HAFC - Earnings call transcript Q4 2020 | Hanmi Financial Corporation

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Operator

Ladies and gentlemen, welcome to Hanmi Financial Corporation’s Fourth Quarter and Full Year 2020 Conference Call.

As a reminder, today’s call is being recorded for replay purposes. At this time, all participants are in a listen-only mode.

Following the presentation, the conference will be opened for questions. I would now like to introduce, Lasse Glassen, Managing Director at ADDO Investor Relations. Mr. yours. is floor the Glassen,

Lasse Glassen

and provide more Thank Kim Officer. remarks, deposit on Mr. you, financial company’s the today. a quarter for us trends activities and an the Ron Lee, will you full Chief then of Anthony based Banking current overview Officer; conclusion results discuss call, prepared Lee operating and me and performance. future forward-looking to will operating loan our session today’s on thank industry and and President the Bonnie With that comments are plans, we details fourth Chief XXXX all Executive discuss may Officer; year Kim, At may On Santarosa position. will Financial and our joining Santarosa, open include expectations, affect earnings Operator, we Mr. Chief Ms. Hanmi and statements financial for with events, quarter, Financial’s of questions. will begin and

Our The the actual statements, of and provisions the in those Harbor risks expressed Reform which Litigation call involve could our uncertainties. from implied Safe by XXXX. or on the protection forward-looking this contained claim of be Act Securities speakers results different

XX-K Relations XX-K. our discussion the Bonnie? supplemental release of to For now of full documents our at will Lee. to business news today’s our earnings slide Form our refer you from With XXXX, and Bonnie be Form call. risk the Financial our for our hanmi.com. XX-Qs. website in that along issued afternoon, to including direct outlining over a and expectations, In certain our investor Investor to I we the our may of and our a release, factors in presentation results a factors year found the financial can that, accompany list recent turn section Form contained Both presentation call with most please quarter certain particular, Hanmi fourth cause to results differ of This SEC our affecting filings,

Bonnie Lee

expense value afternoon, stable us net powerful the Thank and fourth our In the interest efforts borrowers and joining successful for on pandemic, loan Good ongoing crisis the to portfolio. we arising a year production, from full Hanmi excellent to you, these that affected very Hanmi’s Lasse. fourth the with everyone. finished quarter driven margin discuss you pleased focused of quarter year challenges results. by COVID-XX and spite have XXXX our Throughout Thank non-interest of remained today by have pandemic, management. I been protecting the depositors am report in and helping strong

optimistic capital the our some cautiously me sheet backdrop, per gives the of from in our ahead, remain fourth and confidence profitable financial and strong growth are year. of economy that or income loan With quarter full and deliver as year. continue and reported takeaways will million diluted position, $XX.X net results as the from solid Looking and per $X.XX the following quarter to operational improve. we deposit that with $X.XX our up fourth share, balance will we that We franchise last coupled a the share key

costs. an in from benefit pre-provision income full million both pretax a $X.XX quarter was year-over-year the from and net basis, or sharply per nearly higher expense interest from lower our and share, year, For lowering quarter deposit income a the XX% Fourth linked $XX.X diluted of of XXXX. was arising increase solidly

quarter strong quarter. the production was fourth XX% increase loan quarter New and during compared prior with -- a the

PPP aided from our XXXX. by loan program in For year XXXX, the XX%, full production increased participation

costs quarter receivable past offset as the the from margin interest of in yield Net steady over growth were this of up prior X.XX% earning deposit assets. held year-over-year. result a declining year, the As loans the and X.X% reduction

During faced interest the deposits. pricing loans margin net the despite were and in increasingly we of competitive the course for year, successful protecting we

continue benefit We our to generating deposit from strategy cost activities. emphasizing low

deposits in XX% this year past In fact, total DDAs. came nearly the non-interest-bearing from of growth

non-interest-bearing to full the total or $X increased Hanmi’s remain of million which capital finally, the deposits nearly of deposits we ago. ratios a results to non-interest with our managing regulatory focus very very XX% are As a the pleased up in Bank am strong And safe well a result, and X.X% carefully sound ongoing XX% for well-positioned and the demand year capitalized, and continue XXXX. year growing very manner. remains from declined I expense,

or asset pleased in seeing first to In positive of declined trends of second program, the portfolio to loan at of the modification end round of the program, phase round billion In requests continue modifications XX% the quite quarter. approximately that the quality, million of next reached XX% to modifications be quarter phase second the the our modified the portfolio. portfolio. at the of are the the $X.X third end for XX% with or Moving $XXX I we initial

