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, 2021.
For the three months ended June 30, 2021, net income increased
23% to $53.8 million, or $0.43 per diluted common share, from $43.7
million, or $0.35 per diluted common share, in the preceding first
quarter and increased 101% from $26.8 million, or $0.22 per diluted
common share, in the year-ago second quarter.
“Second quarter results underscore the sound management of our
operations as the economy gradually recovers from the impact of the
COVID-19 pandemic,” said Kevin S. Kim, Chairman, President and
Chief Executive Officer of Hope Bancorp, Inc. “The composition of
our deposits continued to improve with meaningful increases in our
lower-cost deposit categories, and our cost of interest bearing
deposits declined another 8 basis points quarter-over-quarter.
Together with higher average yield on loans, this supported another
quarter of net interest margin expansion. After five quarters of
significant reserve build under the CECL methodology, we recorded a
negative provision for credit losses of $7.0 million driven largely
by the improved macroeconomic factors. We also sold $30 million of
SBA 7(a) loans given the near record-high premiums available in the
secondary markets, and recorded a gain on sale of $2.4 million. All
of these factors contributed to a 23% quarter-over-quarter increase
in net income of $53.8 million for the 2021 second quarter.
“Loan originations for the quarter were also strong at a record
high $894 million and reflected a 61% increase from the preceding
first quarter when excluding the second round of PPP originations.
However, a considerable decrease in warehouse line utilizations
reflecting industry trends, a strategic sale of $119 million of
higher-risk hotel/motel loans, PPP loan forgiveness of $164
million, and residential mortgage and SBA 7(a) loan sales
contributed to a 2% quarter-over-quarter decrease in loans
receivable. While some of these headwinds to net loan growth are
expected to persist near-term, we have a robust loan pipeline
supported by strong macroeconomic forecasts, and we believe we are
well positioned to deliver enhanced profitability for 2021,” said
Kim.
Q2 2021 Highlights
- Net interest income before provision for credit losses
increased 3% quarter-over-quarter to $126.6 million.
- Net interest margin expanded 5 basis points
quarter-over-quarter, largely reflecting an increase in the average
yield on loans and lower cost of deposits.
- Noninterest bearing demand deposits increased 4%
quarter-over-quarter and accounted for 38% of total deposits.
- Cost of interest bearing deposits decreased 8 basis points and
total cost of deposits decreased 6 basis points
quarter-over-quarter marking the seventh consecutive quarter of
declining deposit costs.
- Company recorded a negative provision for credit losses of $7.0
million.
- Net income increased 23% quarter-over-quarter and totaled $53.8
million, or $0.43 per diluted common share.
- Pre-tax pre-provision income increased 6% quarter-over-quarter
to $64.5 million.
- Return on average assets increased to 1.25% from 1.02% in Q1
2021, and return on average equity increased to 10.41% from
8.53%.
- Loan originations increased to a record high $894.1 million
from $847.1 million in the first quarter of 2021.
- Loans receivable decreased 2% to $13.42 billion, reflecting
decreases in warehouse line utilizations, the sales of $30.0
million of SBA loans, $42.6 million of residential mortgage loans
and an aggregate $119.3 million of hotel/motel loans, along with
payoffs and pay downs.
Financial Highlights
(dollars in thousands, except per share
data) (unaudited)
At or for the Three Months
Ended
6/30/2021
3/31/2021
6/30/2020
Net income
$
53,763
$
43,687
$
26,753
Diluted earnings per share
$
0.43
$
0.35
$
0.22
Net interest income before provision
(credit) for credit losses
$
126,577
$
122,579
$
109,814
Net interest margin
3.11
%
3.06
%
2.79
%
Noninterest income
$
11,076
$
8,804
$
11,240
Noninterest expense
$
73,123
$
70,431
$
67,030
Net loans receivable
$
13,234,849
$
13,494,686
$
12,710,063
Deposits
$
14,726,230
$
14,301,269
$
14,123,532
Total cost of deposits
0.30
%
0.36
%
0.87
%
Nonaccrual loans(1)
$
111,008
$
109,858
$
82,137
Nonperforming loans to loans
receivable(1)
1.24
%
1.11
%
0.98
%
ACL to loans receivable
1.41
%
1.52
%
1.26
%
ACL to nonaccrual loans(1)
170.67
%
189.28
%
196.95
%
ACL to nonperforming assets(1)
103.11
%
121.94
%
109.62
%
Provision (credit) for credit losses
$
(7,000
)
$
3,300
$
17,500
Net charge offs
$
11,491
$
2,098
$
652
Return on average assets (“ROA”)
1.25
%
1.02
%
0.64
%
Return on average equity (“ROE”)
10.41
%
8.53
%
5.31
%
Return on average tangible common equity
(“ROTCE”)(2)
13.50
%
11.11
%
6.94
%
Noninterest expense / average assets
1.70
%
1.65
%
1.60
%
Efficiency ratio
53.12
%
53.61
%
55.37
%
(1)
Excludes delinquent SBA loans that are
guaranteed and currently in liquidation.
(2)
Return on average tangible common equity
is a non-GAAP financial measure. A reconciliation of the Company’s
return on average tangible common equity is provided in the
accompanying financial information on Table Page 10.
Operating Results for the 2021 Second
Quarter
Net interest income before the negative provision for credit
losses for the 2021 second quarter increased 3% to $126.6 million
from $122.6 million in the 2021 first quarter and increased 15%
from $109.8 million in the 2020 second quarter. The Company
attributed the increase in net interest income primarily to
meaningful reductions in interest expense due to lower trending
cost of deposits and higher interest income on average loans.
The net interest margin for the 2021 second quarter increased 5
basis points to 3.11% from 3.06% in the preceding 2021 first
quarter, reflecting the benefits of lower deposit costs and higher
average yield on loans. The net interest margin in the prior-year
second quarter was 2.79%.
