Hanmi Financial Corp (HAFC) 2024 Q4 法說會逐字稿

Ladies and gentlemen, welcome to the Hami Financial Corporation's fourth quarter and full year 2024 conference call. As a reminder, today's call is being recorded for replay purposes. (Operator Instructions)

女士們，先生們，歡迎參加哈密金融公司2024年第四季及全年電話會議。提醒一下，今天的通話將被錄音以供重播。（操作員指令）

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

我想將會議交給公司投資人關係部負責人 Ben Brodkowitz。請繼續。

Thank you, Matt, and thank you all for joining us today to discuss Hanmi's fourth quarter and full year 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. 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.

謝謝你，馬特，也謝謝大家今天加入我們討論 Hanmi 2024 年第四季和全年業績。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。這兩份文件均可在該公司網站 hanmi.com 的 IR 部分查閱。今天我和韓美金融公司總裁兼執行長 Bonnie Lee 一起來到這裡；安東尼金 (Anthony Kim)，銀行長；以及財務長 Ron Santarosa。

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.

Bonnie 將在今天的電話會議上概述，Anthony 將討論貸款和存款活動。羅恩 (Ron) 將詳細介紹我們的財務業績，然後邦妮 (Bonnie) 將在我們開始回答您的問題之前發表結束語。

Before we begin, I'd like to mind 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 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.

在我們開始之前，我想提醒大家，今天的評論可能包括聯邦證券法下的前瞻性陳述。前瞻性陳述基於當前的計劃、預期、事件和財務趨勢，可能影響公司未來營運績效和財務狀況。我們的實際結果可能與我們的前瞻性陳述所預期的結果有重大差異，這涉及風險和不確定性。

Discussion 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 Form 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.

有關可能導致我們的實際結果與這些前瞻性陳述存在重大差異的因素的討論可以在我們向美國證券交易委員會提交的文件中找到，包括我們的 10-K 和 10-Q 表報告。具體來說，我們引導您討論我們的收益報告、投資者介紹和我們的 10-Q 表中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.

說完這些，我現在想把電話轉給 Bonnie Lee。邦妮，請說。

Thank you, Ben. Good afternoon, everyone. Thank you for joining us today to discuss our fourth quarter and full year 2024 results. Before we begin, I want to address the devastating fires in Los Angeles area that began earlier this month. As you know, Los Angeles has been Hanmi's home for over 40 years, and we are deeply saddened by these events and their profound impact on our community.

謝謝你，本。大家下午好。感謝您今天加入我們討論我們的 2024 年第四季和全年業績。在我們開始之前，我想談談本月早些時候在洛杉磯地區發生的毀滅性火災。如您所知，洛杉磯是韓美 40 多年的家，我們對這些事件及其對我們社區的深遠影響深感悲痛。

We have been in close contact with our team members and customers. I am pleased to report that fortunately, there has been no direct impact to our employees' homes nor significant collateral loss or business interruption to our commercial customers. We want to thank the fire fighters, first responders, and volunteers who have been instrumental in helping those affected. We know the road to the recovery will be a long one, and Hanmi stand by as a trusted source to provide assistance as the situation continues to evolve.

我們一直與團隊成員和客戶保持密切聯繫。我很高興地報告，幸運的是，我們的員工家園沒有受到直接影響，我們的商業客戶也沒有遭受重大的抵押損失或業務中斷。我們要感謝為受災民眾提供協助的消防員、急救人員和志工。我們知道恢復之路將是漫長的，隨著情況的不斷發展，Hanmi 將作為值得信賴的來源隨時提供援助。

Now turning to our results. Strong operational execution by our team in the fourth quarter resulted in a successful close to 2024 and provided a solid foundation for continued momentum in 2025. Throughout 2024, we focused on managing the factors within our control as we navigate it constantly evolving in dynamic market environment.

現在來談談我們的結果。我們團隊在第四季度出色的營運執行力為 2024 年畫上了圓滿句號，並為 2025 年的持續發展奠定了堅實的基礎。在整個 2024 年，我們專注於管理我們能夠控制的因素，並在不斷變化的動態市場環境中前進。

We continue to execute our strategy, leveraging our proven relationship banking model to further grow and diversify our customer base and loan portfolio. We maintained a sharp focus and prudent credit administration and disciplined expense management, and we made meaningful progress in advancing our corporate career initiative.

我們繼續執行我們的策略，利用我們成熟的關係銀行模式進一步擴大和多樣化我們的客戶群和貸款組合。我們保持了高度集中的注意力和審慎的信貸管理和嚴謹的費用管理，並在推進企業職業計劃方面取得了有意義的進展。

Now let me review some highlights of the past year. Net income for 2024 reached $62.2 million or $2.05 per diluted share. Our return on average assets were 0.83% and return on average equity was 7.97%. We made significant strides in diversifying our loan portfolio and deposit franchise. In line with our diversification strategy, we increased our C&I portfolio by 16%, driven by strong contribution from our US KC initiative as well as the acquisition of new relationships throughout our network.

