Hanmi Financial Corp (HAFC) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you or welcome to Hanmi Financial Corporation's third-quarter 2024 conference call. As a reminder, today's call is being recorded for replay purposes. (Operator Instructions) Once again, as a reminder, this conference is being recorded.

女士們先生們，感謝或歡迎參加韓美金融公司 2024 年第三季電話會議。謹此提醒，今天的通話將被錄音以供重播。（操作員說明）再次提醒您，本次會議正在錄製中。

I'd now like to turn the conference over to Ben Brodkowitz, Investor Relations for the company.

我現在想將會議轉交給公司投資者關係部門的 Ben Brodkowitz。

Thank you. You may go ahead.

謝謝。你可以繼續。

Thank you, Matt, and thank you all for joining us today to discuss Hanmi's third-quarter 2024 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.

謝謝馬特，也謝謝大家今天加入我們討論 Hanmi 的 2024 年第三季業績。今天下午，韓美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。這兩份文件均可在該公司網站 hanmi.com 的 IR 部分取得。

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 the 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.

今天我和 Hanmi Financial Corporation 總裁兼執行長 Bonnie Lee 一起來到這裡。安東尼金，首席銀行官；羅恩桑塔羅薩（Ron Santarosa），財務長。邦妮將以概述開始通話。安東尼將討論貸款和存款活動。羅恩將提供有關我們財務業績的詳細信息，然後邦妮將在我們開始徵詢您的問題之前提供結束語。

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.

在開始之前，我想提醒您，今天的評論可能包括聯邦證券法規定的前瞻性陳述。前瞻性陳述是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、事件和金融業趨勢。

Our actual results made 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 our Form 10-Q.

我們的實際結果在很大程度上來自我們的前瞻性陳述所預期的結果，其中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有重大差異的因素的討論可以在我們向 SEC 提交的文件中找到，包括我們關於 10-K 表格和 10-Q 表格的報告。我們特別會引導您討論收益發布、投資者介紹和 10-Q 表格中所包含的影響我們業務的某些風險因素。

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

現在我想把電話轉給邦妮李。邦妮？請繼續。

Thank you, Ben. Good afternoon, everyone. Thank you for joining us today to discuss our third quarter 2024 results. I am pleased with our overall performance this quarter as we delivered strong results, including solid performance across our core operating measures. We made meaningful progress in executing our growth strategy by further diversifying and expanding our loan portfolio and deposit franchise.

謝謝你，本。大家下午好。感謝您今天加入我們討論我們 2024 年第三季的業績。我對本季的整體表現感到滿意，因為我們取得了強勁的業績，包括我們核心營運指標的穩健表現。透過進一步多元化和擴大我們的貸款組合和存款業務，我們在執行成長策略方面取得了有意義的進展。

Once again, our results demonstrate the value of our relationship banking model, which continues to differentiate Hanmi in the marketplace.

我們的結果再次證明了我們的關係銀行模式的價值，該模式繼續使 Hanmi 在市場上脫穎而出。

While focusing on growth, we also exercised the disciplined expense management, maintaining a new model cost structure that positions us well to navigate key market conditions. In addition, we continue to employ rigorous underwriting standards and credit administration practices to ensure we maintain excellent asset quality over the long term.

在專注於成長的同時，我們也實行嚴格的費用管理，維持新的成本結構模型，使我們能夠很好地應對關鍵的市場狀況。此外，我們繼續採用嚴格的承保標準和信貸管理實踐，以確保我們長期維持卓越的資產品質。

In a few minutes, I'll come back to the actions we took this quarter that demonstrates our corrective approach to monitoring our loan portfolio.

幾分鐘後，我將回顧我們本季採取的行動，這些行動展示了我們監控貸款組合的糾正方法。

Now let me review some highlights of the third quarter. Net income was $14.9 million or $0.49 per diluted share. Our return on average assets were 0.79% and return on average stockholder's equity was 7.55%. Net interest margin expanded by 5 basis points due to a combination of higher yields on interest-earning assets and lower funding cost.

現在讓我回顧一下第三季的一些亮點。淨利潤為 1,490 萬美元，或攤薄後每股收益 0.49 美元。我們的平均資產報酬率為0.79%，平均股東權益報酬率為7.55%。由於生息資產收益率上升和融資成本下降，淨利差擴大5個基點。

Total loans grew 2% sequentially and new loan production increased by 27%. Our robust loan production was driven by a 26% increase in commercial real estate, a 78% increase in commercial and industrial and a 35% increase in residential loan production.

貸款總額較上季成長 2%，新增貸款產量成長 27%。我們強勁的貸款生產是由商業房地產增長 26%、商業和工業貸款增長 78% 以及住宅貸款生產增長 35% 推動的。

Deposits grew by 1.2%, led by a nearly 5% increase in noninterest-bearing deposits and a 3.5% increase in money market and savings accounts. Demand deposits now comprise 32% of total deposits. And finally, noninterest expense declined 0.6%.

存款成長 1.2%，其中無利息存款成長近 5%，貨幣市場和儲蓄帳戶成長 3.5%。活期存款目前佔存款總額的32%。最後，非利息支出下降了 0.6%。

For the third consecutive quarter, we sold residential mortgage loans into the secondary market, bringing year-to-date sales to $70 million. We expect to continue to capitalize on market opportunities to sell residential mortgage loans to diversify our revenue and -- to our balance sheet.

我們連續第三個季度向二級市場出售住宅抵押貸款，使年初至今的銷售額達到 7,000 萬美元。我們預計將繼續利用市場機會出售住宅抵押貸款，以實現我們的收入和資產負債表的多元化。

Moving on to update on the strategic growth initiatives. Our corporate Korea initiative is performing in line with our expectations. We are seeing a great number of customer referrals, which is a strong show of our confidence in our team's expertise and capabilities.

繼續更新策略性成長計劃。我們的韓國企業計畫的表現符合我們的預期。我們看到了大量的客戶推薦，這有力地表明了我們對團隊的專業知識和能力的信心。

In the third quarter, we grew corporate Korea loans 6.1% sequentially. This growth was driven by 89% increase in loan production to $103.8 million corporate Korea currently represents approximately 14.5% of our total loan portfolio and 12.4% of our on loan deposits. Additionally, we recently filed an application to open a representative office in Seoul, South Korea, which we believe will further enhance the growth of this strategic initiative.