The weighted average yield on loans for the 2021 second quarter
increased 4 basis points to 3.98% from 3.94% in the 2021 first
quarter, reflecting the accelerated recognition of net fees due to
PPP loan forgiveness. For the 2020 second quarter, the weighted
average yield on loans was 4.23%.
The weighted average cost of deposits for the 2021 second
quarter decreased for the seventh consecutive quarter to 0.30%,
representing a 6 basis point decrease from 0.36% for the 2021 first
quarter and a 57 basis point decrease from 0.87% for the 2020
second quarter. The Company attributed the significant improvements
in the weighted average cost of deposits to a continuing shift in
its deposit mix to lower-cost core deposits and the ongoing
downward repricing of interest bearing deposits. The cost of
interest bearing deposits was 0.48%, 0.56% and 1.17% for the
quarters ended June 30, 2021, March 31, 2021 and June 30, 2020,
respectively.
Noninterest income for the 2021 second quarter increased to
$11.1 million from $8.8 million for the 2021 first quarter. In
response to the significantly increased premiums available in the
secondary market for SBA 7(a) loans, the Company sold $30.0 million
of the guaranteed portfolio of its SBA 7(a) loans during the 2021
second quarter and recorded $2.4 million in net gains on sales of
SBA loans, versus none in the preceding first quarter. This was
partially offset by a reduction in net gains on sales of other
loans, representing residential mortgage loans of $1.0 million for
the 2021 second quarter, compared with $2.1 million in the
preceding first quarter. Noninterest income in the year-ago second
quarter totaled $11.2 million.
Noninterest expense for the 2021 second quarter increased to
$73.1 million from $70.4 million in the preceding first quarter and
$67.0 million in the year-ago second quarter.
Salaries and employee benefits expense for the 2021 second
quarter increased to $42.3 million from $41.2 million in the
preceding first quarter, largely reflecting annual merit increases
effective at the beginning of the second quarter.
Professional fees for the three months ended June 30, 2021
increased $1.5 million quarter-over-quarter reflecting higher
litigation expenses related to existing cases. The Company recorded
a one-time $2.1 million impairment during the 2021 second quarter
related to the disposition of a licensed software platform. These
factors which contributed to higher noninterest expense for the
2021 second quarter were partially offset by a $2.2 million
reduction in credit related expenses quarter-over-quarter.
The Company’s efficiency ratio for the 2021 second quarter
improved to 53.12% from 53.61% for the preceding first quarter and
from 55.37% for the year-ago second quarter. Noninterest expense as
a percentage of average assets increased to 1.70% for the 2021
second quarter from 1.65% for the 2021 first quarter and from 1.60%
for the 2020 second quarter.
The effective tax rate for the 2021 second quarter increased to
24.8% from 24.2% in the preceding quarter, reflecting the Company’s
updated projection for increased annual pretax income than
previously budgeted. In the year-ago quarter, the effective tax
rate was 26.8%.
Balance Sheet Summary
New loan originations funded during the 2021 second quarter
increased to $894.1 million from $847.1 million in the preceding
first quarter and $832.0 million in the 2020 second quarter.
Following are the components of new loan production for the
quarters ended June 30, 2021, March 31, 2021 and June 30, 2020:
(dollars in thousands) (unaudited)
For the Three Months
Ended
6/30/2021
3/31/2021
6/30/2020
Commercial real estate
$
454,857
$
277,704
$
213,246
Commercial
288,726
156,622
58,458
SBA
77,652
36,802
5,901
SBA PPP
19,816
304,727
480,141
Consumer
275
1,473
1,920
Residential mortgage
52,766
69,784
72,343
Total new loan originations
$
894,092
$
847,112
$
832,009
During the 2021 second quarter, the Company acquired $95.6
million of 30-year fixed rate residential mortgage loans. In
addition to the sale of $42.6 million in residential mortgage loans
and $30.0 million of SBA 7(a) loans during the 2021 second quarter,
the Company completed an aggregate $119.3 million in sales of loans
from its hotel/motel portfolio that were viewed to be higher risk
requiring a longer recovery period from the impact of the COVID-19
pandemic.
Altogether with aggregate payoffs and pay downs, first round PPP
loan forgiveness of $164.5 million and a $231.0 million
quarter-over-quarter decrease in warehouse line utilizations, loans
receivable at June 30, 2021 decreased 2% to $13.42 billion from
$13.70 billion at March 31, 2021. Loans receivable at June 30, 2020
amounted to $12.87 billion.
Total deposits at June 30, 2021 increased 3% to $14.73 billion
from $14.30 billion at March 31, 2021 and increased 4% from $14.12
billion at June 30, 2020. Quarter-over-quarter, noninterest bearing
demand deposits as of June 30, 2021 increased 4% and money market
and other interest bearing demand deposit balances increased 16%,
while time deposits decreased 16%. On a year-over-year basis,
noninterest bearing demand deposits as of June 30, 2021 increased
40% and money market and NOW account balances increased 20%, while
time deposits decreased 40%.