現在，我來回顧過去一年的一些亮點。2024 年淨收入達 6,220 萬美元，即每股攤薄收入 2.05 美元。我們的平均資產報酬率為 0.83%，平均股本報酬率為 7.97%。我們在貸款組合和存款特許經營多元化方面取得了重大進展。按照我們的多元化策略，我們將 C&I 投資組合增加了 16%，這得益於我們美國 KC 計劃的強勁貢獻以及我們在整個網絡中建立的新關係。

We also closely manage our commercial real estate exposure in line with our ongoing efforts to reduce the CRE as a percentage of our portfolio over time. Importantly, growth in our C&I portfolio contributed to the increase in noninterest-bearing demand deposits, which I'll come back to in a moment. We sold $88.4 million in residential mortgage loans into the secondary market throughout the year, generating $1.5 million of noninterest income while also strengthening our balance sheet. Deposits grew by 2.5% in 2024, driven by a 4.6% increase in non-interest-bearing deposits, which now account for 32.6% of our total deposits.

我們也密切管理我們的商業房地產風險，並不斷努力降低 CRE 在我們投資組合中的比例。重要的是，我們的 C&I 投資組合的成長促進了無息活期存款的增加，稍後我會再次談到這一點。我們全年向二級市場出售了 8,840 萬美元的住宅抵押貸款，產生了 150 萬美元的非利息收入，同時也增強了我們的資產負債表。2024 年存款成長 2.5%，其中非計息存款成長 4.6%，目前占我們總存款的 32.6%。

This strong performance reflects our success in building and nurturing lasting relationships with our customers who rely on us to provide the quality banking products and services they need. In today's highly competitive banking space, our ability to cultivate holistic customer relationship is an important advantage.

這一強勁表現反映了我們與客戶建立和培養持久關係的成功，客戶依賴我們提供所需的優質銀行產品和服務。在當今競爭激烈的銀行業中，我們培養全面客戶關係的能力是一項重要優勢。

As I have highlighted in the past, our corporate Korea or US KC initiative is one of our core growth strategies. Through this initiative, our dedicated bankers build relationships with the US dollar (inaudible) subsidiaries of the Korean companies, providing them with the banking advice, lines of credit, real estate investment loans asset-based loans and other services.

正如我過去所強調的那樣，我們的韓國或美國KC計劃是我們的核心成長策略之一。透過這項舉措，我們專門的銀行家與韓國公司的美元（聽不清楚）子公司建立了關係，為他們提供銀行建議、信用額度、房地產投資貸款、資產抵押貸款和其他服務。

We currently serve businesses in a wide range of industries, including real estate, auto part manufacturing, hospitality, energy and more. In 2024, we grew our US KC loan portfolio by 23% and now represents 15% of our total loan yield, up from 12.3% last year. In addition, as I previewed last quarter, we opened a representative office in Seoul, South Korea, which marks a key milestone for Hanmi.

我們目前為各行各業的企業提供服務，包括房地產、汽車零件製造、旅館業、能源等。2024 年，我們的美國 KC 貸款組合成長了 23%，現在占我們總貸款收益率的 15%，高於去年的 12.3%。此外，正如我在上個季度預測的那樣，我們在韓國首爾開設了代表處，這對韓美來說是一個重要的里程碑。

Through this office, we will enhance our communication and support for our customers and expand our reach to companies looking into the US market. This office complements our existing Korea desk in Los Angeles, Orange County, San Diego and Silicon Valley and other key cities in New York, New Jersey, Georgia and Texas.

透過該辦公室，我們將加強與客戶的溝通和支持，並擴大我們對有意進入美國市場的公司的影響力。該辦事處對我們在洛杉磯、奧蘭治縣、聖地亞哥和矽谷以及紐約、新澤西、喬治亞和德克薩斯其他主要城市的現有韓國辦事處進行了補充。

Based on the success of our US KC initiative, we will continue to pursue opportunities to expand into additional target markets. As we diversified and grew our loan portfolio, we maintain our commitment to exit asset quality. Our asset quality remains excellent, reflecting our focus on high-quality loans disciplined underwriting and vigilant credit administration. Additionally, nonperforming assets as a percentage of total assets improved to 0.19% and allowance for credit losses remained healthy at 1.12%. In addition to maintaining strong asset quality, we proved best enhancing efficiencies and driving growth and profitability.

基於我們美國 KC 計畫的成功，我們將繼續尋求機會拓展到其他目標市場。隨著我們貸款組合的多樣化和成長，我們始終堅持退出資產品質的承諾。我們的資產品質依然優良，反映了我們對高品質貸款、嚴格的核保和嚴密的信貸管理的關注。此外，不良資產佔總資產的比例改善至 0.19%，而信用損失準備金仍維持在 1.12% 的健康水準。除了保持強勁的資產品質外，我們還表現出色，提高了效率並推動了成長和獲利能力。

We made meaningful progress in optimizing our branch network, our strategic initiatives to evaluate consolidation, relocation and growth opportunities.

