Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding
company of Bank of Hope (the “Bank”), today reported unaudited
financial results for its second quarter and six months ended June
30, 2024. For the three months ended June 30, 2024, net income
totaled $25.3 million, or $0.21 per diluted common share. This
compares with net income of $25.9 million, or $0.21 per diluted
common share, in the first quarter of 2024. Excluding notable
items(1), net income for the 2024 second quarter was $26.6 million,
or $0.22 per diluted common share.
“During the 2024 second quarter, our net interest margin
expanded, our operating expenses decreased, and our return on
assets improved, compared with the 2024 first quarter,” said Kevin
S. Kim, Chairman, President and Chief Executive Officer. “These
highlights reflect continued progress towards improving our
financial performance following our strategic reorganization in the
fourth quarter of last year.
“Quarter-over-quarter, total deposits were essentially stable
with growth in noninterest bearing demand deposits and other
customer deposits largely offsetting a planned reduction in
brokered time deposits. Our cost of total deposits increased by
only three basis points this quarter, a sharp deceleration from the
quarterly increases over the past two years. Gross loans decreased
modestly quarter-over-quarter as elevated payoffs and paydowns
offset growing production volumes. Given the improved conditions in
the secondary markets, we resumed SBA loan sales during the second
quarter. Nonperforming assets of $67.3 million at June 30, 2024,
decreased 37% from March 31, 2024, and our overall credit quality
remains stable.
“Following the signing of the definitive merger agreement with
Territorial Bancorp Inc. (NASDAQ: TBNK), the stock holding company
of Territorial Savings Bank, on April 26, 2024, we have been
diligently planning for a smooth integration,” continued Kim. “The
addition of Territorial’s stable and low-cost deposit base will
enhance our deposit franchise. Territorial’s residential mortgage
loans, with their excellent asset quality, will accelerate the
diversification of our loan portfolio. Combined, we will be the
largest regional bank catering to multi-ethnic customers with
full-service branches across the continental United States and
Hawai‘i.”
____________________
(1)
Net income, excluding merger-related
expenses, restructuring-related charges and the FDIC special
assessment (also referred to collectively as the “notable items”),
is a non-GAAP financial measure. Quantitative reconciliations of
the most directly comparable GAAP to non-GAAP financial measures
are provided in the accompanying financial information on Table
Pages 10 and 11.
Operating Results for the 2024 Second
Quarter
Net interest income. Net interest income before provision
for credit losses for the 2024 second quarter totaled $105.9
million, compared with $115.0 million in the immediately preceding
first quarter, a decrease of $9.1 million, or 8%,
quarter-over-quarter. Approximately $4.0 million of the
quarter-over-quarter decrease was attributable to the net impact of
the Company’s payoff of its Bank Term Funding Program (“BTFP”)
borrowings that matured in late March 2024 and early April 2024,
which the Company paid off with interest earning cash.
Net interest margin expansion. Net interest margin for
the 2024 second quarter expanded to 2.62%, up seven basis points
from 2.55% in the 2024 first quarter, largely reflecting a
favorable earning asset mix shift. The 2024 second quarter yield on
average earning assets was 5.76%, unchanged from the first quarter
of 2024. The cost of average interest bearing liabilities was 4.55%
in the second quarter of 2024, up only two basis points from 4.53%
in the preceding first quarter.
Cost of deposits. The quarter-over-quarter rate of change
in deposit costs substantially slowed. The average cost of total
deposits for the 2024 second quarter was 3.39%, an increase of
three basis points from 3.36% in the preceding first quarter. This
rate of change compares favorably with the 21 basis point
quarter-over-quarter increase in the average cost of total deposits
in the 2024 first quarter, and with the quarterly rates of change
experienced in 2023 and 2022.
Noninterest income. Noninterest income for the 2024
second quarter increased to $11.1 million, up 34% from $8.3 million
in the immediately preceding first quarter, primarily reflecting
$2.0 million of net gains on the sale of SBA loans. During the 2024
second quarter, the Company resumed sales of the guaranteed portion
of its SBA 7(a) loans. There were no such SBA gains on sale in the
immediately preceding first quarter.
Noninterest expense. Noninterest expense for the 2024
second quarter decreased 5% to $81.0 million from $84.8 million in
the immediately preceding first quarter, and was down 7%
year-over-year from $87.2 million in the 2023 second quarter. The
Company continues to manage expenses closely following its
restructuring in the fourth quarter of 2024. Excluding notable
items(2), noninterest expense for the 2024 second quarter was $79.1
million, down 4% compared with $82.4 million for the 2024 first
quarter, and down 9% year-over-year. Noninterest expense for the
2024 second quarter included notable items comprising $1.6 million
of merger-related expenses, $576,000 of restructuring-related
costs, and a $309,000 reversal of accrual related to the FDIC
special assessment, all on a pre-tax basis. For the 2024 first
quarter, noninterest expense included notable items comprising $1.0
million of merger-related expenses, an incremental accrual of $1.0
million for the FDIC special assessment, and $402,000 of
restructuring-related costs, all on a pre-tax basis.
Salaries and employee benefits expense for the 2024 second
quarter was $44.1 million, a 7% quarter-over-quarter decrease from
$47.6 million in the 2024 first quarter, which included seasonally
higher items such as payroll tax accruals. Year-over-year, salaries
and employee benefits expense decreased 16% from $52.3 million in
the 2023 second quarter, reflecting the results of the
restructuring.
Tax rate. The year-to-date effective tax rate for the
first half of 2024 was 27.4%, compared with the year-to-date
effective tax rate of 26.0% for the first half of 2023. For the
full year 2024, the Company expects the effective tax rate to be
approximately 26%.
____________________
(2)
Noninterest expense, excluding
merger-related expenses, restructuring-related charges and the FDIC
special assessment (also referred to collectively as the “notable
items”), is a non-GAAP financial measure. Quantitative
reconciliations of the most directly comparable GAAP to non-GAAP
financial measures are provided in the accompanying financial
information on Table Pages 10 and 11.