Following is the deposit composition as of June 30, 2021, March
31, 2021 and June 30, 2020:
(dollars in thousands) (unaudited)
6/30/2021
3/31/2021
% change
6/30/2020
% change
Noninterest bearing demand deposits
$
5,638,115
$
5,427,174
4
%
$
4,036,383
40
%
Money market and other
5,786,697
5,009,419
16
%
4,831,679
20
%
Saving deposits
308,651
305,326
1
%
296,614
4
%
Time deposits
2,992,767
3,559,350
(16
)%
4,958,856
(40
)%
Total deposit balances
$
14,726,230
$
14,301,269
3
%
$
14,123,532
4
%
Following is the deposit composition as a percentage of total
deposits and a breakdown of cost of deposits as of and for the
quarters ended June 30, 2021, March 31, 2021 and June 30, 2020:
Deposit Breakdown
Cost of Deposits
(unaudited)
6/30/2021
3/31/2021
6/30/2020
Q2 2021
Q1 2021
Q2 2020
Noninterest bearing demand deposits
38.3
%
38.0
%
28.6
%
—
%
—
%
—
%
Money market and other
39.2
%
35.0
%
34.2
%
0.43
%
0.42
%
0.62
%
Saving deposits
2.1
%
2.1
%
2.1
%
1.15
%
1.17
%
1.22
%
Time deposits
20.4
%
24.9
%
35.1
%
0.49
%
0.69
%
1.71
%
Total deposit balances
100.0
%
100.0
%
100.0
%
0.30
%
0.36
%
0.87
%
Allowance for Credit
Losses
For the 2021 second quarter, the Company recorded a negative
provision for credit losses of $7.0 million compared with provision
for credit losses of $3.3 million in the preceding first quarter
and $17.5 million for the 2020 second quarter. The allowance
release in the 2021 second quarter largely reflects improved
macroeconomic forecasts, together with the reduction in its loan
portfolio and the $119.3 million in sales from the hotel/motel
portfolio.
Following is the allowance for credit losses and allowance
coverage ratios as of June 30, 2021, March 31, 2021 and June 30,
2020:
(dollars in thousands) (unaudited)
6/30/2021
3/31/2021
6/30/2020
Allowance for credit losses
$
189,452
$
207,943
$
161,771
Allowance for credit loss/loans
receivable
1.41
%
1.52
%
1.26
%
Allowance for credit losses/nonperforming
loans
113.36
%
136.79
%
127.79
%
Credit Quality
Following are the components of nonperforming assets as of June
30, 2021, March 31, 2021 and June 30, 2020:
(dollars in thousands) (unaudited)
6/30/2021
3/31/2021
6/30/2020
Loans on nonaccrual status (1)
$
111,008
$
109,858
$
82,137
Delinquent loans 90 days or more on
accrual status
4,759
384
430
Accruing troubled debt restructured
loans
51,360
41,773
44,026
Total nonperforming loans
167,127
152,015
126,593
Other real estate owned
16,619
18,515
20,983
Total nonperforming assets
$
183,746
$
170,530
$
147,576
(1)
Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $23.6 million,
$25.0 million and $30.3 million, at June 30, 2021, March 31, 2021
and June 30, 2020, respectively.
The increase in delinquent loans 90 days or more on accrual
status as of June 30, 2021 largely reflects one loan which matured
during the 2021 second quarter. This loan was renewed early in the
third quarter of 2021 and is currently performing. The increase in
accruing troubled debt restructured loans largely reflects maturity
concessions for two credit relationships.
Following are the components of criticized loan balances as of
June 30, 2021, March 31, 2021 and June 30, 2020:
(dollars in thousands) (unaudited)
6/30/2021
3/31/2021
6/30/2020
Special mention
$
294,559
$
280,974
$
127,149
Substandard
380,955
379,048
299,357
Doubtful/loss
—
—
11
Total criticized loans
$
675,514
$
660,022
$
427,517
The modest increase in special mention loans
quarter-over-quarter primarily reflects the addition of two large
credit relationships. The first is a hotel/motel relationship that
was downgraded from the COVID-watch grade to Special Mention
following the expiration of the modification. The second is a
construction loan that is taking longer to stabilize following the
completion of the project due to the pandemic-related
environment.
Following are net charge offs and net charge offs to average
loans receivable on an annualized basis for the three months ended
June 30, 2021, March 31, 2021 and June 30, 2020:
(dollars in thousands) (unaudited)
For the Three Months
Ended
6/30/2021
3/31/2021
6/30/2020
Net charge offs
$
11,491
$
2,098
$
652
Net charge offs/average loans receivable
(annualized)
0.35
%
0.06
%
0.02
%
Net charge offs for the 2021 second quarter includes charge offs
of $11.8 million, all of which was previously reserved, from the
sale of $119.3 million in hotel/motel loans during the 2021 second
quarter.
Capital
At June 30, 2021, the Company and the Bank continued to exceed
all regulatory capital requirements to be classified as a
“well-capitalized” financial institution. Following are capital
ratios for the Company as of June 30, 2021, March 31, 2021 and June
30, 2020:
Hope Bancorp, Inc. (unaudited)
6/30/2021
3/31/2021
6/30/2020
Minimum Guideline for
“Well-Capitalized” Bank
Common Equity Tier 1 Capital
11.32%
11.08%
11.50%
6.50%
Tier 1 Leverage Ratio
10.34%
10.15%
10.08%
5.00%
Tier 1 Risk-Based Ratio
12.02%
11.78%
12.24%
8.00%
Total Risk-Based Ratio
13.16%
13.03%
13.23%
10.00%
Following are tangible common equity (“TCE”) per share and TCE
as a percentage of tangible assets as of June 30, 2021, March 31,
2021 and June 30, 2020:
(unaudited)
6/30/2021
3/31/2021
6/30/2020
Tangible common equity per share (1)
$13.10
$12.73
$12.62
Tangible common equity to tangible assets
(2)
9.53%
9.40%
9.32%
(1)
Tangible common equity represents common
equity less goodwill and net other intangible assets. Tangible
common equity per share represents tangible common equity divided
by the number of shares issued and outstanding. Both tangible
common equity and tangible common equity per share are non-GAAP
financial measures. A reconciliation of the Company’s total
stockholders’ equity to tangible common equity is provided in the
accompanying financial information on Table Page 10.
(2)
Tangible assets represent total assets
less goodwill and net other intangible assets. Tangible common
equity to tangible assets is the ratio of tangible common equity
over tangible assets. Tangible common equity to tangible assets is
a non-GAAP financial measure. A reconciliation of the Company’s
total assets to tangible assets is provided in the accompanying
financial information on Table Page 10.
