Hanmi Financial Corp (HAFC) 2023 Q1 法說會逐字稿

Ladies and gentlemen, welcome to the Hanmi Financial Corporation's First Quarter 2023 Conference Call. As a reminder, today's call is being recorded for replay purposes.

女士們，先生們，歡迎來到 Hanmi Financial Corporation 2023 年第一季度電話會議。提醒一下，今天的通話正在錄音以供重播。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Larry Clark, Investor Relations for the company. Please go ahead.

我現在想把電話轉給公司投資者關係部的拉里克拉克。請繼續。

Thank you, Doug, and thank you all for joining us today to discuss Hanmi's first quarter 2023 financial results. This afternoon, Hanmi issued its earnings release and quarterly supplemental slide presentation to accompany today's call. Both documents are available on the IR section of the company's website.

謝謝 Doug，也感謝大家今天加入我們討論 Hanmi 2023 年第一季度的財務業績。今天下午，Hanmi 發布了收益報告和季度補充幻燈片演示，以配合今天的電話會議。這兩份文件都可以在公司網站的 IR 部分找到。

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, and Ron will provide details on our financial performance, and then Bonnie will provide closing comments before we open the call up to your questions.

今天我和 Hanmi Financial Corporation 總裁兼首席執行官 Bonnie Lee 一起來到這裡；首席銀行官 Anthony Kim；和首席財務官 Ron Santarosa。邦妮將以概述開始今天的電話會議。 Anthony 將討論貸款和存款活動，Ron 將提供我們財務業績的詳細信息，然後 Bonnie 將在我們開始回答您的問題之前提供結束評論。

Before we begin, I'd 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. Discussions of the factors that could cause our actual results to differ materially from those -- 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, in our investor presentation and in our Form 10-K.

在我們開始之前，我想提醒您，今天的評論可能包含聯邦證券法規定的前瞻性陳述。前瞻性陳述基於可能影響公司未來經營業績和財務狀況的當前計劃、預期、事件和金融行業趨勢。我們的實際結果可能與我們的前瞻性陳述所預期的結果存在重大差異，這涉及風險和不確定性。關於可能導致我們的實際結果與這些前瞻性陳述產生重大差異的因素的討論可以在我們提交給美國證券交易委員會的文件中找到，包括我們關於 10-K 和 10-Q 表格的報告。特別是，我們會指導您討論影響我們業務的某些風險因素，這些風險因素包含在我們的收益發布、投資者介紹和 10-K 表格中。

With that, I'd now like to turn the call over to Bonnie Lee. Bonnie, please go ahead.

有了這個，我現在想把電話轉給 Bonnie Lee。邦妮，請繼續。

Thank you, Larry. Good afternoon, everyone. Thank you for joining us today to discuss our first quarter results. Hanmi delivered strong financial results in the first quarter of 2023, even in the face of a continued rising interest rates, economic uncertainty and a highly volatile banking environment. We believe these results are a testament to the strength of our relationship banking model and our team's consistent execution. I am pleased to report that we delivered 6% year-over-year growth in net income of $22 million or $0.72 per diluted share, all while maintaining high levels of liquidity in selective on new loan originations and exercising disciplined expense management.

謝謝你，拉里。大家下午好。感謝您今天加入我們討論我們的第一季度業績。 Hanmi 在 2023 年第一季度取得了強勁的財務業績，即使面對持續上升的利率、經濟不確定性和高度動蕩的銀行環境。我們相信這些結果證明了我們關係銀行業務模式的實力和我們團隊的一貫執行力。我很高興地報告，我們的淨收入同比增長 6%，達到 2200 萬美元或每股攤薄收益 0.72 美元，同時在選擇性地發放新貸款和實行嚴格的費用管理方面保持高水平的流動性。

We added net new customers during the quarter, which led to a sequential growth in deposits. This reflects our disciplined execution of new business initiatives and the strength of our relationships in the communities we serve. As anticipated, loan production moderated during the quarter. However, we were still able to grow our loan portfolio with a new production, outpacing payoffs, paydowns, amortization as we maintain our disciplined underwriting standards. Importantly, our overall asset quality metrics remain excellent. We continue to focus on high-quality loans, disciplined underwriting and vigilant credit administration practices.

我們在本季度增加了淨新客戶，導致存款環比增長。這反映了我們對新業務計劃的嚴格執行以及我們在所服務社區中的關係實力。正如預期的那樣，本季度貸款生產放緩。然而，由於我們保持嚴格的承銷標準，我們仍然能夠通過新的生產來增加我們的貸款組合，超過支付、支付、攤銷。重要的是，我們的整體資產質量指標仍然出色。我們繼續專注於優質貸款、紀律嚴明的承銷和謹慎的信貸管理實踐。

Other highlights for the quarter include the following. Loan balances grew to $6 billion at quarter end, up nearly 1% on an annualized basis. First quarter loan production was $304 million with an attractive weighted average interest rate of 7.19%. Deposits increased 2% on an annualized basis from year-end 2022 to $6.2 billion. We are proud of the robust deposit franchise that we have built over 4 decades with a consistent focus on pursuing new customers and expanding our existing relationships. As a result, noninterest-bearing deposits remained high at 38% of the deposit portfolio at quarter end.

