Hanmi Financial Declares Cash Dividend of $0.25 per share and Announces New Share Repurchase Authorization

LOS ANGELES, April 25, 2024 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today announced that its Board of Directors declared a cash dividend on its common stock for the 2024 second quarter of $0.25 per share. The dividend will be paid on May 22, 2024, to stockholders of record as of the close of business on May 6, 2024.

In addition, the Board of Directors today approved a new stock repurchase program. Under the new repurchase program, the Company may repurchase up to 5% of its outstanding shares, or approximately 1.5 million shares of its common stock.

“We believe Hanmi’s long-term growth prospects are attractive, and today’s new share repurchase authorization serves as evidence of the Company’s ongoing focus on its capital allocation priorities”, said Bonnie Lee, President and Chief Executive Officer of Hanmi. “We remain committed to maintaining strong capital levels as well as returning capital to shareholders through our quarterly dividend and opportunistic share repurchases.”

The repurchase program permits shares to be repurchased in the open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both Hanmi and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate Hanmi to purchase any particular number of shares.

About Hanmi Financial Corporation
Headquartered 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 production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.