第三季度，我們的韓國企業貸款較上季成長 6.1%。這一成長的推動因素是貸款產量增加了 89%，達到 1.038 億美元。此外，我們最近申請在韓國首爾開設代表處，我們相信這將進一步促進這項戰略舉措的發展。

We recently announced the closing of the branch in Koreatown Plaza in L.A., which is scheduled to be finalized in January 2025. As a reminder, this action is an integral part of our strategy to maximize growth and generate cost savings. As I had mentioned previously, we will be opening a new branch in the Metro -- Texas area in the coming months. As always, we will continue to evaluate future opportunities to optimize our branch footprint.

我們最近宣布關閉洛杉磯韓國城廣場分店，計劃於 2025 年 1 月完成。提醒一下，這項行動是我們最大化成長和節省成本策略的一個組成部分。正如我之前提到的，我們將在未來幾個月內在德州大都會地區開設一家新分店。像往常一樣，我們將繼續評估未來的機會來優化我們的分公司佈局。

Next, I'd like to take a moment to discuss our recent credit quality actions, which Anthony will cover in more detail. During the third quarter, we successfully resolved the several criticized and nonaccrual loans through sales and payoffs and also recognized the recovery on a previously hard stock law.

接下來，我想花點時間討論我們最近的信用品質行動，安東尼將更詳細地介紹這些行動。在第三季度，我們透過銷售和償還成功解決了幾筆受到批評的非應計貸款，並認識到先前嚴格的股票法的復甦。

In addition, we proactively moved -- loans to the special management category to monitor them more closely. It's important to note that these loans are current, and we are confident that they are adequately protected.

此外，我們還主動將貸款轉移到特殊管理類別，以更密切地監控它們。值得注意的是，這些貸款是流動的，我們有信心它們得到充分的保護。

In line with our credit administration practices, our goal is to identify and resolve any issues as quickly as possible. At quarter end, the ratio of allowance for credit losses to loans increased by a single basis point to 1.1%. And importantly, the overall credit quality of our portfolio remains strong.

根據我們的信用管理實踐，我們的目標是盡快發現並解決任何問題。季末，信貸損失撥備與貸款比率上升一個基點至1.1%。重要的是，我們投資組合的整體信用品質仍然強勁。

With that summary, I will now turn the call over to Anthony Kim, our Chief Banking Officer, to discuss the third quarter loan production and deposit activity in more detail. Anthony?

有了這個總結，我現在將把電話轉給我們的首席銀行官安東尼·金 (Anthony Kim)，更詳細地討論第三季度的貸款生產和存款活動。安東尼？

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 $348 million, up $74 million or 27% from the second quarter with a weighted average interest rate of 7.92% compared to 8.31% last quarter.

謝謝你，邦妮，也謝謝你今天加入我們。我將首先提供有關我們貸款生產的更多詳細資訊。第三季貸款產量為 3.48 億美元，比第二季增加 7,400 萬美元，增幅為 27%，加權平均利率為 7.92%，而上季為 8.31%。

The growth in loan production was primarily due to an increase in commercial real estate, C&I and mortgage. We remain disciplined with our underwriting as we seek opportunities that meet our high-quality standards in the current rate environment.

貸款生產的成長主要是由於商業房地產、商業與工業和抵押貸款的增加。我們在當前利率環境下尋找符合我們高品質標準的機會時，仍然遵守承保紀律。

CRE production was $110 million, up from $8 million in the second quarter, primarily due to increased production from our Eastern region. The elevated interest rate environment continues to impact the traditional and refinancing activity. We remain pleased with the quality of our CRE portfolio. It has a weighted average loan-to-value ratio of approximately 48% and a weighted average debt service coverage ratio of 2.2 times.

CRE 產量為 1.1 億美元，高於第二季的 800 萬美元，主要是由於東部地區產量增加。高利率環境持續影響傳統和再融資活動。我們對商業房地產投資組合的品質仍然感到滿意。其加權平均貸款成數約為48%，加權平均償債覆蓋率為2.2倍。

SBA loan production decreased $3 million in the third quarter to $52 million from $55 million in the second quarter but still exceeded our quarterly target range of $40 million to $45 million. This consistent production underscores the key hires we have added to the team and the growth we are generating in our SBA markets.

SBA 貸款產量從第二季的 5,500 萬美元減少到第三季的 300 萬美元至 5,200 萬美元，但仍超出了我們 4,000 萬美元至 4,500 萬美元的季度目標範圍。這種穩定的生產突顯了我們為團隊增加的關鍵員工以及我們在 SBA 市場中所產生的成長。

C&I production during the third quarter was $105 million, an increase of $46 million or 78%. The increase was driven by strong demand from corporate Korea, which represented $60 million or 57% of total C&I loan product. Total commitments for our commercial lines of credit were over $1 billion in the third quarter, up 3% on an annualized basis. Outstanding balances grew by 12%, resulting in a utilization rate of 46% up from 41% last quarter.

第三季 C&I 產值為 1.05 億美元，成長 4,600 萬美元，成長 78%。這一成長是由韓國企業的強勁需求推動的，韓國企業的需求達 6,000 萬美元，佔工商業貸款產品總額的 57%。第三季我們的商業信貸額度承諾總額超過 10 億美元，以年率計算成長 3%。未償餘額增加 12%，利用率從上季的 41% 上升至 46%。

Residential mortgage loan production was $41 million for the third quarter, up 35% from the previous quarter due to higher demand for -- production as interest rate decline from elevated levels. Most of the current opportunities continue to be in the purchase market as we finance activity remains subdued.

第三季住宅抵押貸款產量為 4,100 萬美元，比上一季成長 35%，原因是利率從高水準下降，生產需求增加。目前大部分機會仍然存在於購買市場，因為我們的融資活動仍然低迷。

Residential mortgage loans represented 15% of our total loan portfolio, the same as one year ago. As Bonnie noted, during the third quarter, we sold approximately $21 million of residential mortgage from our portfolio and are currently exploring additional portfolio sales contingent on market conditions.

