Hanmi Financial increases its cash dividend by 13.6% to $0.25 per
LOS ANGELES, July 28, 2022 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced that its Board of Directors has declared a cash dividend on its common stock for the third quarter of 2022 of $0.25 per share, up 13.6% compared to the previous quarter. The dividend will be paid on August 24, 2022 to shareholders of record at the close of business on August 8, 2022.
“We delivered another quarter of successful execution across the board,” said Bonnie Lee, President and CEO. “Our increased dividend reflects the Board’s confidence that Hanmi’s financial strength and diversified business model will continue to generate returns for our shareholders.”
About Hanmi Financial Corporation
Based in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 35 full-service branches and eight loan origination offices in California, Texas, Illinois, Virginia, New Jersey, New York and Colorado. , Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance loans to small and medium enterprises. Additional information is available at www.hanmi.com.
This press release contains forward-looking statements, which are included pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward-looking statements” federal regulatory purposes. and state securities laws, including, but not limited to, statements about our expected future operating and financial performance, financial condition and liquidity, business strategies, regulatory and competitive outlook, capital and expenditure plans, capital and financing needs and availability, management’s plans and objectives for future operations, developments regarding our capital and strategic plans, and other forecasts and statements of expectations and statements of similar assumptions underlying all of the foregoing. In some cases, you can identify forward-looking statements by words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”. of’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continues’, or the negative of these and other comparable terms. Although we believe our forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statements. These factors include the following:
- an inability to maintain adequate levels of capital and liquidity to support our operations;
- the effect of any future supervisory actions against us or Hanmi Bank;
- the effect of our rating under the Community Reinvestment Act and our ability to resolve any issues raised during our regulatory reviews;
- general economic and business conditions internationally, nationally and in the regions in which we operate;
- volatility and deterioration in credit and equity markets;
- changes in consumer spending, borrowing and saving habits;
- the availability of capital from private and government sources;
- Demographic changes;
- competition for loans and deposits and failure to attract or retain loans and deposits;
- inflation and interest rate fluctuations and a decline in the level of our interest rate spread;
- the actual or expected impact of military conflict, terrorism or other geopolitical events;
- risks of natural disasters;
- legal proceedings and litigation brought against us;
- a failure or breach of our operational or security systems or infrastructure, including cyberattacks;
- inability to maintain current technologies;
- failure to successfully implement future information technology enhancements;
- difficult business and economic conditions that may adversely affect our industry and business, including competition, fraudulent activity and negative publicity;
- risks associated with Small Business Administration loans;
- inability to attract or retain key employees;
- our ability to access cost-effective financing;
- fluctuations in real estate values;
- changes in accounting policies and practices;
- changes in government regulations, including, but not limited to, any increase in FDIC insurance premiums;
- the continued impact of the COVID-19 pandemic on our business and results of operations;
- Hanmi Bank’s ability to make distributions to Hanmi Financial Corporation, which is limited by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made and certain other financial tests;
- strategic transactions we may enter into;
- the adequacy of our provision for credit losses;
- our credit quality and the effect of credit quality on our charges for credit losses and our allowance for credit losses;
- changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to meet the terms of their loans and other terms of credit agreements;
- our ability to control expenses;
- changes in the securities markets; and
- cybersecurity risks against our information technology and that of our third-party suppliers and vendors.
In addition, we discuss certain risks in our reports filed with the United States Securities and Exchange Commission, including, Section 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, our quarterly reports on Form 10-Q, and current reports on Form 8-K that we will file below, which could cause actual results to differ from those projected. We undertake no obligation to update these forward-looking statements, except as required by law.
Romolo (Ron) Santarosa
Senior Executive Vice President and Chief Financial Officer
Larry Clark, CFA
Financial Profiles, Inc.