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Hanmi Financial
(NASDAQ:HAFC)
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Rating:75Outperform
Price Target:
$36.00
â–²(13.60% Upside)
Action:Reiterated
Date:08/18/26
HAFC scores well primarily on financial strength (low leverage, strong cash generation/earnings quality) and supportive valuation (low P/E with a solid dividend). Technicals are positive with price above key moving averages, while the key risk tempering the score is the negative TTM revenue trend and some margin/fee-income pressure signals highlighted in the latest earnings discussion.
Positive Factors
Conservative balance sheet and strong capital
Very low leverage and a strong tangible common equity position provide resilience against credit losses and funding stress. This capital base also gives Hanmi flexibility to support loan growth and continue shareholder distributions through changing banking conditions.
Negative Factors
Weak revenue trend and lower peak profitability
A declining top line and profitability below prior-cycle peaks indicate pressure on the earnings mix and banking spread environment. If these trends persist, they could constrain organic capital formation, growth investment and the sustainability of current returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet and strong capital
Very low leverage and a strong tangible common equity position provide resilience against credit losses and funding stress. This capital base also gives Hanmi flexibility to support loan growth and continue shareholder distributions through changing banking conditions.
Read all positive factors
Hanmi Financial (HAFC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$917.94M
Dividend Yield3.57%
Average Volume (3M)167.75K
Price to Earnings (P/E)10.4
Beta (1Y)0.82
Revenue Growth4.08%
EPS Growth38.09%
CountryUS
Employees608
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.00
Shares Outstanding29,649,256
10 Day Avg. Volume140,460
30 Day Avg. Volume167,752
Financial Highlights & Ratios
PEG Ratio0.46
Price to Book (P/B)1.01
Price to Sales (P/S)1.81
P/FCF Ratio3.96
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$34.00Price Target Upside7.29% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)3.17
Revenue Forecast (FY)$299.47M
Hanmi Financial Business Overview & Revenue Model
Company Description
Hanmi Financial Corporation serves as the parent company for Hanmi Bank, which delivers a wide spectrum of commercial banking solutions across the United States. The bank's diverse deposit offerings include checking accounts (both interest-bearing...
How the Company Makes Money
Hanmi Financial primarily makes money through traditional banking spread and fee businesses. (1) Net interest income: The largest earnings driver for a commercial bank is typically the difference between interest earned on interest-earning assets—...
Hanmi Financial Earnings Call Summary
Earnings Call Date:Jul 21, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call presented a majority of positive operational and financial developments: sequential earnings growth, improved ROA/ROE, strong deposit growth (especially noninterest-bearing), healthy year-to-date loan originations, significant C&I and corporate Korea expansion, excellent asset quality metrics, and continued capital returns. Challenges were modest and largely idiosyncratic—small NIM pressure from an FHLB dividend change, a single CRE delinquency that management views as well-collateralized, a slight QoQ dip in originations, and modest expense and noninterest income headwinds. Overall, positive fundamentals and strong credit and capital metrics outweigh the limited negatives.Positive Updates
Net Income and EPS Growth
Net income increased to $23.5 million (Q2 2026) or $0.79 diluted EPS vs $22.6 million or $0.75 in the prior quarter, roughly a 4.0% increase in net income and ~5.3% increase in EPS sequentially.
Negative Updates
Modest NIM Compression
Net interest margin declined 2 basis points QoQ to 3.36%, with a discrete ~$612k (approx. 3 bps) hit from a change in FHLB San Francisco dividend practices; management expects margin to be broadly stable but acknowledged narrow upside/downside risks.
Read all updates
Q2-2026 Updates
Positive
Negative
Net Income and EPS Growth
Net income increased to $23.5 million (Q2 2026) or $0.79 diluted EPS vs $22.6 million or $0.75 in the prior quarter, roughly a 4.0% increase in net income and ~5.3% increase in EPS sequentially.