住宅抵押貸款占我們總貸款組合的 15%，與一年前相同。正如 Bonnie 指出的那樣，第三季度，我們從投資組合中出售了約 2,100 萬美元的住宅抵押貸款，目前正在根據市場狀況探索額外的投資組合銷售。

With respect to corporate Korea, we again saw healthy demand from these customers who accounted for $104 million of total production which includes approximately $60 million of C&I production. Our efforts to expand and grow these relationships are continuing to bear fruit. USKC loan balances were $918 million, up $52 million or 6% from the second quarter and represent approximately 15% of our total portfolio.

就韓國企業而言，我們再次看到這些客戶的健康需求，其總產量達 1.04 億美元，其中包括約 6,000 萬美元的 C&I 產量。我們擴大和發展這些關係的努力正在繼續取得成果。USKC 貸款餘額為 9.18 億美元，比第二季增加 5,200 萬美元，或 6%，約占我們投資組合總額的 15%。

Turning to deposits. In the third quarter, deposits were up 1% from the previous quarter, although our demand deposit accounts grew nearly by 5% or 19% annualized over the same period. We continue to expand our partnership base with our corporate Korea clients with a deposit production of $49 million in the quarter.

轉向存款。第三季度，存款較上季成長 1%，儘管我們的活期存款帳戶年增近 5%，年化成長率為 19%。我們持續擴大與韓國企業客戶的合作關係，本季存款產出達 4,900 萬美元。

Our tenuously new relationships that we believe can grow over time. At quarter end, corporate Korea deposit represented 12% of our total deposits and 16% of our demand deposits. The composition of our deposit base remains relatively stable, which reflects the success of our relationship banking model. During the third quarter, our mix of noninterest-bearing deposits increased from 31% to 32%.

我們相信我們脆弱的新關係會隨著時間的推移而發展。截至季末，韓國企業存款占我們存款總額的 12%，佔活期存款的 16%。我們的存款基礎組成保持相對穩定，這反映了我們關係銀行模式的成功。第三季度，我們的無利息存款組合從 31% 增加到 32%。

Turning to asset quality. We resolved both the criticized and nonaccrual loans through sales and payoffs and also recognized a recovery on a previously charged off the loan. Within criticized loans, classified loans decreased by $8.1 million from payoffs of which $6.8 million were nonaccrual loans, resulting in $1.7 million recovery, upgrades of $6.1 million, also a decrease of special mention loans.

轉向資產品質。我們透過銷售和償還解決了受到批評的貸款和非應計貸款，並確認了先前沖銷的貸款的收回。在受到批評的貸款中，分類貸款減少了 810 萬美元，其中 680 萬美元是非應計貸款，導致收回 170 萬美元，升級 610 萬美元，特別關注貸款也有所減少。

And we completed the sale of a $27.2 million nonaccrual loan subsequent to the end of the quarter. In addition, we proactively moved three loans to special mention and monitor them more closely.

我們在本季末完成了 2,720 萬美元非應計貸款的出售。此外，我們也主動將三筆貸款納入重點並加強監控。

Total loans totaling $109.7 million are hotels, one located on the East Coast and the other on the West Coast. Both hotels have had a slow post-COVID recovery. The third loan is C&I loan to a health care management company where cash flow was impacted by a buyer in one of its hospitals.

飯店貸款總額為 1.097 億美元，其中一家位於東海岸，另一家位於西海岸。兩家飯店在新冠疫情後都經歷了緩慢的復甦。第三筆貸款是向一家醫療保健管理公司提供的 C&I 貸款，該公司的現金流受到其中一家醫院的買家的影響。

Importantly, the guarantors and sponsors for all the 3 loans have a strong liquidity and cash flow, which mitigates risk. We do not believe these events are indicative of a larger trend. These loans have been current during the entirety of their turns and are adequately protected. While our allowance for credit losses increased relative to loans, the ratio increased 1 basis point to 1.11%.

重要的是，這三筆貸款的擔保人和發起人都擁有強大的流動性和現金流，這降低了風險。我們不認為這些事件預示著更大的趨勢。這些貸款在整個週期內一直有效，並受到充分保護。雖然我們的信貸損失準備金相對於貸款有所增加，但比率增加了 1 個基點，達到 1.11%。

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

現在我將把電話轉給我們的財務長 Ron Santarosa，以了解有關我們第三季財務業績的更多詳細資訊。

Thank you, Anthony, and good afternoon all. Third quarter net interest income was $50.1 million, up 2.9% from the second quarter. And as Bonnie noted, our net interest margin expanded 5 basis points to 2.74%. Net interest income increased $1.4 million due to a $500,000 benefit from 1 additional day in the quarter, a $700,000 benefit from an improved rate -- and a $200,000 benefit from higher level of interest earned assets.

謝謝你，安東尼，大家下午好。第三季淨利息收入為5,010萬美元，較第二季成長2.9%。正如 Bonnie 指出的，我們的淨利差擴大了 5 個基點，達到 2.74%。淨利息收入增加了 140 萬美元，原因是本季增加 1 天帶來了 50 萬美元的收益，利率提高帶來了 70 萬美元的收益，以及利息收入資產水準提高帶來了 20 萬美元的收益。

Looking to net interest margin, we saw a 2 basis point increase from loans and other interest-earning assets. A 2 basis point increase from lower borrowing and debt costs and a 1 basis point increase from lower deposit costs. Following the Fed's decision to lower the federal funds rate by 50 basis points, we lowered the interest rate paid on our savings and money market accounts and lowered our offering rates and define certificates of deposits.

從淨利差來看，貸款和其他生息資產增加了 2 個基點。借貸和債務成本下降導致 2 個基點增加，存款成本下降導致 1 個基點增加。在聯準會決定將聯邦基金利率降低 50 個基點後，我們降低了儲蓄和貨幣市場帳戶的利率，並降低了發行利率和存款證的定義。

For the month of September, the cost of interest-bearing deposits was 4.22%, down 7 basis points from the month of August. Looking more closely at the rate paid on savings and money market accounts, they were each down 11 basis points.

