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H Hanmi Bank Hanmi Reports Third Quarter 2021 Results 2021 Third Quarter Highlights : Third quarter net income of $ 26.6 million , or $ 0.86 per diluted share , up 20.1 % from $ 22.1 million , or $ 0.72 per diluted share from the prior quarter and up 62.5 % from the same quarter last year . • Loans receivable were $ 4.86 billion at quarter - end and third quarter loan production reached $ 500.0 million ; loans receivable increased 3.4 % from the second quarter and 5.5 % since year - end 2020 when excluding Paycheck Protection Program ( " PPP " ) loans . October 26 , 2021 • Deposits climbed to $ 5.73 billion and noninterest - bearing deposits increased to 44.5 % of the portfolio ; deposits increased 1.8 % from the second quarter and 8.6 % since year end 2020 . • A $ 7.2 million recovery of credit loss expense for the third quarter compared with $ 3.3 million for the second quarter ; allowance for credit losses was 1.58 % at September 30 , 2021 compared with 1.73 % at June 30 , 2021 . • Nonperforming assets declined 58.4 % from the second quarter and were 0.32 % of total assets at quarter - end compared with 0.80 % at June 30 , 2021 . Net interest income was $ 50.0 million and included $ 1.6 million of interest income from PPP loans ; up 3.2 % quarter - over - quarter when excluding PPP ; $ 21.9 million of PPP loans remain at the end of the third quarter . • Net interest margin was 3.07 % for the third quarter , or 3.00 % excluding interest from PPP loans . • Third quarter noninterest income increased 40.8 % to $ 12.5 million from the previous quarter on higher levels of SBA gains as well as higher levels of service charges and fees . • Noninterest expense was $ 32.5 million , up 5.6 % from the previous quarter on higher advertising and promotion expenses and compensation from higher loan production ; The efficiency ratio for the third quarter was 52.01 % compared with 52.66 % for the prior quarter . • Issued $ 110 million of fixed - to - floating rate subordinated debt with initial annual interest rate of 3.75 % . Hanmi remained well capitalized with a Total risk - based capital ratio of 17.27 % and a Common equity Tier 1 capital ratio of 11.85 % at September 30 , 2021 ; tangible common equity to tangible assets ratio was 8.98 % ( 9.01 % excluding PPP loans ) at the end of the third quarter . For more information about Hanmi , please see the Q3 2021 Investor Update ( and Supplemental Financial Information ) , which is available on the Bank's website at www.hanmi.com and via a current report on Form 8 - K on the website of the Securities and Exchange Commission at www.sec.gov . Also , please refer to " Non - GAAP Financial Measures " herein for further details of the presentation of certain non - GAAP financial measures .