--- a/svr-runopts.c
+++ b/svr-runopts.c
@@ -488,6 +488,7 @@ void load_all_hostkeys() {
 		m_free(hostkey_file);
 	}
 
+	if (svr_opts.num_hostkey_files <= 0) {
 #ifdef DROPBEAR_RSA
 	loadhostkey(RSA_PRIV_FILENAME, 0);
 #endif
@@ -499,6 +500,7 @@ void load_all_hostkeys() {
 #ifdef DROPBEAR_ECDSA
 	loadhostkey(ECDSA_PRIV_FILENAME, 0);
 #endif
+	}
 
 #ifdef DROPBEAR_DELAY_HOSTKEY
 	if (svr_opts.delay_hostkey) {