9月份，計息存款成本為4.22%，較8月份下降7個基點。更仔細地觀察儲蓄和貨幣市場帳戶的利率，它們各自下降了 11 個基點。

Turning to October to date. The rate paid on sales accounts was down 30 basis points from the third quarter average, while the rate paid on money market accounts was down 23 points. Together with our now accounts and time deposits, the cost of interest-bearing deposits for October to date was down 17 basis points from the third quarter average of 4.27%. Regardless of what the Fed may or may not do at their upcoming meetings, we will respond accordingly to any changes in interest rates.

時間轉到十月至今。銷售帳戶支付的利率比第三季平均下降了 30 個基點，貨幣市場帳戶支付的利率下降了 23 個基點。加上我們現在的帳戶和定期存款，10 月迄今的計息存款成本比第三季平均 4.27% 下降了 17 個基點。無論聯準會在即將舉行的會議上可能會或不會做什麼，我們都會對利率的任何變化做出相應的反應。

Now turning to noninterest income. Here, we recognized a gain of $900,000 from a branch sale and leaseback that drove a 5% increase from the second quarter to $8.4 million. Second-quarter noninterest income included a $300,000 debt benefit on our bank-owned life insurance.

現在轉向非利息收入。在這裡，我們確認了分行銷售和回租帶來的 90 萬美元收益，比第二季成長了 5%，達到 840 萬美元。第二季非利息收入包括我們銀行擁有的人壽保險的 300,000 美元債務福利。

In addition, gains on sales of SBA loans for the third quarter were $100,000 less than the second quarter. While trade premiums remain the same quarter over quarter at 8.54%, the volume of loans sold declined $500,000 to $23.0 million.

此外，第三季 SBA 貸款銷售收益比第二季減少了 10 萬美元。雖然貿易溢價環比維持在 8.54%，但貸款銷售量下降了 50 萬美元，至 2,300 萬美元。

As Bonnie mentioned, we have sold residential mortgage lines for three consecutive quarters. For the third quarter, we sold a $20.9 million of residential mortgages at a premium of 2.32%.

正如邦妮所提到的，我們已經連續三個季度出售住宅抵押貸款額度。第三季度，我們以 2.32% 的溢價出售了 2,090 萬美元的住宅抵押貸款。

Noninterest expense for the third quarter was down $200,000 or 0.6% to $35.1 million. The decrease essentially reflects the $300,000 branch consolidation charge that occurred in the second quarter. Pulling this all together, pretax pre-provision income jumped 9.4% from the second quarter, with notable growth in net interest income and well-managed expenses.

第三季非利息支出下降 20 萬美元，或 0.6%，至 3,510 萬美元。這一下降主要反映了第二季度發生的 30 萬美元的分支機構合併費用。綜上所述，稅前撥備收入較第二季成長 9.4%，淨利息收入和管理良好的支出顯著成長。

Credit loss expense for the third quarter was $2.3 million, representing the entire provision credit losses as the provision for off-balance sheet items was nil for the quarter.

第三季的信貸損失費用為 230 萬美元，相當於全部撥備信貸損失，因為該季表外專案的撥備為零。

Turning to the allowance. We had net charge-offs of $900,000 for the quarter, which, combined with the provision led to the $69.2 million balance at the end of the third quarter or 1.11% of loans. Loan charge-offs included $1.1 million, offset by $1.7 million of recoveries on previously charged off loans. The allowance for credit losses increased $1.4 million due to quantitative and qualitative considerations of $3 million, offset by a decline of $1.6 million in specific allowances from loan payoffs.

轉向津貼。本季我們的淨沖銷額為 90 萬美元，加上撥備，第三季末的餘額為 6,920 萬美元，佔貸款的 1.11%。貸款沖銷包括 110 萬美元，被先前沖銷的貸款回收額 170 萬美元所抵銷。由於定量和定性考慮，信貸損失準備金增加了 140 萬美元，但被貸款償還的特定準備金減少 160 萬美元所抵消。

Turning to equity capital. Our negative AOCI declined to $22.9 million as expected because of the lower interest rate environment at the end of the third quarter. In addition, the company repurchased 75,000 shares at an average price of $19.10 during the quarter. 1,255,000 shares remain available under the share repurchase program.

轉向股權資本。由於第三季末較低的利率環境，我們的負 AOCI 如預期下降至 2,290 萬美元。此外，該公司在本季以平均價格 19.10 美元回購了 75,000 股股票。股份回購計劃中仍有 1,255,000 股可用。

Tangible book value per share at the end of the third quarter was $24.03 and our tangible equity to tangible asset ratio was 9.42%. The company and the bank continue to exceed minimum regulatory capital requirements, and we continue to exceed the minimum capital required ratios for the well-capitalized category. The company's common equity Tier 1 capital ratio was 11.95%, and the bank's total capital ratio was 14.28%.

第三季末每股有形帳面價值為 24.03 美元，有形權益與有形資產比為 9.42%。公司和銀行繼續超過最低監理資本要求，我們也持續超過資本充足類別的最低資本要求比率。本公司普通股一級資本率為11.95%，銀行總資本率為14.28%。

With that, back to you, Bonnie.

說到這裡，回到你身邊，邦妮。

Thank you, Ron. I want to expect my gratitude to our team for their unwavering commitment and dedication to serving our clients. I especially appreciate our bankers and support staff who consistently build meaningful relationships with our customers and contribute to the ongoing growth of our franchise. We are well positioned for a strong close to 2024 and future sustainable growth. Our balance sheet is robust as evidenced by our healthy capital ratios and ample liquidity.

謝謝你，羅恩。我希望對我們的團隊表示感謝，感謝他們對服務客戶的堅定承諾和奉獻精神。我特別感謝我們的銀行家和支援人員，他們始終與我們的客戶建立有意義的關係，並為我們特許經營權的持續成長做出了貢獻。我們已做好充分準備，迎接 2024 年的強勁成長和未來的永續成長。我們健康的資本比率和充足的流動性證明了我們的資產負債表穩健。

Our loan pipeline is solid and we are on track to achieve our low to mid-single-digit loan growth target in for this year. We have a stable base of core deposits and a healthy mix of DDAs. We are committed to well-controlled expenses. And finally, overall, credit quality of our loan portfolio remains strong. We are confident in our ability to continue driving growth and enhancing franchise value for all stakeholders.

