EXHIBIT 99.1

Hanmi Reports Solid Growth in Earnings for Third Quarter 2018

2018 Third Quarter Highlights:      

• Third quarter net income of $16.1 million, or $0.50 per diluted share, up 3.4% from the prior quarter and up 7.8% year-over-year.
• Loans and leases receivable of $4.6 billion, up 3.6% in the third quarter on an annualized basis and up 9.2% year-over-year.
• Deposits of $4.6 billion, up 16.8% in the third quarter on an annualized basis and up 7.3% year-over-year driven by growth in time deposits; Loan to deposit ratio declined to 99.3% from 102.6% in the prior quarter.
• Net interest income was $45.3 million, up 0.5% from the prior quarter and up 0.9% from a year ago; Net interest margin was 3.48%, down 12 basis points from the prior quarter and 31 basis points from a year ago.
• Noninterest income was $6.2 million, up 4.5% from the prior quarter and down 29.5% from a year ago.
• Noninterest expense was $29.0 million, down 1.7% from the prior quarter and included $0.5 million of merger and integration costs; Efficiency ratio of 56.28% improved by 152 basis points from prior quarter.
• Excellent asset quality; Nonperforming assets at 0.35% of total assets and net charge-offs of 0.03%.
• Return on average assets was 1.17% and return on average equity was 10.91% for the third quarter compared with 1.17% and 10.81%, respectively, for the prior quarter and 1.18% and 10.73%, respectively, a year ago.
• Repurchased approximately 1.3%, or 429,558 shares, of Hanmi’s outstanding common stock under the previously announced 5.0% share repurchase program.

LOS ANGELES, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported net income for the 2018 third quarter of $16.1 million, or $0.50 per diluted share, compared with $15.5 million, or $0.48 per diluted share for the 2018 second quarter and $14.9 million, or $0.46 per diluted share for the 2017 third quarter.

C. G. Kum, Chief Executive Officer, said, “Hanmi delivered a solid performance with net income up 3% from the prior quarter and up almost 8% year-over-year. Careful expense management along with loan growth drove the improvement in the bottom line. During the quarter, we also repurchased 429,558 shares of Hanmi’s common stock, or 1.3% of outstanding shares, under our recently announced stock repurchase program that authorized the buy-back of up to 5% of our shares outstanding. We expect, as market conditions permit, to complete the buy-back of the remaining shares under the authorized stock repurchase program by year end.”

Mr. Kum concluded, “Over the past four years, Hanmi has successfully generated double-digit annual growth in high-quality loans. However, given the current competition for deposits and increasingly challenging environment to originate loans that are well-priced and meet our underwriting standards, we made a strategic decision during the quarter to slow loan growth for the second half of 2018 and to moderate our loan growth expectation for 2019 to a range of 5% to 7%. In addition, a review of the company’s cost structure is being undertaken with the goal of reducing non-interest expenses by at least $5 million, or approximately $0.12 per share, in 2019. A key part of this activity will include a review of our technology platform and processes to improve operating efficiencies. We expect the improved cost structure and operating efficiencies will better position the company to pursue opportunistic growth in the future.”

Quarterly Highlights
(Dollars in thousands, except per share data)

Results of Operations
Net interest income was $45.3 million for the third quarter of 2018 compared with $45.1 million for the second quarter of 2018. Interest and fees on loans and leases increased 4.9%, or $2.7 million, from the preceding quarter due to a 3.1% increase in average loans and leases receivable and a three basis point increase in the average yield; however, interest expense on deposits increased 23.5% or $2.2 million, from the preceding quarter due to a 3.2% increase in average interest-bearing deposits and a 23 basis point increase in rates paid. Loan prepayment fees were immaterial during the last two quarters.

Net interest margin on a tax equivalent basis was 3.48% for the third quarter of 2018 compared with 3.60% for the second quarter of 2018 down 12 basis points primarily from the increase in the cost of interest-bearing deposits. The average earning asset yield (tax equivalent) was 4.60% for the third quarter of 2018 compared with 4.57% for the second quarter of 2018. The three basis point increase was primarily due to the increase in average yield for loans and leases receivable. The cost of interest-bearing liabilities was 1.66% for the third quarter of 2018 compared with 1.44% for the second quarter of 2018. The 22 basis point increase was primarily due to an 8.6% increase in average time deposits and a 28 basis point increase in the average rate paid on time deposits. 

For the third quarter of 2018, the loan and lease loss provision was $0.2 million compared with $0.1 million for the preceding quarter reflecting the continued strong asset quality of the portfolio of loans and leases.

