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, 2022.
For the three months ended June 30, 2022, net income totaled
$52.1 million, or $0.43 per diluted common share, compared with
$60.7 million, or $0.50 per diluted common share, in the preceding
first quarter and $53.8 million, or $0.43 per diluted common share,
in the year-ago second quarter.
“We continued the positive momentum from the beginning of the
year and delivered another strong financial performance for the
second quarter of 2022 with record loan production and enhanced
pre-provision net revenue,” said Kevin S. Kim, Chairman, President
and Chief Executive Officer. “We originated $1.29 billion in new
loans, the highest level of production in the history of the Bank.
This represented the fourth consecutive quarter of originations in
excess of $1.0 billion, and exemplifies the benefits of the
investments we have made in our business development platform. We
are particularly pleased that our loan production was well
diversified. Given our asset sensitive position, our weighted
average loan yields increased 18 basis points quarter-over-quarter
and contributed to a 15 basis point increase in our net interest
margin. With the meaningful increases in loans outstanding
contributing to a 6% quarter-over-quarter increase in net interest
income, we delivered a 4% increase in our pre-provision net
revenue, and our PPNR return on average equity improved 108 basis
points to 14.66%.
“As we look ahead to the second half of the year, we remain
confident that the investments made to strengthen and diversify our
business model over the past few years will continue to generate
solid loan and deposit growth, despite the challenges of the
current economy. With a lower-risk, more diversified loan portfolio
and enhanced credit administration framework, we believe we are
well positioned to navigate the potential challenges of a
recessionary environment while continuing to enhance our franchise
value,” said Kim.
Q2 2022 Highlights
- Loan originations totaled a record $1.29 billion, up 25% over
the preceding first quarter and representing a well-diversified mix
of new loan production.
- Excluding PPP, loans receivable increased 16%
quarter-over-quarter on an annualized basis.
- Company recorded net recoveries of $930 thousand, reflecting
the third consecutive quarter of total net recoveries.
- Criticized loan balances decreased 13% quarter-over-quarter,
contributing to stable asset quality metrics.
- Company recorded a provision for credit losses of $3.2 million,
primarily reflecting loan growth and continued reductions in
criticized loans.
- Net interest margin expanded 15 basis points from the preceding
first quarter, largely benefiting from higher loan yields.
- Total deposits increased 3.5% quarter-over-quarter, reflecting
higher balances of noninterest bearing demand deposits and
strategic increases in time deposits.
- Total cost of deposits increased 9 basis points
quarter-over-quarter, reflecting an aggregate 150 basis point
increase in the Federal Funds target rate since March 2022.
- Noninterest expenses were relatively well managed despite the
higher compensation expense environment, with efficiency ratio of
52.09% versus 51.50% in the 2022 first quarter.
- Repurchased 1,038,986 shares of common stock of the Company
during the second quarter, utilizing $14.7 million of the $50
million share repurchase program announced in January 2022.
Financial Highlights
(dollars in thousands, except per share
data) (unaudited)
At or for the Three Months
Ended
6/30/2022
3/31/2022
6/30/2021
Net income
$
52,088
$
60,738
$
53,763
Diluted earnings per share
$
0.43
$
0.50
$
0.43
Pre-provision net revenue (“PPNR”) (1)
$
73,919
$
70,989
$
64,530
Net interest income before provision
(credit) for credit losses
$
141,538
$
133,176
$
126,577
Net interest margin
3.36
%
3.21
%
3.11
%
Noninterest income
$
12,746
$
13,186
$
11,076
Noninterest expense
$
80,365
$
75,373
$
73,123
Net loans receivable
$
14,394,469
$
13,919,224
$
13,234,849
Deposits
$
15,029,630
$
14,515,128
$
14,726,230
Total cost of deposits
0.33
%
0.24
%
0.30
%
Nonaccrual loans(2)
$
69,522
$
52,717
$
111,008
Nonperforming loans to loans
receivable(2)
0.75
%
0.71
%
1.24
%
ACL to loans receivable
1.04
%
1.05
%
1.41
%
ACL to nonaccrual loans(2)
218.03
%
279.70
%
170.67
%
ACL to nonperforming assets(2)
137.09
%
144.03
%
103.11
%
Provision (credit) for credit losses
$
3,200
$
(11,000
)
$
(7,000
)
Net (recoveries) charge offs
$
(930
)
$
(17,900
)
$
11,491
Return on average assets (“ROA”)
1.17
%
1.37
%
1.25
%
Return on average equity (“ROE”)
10.33
%
11.62
%
10.41
%
ROA (PPNR) (1)
1.65
%
1.60
%
1.50
%
ROE (PPNR) (1)
14.66
%
13.58
%
12.49
%
Return on average tangible common equity
(“ROTCE”)(1)
13.48
%
15.01
%
13.50
%
Noninterest expense / average assets
1.80
%
1.70
%
1.70
%
Efficiency ratio
52.09
%
51.50
%
53.12
%
(1)
Pre-provision net revenue, ROA (PPNR), ROE
(PPNR), and return on average tangible common equity are non-GAAP
financial measures. Management’s reasons and purposes for using
these non-GAAP financial measures are set forth on Table Pages 10
and 11 of this earnings release. A quantitative reconciliation of
the Company’s GAAP to non-GAAP financial measures are provided in
the accompanying financial information on Table Pages 10 and
11.
(2)
Excludes delinquent SBA loans that are
guaranteed and currently in liquidation.
