予定です。

延滞ローンおよび不履行ローン（不良債権）は低水準にとどまり、それぞれ0.20%および総融資額の0.14%となりました。不履行資産（NPA）は総資産の0.12%でした。

アナリスト質疑応答の要点

• ローンの金利改定：約25%のローンポートフォリオが定時返済（満期到来）分を除き、金利に直接連動して改定されます。新規実行利回りは約6.6%で、調整後のポートフォリオ利回り（約6%）を上回っており、経営陣はこれがローン利回りの緩やかな改善を支えるはずだと述べました。
• ニューヨークの集合住宅向けエクスポージャー：格下げされた2件のローンを除き、残りのポートフォリオは約6件の比較的小口のローンで構成されています。経営陣は、大半が正常に返済されており、物件の大部分は家賃統制の対象外であると述べました。
• 資本政策：ハンミは第3四半期中に490万ドル相当の株式を買い戻しました。既存の授権枠に基づき、合計184万株が引き続き取得可能となっています。
• 資金調達および金利ヘッジ：ハンミは2036年満期の債券5,500万ドルを発行した後、2031年満期の劣後債1億1,000万ドルを償還し、継続的な年間支払利息をおよそ55万ドル削減しました。また、2,600万ドルの信託優先証券に2年間の金利キャップを設定し、2年間のスワップ取引を通じて1億8,000万ドルのカリフォルニア定期預金の金利を4.46%に固定しました。

決算説明会全文トランスクリプト

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Ladies and gentlemen, welcome to the Hanmi Financial Corporation's Third Quarter 2026 Conference Call. As a reminder, today's call is being recorded for replay purposes. [Operator Instructions] I would now like to turn the call over to Ben Brodkowitz, Investor Relations for the company. Please go ahead.

Ben Brodkowitz

Thank you, operator, and thank you all for joining us today to discuss Hanmi's Third Quarter 2026 results. This afternoon, Hanmi issued its earnings release and quarterly supplemental slide presentation to accompany today's call. Both documents are available in the IR section of the company's website at hanmi.com. .

I'm here today with Bonnie Lee, President and Chief Executive Officer of Hanmi Financial Corporation; Anthony Kim, Chief Banking Officer; and Ron Santarosa, Chief Financial Officer. Bonnie will begin today's call with an overview. Anthony will discuss loan and deposit activities. Ron will provide details on our financial performance, and then Bonnie will provide closing comments before we open the call up for your questions.

Before we begin, I would like to remind you that today's comments may include forward-looking statements under the federal securities laws. Forward-looking statements are based on current plans, expectations, events and financial industry trends that may affect the company's future operating results and financial position.

Our actual results may differ materially from those contemplated by our forward-looking statements, which involve risks and uncertainties. Discussion of the factors that could cause our actual results to differ materially from these forward-looking statements can be found in our SEC filings, including our reports on Forms 10-K and 10-Q. In particular, we direct you to the discussion of certain risk factors affecting our business contained in our earnings release, our investor presentation and in our Form 10-Q.

With that, I would now like to turn the call over to Bonnie Lee. Bonnie? Please go ahead.

Bonita Lee

Thank you, Ben, and good afternoon, everyone. Thank you for joining us today to discuss Hanmi's Third Quarter 2026 results. Hanmi delivered a solid quarter with excellent deposit growth, robust loan production, strong asset quality and prudent capital management. As a result, pre-provision net revenues grew 10.8% sequentially reflecting an increase in net interest income and margin as well as the disciplined expense management. Credit loss expense was higher, but demonstrated our commitment to resolving credit issues quickly. Collectively, our performance this quarter shows the durability of our franchise, continued momentum across all lines of business and our ability to generate sustainable, profitable growth.

Now turning to some highlights for the quarter. Net income increased from last quarter to $23.7 million or $0.80 per diluted share. Deposits grew 1.4% on a linked-quarter basis, with the core deposits increasing 1.9% reflecting the strength and quality of our funding base while noninterest-bearing deposits remained stable at 3% of total deposits.

Loan originations were strong at $544 million with a notable increase in tenants. Net interest income increased 5.8% sequentially and net interest margin increased by 8 basis points to 3.44%. We maintained disciplined expense management, improving our efficiency ratio by more than 200 basis points to 52% demonstrating our ability to generate positive operating efforts.

