Exhibit 99.1

HANMI FINANCIAL CORPORATION REPORTS
RECORD QUARTERLY RESULTS

LOS ANGELES – October 21, 2004 – Hanmi Financial Corporation (NASDAQ:HAFC), the holding company for Hanmi Bank, reported that for the three months ended September 30, 2004, it earned record net income of $11.07 million, an increase of 124 percent over net income of $4.95 million in the comparable period a year ago. Earnings per share were $0.44 (diluted), compared to $0.34 (diluted) in the third quarter of 2003.

For the nine months ended September 30, 2004, net income was $25.0 million, an increase of 77 percent over net income of $14.1 million in the same period of 2003. Earnings per share were $1.23 per share (diluted), compared to $0.99 (diluted) in the same period of 2003.

“We are extremely pleased with the organic growth of our core business, and we are likewise pleased with the pace of the integration of Pacific Union Bank, which is expected to be essentially completed by year-end,” said J.W. Yoo, president and chief executive officer. “It is noteworthy that for the first time in Hanmi’s history we were able to achieve over $10 million in quarterly net income, despite the time and expense involved in the assimilation of Pacific Union Bank. Already we have reason to believe that the acquisition — which is expected to be accretive to earnings in the fourth quarter — will prove to be a watershed event in Hanmi’s transition from a community bank to a regional financial institution.”

THIRD-QUARTER HIGHLIGHTS

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Third-quarter 2004 pre-tax income increased 142 percent to $18.2 million, compared to $7.5 million during the same quarter a year ago.

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Third-quarter net interest income after provision for loan losses increased 135 percent to $30.0 million from $12.7 million in 2003.

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Return on average assets for the third quarter was 1.42 percent, compared to 1.13 percent for the second quarter of 2004 and 1.19 percent for the same period a year ago.

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Return on average equity was 11.68 percent, and return on tangible equity was 28.17 percent, compared to 9.97 percent and 19.72 percent, respectively, for the second quarter of 2004.

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Net interest margin increased to 4.42 percent from 4.10 percent for the second quarter of 2004 and 3.69 percent for the same quarter last year.

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Total assets increased to $3.1 billion at September 30, 2004 from $1.79 billion at December 31, 2003 and $1.73 billion at September 30, 2003.

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The loan portfolio grew by $52.4 million, or 2.4 percent, during the third quarter to $2.25 billion from $2.20 billion at June 30, 2004.

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Deposits grew by $59.4 million, or 2.5 percent, during the third quarter to $2.40 billion from $2.35 billion at June 30, 2004.

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The efficiency ratio improved to 51.16 percent from 57.38 percent in the second quarter of 2004 and 51.21 percent in the same period a year ago.

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During the third quarter, the Company successfully completed the post-merger conversion of its core data processing systems.

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The Company closed four of its branches as a result of the acquisition of Pacific Union Bank in October.

Net Interest Income before Provision for Loan Losses

Net interest income before provision for loan losses was $30.0 million, an increase of $15.5 million, or 108 percent, compared to the same period of the prior year. This is an increase of $5.8 million, or 24 percent, compared to the second quarter of 2004. The increase was primarily due to an increase in interest-earning assets and three 25-basis point increases in Hanmi Bank’s prime rate during the third quarter. Hanmi’s lending units continued their growth and increased their net loans outstanding by $52.4 million, or 2 percent, during the quarter.

Average interest-earning assets increased by $350.8 million, or 15 percent, over the second quarter of 2004 and provided an additional $7.6 million of interest income. Net interest margin was 4.42 percent for the third quarter of 2004, compared to 4.10 percent for the second quarter of 2004 and 3.69 percent for the same period a year ago.

Provision for Loan Losses

The provision for loan losses represents the charge against current earnings that is determined by management, through a disciplined credit review process, to be the amount needed to maintain an allowance that is sufficient to absorb loan losses inherent in the Company’s loan portfolio. The Company did not accrue a loan loss provision during the third quarter of 2004 because of the quality of its loan portfolio. The provision for loan losses for the nine months ended September 30, 2004 was $1.8 million, a decrease of $2.6 million, or 60 percent, compared to the same period a year ago. As discussed below, non-performing loans decreased to 0.3 percent of the loan portfolio and 28.3 percent of the allowance for loan losses at September 30, 2004.

Non-Interest Income

Non-interest income was $7.2 million in the third quarter of 2004, an increase of $2.7 million, or 62 percent, compared to $4.4 million recognized in the third quarter of 2003. The increase was mainly due to an increase of $1.5 million, or 57 percent, in service charges and fee income, and an increase of $542,000, or 76 percent, in trade finance fees. Remittance fee income almost doubled to $456,000 during the third quarter, compared to the same period a year ago. This increase was substantially attributable to the merger with PUB.

