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 Corporation (Nasdaq: HAFC) is set to release its second quarter 2021 financial results on July 27, 2021, after market close. A conference call will follow at 2:00 p.m. Pacific Time for discussion. Investment professionals and shareholders can join the call by dialing 1-877-407-9039 or listening online at Hanmi's Investor Relations page. Hanmi operates 35 branches and 9 loan offices across several states, focusing on lending to small and middle-market businesses.
Hanmi Financial Corporation (NASDAQ: HAFC) declared a cash dividend of $0.12 per share for Q2 2021, representing a 20% increase from the previous quarter's $0.10. The dividend is payable on May 27, 2021, to shareholders of record by May 10, 2021. President and CEO Bonnie Lee expressed optimism, stating the increase reflects the Board's confidence in the bank's growth as the economy improves post-pandemic. The Board will continue to evaluate future dividends based on the bank's financial performance amidst ongoing challenges from COVID-19.
Hanmi Financial Corporation (HAFC) reported a strong Q1 2021 with net income of $16.7 million, translating to $0.54 per diluted share, up from $14.3 million in Q4 2020. Loans receivable declined to $4.82 billion, but deposits grew by 4.5% to $5.51 billion, driven by a surge in noninterest-bearing demand deposits. Credit loss expense decreased significantly to $2.1 million, and nonperforming assets fell by 33.7% year-over-year, indicating improving asset quality. The bank remains well-capitalized with a total risk-based capital ratio of 14.96% and expects continued profitable growth.
Hanmi Financial Corporation (Nasdaq: HAFC) announced it will report its first quarter 2021 financial results on April 27, 2021, after market close. A conference call for investors will follow at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day. Investors can participate by calling 1-877-407-9039 or listening online via Hanmi's Investor Relations page. Hanmi Financial operates Hanmi Bank, which supports multi-ethnic communities with 35 branches and specialized lending services across multiple states.
Hanmi Financial Corporation (Nasdaq: HAFC) announced the resumption of its stock repurchase program, which allows for the buyback of up to 5% of its outstanding shares, approximately 1.5 million shares. The company had paused the program in early 2020 due to COVID-19 uncertainties. As of February 12, 2021, 989,600 shares remain available for repurchase. CEO Bonnie Lee stated that recent financial stability and capital levels support this decision. Repurchases will be executed at management's discretion and may vary based on market conditions and performance.
Hanmi Financial Corporation (Nasdaq: HAFC) announced the appointment of Gideon Yu to its Board of Directors, effective January 27, 2021. With over 20 years of experience in finance and executive management, Yu has previously held key positions at Facebook and YouTube, and co-owned the San Francisco 49ers. Hanmi's Chairman, John J. Ahn, expressed confidence in Yu's ability to drive the company's growth and strengthen community relations. This strategic addition aims to enhance Hanmi's objectives in serving diverse communities across its multiple branches.
Hanmi Financial Corporation (NASDAQ: HAFC) declared a cash dividend of $0.10 per share for Q1 2021, marking a 25% increase from the previous $0.08. This dividend will be paid on February 24, 2021, to shareholders of record as of February 8, 2021. The annualized yield is now 3.14%, based on the closing price of $12.75. CEO Bonnie Lee expressed confidence in Hanmi's recovery from the pandemic and its ability to foster profitable growth for shareholders. The Board will continue monitoring financial performance and adjust future dividends accordingly.
Hanmi Financial Corporation (Nasdaq: HAFC) announced participation in several upcoming virtual investor conferences. These include the Janney Virtual Bank CEO Forum on February 3-4, 2021, the KBW Virtual Winter Financial Services Symposium from February 10-12, 2021, and the Piper Sandler Virtual Western Financial Services Conference on March 2, 2021. All events will feature one-on-one meetings with investors and require prior registration. Hanmi serves diverse communities through 35 branches and 9 loan production offices across multiple states, focusing on lending to small and middle market businesses.
Hanmi Financial Corporation (NASDAQ: HAFC) reported its fourth quarter and full year 2020 financial results, highlighting a net income of $14.3 million in Q4, down 12.3% from the previous quarter. For the full year, net income rose 28.7% to $42.2 million. Loans receivable increased to $4.88 billion, up 5.9% year-over-year, while deposits reached $5.28 billion, a 12.3% increase. The credit loss expense surged to $5.1 million from $0.04 million in the prior quarter, indicating potential concerns in asset quality amid the ongoing pandemic.
Hanmi Financial Corporation (Nasdaq: HAFC) will report its fourth quarter 2020 financial results on January 26, 2021, after the market closes. A conference call to discuss these results will take place on the same day at 2:00 p.m. PT (5:00 p.m. ET). Interested parties can participate by dialing 1-877-407-9039 with the access code HANMI or by visiting Hanmi's Investor Relations page for live and archived access.
Hanmi Financial, based in Los Angeles, operates Hanmi Bank, focusing on lending to small and middle-market businesses across several states.
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