我們的貸款管道穩固，我們預計將實現今年低至中個位數的貸款成長目標。我們擁有穩定的核心存款基礎和健康的 DDA 組合。我們致力於嚴格控制開支。最後，總體而言，我們貸款組合的信貸品質仍然強勁。我們對繼續推動成長並為所有利害關係人提高特許經營價值的能力充滿信心。

Thank you for your time today. We will now open the call for your questions. Operator, please open the line.

感謝您今天抽出時間。我們現在將開始電話詢問您的問題。接線員，請開通線路。

(Operator Instructions) Kelly Motta, KBW.

（操作員說明）Kelly Motta，KBW。

Hey. Good afternoon. Thanks for the question. I think kicking off with the margin, I really appreciate all the comments with regards to the funding side of things and the spot rates. But I'm hoping you could help me out a bit on the loan side. I know you have some prime in there that is going to reset next quarter.

嘿。午安.謝謝你的提問。我認為從保證金開始，我真的很感謝所有有關資金方面和即期匯率的評論。但我希望你能在貸款方面幫我一點忙。我知道你那裡有一些黃金將在下個季度重置。

All in all, how should we be thinking about that as it pertains to low yields, mixing that in with new production and what your idea of the margin is as we look to this next quarter, do you expect some continued expansion of this level?

總而言之，我們應該如何考慮這個問題，因為它與低產量有關，將其與新產量混合在一起，以及當我們展望下個季度時，您對利潤率的看法是多少，您是否預計這一水平會持續擴張？

So Kelly, so working backwards on your question, right now, if we anticipate another 50 basis points of rate declines 25 for November, 25 for December. We think that net interest margin, again, holding all the other elements was it equal, could expand between 10 to 20 basis points.

凱利，現在回過頭來回答你的問題，如果我們預計 11 月 25 日、12 月 25 日利率將再下降 50 個基點。我們認為，在其他因素相同的情況下，淨利差可能會擴大 10 至 20 個基點。

With respect to the loan yields, it's a bit more of a challenging question because it starts to involve a little bit of the mix that we have, the mix that may change and then the increments that Anthony and team had.

就貸款收益率而言，這是一個更具挑戰性的問題，因為它開始涉及我們現有的一些組合，可能會改變的組合，以及安東尼和團隊的增量。

But with that aside, what we try to do to power that question is we introduced another slide in our deck where we show the rate sensitivity of the loan portfolio and our interest-bearing deposits against the day weighted average of the Fed fund's target rate between the first quarter of 2022 to the second quarter of 2024. So again, if you think about it, second quarter '24 was about a year since the Fed last rate increase.

但除此之外，我們試圖為這個問題提供動力的是，我們在我們的幻燈片中引入了另一張幻燈片，其中我們顯示了貸款組合和我們的計息存款相對於美聯儲基金目標利率的日加權平均數的利率敏感度2022年第一季至2024年第二季。所以，如果你想一想，24 年第二季距離聯準會上次升息大約一年了。

So one way that you can start to think about it is just looking at the inverse stair step as one way to start to analyze what might happen during the fourth quarter and forward. So you'll find that analysis or the illustration -- I'm sorry, getting right down the number, but I'll find it here for you in a second.

因此，您可以開始思考這個問題的一種方法是將反向階梯視為開始分析第四季及以後可能發生的情況的一種方法。因此，您會找到該分析或說明 - 對不起，直接記下數字，但我稍後會在這裡為您找到它。

So the portfolio, that's on page 19 of that illustration of our slide deck. So all things being equal, we'd like to think that as we stepped up in the rate environment, we should step down in the same fashion. The caveat to that, though, again, is the time book drags because it has to do the reprices.

作品集位於我們投影片插圖的第 19 頁。因此，在所有條件相同的情況下，我們認為，當我們在利率環境中提高時，我們應該以相同的方式退出。不過，要注意的是，書的時間會被拖延，因為它必須重新定價。

The loans will step down slightly and then we would envision there's a point at which prepayment speeds might start to pick up depending on how far the short-term rates go. So against all of the things that we know and don't know, that's kind of what we're thinking about.

貸款將略有下降，然後我們預計，根據短期利率的走勢，提前還款速度可能會開始加快。因此，針對所有我們知道和不知道的事情，這就是我們正在思考的問題。

Got it. That's helpful, Ron. And just a point of clarification, that 10 to 20 basis points of NIM expansion you're talking about, what is that -- what time period is that? Is that --

知道了。這很有幫助，羅恩。需要澄清一點，您所說的淨息差擴張 10 到 20 個基點，那是什麼——那是什麼時間段？是那個--

Fourth quarter. So if you will --

第四季。所以如果你願意--

Fourth quarter. Okay, got it.

第四季。好的，明白了。

Full of the month period, one-third of the way of the 25 that could occur in November and then you can just say nil for the last 25 that may happen in December.

在整個月期間，即 11 月可能發生的 25 次的三分之一，然後您可以對 12 月可能發生的最後 25 次說為零。

Got it. That's helpful. That's great. Look, with your NPAs are really low. Your capital is strong. You're trading at 80% of tangible book value. why not get more aggressive with the buyback here? How are you guys thinking about it right now?

知道了。這很有幫助。那太棒了。看，你的 NPA 真的很低。你的資本雄厚。您的交易價格為有形帳面價值的 80%。為什麼不在這裡進行更積極的回購呢？你們現在想得怎麼樣？

So we get that question each quarter, and I've got a bit of -- so for everyone that fears asset quality, we don't have enough capital for everyone that looks at capital, we have too much of it. So I think the Board and management take into consideration all the things that could happen, may happen, won't happen and trying to find a line that best manages the risk relative to that notion.