Non-Interest Expenses

Non-interest expenses increased from $9.7 million to $19.0 million, an increase of $9.3 million, or 97 percent, over the third quarter of 2003. Salaries and employee benefits increased 81 percent to $9.5 million and premises and fixed assets expenses increased 66 percent to $2.3 million, mainly due to the effect of the merger. Data processing expenses and professional fees include $247,000 of integration costs paid to outside consultants. The company accrued $2.1 million of restructuring expenses during the post-merger integration period, $325,000 of which was accrued during the third quarter. The efficiency ratio improved to 51.16 percent from 57.38 percent in the second quarter of 2004 and 51.21 percent in the same period a year ago.

Income Taxes

The provision for income taxes for the third quarter was $7.1 million at a 39 percent effective tax rate in 2004 and $2.6 million at a 34 percent effective tax rate in 2003. The effective rate for the year ended December 31, 2003 was 39 percent. In the fourth quarter of 2003, tax benefits recognized in the first three quarters of 2003 arising from certain transactions involving a real estate investment trust were reversed, as the realization of such benefits became uncertain.

Financial Position

Total assets of $3.09 billion at September 30, 2004 were comparable to the June 30, 2004 balance and an increase of $1.30 billion over the pre-merger December 31, 2003 balance of $1.79 billion.

At September 30, 2004, net loans totaled $2.25 billion, an increase of $52.4 million, or 2.4 percent, from $2.20 billion at June 30, 2004. The majority of the growth was in commercial loans, which grew $105.1 million, or 9.3 percent, to $1.22 billion at September 30, 2004, compared to $1.12 billion at June 30, 2004. Real estate loans decreased $54.1 million to $968.5 million at September 30, 2004 from $1.02 billion at June 30, 2004, mainly due to the payoff of large commercial property loans.

Total deposits increased $59.4 million, or 2.5 percent, to $2.40 billion at September 30, 2004 from $2.35 billion at June 30, 2004. This increase was mostly due to an increase in money market checking accounts of $77.7 million, up 15.3 percent to $583.6 million, and an increase in time deposit of $20.9 million, up 2.3 percent to $946.7 million. The number of non-interest-bearing deposit accounts increased slightly during the third quarter of 2004, while the balance of non-interest-bearing deposits decreased by $41.2 million, or 5.4 percent, to $722 million, as customers shifted balances into interest-bearing accounts in response to recent increases in interest rates. Core deposits grew $38.6 million, or 2.7 percent, to $1.46 billion from $1.42 billion during the third quarter of 2004.

Asset Quality

Total non-performing assets, which include accruing loans past due 90 days or more and non-accrual loans, decreased to $6.8 million at September 30, 2004 from $8.4 million at

June 30, 2004. Non-performing assets as a percentage of gross loans decreased to 0.30 percent at September 30, 2004 from 0.38 percent at June 30, 2004.

The allowance for loan losses at September 30, 2004 was $24.0 million and represented the amount needed to absorb loan losses inherent in the Company’s loan portfolio. The allowance for loan losses represented 1.05 percent of gross loans and 354 percent of non-performing loans at September 30, 2004. The comparable ratios were 1.14 percent of gross loans and 303 percent of non-performing loans at June 30, 2004.

Post-Merger Integration

The Company’s post-merger integration of PUB’s operations is proceeding substantially as planned. During the third quarter, the Company successfully completed the conversion of PUB’s core loan, deposits and general ledger data processing systems onto Hanmi Bank’s platform. On October 4, 2004, the Bank closed four redundant branches, bringing the total number of branches to 23. At September 30, 2004, the Company had 538 employees, compared to 603 employees at June 30, 2004.

About Hanmi Financial Corporation:

Headquartered in Los Angeles, Hanmi Bank, a wholly owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 23 full-service offices in Los Angeles, Orange, San Francisco, Santa Clara and San Diego counties. Hanmi Bank specializes in commercial, SBA, trade finance and consumer lending, and is a recognized community leader. Hanmi Bank’s mission is to provide varied quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmifinancial.com.

Forward-Looking Statements:

Statements contained in this release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Words such as “expect,” “feel,” “believe,” “will,” “may,” “anticipate,” “plan,” “estimate,” “intend,” “should,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of Hanmi Financial Corp. and Hanmi Bank, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Hanmi Bank and Pacific Union Bank may not be combined successfully, and the growth opportunities and cost savings

from the merger may not be fully realized or may take longer to realize than expected; (2) operating costs and business disruptions following the merger, including adverse effects on relationships with employees, may be greater than expected; (3) competitive factors which could affect net interest income and non-interest income, general economic conditions which could affect the volume of loan originations, deposit flows and real estate values; and (4) the levels of non-interest income and the amount of loan losses as well as other factors discussed in the documents filed by Hanmi Financial Corp. with the Securities and Exchange Commission or FDIC, as the case may be, from time to time. Hanmi Financial Corp. undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

INCOME STATEMENT

CONDENSED BALANCE SHEET