Investor Conference Call
The Company previously announced that it will host an investor
conference call on Wednesday, July 21, 2021 at 9:30 a.m. Pacific
Time / 12:30 p.m. Eastern Time to review financial results for its
second quarter ended June 30, 2021. 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 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
July 28, 2021, replay access code 10158798.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the
first and only super regional Korean-American bank in the United
States with $17.47 billion in total assets as of June 30, 2021.
Headquartered in Los Angeles and serving a multi-ethnic population
of customers across the nation, Bank of Hope operates 53
full-service branches in California, Washington, Texas, Illinois,
New York, New Jersey, Virginia and Alabama. The Bank also operates
SBA loan production offices in Seattle, Denver, Dallas, Atlanta,
Portland, Oregon, New York City, Northern California and Houston;
commercial loan production offices in Northern California and
Seattle; residential mortgage loan production offices in Southern
California; and a representative office in Seoul, Korea. Bank of
Hope specializes in core business banking products for small and
medium-sized businesses, with an emphasis in commercial real estate
and commercial lending, SBA lending and international trade
financing. 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 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.
Forward-Looking Statements
Some statements in this press 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
the business environment in which we operate, projections of future
performance, perceived opportunities in the market and statements
regarding our business strategies, objectives and vision.
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, the Company claims the protection
provided for in the Private Securities Litigation Reform Act of
1995. These statements involve risks and uncertainties. The
Company’s actual results, performance or achievements may differ
significantly from the results, performance or achievements
expressed or implied in any forward-looking statements. The risks
and uncertainties include, but are not limited to: possible
deterioration in economic conditions in our areas of operation;
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 the Company’s allowances for credit
losses, regulatory risks associated with current and future
regulations; and the COVID-19 pandemic and its impact on our
financial position, results of operations, liquidity, and
capitalization. For additional information concerning these and
other risk factors, see the Company’s most recent Annual Report on
Form 10-K. The Company 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:
6/30/2021
3/31/2021
% change
6/30/2020
% change
Cash and due from banks
$
836,957
$
376,666
122
%
$
1,468,949
(43
)%
Securities available for sale, at fair
value
2,274,170
2,233,744
2
%
1,887,604
20
%
Federal Home Loan Bank (“FHLB”) stock and
other investments
94,550
102,242
(8
)%
98,357
(4
)%
Loans held for sale, at the lower of cost
or fair value
54,245
19,672
176
%
11,350
378
%
Loans receivable
13,424,301
13,702,629
(2
)%
12,871,834
4
%
Allowance for credit losses
(189,452
)
(207,943
)
(9
)%
(161,771
)
17
%
Net loans receivable
13,234,849
13,494,686
(2
)%
12,710,063
4
%
Accrued interest receivable
51,886
60,498
(14
)%
52,859
(2
)%
Premises and equipment, net
45,302
47,918
(5
)%
51,029
(11
)%
Bank owned life insurance
76,428
77,089
(1
)%
77,050
(1
)%
Goodwill
464,450
464,450
—
%
464,450
—
%
Servicing assets
11,566
12,084
(4
)%
14,164
(18
)%
Other intangible assets, net
8,689
9,198
(6
)%
10,770
(19
)%
Other assets
316,535
300,613
5
%
322,417
(2
)%
Total assets
$
17,469,627
$
17,198,860
2
%
$
17,169,062
2
%
Liabilities:
Deposits
$
14,726,230
$
14,301,269
3
%
$
14,123,532
4
%
FHLB advances
200,000
400,000
(50
)%
500,000
(60
)%
Convertible notes, net
215,739
215,504
—
%
201,987
7
%
Subordinated debentures
104,762
104,469
—
%
103,602
1
%
Accrued interest payable
4,946
8,611
(43
)%
26,093
(81
)%
Other liabilities
125,080
123,426
1
%
183,072
(32
)%
Total liabilities
$
15,376,757
$
15,153,279
1
%
$
15,138,286
2
%
Stockholders’ Equity:
Common stock, $0.001 par value
$
136
$
136
—
%
$
136
—
%
Capital surplus
1,418,135
1,417,137
—
%
1,430,757
(1
)%
Retained earnings
859,548
823,085
4
%
761,734
13
%
Treasury stock, at cost
(200,000
)
(200,000
)
—
%
(200,000
)
—
%
Accumulated other comprehensive gain,
net
15,051
5,223
188
%
38,149
(61
)%
Total stockholders’ equity
2,092,870
2,045,581
2
%
2,030,776
3
%
Total liabilities and stockholders’
equity
$
17,469,627
$
17,198,860
2
%
$
17,169,062
2
%
Common stock shares - authorized
150,000,000
150,000,000
150,000,000
Common stock shares - outstanding
123,673,832
123,480,494
123,239,276
Treasury stock shares
12,661,581
