Welcome to our dedicated page for Hanmi Financial news (Ticker: HAFC), a resource for investors and traders seeking the latest updates and insights on Hanmi Financial stock.
Overview of Hanmi Financial Corp
Established in 1982 and headquartered in Los Angeles, Hanmi Financial Corp has grown from its origins serving the Korean-American community to become a significant banking institution with a robust multi-state presence. With a strategic focus on commercial lending, trade finance, and real estate loans, Hanmi has developed a reputation in the financial sector for catering to small and middle market businesses and multi-ethnic communities. The company’s core services encompass a broad range of financial products, ensuring it meets the diverse needs of its customers.
Core Business Areas and Service Offerings
Hanmi Financial Corp primarily generates revenue through loans, including small business, commercial, and real estate lending, as well as through various fee structures and interest income streams. The bank plays a pivotal role in facilitating international trade by offering products such as letters of credit, import and export financing, and specialized trade finance services. These services are designed to support businesses in navigating both domestic and global markets, thereby creating enduring relationships with its clients.
Market Position and Competitive Landscape
Operating primarily in key states such as California, Texas, New York, and others, Hanmi Financial Corp has established itself as the preeminent Korean-American bank in California with the most extensive branch network in the state. Its strategic expansion across multi-ethnic communities into additional markets including Colorado, Georgia, Illinois, New Jersey, Virginia, and Washington distinguishes it from competitors. This geographic and demographic focus, coupled with its specialization in niche lending segments, positions the bank as a distinct entity in a competitive landscape. The company differentiates itself by leveraging its longstanding community ties and expertise in serving targeted business segments, thereby earning trust and credibility in its market.
Hanmi Financial (NASDAQ: HAFC) has announced its upcoming participation in the Piper Sandler Western Bank Forum, scheduled for March 10-11, 2025, in Marina del Rey, CA. Anthony Kim, Chief Banking Officer, and Ron Santarosa, Chief Financial Officer, will represent the company through one-on-one and small group meetings with institutional investors.
The company will make its investor presentation materials accessible through the Investor Relations section on their website at www.hanmi.com.
Hanmi Financial (NASDAQ: HAFC) has announced the appointment of Christine P. Ball to its Board of Directors, effective March 1, 2025. This appointment expands the board to eleven members. Ball joins the Risk, Compliance and Planning Committee, Loan and Credit Policy Committee, and Asset Liability Management Committee.
Ball brings over 20 years of experience in corporate, commercial, and private banking. Her most recent role was Senior Vice President and Deputy Chief Credit Officer at City National Bank in Los Angeles. Previously, she held Senior Vice President positions at Wells Fargo Bank (2008-2013) and Wachovia Bank (2006-2008). Ball holds a B.A. in economics from UC Davis and an M.B.A. in finance from Cornell University.
Hanmi Financial (NASDAQ: HAFC) has announced an 8% increase in its quarterly cash dividend to $0.27 per share for the first quarter of 2025. The dividend will be paid on February 26, 2025, to stockholders of record as of February 10, 2025.
President and CEO Bonnie Lee expressed confidence in Hanmi's financial strength and relationship-driven banking model, citing successful business execution in the previous quarter. The dividend increase demonstrates the Board's commitment to creating shareholder value and optimism about the company's prospects for 2025.
Hanmi Financial (NASDAQ: HAFC) reported Q4 2024 net income of $17.7 million ($0.58 per diluted share), up from $14.9 million ($0.49 per diluted share) in Q3 2024. For the full year 2024, net income was $62.2 million ($2.05 per diluted share), compared to $80.0 million ($2.62 per diluted share) in 2023.
Key Q4 2024 highlights include: net interest margin expansion of 17 basis points to 2.91%, loans receivable at $6.25 billion, and deposits at $6.44 billion (up 0.5% from Q3). Net interest income increased 6.8% to $53.4 million, while credit loss expense decreased to $0.9 million from $2.3 million in Q3.
