Exhibit 99.1

HANMI FINANCIAL CORPORATION REPORTS
RECORD NET INCOME OF $36.7 MILLION FOR 2004;

EARNINGS PER SHARE INCREASE TO $0.84

     LOS ANGELES – January 27, 2005 – Hanmi Financial Corporation (NASDAQ:HAFC), the holding company for Hanmi Bank, today reported record net income for the year ended December 31, 2004 of $36.7 million, an increase of 91.0 percent compared to 2003 net income of $19.2 million. Earnings per share were $0.84 (diluted), compared to $0.67 (diluted) in 2003. Earnings per share reflect a two-for-one stock split declared on January 19, 2005.

     For the three months ended December 31, 2004, net income was $11.7 million, an increase of 130.5 percent compared to net income of $5.1 million in the same period of 2003. Earnings per share were $0.23 (diluted), compared to $0.18 (diluted) in the same period of 2003.

     “At December 31, 2004, Hanmi reported the strongest quarter, and the strongest year, in its 22 year history,” said Sung Won Sohn, President and Chief Executive Officer. “Much of the improvement came, of course, from the merger with Pacific Union Bank, completed last April. A testament to the merits of the merger — and to the strength of Hanmi’s core business — can be found both in the growth in assets, to a record $3.1 billion, and in the growth in net income, to a record $36.7 million. Even more telling, perhaps, is the year-over-year improvement of 60 basis points in our net interest margin, to 4.29 percent for fiscal 2004. Although the merger was modestly accretive to earnings in the fourth quarter, we have yet to realize its full benefit; for there are, we believe, further operating efficiencies to be achieved in 2005.

FOURTH QUARTER HIGHLIGHTS

•	Fourth quarter 2004 pre-tax income increased 88.9 percent to $18.7 million, compared to $9.9 million during the same quarter in 2003.
•	Fourth quarter 2004 net interest income before provision for credit losses increased 89.8 percent to $30.9 million from $16.3 million during the same quarter in 2003.
•	Return on average assets for the fourth quarter was 1.51 percent, compared to 1.42 percent for the third quarter of 2004 and 1.15 percent for the same quarter in 2003.
•	Return on average equity was 11.86 percent compared to 11.68 percent for the third quarter of 2004.
•	Net interest margin increased to 4.57 percent from 4.40 percent for the third quarter of 2004 and 3.94 percent for the same quarter last year.
•	Total assets increased to $3.10 billion at December 31, 2004 from $3.09 billion at September 30, 2004 and $1.79 billion at December 31, 2003.
•	The loan portfolio decreased by $15.1 million, or 0.7 percent, during the fourth quarter to $2.23 billion from $2.25 billion at September 30, 2004.
•	Deposits grew by $124.1 million, or 5.2 percent, during the fourth quarter to $2.53 billion from $2.40 billion at September 30, 2004.
•	The efficiency ratio improved to 49.51 percent from 51.16 percent for the third quarter of 2004, but increased from 48.18 percent for the same quarter in 2003.

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FULL-YEAR HIGHLIGHTS

•	Full-year pre-tax income increased 88.6 percent to $59.7 million, compared to $31.6 million in 2003.
•	Net interest income before provision for credit losses increased 80.3 percent to $101.6 million from $56.3 million in 2003.
•	Return on average assets for 2004 was 1.37 percent, compared to 1.18 percent for 2003.
•	Return on average equity was 12.51 percent, compared to 14.51 percent for 2003.
•	Net interest margin increased to 4.29 percent from 3.69 percent for 2003.
•	The efficiency ratio increased to 51.54 percent from 51.31 percent in 2003.
•	Completed the acquisition of Pacific Union Bank (“PUB”).

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES

     Net interest income before provision for credit losses was $30.9 million for the fourth quarter of 2004, an increase of $14.6 million, or 89.8 percent, compared with $16.3 million for the same quarter in 2003. Net interest income before provision for credit losses for the full year increased by $45.2 million, or 80.3 percent, to $101.6 million compared with $56.3 million for 2003. The increase in net interest income was primarily due to an increase in average interest-earning assets and three 25-basis point increases during the third quarter and two 25-basis point increases during the fourth quarter in Hanmi Bank’s prime rate. The net interest margin was 4.57 percent for the fourth quarter of 2004 and 4.29 percent for the full year, compared to 3.94 percent and 3.69 percent, respectively, during the same periods a year ago.

     Average interest-earning assets increased by $1.05 billion, or 63.6 percent, over the fourth quarter of 2003 and provided an additional $20.2 million of interest income compared with the fourth quarter of 2003. The majority of this growth was funded by a $961.6 million, or a 64.1 percent, increase in average deposits.

PROVISION FOR CREDIT LOSSES

     The provision for credit 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 probable loan losses inherent in the Company’s loan portfolio. The provision for credit losses was $1.2 million in the fourth quarter of 2004 compared with $1.3 million in the fourth quarter of 2003. As discussed below, non-performing loans decreased to 0.27 percent of the loan portfolio and 26.49 percent of the allowance for loan losses at December 31, 2004.

NON-INTEREST INCOME

     Non-interest income increased by $3.1 million, or 57.9 percent, to $8.4 million in the fourth quarter of 2004 compared with $5.3 million for the same quarter in 2003. The increase was mainly due to an increase of $1.4 million, or 51.0 percent, in service charges on deposit accounts, which was substantially attributable to the merger with PUB, and an increase of $0.8 million, or 154.4 percent, in gain on sales of loans.