XX% declined quarter of round the again December third XXst, to from X% $XXX portfolio. prior As of million the by modifications or approximately

year of our modified end, XX% loans a are modified payment. of providing As on

financial mentioned loans initial all we special have minimizing the downgraded pandemic, enhancement For future and credit Throughout have additional the we classified. helping have management requests charge-offs. a crisis, asset proactive completed or some detailed been condition. to and borrowers we while reviews In subsequent commitment weather some to beyond our of have maintained required borrower’s modification, the cases,

practices. positively relationships disposition over proactive I elements represent $XX.X of the several losses criticized stood no end were allowance quality, in -- or our will for with quarter At asset that and noted, loans year, was at be and we the of minimum the just reflecting, anticipate $X million of these eight management a at first PPP. million Looking of other non-accrual non-accrual loans the loss. in of and credit excluding X.XX% loan loans increased more asset or our fourth Approximately XX% our quarter, as

a off separate of million items CARES under for interest also $X.X sheet receivable We modified $X.X and loans for million allowance Act. for allowance and accrued losses the had balance

strong position, management capital pre-provision earnings we pretax will strong of asset our I and with the effects the together confident am Taken weather well. pandemic practices,

call Before turning customers like focusing we will provide drive the profitable year additional an products on that Anthony, services with to I diversify initiatives be and to that update on would growth. our revenue coming to several further of this designed provide safely and our sources are

on XXXX. new with Production origination loan XX% the Our XX% mortgages, loans focused originating lending of warehouse our ramping of Hanmi’s mortgages. and will to up platform is residential mortgage non-qualified retail residential be activity in goal

with new our banking platform a out initially will our deposit am accelerate our the and we initiative, In and that expand gathering XXXX online our efficiently plan to the opening more Throughout new focus we convenient And nearly on Corporate efforts platform XXXX. balances the result in more deposit addition, rolled digital banking loan we of finally, as and pleased scale Korea during expect year, services, we our digitization providing contributed the to program seamless of this I to accounts and customer experience. doubled while have by activities.

strategically of branches, currently total our total developing companies X% domiciled have and Here, Korean and seven expanding effort at located the We loans had of with and end, test the in we year States. deposits. United a in focusing nearly relationships XX% this Korea Corporate are on contributed

new call production continue Officer program relationships. loan our Looking that, like ahead, the our the to and new we Korea gathering expect quarter production Banking to Corporate Anthony? results Anthony discuss to generating fourth I to With Kim, deposit would loan turn over deposit activities. and Chief

Anthony Kim

a categories production equipment $XXX.X million quarter’s $XXX.X the Thank quarter fourth More of you, loans, was Bonnie. C&I totaling production million $XX.X loans SBA of major Hanmi SBA Rounding new $XXX.X $XX.X million fourth of volume in leases, experienced million doubled of lease the volume of $XX.X prep across million production quarter exception loans. XX.X% up growth loans. consisted and specifically, the generated from nearly production. primarily CRE million. all up quarter, third commercial solid loan quarter We of with prior

average commercial nearly of from year and quarter This yield X.XX%. million. of New lease to commitments increased the a ago lines average quarters X.XX%. compares XX% previous weighted of yield a note, Of for $XXX loans to under weighted credit generated had leases

However, quarter-over-quarter utilization end XX.X%. quarter at a of four fell reflecting lines these rate quarter million on by $XX balances

the in quarter, level X.XX% that of paid than recent gain the basis Fourth During SBA as remains the payoffs to fourth on loan sale quarter, X% the $X.X with billion of ago. elevated an off quarter or from prior with conservative $XXX of of rate with SBA a the loan Hanmi million. weighted at of increased resulted on quarter in past $X.X fourth quarter was the average loans our in quarters. payoffs I up XX underwriting million experienced annualized interest to the year quarter. Hanmi compared in solid loan was yield from pleased period. generating production sold loans, discipline $XX.X higher up committed the production weighted conjunction the of and a X.X% the million period in criteria. the in in receivables trade execution quarter new end The average the in XX.XX% premiums points of remain basis The

times, fourth ratio light respectively. closely the from end the with certain economic loan-to-value origination caused within customers to quality impact as quarter average disruption maintain For standards, conservative over activities weighted more risk the coverage and which commercial data weighted debt portfolio, industries of In high monitoring economic XX.X% the the consistent and expect we include quarters, pandemic, were prior our on estate of X.X by real limiting near-term. underwriting asset average of and