Third quarter noninterest income increased 4.5% to $6.2 million from $5.9 million for the second quarter, primarily due to a $0.3 million increase in servicing income, $0.2 million increase in service charges on deposit accounts and an increase of $0.2 million in other operating income. This was partially offset by a $0.3 million decrease in gain on sale of SBA loans. Gains on sales of SBA loans were $1.1 million for the third quarter 2018, down from $1.4 million for the preceding quarter reflecting lower trade premiums. The volume of SBA loans sold for the 2018 third quarter and second quarter were $19.8 and $19.1 million, respectively.  

Noninterest expense has remained within a relatively tight range over the past year. During the third quarter, noninterest expense decreased 1.7% to $29.0 million from $29.5 million in the second quarter primarily due to a $0.7 million decrease in other real estate owned, a $0.4 million decrease in occupancy and equipment and a $0.2 million decrease in advertising and promotion. This was partially offset by increases of $0.4 million in professional fees and $0.2 million in data processing. During the third quarter, certain expenses were recovered on a former OREO property. The increase in data processing was due to higher levels of activity and professional fees increased due to the timing of co-sourced internal audits and credit reviews. Merger and integration costs related to the transaction to acquire SWNB Bancorp, Inc. (“SWNB”), which was terminated in September 2018, were $0.5 million and $0.4 million, in the third and second quarter, respectively. As a result of the decrease in noninterest expense, as well as the increase in revenues (noninterest income and net interest income), the efficiency ratio improved to 56.28% in the third quarter from 57.80% in the prior quarter.

Hanmi recorded a provision for income taxes of $6.3 million for the third quarter of 2018, representing an effective tax rate of 28.0%, compared with $5.9 million, representing an effective tax rate of 27.5%, for the second quarter. Hanmi’s effective tax rate for the third quarter of 2017 was 39.9% with a provision of $9.9 million. The year-over-year decrease was a result of the lower Federal corporate tax rate beginning in 2018.

Financial Position
Total assets were $5.49 billion at September 30, 2018, a 1.3% increase from $5.42 billion at June 30, 2018. The increase in total assets was primarily due to an increase in loans and leases receivable.

Loans and leases receivable, before the allowance for loan and lease losses, were $4.58 billion at September 30, 2018, up 0.9% from $4.54 billion at the end of the prior quarter. Loans held for sale, representing the guaranteed portion of SBA loans, were $4.5 million at September 30, 2018 compared with $5.3 million at the end of the second quarter.

Loans and leases receivable, before the allowance for loan and lease losses, increased 9.2% from $4.20 billion for the third quarter last year, primarily due to strong loan and lease production over the last twelve months.

New loan and lease production for the 2018 third quarter was $238.0 million while payoffs, amortization and net line utilization was $177.8 million compared with $220.5 million and $151.4 million, respectively, for the third quarter last year. Third quarter 2018 new loan and lease production was comprised of $112.7 million of commercial real estate loans, $32.7 million of commercial and industrial loans, $25.4 million of SBA loans, $64.3 million of commercial leases and $2.9 million of consumer loans. Loan purchases for the 2018 third quarter were $2.2 million, compared with $88.2 million in third quarter last year. For the third quarter of 2018, commercial real estate loans as a percentage of loans and leases receivable decreased to 71.5% compared with 74.1% for the same period last year.

Bonnie Lee, President and Chief Operating Officer, said, “Total new loan and lease production of $238 million in the third quarter increased 8% year-over-year and was in-line with our new strategy to moderate loan and lease growth to single digits in the near-term given the current banking environment. During the quarter, we significantly reduced loan purchases, particularly purchases of residential consumer loans where spreads continue to compress. However, I was pleased with the strong contributions from our Commercial Equipment Leasing division, which comprised approximately 27% of new origination volume in the quarter and benefit our total portfolio with strong risk-adjusted yields.”

Deposits increased 4.2% to $4.61 billion at the end of the third quarter from $4.43 billion at the end of the preceding quarter. Time deposits and money market and savings deposits led this growth with increases of 8.9% and 7.1%, respectively. The loan to deposit ratio at September 30, 2018 decreased to 99.3% from 102.6% in the second quarter.

Deposits increased 7.3% from $4.30 billion in the third quarter last year, as total time deposits and noninterest-bearing demand deposits increased 25.4% and 1.6%, respectively, from a year ago.