所以我們每個季度都會收到這個問題，我有一點——所以對於每個擔心資產品質的人來說，我們沒有足夠的資本，而對於每個關注資本的人來說，我們的資本太多了。因此，我認為董事會和管理層會考慮所有可能發生、可能發生、不會發生的事情，並試圖找到一條最能管理與該概念相關的風險的路線。

Now certainly, we were surprised, I use that word at the end of September, the weight rates declined. If you look at the curve today, all that's been erased. So all the measures that you want to look at from a tangible book value perspective, et cetera, and just basically retrace their steps. So that's the other element of it that makes it a little bit more challenging to try to determine what the correct amount is.

當然，我們很驚訝，我在九月底用過這個詞，權重率下降了。如果你看看今天的曲線，所有這些都被抹掉了。因此，您希望從有形帳面價值的角度來看待所有指標，等等，並且基本上回顧它們的步驟。因此，這是其中的另一個因素，使得確定正確的金額變得更具挑戰性。

All of that said, I think what we've demonstrated over, I think, several quarters that we do manage capital well. Our payout ratio for the first nine months, just on dividends alone was 51%, when you factor in the share repurchase that increases it to 64%. A large part of our earnings have been repatriated through dividends and through share repurchases. I'll leave it at that.

綜上所述，我認為我們在幾個季度中所證明的，我們確實很好地管理了資本。我們前 9 個月的股息率（僅股息）為 51%，如果考慮股票回購，股息率將增至 64%。我們的大部分收入已透過股利和股票回購匯回國內。我就這樣吧。

Great. Maybe last question for me and then I'll step back. But with the special mention migration, it was good to see the NPAs worked out. I'm hoping maybe you could spend a couple of minutes, I think the commentary on that was you're watching it. It's all current.

偉大的。也許是我的最後一個問題，然後我會退後一步。但隨著特別提及的遷移，很高興看到 NPA 得到解決。我希望你能花幾分鐘時間，我想評論是你正在觀看。都是當前的。

Just wondering what specifically drove that migration there and what gives you comfort with the ultimate loss content of that portfolio and being able to be resolved favorably.

只是想知道是什麼具體推動了那裡的遷移，以及是什麼讓您對該投資組合的最終損失內容感到滿意並能夠得到順利解決。

Sure. I'll handle that. So we have been very proactive in identifying and resolving potential problem loans as evidenced by recoveries and payoffs we had this quarter. The three loans that we have identified and great special mention, two of them are commercial real estate loans, hotel loans, one in the East Coast and then another one in the West Coast.

當然。我會處理的。因此，我們一直非常積極地識別和解決潛在的問題貸款，本季的追收和還款就證明了這一點。我們已經確定並特別提及的三筆貸款，其中兩筆是商業房地產貸款、酒店貸款，一筆在東海岸，另一筆在西海岸。

Both loans actually have had a slow post recovery -- post-COVID recovery, which caused the recent operating performance and metrics is to be less than anticipated. And that's why we are proactively downgraded quite the special mention category.

這兩筆貸款其實在疫情後復甦緩慢，導致近期的經營績效和指標低於預期。這就是為什麼我們主動將特別提及類別降級的原因。

For the one in the East Coast, buyer is entertaining a sale and has already received the LOI from a potential buyer. And expected to sign a PSA during this quarter. And all three loans, as I said, they are current, and they're well secured by the collateral began force. And based on the information that we have today, we don't anticipate any of these loans to become nonperforming.

對於東海岸的買家來說，買家正在進行一筆銷售，並且已經收到了潛在買家的意向書。預計將在本季簽署 PSA。正如我所說，所有三筆貸款都是流動的，並且它們都得到了有效抵押品的充分擔保。根據我們今天掌握的信息，我們預計這些貸款不會成為不良貸款。

Great. Thank you so much for the color, Bonnie. And thanks, Ron. I'll step back.

偉大的。非常感謝你的顏色，邦妮。謝謝，羅恩。我會退後一步。

Gary Tenner, D.A. Davidson.

坦納，D.A.戴維森。

Hey, guys. This is Ahmad Hasan on for Gary Tenner. Firstly, can you guys give a little bit more color? I know you guys had pretty strong introduction this quarter. Any commentary on loan pipelines and how we should think about them in the next quarter?

嘿，夥計們。我是艾哈邁德·哈桑（Ahmad Hasan），代表加里·坦納（Gary Tenner）發言。首先，你們能給點顏色嗎？我知道你們這個季度的介紹非常有力。對貸款管道有何評論以及我們在下個季度應如何考慮它們？

Yeah. Looking at the 4Q pipeline, it came in similar level as well as similar yield as third quarter. So we're optimistic that we can produce a similar level of loan production in the fourth quarter.

是的。看看第四季的管道，它的水平和收益率與第三季度相似。因此，我們樂觀地認為我們可以在第四季度產生類似水平的貸款。

Thanks. I appreciate the color on that. And thanks for the detail on the CD maturity slide. You guys have a little over $1 billion CDs that's around 5% that revising next quarter. How should we think about the cost of that? How aggressive are you guys going to be?

謝謝。我很欣賞它的顏色。感謝您提供 CD 成熟度幻燈片上的詳細資訊。你們擁有略高於 10 億美元的 CD，大約是下個季度修改的 5%。我們應該如何考慮這樣做的成本？你們打算有多激進？

Yeah. I mean looking at the last quarter, a little bit less -- a little less than $500 million mature, and we were able to reprice 73 basis points lower than what it rolled off at. And in considering that new production that rate that we're paying right now ranges from anywhere between 4.1% to 4.3%, depending on the term of the CD typically three to six, nine months.

是的。我的意思是看看上個季度，稍微少一點——成熟了一點點，不到 5 億美元，我們能夠將價格重新定價為比降價低 73 個基點。考慮到新的製作，我們現在支付的費率在 4.1% 到 4.3% 之間，具體取決於 CD 的期限，通常為三到六、九個月。

So we are hoping that we're optimistic that we will be repriced at 4.18%, which is the third quarter retention rate or below because what we're sensing that all of the -- our competitors also lowering the CD rates more than 50 basis points.

