Hanmi Financial Corp (HAFC)

Price$32.06Cached quoteAs of 2026-09-05 02:00 UTC

AI: Fair-priced

Price checkHanmi trades at a moderate valuation for a well-capitalized community bank with improving earnings and strong credit quality, but its large commercial-real-estate concentration limits the case for a premium multiple.

The shares are valued at roughly 11 times trailing earnings and about 1.2 times June tangible book value per share of $27.04. The regular quarterly dividend implies an annualized yield of roughly 3.5%. Those metrics look reasonable alongside an 11.1% second-quarter return on average equity and improving year-over-year profitability. Conventional net-cash or enterprise-value analysis is less useful for a bank because customer deposits are its primary funding source; tangible equity, credit quality, funding mix and earnings power are more relevant.

Big pictureHanmi's Korean-American community-bank franchise is producing higher net interest income as core deposits grow and funding costs decline, although loan balances have recently been fairly stable.

Founded as the first Korean-American bank in the U.S., Hanmi now serves Asian-American and other multi-ethnic business communities across nine states. Second-quarter net interest income increased to $63.9 million and taxable-equivalent net interest margin was 3.36%, only two basis points below the first quarter but 29 basis points above the prior-year quarter. Deposits increased 2.3% sequentially to $6.96 billion, with noninterest-bearing deposits representing 30.7% of the total. The rate paid on interest-bearing deposits continued to fall, while brokered deposits were only 1.3%. Loans were $6.54 billion, approximately flat sequentially but 3.6% higher year over year, with $371.9 million of new quarterly production.

Business strengthCredit metrics and capital are strong, but commercial real estate remains the central portfolio risk, particularly given Hanmi's California-heavy footprint.

Nonperforming assets were only 0.12% of total assets, nonperforming loans were 0.15% of loans and second-quarter net charge-offs were eight basis points annualized. The allowance for credit losses was 1.08% of loans. Commercial real estate represented 62% of the loan portfolio, with 63% of CRE exposure located in California; the company does not separately disclose a Southern California percentage in its quarterly presentation. Underwriting metrics remain relatively conservative, including a 48.7% weighted-average loan-to-value ratio for investor CRE. Office loans represented 7% of total loans and showed minimal delinquency, although a $21.2 million retail CRE loan drove an increase in accruing delinquent loans during the quarter. Tangible common equity to tangible assets was 10.03%, leaving meaningful capital capacity for dividends and repurchases.

What could change the storyContinued core-deposit growth, lower funding costs and disciplined loan production could lift returns, while CRE deterioration or renewed deposit competition would pressure the valuation.

The bull case is that maturing deposits continue to reprice downward, relationship deposits keep growing and Hanmi deploys capital into attractive commercial loans while maintaining exceptionally low credit losses. Management also retains nearly two million shares of repurchase authorization, creating an additional capital-return lever. The bear case centers on the concentrated CRE book: retail, hospitality and office together represent a meaningful portion of lending, and a California downturn could expose correlated borrowers even though current metrics are healthy. Faster declines in loan yields than deposit costs could also compress margin. Estimated uninsured deposits represented 43.4% of deposits, making franchise confidence and liquidity management important despite the low use of brokered funding. The July subordinated-debt refinancing reduces the principal amount of callable notes being replaced but introduces a higher fixed coupon, creating a modest additional interest-cost consideration.

AI: News

Second-quarter earnings strengthened as deposits and net interest income grewHanmi delivered another sequential earnings increase while maintaining strong credit metrics and improving its funding mix.

Second-quarter net income was $23.5 million, up 4.2% sequentially and 55.5% year over year. Deposits increased 2.3% from March, noninterest-bearing deposits rose to nearly 31% of the total and net interest income increased 1.0%. Nonperforming assets declined to 0.12% of assets. Management said loan and deposit pipelines remained robust heading into the second half, although ending loan balances were roughly flat from the prior quarter.

Hanmi refinanced its subordinated debt with a new 2036 issueA new Tier 2 capital offering extends the maturity profile while allowing Hanmi to redeem a larger callable subordinated-note issue.

Hanmi completed a $55 million private placement of fixed-to-floating subordinated notes due in 2036. The notes carry a 6.50% fixed coupon for five years and then reset to three-month SOFR plus 234 basis points. Proceeds are being used in part to redeem $110 million of older callable subordinated notes that otherwise would have moved from a 3.75% fixed coupon to a floating rate based on SOFR plus 310 basis points. The transaction lowers the nominal amount of that debt layer and extends maturity, although the new fixed coupon is higher than the old pre-reset rate.

