Month Day, Year
Equity Research
Scott A. Jaggers, CFA
www.zacks.com
Hanmi Finl Cp
Current Recommendation
Prior Recommendation
Date of Last Change
Current Price (03/15/07)
Six- Month Target Price
111 North Canal Street, Chicago, IL 60606
(HAFC-NSDQ)
Hold
Buy
04/13/2004
OUTLOOK
Analyst must write
$19.31
SUMMARY DATA
52-Week High
52-Week Low
One-Year Return (%)
Beta
Average Daily Volume (sh)
Shares Outstanding (mil)
Market Capitalization ($mil)
Short Interest Ratio (days)
Institutional Ownership (%)
Insider Ownership (%)
Annual Cash Dividend
Dividend Yield (%)
$22.88
$17.34
6.70
0.92
197,337
49
$950
11.38
57
33
$0.24
1.24
5-Yr. Historical Growth Rates
Sales (%)
Earnings Per Share (%)
Dividend (%)
34.1
19.6
5.3
P/E using TTM EPS
14.5
P/E using 2007 Estimate
P/E using 2008 Estimate
13.5
12.2
Zacks Rank
Risk Level
Type of Stock
Industry
Zacks Rank in Industry
Above Avg.
Mid-Blend
Banks-West
39 of 50
ZACKS ESTIMATES
Revenue
(in millions of $)
Q1
(Mar)
2005
2006
2007
2008
Q2
(Jun)
51 A
66 A
48 E
55 A
72 A
51 E
Q3
(Sep)
Q4
(Dec)
61 A
77 A
52 E
Year
(Dec)
65 A
80 A
54 E
231 A
296 A
205 E
220 E
Q4
(Dec)
$0.30 A
$0.35 A
$0.38 E
Year
(Dec)
$1.17 A
$1.33 A
$1.43 E
$1.59 E
Earnings per Share
(EPS is operating earnings before non recurring items)
2005
2006
2007
2008
Q1
(Mar)
$0.27 A
$0.30 A
$0.33 E
Q2
(Jun)
$0.30 A
$0.32 A
$0.35 E
Q3
(Sep)
$0.30 A
$0.36 A
$0.37 E
4
Zacks Projected EPS Growth Rate - Next 5 Years %
© Copyright 2016, Zacks Investment Research. All Rights Reserved.
12
KEY POINTS

Analyst must write
OVERVIEW
Analyst must write
Zacks Investment Research
Page 2
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INDUSTRY OUTLOOK
INDUSTRY OUTLOOK - NEUTRAL
Our outlook for the regional banks and thrifts remains neutral. Interest rates will continue to move up, but
the pace of future increases from the Federal Reserve is a matter of debate as economic indicators
remain mixed. Long-term rates are not moving up in tandem, so increases in the short end will likely
create more flattening of the curve as well. Though an increasing rate environment as a rule is not the
best scenario for bank stocks, this increase from recent historic lows is most likely favorable (though
offset by the flatter curve). A slow, measured increase from here would provide the optimal atmosphere
for increasing interest margins and spread revenues.
The changing environment implies a changing mix of business for the banks and thrifts. Consumer
lending, the bread-and-butter of many regional and local institutions, will face significant headwinds to
revenue growth, as the mortgage business has seen record production. Home equity lending may
provide some offset, though, as consumers seek to continue drawing value from their residences.
Deposit fees are also expected to struggle, as the strong deposit growth of recent periods is likely to slow
as depositors seek higher returns in a rising-rate environment. Commercial and industrial lending (C&I)
seems to have bottomed, and increasing demand is on the way.
The small- and mid-cap banks will be more challenged to show earnings growth in this environment. C&I
improvement will only partially offset slowing consumer demand for many, as mortgage business has
been a significant portion of their business during the boom. Most have less exposure to marketsensitive businesses, such as capital markets and asset management, and generally less exposure to
C&I lending than the average large-cap bank. Credit quality has generally improved, and reduced
provisioning has provided a boost for some, though this will be less of a factor going forward. Even those
with improving fundamentals will face investor sentiment issues, as rising rates sometimes coincide with
falling bank stock prices. The strongest institutions might see share prices rise from here, along with the
weakest (more likely take-out candidates), but the majority will struggle.
INDUSTRY POSITION
Analyst must write
Top 5 Public Companies in the
Ticker
Zacks Investment Research
industry
Market Share
Company
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Rec
www.zacks.com
RECENT NEWS
Analyst must write
VALUATION
Analyst must write
Industry Comparables
Pr
Chg
YTD
P/E
CurrFY
EPS
Gr
5Yr
Est
12.0
Price/
Book
Price/
Sales
Price/
CF
2.0
3.2
14.0
HANMI FINL CP
-15.8
13.1
Industry Mean
Industry Median
S&P 500
-3.8
-2.4
-2.2
14.8
14.5
15.3
12.0
11.0
2.7
2.2
4.2
3.0
2.8
2.7
15.5
14.0
13.9
-6.5
15.0
6.7
3.4
4.8
13.4
-4.0
17.2
10.0
2.7
4.0
16.4
-12.3
15.6
10.0
2.9
4.1
15.9
-9.2
17.9
Page 4
17.0
2.1
3.4
21.8
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WESTAMER
BANCP
GLACIER
BANCORP
FRONTIER FINL
WESTERN
ALLIANC
Zacks Investment Research
RISKS

Analyst must write.
INSIDER TRADING AND OWNERSHIP
Analyst must write.
PROJECTED INCOME STATEMENT & BALANCE SHEET
Hanmi Finl Cp
Income Statement and Balance Sheet
(Dollars in millions, except EPS data)
Sales
Cost of Goods Sold
SG&A
Other operating
expenses
Interest and other
Zacks Adjusted Income
before NRI
Net Income
Diluted EPS before NRI
Reported EPS
Cash & Marketable
Securities
Current Assets
Current Liabilities
Long Term Debt
Shareholder's Equity
12/02
91
0
43
12/03
97
0
45
12/04
162
0
69
12/05
231
54
72
12/06
296
93
81
12/07E
205
65
56
0
0
0
3
4
2
30
33
56
44
57
39
17
34
38
58
66
70
17
0.61
0.61
19
1.21
0.67
37
0.88
0.85
58
1.17
1.17
66
1.33
1.33
70
1.43
1.43
123
63
127
163
144
144
1,132
1,295
34
124
1,320
1,454
180
139
2,377
2,540
152
400
2,655
2,846
129
427
3,006
3,058
169
487
3,006
3,058
169
557
HISTORICAL ZACKS RECOMMENDATIONS
Zacks Investment Research
Page 5
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DISCLOSURES
The analysts contributing to this report do not hold any shares of HAFC. Zacks EPS and revenue forecasts are not consensus
forecasts. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts’ personal
views as to the subject securities and issuers. Zacks certifies that no part of the analysts’ compensation was, is, or will be, directly or indirectly,
Zacks Investment Research
Page 6
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related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this
report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to
accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet
the particular investment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an
offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a
position long or short in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the
securities it covers. Buy- Zacks expects that the subject company will outperform the broader U.S. equity market over the next one to two
quarters. Hold- Zacks expects that the company will perform in line with the broader U.S. equity market over the next one to two quarters. SellZacks expects the company will under perform the broader U.S. Equity market over the next one to two quarters. The current distribution of
Zacks Ratings is as follows on the 1159 companies covered: Buy- 22.2%, Hold- 72.8%, Sell – 4.1%. Data is as of midnight on the business day
immediately prior to this publication.
Zacks Investment Research
Page 7
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