因此，我們希望我們樂觀地認為我們將重新定價為 4.18%，這是第三季度的保留率或更低，因為我們感覺到所有 - 我們的競爭對手也將 CD 利率降低了 50 以上點。

Just in terms of just the retention and the historical retention of the CDs, looking at the last four quarters, so the maturing CDs we retain on a lower end, about 78% and a high end, about 84%, 85%. So just in terms of the overall retention rate is in that range.

就 CD 的保留率和歷史保留率而言，看看過去四個季度，我們保留的成熟 CD 處於低端，約 78%，高端，約 84%、85%。因此，就整體保留率而言，就在這個範圍內。

Appreciate the color.

欣賞顏色。

Sure.

當然。

Adam Butler, Piper Sandler.

亞當·巴特勒、派珀·桑德勒。

Hey. Good afternoon, everyone. This is Adam on for Matthew Clark. Thanks for the disclosure again on that new slide. I'm just curious more on the loan side. Just how the repricing characteristics have progressed quarter-to-date. Do you guys have a spot rate on the loan portfolio? And can you remind us what the fixed and floating rate portion of your overall portfolio is?

嘿。大家下午好。這是馬修克拉克的亞當。再次感謝您在新投影片上的披露。我只是對貸款方面更好奇。迄今為止，重新定價特徵的進展如何。你們有貸款組合的即期利率嗎？您能否提醒我們您整體投資組合中的固定利率和浮動利率部分分別是多少？

Sure. So the loan yields for quarter-to-date, which is a little bit challenging for us because some of the information doesn't come in until month end. But it's about the 6% idea, whether that's 598 or 601, it can vary, but it's really for October, it is going to be pretty much at that level.

當然。因此，本季至今的貸款收益率對我們來說有點挑戰，因為有些資訊要到月底才會出現。但這是關於 6% 的想法，無論是 598 還是 601，它可能會有所不同，但實際上是在 10 月份，它幾乎會達到這個水平。

And so as we look at the very rate portfolio, different pricing characteristics, whether it floats, which is a very small piece of our book, adjustable which you could think of primarily as being the SBA book, but that will remove once a quarter. And then we have a host of hybrids that have even longer tails in terms of when they reprice.

因此，當我們查看利率組合時，不同的定價特徵，無論是否浮動，這只是我們書中的一小部分，可調整的，您可以將其主要視為 SBA 書籍，但這將每季刪除一次。然後，我們有許多混合動力車，它們在重新定價時具有更長的尾巴。

So as we tried to point out, we think that the loan book will probably eat its yield, particularly given the increments that which Anthony and his team are producing. So we're not going to see -- we're not anticipating too much of a decline in the loan yields in the rate environment. Probably not until such time as the rates drop fallen off that might start pushing borrowers to prepayment activity.

因此，正如我們試圖指出的那樣，我們認為貸款簿可能會吞噬其收益，特別是考慮到安東尼和他的團隊正在產生的增量。因此，我們不會看到利率環境下貸款收益率下降太多。可能要等到利率下降時，借款人才會開始提前還款。

But we're not quite there yet. So we think the fourth quarter will would be a pretty good quarter.

但我們還沒有完全做到這一點。所以我們認為第四季將是一個非常好的季度。

Okay. That's very helpful. And also just on deposit balances this quarter. It was good to see some meaningful growth, particularly in the DDA category. I was just trying to get a sense for the deposit pipeline as you see it, the competition that you're seeing. And if there was any seasonality this quarter that we should be aware of?

好的。這非常有幫助。而且還只是本季的存款餘額。很高興看到一些有意義的成長，特別是在 DDA 類別。我只是想了解您所看到的存款管道以及您所看到的競爭。本季是否存在我們應該注意的季節性因素？

So I wouldn't say it's a seasonality issue. But if you look at our loan production this quarter, we did have a really good production in the C&I category. And most of our positive DDA growth is coming from our business commercial accounts. And more directly, it's directly tied to the C&I loans. And it's been our experience when we have really good growth in the C&I loan. So we also have a really good growth in DDA.

所以我不會說這是季節性問題。但如果你看看我們本季的貸款產量，我們在工商業類別中的產量確實非常好。我們大部分的 DDA 正成長都來自於我們的商業帳戶。更直接地說，它與工商業貸款直接掛鉤。我們的經驗是工商業貸款取得了非常好的成長。因此，我們在 DDA 方面也取得了非常好的成長。

Okay. Great. And then just moving to expenses. There's a few moving parts with the closing of the branch planning to open planning to open a new branch. And I think you opened a new office in Seoul in your prepared commentary, you mentioned that. I guess, how are you thinking about the overall expense run rate from this quarter going forward?

好的。偉大的。然後就轉向開支。從關閉分行計劃到開設新分行的計劃，有一些變化。我認為您在準備好的評論中提到了在首爾開設了一個新辦事處。我想，您如何看待本季未來的整體費用運行率？

So first of all, we've now opened up a representation office yet in Seoul, South Korea that's underway. But it could be a '24 event, it could be an early '25 event. With respect to the opening of our Georgia branch in the Atlanta metro area. Again, that's scheduled for the fourth quarter. And then in the first quarter, we have the planned consolidation of an L.A.-based branch.

首先，我們現在已經在韓國首爾開設了代表處，該辦事處正在進行中。但這可能是 24 年的活動，也可能是 25 年初的活動。關於我們在亞特蘭大都會區開設喬治亞州分公司。同樣，這計劃在第四季度進行。然後在第一季度，我們計劃合併洛杉磯的一個分店。

So altogether, what I would point out is that seasonally, our spend on advertising and promotion steps up at least $0.5 million from what you've seen in the third quarter. How much of that will be to promote the new Atlanta branch versus what we do in the ordinary course, I couldn't say.

總的來說，我要指出的是，從季節性來看，我們在廣告和促銷方面的支出比第三季增加了至少 50 萬美元。與我們在普通課程中所做的相比，其中有多少將用於推廣新的亞特蘭大分公司，我不能說。

But if you look at our trend, you'll see that seasonal bump. The OREO for closed property expense. It seems like it has a run rate now, but that can always be a surprise, particularly as you get to year-end.