Balance Sheet Summary
Cash and investment securities. At June 30, 2024, cash
and cash equivalents totaled $654.0 million, compared with $1.19
billion at March 31, 2024, and $2.30 billion at June 30, 2023. The
linked-quarter and year-over-year changes in cash and cash
equivalents primarily reflected the payoff of the Company’s BTFP
borrowings in March and April of 2024. Investment securities
totaled $2.17 billion at June 30, 2024, $2.28 billion at March 31,
2024, and $2.19 billion at June 30, 2023.
Loans. Gross loans of $13.64 billion at June 30, 2024,
decreased $86.6 million, or less than 1%, from $13.72 billion at
March 31, 2024. During the 2024 second quarter, the Company sold
$29.8 million of the guaranteed portion of its SBA 7(a) loans held
for sale. Quarter-over-quarter, commercial and industrial loans
decreased, reflecting elevated payoffs and paydowns. This was
partially offset by continued strong growth in residential mortgage
loans and essentially stable commercial real estate loan
balances.
The following table sets forth the loan portfolio composition at
June 30, 2024, March 31, 2024, and June 30, 2023:
(dollars in thousands) (unaudited)
6/30/2024
3/31/2024
6/30/2023
Balance
Percentage
Balance
Percentage
Balance
Percentage
Commercial real estate (“CRE”) loans
$
8,679,515
63.6
%
$
8,707,673
63.5
%
$
9,192,160
61.7
%
Commercial and industrial (“C&I”)
loans
3,854,284
28.3
%
4,041,063
29.4
%
4,805,126
32.2
%
Residential mortgage and other loans
1,033,203
7.6
%
970,442
7.1
%
867,524
5.8
%
Loans receivable
13,567,002
99.5
%
13,719,178
100.0
%
14,864,810
99.7
%
Loans held for sale
68,316
0.5
%
2,763
—
%
49,246
0.3
%
Gross loans
$
13,635,318
100.0
%
$
13,721,941
100.0
%
$
14,914,056
100.0
%
Deposits. Total deposits were essentially stable
quarter-over-quarter, totaling $14.71 billion at June 30, 2024,
compared with $14.75 billion at March 31, 2024, reflecting growth
in customer deposits that largely offset planned reductions of
brokered time deposits. Noninterest bearing demand deposits grew 1%
quarter-over-quarter to $3.67 billion at June 30, 2024. During the
second quarter of 2024, the Company reduced brokered time deposits
by $92.1 million, or 8% from March 31, 2024.
The following table sets forth the deposit composition at June
30, 2024, March 31, 2024, and June 30, 2023:
(dollars in thousands) (unaudited)
6/30/2024
3/31/2024
6/30/2023
Balance
Percentage
Balance
Percentage
Balance
Percentage
Noninterest bearing demand deposits
$
3,671,192
24.9
%
$
3,652,592
24.7
%
$
4,229,247
27.1
%
Money market, interest bearing demand, and
savings deposits
4,907,860
33.4
%
5,313,064
36.0
%
4,413,079
28.2
%
Time deposits
6,132,419
41.7
%
5,787,761
39.3
%
6,977,026
44.7
%
Total deposits
$
14,711,471
100.0
%
$
14,753,417
100.0
%
$
15,619,352
100.0
%
Gross loan-to-deposit ratio
92.7
%
93.0
%
95.5
%
Borrowings. Federal Home Loan Bank and Federal Reserve
Bank borrowings totaled $170.0 million at June 30, 2024, $795.6
million at March 31, 2024, and $2.26 billion at June 30, 2023. The
linked-quarter and year-over-year changes primarily reflected the
payoff of the Company’s BTFP borrowings in March and April 2024.
During the second quarter, the Company paid off the remaining
$695.6 million of its BTFP borrowings when it matured on April 5,
2024.
Credit Quality and Allowance for Credit
Losses
Nonperforming assets. Nonperforming assets decreased 37%
to $67.3 million, or 0.39% of total assets, at June 30, 2024, from
$106.8 million, or 0.59% of total assets, at March 31, 2024, and
were down 13% from $77.4 million, or 0.38% of total assets, at June
30, 2023. The linked-quarter and year-over-year reductions in
nonperforming assets reflected improvement in accruing delinquent
loans past due 90 days or more.
The following table sets forth the components of nonperforming
assets at June 30, 2024, March 31, 2024, and June 30, 2023:
(dollars in thousands) (unaudited)
6/30/2024
3/31/2024
6/30/2023
Loans on nonaccrual status (1)
$
67,003
$
59,526
$
61,252
Accruing delinquent loans past due 90 days
or more
273
47,290
15,182
Total nonperforming loans
67,276
106,816
76,434
Other real estate owned
—
—
938
Total nonperforming assets
$
67,276
$
106,816
$
77,372
Nonperforming assets/total assets
0.39
%
0.59
%
0.38
%
(1)
Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $11.2 million,
$10.9 million and $11.9 million at June 30, 2024, March 31, 2024,
and June 30, 2023, respectively.
Net charge offs and provision for credit losses. The
Company recorded net charge offs of $4.4 million in the 2024 second
quarter, equivalent to 0.13%, annualized, of average loans. This
compares with net charge offs of $3.5 million, or 0.10%,
annualized, of average loans in the immediately preceding first
quarter.
The following table sets forth net charge offs and annualized
net charge off ratios for the three months ended June 30, 2024,
March 31, 2024, and June 30, 2023:
For the Three Months
Ended
(dollars in thousands) (unaudited)
6/30/2024
3/31/2024
6/30/2023
Net charge offs (recoveries)
$
4,439
$
3,536
$
(552
)
Annualized net charge offs
(recoveries)/average loans
0.13
%
0.10
%
(0.01
)%
For the 2024 second quarter, the Company recorded a provision
for credit losses of $1.4 million. This compares with a provision
for credit losses of $2.6 million in the immediately preceding
first quarter.
Allowance for credit losses. The allowance for credit
losses totaled $156.0 million at June 30, 2024, compared with
$158.8 million at March 31, 2024. The allowance coverage ratio was
1.15% of loans receivable at June 30, 2024, compared with 1.16% at
March 31, 2024.