12,661,581
12,661,581
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
Three Months Ended
Six Months Ended
6/30/2021
3/31/2021
% change
6/30/2020
% change
6/30/2021
6/30/2020
% change
Interest and fees on loans
$
131,823
$
129,736
2
%
$
134,190
(2
)%
$
261,559
$
288,420
(9
)%
Interest on securities
7,713
7,915
(3
)%
9,891
(22
)%
15,628
20,500
(24
)%
Interest on federal funds sold and other
investments
668
642
4
%
980
(32
)%
1,310
3,009
(56
)%
Total interest income
140,204
138,293
1
%
145,061
(3
)%
278,497
311,929
(11
)%
Interest on deposits
10,696
12,770
(16
)%
29,451
(64
)%
23,466
70,564
(67
)%
Interest on other borrowings and
convertible notes
2,931
2,944
—
%
5,796
(49
)%
5,875
12,260
(52
)%
Total interest expense
13,627
15,714
(13
)%
35,247
(61
)%
29,341
82,824
(65
)%
Net interest income before provision
(credit) for credit losses
126,577
122,579
3
%
109,814
15
%
249,156
229,105
9
%
Provision (credit) for credit losses
(7,000
)
3,300
N/A
17,500
N/A
(3,700
)
45,500
N/A
Net interest income after provision for
credit losses
133,577
119,279
12
%
92,314
45
%
252,856
183,605
38
%
Service fees on deposit accounts
1,777
1,790
(1
)%
2,583
(31
)%
3,567
6,716
(47
)%
International service fees
795
841
(5
)%
667
19
%
1,636
1,456
12
%
Loan servicing fees, net
934
1,044
(11
)%
1,106
(16
)%
1,978
1,471
34
%
Wire transfer fees
923
844
9
%
820
13
%
1,767
1,818
(3
)%
Net gains on sales of SBA loans
2,375
—
100
%
—
100
%
2,375
—
100
%
Net gains on sales of other loans
1,028
2,096
(51
)%
1,678
(39
)%
3,124
3,533
(12
)%
Other income and fees
3,244
2,189
48
%
4,386
(26
)%
5,433
9,510
(43
)%
Total noninterest income
11,076
8,804
26
%
11,240
(1
)%
19,880
24,504
(19
)%
Salaries and employee benefits
42,309
41,216
3
%
38,850
9
%
83,525
81,352
3
%
Occupancy
7,067
6,967
1
%
7,043
—
%
14,034
14,453
(3
)%
Furniture and equipment
4,822
4,186
15
%
4,654
4
%
9,008
8,913
1
%
Advertising and marketing
2,097
1,625
29
%
1,315
59
%
3,722
2,988
25
%
Data processing and communications
2,411
2,737
(12
)%
2,274
6
%
5,148
4,905
5
%
Professional fees
4,395
2,903
51
%
1,510
191
%
7,298
4,810
52
%
FDIC assessment
1,284
1,255
2
%
1,652
(22
)%
2,539
3,211
(21
)%
Credit related expenses
43
2,218
(98
)%
1,361
(97
)%
2,261
3,023
(25
)%
OREO expense, net
298
281
6
%
1,338
(78
)%
579
2,181
(73
)%
Software impairment
2,146
—
100
%
—
100
%
2,146
—
100
%
Other
6,251
7,043
(11
)%
7,033
(11
)%
13,294
13,334
—
%
Total noninterest expense
73,123
70,431
4
%
67,030
9
%
143,554
139,170
3
%
Income before income taxes
71,530
57,652
24
%
36,524
96
%
129,182
68,939
87
%
Income tax provision
17,767
13,965
27
%
9,771
82
%
31,732
16,233
95
%
Net income
$
53,763
$
43,687
23
%
$
26,753
101
%
$
97,450
$
52,706
85
%
Earnings Per Common Share:
Basic
$
0.44
$
0.35
$
0.22
$
0.79
$
0.43
Diluted
$
0.43
$
0.35
$
0.22
$
0.78
$
0.42
Weighted Average Shares Outstanding:
Basic
123,592,695
123,324,745
123,200,127
123,459,461
123,747,727
Diluted
124,323,888
124,336,130
123,430,891
124,334,227
124,054,291
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
For the Three Months Ended
(Annualized)
For the Six Months Ended
(Annualized)
Profitability measures:
6/30/2021
3/31/2021
6/30/2020
6/30/2021
6/30/2020
ROA
1.25
%
1.02
%
0.64
%
1.14
%
0.65
%
ROE
10.41
%
8.53
%
5.31
%
9.48
%
5.21
%
ROTCE (1)
13.50
%
11.11
%
6.94
%
12.31
%
6.82
%
Net interest margin
3.11
%
3.06
%
2.79
%
3.09
%
3.04
%
Efficiency ratio
53.12
%
53.61
%
55.37
%
53.36
%
54.88
%
Noninterest expense / average assets
1.70
%
1.65
%
1.60
%
1.68
%
1.73
%
(1) Average tangible equity is
calculated by subtracting average goodwill and average core deposit
intangible assets from average stockholders’ equity. This is a
non-GAAP measure that we believe provides investors with
information that is useful in understanding our financial
performance and position.
Three Months Ended
Six Months Ended
Pre-tax acquisition accounting adjustments:
6/30/2021
3/31/2021
6/30/2020
6/30/2021
6/30/2020
Accretion on purchased non-impaired loans
$
366
$
705
$
658
$
1,071
$
1,717
Accretion on purchased credit deteriorated/purchased credit
impaired loans
2,188
2,255
3,046
4,443
12,495
Amortization of premium on low income housing tax credits
(74
)
(73
)
(70
)
(147
)
(141
)
Accretion of discount on acquired subordinated debt
(293
)
(291
)
(284
)
(584
)
(567
)
Amortization of core deposit intangibles
(509
)
(509
)
(532
)
(1,018
)
(1,063
)
Total acquisition accounting adjustments
$
1,678
$
2,087
$
2,818
$
3,765
$
12,441
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
6/30/2021
3/31/2021
6/30/2020
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
$
13,293,591
$
131,823
3.98
%
$
13,346,264
$
129,736
3.94
%
$
12,755,088
$
134,190
4.23
%
Securities available for sale
2,253,135
7,713
1.37
%
2,267,409
7,915
1.42
%
1,750,156
9,891
2.27
%
FHLB stock and other investments
759,182
668
0.35
%
640,392
642
0.41
%
1,317,049
980
0.30
%