At September 30, 2018, stockholders’ equity was $567.7 million, compared with $571.7 million at June 30, 2018. Tangible common stockholders’ equity was $555.5 million, or 10.15% of tangible assets, compared with $559.3 million, or 10.35% of tangible assets at the end of the second quarter. Tangible book value per share increased to $17.31 from $17.20 in the prior quarter.

Hanmi continues to be well capitalized, with a preliminary Tier 1 risk-based capital ratio of 12.14% and a Total risk-based capital ratio of 14.93% at September 30, 2018, versus 12.35% and 15.17%, respectively, for the second quarter.

Hanmi declared a cash dividend of $0.24 per common share on its common stock in the third quarter.  The dividend was paid on August 30, 2018, to stockholders of record as of the close of business on August 9, 2018.

Asset Quality
Nonperforming loans and leases were $18.3 million at the end of the third quarter of 2018, or 0.40% of loans and leases receivable, compared with $15.8 million at the end the prior quarter, or 0.35%. Loans and leases 30 to 89 days past due and still accruing were 0.15% of loans and leases receivable at the end of the third quarter of 2018, compared with 0.20% at the end of the second quarter.

Nonperforming assets were $19.2 million at the end of the third quarter of 2018, or 0.35% of assets, compared with 0.30% of assets at the end of the prior quarter.

Gross charge-offs for the third quarter of 2018 were $1.2 million compared with $0.7 million for the preceding quarter. Recoveries of previously charged-off loans for the third quarter of 2018 were $0.9 million compared with $0.6 million for the preceding quarter. As a result, there were net charge offs of $342,000 for the third quarter of 2018, compared with net charge offs of $59,000 for the preceding quarter.  For the third quarter of 2018, net charge offs were 0.03% of average loans and leases compared to net charge offs of 0.01% for the preceding quarter.   

The allowance for loan and lease losses was $31.7 million as of September 30, 2018, generating an allowance of loan and lease losses to loans and leases of 0.69% compared with 0.70% in the prior quarter.

Corporate Developments
During the third quarter, Hanmi announced that its Board of Directors authorized a stock repurchase program of up to 5%, or 1.6 million shares, of its outstanding common stock. As of September 30, 2018, Hanmi repurchased 429,558 shares at an average price of $25.89 for an aggregate cost of $11.1 million.

In addition, during the third quarter, Hanmi announced that it had terminated its previously announced agreement to acquire SWNB. Subsequent to the end of the quarter, Hanmi announced that it filed a complaint in the United States District Court for the Southern District of Texas against SWNB and its directors, alleging breach of contract under the Agreement and Plan of Merger. The lawsuit seeks damages for losses incurred as well as the termination fee payable under the Merger Agreement as a result of SWNB’s and the directors’ breach of the agreements.

Conference Call                            
Management will host a conference call today, October 23, 2018 at 2:00 p.m. PT (5:00 p.m. ET) to discuss these results. This call will also be broadcast live via the internet. Investment professionals and all current and prospective stockholders are invited to access the live call by dialing 1-877-407-9039 before 2:00 p.m. PT, using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi’s website at www.hanmi.com.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 40 full-service branches and 9 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.

Forward-Looking Statements
This press release contains 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. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, litigation, plans and objectives of management for future operations, developments regarding our capital plans, strategic alternatives for a possible business combination, merger or sale transaction, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. 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: failure to maintain adequate levels of capital and liquidity to support our operations; the effect of potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests; ability to identify a suitable strategic partner or to consummate a strategic transaction; adequacy of our allowance for loan and lease losses; credit quality and the effect of credit quality on our provision for loan and lease losses and allowance for loan and lease losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2017, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Richard Pimentel
Senior Vice President & Corporate Finance Officer
213-427-3191

Lasse Glassen
Investor Relations
Addo Investor Relations
310-829-5400

Hanmi Financial Corporation and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(In thousands)

Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)

Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(In thousands, except share and per share data)

Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(In thousands, except ratios)

Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(In thousands, except ratios)

Non-GAAP Financial Measures

Tangible Common Equity to Tangible Assets Ratio

Tangible common equity to tangible assets ratio is supplemental financial information determined by a method other than in accordance with U.S. generally accepted accounting principles (“GAAP”). This non-GAAP measure is used by management in the analysis of Hanmi’s capital strength. Tangible equity is calculated by subtracting goodwill and other intangible assets from stockholders’ equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of this financial measure excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital strength of Hanmi. This disclosure should not be viewed as a substitution for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The following table reconciles this non-GAAP performance measure to the GAAP performance measure for the periods indicated:

Tangible Common Equity to Tangible Assets Ratio (Unaudited)
(In thousands, except share, per share data and ratios)