The following table sets forth the allowance for credit losses
and the coverage ratios at June 30, 2024, March 31, 2024, and June
30, 2023:
(dollars in thousands) (unaudited)
6/30/2024
3/31/2024
6/30/2023
Allowance for credit losses
$
156,019
$
158,758
$
172,996
Allowance for credit losses/loans
receivable
1.15
%
1.16
%
1.16
%
Capital
The Company’s capital ratios are strong and all regulatory
risk-based capital ratios expanded quarter-over-quarter and
year-over-year. At June 30, 2024, the Company and the Bank
continued to exceed all regulatory capital requirements generally
required to meet the definition of a “well-capitalized” financial
institution. The following table sets forth the capital ratios for
the Company at June 30, 2024, March 31, 2024, and June 30,
2023:
(unaudited)
6/30/2024
3/31/2024
6/30/2023
Minimum Guideline
for “Well-Capitalized”
Common Equity Tier 1 Capital Ratio
12.70%
12.47%
11.05%
6.50%
Tier 1 Capital Ratio
13.40%
13.17%
11.68%
8.00%
Total Capital Ratio
14.42%
14.19%
12.64%
10.00%
Leverage Ratio
11.61%
10.42%
9.57%
5.00%
At June 30, 2024, total stockholders’ equity was $2.11 billion,
or $17.49 per common share, essentially stable
quarter-over-quarter. Tangible common equity (“TCE”) per share(3)
was $13.61 at June 30, 2024, compared with $13.63 at March 31,
2024, and the TCE ratio(3) was 9.72% at June 30, 2024, up 39 basis
points quarter-over-quarter.
The following table sets forth the TCE per share and the TCE
ratio at June 30, 2024, March 31, 2024, and June 30, 2023:
(unaudited)
6/30/2024
3/31/2024
6/30/2023
TCE per share
$13.61
$13.63
$13.32
TCE ratio
9.72%
9.33%
8.04%
____________________
(3]
TCE ratio per share and TCE ratio are
non-GAAP financial measures. Quantitative reconciliations of the
most directly comparable GAAP to non-GAAP financial measures are
provided in the accompanying financial information on Table Pages
10 and 11.
Investor Conference Call
The Company previously announced that it will host an investor
conference call on Monday, July 29, 2024, at 9:30 a.m. Pacific Time
/ 12:30 p.m. Eastern Time to review unaudited financial results for
its second quarter ended June 30, 2024. Investors and analysts are
invited to access the conference call by dialing 866-235-9917
(domestic) or 412-902-4103 (international) and asking for the “Hope
Bancorp Call.” A presentation to accompany the earnings call will
be available at the Investor Relations section of Hope Bancorp’s
website at www.ir-hopebancorp.com. Other interested parties are
invited to listen to a live webcast of the call available at the
Investor Relations section of Hope Bancorp’s website. After the
live webcast, a replay will remain available at the Investor
Relations section of Hope Bancorp’s website for at least one year.
A telephonic replay of the call will be available at 877-344-7529
(domestic) or 412-317-0088 (international) for one week through
August 5, 2024, replay access code 2112004.
Non-GAAP Financial Metrics
This news release and accompanying financial tables contain
certain non-GAAP financial measure disclosures, including net
income excluding notable items, earnings per share excluding
notable items, noninterest expense excluding notable items, TCE per
share, TCE ratio, ROA excluding notable items, ROE excluding
notable items, ROTCE, ROTCE excluding notable items, efficiency
ratio excluding notable items and noninterest expense / average
assets excluding notable items. Management believes these non-GAAP
financial measures provide meaningful supplemental information
regarding the Company’s operational performance and the Company’s
capital levels and has included these figures in response to market
participant interest in these financial metrics. Quantitative
reconciliations of the most directly comparable GAAP to non-GAAP
financial measures are provided in the accompanying financial
information on Table Pages 10 and 11.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. (NASDAQ: HOPE) is the holding company of Bank
of Hope, the first and only super regional Korean American bank in
the United States with $17.38 billion in total assets as of June
30, 2024. Headquartered in Los Angeles and serving a multi-ethnic
population of customers across the nation, the Bank provides a full
suite of commercial, corporate and consumer loans, including
commercial and commercial real estate lending, SBA lending,
residential mortgage and other consumer lending; deposit and
fee-based products and services; international trade financing; and
cash management services, foreign currency exchange solutions, and
interest rate derivative products, among others. Bank of Hope
operates 48 full-service branches in California, Washington, Texas,
Illinois, New York, New Jersey, Virginia, Alabama, and Georgia. The
Bank also operates SBA loan production offices, commercial loan
production offices, and residential mortgage loan production
offices in the United States; and a representative office in Seoul,
Korea. Bank of Hope is a California-chartered bank, and its
deposits are insured by the FDIC to the extent provided by law.
Bank of Hope is an Equal Opportunity Lender. For additional
information, please go to www.bankofhope.com. By including the
foregoing website address link, the Company does not intend to and
shall not be deemed to incorporate by reference any material
contained or accessible therein.
Additional Information About the Merger and Where to Find
It
In connection with the proposed merger with Territorial Bancorp
Inc., Hope Bancorp, Inc. filed with the Securities and Exchange
Commission (“SEC”) a Registration Statement on Form S-4 on June 21,
2024, which included a preliminary Proxy Statement of Territorial
Bancorp Inc., that also constitutes a preliminary prospectus of
Hope Bancorp, Inc. This earnings release does not constitute an
offer to sell or the solicitation of an offer to buy any securities
or a solicitation of any vote or approval. Territorial Bancorp
shareholders are encouraged to read the Registration Statement and
the Proxy Statement/Prospectus regarding the merger and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to those documents, because they will contain important
information about the proposed merger. Territorial Bancorp
shareholders will be able to obtain a free copy of the Proxy
Statement/Prospectus, as well as other filings containing
information about Hope Bancorp and Territorial Bancorp at the SEC’s
Internet site (www.sec.gov). Territorial Bancorp shareholders will
also be able to obtain these documents, free of charge, from
Territorial Bancorp at
https://www.tsbhawaii.bank/tsb/investor-relations/.
Participants in Solicitation
Hope Bancorp, Inc., Territorial Bancorp and certain of their
directors, executive officers, management and employees may be
deemed to be participants in the solicitation of proxies in respect
of the merger. Information concerning Hope Bancorp’s directors and
executive officers is set forth in the Proxy Statement, dated April
12, 2024 (as amended and supplemented), for its 2024 annual meeting
of stockholders as filed with the SEC on Schedule 14A. Information
concerning Territorial Bancorp’s participants is set forth in the
Proxy Statement, dated April 16, 2024, for Territorial Bancorp’s
2024 annual meeting of stockholders as filed with the SEC on
Schedule 14A. Additional information regarding the interests of
those participants in the solicitation of proxies in respect of the
merger may be obtained by reading the Registration Statement and
Proxy Statement/Prospectus filed with the SEC.