portfolio, Now, has like been on that I impacted hospitality our provide most update by an segment the pandemic. portfolio to of would our

hospitality $XXX Hanmi’s XXst, portfolio. December total or of million As totaled XX% loans of

loan ratio At times balance able weighted at as to $XXX of to ratio $X.X the payment a loan-to-value loans reserve from payment effective on million as The hospitality of average loans portfolio, year-end, hospitality to end, XXth. X or we with normal amounts. $XXX loan comprise underwritten. hospitality million work collateral modified COVID of them a return Of million or average more risks conservatively believe crisis is Our Overall, schedules. coverage year down help hospitality million September of our debt were XX.X%. we manageable total the million than loans of additional we weighted and XX% $XXX $XX.X customers modified XX% XX% just through are average continue are with and secure and of related to

remain Hanmi quarter, Total representing at of end fourth a at billion very billion of Moving on end the preceding quarter, the $X.XX we deposits, $X.XX of strength a increase. deposits pleased quarter-over-quarter compared with were the to with X.X% deposit franchise.

XX.X%. deposit year grew full the For

non-interest-bearing with demand saw declined an which total vast throughout deposits we our mix year of deposits comprise were year. improving the Importantly, deposits, deposits of in shift time growth cost during the replaced majority the higher and as

As a a and XX.X%, to now loan I’d was loan-to-deposit Chief with quarter Ron? Ron prior call the activities, result, deposit Officer. in XX.X% our gathering quarter. production over our Financial to fourth like the Santarosa, turn our ratio compared

Ron Santarosa

all. Thank afternoon you, Anthony, and good

pre-provision up pretax fourth income. with million, of fourth when pretax income with net higher pre-provision the of non-interest for Let’s quarter non-interest non-interest income the settlement. quarter $X.X income adjust and income Fourth $XX.X was income and $X interest $XX.X X.X% from million, benefited benefit the million, litigation higher of the pretax begin net million quarter-over-quarter we expense for associated with $XX.X million quarter, interest income pre-provision

the paid decline penalties X.X% interest from driving at fell to which lower prepayment reduction declined Looking interest or up due and dividend lower This XX% loans. prior the we $X.X and $XXX,XXX, X.X% to net million lower modest million, which deposits. in was was or interest in by offset quarter, income, rates $XX.X bearing on average expense, on increase yields interest posted income, a partially reflecting a

the was as X Turning interest on quarter average X.XX%. The basis prior yield at quarter, points for quarter X.XX%, loans the for to was third it margin net the fourth the quarter. down the from same

points bearing basis to on basis points. paid interest XX rate average dropped deposits XX the However,

costs X.X% higher also time and the and accounts net continued margin lower shift mix, and increasing costing market Our savings interest deposits deposit benefited money in with declining from XX%.

average the yield noted, production quarter loan Anthony As quarter. average for was interest for the below the the rate X.XX%, weighted new posted on fourth slightly

renew rate However, maturing deposits higher the as time deposits we rates time expect lower average rate on again decline deposits. will into paid

the quarter, in interest our prior were ratio about in and at our efficiency XX.XX% the from a XXX improved increase, anticipate to fourth level. owned million in primarily estate activity. real to to repossessed other prior basis this points we in property in the personal Non-interest quarter net As Notwithstanding up same due the XX.XX% the modest remain revenues slightly helped increase quarter. expenses from result, quarter, margin the $XX.X fourth change the

the was provision provision currently for and balance $X.X Our expense items fourth receivable million of million, a million for Act. for the $X.X included a negative $X.X loss or accrued loan for interest million. credit on quarter It of provision a under off $X.X CARES modified losses sheet for loans previously losses

Looking increased associated charge-offs $XX.X the our with to million to for million $XX.X allowances for and of losses the $X.X for sheet, of after credit impaired loans. $X.X the allowance in individually credit losses credit net Included provision balance million. losses allowance million from were

an increase the together to risk individually pandemic losses. with to factors with in associated the continue these allowances allowance and credit loans increase to specific an While impaired assess conditions improve, an in increase led macro for economic continue factors risk the we in the and for

the on fourth quarter fourth tangible the I’ll increased back book in value end ratio average turn X.XX% at Bonnie. X.XX%, strong remains our With to quarter as of return to our of assets ratios. $XX.XX at And it return average all our and and capital finally, the that, common and equity per were respectively. regulatory X.XX% Our on equity to our tangible share