Credit loss expense was $4.5 million and reflected a $3.2 million loan charge-off to resolve a previously identified CRE loan. Last, the return on average assets for the third quarter was 1.17%, and the return on average equity was 10.90%.

Moving on to our corporate Korea initiative. This area of our business activities continues to generate meaningful results. The investments we have made in specialized bankers and targeted client coverage are deepening customer relationships and driving increased business activity.

Deposits from corporate Korea clients increased 12% during the quarter to $1.3 billion, reaching an all-time high of approximately 19% of total deposits. While loans for corporate clear clients represent 12% of total loans. This initiative continues to be a significant growth opportunity and a key differentiator for Hanmi.

Turning now to asset quality. Hanmi's credit metrics continue to demonstrate disciplined underwriting and active portfolio oversight. During the quarter, we took 2 actions that underscore our proactive about the credit risk management. First, we entered into an agreement to sell the previously identified CRE loan with the closing expected during the fourth quarter. This action enables us to avoid a potentially prolonged resolution process and more quickly redeploy these funds into interest-earning assets with a more attractive risk-adjusted returns.

In addition, following changes to local rent control regulations in New York City, we proactively reassessed to multifamily loan relationships and downgraded these loans to reflect this evolving risk environment. Although these 2 loans are current, we believe these actions illustrate our commitment to identify issues early and addressing them decisively to preserve the long-term strength of the loan portfolio. Although delinquent loans and nonperforming loans continued to be a low percentage of total loans at 0.2% and 0.14%, respectively, at quarter end. Nonperforming assets also remained constant at 0.12% of total assets.

Last, I would like to highlight our capital strength and prudent capital management. Tangible common equity to tangible assets was 9.93% and all regulatory capital ratios were strong. With the solid earnings for the third quarter, we returned 55.6% of third quarter net income to shareholders through dividends and share repurchases.

Our capital position provides Hanmi flexibility to pursue attractive growth opportunities, invest strategically in the business and continue delivering compelling returns to shareholders.

I'll now turn the call over to Anthony Kim, our Chief Banking Officer, to discuss loan production and deposit trends in greater detail. Anthony?

Anthony Kim

Thank you, Bonnie, and thank you for joining us today. I'll begin by providing additional details on our loan production. Third quarter loan production was $544 million, up $172 million or 46.2% from the prior quarter with a weighted average interest rate of 6.61% compared to 6.59% last quarter. The increase in loan production was primarily due to an increase in C&I, CRE and residential. In fact, every category of loan production increased during the third quarter.

We maintained a disciplined underwriting framework engaging owning opportunities that are consistent with our conservative underwriting principles. C&I production was $170 million with a broad representation of industries such as manufacturing and wholesale. While C&I loan balances were flat from the prior quarter, they grew 11.3% from the same period a year ago. Additionally, C&I loans have grown to 18% of total loan portfolio from 16% a year ago. This growth reflects our investment in C&I talent, the continued traction of our U.S. case initiative and the successful execution of our strategy to broaden the portfolio.

Total commitments for our commercial lines of credit were $1.4 billion in the third quarter up approximately 5% from the previous quarter and 7% from a year ago. Outstanding balances increased by 3%, resulting in a utilization rate of 39.7% and down slightly from 40.3% in the prior quarter. CRE production was $227 million, an increase of $57 million or 33.4%. CRE loans remained 61% of our total loans. We are pleased with the quality of our selling portfolio. It has a weighted average loan-to-value ratio of approximately 47% and a weighted average debt service coverage ratio of 2.27x.

Residential mortgage loan production was $77 million for the third quarter up 54% or $27 million from the previous quarter. Residential mortgage loans represent approximately 15% of our total portfolio, consistent with the previous quarter. We sold $13 million of residential mortgages during the third quarter, resulting in a gain on sale of $0.2 million. We'll continue to evaluate additional sales, contingent on market conditions.

As pay was a bright spot this quarter with production sales trade premiums are higher. SBA loan production increased $4 million from the prior quarter to $41 million while slightly below in historical debt levels, our pipeline indicates a pickup in production in the fourth quarter, underscoring the strength of our recent investment in talent and the momentum we are generating with the small business clients across our markets. During the quarter, we sold approximately $34 million of SBA loans.