Forward-Looking Statements
Some statements in this news release may constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements relate to, among other things, expectations regarding
Territorial Bancorp’s low-cost core deposit base, strengthening of
profitability, ease of integration and diversification of
franchise. Forward-looking statements include, but are not limited
to, statements preceded by, followed by or that include the words
“will,” “believes,” “expects,” “anticipates,” “intends,” “plans,”
“estimates” or similar expressions. With respect to any such
forward-looking statements, Hope Bancorp claims the protection
provided for in the Private Securities Litigation Reform Act of
1995. These statements involve risks and uncertainties. Hope
Bancorp’s actual results, performance or achievements may differ
significantly from the results, performance or achievements
expressed or implied in any forward-looking statements. The closing
of the proposed transaction is subject to regulatory approvals, the
approval of Territorial Bancorp shareholders, and other customary
closing conditions. There is no assurance that such conditions will
be met or that the proposed merger will be consummated within the
expected time frame, or at all. If the transaction is consummated,
factors that may cause actual outcomes to differ from what is
expressed or forecasted in these forward-looking statements
include, among things: difficulties and delays in integrating Hope
Bancorp and Territorial Bancorp and achieving anticipated
synergies, cost savings and other benefits from the transaction;
higher than anticipated transaction costs; deposit attrition,
operating costs, customer loss and business disruption following
the merger, including difficulties in maintaining relationships
with employees and customers, may be greater than expected; and
required governmental approvals of the merger may not be obtained
on its proposed terms and schedule, or without regulatory
constraints that may limit growth. Other risks and uncertainties
include, but are not limited to: possible further deterioration in
economic conditions in Hope Bancorp’s areas of operation or
elsewhere; interest rate risk associated with volatile interest
rates and related asset-liability matching risk; liquidity risks;
risk of significant non-earning assets, and net credit losses that
could occur, particularly in times of weak economic conditions or
times of rising interest rates; the failure of or changes to
assumptions and estimates underlying Hope Bancorp’s allowances for
credit losses; potential increases in deposit insurance assessments
and regulatory risks associated with current and future
regulations; the outcome of any legal proceedings that may be
instituted against Hope Bancorp; the risk that any announcements
relating to the proposed transaction could have adverse effects on
the market price of the common stock of Hope Bancorp; and diversion
of management’s attention from ongoing business operations and
opportunities. For additional information concerning these and
other risk factors, see Hope Bancorp’s most recent Annual Report on
Form 10-K. Hope Bancorp does not undertake, and specifically
disclaims any obligation, to update any forward-looking statements
to reflect the occurrence of events or circumstances after the date
of such statements except as required by law.
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share data)
Assets:
6/30/2024
3/31/2024
% change
6/30/2023
% change
Cash and due from banks
$
654,044
$
1,185,296
(44.8
)%
$
2,302,339
(71.6
)%
Investment securities
2,172,859
2,277,990
(4.6
)%
2,186,346
(0.6
)%
Federal Home Loan Bank (“FHLB”) stock and
other investments
61,528
61,175
0.6
%
60,213
2.2
%
Gross loans, including loans held for
sale
13,635,318
13,721,941
(0.6
)%
14,914,056
(8.6
)%
Allowance for credit losses
(156,019
)
(158,758
)
(1.7
)%
(172,996
)
(9.8
)%
Accrued interest receivable
57,645
60,316
(4.4
)%
60,118
(4.1
)%
Premises and equipment, net
50,919
50,541
0.7
%
50,513
0.8
%
Goodwill and intangible assets
467,583
467,984
(0.1
)%
469,280
(0.4
)%
Other assets
431,214
421,729
2.2
%
496,269
(13.1
)%
Total assets
$
17,375,091
$
18,088,214
(3.9
)%
$
20,366,138
(14.7
)%
Liabilities:
Deposits
$
14,711,471
$
14,753,417
(0.3
)%
$
15,619,352
(5.8
)%
FHLB and Federal Reserve Bank (“FRB”)
borrowings
170,000
795,634
(78.6
)%
2,260,000
(92.5
)%
Subordinated debentures and convertible
notes, net
108,918
108,592
0.3
%
107,632
1.2
%
Accrued interest payable
86,779
122,467
(29.1
)%
109,236
(20.6
)%
Other liabilities
186,641
195,834
(4.7
)%
201,920
(7.6
)%
Total liabilities
$
15,263,809
$
15,975,944