我們在優化分支機構網路、評估整合、遷移和成長機會的策略性舉措方面取得了重大進展。

In 2024, we consolidated three branches, one in California, two in Texas. These actions contributed to loan and deposit growth and also result in cost savings. Noninterest expenses rose modestly, just 3.5% for the year as we offset some of the inflationary pressure on salaries and employee benefits with the cost savings in other categories. In 2024, we made investments in digital systems, including a new loan origination system and an online account opening system.

2024 年，我們合併了三個分支機構，一個在加州，兩個在德州。這些措施促進了貸款和存款的成長，同時也節省了成本。非利息支出小幅上漲，全年僅上漲 3.5%，因為我們透過其他類別的成本節省抵銷了薪資和員工福利面臨的部分通膨壓力。2024年，我們對數位系統進行了投資，包括新的貸款發放系統和線上開戶系統。

We expect that these investments will drive operational efficiencies and improve profitability over time. We continue to retain and attract top talent across the company. Despite a highly competitive market, our employee retention remains strong, and we made key hires across business lines.

我們預計這些投資將隨著時間的推移提高營運效率並增強獲利能力。我們將繼續留住並吸引公司範圍內的頂尖人才。儘管市場競爭激烈，我們的員工留任率仍然很高，我們在各個業務線上都招募了關鍵員工。

I attribute our success in attracting and retaining diverse talent to our strong corporate culture and values, which are grounded in integrity, transparency, fairness and collaboration. These attributes have established Hanmi as a bank employer of choice. Finally, our strong financial and capital position allowed us to invest in growth while continuing to reward our shareholders.

我將我們在吸引和留住多元化人才方面的成功歸功於我們強大的企業文化和價值觀，這些文化和價值觀以誠信、透明、公平和協作為基礎。這些特質使韓美成為銀行的首選雇主。最後，我們強大的財務和資本狀況使我們能夠投資於成長，同時繼續回報我們的股東。

I am pleased to report that our Board approved an 8% increase in our quarterly dividend to $0.27 per share for our next dividend payment in February. This increase underscores our confidence in our growth strategy and our commitment to delivering shareholder value. As we look to -- look ahead to 2025, we are focused on executing our growth strategy and building upon the momentum we created in 2024.

我很高興地報告，我們的董事會批准將季度股息增加 8% 至每股 0.27 美元，下次股息支付時間為 2 月。這一成長凸顯了我們對成長策略的信心以及對實現股東價值的承諾。展望 2025 年，我們將專注於執行我們的成長策略，並鞏固我們在 2024 年創造的勢頭。

Our top priorities include generating low to mid-single-digit loan growth with a focus on further expanding our C&I exposure while reducing CRE as a percentage of the portfolio, continuing to sell residential mortgage spare loans in the secondary market to strengthen the balance sheet, hiring additional bankers to expand our C&I business, with experience in target verticals and increase our core deposit growth, maintaining our disciplined credit strain practices and excellent excel quality. And last, advancing our branch optimization efforts, including the recent closure of Koreatown Plaza branch in Los Angeles and the opening of a new brand, the greater Atlanta region in the near future.

我們的首要任務包括實現低至中等個位數的貸款成長，重點是進一步擴大我們的商業和工業敞口，同時降低商業房地產在投資組合中的佔比，繼續在二級市場出售住宅抵押貸款閒置貸款，以加強資產負債表，聘用更多銀行家來擴大我們的 C&I 業務，他們在目標垂直領域擁有豐富的經驗，並增加我們的核心存款增長，保持我們嚴謹的信用壓力實踐和卓越的品質。最後，推動我們的分支機構優化工作，包括最近關閉洛杉磯韓國城廣場分行，並在不久的將來開設新品牌——大亞特蘭大地區分行。

In summary, we are well positioned to drive growth and deliver value to our shareholders in 2025 and beyond. With our relationship-driven banking model and strategic initiatives, including corporate Korea, small business lending and branch optimization we remain content we can deliver sustainable growth by providing excellent products and services to our companies and communities.

總而言之，我們已做好準備，在 2025 年及以後推動成長並為股東創造價值。憑藉我們關係驅動的銀行模式和策略舉措，包括韓國企業、小型企業貸款和分行優化，我們始終滿足於透過為我們的公司和社區提供優質的產品和服務來實現永續成長。

I'll now turn the call over to Anthony Kim, our Chief Banking Officer, to discuss fourth quarter loan production and deposit in more detail. Anthony?

現在，我將把電話轉給我們的銀行長 Anthony Kim，更詳細地討論第四季的貸款生產和存款。安東尼？

Thank you, Bonnie and thank you for joining us today. I'll begin by providing additional detail on loan production. Fourth quarter loan production was $339 million $9 million or 2.5% from the third quarter with a weighted average interest rate of 7.37% compared to 7.92% last quarter. We remain disciplined in our underwriting practices as we seek opportunities that our high-quality standards in the current rate environment. CRE production was $147 million, up from $110 million in the third quarter due mainly to increased production in the industrial sector continue to be pleased with the quality of our CRE portfolio.

