Hanmi Financial Corporation reported a net income of $15.1 million, or $0.50 per diluted share, for the second quarter of 2025, reflecting an increase from $14.5 million, or $0.48 per diluted share, in the same period last year. The rise in net income was primarily driven by an $8.5 million increase in net interest income, which reached $57.1 million, compared to $48.6 million in the prior year. This increase was partially offset by a significant rise in credit loss expenses, which totaled $7.6 million for the quarter, up from $1.0 million a year earlier. For the first half of 2025, net income was $32.8 million, or $1.08 per diluted share, compared to $29.6 million, or $0.97 per diluted share, in the same period of 2024.
Total assets for Hanmi Financial increased to $7.86 billion as of June 30, 2025, up from $7.68 billion at the end of 2024. The growth in assets was supported by a rise in loans receivable, which increased by $58 million to $6.24 billion, driven by new loan production of $675.5 million, despite payoffs and other reductions totaling $579.9 million. Deposits also saw a notable increase, rising to $6.73 billion from $6.44 billion, with significant contributions from money market and savings accounts, which grew by $159.3 million.
In terms of operational metrics, the company reported a loan-to-deposit ratio of 93.7% as of June 30, 2025, down from 97.1% at the end of 2024. The allowance for credit losses stood at $66.8 million, representing 1.06% of total loans, a slight decrease from 1.12% at the end of the previous year. The company also noted an increase in nonaccrual loans, which rose to $26.0 million from $14.3 million, primarily due to a commercial real estate loan designated as nonaccrual.
Strategically, Hanmi Financial has been focusing on enhancing its loan portfolio and managing credit risk. The company has implemented a new methodology for estimating expected credit losses, which it believes will improve the accuracy of its allowance for credit losses. Looking ahead, Hanmi Financial anticipates continued growth in its loan production and deposit base, while maintaining a strong capital position, with total stockholders' equity increasing to $762.8 million as of June 30, 2025, from $732.2 million at the end of 2024. The company remains committed to managing its credit quality and operational efficiency as it navigates the evolving economic landscape.
About HANMI FINANCIAL CORP
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