(4.5
)%
$
18,298,140
(16.6
)%
Stockholders’ Equity:
Common stock, $0.001 par value
$
138
$
138
—
%
$
137
0.7
%
Additional paid-in capital
1,440,963
1,439,484
0.1
%
1,433,788
0.5
%
Retained earnings
1,167,978
1,159,593
0.7
%
1,127,624
3.6
%
Treasury stock, at cost
(264,667
)
(264,667
)
—
%
(264,667
)
—
%
Accumulated other comprehensive loss,
net
(233,130
)
(222,278
)
(4.9
)%
(228,884
)
(1.9
)%
Total stockholders’ equity
2,111,282
2,112,270
—
%
2,067,998
2.1
%
Total liabilities and stockholders’
equity
$
17,375,091
$
18,088,214
(3.9
)%
$
20,366,138
(14.7
)%
Common stock shares – authorized
300,000,000
150,000,000
150,000,000
Common stock shares – outstanding
120,731,342
120,610,029
120,014,888
Treasury stock shares
17,382,835
17,382,835
17,382,835
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
Three Months Ended
Six Months Ended
6/30/2024
3/31/2024
% change
6/30/2023
% change
6/30/2024
6/30/2023
% change
Interest and fees on loans
$
209,683
$
213,626
(2
)%
$
225,671
(7
)%
$
423,309
$
441,606
(4
)%
Interest on investment securities
16,829
18,049
(7
)%
15,534
8
%
34,878
30,659
14
%
Interest on cash and deposits at other
banks
5,284
27,183
(81
)%
25,295
(79
)%
32,467
30,217
7
%
Interest on other investments and FHLB
dividends
805
816
(1
)%
684
18
%
1,621
1,379
18
%
Total interest income
232,601
259,674
(10
)%
267,184
(13
)%
492,275
503,861
(2
)%
Interest on deposits
122,577
124,033
(1
)%
109,724
12
%
246,610
202,072
22
%
Interest on borrowings
4,164
20,594
(80
)%
26,771
(84
)%
24,758
37,222
(33
)%
Total interest expense
126,741
144,627
(12
)%
136,495
(7
)%
271,368
239,294
13
%
Net interest income before provision
105,860
115,047
(8
)%
130,689
(19
)%
220,907
264,567
(17
)%
Provision for credit losses
1,400
2,600
(46
)%
9,010
(84
)%
4,000
12,330
(68
)%
Net interest income after provision
104,460
112,447
(7
)%
121,679
(14
)%
216,907
252,237
(14
)%
Service fees on deposit accounts
2,681
2,587
4
%
2,325
15
%
5,268
4,546
16
%
Net gains on sales of SBA loans
1,980
—
100
%
1,872
6
%
1,980
4,097
(52
)%
Net gains on sales of securities available
for sale
425
—
100
%
—
100
%
425
—
100
%
Other income and fees
5,985
5,699
5
%
12,817
(53
)%
11,684
19,349
(40
)%
Total noninterest income
11,071
8,286
34
%
17,014
(35
)%
19,357
27,992
(31
)%
Salaries and employee benefits
44,107
47,577
(7
)%
52,305
(16
)%
91,684
109,474
(16
)%
Occupancy
6,906
6,786
2
%
6,967
(1
)%
13,692
14,488
(5
)%
Furniture and equipment
5,475
5,340
3
%
5,393
2
%
10,815
10,451
3
%
Data processing and communications
2,997
2,990
—
%
2,917
3
%
5,987
5,739
4
%
FDIC assessment
3,003
2,926
3
%
4,691
(36
)%
5,929
6,472
(8
)%
FDIC special assessment
(309
)
1,000
N/A
—
100
%
691
—
100
%
Earned interest credit
6,139
5,834
5
%
5,090
21
%
11,973
9,517
26
%
Restructuring-related costs
576
402
43
%
—
100
%
978
—
100
%
Merger-related costs
1,589
1,044
52
%
—
100
%
2,633
—
100
%
Other noninterest expense
10,504
10,940
(4
)%
9,860
7
%
21,444
19,816
8
%
Total noninterest expense
80,987
84,839
(5
)%
87,223
(7
)%
165,826
175,957
(6
)%
Income before income taxes
34,544
35,894
(4
)%
51,470
(33
)%
70,438
104,272
(32
)%
Income tax provision
9,274
10,030
(8
)%
13,448
(31
)%
19,304
27,129
(29
)%
Net income
$
25,270
$
25,864
(2
)%
$
38,022
(34
)%
$
51,134
$
77,143
(34
)%
Earnings per common share – diluted
$
0.21
$
0.21
$
0.32
$
0.42
$
0.64
Weighted average shares outstanding –
diluted
120,939,429
121,020,292
120,129,359
120,964,149
120,179,443
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited
For the Three Months
Ended
For the Six Months
Ended
Profitability measures
(annualized):
6/30/2024
3/31/2024
6/30/2023
6/30/2024
6/30/2023
Return on average assets (“ROA”)
0.59
%
0.54
%
0.74
%
0.56
%
0.78
%
ROA excluding notable items (1)
0.62
%
0.58
%
0.74
%
0.60
%
0.78
%
Return on average equity (“ROE”)
4.82
%
4.87
%
7.34
%
4.84
%
7.49
%
ROE excluding notable items (1)
5.07
%
5.19
%
7.34
%
5.13
%
7.49
%
Return on average tangible common equity
(“ROTCE”) (1)
6.20
%
6.24
%
9.49
%
6.22
%
9.70
%
ROTCE excluding notable items (1)
6.53
%
6.66
%
9.49
%
6.59
%
9.70
%
Net interest margin
2.62
%
2.55
%
2.70
%
2.58
%
2.85
%
Efficiency ratio (not annualized)
69.26
%
68.79
%
59.05
%
69.02
%
60.14
%
Efficiency ratio excluding notable items
(not annualized) (1)
67.67
%
66.81
%
59.05
%
67.23
%
60.14
%
(1) ROA excluding notable items, ROE
excluding notable items, ROTCE, ROTCE excluding notable items, and
efficiency ratio excluding notable items are non-GAAP financial
measures. Quantitative reconciliations of the most directly
comparable GAAP to non-GAAP financial measures are provided in the
accompanying financial information on Table Pages 10 and 11.