謝謝你，邦妮，謝謝你今天加入我們。我將首先提供有關貸款生產的更多細節。第四季貸款金額為 3.39 億美元（900 萬美元），較第三季成長 2.5%，加權平均利率為 7.37%，上季為 7.92%。我們在核保實務中依然嚴守紀律，尋求在當前利率環境下實現高品質標準的機會。CRE 產值為 1.47 億美元，高於第三季的 1.1 億美元，主要歸因於工業部門產量增加，我們對 CRE 投資組合的品質持續感到滿意。

It is a weighted adverse to value ratio of approximately 48% and a weighted average debt service coverage ratio of 2.2x. SBA loan production decreased $2 million in the fourth quarter to $50 million from $52 million in the third quarter. However, it still exceeded our quarterly target range of $40 million to $45 million. The key hires we made to our SBA team have helped us to achieve these consistent production model and to continue generating growth in small businesses in our markets further illustrating our success in C&I lending commitments for our commercial lines of credit were 1.8 billion in the fourth quarter and were up 9.3% year-over-year.

其加權不利價值比率約為 48%，加權平均負債償還覆蓋率為 2.2 倍。第四季度，SBA 貸款額從第三季的 5,200 萬美元減少 200 萬美元至 5,000 萬美元。但它仍然超出了我們4000萬至4500萬美元的季度目標範圍。我們對SBA 團隊進行的關鍵招聘幫助我們實現了這些一致的生產模式，並繼續促進我們市場中小型企業的成長，進一步說明了我們在C&I 貸款方面的成功，第四季度我們的商業信貸額度承諾為18 億美元年增9.3%。

Outstanding balances increased by 27.3% to $504 million and utilization improved to 43% from 37% compared to last year. C&I production during the fourth quarter was $60 million, a decrease of $45 million or 43% from the prior quarter, which was particularly high. For the full year, C&I production decreased 50% to $275 million. Residential multi-loan production was $40 million for the fourth quarter. Most of our current lending opportunities continue to be in the purchase market as refinance activity remains subdued. Residential mortgage loans represented 15% of our total loan portfolio, essentially the same as 1 year ago.

與去年相比，未償還餘額增加了 27.3%，達到 5.04 億美元，利用率從 37% 提高到 43%。第四季的 C&I 產值為 6,000 萬美元，較上一季下降 4,500 萬美元（43%），降幅特別大。全年商業和工業產值下降 50% 至 2.75 億美元。第四季住宅多筆貸款產值為 4,000 萬美元。由於再融資活動依然低迷，我們目前大部分的貸款機會仍集中在購屋市場。住宅抵押貸款占我們總貸款組合的 15%，與一年前基本相同。

During the fourth quarter, we sold approximately $18 million of residential mortgages from our portfolio and are currently exploring additional portfolio sales, contingent on market conditions. With respect to Corporate Korea, once again, we saw a healthy demand from these customers who accounted for $91 million of total loan production. Our efforts to expand and grow these relationships are continuing to bear fruit.

在第四季度，我們出售了我們投資組合中約 1800 萬美元的住宅抵押貸款，目前正在根據市場情況探索額外的投資組合銷售。就韓國企業而言，我們再次看到這些客戶的健康需求，他們的貸款總額達 9,100 萬美元。我們為擴大和發展這些關係所做的努力正在繼續取得成果。

UKC loan balances were $937 million, up $19 million or 2% from the third quarter and represents 15% of our total loan portfolio. Loan product full year was commendable in the context of the concerned environment. However, higher payouts in 2024, which increased 17% year-over-year result in its increase in our loan portfolio.

UKC 貸款餘額為 9.37 億美元，較第三季增加 1,900 萬美元或 2%，占我們總貸款組合的 15%。在令人擔憂的環境下，全年貸款產品的表現值得稱讚。然而，2024 年的支出更高，年增 17%，導致我們的貸款組合增加。

Next, I'll discuss deposits. In the fourth quarter, deposits were up 0.5% from the previous, although our demand deposit accounts grew 2.2% or 8.8% annualized. We need to expand our partnership base with our corporate credit clients whose deposits increased 1% or $25 million in the quarter. Our team is making products building new relationships that we believe have the potential for long-term growth.

接下來我將討論存款。第四季度，存款較上一季成長了 0.5%，儘管我們的活期存款帳戶成長了 2.2%，年化成長率為 8.8%。我們需要擴大與企業信貸客戶的合作夥伴基礎，這些客戶的存款本季增加了 1%，即 2,500 萬美元。我們的團隊正在製造產品並建立新的關係，我們相信這些關係具有長期成長的潛力。

At quarter end, Corporate Korea deposit represented 13% of our total deposits and 16% of our total demand audits. The deposit base remains relatively stable, which reflects success of our relationship-driven banking model. During the fourth quarter, our mix of noninterest-bearing deposits increased from 32% to 33%.