Asset quality remained strong with nonperforming loans declining 7.9% to $14.3 million (0.23% of loans). The bank's C&I loan portfolio grew 16% for the year, while noninterest-bearing demand deposits grew 5%, representing 33% of total deposits.
Hanmi Financial (NASDAQ: HAFC) has announced its participation in the Janney 5th Annual Bank CEO Forum, scheduled for January 29-30, 2025, in Scottsdale, Arizona. President and CEO Bonnie Lee, along with CFO Ron Santarosa, will conduct one-on-one and small group meetings with institutional investors throughout the event.
The company will make its investor presentation materials available on the Investor Relations section of their website at www.hanmi.com. This forum represents an important opportunity for Hanmi Financial, the parent company of Hanmi Bank, to engage with institutional investors and share their corporate strategy.
Hanmi Financial (Nasdaq: HAFC) has scheduled its fourth quarter 2024 earnings release and conference call for Tuesday, January 28, 2025. The financial results will be announced after market close, followed by a management-hosted conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
Investors, shareholders, and investment professionals can participate in the live call by dialing 1-877-407-9039 using the access code 'Hanmi Bank'. The call will also be available via webcast on Hanmi's investor relations website, with a replay option accessible approximately one hour after the call.
Hanmi Financial (HAFC) has opened its first representative office in Seoul, South Korea, located within the International Finance Center Seoul (IFC). This expansion strengthens the bank's U.S. Subsidiaries of Korean Companies (USKC) business initiative. The Seoul office complements Hanmi's existing Korea Desks across multiple U.S. locations including California, New York, New Jersey, Georgia, and Texas. The bank provides comprehensive services to Korean companies expanding into the U.S., including commercial lending, trade finance, equipment financing, real estate investment, and treasury management.
Hanmi Financial (NASDAQ: HAFC) reported its Q3 2024 financial results, showing a net income of $14.9 million or $0.49 per diluted share, up from $14.5 million or $0.48 per share in Q2 2024. The return on average assets was 0.79%, and the return on average equity was 7.55%. Net interest margin increased to 2.74%, driven by higher yields on interest-earning assets and lower funding costs. Loans grew by 2% due to a 27% increase in loan production, while total deposits increased by 1.2%, with noninterest-bearing demand deposits growing by 4.7%.
Credit loss expense rose to $2.3 million from $1 million in Q2. Nonaccrual loans decreased by 18.8%, while criticized assets increased due to downgrades. Noninterest expense dropped slightly to $35.1 million. Hanmi’s balance sheet remains strong with a robust loan pipeline and healthy capital ratios. Stockholders’ equity rose to $736.7 million, and the company repurchased 75,000 shares during the quarter.
Hanmi Financial (Nasdaq: HAFC), the holding company for Hanmi Bank, has announced its schedule for reporting third quarter 2024 financial results. The company will release its earnings report after the market closes on Tuesday, October 22, 2024. Following the release, management will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day to discuss the results.
Investors, shareholders, and interested parties are invited to participate in the live call by dialing 1-877-407-9039 before 2:00 p.m. Pacific Time, using the access code "Hanmi Bank". For those unable to join the call, a webcast will be available on the investor relations page of Hanmi's website at www.hanmi.com. The webcast recording will be accessible for replay approximately one hour after the call concludes.
Hanmi Financial (Nasdaq: HAFC) announced that its President and CEO, Bonnie Lee, has been named one of The Most Powerful Women to Watch in 2024 by American Banker. Lee, appointed CEO in 2019, has led the company to deliver solid results, drive innovation, and enhance its core relationship banking model. The recognition is part of American Banker's 22nd annual The Most Powerful Women in Banking™ initiative, which honors leaders demonstrating exceptional skills, strong performance, and commitment to diversity, equity, and inclusion in financial services.
Honorees will be recognized at The Most Powerful Women in Banking Gala on October 24, 2024, in New York City. Additionally, a conference featuring panels, discussions, and workshops will be held on October 22–23, open to all banking and finance professionals.
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