本季度的其他亮點包括以下內容。截至季度末，貸款餘額增至 60 億美元，按年率計算增長近 1%。第一季度貸款產量為 3.04 億美元，加權平均利率為 7.19%，極具吸引力。從 2022 年底開始，存款按年率增長 2% 至 62 億美元。我們為 4 年來建立的強大的存款特許經營權感到自豪，並始終專注於追求新客戶和擴大我們現有的關係。因此，無息存款在季度末仍佔存款組合的 38%。

We continue to exercise disciplined expense management, leading to a 3% decline in noninterest expense quarter-over-quarter. Our overall asset quality metrics are excellent as nonperforming assets to total assets remained low at 27 basis points. We generated a return-on-average assets of 1.21% and a return-on-average equity of 12.19%. And we also improved upon our already strong capital levels with a total risk-based capital at 14.8% and a tangible common equity ratio of 8.77%.

我們繼續實行嚴格的費用管理，導致非利息費用環比下降 3%。我們的整體資產質量指標非常出色，因為不良資產佔總資產的比率保持在 27 個基點的低位。我們產生了 1.21% 的平均資產回報率和 12.19% 的平均股本回報率。我們還提高了本已強勁的資本水平，總風險資本為 14.8%，有形普通股權益比率為 8.77%。

Turning to our strategic initiatives. Our residential mortgage production was solid at $97.2 million even in a challenging mortgage market. We attribute this success to the strong relationships we have established with our corresponding lending partners over the past couple of years. While we experienced some deposit outflows from our corporate career customers in mid-March, we gained new corporate career customers during the quarter that offset those outflows.

轉向我們的戰略舉措。即使在充滿挑戰的抵押貸款市場中，我們的住宅抵押貸款產品也穩定在 9720 萬美元。我們將這一成功歸功於我們在過去幾年中與相應貸款合作夥伴建立的牢固關係。雖然我們在 3 月中旬經歷了企業職業客戶的一些存款流出，但我們在本季度獲得了新的企業職業客戶，抵消了這些流出。

During the quarter, we remain focused on what we do best, serving our customers and helping them to manage through challenging times. For much of 2022 and continuing into 2023, we stepped up direct communication with our customers to better understand the impact of shifting economic factors on their businesses and to identify solutions to meet their evolving banking needs. As industry events were unfolding in March, we doubled our customer outreach efforts. While our intent was to assure customers that our bank was in a very strong financial condition, I was especially moved as some of our customers asked me what they could do for us. This response is truly an example of the deep relationships we have built over the years.

在本季度，我們仍然專注於我們最擅長的領域，為我們的客戶提供服務並幫助他們度過充滿挑戰的時期。在 2022 年的大部分時間裡並持續到 2023 年，我們加強了與客戶的直接溝通，以更好地了解不斷變化的經濟因素對其業務的影響，並確定滿足他們不斷變化的銀行業務需求的解決方案。隨著 3 月份行業活動的展開，我們加倍了客戶外展工作。雖然我們的目的是向客戶保證我們銀行的財務狀況非常強勁，但當我們的一些客戶問我他們能為我們做些什麼時，我特別感動。這種回應確實是我們多年來建立的深厚關係的一個例子。

And we continue to look for new opportunities to grow and expand our franchise. For example, we are targeting to open a new branch in the East Bay region of San Francisco in the fourth quarter of this year. This move will enable us to serve growing client demand in the vibrant regional submarket. Of course, we will continue to explore opportunities to further optimize our footprint in key markets across the United States.

我們繼續尋找新的機會來發展和擴大我們的特許經營權。例如，我們的目標是在今年第四季度在舊金山東灣地區開設一家新分行。此舉將使我們能夠滿足充滿活力的區域子市場中不斷增長的客戶需求。當然，我們將繼續探索機會，進一步優化我們在美國主要市場的足跡。

In summary, I am grateful to our team of highly skilled bankers who work tirelessly to build and maintain the trusted banking relationship with our customers, which is the hallmark of the Hanmi Bank brand.

總而言之，我感謝我們的高技能銀行家團隊，他們孜孜不倦地努力與客戶建立和維持可信賴的銀行關係，這是 Hanmi Bank 品牌的標誌。

With that, I'll turn the call to our Chief Banking Officer, Anthony Kim, to discuss first quarter loan production and deposit gathering in more detail.

有了這個，我將把電話轉給我們的首席銀行官 Anthony Kim，更詳細地討論第一季度的貸款生產和存款收集。

Thank you, Bonnie. I'll begin with additional details on our loan production. First quarter production was $304 million, down 36% from the fourth quarter and, as Bonnie noted, reflects the current environment of higher interest rates and economic uncertainty. In addition, we are being more selective on the loans that we approved and have passed on a number of opportunities this quarter as we will not sacrifice credit quality in order to achieve loan growth. I'll note that our residential mortgage production, while down in the first quarter, as expected, was still quite strong at $97 million, which was up $36 million from the first quarter of 2022. Our focus remains on the non-QM market, and our correspondent lenders in this market continue to be active. A large portion of our production was for home purchases rather than refinances.

謝謝你，邦妮。我將從我們的貸款生產的更多細節開始。第一季度的產量為 3.04 億美元，比第四季度下降 36%，正如 Bonnie 指出的那樣，這反映了當前利率上升和經濟不確定性的環境。此外，由於我們不會為了實現貸款增長而犧牲信貸質量，因此本季度我們對批准的貸款更加挑剔，並放棄了一些機會。我會注意到，我們的住宅抵押貸款產量雖然在第一季度有所下降，如預期的那樣，但仍然相當強勁，達到 9700 萬美元，比 2022 年第一季度增加了 3600 萬美元。我們的重點仍然是非 QM 市場，我們在這個市場上的代理貸方繼續活躍。我們生產的大部分產品用於購房而不是再融資。

C&I funding was down in the first quarter, where we funded $27 million in loan balances. Historically, C&I fundings are seasonally lower in the first quarter, but we also believe that the slowdown this quarter also has to do with the customers being more cautious.

