Research Desk Line-up: CVB Financial Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 20, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Hanmi Financial Corp. (NASDAQ: HAFC), which can be viewed by registering at http://protraderdaily.com/optin/'symbol=HAFC, following the Company's disclosure of its financial results on October 17, 2017, for the third quarter fiscal 2017. The Company's adjusted revenue surpassed analysts' expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Regional - Pacific Banks industry. Pro-TD has currently selected CVB Financial Corp. (NASDAQ: CVBF) for due-diligence and potential coverage as the Company announced on October 18, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on CVB Financial when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on HAFC; also brushing on CVBF. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/'symbol=HAFC
http://protraderdaily.com/optin/'symbol=CVBF
Earnings Reviewed
For three months ended September 30, 2017, Hanmi Financial's revenue was $62.7 million and the Company's adjusted revenue was $53.7 million. Adjusted revenue surpassed analysts' expectations of $53.3 million.
During Q3 FY17, Hanmi Financial's total interest and dividend income increased 21.5% to $53.86 million from $44.33 million in the same period last year. For the reported quarter, the Company's total interest expense increased 88.4% to $8.94 million from $4.74 million in the same period last year. During Q3 FY17, the Company's net interest income before provision for loan and lease losses increased 13.5% to $44.93 million from $39.58 million in the same period last year. The increase was due to continued strong growth of loan and lease portfolio.
During Q3 FY17, Hanmi Financial's total non-interest income increased 1.6% to $8.82 million from $8.67 million in the same period last year. The increase was primarily due to a $930,000 increase in gains on sales of SBA loans. During Q3 FY17, the Company's total interest expense decreased 1.1% to $28.66 million from $28.34 million in the same period last year.
For the reported quarter, Hanmi Financial's net income increased 13.7% to $14.92 million on a y-o-y basis from $13.12 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS increased 12.1% to $0.46 on a y-o-y basis from $0.41 in Q3 FY16. The diluted EPS was in-line with analysts' expectations of $0.46.
On October 02, 2017, the Company announced that John J. Ahn, a member of Hanmi Financial's Board of Directors, was appointed as Vice Chairman of the Company.
Asset Quality
During Q3 FY17, Hanmi Financial's total non-performing assets decreased 24.7% to $16.50 million from $21.92 million in the same period last year.
For the reported quarter, Hanmi Financial's non-performing assets to assets ratio was 0.32% compared to 0.50% in Q3 FY16.
For the reported quarter, Hanmi Financial's non-performing loans to loans ratio was 0.35% compared to 0.31% in Q3 FY16.
Balance Sheet
As on September 30, 2017, Hanmi Financial's cash and due from banks increased 6.1% to $138.14 million from $130.20 million on September 30, 2016. During Q3 FY17, Hanmi Financial's accrued interest receivable increased 19.1% to $12.10 million from $10.16 million in Q3 FY16.
For the reported quarter, Hanmi Financial's total assets increased 16.1% to $5.11 billion from $4.40 billion in Q3 FY16. As on September 30, 2017, the Company's total deposits increased 14% to $4.30 billion from $3.77 billion in the same period last year.
During Q3 FY17, the Company's common equity tier 1 capital ratio was 1.18% compared to 1.19% in the same period last year. For the reported quarter, the Company's return on average assets ratio was 12.11% compared to 13.73% in Q3 FY16.
During Q3 FY17, the Company's efficiency ratio was 53.33% compared to 58.72% in Q3 FY16. The improvement was due to strong growth in earning assets coupled with careful expense management.
Stock Performance
On Thursday, October 19, 2017, the stock closed the trading session at $31.00, marginally climbing 0.16% from its previous closing price of $30.95. A total volume of 167.40 thousand shares have exchanged hands, which was higher than the 3-month average volume of 146.48 thousand shares. Hanmi Financial's stock price surged 9.73% in the last one month, 7.83% in the past six months, and 34.20% in the previous twelve months. The stock is trading at a PE ratio of 17.93 and has a dividend yield of 2.71%. The stock currently has a market cap of $1.01 billion.
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