截至季末，韓國企業存款占我們總存款的 13%，占我們總活期審計的 16%。存款基礎保持相對穩定，這反映了我們的關係驅動銀行模式的成功。第四季度，我們的無息存款結構從 32% 增加到 33%。

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，我將把電話交給我們的財務長 Ron Santarosa，以了解有關我們第四季度財務業績的更多詳細資訊。

Thank you, Anthony, and good afternoon, all. For the fourth quarter, our net interest income increased 6.8% to $53.4 million, and our net interest margin increased 17 basis points to 2.91%. The growth in our net interest income and our interest margin was principally due to the decline in the average rate paid on interest-bearing deposits, which was 96%. And down 31 basis points from 4.27% for the prior quarter. The 2.2% growth in noninterest-bearing deposits contributed favorably to the increase in net interest margin.

謝謝你，安東尼，大家下午好。第四季度，我們的淨利息收入成長 6.8% 至 5,340 萬美元，淨利差增加 17 個基點至 2.91%。我們的淨利息收入及息差的成長主要是由於計息存款平均利率下降（此前為 96%）。比上一季的 4.27% 下降了 31 個基點。無利息存款成長2.2%，對淨利差上升有正面作用。

Average loans as well as the average loan yield for the fourth quarter was largely unchanged from the third quarter. The Fed lowered the federal funds rate twice during the fourth quarter for a total of 50 basis points. we followed suit by lowering the rates on our savings and money market accounts as well as our rates on new time certificates of deposit. For December, the average rate paid on interest-bearing deposits was 3.83%, down 12 basis points from November. Looking at January to date, the average rate paid on interest-bearing deposits was down 25 basis points from the fourth quarter average of 3.96%.

第四季的平均貸款金額及平均貸款收益率與第三季基本持平。聯準會第四季兩度下調聯邦基金利率，共50個基點。我們也效法了這種做法，降低了儲蓄和貨幣市場帳戶的利率以及新定期存單的利率。12月份，計息存款平均利率為3.83%，較11月份下降12個基點。從一月至今，計息存款的平均利率較第四季的平均利率 3.96% 下降了 25 個基點。

Turning to our noninterest income. We posted revenues of $7.4 million for the fourth quarter, down $1.1 million from the third quarter. This decline reflects an elevated level of noninterest income in the third quarter primarily due to the $900,000 gain from the sale in leaseback of a branch property. Gains from sales of SBA loans were $1.4 million, with trade premiums of 8.53% and similar to the third quarter on slightly lower sales. Gains on sales of residential mortgages continued for the fourth consecutive quarter and were consistent with the third quarter, although the premiums declined.

談談我們的非利息收入。我們第四季的營收為 740 萬美元，較第三季下降 110 萬美元。這一下降反映了第三季非利息收入水準的提高，主要由於分行物業售後回租收益為 90 萬美元。SBA 貸款銷售收益為 140 萬美元，貿易溢價為 8.53%，與第三季持平，但銷售額略有下降。住宅抵押貸款銷售額連續第四個季度保持成長，儘管保費有所下降，但與第三季持平。

Noninterest expenses were $34.5 million for the fourth quarter, down 1% from the previous quarter, reflecting a $1.6 million gain on the sale of an OREO property. Absent this gain, noninterest expenses were up 3.1% due to seasonally higher advertising and promotion activity and higher legal fees both from collections and business activities.

第四季非利息支出為 3,450 萬美元，較上一季下降 1%，反映了出售 OREO 資產的 160 萬美元收益。除此之外，非利息支出上漲了 3.1%，原因是季節性廣告和促銷活動增加，以及收款和業務活動產生的法律費用增加。

In addition, other operating expense included a $500,000 charge for a guaranteed repair allowance under previously acquired SBA loan, while the third quarter included a $300,000 imbursement from a borrower for delinquent property taxes. Our pretax prepaid income for the fourth quarter jumped 12.2% from the third quarter from notable growth in our net interest revenues and well-managed noninterest expenses.

此外，其他營運費用包括先前獲得的 SBA 貸款項下的 50 萬美元保證維修津貼費用，而第三季包括借款人因拖欠房產稅而支付的 30 萬美元補償金。由於淨利息收入顯著增長和非利息支出管理良好，我們第四季度的稅前預付收入較第三季增加了 12.2%。

Credit loss sequence for the fourth quarter was $900,000, effectively representing the entirety of provision for loan losses as the provision for off-balance was nil again this quarter. Turning to the allowance for credit losses. We had net loan recoveries of $129,000 for the fourth quarter, when combined with the provision increased the allowance to $70.1 million or 1.12% of loans. The increase in the allowance from the third quarter reflects an increase in specific allowances, while the allowance for qualitative and quantitative considerations remain largely unchanged.

