Hanmi Financial appoints Christine Ball to board

LOS ANGELES - Hanmi Financial Corporation (NASDAQ:HAFC), a $715 million market cap regional bank that has delivered an impressive 68% return over the past year, and its subsidiary Hanmi Bank have expanded their Board of Directors with the appointment of Christine P. Ball (NYSE:BALL), effective March 1, 2025. With this new addition, the Board now comprises eleven directors.

Ms. Ball’s extensive experience in banking, including her recent role as Senior Vice President and Deputy Chief Credit Officer at City National Bank, is expected to enhance the Hanmi Board with her expertise in credit and risk management. Her career spans over two decades in various senior positions at notable financial institutions, such as Wells Fargo (NYSE:WFC) Bank and Wachovia Bank. According to InvestingPro data, Hanmi has maintained dividend payments for 13 consecutive years, demonstrating strong financial stewardship.

John J. Ahn, Chairman of the Board, expressed confidence in Ms. Ball’s abilities to contribute to the company’s financial stewardship and growth. In her new role, Ms. Ball will serve on the Risk, Compliance and Planning Committee of the Company, as well as the Loan and Credit Policy Committee and Asset Liability Management Committee of the Bank.

Ms. Ball holds a B.A. in economics from the University of California, Davis, and an M.B.A. in finance from Cornell University. Her appointment is part of Hanmi’s ongoing efforts to bolster its leadership team and governance structures.

Hanmi Financial Corporation, headquartered in Los Angeles, operates Hanmi Bank, which targets multi-ethnic communities with a network of full-service branches and loan centers across various states. The bank specializes in real estate, commercial, SBA (LON:SBA), and trade finance lending to small and middle-market businesses. Trading at a P/E ratio of 11.5 with a 4.5% dividend yield, the bank maintains a FAIR financial health score according to InvestingPro analysis, which offers comprehensive insights through its Pro Research Report covering 1,400+ US equities.

This announcement is based on a press release statement from Hanmi Bank.

In other recent news, Hanmi Financial Corporation reported its fourth-quarter 2024 earnings, delivering an earnings per share (EPS) of $0.58, which exceeded the analyst forecast of $0.51. However, the company’s revenue was slightly below expectations, coming in at $60.81 million compared to the anticipated $61.44 million. Despite the revenue shortfall, Hanmi’s strategic initiatives, including digital investments and international market expansion, were highlighted during the earnings call. The company projects low-to-mid single-digit loan growth for 2025, with plans to expand its commercial and industrial portfolio while reducing commercial real estate exposure.

Hanmi Financial’s net income for 2024 was reported at $62.2 million, with a net interest margin increase to 2.91% and a 2.5% growth in deposits. The company’s Corporate Korea initiative and digital investments contributed to its robust performance. Additionally, Hanmi plans to reprice $770 million in certificates of deposit in the first quarter of 2025, potentially impacting its financial results. Analysts from firms like KBW and Piper Sandler engaged with Hanmi’s executives during the earnings call, focusing on topics such as deposit competition and SBA loan performance. Hanmi’s CEO, Bonnie Lee, expressed confidence in the company’s strategic direction, emphasizing the relationship-driven banking model as a key advantage.

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