HANMI FINANCIAL CORP
For the period ended Mar 31, 2025. Filed May 9, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 9, 2025
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Noninterest Expense
The following table sets forth the components of noninterest expense for the periods indicated:
| Three Months Ended March 31, · Increase(Decrease) · Increase(Decrease) | ||||
|---|---|---|---|---|
| 2025 | 2024 | Amount | Percent | |
| (in thousands) | ||||
| Salaries and employee benefits | $20,972 | $21,585 | $(613) | (2.84)% |
| Occupancy and equipment | 4,450 | 4,537 | (87) | (1.92) |
| Data processing | 3,787 | 3,551 | 236 | 6.65 |
| Professional fees | 1,468 | 1,893 | (425) | (22.45) |
| Supplies and communications | 517 | 601 | (84) | (13.98) |
| Advertising and promotion | 585 | 907 | (322) | (35.50) |
| All other operating expenses | 3,175 | 3,160 | 15 | 0.47 |
| Subtotal | 34,954 | 36,234 | (1,280) | (3.53) |
| Other real estate owned expense | 41 | 22 | 19 | 86.36 |
| Repossessed personal property expense (income) | (11) | 189 | (200) | (105.82) |
| Total noninterest expense | $34,984 | $36,445 | $(1,461) | (4.01)% |
For the three months ended March 31, 2025, noninterest expense was $35.0 million, a decrease of $1.4 million, or 4.0%, compared with $36.4 million for the same period in 2024. The decrease was mainly attributed to a $0.6 million decrease in salaries and employee benefits, a $0.4 million decrease in professional fees, and a $0.3 million decrease in advertising and promotion. The decrease in salaries and employee benefits was mainly attributed to an increase in capitalized loan origination costs resulting from an increase in loan originations for the three months ended March 31, 2025 compared to the same period in 2024. Professional fees decreased $0.4 million for the three months ended March 31, 2025 due to the completion of a loan system implementation in 2024. Advertising and promotion decreased $0.3 million due to a decrease in deposit marketing campaign expenses.
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