Hanmi Financial Corporation Resumes Stock Repurchase Plan

LOS ANGELES, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (Nasdaq: HAFC) (the “Company”), the holding company for Hanmi Bank, today announced that it will resume purchases of its common stock pursuant to its current Stock Repurchase Plan (the “Plan”). Under the Plan, originally announced on January 24, 2019, the Board of Directors authorized the Company to repurchase up to 5% of its outstanding shares or approximately 1.5 million shares of its common stock. During the fourth quarter of 2019 and the first quarter of 2020 the Company repurchased approximately 510,400 shares of common stock. On April 30, 2020, the Company announced the suspension of the Plan due to the uncertainty arising from the COVID-19 pandemic. As of February 12, 2021, approximately 989,600 shares of the Company’s common stock remain available for repurchase under the current Plan.

“We believe that our recent financial results, stable portfolio performance and current and expected capital levels allow us to resume opportunistically repurchasing shares at attractive prices to support our stock while continuing to prudently manage our capital position,” stated Bonnie Lee, President and Chief Executive Officer. “Out of an abundance of caution, we previously paused our repurchase activity in early 2020 in light of the uncertainties caused by the pandemic.”

Repurchases under the Plan may be carried out in open market purchases, privately negotiated transactions and pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company 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 Plan 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 Plan does not obligate the Company to purchase any particular number of shares.