C&I 資金在第一季度有所下降，我們為 2700 萬美元的貸款餘額提供了資金。從歷史上看，C&I 資金在第一季度季節性較低，但我們也認為本季度放緩也與客戶更加謹慎有關。

Total commitments on our commercial lines of credit for the quarter were $1.05 billion, up slightly from year-end. Outstanding balances on these lines decreased by 30.6% between quarters, resulting in a first quarter utilization rate of 38%, down from 40% in the fourth quarter. SBA 7(a) loan production was $34 million for the first quarter, lower than our long-term target for the once again. We are being very selective about the new loans that we are willing to make. Our team of business development officers is doing a great job, and we are well positioned to continue to serve this key market.

本季度我們對商業信貸額度的承諾總額為 10.5 億美元，比年底略有增加。這些業務的未清餘額在兩個季度之間下降了 30.6%，導致第一季度的利用率為 38%，低於第四季度的 40%。第一季度 SBA 7(a) 貸款產量為 3400 萬美元，再次低於我們的長期目標。我們對願意提供的新貸款非常挑剔。我們的業務發展官團隊表現出色，我們有能力繼續為這個關鍵市場提供服務。

With respect to our Corporate Korea Initiative, loan production declined modestly in the first quarter as many of our customers are being cautious in this uncertain economic environment. Our Corporate Korea portfolio remains well above the level we had planned for at this stage as loan balances were $764 million at quarter end, representing nearly 13% of our total loan portfolio and up just over $100 million from this time last year.

關於我們的 Corporate Korea Initiative，由於我們的許多客戶在這種不確定的經濟環境中持謹慎態度，第一季度的貸款產量略有下降。我們的韓國企業投資組合仍遠高於我們現階段計劃的水平，因為本季度末的貸款餘額為 7.64 億美元，占我們總貸款組合的近 13%，比去年同期增加了 1 億美元多一點。

The average rate on all new loan production for the first quarter was 7.19%, up 34 basis points from the fourth quarter. Payoffs were $125 million for the quarter, up slightly from $121 million for the prior quarter. The average rate on loan payoffs was 7.27%, up 100 basis points from our fourth quarter payoffs. Our total loan portfolio grew slightly in the first quarter as our $304 million in new production exceeded our total payoffs, amortization and paydowns.

第一季度所有新增貸款的平均利率為 7.19%，比第四季度上升 34 個基點。本季度的收益為 1.25 億美元，略高於上一季度的 1.21 億美元。平均貸款還款率為 7.27%，比我們第四季度的還款率高出 100 個基點。我們的總貸款組合在第一季度略有增長，因為我們 3.04 億美元的新產品超過了我們的總回報、攤銷和償還。

Now turning to deposits. As Bonnie mentioned, we grew our deposits by $33 million in the quarter, up 2% on an annualized basis. We are pleased with this result given all of the volatility created by the turmoil in the banking sector. We estimate that we experienced deposit outflows of about 1% of our total deposits. Importantly, however, deposits were still up from fourth quarter levels.

現在轉向存款。正如 Bonnie 提到的，本季度我們的存款增加了 3300 萬美元，按年率計算增長了 2%。鑑於銀行業動盪造成的所有波動，我們對這一結果感到滿意。我們估計我們的存款流出量約為總存款的 1%。然而，重要的是，存款仍高於第四季度的水平。

Given the higher interest rate environment, we do continue to see a shift in the competition of our deposits during the quarter and some deposits in checking, money market and saving accounts moved into time deposits. However, noninterest-bearing DDAs represented 38% of our total deposits at quarter end, which we believe validates our strong customer service and local market relationships.

鑑於較高的利率環境，我們確實繼續看到本季度存款競爭發生變化，支票、貨幣市場和儲蓄賬戶中的一些存款轉為定期存款。然而，無息 DDA 占我們季度末總存款的 38%，我們認為這證實了我們強大的客戶服務和本地市場關係。

In addition to mix shift in deposits, we saw renewed interest in deposit insurance programs that were affected on a reciprocal basis. Reciprocal time deposits, also known as Cedars, were $67 million at the end of first quarter, and we recently launched a deposit suite program also known as ICS. Overall, we are very pleased and grateful that our customers chose to stay and bank with Hanmi.

除了存款的混合轉移外，我們還看到人們對受到相互影響的存款保險計劃重新產生興趣。互惠定期存款，也稱為 Cedars，在第一季度末為 6700 萬美元，我們最近推出了一個存款套件計劃，也稱為 ICS。總的來說，我們非常高興和感謝我們的客戶選擇留下來並使用 Hanmi 進行銀行業務。

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

現在我將電話轉給我們的首席財務官 Ron Santarosa，以了解有關我們第四季度財務業績的更多詳細信息。

Thank you, Anthony. Let's begin with net interest income, which was $57.9 million for the quarter and down $6.7 million from the fourth quarter. The decline here was primarily due to the increase in the cost of our interest-bearing deposits.

謝謝你，安東尼。讓我們從淨利息收入開始，本季度為 5790 萬美元，比第四季度減少 670 萬美元。這裡的下降主要是由於我們的計息存款成本增加。

The cost of interest-bearing deposits rose 103 basis points to 2.73%, while the Fed did raise their rate 50 basis points during the first quarter, modest as measured against the 425-basis-point increase for 2022. We believe our deposit interest expense now better reflects the current interest rate environment as well as renewed depositor interest in time deposits. Our cycle-to-date interest-bearing deposit beta was approximately 56%. Loan yields for the first quarter, aided by new loan production at 7.19%, rose 30 basis points to 5.51%.