Total interest earning assets
$
16,305,908
$
140,204
3.45
%
$
16,254,065
$
138,293
3.45
%
$
15,822,293
$
145,061
3.69
%
INTEREST BEARING LIABILITIES:
Deposits:
Demand, interest bearing
$
5,484,047
$
5,909
0.43
%
$
5,256,579
$
5,490
0.42
%
$
4,903,786
$
7,563
0.62
%
Savings
308,530
887
1.15
%
301,184
870
1.17
%
284,050
862
1.22
%
Time deposits
3,222,457
3,900
0.49
%
3,767,109
6,410
0.69
%
4,954,446
21,026
1.71
%
Total interest bearing deposits
9,015,034
10,696
0.48
%
9,324,872
12,770
0.56
%
10,142,282
29,451
1.17
%
FHLB advances
202,198
631
1.25
%
215,889
642
1.21
%
593,407
2,238
1.52
%
Convertible notes, net
215,599
1,323
2.43
%
215,002
1,322
2.46
%
201,169
2,358
4.64
%
Subordinated debentures
100,701
977
3.84
%
100,392
980
3.90
%
99,534
1,200
4.77
%
Total interest bearing liabilities
$
9,533,532
$
13,627
0.57
%
$
9,856,155
$
15,714
0.65
%
$
11,036,392
$
35,247
1.28
%
Noninterest bearing demand deposits
5,445,457
5,052,532
3,510,783
Total funding liabilities/cost of
funds
$
14,978,989
0.36
%
$
14,908,687
0.43
%
$
14,547,175
0.97
%
Net interest income/net interest
spread
$
126,577
2.88
%
$
122,579
2.80
%
$
109,814
2.41
%
Net interest margin
3.11
%
3.06
%
2.79
%
Cost of deposits:
Noninterest bearing demand deposits
$
5,445,457
$
—
—
%
$
5,052,532
$
—
—
%
$
3,510,783
$
—
—
%
Interest bearing deposits
9,015,034
10,696
0.48
%
9,324,872
12,770
0.56
%
10,142,282
29,451
1.17
%
Total deposits
$
14,460,491
$
10,696
0.30
%
$
14,377,404
$
12,770
0.36
%
$
13,653,065
$
29,451
0.87
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Six Months Ended
6/30/2021
6/30/2020
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
$
13,319,782
$
261,559
3.96
%
$
12,507,468
$
288,420
4.64
%
Securities available for sale
2,260,233
15,628
1.39
%
1,731,094
20,500
2.38
%
FHLB stock and other investments
700,115
1,310
0.38
%
918,179
3,009
0.66
%
Total interest earning assets
$
16,280,130
$
278,497
3.45
%
$
15,156,741
$
311,929
4.14
%
INTEREST BEARING LIABILITIES:
Deposits:
Demand, interest bearing
$
5,370,941
$
11,399
0.43
%
$
4,554,096
$
22,443
0.99
%
Savings
304,877
1,757
1.16
%
279,063
1,670
1.20
%
Time deposits
3,493,278
10,310
0.60
%
4,927,425
46,451
1.90
%
Total interest bearing deposits
9,169,096
23,466
0.52
%
9,760,584
70,564
1.45
%
FHLB advances
209,006
$
1,273
1.23
%
594,148
4,885
1.65
%
Convertible notes, net
215,302
2,645
2.44
%
200,565
4,704
4.64
%
Subordinated debentures
100,547
1,957
3.87
%
99,393
2,671
5.32
%
Total interest bearing liabilities
$
9,693,951
$
29,341
0.61
%
$
10,654,690
$
82,824
1.56
%
Noninterest bearing demand deposits
5,250,080
3,236,960
Total funding liabilities/cost of
funds
$
14,944,031
0.40
%
$
13,891,650
1.20
%
Net interest income/net interest
spread
$
249,156
2.84
%
$
229,105
2.58
%
Net interest margin
3.09
%
3.04
%
Cost of deposits:
Noninterest bearing demand deposits
$
5,250,080
$
—
—
%
$
3,236,960
$
—
—
%
Interest bearing deposits
9,169,096
23,466
0.52
%
9,760,584
70,564
1.45
%
Total deposits
$
14,419,176
$
23,466
0.33
%
$
12,997,544
$
70,564
1.09
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
Six Months Ended
AVERAGE BALANCES:
6/30/2021
3/31/2021
% change
6/30/2020
% change
6/30/2021
6/30/2020
% change
Loans receivable, including loans held for
sale
$
13,293,591
$
13,346,264
—
%
$
12,755,088
4
%
$
13,319,782
$
12,507,468
6
%
Investments
3,012,317
2,907,801
4
%
3,067,205
(2
)%
2,960,348
2,649,273
12
%
Interest earning assets
16,305,908
16,254,065
—
%
15,822,293
3
%
16,280,130
15,156,741
7
%
Total assets
17,164,893
17,115,407
—
%
16,759,147
2
%
17,140,286
16,102,977
6
%
Interest bearing deposits
9,015,034
9,324,872
(3
)%
10,142,282
(11
)%
9,169,096
9,760,584
(6
)%
Interest bearing liabilities
9,533,532
9,856,155
(3
)%
11,036,392
(14
)%
9,693,951
10,654,690
(9
)%
Noninterest bearing demand deposits
5,445,457
5,052,532
8
%
3,510,783
55
%
5,250,080
3,236,960
62
%
Stockholders’ equity
2,066,016
2,047,506
1
%
2,016,947
2
%
2,056,812
2,022,271
2
%
Net interest earning assets
6,772,376
6,397,910
6
%
4,785,901
42
%
6,586,179
4,502,051
46
%
LOAN PORTFOLIO COMPOSITION:
6/30/2021
3/31/2021
% change
12/31/2020
% change
6/30/2020
% change
Commercial loans
$
4,001,423
$
4,346,244
(8
)%
$
4,157,787
(4
)%
$
3,415,111
17
%
Real estate loans
8,832,276
8,811,423
—
%
8,772,134
1
%
8,686,939
2
%
Consumer and other loans
590,602
544,962
8
%
633,292
(7
)%
769,784
(23
)%
Loans, net of deferred loan fees and
costs
13,424,301
13,702,629
(2
)%
13,563,213
(1
)%
12,871,834
4
%
Allowance for credit losses
(189,452
)
(207,943
)
(9
)%
(206,741
)
(8
)%
(161,771
)
17
%
Loan receivable, net
$
13,234,849
$
13,494,686
(2
)%
$
13,356,472
(1
)%
$
12,710,063
4
%
REAL ESTATE LOANS BY PROPERTY
TYPE:
6/30/2021
3/31/2021
% change
12/31/2020
% change
6/30/2020
% change
Retail buildings
$
2,361,891
$
2,317,017
2
%
$
2,293,396
3
%
$
2,278,448
4
%
Hotels/motels
1,439,770
1,619,661
(11
)%
1,634,287
(12
)%
1,701,909
(15
)%