Read all positive updates
Company Guidance
Management guided to low- to mid-single-digit loan growth for 2026 and said net interest margin should remain essentially stable through year‑end assuming no Fed policy changes; key related metrics cited include Q2 NII $63.9M and NIM 3.36% (down 2 bps, ~$612k impact from FHLB), loan yields ~5.9% with origination yields ~6.59%, interest‑bearing deposit cost ~3.17% (July in line with Q2), and no anticipated need for short‑term borrowings. They expect SBA production to rebound toward a historical run‑rate (~$45M/quarter) with premiums reverting to trend, see expenses running near the Q2 level (~$39M with a 54.1% efficiency ratio and noninterest expense ~1.99% of average assets), will continue returning capital (about 58% of earnings returned this quarter; ~$13.6M in dividends/repurchases; 160k shares repurchased at $30.24 with ~1.99M shares remaining), and plan to grow core/noninterest‑bearing deposits (corporate Korea deposits reached ~$1.2B or ~17% of deposits; USKC loans ~$826M or ≈13% of loans) while preserving strong credit and capital (NPLs 0.15%, NPAs 0.12%, ACL ~1.08% of loans, tangible common equity per share $27.04, TCE ratio 10.03%).Hanmi Financial Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
81
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 385.77M | 444.74M | 429.51M | 397.56M | 308.01M | 256.80M |
| Gross Profit | 217.41M | 255.56M | 229.08M | 245.16M | 271.01M | 259.58M |
| EBITDA | 66.66M | 113.58M | 95.07M | 121.37M | 153.11M | 151.58M |
| Net Income | 89.36M | 76.09M | 62.20M | 80.04M | 101.39M | 98.68M |
Balance Sheet | ||||||
| Total Assets | 8.00B | 7.87B | 7.68B | 7.57B | 7.38B | 6.86B |
| Cash, Cash Equivalents and Short-Term Investments | 1.23B | 1.09B | 1.21B | 1.17B | 1.21B | 1.52B |
| Total Debt | 130.77M | 280.46M | 393.14M | 455.01M | 479.41M | 352.51M |
| Total Liabilities | 7.19B | 7.07B | 6.95B | 6.87B | 6.74B | 6.22B |
| Stockholders Equity | 812.68M | 796.39M | 732.17M | 701.89M | 637.51M | 643.42M |
Cash Flow | ||||||
| Free Cash Flow | 210.96M | 203.70M | 51.33M | 105.38M | 145.38M | 91.00M |
| Operating Cash Flow | 214.21M | 206.01M | 53.95M | 107.80M | 147.31M | 93.73M |
| Investing Cash Flow | -310.82M | -384.32M | -107.47M | -209.99M | -881.51M | -447.04M |
| Financing Cash Flow | 47.77M | 86.35M | 56.00M | 52.10M | 477.65M | 570.43M |
Hanmi Financial Risk Analysis
Hanmi Financial disclosed 43 risk factors in its most recent earnings report. Hanmi Financial reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Hanmi Financial Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.04B | 10.54 | 13.25% | 2.63% | 4.47% | 12.98% | |
75 Outperform | $917.94M | 10.39 | 11.20% | 3.47% | 4.08% | 38.09% | |
75 Outperform | $875.35M | 14.19 | 11.11% | 2.05% | 1.47% | 5.67% | |
75 Outperform | $969.05M | 15.87 | 9.62% | 2.65% | 6.50% | 28.40% | |
74 Outperform | $1.00B | 10.82 | 10.93% | 2.13% | 32.73% | 30.63% | |
68 Neutral | $1.01B | 12.07 | 15.15% | 2.84% | 17.81% | 11.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
HAFC
Hanmi Financial
31.15
6.82
28.03%
CCBG
Capital City Bank
51.18
8.74
20.60%
CCNE
Cnb Financial
33.97
8.14
31.52%
MBWM
Mercantile Bank
59.75
11.54
23.94%
TRST
TrustCo Bank
57.35
18.89
49.12%
MCBS
MetroCity Bankshares
35.15
6.19
21.36%
Hanmi Financial Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Hanmi Financial outlines growth strategy in investor presentation
Positive
Aug 17, 2026
On August 17, 2026, Hanmi Financial Corporation released a slide presentation to analysts and prospective investors in connection with a non-deal roadshow visiting Dallas, St. Louis and Minneapolis, outlining its operating and growth strategies an...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Hanmi Financial Highlights Strategy and Growth at Investor Summit
Positive
Aug 11, 2026
On August 11, 2026, Hanmi Financial Corporation made a slide presentation available to analysts and prospective investors that outlined its operating and growth strategies along with recent financial performance. The materials, shared in conjuncti...
Business Operations and StrategyPrivate Placements and Financing
Hanmi Financial Refinances Subordinated Debt with New Notes
Positive
Jul 31, 2026
On July 30, 2026, Hanmi Financial Corporation completed a private placement of $55 million in 6.50% fixed‑to‑floating rate subordinated notes due 2036 to qualified institutional buyers and accredited investors. The notes carry a fixed ...
Business Operations and StrategyFinancial Disclosures
Hanmi Financial Highlights Growth Strategy at Investor Conference
Positive
Jul 27, 2026
On July 27, 2026, Hanmi Financial Corporation distributed a detailed slide presentation to analysts and prospective investors highlighting its operating and growth strategies and recent financial performance. The materials, shared in connection wi...
Business Operations and StrategyDividends
Hanmi Financial Declares Third-Quarter 2026 Cash Dividend
Positive
Jul 23, 2026
On July 23, 2026, Hanmi Financial Corporation reported that its board declared a third-quarter 2026 cash dividend of $0.28 per share on its common stock. The dividend is scheduled to be paid on August 19, 2026, to shareholders of record as of the ...
Executive/Board ChangesShareholder Meetings
Hanmi Financial Shareholders Approve Directors and Key Proposals
Positive
May 28, 2026
On May 22, 2026, board member Gideon Yu resigned from the boards of Hanmi Financial and Hanmi Bank, ending his service that began in 2021 and his roles on key governance and risk committees. His departure, which was not due to any disagreement wit...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.