Bonnie Lee

Ron. you, Thank

I remained As noted depositors pandemic. affected and the focused the helping on borrowers at beginning, by we our

our focused without our am and those COVID-XX. pleased the our of and succeeded. I a We on well have Overall, against could employees, challenging not also being very equally the we backdrop remain health communities of performance with

the the of to and the year resilience demonstrates durability finish franchise. solid Hanmi Our

Thank first new results value with shareholders. we XXXX emerge I I such, and ability sharing progress am ahead that to as for when forward we well year our have for you confident pandemic, look we our a As position to in to you. the the continued profitable look to report from April. our growth quarter drive

Lasse Glassen

questions. That would remarks. like prepared concludes we for my Operator, to open now a call

Operator

is [Operator with from our And question Piper first Instructions] you. Thank Matthew Sandler. Clark

Matthew Clark

Good Hey. afternoon.

related question was around the have happen helped and the margin. on net how just to is left? a income PPP much of First do Ron, you basis that NII amount

Ron Santarosa

activity change So, quarter, have loans, PX interest they were third say, forgiveness, from or net I small the for interest was or should $X.X but little We million, the did a income, fourth quarter balance less. XX,XXX the from $X.X of million. income at a level

quarter for PPP So that a really didn’t change with compared the the contribution third fourth in quarter. the as

Matthew Clark

left have Any just the amount in ballpark? over you

Ron Santarosa

million. So, of $XXX have, million started with again, we year we $XXX about had calendar the -- million. At $XXX end we the

So we way go. still have a to

Matthew Clark

it. Got Okay.

or week And the Okay. in have like are was this sell would some portfolio, this at hotels -- across and consider past I on another opportunities environment? to came to sell hotels then any that par you Bank able seeing whether not hotel that? you something

Bonnie Lee

as well. and Sure. And that interested buyers possibility a have is -- time-to-time interest we

Matthew Clark

continue we’re that from is Okay. little build non-accrual like as you migration we just And of start you sorry? probably and you’ll might additional see X.XX% to into where expectation then I this ACL the PPP, ex do kind or maybe believe, or some incrementally maybe on next a X.XX% to the at criticized bit peaking I’m year release year, point can we be a reserves feel

Ron Santarosa

losses, impaired you’ll that, general being So, lesser say, with to the let’s the loans idea. Matt credit to allowance proportion a is assigned for try was shift we’ll point find out a and in call there we what portion, higher what that individually a and

think all what was million. category $X.X which third for one the and increase quarter, was And reduction at I much so a don’t you other, a fourth you think there in about that net and if saw increase, just comparing quarter, through that in

we’ll as the circumstances, the conditions happening what assume first quarter, down be So will macroeconomic then I of second broad expect improve, what through the was impacts third go quarter, we in quarter, narrowed the one, and more called continue to become those specifically see will it to portfolio. let’s so

yes, a say So, negative bit conservative. with more a provision. could I’ll up end I’m it

the would it’s back Some be of it a would towards event, XXXX. But is say more I’m XXXX end sure in pessimistic. but it of likely front-end not the it’s -- is

Matthew Clark

you updated earnings the then whether buyback, this coming ability the thoughts stronger or And the any the quarter? a that’s cover thoughts and not Okay. maybe -- might return, capital given realistic consider dividend on to here,

Ron Santarosa

and And So as calls, repurchase, our the soon. the dividend the respect take to we’ve mentioned in up dividend will each again here sure previous with and Board be shortly. will capital does They so I’m do share quarter. decision known

Matthew Clark

assume and -- quarter, a forward? than on little still going then And we the XX% should or item light that this little a we housekeeping tax rate maybe lower should Okay. just

Ron Santarosa

No.

As rate the see, on finished XX%. XX%. will vary around at you you tax But a said, quarter, as the year the Matt, the around we

think, changes tax effective in a target So is fairly any law, barring still XX% the I good tax rate.

Matthew Clark

you. Thank Okay.

Operator

Kelly is Our from question with next Motta KBW.