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NON-INTEREST EXPENSES

     Non-interest expenses increased by $9.0 million, or 87.0 percent, to $19.5 million in the fourth quarter of 2004 compared with $10.4 million for the same quarter in 2003. Salaries and employee benefits increased 83.4 percent to $10.5 million, and occupancy and equipment expense increased 69.9 percent to $2.3 million, mainly due to the effect of the merger with PUB. The efficiency ratio improved to 49.51 percent from 51.16 percent in the third quarter of 2004, but increased from 48.18 percent in the same quarter in 2003.

     The sequential improvement in the efficiency ratio reflects a decrease in supplies and communications expense of $507,000, or 51.7 percent, and a decrease in data processing expense of $213,000, or 14.9 percent, offset by an increase in salaries and employee benefits of $921,000, or 9.7 percent, attributable to executive severance, compared to the third quarter of 2004. On January 22, 2005, the Company closed its Eleventh and Maple Street branch in Los Angeles, as planned, and completed its post-merger staff reduction program. As of such date, its headcount totaled 521 employees.

INCOME TAXES

     The provision for income taxes was $23.0 million at a 38.5 percent effective tax rate for 2004, compared to $12.4 million at a 39.3 percent effective tax rate for 2003.

FINANCIAL POSITION

     Total assets of $3.10 billion at December 31, 2004 were comparable to the September 30, 2004 balance and an increase of $1.32 billion over the pre-merger December 31, 2003 balance of $1.79 billion.

     At December 31, 2004, net loans totaled $2.23 billion, an increase of $986.4 million, or 79.0 percent, from $1.25 billion at December 31, 2003. The majority of the growth was in commercial and real estate loans, which resulted primarily from the merger with PUB. Commercial loans grew by $507.3 million to $1,218.3 million at December 31, 2004, compared to $711.0 million at December 31, 2003. Real estate loans increased by $457.5 million to $956.8 million at December 31, 2004, compared to $499.4 million at December 31, 2003.

     The growth in total assets was funded by increases in customer deposits of $1.1 billion, up 74.9 percent to $2.5 billion. These rising balances were led by increases in money market checking accounts of $407.6 million, up 197.8 percent to $613.7 million, time deposits of $363.9 million, up 54.5 percent to $1,031.7 million, non-interest-bearing accounts of $254.5 million, up 53.6 percent to $729.6 million, and savings accounts of $57.0 million, up 58.8 percent to $153.9 million.

     The Company’s borrowings mostly take the form of advances from the Federal Home Loan Bank of San Francisco (“FHLB”). Advances from the FHLB were $66.4 million at December 31, 2004, compared to $148.4 million at December 31, 2003.

ASSET QUALITY

     Total non-performing assets (“NPAs”), including accruing loans due 90 days or more, non-accrual loans and other real estate owned (“OREO”) assets, decreased by $2.7 million to $6.0 million at year-end 2004 from $8.7 million at December 31, 2003. Non-performing assets as a percentage of gross loans decreased to 0.27 percent at December 31, 2004 from 0.68 percent at December 31, 2003.

     At December 31, 2004, accruing loans 90 days or more past due were $208,000, down $349,000 from $557,000 at December 31, 2003. At December 31, 2004, non-accrual loans were $5.8 million, down $2.3 million from $8.1 million at December 31, 2003. There were no OREO assets at December 31, 2004 and 2003.

     At December 31, 2004, the allowance for loan losses was $22.7 million, and represented the amount needed to maintain an allowance that the Company believes should be sufficient to absorb probable loan losses inherent in its loan portfolio. In addition, the Company maintained a liability for off-balance sheet exposure totaling $1.8 million at December 31, 2004 and $1.4 million at December 31, 2003. The allowance for loan losses represented 1.00 percent of gross loans and 377.5 percent of non-performing loans at December 31, 2004. The comparable ratios were 1.06 percent of year-end 2003 gross loans and 154.1 percent of non-performing loans at December 31, 2003.

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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 22 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 a full range of quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmifinancial.com.

FORWARD-LOOKING STATEMENTS

     This release may contain forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. These 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 statement. These factors include the following: risks associated with the Company’s acquisition of Pacific Union Bank, including potential deposit run-off; general economic and business conditions in those areas in which the Company operates; demographic changes; competition for loans and deposits; fluctuations in interest rates; risks of natural disasters related to the Company’s real estate portfolio; risks associated with SBA loans; changes in governmental regulation; credit quality; the availability of capital to fund the expansion of the Company’s business; and changes in securities markets. In addition, Hanmi sets forth certain risks in its reports filed with the Securities and Exchange Commission, including the Company’s Form 10-Q for the quarter ended September 30, 2004 and its Annual Report on Form 10-K for the fiscal year ended December 31, 2003, which could cause actual results to differ from those projected.

CONTACT

Hanmi Financial Corporation

Michael J. Winiarski
Chief Financial Officer
(213) 351-9260

Stephanie Yoon
Investor Relations
(213) 351-9227

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HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands, Except Per Share Data)

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HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)

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HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in Thousands)

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HANMI FINANCIAL CORPORATION AND SUBSIDIARIES
SELECTED FINANCIAL DATA (Continued)
(Dollars in Thousands)

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