Capital returns remained substantialHanmi continued combining its regular dividend with share repurchases while retaining strong tangible and regulatory capital ratios.

The board declared another $0.28 quarterly common dividend in July. During the second quarter, Hanmi returned $13.5 million to shareholders through dividends and repurchases, equal to 58% of quarterly net income. Approximately 2.0 million shares remained available under the repurchase program at June, giving management flexibility to continue buybacks if capital, credit conditions and valuation remain supportive.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$270.2M	$234.4M	$255.4M	$271.8M	$235.5M	$224.0M	$203.4M	$205.5M	$210.2M	$193.3M	$195.7M	$165.0M	$133.5M	$120.0M	$125.0M	$131.3M	$133.3M
Operating expenses	$147.8M	$141.3M	$136.5M	$130.3M	$124.5M	$119.1M	$125.9M	$117.6M	$114.1M	$108.2M	$115.3M	$98.7M	$70.4M	$70.6M	$84.0M	$96.8M	$90.4M
Operating income	$76.1M	$62.2M	$80.0M	$101.4M	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	28.16%	26.54%	31.33%	37.30%	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA	$79.4M	$65.4M	$83.3M	$105.3M	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA margin	29.39%	27.91%	32.63%	38.73%	—	—	—	—	—	—	—	—	—	—	—	—	—
Net income	$76.1M	$62.2M	$80.0M	$101.4M	$98.7M	$42.2M	$32.8M	$57.9M	$54.7M	$56.5M	$53.8M	$49.8M	$39.9M	$90.3M	$28.1M	−$88.0M	−$122.3M
Net profit margin	28.16%	26.54%	31.33%	37.30%	41.89%	18.84%	16.12%	28.16%	26.00%	29.23%	27.50%	30.16%	29.85%	75.30%	22.51%	−67.04%	−91.70%
Basic EPSper basic share	$2.53	$2.06	$2.63	$3.33	$3.22	$1.38	$1.06	$1.80	$1.70	$1.76	$1.69	$1.57	$10.08	$22.96	$11.04	-$59.68	-$164.48
Diluted EPSper diluted share	$2.51	$2.05	$2.62	$3.32	$3.22	$1.38	$1.06	$1.79	$1.69	$1.75	$1.68	$1.56	$10.08	$22.96	$11.04	-$59.68	-$164.48

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.80%of listed shares

BlackRock, Inc.4.39M shares · Jun 30, 2026

View holders

Top 20 reported holders of HAFC
Holder	% owned
BlackRock, Inc.	14.80%4.39M shares
DIMENSIONAL FUND ADVISORS LP	6.02%1.79M shares
STATE STREET CORP	5.31%1.58M shares
LSV ASSET MANAGEMENT	4.50%1.33M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.44%1.32M shares
AMERICAN CENTURY COMPANIES INC	3.74%1.11M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	3.52%1.04M shares
GEODE CAPITAL MANAGEMENT, LLC	2.95%874.15K shares
AQR CAPITAL MANAGEMENT LLC	2.68%793.27K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	2.61%773.6K shares
ACADIAN ASSET MANAGEMENT LLC	2.33%692.19K shares
GOLDMAN SACHS GROUP INC	1.84%545.86K shares
MORGAN STANLEY	1.62%480.57K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC	1.59%472.51K shares
JPMORGAN CHASE & CO	1.55%460.44K shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.53%455.12K shares
Rhino Investment Partners, Inc	1.37%405.73K shares
Bank of New York Mellon Corp	1.31%387.95K shares
Qube Research & Technologies Ltd	1.25%371.13K shares
NORTHERN TRUST CORP	1.19%351.91K shares

Percentages use 29.65M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$5.4K disclosed value

Sells (SEC code S)4$922.7K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 8, 2026Form 4	Kim Anthony I.Chief Banking Officer	SellCommon Stock	5.3K	$30.73	$163.9K	41.6K
Apr 28, 2026Form 4	Fuhr MatthewChief Credit Officer	SellCommon Stock	3.3K	$30.83	$101.7K	34.0K
Nov 24, 2025Form 4	Pangrazio JosephChief Accounting Officer	SellCommon Stock	486	$27.41	$13.3K	2.6K
Oct 24, 2025Form 4	Medici Daniel JohnDirector	BuyCommon Stock	200	$27.11	$5.4K	200
Nov 6, 2024Form 4	SANTAROSA ROMOLOChief Financial Officer	SellCommon Stock	25.0K	$25.75	$643.8K	63.1K

Review ownership filings at SEC.gov ↗

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Hanmi Financial Corp (HAFC)

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