Kelly Motta

this for Thanks afternoon. Hi. the question

I of but specific idea Well, have also, know least still the you expecting what that general an of would Okay. in ballpark the with have what was kind helpful? you’re year? reserve you the reserve losses, of do it’s if early, And the component that ratio, at be of coming

Ron Santarosa

specifically of allowances million, to $X.X, quarter the or $X.X if the like at the up third $XX So million it the compared million quarter. the $XX address at this end identified so at impaired respect were is remember charge-offs, loans part $XX.X about the I net from were of With the end the to of at charge-offs million end correctly. year, the it end -- at or Kelly, to question, they year individually, third specific of quarter. I Again, of

particular somewhat know was favorable think think I first one we other with I which the past would punctuated that then event. of idea. of a pretty quarter a loan this relationship recovery in had say, year I that much the brought let’s and -- So about quarters, the troubled would a mill regular be,

credits, could it we’re to better, barring are would happen say, the probably, have effects second I time the We the quarter and last fourth are pandemic. quarter specific the been of So which what understand normalized any year, from would think think, I still waiting time, long-term I to of ideas.

So, those points I data look would be to. my would two

Kelly Motta

a in noticed larger then it also, hotel now how just the by in being portfolio in and that buckets. what’s Great. that slide your have of specifically, deck, with you is right NPL Thanks. I And much special mentioned credits is the remaining -- criticized a of bunch And that loan on market Texas, swayed modifications just or that higher struggling? is a of are lot

Anthony Kim

of question? I classified Total are about Texas and $XX of Does answer to Texas, or modification. loans will your four then try question. category into loans there percentage downgraded, in that first and a special three the kind represents part answer mention is million center of higher

Kelly Motta

Sorry, segment just part you on when are loans was mute. to the Texas, four -- I say loans The in general? in slide of on XX or referring you about hospitality

Anthony Kim

hospitality. In

Kelly Motta

Thank you.

Operator

is question Gary next our D.A. with And from Tenner Davidson.

Gary Tenner

me filling questions. in. of for Thanks Couple

bit in today? affect quarter terms be little PPP in SBA, should was there just, negatively up than for in fourth on probably, XXXX demand obviously, been of the the at lighter What are second seeing that you or maybe production demand round expectation were least. SBA for might First what was early a it or quarter, third had the

Bonnie Lee

we to produce provide it to just think, would of SBA about million. million we first to an -- average healthy expect Particularly do pipeline be So, $XX will the a quarter, I $XX in I million loans. XXXX. quarterly, overall $XX have in helpful --

the book we quarter, -- to so. plan would So and in first

Gary Tenner

out next shift or on different more would maybe maybe you are deposit try the some it’s walk And into think, the Okay. you deposits deposit a still give of versus the of renewing? the All buckets the deposits, CD time few to us of you. then even us think of right. of mix of maturities Can Bank how want through, much maybe over side, work the in. quarters, to sense you I XX% near you total Thank with that

Anthony Kim

Yeah.

X.XX%. little a the million about first $XXX over maturing in have quarter We at

retention ratio is a our maturing. over XX% to XX% of CDs. the about think, historically, is XXXX, I So, $XXX million little In

So between XX% at that I would lower. lower rate or say, X.X% we’ll a of retain about

Gary Tenner

last Thanks. that What of part was the terms rate? in

Anthony Kim

or able lower. be re-price probably X.X% -- to We’ll replace at

Gary Tenner

of interest was Okay. last million And $X.X Great. was the doubt? full then interest integrator loan deferral capital that then the capitalized? that provision payment that that Is that? Was effectively of receivable. But after deferral, what collection is that losses question for a the on the accrued so on period,

Ron Santarosa

No.

what modified CARES the at or So formally we either were that is all looked currently loans Act. the we did modified modified, under

if we’re Bonnie mentioned, So, you about down I off at recall, billion, about $XXX think, million. $X.X started as to we

some those we non-accrual that where at looked of losses assessment are of we to collection maybe the determine so pool. for or an moved potential downgraded we the recognizing of and So were further did in to borrowers all interest, that what that

not loans to that modified. at it’s specific loan. or of So related It pool modified to related that one-time is a currently were

general allowance, allowance it So of a as a to credit. specific not a think specific

Gary Tenner

for the Thanks Great. color.

Anthony Kim

you. Thank

Operator

call And Coffey Timothy with our is Janney. next from

Timothy Coffey

Afternoon, Has started but apologize that up? follow-up I origination want previous bit Thank really a on if a program And Yeah. everybody. been the about resi it’s year. already busy you. Bonnie, this talked on calls, I mortgage you’ve business. to

Bonnie Lee

and we we will in with a and XQ, the bit starting a then they not but our fourth department quarter go did So will the kick spent in Q little the into of production platform meaningful, this mode. full gear with up the the production setting

Timothy Coffey

Okay.

sooner? when kind be have on or Well, Is do mid-year like might on Okay. it hitting any that? speed full you you of idea

Bonnie Lee

gear. Yeah. We a be -- finally we definitely should in full

Timothy Coffey

XX% of to that Okay. be that And originations? did you expect to say you XX%

Bonnie Lee

Yes.