但如果你看看我們的趨勢，你會發現季節性的成長。奧利奧（OREO）用於封閉財產費用。現在看起來它已經有了運行率，但這總是令人驚訝，特別是當你到了年底的時候。

So all of that said, you probably could at least see noninterest expense up at least $0.5 million to maybe $1 million, if I want to round up. So we'll have to see. But the advertising promotion spend, I kind of know that I've said enough for that every fourth quarter that that's going to be there.

綜上所述，如果我想四捨五入的話，您可能至少會看到非利息支出增加至少 50 萬美元到 100 萬美元。所以我們得看看。但廣告促銷支出，我知道我已經說夠多了，每個第四季都會有這樣的支出。

Okay. That was super helpful. Thanks for the clarification on the timing of the offices and branches. I appreciate it and thanks for taking my questions.

好的。這非常有幫助。感謝您對辦事處和分支機構的時間表的澄清。我很感激並感謝您提出我的問題。

Thank you.

謝謝。

(Operator Instructions)Matthew Erdner, Jones Trading.

（操作員說明）Matthew Erdner，瓊斯貿易公司。

Hey, Good afternoon, guys. Thanks for taking the question. I want to talk about the loan for sale. The increase there is pretty significant quarter-over-quarter, but it's still not a huge percentage of your loan portfolio. And specifically the nonaccrual, about half of it is on the nonaccrual. Is your expectation to sell those at par? And what kind of led to the increase in that line item? Or is it just a timing thing?

嘿，下午好，夥計們。感謝您提出問題。我想談談出售貸款的問題。季度環比增長相當顯著，但在您的貸款組合中所佔比例仍然不大。特別是非應計費用，大約一半是非應計費用。您期望以平價出售這些產品嗎？是什麼導致了該訂單項目的增加？或者這只是一個時間問題？

So let's deal with the nonaccrual loan. We actually placed that particular loan held for sale at the end of September. However, we actually successfully saw that note, and it closes this month. And we provided the $1.1 million reserve so we don't expect any further loss to be coming out of that particular sale.

那麼讓我們來處理非應計貸款。事實上，我們在九月底就賣掉了那筆特定的貸款。然而，我們實際上成功地看到了那張紙條，並且它在本月結束。我們提供了 110 萬美元的儲備金，因此我們預計該特定銷售不會造成任何進一步的損失。

Yeah, that's helpful for that. And then going forward, where are you guys going to opportunistically sell loans? Is it mostly going to be out of the residential space?

是的，這對此很有幫助。接下來，你們打算在哪裡機會主義地出售貸款？它主要是在住宅空間之外嗎？

Yeah. Year-to-date, we sold about $70 million in the mortgage, and I think we're going to probably continue to be able to do that in the 4Q. And for 2025, I think we have to observe the market condition and make the decision accordingly.

是的。今年迄今為止，我們出售了約 7000 萬美元的抵押貸款，我認為我們可能會在第四季度繼續做到這一點。對於2025年，我認為我們必須觀察市場狀況並做出相應的決定。

Yeah, that's helpful. And then one last question on this. How are the margins been gain on sale wise compared to maybe six months ago. And then as part of this strategy, I guess, are you guys looking to improve your loan-to-deposit ratio at all going forward?

是的，這很有幫助。然後是最後一個問題。與六個月前相比，銷售利潤成長如何？然後，作為該策略的一部分，我想，你們是否希望進一步提高貸存比？

So the SBA loans, which we historically sell each quarter, and that typically represents our held-for-sale category at each reporting date. The premiums on those have been in the 8%s. I think like 8.5% for the third quarter in my recollection. And it seems like it probably will be at or about that same idea for the fourth quarter.

因此，我們歷來每個季度都會出售 SBA 貸款，這通常代表我們在每個報告日期持有待售類別。這些的保費一直在8%左右。我記得第三季大概是 8.5%。看起來第四季度可能會保持或大致相同的想法。

On the residential mortgages, as we pointed out, we've been selling it each quarter. And it happens that we have a portfolio that we also identified for sale here at the end of the third quarter. Those premiums have been about 2%, 2.2%, 2.3%-ish for the three -- no, maybe the fourth time that we do it. So that is depending upon market appetite and things of that sort. So that's kind of what we're envisioning.

在住宅抵押貸款方面，正如我們所指出的，我們每個季度都在出售它。碰巧我們有一個投資組合，我們也確定在第三季末在這裡出售。這三家公司的保費約為 2%、2.2%、2.3% 左右——不，也許是我們第四次這樣做了。所以這取決於市場胃口和類似的事情。這就是我們的設想。

And then SBA clearly will continue. That's been our bread and butter for many, many years.

然後 SBA 顯然會繼續下去。多年來，這一直是我們的麵包和黃油。

On the mortgages, we think we see a path where we should be able to produce and sell. We're not necessarily doing that to manage loan-to-deposit ratio. I understand how you can think of it that way. But rather, we were looking at this, particularly with respect to residential that we wanted to see a portfolio on balance sheet to produce spread income.

在抵押貸款方面，我們認為我們看到了一條應該能夠生產和銷售的道路。我們這樣做不一定是為了管理貸存比。我理解你怎麼會這麼想。相反，我們正在考慮這一點，特別是在住宅方面，我們希望在資產負債表上看到投資組合以產生利差收入。

And then, if you will, production capabilities such that continue to keep the portfolio on our books as well as have an opportunity to sell production at games.

然後，如果你願意的話，生產能力可以繼續將產品組合保留在我們的帳簿上，並有機會在遊戲中出售產品。

Thank you for that. That's very helpful.

謝謝你。這非常有幫助。

This concludes the question-and-answer session. I would like to turn the floor back to management for any closing comments.

問答環節到此結束。我想請管理層發表任何結束意見。

Thank you all for joining our call today and for your interest in Hanmi. We look forward to sharing our progress with you for the final quarter of 2024. Thank you.

感謝大家今天加入我們的電話會議以及對韓美的興趣。我們期待與您分享 2024 年最後一季的進展。謝謝。

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

今天的電話會議到此結束。此時您可以斷開線路。再次感謝您的參與。