Gas stations/car washes
954,394
913,176
5
%
892,110
7
%
836,314
14
%
Mixed-use facilities
798,373
752,729
6
%
750,867
6
%
706,827
13
%
Warehouses
1,149,393
1,092,549
5
%
1,091,389
5
%
1,040,303
10
%
Multifamily
575,943
531,306
8
%
518,498
11
%
497,948
16
%
Other
1,552,512
1,584,985
(2
)%
1,591,587
(2
)%
1,625,190
(4
)%
Total
$
8,832,276
$
8,811,423
—
%
$
8,772,134
1
%
$
8,686,939
2
%
DEPOSIT COMPOSITION
6/30/2021
3/31/2021
% change
12/31/2020
% change
6/30/2020
% change
Noninterest bearing demand deposits
$
5,638,115
$
5,427,174
4
%
$
4,814,254
17
%
$
4,036,383
40
%
Money market and other
5,786,697
5,009,419
16
%
5,232,413
11
%
4,831,679
20
%
Saving deposits
308,651
305,326
1
%
300,770
3
%
296,614
4
%
Time deposits
2,992,767
3,559,350
(16
)%
3,986,475
(25
)%
4,958,856
(40
)%
Total deposit balances
$
14,726,230
$
14,301,269
3
%
$
14,333,912
3
%
$
14,123,532
4
%
DEPOSIT COMPOSITION (%)
6/30/2021
3/31/2021
12/31/2020
6/30/2020
Noninterest bearing demand deposits
38.3
%
38.0
%
33.6
%
28.6
%
Money market and other
39.2
%
35.0
%
36.5
%
34.2
%
Saving deposits
2.1
%
2.1
%
2.1
%
2.1
%
Time deposits
20.4
%
24.9
%
27.8
%
35.1
%
Total deposit balances
100.0
%
100.0
%
100.0
%
100.0
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
CAPITAL RATIOS:
6/30/2021
3/31/2021
6/30/2020
Total stockholders’ equity
$
2,092,870
$
2,045,581
$
2,030,776
Common equity tier 1 ratio
11.32
%
11.08
%
11.50
%
Tier 1 risk-based capital ratio
12.02
%
11.78
%
12.24
%
Total risk-based capital ratio
13.16
%
13.03
%
13.23
%
Tier 1 leverage ratio
10.34
%
10.15
%
10.08
%
Total risk weighted assets
$
14,354,682
$
14,338,828
$
13,388,522
Book value per common share
$
16.92
$
16.57
$
16.48
Tangible common equity to tangible assets
1
9.53
%
9.40
%
9.32
%
Tangible common equity per share 1
$
13.10
$
12.73
$
12.62
1 Tangible common equity to tangible
assets is a non-GAAP financial measure that represents common
equity less goodwill and core deposit intangible assets, net
divided by total assets less goodwill and core deposit intangible
assets, net. Management reviews tangible common equity to tangible
assets in evaluating the Company’s capital levels and has included
this ratio in response to market participant interest in tangible
common equity as a measure of capital.
Three Months Ended
Six Months Ended
ALLOWANCE FOR CREDIT LOSSES
CHANGES:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
6/30/2021
6/30/2020
Balance at beginning of period
$
207,943
$
206,741
$
179,849
$
161,771
$
144,923
$
206,741
$
94,144
CECL day 1 adoption impact
—
—
—
—
—
—
26,200
Provision (credit) for credit losses
(7,000
)
3,300
27,500
22,000
17,500
(3,700
)
45,500
Recoveries
1,301
1,423
2,207
2,428
252
2,724
2,788
Charge offs
(12,792
)
(3,521
)
(2,815
)
(6,350
)
(904
)
(16,313
)
(6,861
)
Balance at end of period
$
189,452
$
207,943
$
206,741
$
179,849
$
161,771
$
189,452
$
161,771
Net charge offs/average loans receivable
(annualized)
0.35
%
0.06
%
0.02
%
0.12
%
0.02
%
0.20
%
0.07
%
Three Months Ended
Six Months Ended
NET LOAN CHARGE OFFS
(RECOVERIES):
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
6/30/2021
6/30/2020
Real estate loans
$
11,281
$
2,234
$
(726
)
$
5,154
$
148
$
13,515
$
2,378
Commercial loans
181
(80
)
1,167
(1,451
)
240
101
916
Consumer loans
29
(56
)
167
219
264
(27
)
779
Total net charge offs
$
11,491
$
2,098
$
608
$
3,922
$
652
$
13,589
$
4,073
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
NONPERFORMING ASSETS:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
Loans on nonaccrual status 3
$
111,008
$
109,858
$
85,238
$
69,205
$
82,137
Delinquent loans 90 days or more on
accrual status
4,759
384
614
1,537
430
Accruing troubled debt restructured
loans
51,360
41,773
37,354
35,429
44,026
Total nonperforming loans
167,127
152,015
123,206
106,171
126,593
Other real estate owned
16,619
18,515
20,121
18,410
20,983
Total nonperforming assets
$
183,746
$
170,530
$
143,327
$
124,581
$
147,576
Nonperforming assets/total assets
1.05
%
0.99
%
0.84
%
0.74
%
0.86
%
Nonperforming assets/loans receivable
& OREO
1.37
%
1.24
%
1.06
%
0.95
%
1.14
%
Nonperforming assets/total capital
8.78
%
8.34
%
6.98
%
6.11
%
7.27
%
Nonperforming loans/loans receivable
1.24
%
1.11
%
0.91
%
0.81
%
0.98
%
Nonaccrual loans/loans receivable
0.83
%
0.80
%
0.63
%
0.53
%
0.64
%
Allowance for credit losses/loans
receivable
1.41
%
1.52
%
1.52
%
1.37
%
1.26
%
Allowance for credit losses/nonaccrual
loans
170.67
%
189.28
%
242.55
%
259.88
%
196.95
%
Allowance for credit losses/nonperforming
loans
113.36
%
136.79
%
167.80
%
169.40
%
127.79
%
Allowance for credit losses/nonperforming
assets
103.11
%
121.94
%
144.24
%
144.36
%
109.62
%
3 Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $23.6 million,
$25.0 million, $26.5 million, $26.2 million and $30.3 million at
June 30, 2021, March 31, 2021, December 31, 2020, September 30,
2020, and June 30, 2020, respectively.