Turning to Corporate Korea, which accounted for $34 million of total loan production. USK loan balances were $780 million, down $46 million or 5% from the prior quarter and represent approximately 12% of our total loan portfolio. Last, payoffs, which are invariable each quarter, were substantially higher at $283 million for the third quarter -- more than 1/3 of our payoffs were driven by refinancing with the other lenders offering terms that did not meet our disciplined underwriting and risk criteria. Approximately 1/4 of the payoffs were from the sale of property or the borrower using their own cash. Just under 10% of payoffs were due to our desire to exit the loan relationships.

Turning now to deposits. In the third quarter, deposits increased 1.4% from the prior quarter, driven primarily by growth in nonmaturity, interest-bearing deposits and a 1.9% increase in core deposits. Deposit balances for USKC customers increased by $145 million or 12%, surpassing $1.3 billion. At quarter end, corporate Korea deposits represented 19% of total deposits and 18% of bank's demand deposits. The composition of our deposit base remains stable, reflecting the strength of our relationship banking model. At the end of third quarter, noninterest-bearing deposits remained healthy at 30% of total bank deposits.

And now I'll hand the call over to Ron Santarosa, our Chief Financial Officer, for more details on our third quarter financial results.

Romolo Santarosa

Thank you, Anthony, and good afternoon all. I will begin with Hanmi's 10.8% sequential increase in third quarter pre-provision net revenues before turning to the credit loss expense for the quarter. First, net interest income grew 5.8% on a linked quarter basis due to the 2.4% increase in average interest-earning assets and the 8 basis point net interest margin expansion.

The 3.1% growth in average core deposits efficiently fueled growth in average interest-earning assets while a 13 basis point increase in average loan yield drove higher net interest income. This was partially offset by a 1 basis point increase in the cost of average interest-bearing deposits. We noted in the earnings release that there were several items affecting third quarter net interest income and net interest margin, namely an interest reversal from a nonaccrual loan accelerated deferred fee income and prepayment fees from loan payoffs, a special FHLB San Francisco dividend and overlapping interest expense from the issuance and redemption of subordinated notes.

Together, these items contribute approximately $700,000 of net interest income, representing 4 basis points or roughly half of the quarterly increase in net interest margin. The loan-related items contributed approximately 5 basis points to the in recent loan yield.

I also think it's important to note here that Hanmi undertook actions during the third quarter which together should aim future period net interest income and margin and what might be a higher interest rate environment going forward. At the end of July, Hanmi issued $55 million of fixed to floating rate subordinated notes due in 2036. These proceeds, combined with parent company resources were used to redeem on September 1, the $110 million fixed to floating rate subordinated notes due in 2031.

As a result, the company reduced its ongoing interest expense by $550,000 annually and avoided the burden of floating rate debt. Next, the company secured a 2-year interest rate cap for its $26 million floating rate trust preferred securities, where the floating rate of -- with a floating rate of 3-month SOFR plus 166 basis points at resets quarterly, cannot exceed 5.66%.

The bank also secured a 2-year interest rate swap for its $180 million of state of California time deposits, fixing the interest rate on these funds at 4.46%.

Moving on to noninterest income. It increased 8.2% on a linked-quarter basis, primarily due to higher gains from sales of SBA loans. Hanmi sold $34 million of SBA loans at a premium of 8.1%, significantly higher than the second quarter volume of $20.9 million with a premium of 7.92%. Completing the look at third quarter PPNR, noninterest expense increased 2.1%, primarily driven by a $1.1 million charge from the acceleration of deferred debt issuance costs upon the redemption of the 2031 notes. Absent that event, noninterest expense would have declined by 0.8% sequentially.

Turning to credit loss expense. It was $4.5 billion, up from $1.2 million for the second quarter. That increase was primarily due to a $3.2 million partial charge-off on the previously mentioned CRE loan. As such, annualized net charge-offs to average loans for the third quarter jumped to 27 basis points compared with 8 basis points for the second quarter. Absent this charge-off, annualized net charge-offs to average loans would have been 7 basis points.