Timothy Coffey

three is mortgage? then and the the regular the non-QM, that And warehouse Okay. categories, all

Bonnie Lee

Correct.

Timothy Coffey

The questions Thank you. been Okay. answered. have All of rest right. and my asked

Bonnie Lee

Thank you.

Operator

David from with Chiaverini Wedbush is question next Securities. our And

David Chiaverini

growth clearly both loan new with One on loan know want expectations PPP but and what on are your on PPP I loan Round some Two, moving the loans Thanks. to pieces are for coming follow what your with up on there’s thoughts Hi. forgiveness I growth this this Round year? growth, And year?

Bonnie Lee

the growth to So low-to-mid I excluding think I loan expect be program, new would growth. the PX XXXX single-digit

David Chiaverini

Great.

the Okay. to it’s have they see hospitality And looking XX, good the portfolio and it come that seeing down portfolio, the to way overall to shifting well, slide see, at are the non-modified more combination category sponsors the of a this most to that is Is of the in at point. properties performance are if better their checks due to loans nice modifications both? needed back the the writing operating this is or then it or for

Bonnie Lee

our -- I performing standard are borrowers above of the levels think, owners. overall, hospitality either industry above -- at industry or the

So certainly, on that early well I helped for think that as are programs recent most and PX then it’s think, -- them planning as will I we programs well. have PX help also

David Chiaverini

it. much the initiative. Korea loans these detail of you’re get and mostly market then in kind one some deposits for domiciled deposits. on location? I California on they your Corporate Thanks that pretty of was the curious, And last regardless you’re is are basis a -- there’s the national them these to their your or around able loans wherever and company Got targeting Southern existing of a Korean

Bonnie Lee

Korea sectors states. U.S. in So, Alabama are United in much in Corporate area. pretty particularly major all Korea the or But there cities over are Corporate States, are Georgia they of companies, terms and automobile the are companies

David Chiaverini

I see.

you what X% So XX% there across have deposits U.S., that is you saying? of and it guys is of is of the kind loans

Bonnie Lee

Correct. Correct.

David Chiaverini

Great.

Bonnie Lee

Texas, And made yeah, Texas much footprint. -- then area. up California obviously larger is pretty it’s contribution area, and But, yeah. Georgia somewhat within But from national

David Chiaverini

much. very Got it. Thanks

Operator

Our with Kelly next call Motta KBW. is

Kelly Motta

the I off Hi. bounce got call.

that of So or this a I of good if this any if we in that apologize takes expenses, wondering was asked keep when to or puts modeling? should I time. build run is mind But there’s if rate during if on year kind was in the next off

Ron Santarosa

run for ideas, to with one-time and when and the little because about effects other it general the before the kind personal which just you fourth at probably our of out you of OROE and maybe you non-interest the we inflationary quarter, taxes So, rate same as guess, repossess notions first right the quarter, over look and particularly expenses, then get to some that course, property of model is played the quarters, third I X% could have and then of always bump of payroll you X%. quarter respect

Kelly Motta

Great. very Thank you much.

Operator

And our is Tenner next D.A. with question Davidson. Gary with and final

Gary Tenner

in you warehouse, up. expected Thank you. from follow that of are completely Hi. is be you of were the but products to gain Thanks had other any I to terms are those? apologize talking mortgage products shelf or going going on product component about, portfolio other sort if for the to mortgage this, than the be there develop mentioned is

Bonnie Lee

I think initially selling we of gain. look and for consider portfolio on we them those may assets then later

Gary Tenner

Thank Okay. you.

Operator

our All right. Ladies question-and-answer and gentlemen, that concludes session.

the remarks. over turn for back call closing let’s to management Now

Lasse Glassen

to Thank again you next XXXX quarter listening Hanmi Financial’s you speaking for to fourth and We look forward quarter. full year results conference with call.

Operator

ladies and teleconference. does conclude gentlemen. again, Thank right. today��s you, This All

your participation great have a your disconnect you lines Thank evening. at may You time. for and this

Hanmi Financial (HAFC) 27 Jan 212020 Q4 Earnings call transcript