計息存款成本上升 103 個基點至 2.73%，而美聯儲在第一季度確實將利率提高了 50 個基點，與 2022 年 425 個基點的增幅相比是溫和的。我們相信我們的存款利息支出現在更好地反映了當前的利率環境以及存款人對定期存款的新興趣。我們週期至今的計息存款貝塔係數約為 56%。第一季度的貸款收益率在 7.19% 的新貸款產量的幫助下上升了 30 個基點至 5.51%。

Turning to our net interest margin, it, too, declined from the prior quarter 39 basis points to 3.28%. The increase in the cost of interest-bearing deposits contributed 60 basis points to this decline, while the increase in loan yields offset that effect by 21 basis points.

談到我們的淨息差，它也從上一季度下降 39 個基點至 3.28%。計息存款成本的增加對這一下降貢獻了 60 個基點，而貸款收益率的增加抵消了 21 個基點的影響。

When we met to discuss our 2022 third quarter results, I noted that the cost of our interest-bearing deposits for October were about 45 basis points higher than the third quarter average. When we met to discuss our 2022 fourth quarter results, I noted that the cost of our interest-bearing deposits for January were about 70 basis points higher than the fourth quarter average. Today, the cost of our interest-bearing deposits is about 35 basis points higher than the first quarter average. The rate of change is slowing.

當我們開會討論 2022 年第三季度業績時，我注意到我們 10 月份的計息存款成本比第三季度平均水平高出約 45 個基點。當我們開會討論 2022 年第四季度業績時，我注意到我們 1 月份的計息存款成本比第四季度平均水平高出約 70 個基點。今天，我們的計息存款成本比第一季度平均水平高出約 35 個基點。變化的速度正在放緩。

I will also note the mix shift in our deposit portfolio. At the start of the cycle, time deposits were 16% of the portfolio, while noninterest-bearing demand deposits were at 46%. At the end of the first quarter, time deposits were 38% of the portfolio, and noninterest-bearing demand deposits were the same at 38%. So altogether, even though this rising rate cycle may yet to peak, it appears that most of the heavy lift into the current environment has occurred.

我還將注意到我們存款組合的混合變化。在周期開始時，定期存款佔投資組合的 16%，而無息活期存款佔 46%。第一季度末，定期存款佔投資組合的 38%，無息活期存款同樣為 38%。因此，總的來說，即使這個利率上升週期可能尚未見頂，但目前環境的大部分壓力似乎已經發生。

Moving on, noninterest income was $8.3 million for the first quarter, up from $7.5 million for the prior quarter. The increase is essentially reflecting loan customer interest rate swap fees and the absence of the fourth quarter valuation adjustment on bank-owned life insurance. Encouraging, while the volume of SBA loans sold during the first quarter declined, we did see a notable increase in the trade premiums rising to an average of 7.85% for the quarter.

繼續前進，第一季度的非利息收入為 830 萬美元，高於上一季度的 750 萬美元。這一增長主要反映了貸款客戶利率掉期費用以及第四季度銀行擁有的人壽保險沒有進行估值調整。令人鼓舞的是，儘管第一季度售出的 SBA 貸款數量下降，但我們確實看到貿易溢價顯著增加，本季度平均上升至 7.85%。

Noninterest expense was $32.8 million, down $1 million from the fourth quarter. Here, we saw lower professional fees, a recovery of the fourth quarter valuation adjustment to servicing assets and a recovery of ORE and repossessed personal property expenses. Noninterest expenses as a percentage of average assets or as a function of revenues, the efficiency ratio, remained in favorable ranges.

非利息支出為 3280 萬美元，比第四季度減少 100 萬美元。在這裡，我們看到了較低的專業費用、第四季度服務資產估值調整的恢復以及 ORE 和收回的個人財產費用的恢復。非利息支出占平均資產的百分比或作為收入的函數，效率比，保持在有利的範圍內。

Credit loss expense for the first quarter was $2.1 million and included a positive loan loss provision of $2.2 million and a $100,000 negative provision for off-balance sheet items. The allowance for credit losses increased to $72.2 million or 1.1% of loans, up 1 basis point from year-end. Net charge-offs to average loans were annualized 10 basis points for the first quarter and reflect a larger contribution from our equipment finance portfolio. Delinquencies remain low, with the quarter end uptick being resolved early this quarter. Classified loans remained low, and nonaccrual loans saw a $10 million addition of a health care industry loan with a specific allowance of $2.5 million. Overall, we believe our asset quality remains strong.

第一季度的信用損失費用為 210 萬美元，其中包括 220 萬美元的正貸款損失準備金和 100,000 美元的資產負債表外項目負準備金。信貸損失準備金增至 7220 萬美元，佔貸款的 1.1%，較年底增加 1 個基點。第一季度平均貸款的淨沖銷按年化 10 個基點，反映出我們的設備融資組合的貢獻更大。拖欠率仍然很低，本季度初解決了季度末的上漲問題。分類貸款仍然很低，非應計貸款增加了 1000 萬美元，醫療保健行業貸款增加了 250 萬美元的特定津貼。總體而言，我們認為我們的資產質量依然強勁。

Turning to funding, liquidity and capital. As Bonnie and Anthony have noted, our deposit base is solid with strong customer relationships and little reliance on broker deposits or wholesale funds. Personal and business customers equally represent our core franchise with 60% of these deposit liabilities enjoying FDIC insurance. The ratio of loans to deposits remained essentially unchanged quarter-over-quarter at 96%, and there has been no change in our FHLB borrowings.