Hanmi continued to return capital to shareholders in the form of dividends and share repurchases. Share repurchases for the third quarter were $4.9 million and 1.84 million shares currently remain available under the existing share repurchase program. Third quarter equity capital was negatively affected by the increase in the general level of interest rates at the end of the third quarter, resulting in a $16.5 million increase in unrealized after-tax losses on securities available for sale.

However, capital ratios continue to remain strong. The company's tangible common equity to tangible assets ratio was 9.93% at the end of the third quarter and its common equity Tier 1 ratio was 12.3%. Tangible common equity per share also remained essentially unchanged at $27.03. The bank's capital ratios also remained strong and well above the levels needed for the well-capitalized category. The bank had a total risk-based capital ratio of 14.33% and a common equity Tier 1 ratio of 13.28%.

With that, I will now turn it back to Bonnie.

Bonita Lee

Thank you, Ron. As we look ahead, we remain constructive on the operating environment. While geopolitical uncertainty was monitoring, the broader economy continues to be supported by growth, low unemployment and healthy business activity. As we enter the final quarter of the year, we remain well positioned for continued success. Healthy loan and deposit pipelines, strong customer activity and momentum across the franchise support our confidence in delivering continued earnings growth and attract shareholder returns. .

In closing, our third quarter performance highlights the strength of our franchise, the dedication of our employees and the trust our customers place in harmony. We remain focused on disciplined execution, sustainable growth, strong profitability and long-term value for our shareholders.

We'll now open the call to answer your questions. Operator, please go ahead.

Operator

[Operator Instructions] Our first question is from Matthew Clark with Piper Sandler.

質疑応答

Matthew Clark

The margin, maybe for Ron, just trying to think through deposit cost going forward if you have the spot rate at the end of September. I saw the slide showing your beta the last couple of cycles, but tracking obviously well below that. I guess, how should we think about that beta and then on the CDs that are maturing in your deck and what kind of rate should we expect it to reprice to?

Romolo Santarosa

So beginning with average interest-bearing deposit costs. For the month of September, they were 3.19%, 1 basis point higher than the average for the quarter of 3.18%. For October to date, right now, it's about 3.22%, so about 4 basis points higher. And that does reflect the 25 basis point move that occurred mid- to late September. So at this point, in deposit competition, et cetera, it seems like interest-bearing deposit costs are holding in. The beta that you can deduce from that, I think, is well behaved. But again, we await a Fed decision tomorrow and then, of course, the Fed decision in December.

So against the backdrop of not knowing what that might be and then the deposit pressures from competition. I'll be optimistic in that the deposit costs may continue to creep. But if Fed moves in very large ways, then I would expect a much more pressure on our cost of deposits.

So I'll let Anthony talk about the CD market and the deposit market generally.

Anthony Kim

Yes. During the fourth quarter, I think a little over $1 billion is maturing at 3.69%. That's the rate in my head. Month-to-date October, the rate we're seeing renew plus a new combination, it's about the same. If it's maybe a little pet higher, but what I'm saying until October, it's about the same. So we have no benefit of repricing. We have no damage done from repricing.

Matthew Clark

That's great. Okay. And then shifting to your exposure in New York, it looks like you only have $84 million of multifamily in New York. I guess how much of that is rent stabilized? Or are those the 2 loans that you called out within that portfolio?

Bonita Lee

So excluding the 2 loans that we called out, the rest of the portfolio its competition of about half a dozen smaller loans, and most of them are current and majority of them are the properties are not in the rent -- majority of the properties are not in the rent control.

Matthew Clark

Okay. Great. And then just on the USKC initiative, the deposit growth looked really good again. Any color around what drove that by industry and how the pipeline looks going forward?

Anthony Kim

It's a more broad-based deposit increase from industries -- various industries. It's more of a -- we see influx of the fund coming in. They're preparing for the investment in whether in CapEx or the manufacturing facility to be deployed later on. So we continue to see influx of that.

Operator

Our next question is from Gary Tenner with D.A. Davidson.

Gary Tenner

I wanted to ask about loan growth, Bonnie. Obviously, really good production in the quarter. But even with that production year-to-date, your loans are essentially flat. So I'm just kind of wondering how you're thinking about net growth here in the fourth quarter and then how the environment is potentially shaping your thoughts on 2027?