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
6/30/2024
3/31/2024
6/30/2023
Interest
Annualized
Interest
Annualized
Interest
Annualized
Average
Income/
Average
Average
Income/
Average
Average
Income/
Average
Balance
Expense
Yield/Cost
Balance
Expense
Yield/Cost
Balance
Expense
Yield/Cost
INTEREST EARNING ASSETS:
Loans, including loans held for sale
$
13,591,936
$
209,683
6.20
%
$
13,746,219
$
213,626
6.25
%
$
15,105,212
$
225,671
5.99
%
Investment securities
2,175,379
16,829
3.11
%
2,317,154
18,049
3.13
%
2,243,614
15,534
2.78
%
Interest earning cash and deposits at
other banks
428,062
5,284
4.96
%
2,019,769
27,183
5.41
%
1,996,924
25,295
5.08
%
FHLB stock and other investments
48,463
805
6.68
%
48,136
816
6.82
%
47,044
684
5.83
%
Total interest earning assets
$
16,243,840
$
232,601
5.76
%
$
18,131,278
$
259,674
5.76
%
$
19,392,794
$
267,184
5.53
%
INTEREST BEARING LIABILITIES:
Deposits:
Money market, interest bearing demand and
savings
$
4,948,708
$
48,708
3.96
%
$
5,072,782
$
50,145
3.98
%
$
4,495,879
$
35,051
3.13
%
Time deposits
5,921,201
73,869
5.02
%
5,985,501
73,888
4.96
%
6,890,035
74,673
4.35
%
Total interest bearing deposits
10,869,909
122,577
4.54
%
11,058,283
124,033
4.51
%
11,385,914
109,724
3.87
%
FHLB and FRB borrowings
219,402
1,430
2.62
%
1,683,334
17,853
4.27
%
2,177,264
23,622
4.35
%
Subordinated debentures and
convertible
notes
104,822
2,734
10.32
%
104,493
2,741
10.38
%
199,744
3,149
6.24
%
Total interest bearing liabilities
$
11,194,133
$
126,741
4.55
%
$
12,846,110
$
144,627
4.53
%
$
13,762,922
$
136,495
3.98
%
Noninterest bearing demand deposits
3,666,416
3,803,870
4,366,868
Total funding liabilities/cost of
funds
$
14,860,549
3.43
%
$
16,649,980
3.49
%
$
18,129,790
3.02
%
Net interest income/net interest
spread
$
105,860
1.21
%
$
115,047
1.23
%
$
130,689
1.55
%
Net interest margin
2.62
%
2.55
%
2.70
%
Cost of deposits:
Noninterest bearing demand deposits
$
3,666,416
$
—
—
%
$
3,803,870
$
—
—
%
$
4,366,868
$
—
—
%
Interest bearing deposits
10,869,909
122,577
4.54
%
11,058,283
124,033
4.51
%
11,385,914
109,724
3.87
%
Total deposits
$
14,536,325
$
122,577
3.39
%
$
14,862,153
$
124,033
3.36
%
$
15,752,782
$
109,724
2.79
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Six Months Ended
6/30/2024
6/30/2023
Interest
Annualized
Interest
Annualized
Average
Income/
Average
Average
Income/
Average
Balance
Expense
Yield/Cost
Balance
Expense
Yield/Cost
INTEREST EARNING ASSETS:
Loans, including loans held for sale
$
13,669,078
$
423,309
6.23
%
$
15,169,939
$
441,606
5.87
%
Investment securities
2,246,266
34,878
3.12
%
2,246,033
30,659
2.75
%
Interest earning cash and deposits at
other banks
1,223,916
32,467
5.33
%
1,239,343
30,217
4.92
%
FHLB stock and other investments
48,299
1,621
6.75
%
47,044
1,379
5.91
%
Total interest earning assets
$
17,187,559
$
492,275
5.76
%
$
18,702,359
$
503,861
5.43
%
INTEREST BEARING LIABILITIES:
Deposits:
Money market, interest bearing demand and
savings
$
5,010,745
$
98,852
3.97
%
$
5,043,522
$
77,276
3.09
%
Time deposits
5,953,351
147,758
4.99
%
6,220,422
124,796
4.05
%
Total interest bearing deposits
10,964,096
246,610
4.52
%
11,263,944
202,072
3.62
%
FHLB and FRB borrowings
951,368
19,283
4.08
%
1,431,000
30,320
4.27
%
Subordinated debentures and
convertible
notes
104,657
5,475
10.35
%
259,493
6,902
5.29
%
Total interest bearing liabilities
$
12,020,121
$
271,368
4.54
%
$
12,954,437
$
239,294
3.73
%
Noninterest bearing demand deposits
3,735,143
4,513,659
Total funding liabilities/cost of
funds
$
15,755,264
3.46
%
$
17,468,096
2.76
%
Net interest income/net interest
spread
$
220,907
1.22
%
$
264,567
1.70
%
Net interest margin
2.58
%
2.85
%
Cost of deposits:
Noninterest bearing demand deposits
$
3,735,143
$
—
—
%
$
4,513,659
$
—
—
%
Interest bearing deposits
10,964,096
246,610
4.52
%
11,263,944
202,072
3.62
%
Total deposits
$
14,699,239
$
246,610
3.37
%
$
15,777,603
$
202,072
2.58
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
Six Months Ended
AVERAGE BALANCES:
6/30/2024
3/31/2024
% change
6/30/2023
% change
6/30/2024
6/30/2023
% change
Gross loans, including loans held for
sale
$
13,591,936
$
13,746,219
(1
)%
$
15,105,212
(10
)%
$
13,669,078
$
15,169,939
(10
)%
Investment securities
2,175,379
2,317,154
(6
)%
2,243,614
(3
)%
2,246,266
2,246,033
—
%
Interest earning cash and deposits at
other banks
428,062
2,019,769
(79
)%
1,996,924
(79
)%
1,223,916
1,239,343
(1
)%
Interest earning assets
16,243,840
18,131,278
(10
)%
19,392,794
(16
)%
17,187,559
18,702,359
(8
)%
Goodwill and intangible assets
467,822
468,229
—
%
469,515
—
%
468,026
469,752
—
%
Total assets
17,256,638
19,140,775
(10
)%
20,468,810
(16
)%
18,198,707
19,781,806
(8
)%
Noninterest bearing demand deposits
3,666,416
3,803,870
(4
)%
4,366,868
(16
)%
3,735,143
4,513,659
(17
)%
Interest bearing deposits
10,869,909
11,058,283
(2
)%
11,385,914
(5
)%
10,964,096
11,263,944
(3
)%
Total deposits
14,536,325
14,862,153
(2
)%
15,752,782
(8
)%
14,699,239
15,777,603
—
%
Interest bearing liabilities
11,194,133
12,846,110
(13
)%
13,762,922
(19
)%
12,020,121
12,954,437
(7
)%
Stockholders’ equity
2,097,108
2,126,333
(1
)%
2,072,859
1
%
