Hanmi Financial (HAFC) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates

Core Insights - Hanmi Financial (HAFC) reported a revenue of $56.68 million for the quarter ended June 2024, reflecting a decrease of 10.6% year-over-year [1] - The earnings per share (EPS) for the quarter was $0.48, down from $0.67 in the same quarter last year [1] - The reported revenue fell short of the Zacks Consensus Estimate of $59.07 million, resulting in a surprise of -4.05% [1] - The company met the consensus EPS estimate of $0.48, indicating no surprise in earnings [1] Financial Metrics - Efficiency Ratio stood at 62.2%, higher than the average estimate of 59.8% from three analysts [3] - Net interest margin was reported at 2.7%, slightly below the estimated 2.8% [3] - Average balance of total interest-earning assets was $7.27 billion, compared to the average estimate of $7.38 billion [3] - Net loan charge-offs to average loans were 0.1%, better than the estimated 0.2% [3] - Total non-interest income was $8.06 million, below the average estimate of $8.32 million [3] - Net interest income reported was $48.62 million, compared to the estimated $50.35 million [3] - Service charges on deposit accounts were $2.43 million, lower than the estimated $2.74 million [3] - Other operating income was $2.71 million, slightly above the estimated $2.55 million [3] - Trade finance and other service charges and fees were $1.28 million, compared to the average estimate of $1.33 million [3] Stock Performance - Hanmi Financial's shares have returned +28.3% over the past month, outperforming the Zacks S&P 500 composite's +2% change [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]