HAFC

Hanmi is a small Los Angeles-headquartered community bank (Hanmi Bank, $7.87B assets) serving Korean-American and other multi-ethnic small/medium businesses across nine states. FY2025 marked a clean inflection: revenue rebounded 15.3% to $270M, net income grew 22.3% to $76.1M and diluted EPS rose to $2.51 after two years of declines (FY2023 NI $80M → FY2024 $62M). The 10-K reconciles revenue mix to $445M of interest/fee income, with interest and fees on loans at 84.5% — a classic spread-bank model that benefits from the higher-for-longer rate backdrop and explains the operating-cash-flow surge to $206M (+292% YoY). At $32.24, 12.8x earnings and ~1.2x book ($796M equity / 29.9M shares = ~$26.6 BVPS), the stock is unambiguously cheap versus the S&P and screens reasonably even against community-bank peers.

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