2,111,720
2,059,583
3
%
LOAN PORTFOLIO COMPOSITION:
6/30/2024
3/31/2024
% change
6/30/2023
% change
Commercial real estate (“CRE”) loans
$
8,679,515
$
8,707,673
—
%
$
9,192,160
(6
)%
Commercial and industrial (“C&I”)
loans
3,854,284
4,041,063
(5
)%
4,805,126
(20
)%
Residential mortgage and other loans
1,033,203
970,442
6
%
867,524
19
%
Loans receivable
13,567,002
13,719,178
(1
)%
14,864,810
(9
)%
Loans held for sale
61,528
2,763
NM
49,246
25
%
Gross loans
13,628,530
13,721,941
(1
)%
14,914,056
(9
)%
CRE LOANS BY PROPERTY TYPE:
6/30/2024
3/31/2024
% change
6/30/2023
% change
Multi-tenant retail
$
1,659,083
$
1,666,153
—
%
$
1,778,068
(7
)%
Industrial warehouses
1,249,255
1,221,852
2
%
1,301,075
(4
)%
Multifamily
1,199,215
1,212,941
(1
)%
1,257,971
(5
)%
Gas stations and car washes
1,007,680
1,013,708
(1
)%
1,042,290
(3
)%
Mixed-use facilities
844,993
861,613
(2
)%
834,948
1
%
Hotels/motels
795,253
786,198
1
%
868,286
(8
)%
Single-tenant retail
655,540
667,898
(2
)%
690,418
(5
)%
Office
403,861
401,392
1
%
463,998
(13
)%
All other
864,635
875,918
(1
)%
955,106
(9
)%
Total CRE loans
$
8,679,515
$
8,707,673
—
%
$
9,192,160
(6
)%
DEPOSIT COMPOSITION:
6/30/2024
3/31/2024
% change
6/30/2023
% change
Noninterest bearing demand deposits
$
3,671,192
$
3,652,592
1
%
$
4,229,247
(13
)%
Money market, interest bearing demand, and
savings
4,907,860
5,313,064
(8
)%
4,413,079
11
%
Time deposits
6,132,419
5,787,761
6
%
6,977,026
(12
)%
Total deposits
$
14,711,471
$
14,753,417
—
%
$
15,619,352
(6
)%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
CAPITAL & CAPITAL RATIOS:
6/30/2024
3/31/2024
6/30/2023
Total stockholders’ equity
$
2,111,282
$
2,112,270
$
2,067,998
Total capital
$
2,137,513
$
2,130,033
$
2,102,625
Common equity tier 1 ratio
12.70
%
12.47
%
11.05
%
Tier 1 capital ratio
13.40
%
13.17
%
11.68
%
Total capital ratio
14.42
%
14.19
%
12.64
%
Leverage ratio
11.61
%
10.42
%
9.57
%
Total risk weighted assets
$
14,828,070
$
15,011,661
$
16,640,323
Book value per common share
$
17.49
$
17.51
$
17.23
Tangible common equity (“TCE”) per share (1)
$
13.61
$
13.63
$
13.32
TCE ratio (1)
9.72
%
9.33
%
8.04
%
(1)
TCE per share and TCE ratio are non-GAAP
financial measures. Quantitative reconciliations of the most
directly comparable GAAP to non-GAAP financial measures are
provided in the accompanying financial information on Table Page
10.
Three Months Ended
Six Months Ended
ALLOWANCE FOR CREDIT LOSSES CHANGES:
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
6/30/2024
6/30/2023
Balance at beginning of period
$
158,758
$
158,694
$
158,809
$
172,996
$
163,544
$
158,694
$
162,359
ASU 2022-02 day 1 adoption impact
—
—
—
—
—
—
(407
)
Provision for credit losses on loans
1,700
3,600
1,700
16,800
8,900
5,300
10,600
Recoveries
2,099
1,184
306
2,938
1,531
3,283
1,918
Charge offs
(6,538
)
(4,720
)
(2,121
)
(33,925
)
(979
)
(11,258
)
(1,474
)
Balance at end of period
$
156,019
$
158,758
$
158,694
$
158,809
$
172,996
$
156,019
$
172,996
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
Allowance for unfunded loan commitments
$
2,543
$
2,843
$
3,843
$
3,143
$
3,081
Three Months Ended
Six Months Ended
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
6/30/2024
6/30/2023
Provision for credit losses on loans
$
1,700
$
3,600
$
1,700
$
16,800
$
8,900
$
5,300
$
10,600
(Credit) provision for unfunded loan commitments
(300
)
(1,000
)
700
62
110
(1,300
)
1,730
Provision for credit losses
$
1,400
$
2,600
$
2,400
$
16,862
$
9,010
$
4,000
$
12,330
Three Months Ended
Six Months Ended
NET LOAN CHARGE OFFS (RECOVERIES):
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
6/30/2024
6/30/2023
CRE loans
$
514
$
(497
)
$
1,560
$
(2,227
)
$
438
$
17
$
329
C&I loans
3,900
4,072
138
33,145
(1,091
)
7,972
(895
)
Residential mortgage and other loans
25
(39
)
117
69
101
(14
)
122
Net loan charge offs (recoveries)
$
4,439
$
3,536
$
1,815
$
30,987
$
(552
)
$
7,975
$
(444
)
Net charge offs (recoveries)/average loans (annualized)
0.13
%
0.10
%
0.05
%
0.85
%
(0.01
)%
0.12
%
(0.01
)%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
NONPERFORMING
ASSETS:
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
Loans on nonaccrual status (1)
$
67,003
$
59,526
$
45,204
$
39,081
$
61,252
Accruing delinquent loans past due 90 days or more
273
47,290
261
21,579
15,182
Total nonperforming loans
67,276
106,816
45,465
60,660
76,434
Other real estate owned (“OREO”)
—
—
63
1,043
938
Total nonperforming assets
$
67,276
$
106,816
$
45,528
$
61,703
$
77,372
Nonperforming assets/total assets
0.39
%
0.59
%
0.24
%
0.31
%
0.38
%
Nonperforming loans/loans receivable
0.50
%
0.78
%
0.33
%
0.42
%
0.51
%
Nonaccrual loans/loans receivable
0.49
%
0.43
%
0.33
%
0.27
%
0.41
%
Allowance for credit losses/loans receivable
1.15
%
1.16
%
1.15
%
1.11
%
1.16
%
Allowance for credit losses/nonperforming loans
231.91
%
148.63
%
349.05
%
261.80
%
226.33
%
(1)
Excludes delinquent SBA loans that are guaranteed and
currently in liquidation totaling $11.2 million, $10.9 million,
$11.4 million, $12.1 million, and $11.9 million, at June 30,
2024, March 31, 2024, December 31, 2023,
September 30, 2023, and June 30, 2023, respectively.