轉向資金、流動性和資本。正如 Bonnie 和 Anthony 所指出的，我們的存款基礎穩固，客戶關係穩固，幾乎不依賴經紀人存款或批發資金。個人和企業客戶同樣代表我們的核心業務，其中 60% 的存款負債享有 FDIC 保險。貸存比率環比基本保持不變，為 96%，我們的 FHLB 借款沒有變化。

Our securities portfolio, all of which are available for sale and carried at current market values, provide a cushion of liquidity and when combined with our cash balances represent 17% of our deposits. The after-tax unrealized loss on our securities portfolio does reduce our capital position. However, for the first quarter, we saw capital grow $24.7 million from a decline in those unrealized losses as well as from the quarterly contribution of earnings less dividends. Tangible book value per share increased 3.7% to $21.30 at March 31, 2023. Hanmi and the bank continue to exceed minimum regulatory capital requirements, and the bank continues to exceed minimum ratios for the well-capitalized category. The common equity Tier 1 ratio for the company was 11.59% and 13.06% for the bank.

我們的證券投資組合均可供出售並按當前市場價值計價，提供了流動性緩衝，加上我們的現金餘額，占我們存款的 17%。我們證券投資組合的稅後未實現虧損確實降低了我們的資本狀況。然而，在第一季度，我們看到資本因未實現虧損的減少以及收益減去股息的季度貢獻而增長了 2,470 萬美元。截至 2023 年 3 月 31 日，每股有形賬面價值增長 3.7% 至 21.30 美元。Hanmi 和該銀行繼續超過最低監管資本要求，該銀行繼續超過資本充足類別的最低比率。公司的普通股一級資本比率為 11.59%，銀行為 13.06%。

With that, I will turn it back to Bonnie.

有了這個，我會把它轉回給邦妮。

Thank you, Ron. To conclude, we continue to have a strong balance sheet, ample liquidity and excellent capital ratios and are ready to serve the needs of our expanding client base. I am proud of the results our team delivered during the first quarter. We are seeing that customers remain sensitive to the interest rate environment, and we expect the sensitivity will impact both deposits and loan production. That being said, our team is demonstrating the tremendous value that our customer relationships bring, and we are also seeing the value that comes with a strong communication during these uncertain times.

謝謝你，羅恩。總而言之，我們繼續擁有強勁的資產負債表、充足的流動性和出色的資本比率，並準備好滿足我們不斷擴大的客戶群的需求。我為我們的團隊在第一季度取得的成果感到自豪。我們看到客戶對利率環境仍然很敏感，我們預計這種敏感性將影響存款和貸款的產生。話雖這麼說，我們的團隊正在展示我們的客戶關係帶來的巨大價值，而且我們也看到了在這些不確定時期強有力的溝通所帶來的價值。

As we have said, we remain vigilant in our credit administration practices. We are committed to responsible and disciplined growth while maintaining our strong levels of credit quality. We are focused on delivering attractive returns to our shareholders by serving the communities in which we operate and by developing our team here at Hanmi. Thank you.

正如我們所說，我們在信貸管理實踐中保持警惕。我們致力於負責任和有紀律的增長，同時保持我們強大的信貸質量水平。我們專注於通過服務我們經營所在的社區和發展我們在 Hanmi 的團隊，為我們的股東提供有吸引力的回報。謝謝。

We'll now open the call for your questions. Operator, please open the line up to the questions.

我們現在將打開您的問題的電話。接線員，請打開問題的線路。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Gary Tenner with D.A. Davidson.

我們的第一個問題來自 Gary Tenner 和 D.A.戴維森。

I wanted to ask first about some of the deposit commentary, Ron. You said in your comments that most of the heavy lifting in the current environment appears to be done. And I just -- I'm curious about kind of the confidence in that from a deposit mix perspective, I mean still at 38% noninterest-bearing DDA. If you go back -- which is down certainly year-over-year. But if you go down back to kind of entering the pandemic, I mean it was at 30%. So I know that there's been structural changes at the bank. But what gives you the confidence, I guess, in saying heavy lifting on that deposit side of things has been done or you reflected in the numbers?

我想先問一些存款評論，羅恩。您在評論中表示，當前環境中的大部分繁重工作似乎都已完成。我只是 - 我很好奇從存款組合的角度來看，我的意思是仍然處於 38% 的無息 DDA。如果你回去——這肯定是同比下降的。但如果你回到某種程度上進入大流行，我的意思是它是 30%。所以我知道銀行發生了結構性變化。但是，我猜是什麼讓你有信心說在存款方面的繁重工作已經完成，或者你反映在數字上？

So what I was observing is the rate of change, Gary. So in that implicit is that some of the assumptions with respect to composition, et cetera, remain relatively constant. And so in a similar fashion, when we were on the upswing of the rate increases through 2020, you saw a very large rate of change going from first quarter to second quarter, and then it started to diminish. And then finally, descent here in the first quarter. I think, again, the premise being that we're in the rate environment, we're kind of getting close to the end of the rate cycle. The composition stays relatively the same, then you should start to see that rate of change diminish as you move out over the next few quarters.

所以我觀察到的是變化率，加里。因此，隱含的是，關於成分等的一些假設保持相對不變。因此，以類似的方式，當我們處於到 2020 年的加息上升期時，您會看到從第一季度到第二季度的變化率非常大，然後開始下降。最後，在第一季度下降到這裡。我再次認為，前提是我們處於利率環境中，我們有點接近利率週期的結束。構成保持相對不變，然後你應該開始看到變化率隨著你在接下來的幾個季度搬出而減少。

Okay. But -- so then you weren't saying that -- so then as we think forward then to the mix, you weren't suggesting that you thought the mix shift was completely done. Is that right?