Bonita Lee

Yes. So while our year-to-date deposit growth is trending mid-single-digit growth above 5%. Our loans despite of our robust production this quarter, it has stayed pretty flat or slightly moderately increase and it's really due to the payoffs. And if you trend year-to-date loan production compared to the same period last year, loan production is up 4%. But the payoffs compared to last year, year-to-date, it increased 65%.

So -- and that amount to over $250 million. So if we were to state the payoffs hedge remains stayed at the same level as last year. Obviously, our loan growth would have been 4%, which is in the mid-single digit growth. Just looking at the payouts, this quarter, it has subsided a little bit compared to the third quarter. However, definitely, looking at the year to average quarterly year-to-date payout is above $200 million. So we are looking at all in -- all in all, continuing with the production that we had we are probably looking at probably low single-digit growth in the loan for the year.

Gary Tenner

And coupled with that, any impact to the outlook in a higher-for-longer scenario or maybe preliminary thoughts about 2027 growth? Is that kind of mid-single-digit number you had mentioned a good assumption to start the year?

Bonita Lee

Yes. For the 2027, I would project the low- to mid-single-digit growth. And as rates actually go up, I would probably see a lower level of payoffs. So with that, we could even hit mid-single digit or even higher. Assuming that the production continues at the level that we have been enjoying.

Gary Tenner

Got it. Makes sense. And then just a follow-up, Ron, on kind of the rate sensitivity. I appreciate all the color on the deposit side of things. Can you just refresh us on the loan portfolio and how much of that is floating rate, either prime or short-term silver repricing?

Romolo Santarosa

About 25% of the portfolio for the truly adjust with rates. And then that's excluding any of the maturities that roll down to us in each quarter. .

Operator

Our next question is from Kelly Motta with KBW.

Kelly Motta

Maybe following up on that, it looks like your yield on new production has been pretty stable. Wondering, I think you break out loans for turning over the next year in the deck. Ron, if you could provide what the loan runoff cadence like in terms of full timing, it's pretty throughout the year as well as the yield on that?

Romolo Santarosa

So relative to the cadence, I guess, we have no better guess than what the scheduled maturities are. Again, that's before any of the payoffs that are induced by other lenders, the circumstance of the particular borrower or the actions that we've taken our own to ensure the credit quality of the book. So there's no other insight other than that.

With respect then to the rates, again, on a maturity basis, it's a mix of both fixed as well as variable rate loans. I think Anthony has ported the production, which is like 6 -- I can't remember the last digit 6.5-ish. If you will, so in this current rate environment, I would expect that, that would be the continued run rate, okay, give or take, against an average yield of the book, which on an adjusted basis for the activities that I mentioned earlier is probably just around 6%. And so you can start to see that the increment to the book is higher than the average of the book. So the loan yield should continue to kind of inch upward under that kind of scenario?

Kelly Motta

Got it. That's helpful. And then with higher rates, you've heard it it's pressuring SBA gain on sale margins. Just wondering if you could refresh us on your outlook, both on the production side of that business as well as your cadence itself.

Bonita Lee

Yes. I mean, similar to this quarter, I think that the run rate for in terms of production would be on a quarterly basis about $45 million to $50 million. Any given quarter plus/minus 5% to 10%. And then the sole portion, we sell all of our SBA 7(a) productions.

Kelly Motta

Got it. That's helpful. And then lastly, you guys were -- you were more active on the buyback here. Just wondering about appetite at the level especially in the context that the balance sheet growth on the loan side has been more limited because of the payoff.

Romolo Santarosa

So at least with respect to the fourth quarter of 2026, as we do visit each quarter our actions. I think it's fair to say that we'd probably continue at the same dollar run rate that you've seen in the previous 3 quarters.

Operator

[Operator Instructions] There are no further questions at this time. I'd like to hand the floor back over to management for any closing remarks.

Bonita Lee

Thank you for joining our call today. We appreciate your interest in Hanmi and look forward to sharing our progress with you. Thank you. .

Operator

This concludes today's conference call. You may disconnect your lines at this time. Thank you again for your participation.