NONACCRUAL LOANS BY TYPE:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
Real estate loans
$
95,622
$
91,940
$
67,450
$
51,739
$
64,060
Commercial loans
12,217
14,080
13,911
13,022
12,079
Consumer loans
3,169
3,838
3,877
4,444
5,998
Total nonaccrual loans
$
111,008
$
109,858
$
85,238
$
69,205
$
82,137
BREAKDOWN OF ACCRUING TROUBLED DEBT
RESTRUCTURED LOANS:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
Retail buildings
$
12,110
$
6,319
$
5,408
$
5,451
$
5,526
Gas stations/car washes
206
210
219
224
1,789
Mixed-use facilities
7,967
3,377
3,521
4,323
3,583
Warehouses
14,099
14,124
7,296
7,320
13,433
Other 5
16,978
17,743
20,910
18,111
19,695
Total
$
51,360
$
41,773
$
37,354
$
35,429
$
44,026
5 Includes commercial business, consumer,
and other loans
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
ACCRUING DELINQUENT LOANS 30-89 DAYS
PAST DUE:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
30 - 59 days
$
22,466
$
18,175
$
11,347
$
5,962
$
18,857
60 - 89 days
6,987
8,314
16,826
58,065
29,975
Total
$
29,453
$
26,489
$
28,173
$
64,027
$
48,832
ACCRUING DELINQUENT LOANS 30-89 DAYS
PAST DUE BY TYPE:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
Real estate loans
$
21,432
$
18,331
$
15,689
$
60,510
$
27,245
Commercial loans
560
1,002
3,393
624
5,987
Consumer loans
7,461
7,156
9,091
2,893
15,600
Total
$
29,453
$
26,489
$
28,173
$
64,027
$
48,832
CRITICIZED LOANS:
6/30/2021
3/31/2021
12/31/2020
9/30/2020
6/30/2020
Special mention
$
294,559
$
280,974
$
184,941
$
153,388
$
127,149
Substandard
380,955
379,048
366,556
311,902
299,357
Doubtful/loss
—
—
1
6,640
11
Total criticized loans
$
675,514
$
660,022
$
551,498
$
471,930
$
426,517
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. A reconciliation of the GAAP to
non-GAAP financial measures utilized by management is provided
below.
Three Months Ended
Six Months Ended
6/30/2021
3/31/2021
6/30/2020
6/30/2021
6/30/2020
RETURN ON AVERAGE TANGIBLE COMMON
EQUITY
Average stockholders’ equity
$
2,066,016
$
2,047,506
$
2,016,947
$
2,056,812
$
2,022,271
Less: Goodwill and core deposit intangible
assets, net
(473,445
)
(473,961
)
(475,534
)
(473,702
)
(475,793
)
Average tangible common equity
$
1,592,571
$
1,573,545
$
1,541,413
$
1,583,110
$
1,546,478
Net income
$
53,763
$
43,687
$
26,753
$
97,450
$
52,706
Return on average tangible common equity
(annualized)
13.50
%
11.11
%
6.94
%
12.31
%
6.82
%
6/30/2021
3/31/2021
12/31/2020
6/30/2020
TANGIBLE COMMON EQUITY
Total stockholders’ equity
$
2,092,870
$
2,045,581
$
2,053,745
$
2,030,776
Less: Goodwill and core deposit intangible
assets, net
(473,139
)
(473,648
)
(474,158
)
(475,220
)
Tangible common equity
$
1,619,731
$
1,571,933
$
1,579,587
$
1,555,556
Total assets
$
17,469,627
$
17,198,860
$
17,106,664
$
17,169,062
Less: Goodwill and core deposit intangible
assets, net
(473,139
)
(473,648
)
(474,158
)
(475,220
)
Tangible assets
$
16,996,488
$
16,725,212
$
16,632,506
$
16,693,842
Common shares outstanding
123,673,832
123,480,494
123,264,864
123,239,276
Tangible common equity to tangible
assets
9.53
%
9.40
%
9.50
%
9.32
%
Tangible common equity per share
$
13.10
$
12.73
$
12.81
$
12.62
Three Months Ended
Six Months Ended
6/30/2021
3/31/2021
6/30/2020
6/30/2021
6/30/2020
PRE-TAX PRE-PROVISION INCOME
Net income
$
53,763
$
43,687
$
26,753
$
97,450
$
52,706
Add back - tax provision
17,767
13,965
9,771
31,732
16,233
Add back - provision (credit) for credit
losses
(7,000
)
3,300
17,500
(3,700
)
45,500
Pre-tax pre-provision income
$
64,530
$
60,952
$
54,024
$
125,482
$
114,439
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210720006154/en/
Alex Ko Senior EVP & Chief Financial Officer 213-427-6560
alex.ko@bankofhope.com
Angie Yang SVP, Director of Investor Relations & Corporate
Communications 213-251-2219 angie.yang@bankofhope.com
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