好的。但是——所以你不是這麼說的——所以當我們向前思考混合時，你並不是在暗示你認為混合轉變已經完全完成。是對的嗎？

No. We're seeing a decline in that mix shift, meaning that those individuals or those depositors that had a heavier tilt towards DDA have effectively moved their balances to run their DDA or operating accounts relative to savings in time. So that -- most of that has occurred. So it's not as if there are a bevy of people who have yet to do that. It's most of that has occurred. It doesn't mean it's done, but most of it has happened.

不，我們看到這種混合轉變正在下降，這意味著那些更傾向於 DDA 的個人或儲戶已經有效地將他們的餘額轉移到運行他們的 DDA 或經營賬戶，而不是及時儲蓄。所以 - 大部分已經發生了。因此，並不是有一大群人還沒有這樣做。大部分已經發生了。這並不意味著它已經完成，但大部分已經發生了。

Okay. I appreciate the clarification. And then I think you answered this question or perhaps alluded to it. But in terms of the increase in CD balances over the course of the quarter, about $400 million or so, was that primarily customer time deposits shifting? Or did you add brokered to the balance this quarter?

好的。感謝您的澄清。然後我認為你回答了這個問題或者可能提到了它。但就本季度 CD 餘額的增加而言，大約 4 億美元左右，主要是客戶定期存款轉移了嗎？還是您在本季度將經紀業務添加到餘額中？

Yes. So we've been tracking those deposit movements. Total -- out of total $424 million CD growth, approximately a little over 50% was the migration from DDA and other interest-bearing accounts.

是的。所以我們一直在跟踪這些存款動向。總計——在總計 4.24 億美元的 CD 增長中，大約略高於 50% 是從 DDA 和其他計息賬戶的遷移。

And with respect to broker deposits, Gary, I think we only have about $85 million or so left of 3-year money that was once 35 basis points. So we're not adding to that portfolio.

關於經紀人存款，加里，我認為我們只剩下大約 8500 萬美元的 3 年期資金，曾經是 35 個基點。所以我們不會添加到該投資組合中。

Okay. Great. If I could ask one more question, as it relates to the loan growth outlook for the year, obviously, modest growth this quarter. Production level is quite a bit lower. Is there any -- as you think of visibility and pipeline in the next couple of quarters at least, is this kind of pace of growth or production level what you might expect over the near term?

好的。偉大的。如果我能再問一個問題，因為它與今年的貸款增長前景有關，很明顯，本季度增長溫和。生產水平相當低。有沒有 - 至少在接下來的幾個季度中你會想到可見性和管道，這種增長速度或生產水平是否符合你在短期內的預期？

So I mean we expect overall loan growth, at least the first half of the year, would moderate. Having said that, though, just comparing the first quarter -- going into the first quarter loan pipeline versus the beginning of the second quarter loan pipeline. Loan pipeline itself is up. We see the increasing trend. However, as I have mentioned, we are very selective on the deals that we chose to do and the pricing that we chose to do, so we'll still have to see.

所以我的意思是我們預計整體貸款增長，至少在今年上半年，將會放緩。不過，話雖如此，只是比較第一季度——進入第一季度貸款渠道與第二季度貸款渠道開始。貸款管道本身已經啟動。我們看到了增加的趨勢。然而，正如我所提到的，我們對我們選擇做的交易和我們選擇做的定價非常有選擇性，所以我們仍然需要拭目以待。

Our next question comes from the line of Matthew Clark with Piper Sandler.

我們的下一個問題來自 Matthew Clark 和 Piper Sandler 的台詞。

Just on the margin kind of drivers there. I think, Ron, you mentioned the cost of interest-bearing deposits being up 35 basis points relative to the average in the quarter. Was that a spot rate? Or was that the average in April so far? I just want to clarify.

只是邊緣類型的司機那裡。我想，羅恩，你提到有息存款的成本相對於本季度的平均水平上升了 35 個基點。那是即期匯率嗎？或者這是到目前為止 4 月份的平均值？我只是想澄清一下。

April to date. It's April to date.

四月至今。到目前為止是四月。

Okay. Great. And then do you happen to have the average margin in March?

好的。偉大的。然後你碰巧有三月份的平均保證金嗎？

I have to look at -- we think it's in our slides in the footnote.

我必須看看 - 我們認為它在腳註的幻燈片中。

Okay. I can find it then.

好的。那我可以找到它。

Yes, if you would say. I don't have my glasses with me so I can't read it, too.

是的，如果你會說。我沒帶眼鏡，所以我也看不懂。

I'm kind of going down that same path. And then in terms of deposit flows, any update through April to date? Any -- I assume there's seasonal outflows with taxes. But any -- are you seeing additional inflows or outflows that's maybe unrelated to taxes?

我有點走同樣的路。然後就存款流量而言，到 4 月為止有任何更新嗎？任何 - 我假設有稅收的季節性流出。但是任何 - 你是否看到可能與稅收無關的額外流入或流出？

So we haven't seen much of the weather inflow or outflow. Much of them, other than, are normal fluctuation.

所以我們沒有看到太多的天氣流入或流出。其中大部分是正常波動。

Okay. And the new nonperformer that I think $10 million that was added this quarter, trying to find it in your deck. But can you give us a sense for what happened there in the basis for the specific reserve?