第四季度的信用損失序列為 90 萬美元，實際上代表了貸款損失準備金的全部，因為本季的表外準備金再次為零。轉向信用損失準備。我們第四季的淨貸款回收額為 129,000 美元，加上撥備，準備金增加至 7,010 萬美元，佔貸款的 1.12%。從第三季起撥備的增加反映了特定撥備的增加，而定性和定量考慮的撥備基本上保持不變。

Turning to equity capital. Our negative AOCI increased $15.4 million quarter-over-quarter due to higher interest rates at the end of the fourth quarter. The company repurchased 24,500 shares during the quarter at an average rate of $22.91 1,230,500 shares remain under the share repurchase program. Tangible book value per share was $23.88 at the end of 2024 and our tangible equity to tangible asset ratio was 9.41%. The company's common Tier 1 ratio was 12.1% and the bank's preliminary total capital ratio was 14.3%.

轉向股本。由於第四季末利率上升，我們的負 AOCI 環比增加了 1540 萬美元。該公司本季以平均 22.91 美元的價格回購了 24,500 股，仍有 1,230,500 股處於股票回購計畫之下。2024 年底每股有形帳面價值為 23.88 美元，有形權益與有形資產比率為 9.41%。該公司的普通一級資本適足率為12.1%，該銀行的初步總資本適足率為14.3%。

Both the company and the bank exceeded minimum regulatory capital ratios and the bank exceeded the minimum ratios for the well-capitalized category. With that, I will turn it to Bonnie.

該公司和銀行的資本充足率都超過了最低監管要求，而且該銀行的資本充足率也超過了資本充足類別的最低要求。說完這些，我將把它交給 Bonnie。

Thank you, Ron. As I mentioned for many years now, we have consistently demonstrated our ability to navigate dynamic market conditions by staying focused on executing our relationship-driven banking strategy. Looking ahead, our priorities include expanding our core deposit base, targeting deposit-rich business verticals and train new markets. I want to express my gratitude to the entire omni team for their exceptional efforts over the past year and their dedication to supporting our customers and our communities.

謝謝你，羅恩。正如我多年來提到的那樣，透過專注於執行關係驅動的銀行策略，我們始終展現出應對動態市場條件的能力。展望未來，我們的首要任務包括擴大核心存款基礎、瞄準存款豐富的垂直業務領域並培育新市場。我要對整個 Omni 團隊在過去一年中的出色努力以及對支持我們的客戶和社區的奉獻精神表示感謝。

We are excited about the opportunities ahead to provide our customers with analyzed relationship-based banking service and products to help them achieve their financial goals, while also delivering value to our shareholders. Thank you. We'll now open the call for questions. Operator, please open the line up to the questions.

我們對未來的機會感到興奮，為我們的客戶提供基於關係的分析銀行服務和產品，幫助他們實現他們的財務目標，同時也為我們的股東帶來價值。謝謝。我們現在開始回答問題。接線員，請接通電話回答問題。

(Operator Instructions) Kelly Motta, KBW.

(操作員指示) Kelly Motta，KBW。

Hi, this is Charlie on for Kelly Motta. Thanks for the question. The competition has been intense among your peers and your margin came in nicely. How's the competitive landscape for deposits looking and maybe expectations for that landscape and general deposit repricing trends into 2025? Thanks.

大家好，我是查理，代表凱利莫塔 (Kelly Motta) 報道。謝謝你的提問。您的同行之間的競爭非常激烈，您的利潤也非常可觀。存款的競爭格局如何？謝謝。

So within our space, deposit competition has been always fierce. Having said that though, we try to, within our marketplace, not to be really the pricing leader. We base our whole strategy on the relationship banking model, right? So -- and we don't necessarily have to open up the highest rates in the marketplace. And that has been our continued practice.

因此，在我們的領域內，存款競爭一直很激烈。儘管如此，我們還是試圖在我們的市場中成為真正的定價領導者。我們的整個策略都是以關係銀行模式為基礎的，對嗎？所以——我們不一定要在市場上提供最高的利率。這也一直是我們的做法。

Thank you. And I guess sticking with deposits, you guys saw a benefit from repricing CDs lower this quarter. Just wondering if you could give us what the rate is for those CDs rolling off versus coming on?

謝謝。我想，堅持存款，你們看到了本季降低 CD 價格的好處。只是想知道您是否可以告訴我們這些 CD 的滾出率和進入率是多少？

Yeah. For this quarter, being the first quarter of 2025, we have a total of about $770 million rolling off at 4.70%. In last quarter, we little less than $1 billion, rolled out 5.04%, we're able to reprice it at 0.02. So we have plenty of reprice down.

是的。本季度，即 2025 年第一季度，我們的總額約為 7.7 億美元，利率為 4.70%。上個季度，我們投入了不到 10 億美元，推出了 5.04% 的利率，我們可以將其重新定價為 0.02。因此，我們有大量降價空間。

Thank you. That's great. I guess -- And then switching to asset quality. Your credit quality is solid, but SBA is something people are watching. Are you seeing anything on the SBA side? And I missed it in your prepared remarks, but remind us what your overall exposure to SBA is in the portfolio? Thank you.