NONACCRUAL LOANS BY TYPE:
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
CRE loans
$
27,292
$
37,836
$
33,932
$
26,687
$
29,270
C&I loans
33,456
15,070
5,013
4,234
23,042
Residential mortgage and other loans
6,255
6,620
6,259
8,160
8,940
Total nonaccrual loans
$
67,003
$
59,526
$
45,204
$
39,081
$
61,252
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
ACCRUING DELINQUENT LOANS 30-89 DAYS
PAST DUE:
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
30 - 59 days past due
$
9,073
$
2,273
$
2,833
$
2,906
$
9,295
60 - 89 days past due
552
313
1,289
506
178
Total accruing delinquent loans 30-89 days
past due
$
9,625
$
2,586
$
4,122
$
3,412
$
9,473
ACCRUING DELINQUENT LOANS 30-89 DAYS
PAST DUE BY TYPE:
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
CRE loans
$
5,586
$
1,639
$
2,160
$
611
$
7,339
C&I loans
2,530
551
1,643
1,168
990
Residential mortgage and other loans
1,509
396
319
1,633
1,144
Total accruing delinquent loans 30-89 days
past due
$
9,625
$
2,586
$
4,122
$
3,412
$
9,473
CRITICIZED LOANS:
6/30/2024
3/31/2024
12/31/2023
9/30/2023
6/30/2023
Special mention loans
$
204,167
$
215,183
$
178,992
$
186,600
$
210,806
Substandard loans
243,635
206,350
143,449
174,161
134,203
Total criticized loans
$
447,802
$
421,533
$
322,441
$
360,761
$
345,009
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
Reconciliation of GAAP financial
measures to non-GAAP financial measures
Management reviews select non-GAAP financial measures in evaluating
the Company’s and the Bank’s financial performance and in response
to market participant interest. Reconciliations of the most
directly comparable GAAP to non-GAAP financial measures utilized by
management are provided below.
TANGIBLE COMMON EQUITY (“TCE”)
6/30/2024
3/31/2024
6/30/2023
Total stockholders’ equity
$
2,111,282
$
2,112,270
$
2,067,998
Less: Goodwill and core deposit intangible
assets, net
(467,583
)
(467,984
)
(469,280
)
TCE
$
1,643,699
$
1,644,286
$
1,598,718
Total assets
$
17,375,091
$
18,088,214
$
20,366,138
Less: Goodwill and core deposit intangible
assets, net
(467,583
)
(467,984
)
(469,280
)
Tangible assets
$
16,907,508
$
17,620,230
$
19,896,858
TCE ratio
9.72
%
9.33
%
8.04
%
Common shares outstanding
120,731,342
120,610,029
120,014,888
TCE per share
$
13.61
$
13.63
$
13.32
Three Months Ended
Six Months Ended
RETURN ON AVERAGE TANGIBLE COMMON
EQUITY
6/30/2024
3/31/2024
6/30/2023
6/30/2024
6/30/2023
Average stockholders’ equity
$
2,097,108
$
2,126,333
$
2,072,859
$
2,111,720
$
2,059,583
Less: Average goodwill and core deposit
intangible assets, net
(467,822
)
(468,229
)
(469,515
)
(468,026
)
(469,752
)
Average TCE
$
1,629,286
$
1,658,104
$
1,603,344
$
1,643,694
$
1,589,831
Net income
$
25,270
$
25,864
$
38,022
$
51,134
$
77,143
ROTCE (annualized)
6.20
%
6.24
%
9.49
%
6.22
%
9.70
%
Three Months Ended
Six Months Ended
PROFITABILITY RATIOS EXCLUDING NOTABLE
ITEMS
6/30/2024
3/31/2024
6/30/2023
6/30/2024
6/30/2023
Net income
$
25,270
$
25,864
$
38,022
$
51,134
$
77,143
Notable items:
FDIC special assessment expense
(309
)
1,000
—
691
—
Restructuring-related costs
576
402
—
978
—
Merger-related costs
1,589
1,044
—
2,633
—
Total notable items
1,856
2,446
—
4,302
—
Less: tax provision
547
719
—
1,266
—
Total notable items, net of tax
provision
$
1,309
$
1,727
$
—
$
3,036
$
—
Net income excluding notable items
$
26,579
$
27,591
$
38,022
$
54,170
$
77,143
Diluted common shares
120,939,429
121,020,292
120,129,359
120,964,149
120,179,443
EPS excluding notable items
$
0.22
$
0.23
$
0.32
$
0.45
$
0.64
Average Assets
$
17,256,638
$
19,140,775
$
20,468,810
$
18,198,707
$
19,781,806
ROA excluding notable items
0.62
%
0.58
%
0.74
%
0.60
%
0.78
%
Average Equity
$
2,097,108
$
2,126,333
$
2,072,859
$
2,111,720
$
2,059,583
ROE excluding notable items
5.07
%
5.19
%
7.34
%
5.13
%
7.49
%
Average TCE
$
1,629,286
$
1,658,104
$
1,603,344
$
1,643,694
$
1,589,831
ROTCE excluding notable items
6.53
%
6.66
%
9.49
%
6.59
%
9.70
%
Three Months Ended
Six Months Ended
EFFICIENCY RATIO EXCLUDING NOTABLE
ITEMS
6/30/2024
3/31/2024
6/30/2023
6/30/2024
6/30/2023
Noninterest expense
$
80,987
$
84,839
$
87,223
$
165,826
$
175,957
Less: notable items:
FDIC special assessment expense
309
(1,000
)
—
(691
)
—
Restructuring-related costs
(576
)
(402
)
—
(978
)
—
Merger-related costs
(1,589
)
(1,044
)
—
(2,633
)
—
Noninterest expense excluding notable
items
$
79,131
$
82,393
$
87,223
$
161,524
$
175,957
Revenue
$
116,931
$
123,333
$
147,703
$
240,264
$
292,559
Efficiency ratio excluding notable
items
67.67
%
66.81
%
59.05
%
67.23
%
60.14
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240729984484/en/
Julianna Balicka EVP & Chief Financial Officer 213-235-3235
julianna.balicka@bankofhope.com
Angie Yang SVP, Director of Investor Relations & Corporate
Communications 213-251-2219 angie.yang@bankofhope.com
Hope Bancorp (NASDAQ:HOPE)
過去 株価チャート
から 6 2024 まで 7 2024
Hope Bancorp (NASDAQ:HOPE)
過去 株価チャート
から 7 2023 まで 7 2024