好的。我認為本季度增加了 1000 萬美元的新表現不佳，試圖在你的套牌中找到它。但是你能告訴我們在特定儲備的基礎上發生了什麼嗎？

Sure. We believe it's a one-off of the case. It's actually a hospital loan that's under -- beginning to go into reorganization. So at this current time, we -- based on the availability of the information and the progress that's in, we provided the big reserve of $2.5 million for that loan.

當然。我們認為這是一次性的。這實際上是一項正在重組的醫院貸款。因此，目前，我們——根據可用的信息和取得的進展，我們為該貸款提供了 250 萬美元的大筆儲備金。

Okay. And then just on capital, it's building back here nicely, but we're also likely going into recession. Any update on the buyback or willingness to do that?

好的。然後就資本而言，它在這裡恢復得很好，但我們也可能會陷入衰退。關於回購或願意這樣做的任何更新？

Again, Matthew, as we've mentioned before, I think we'll be very patient with capital. It served us well through the upheaval that we experienced in 2022, and I think so far, it served us well for a little bit of upheaval for a different reason here in the first part of 2023.

同樣，馬修，正如我們之前提到的，我認為我們會對資本非常耐心。它在我們 2022 年經歷的動盪中為我們提供了良好的服務，我認為到目前為止，它在 2023 年上半年因不同原因而發生的一些動盪為我們提供了良好的服務。

Our next question comes from the line of Kelly Motta with KBW.

我們的下一個問題來自 Kelly Motta 與 KBW 的對話。

I think maybe I'll circle back to the credit side of things. I really appreciate all the color you guys provided on -- in your deck about different asset classes. And it looks like from your disclosures, your office portfolio so far is holding up very well. Where are you guys most closely watching? And conversely, where are you seeing -- still seeing really good risk-adjusted returns at this point in the cycle? I know, Bonnie, you had said you were being incredibly selective on the origination side.

我想也許我會回到事情的信用方面。我真的很感謝你們提供的所有顏色——在你們關於不同資產類別的甲板上。從你的披露來看，你的辦公室投資組合到目前為止表現良好。你們最密切關注哪裡？相反，你在哪裡看到 - 在周期的這個時候仍然看到非常好的風險調整後回報？我知道，邦妮，你曾說過你在起源方面非常挑剔。

Yes. I mean, I think in this given environment, it's not just the one sector. I think across the board, I think you have to be very cautious. And we evaluate each credit at a time, and then we look at the merits of the credit as well as the pricing that we can get for. So it's not in a particular one specific industry or sector, but I think it's across the board.

是的。我的意思是，我認為在這個給定的環境中，它不僅僅是一個部門。我認為總體而言，我認為你必須非常謹慎。我們一次評估每個信用額度，然後我們查看信用額度的優點以及我們可以獲得的定價。所以它不在特定的特定行業或部門，但我認為它是全面的。

Okay. Understood. On the expense front, the release called out an adjustment on the servicing asset that benefited expenses. Ron, do you have -- how large that was? And excluding that, is that a good go-forward run rate for expenses? And any areas where you can manage given that the revenue outlook is just more challenging in this rate environment?

好的。明白了。在支出方面，該新聞稿呼籲對有利於支出的服務資產進行調整。羅恩，你有——那有多大？不包括在內，這是一個很好的費用前瞻性運行率嗎？考慮到在這種利率環境下收入前景更具挑戰性，您可以管理哪些領域？

So I think the valuation adjustment was either 0.3 or 0.4, so $300,000 or $400,000. I don't remember which of the 2, and it just reversed itself because of the shift in -- of the interest rate environment, especially the discount rate. So that can come back again depending on how the interest rate markets are when we value that particular portfolio, or it could be nonexistent forever in a day.

所以我認為估值調整為 0.3 或 0.4，即 300,000 美元或 400,000 美元。我不記得是哪兩個，它只是因為利率環境的變化而自行逆轉，尤其是貼現率。因此，當我們對特定投資組合進行估值時，這可能會再次出現，具體取決於利率市場的情況，或者它可能在一天之內永遠不存在。

With respect to expenses, there's a little bit of variability that we get with OREO and repossessed personal property. So a few -- so I always kind of look at that before the expense because that one is very hard to predict. We get fortunate or something happens. So there, the run rate is about $33 million. And when I sit back and look at that, we will have merit adjustments that go into effect here in the second quarter. So probably looking at about maybe a 5% increase to reflect at least that idea and then throwing the mix of other ideas that kind of move with inflationary pressures.

關於費用，我們從 OREO 和收回的個人財產中獲得了一些可變性。所以有幾個——所以我總是在支出之前先看一下，因為那很難預測。我們很幸運或者發生了什麼事。因此，運行率約為 3300 萬美元。當我坐下來看的時候，我們將在第二季度在這裡生效的績效調整。因此，可能會考慮增加 5% 左右以至少反映出這個想法，然後將其他想法與通脹壓力相結合。

Our next question comes from the line of Tim Coffey with Janney Montgomery Scott.

我們的下一個問題來自 Tim Coffey 和 Janney Montgomery Scott 的台詞。

Bonnie, there was a comment made about the Corporate Korea clients and deposits. There was some outflow in deposits. And I'm wondering, do those deposits move to other institutions into their deposit portfolios? Or where those deposits moved out for investment purposes?

邦妮，有人對韓國企業客戶和存款發表了評論。存款有一定流出。我想知道，這些存款是否會轉移到其他機構並進入他們的存款組合？或者這些存款出於投資目的轉移到哪裡？

Well, let's just give one particular client. The very onset of the March 10 event date, the client notified us that they're moving their deposits. But they said temporarily, and so we hope to get that back. So I would think that it depends on the customers, but mostly just being cautious. They wanted to kind of diversify their deposits to other institutions, mainly obviously larger institutions. So not so much into the -- for their investment or other purposes, but more of a temporary shelter type of deposit movement.