謝謝。那太棒了。我想——然後再轉向資產品質。您的信用品質良好，但 SBA 是人們正在關注的對象。您在 SBA 方面看到什麼了嗎？我錯過了您準備好的發言中提到的內容，但請提醒我們您在投資組合中對 SBA 的總體敞口是多少？謝謝。

Yes. I mean our SBA portfolio has been consistently performing really well.

是的。我的意思是我們的 SBA 投資組合一直表現良好。

I gave you the business number. So we have approximately 101. I'm sorry, it's a wrong page here. Can you see -- just a second, Bonnie.

我給了你公司電話號碼。因此，我們大約有 101。抱歉，這裡是錯誤頁面。你看得到嗎——等一下，邦妮。

So we actually have about $250 million of SBA exposure. And from the $250 million, about 17 million is tied to the real estate.

因此我們實際上有約 2.5 億美元的 SBA 風險敞口。在這 2.5 億美元中，約有 1,700 萬美元與房地產相關。

Awesome. Thank you, guys. I'll step back.

驚人的。謝謝你們。我就退後一步。

Matthew Clark, Piper Sandler.

馬修·克拉克，派珀·桑德勒。

Hey, thank you. Just a follow-up on the SBA discussion. Can you just give us a sense for your credit box in that business and why you think your portfolio is holding up better than some others that we've seen?

嘿，謝謝你。這只是 SBA 討論的後續。您能否向我們介紹一下您在該業務中的信用狀況，以及為什麼您認為您的投資組合比我們所見過的其他投資組合表現更好？

I've been asked this question a number of times, and I think I provided the same response. There are a lot of SBA lenders that we loans based on the projected cash flow. And first is I think that we emphasize on the past performance as well as the trends past trends. So I think that probably the one of the differentiator.

我被問過這個問題很多次，我想我給了相同的答案。我們根據預計現金流向許多 SBA 貸款機構提供貸款。首先，我認為我們強調過去的表現以及過去的趨勢。所以我認為這可能是其中一個區別因素。

And also, we -- within the SBA business, there are a lot of SBA lenders that deals with SBA brokers. And most of our deals, we'd like to focus on driving that from our footprint and then our loan production offices versus the brokers.

而且，在 SBA 業務中，有許多 SBA 貸款人與 SBA 經紀人打交道。對於我們的大多數交易，我們希望專注於從我們的足跡以及我們的貸款生產辦公室而不是經紀人來推動。

Great. And then just on your loan yields being pretty resilient given the rate cuts. Anything unusual in that 5.97% loan yield? And if not, can you just remind us how much you have in kind of truly floating loans?

偉大的。考慮到降息，你的貸款收益率將會相當有彈性。5.97%的貸款收益率有什麼不尋常的嗎？如果沒有，您能否提醒我們您有多少真正浮動的貸款？

Sure. So Matt, our floaters are fairly small relative to the portfolio. Think about like 10% or less. And then we do have a cadre of adjustable rate loan in residential which are basically the SBA product, which we price quarterly based on the prime and then a cadre of adjustable rate in residential, which are your mix of [31s, 51s, 71s]. And then we have the smaller CRE loans, which are typically fixed for 5 years and then will flow for the remaining two of their lives.

當然。所以馬特，我們的浮動資金相對於投資組合來說相當小。想想大約 10% 或更少。然後，我們確實有一批可調利率的住宅貸款，基本上是 SBA 產品，我們根據主要利率按季度定價，然後是一批可調利率的住宅貸款，這是您的組合[31 秒、51 秒、71 秒]。然後我們有較小額度的CRE貸款，這些貸款通常固定期限為5年，然後在剩餘的兩年期限內可變現。

So that blend keeps the rate fairly stable, we tried to illustrate that for you on, say, 19 of the accompanying slides where we trend -- the trend line for the loan yield portfolio relative to the change in the Fed funds and then relative to the changes in our cost of interest-bearing deposits. So there's sustained power net loan yield as we'll continue to get the benefit of declining interest-bearing deposit costs.

因此，這種組合可以讓利率保持相當穩定，我們試圖在隨附的19 張幻燈片中向您說明這一點，其中我們展示了貸款收益率組合相對於聯邦基金利率變化的趨勢線，然後是相對於我們的計息存款成本的變動。因此，我們將繼續享受利息存款成本下降的好處，因此電力淨貸款收益率將持續維持。

Great. And then just back to the CD repricing, how much do you have coming due in the second quarter as well and at what rate?

偉大的。然後回到 CD 重新定價問題，第二季您還有多少到期債務，利率是多少？

Second quarter, we have another $685 million at 4.42%.

第二季度，我們又有 6.85 億美元，利率為 4.42%。

Okay, great. And then lastly, just on the expense run rate. assuming we add back the OREO recovery, what are your thoughts on the run rate and going into 1Q and kind of expense growth in general for the year?

好的，太好了。最後，我們來談談費用運行率。假設我們加上 OREO 的復甦，您對運行率、第一季以及全年的整體費用成長有何看法？

So broadly, our expenses have been basically been moving with inflation. When you get to quarterly analysis, you'll start to see the seasonality in advertising and promotion, so they'll drop off in the first quarter. You'll see merits come in, happen in the second quarter. So aside from will you just seasonality type of ideas, you should just see them generally move with the general level of inflation.

