韩美金融 (HAFC) 2026年第三季度业绩电话会：净息差与贷款投放量上升

核心要点

• 净利润环比增长至2370万美元，即摊薄后每股收益0.80美元。平均资产回报率为1.17%，平均股东权益回报率达10.90%。
• 拨备前净收入环比增长10.8%，这主要得益于5.8%的净利息收入增长以及严谨的费用管理。
• 净息差扩大8个基点至3.44%。其中大约4个基点的增幅来自若干特定季度的项目。
• 新增贷款发放量环比增长46.2%至5.44亿美元，各类贷款发放均实现增长。然而，还款额的高企限制了资产负债表的扩张。
• 存款总额增长1.4%，其中包括1.9%的核心存款增长。韩国企业客户存款增长12%至13亿美元以上，约占存款总额的19%。
• 信用损失费用增加至450万美元，主要反映了320万美元的部分冲销，该冲销源于此前已确认的一笔商业地产贷款。

关键财务数据

业务与运营表现

工商业贷款投放额总计1.70亿美元。工商业贷款余额环比持平，但同比增长11.3%，推动该类别占总贷款组合的比重达到18%，而一年前为16%。

商业地产贷款投放额增长33.4%至2.27亿美元。商业地产贷款依然占总贷款的61%。该投资组合的加权平均贷款价值比约为47%，加权平均偿债备付率为2.27倍。

住房抵押贷款发放量环比增长54%至7700万美元。韩美出售了1300万美元的住房抵押贷款，产生20万美元的收益。

SBA贷款发放量达到4100万美元，较上一季度增加400万美元。公司出售了约3400万美元的SBA贷款，溢价率为8.1%，而第二季度为2090万美元，溢价率为7.92%。

韩国企业业务部产生3400万美元的季度贷款发放量。其贷款余额环比下降5%至7.8亿美元，约占总贷款的12%。相比之下，韩国企业业务部的存款增加了1.45亿美元，达到13亿美元以上，原因是客户在潜在资本支出和制造业投资前积累资金。

贷款结清额达到2.83亿美元。其中超过三分之一反映了竞争对手贷款机构提供超出韩美承销标准条款的再融资。约四分之一来自物业出售或借款人使用自有资金，而略低于10%则是由于韩美决定终止客户关系。

管理层业绩指导

管理层预计2026年全年贷款增长率为低个位数，假设发放量保持在近期水平附近，且结清额继续放缓。

对于2027年，管理层预计贷款增长率为低至中个位数。管理层表示，如果利率上升减少与再融资相关的结清额，且当前的发放势头得以延续，增长率可能会达到中个位数或更高。

管理层预计季度SBA贷款发放量约为4500万至5000万美元，可能存在5%至10%的变动。韩美计划出售所有SBA 7(a)发放贷款。

关于2026年第四季度的股票回购，管理层表示公司可能会维持与前三个季度大致相同的年化资金规模。

风险与关注要点

特定季度项目增加了约70万美元的净利息收入，并为4个基点的净息差做出了贡献。这些项目包括贷款相关费用项目、旧金山联邦住房贷款银行（FHLB San Francisco）的特别股息，以及与次级债券发行和赎回相关的重叠利息支出。

第三季度计息存款平均成本为3.18%，升至9月为3.19%，且已达到约10月迄今的3.22%。管理层表示，存款成本可能继续上升，特别是如果美联储利率变动幅度较大或竞争压力加剧。

超过10亿美元的定期存单预计将于第四季度到期，平均利率约为3.69%。10月的续存与新存款定价大致相似，意味着届时既不会带来重大的重定价收益，也不会面临重大的不利影响。

在当地租金管制法规变更后，韩美金融下调了纽约两个现有多户住宅客户关系的评级。管理层还达成协议，拟出售此前确认的一笔商业地产（CRE）贷款，预计将在第四季度完成交割。

逾期贷款和不良贷款保持在较低水平，分别为0.20%和总贷款的0.14%。不良资产占总资产的0.12%。

分析师问答环节要点

• 贷款重定价： 约25%的贷款组合会随利率直接调整（不含按计划到期的部分）。新发放贷款收益率约为6.6%，高于约6%的调整后组合收益率，管理层表示这应能支持贷款收益率的逐步提升。
• 纽约多户住宅风险敞口： 扣除两笔被下调评级的贷款后，其余组合由大约6笔规模较小的贷款组成。管理层表示，其中大部分贷款处于正常履约状态，且多数物业不受租金管制限制。
• 资本举措： 韩美金融在第三季度回购了490万美元的股票。在现有授权下，共有184万股仍可用于回购。
• 融资与利率保护： 韩美金融在发行了5500万美元将于2036年到期的票据后，赎回了1.1亿美元将于2031年到期的次级票据，使每年持续利息支出减少了约55万美元。公司还对2600万美元的信托优先证券增加了两年期利率上限，并将1.8亿美元的加州定期存款利率锁定在4.46%（通过两年期互换）。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.