好吧，讓我們只給一個特定的客戶。 3 月 10 日活動日期一開始，客戶就通知我們他們正在轉移存款。但他們暫時說了，所以我們希望能把它拿回來。所以我認為這取決於客戶，但主要是謹慎行事。他們想將存款分散到其他機構，顯然主要是較大的機構。所以與其說是為了他們的投資或其他目的，不如說是一種臨時避難所類型的存款流動。

Okay. Do you know what the -- how ready the balances of deposit outflow from Corporate Korea clients in the quarter?

好的。您知道本季度韓國企業客戶的存款餘額流出情況如何嗎？

Yes, it's about a little less than [7(a)] $40 million from maybe a couple of customers.

是的，它大約比 [7(a)] 4000 萬美元少一點，來自幾個客戶。

Okay. That's very helpful. And then, Bonnie, just looking at the totality of your customer base, Corporate Korea plus legacy customers, have you seen a material change in their behavior since mid-March since some of the banking stress came about?

好的。這很有幫助。然後，邦妮，只要看看你的客戶群的總數，韓國企業和老客戶，你是否看到自 3 月中旬以來一些銀行業壓力出現以來他們的行為發生了重大變化？

So I have to say within the first week of the event date of March 10, there was a little bit of a concern expressed. And that's why we have really doubled the efforts of customer communication, reaching out to the customers. And I think that had subsided about 2 weeks later. And as we speak, I think that our customers clearly understand that banks that were having challenges, and Hanmi is a very different bank in terms of the customer base as well as the loan and deposit competition of those customers.

所以我不得不說，在 3 月 10 日活動日期的第一周內，有人表達了一點擔憂。這就是為什麼我們真正加倍努力與客戶溝通，接觸客戶。我認為大約 2 週後這種情況已經消退。正如我們所說，我認為我們的客戶清楚地了解銀行面臨挑戰，而 Hanmi 在客戶群以及這些客戶的貸款和存款競爭方面是一家截然不同的銀行。

Our next question comes from the line of Jason Stewart with JonesTrading.

我們的下一個問題來自 JonesTrading 的 Jason Stewart。

I wanted to ask about 2 topics. Number one, how you feel the commercial real estate market is right now just given where cap rates are? And two, where you think transition rates are moving on the non-QM portfolio?

我想問兩個話題。第一，你覺得商業房地產市場現在的上限率是多少？第二，您認為過渡率在非 QM 投資組合中的發展方向是什麼？

So in terms of commercial real estate, I think just the demands are down. And I think given the environment as well as the increase in the interest rate because most of the CRE customers, they would like to entertain with the fixed rate notion. So overall, in the CRE production side, even particularly in the purchase transactions as well as refinance. And I'll have Anthony answer on the mortgage.

所以就商業地產而言，我認為只是需求下降了。而且我認為考慮到環境以及利率的增加，因為大多數 CRE 客戶，他們願意接受固定利率的概念。因此，總體而言，在 CRE 生產方面，尤其是在購買交易和再融資方面。我會讓安東尼回答抵押貸款問題。

Yes, non-QM market, I mean believe it or not, despite a slowdown in purchase market, we continue to see purchase transactions. So non-QM market has been very stable and good for us.

是的，非 QM 市場，不管你信不信，儘管採購市場放緩，我們繼續看到採購交易。所以非 QM 市場一直非常穩定，對我們有利。

Our next question is a follow-up question from the line of Matthew Clark.

我們的下一個問題是來自 Matthew Clark 的後續問題。

Two questions. One, do you have any appetite to restructure your securities portfolio with the duration over 5 years, and the yields are moving higher but probably not as much as you'd like? Just wanted to check in on that.

兩個問題。第一，你是否有興趣重組你的期限超過 5 年的證券投資組合，收益率正在走高但可能沒有你想要的那麼高？只是想檢查一下。

Yes. So Matthew, no real plans. I mean we'll be -- when opportunities present themselves, we probably will take advantage, but there's no real effort or desire afoot to restructure that portfolio.

是的。所以馬修，沒有真正的計劃。我的意思是我們會 - 當機會出現時，我們可能會利用，但沒有真正的努力或願望來重組該投資組合。

Okay. And then just back to the office commercial real estate exposure, the average balances look relatively low at $900,000. Do you have a mix of how much of that $534 million of loans is owner-occupied versus nonowner?

好的。然後回到辦公室商業房地產風險，平均餘額看起來相對較低，為 900,000 美元。在這 5.34 億美元的貸款中，業主自住貸款和非業主自住貸款的比例你知道嗎？

Yes. Most -- I would say most of the office properties are nonowner-occupied.

是的。大多數——我想說的是，大部分辦公物業都是非業主自用的。

Are non or investor or owner-occupied?

是非投資者還是業主自住？

Are nonowner-occupied.

非業主自住。

Investor.

投資者。

There are no further questions in the queue. I'd like to hand the call back to Bonnie Lee for closing remarks.

隊列中沒有其他問題。我想將電話轉回給 Bonnie Lee 以作結束語。

Thank you for participating in our call today. We appreciate your interest in Hanmi and look forward to sharing our continued progress with you throughout the year.

感謝您參加我們今天的電話會議。我們感謝您對 Hanmi 的關注，並期待與您分享我們在這一年中不斷取得的進步。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路，度過美好的一天。