整體來說，我們的支出基本上是隨著通貨膨脹而變動的。當你進行季度分析時，你會開始看到廣告和促銷的季節性，因此它們會在第一季下降。您會看到優點在第二季出現。因此，除了季節性類型的想法之外，您應該看到它們通常隨著總體通貨膨脹水平而變動。

Okay, great. Thank you.

好的，太好了。謝謝。

Gary Tenner, D.A. Davidson.

蓋瑞‧坦納（Gary Tenner），地方檢察官戴維森。

Hey, guys, I'm Ahmad Hasan on for Gary Tenner. So loan production was essentially flat this quarter. What are you seeing there? Is that seasonal? And how should we think about loan growth in the first quarter of the year? So would like the mid-single or low to mid-single-digit loan growth you guys guided to?

嘿，大家好，我是加里·坦納 (Gary Tenner) 的艾哈邁德·哈桑 (Ahmad Hasan)。因此本季的貸款發放基本持平。你在那看到了什麼？這是季節性的嗎？那麼，我們該如何看待今年第一季的貸款成長呢？那麼，你們希望貸款成長率達到中個位數或低至中個位數嗎？

So considering the environment, our overall production was pretty solid, and it's a similar trend as the prior quarter, third quarter when we account for year-over-year. We did notice as we mentioned in our comments that this year, we had the payoffs for the annual payout compared to the prior year. It went up 17%.

因此考慮到環境，我們的整體產量相當穩定，與上一季、第三季的年比趨勢相似。正如我們在評論中提到的那樣，我們確實注意到，今年我們的年度支出與去年相比有所增加。它上漲了17%。

And then payoffs are something that's not within our control. So it's not so much about the production, but I think that were the payoffs going to end again this year, we'll know what kind of net loan growth. But we are projecting low to mid-single-digit growth for the year.

而且回報也是我們無法控制的。因此，這與生產關係不大，但我認為，如果今年的還款再次結束，我們就會知道淨貸款會成長到何種程度。但我們預計今年的成長速度將維持在低至中個位數。

All right. That makes a lot more sense. And should we expect deposit growth next year to match loan growth essentially?

好的。這更有意義。我們是否應該預期明年存款成長基本上與貸款成長相符？

Yes, it will be a similar trend.

是的，會是類似的趨勢。

Okay. And then on the capital front, you guys entered it in the prepared remarks. You guys did some repurchases this quarter. how should we model further repurchases? Should it be a similar trend or more opportunistic depending on the share prices?

好的。然後在資本方面，你們在準備好的評論中輸入了它。你們本季進行了一些回購。我們該如何模擬進一步的回購？這應該是類似的趨勢還是更具機會性，取決於股價？

Yeah, I would say it really depends on how the how the markets are performing in any particular quarter and what advantages that might present to us.

是的，我想說這實際上取決於市場在特定季度的表現如何以及這可能為我們帶來什麼優勢。

Sounds good. Thank you for taking my questions.

聽起來不錯。感謝您回答我的問題。

Matthew Erdner, Jones Trading.

馬修‧艾德納（Matthew Erdner），瓊斯貿易公司。

Hey, guys, thanks for taking the questions. Just a couple of quick ones for me. Loan sales, it looks like you guys had the most you've sold in some time. Can you talk about just the opportunity there, where you're seeing the gain of sale margins and kind of the expected pace that you're thinking for the next year in terms of loan sales?

嘿，夥計們，感謝你們回答這些問題。對我來說，只有幾個簡單的問題。貸款銷售，看起來你們的銷量是一段時間以來最多的。您能否談談那裡的機會，您看到的銷售利潤率的成長以及您對明年貸款銷售的預期速度？

Well, it all depends on the market condition. But in 2024, we were able to sell a total of $8.4 million. either to investor or other committee banks. The premium ranges from 2% to 2.3% 2.4%. We continue to explore the opportunity to sell a similar level of sales in 2025.

嗯，這完全取決於市場狀況。但在 2024 年，我們總共賣出了 840 萬美元。無論是投資者銀行或其他委員會銀行。保費範圍從 2% 到 2.3% 2.4%。我們將繼續探索在 2025 年實現類似銷售水準的機會。

Got it. Thank you.

知道了。謝謝。

(Operator Instructions) If there have no further, I would like to turn the floor back to management for any closing comments.

（操作員指示）如果沒有其他發言權，我想將發言權交還給管理階層，請他們發表結束語。

Thank you for joining our call today. We appreciate your interest at Hanmi, and we look forward to sharing our continued progress with you throughout the year. Thank you.

感謝您今天參加我們的電話會議。感謝您對 Hanmi 的關注，我們期待全年與您分享我們不斷取得的進展。謝謝。

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

今天的電話會議到此結束。您現在可以斷開連線。再次感謝您的參與。