Operating Results for the 2022
Second Quarter
Net interest income before provision for credit losses for the
2022 second quarter increased 6% to $141.5 million from $133.2
million in the 2022 first quarter and increased 12% from $126.6
million in the 2021 second quarter. The Company attributed the
increase to higher interest income largely due to an increase in
loan yields and higher average balances of loans receivable,
partially offset by higher interest expense on deposits.
The net interest margin for the 2022 second quarter increased 15
basis points to 3.36% from 3.21% in the preceding first quarter and
increased 25 basis points from 3.11% in the year-ago second
quarter, primarily reflecting higher loan yields and improved mix
of interest earning assets.
The weighted average yield on loans for the 2022 second quarter
was 4.06%, up 18 basis points from 3.88% in the 2022 first quarter
and up 8 basis points from the year-ago second quarter. The Company
attributed the quarter-over-quarter increase in weighted average
yield on loans to the repricing of its variable rate loans as a
result of an aggregate 150 basis point increase in the Federal
Funds target rate since March 2022 and a significant increase in
the average rate of new loans originated during the quarter.
The weighted average cost of deposits for the 2022 second
quarter increased by 9 basis points to 0.33% from 0.24% in the 2022
first quarter, primarily reflecting a 16 basis point increase in
the cost of interest bearing deposits due to the Federal Funds
target rate hikes since March 2022. Compared with the year-ago
second quarter, the weighted average cost of deposits for the 2022
second quarter increased 3 basis points from 0.30%, reflecting a 6
basis point increase in the cost of interest bearing deposits.
Noninterest income for the 2022 second quarter decreased 3% to
$12.7 million from $13.2 million in the 2022 first quarter.
Increases in service fees on deposit accounts, net gains on sales
of SBA loans and other income and fees were offset by lower levels
of net gains on sales of residential mortgage loans. In addition,
the Company recorded a loss of $547,000 related to the sale of
$35.0 million in problem loans that had been transferred to
held-for-sale as of March 31, 2022. During the 2022 second quarter,
the Company sold $70.2 million in the guaranteed portion of SBA
7(a) loans and $4.1 million in retail mortgage loans, compared with
$58.1 million and $37.8 million, respectively, in the preceding
first quarter. Noninterest income for the 2022 second quarter
increased 15% compared with $11.1 million in the second quarter of
2021, primarily reflecting higher net gains on sales of SBA loans
and service fees on deposit accounts.
Noninterest expense for the 2022 second quarter increased 7% to
$80.4 million from $75.4 million for the preceding first quarter,
largely reflecting higher salaries and employee benefits,
credit-related expenses, and advertising and marketing expenses.
For the 2021 second quarter, noninterest expense totaled $73.1
million.
Salaries and employee benefits expense for the 2022 second
quarter increased to $51.1 million from $47.7 million in the
preceding first quarter, largely reflecting the impact of annual
merit increases, higher costs associated with retaining staff in
the extremely competitive staffing market, and increased FTE count
to support continued growth. Salaries and employee benefits expense
for the 2021 second quarter totaled $42.3 million.
The Company’s efficiency ratio for the 2022 second quarter was
52.09%, compared with 51.50% in the preceding first quarter and
53.12% in the year-ago second quarter. Noninterest expense as a
percentage of average assets was 1.80% for the 2022 second quarter,
compared with 1.70% for the 2022 first quarter and 1.70% for the
2021 second quarter.
The effective tax rate for the 2022 second quarter was 26.4%,
compared with 25.9% for the preceding first quarter and 24.8% in
the year-ago second quarter. The effective tax rate for the 2022
second quarter was higher than the year-ago second quarter mainly
due to a decrease in affordable housing tax credits compared with
the prior year.
Balance Sheet Summary
New loan originations funded during the 2022 second quarter
totaled $1.29 billion, reflecting a 25% increase over the preceding
first quarter and a 44% increase over the year-ago second
quarter.
Following are the components of new loan production for the
quarters ended June 30, 2022, March 31, 2022, and June 30,
2021.
(dollars in thousands) (unaudited)
For the Three Months
Ended
6/30/2022
3/31/2022
6/30/2021
Commercial real estate
$
522,093
$
529,730
$
454,857
Commercial
544,639
335,756
288,726
SBA
35,085
56,602
77,652
SBA PPP
—
—
19,816
Residential mortgage
181,408
103,473
275
Consumer
2,770
401
52,766
Total new loan originations
$
1,285,995
$
1,025,962
$
894,092
At June 30, 2022, loans receivable increased 3.4% to $14.55
billion from $14.07 billion at March 31, 2022 and increased 8.4%
from $13.42 billion at June 30, 2021.
Total deposits at June 30, 2022 increased 3.5% to $15.03 billion
from $14.52 billion at March 31, 2022, largely reflecting an
increase in demand deposits and time deposits, and increased 2.1%
year-over-year from $14.73 billion at June 30, 2021.
Quarter-over-quarter, money market and NOW deposits decreased 2.2%,
but this decrease was more than offset by a 3.5% increase in
noninterest bearing demand deposits and a 20.9% increase in time
deposits. On a year-over-year basis, noninterest bearing demand
deposits at June 30, 2022 increased 0.9%, money market and NOW
deposits increased 9.6%, and time deposits decreased 10.7%.
Following is the deposit composition as of June 30, 2022, March
31, 2022 and June 30, 2021:
(dollars in thousands) (unaudited)
6/30/2022
3/31/2022
% change
6/30/2021
% change
Noninterest bearing demand deposits
$
5,689,992
$
5,498,263
3.5
%
$
5,638,115
0.9
%
Money market and other
6,339,467
6,484,677
(2.2
)%
5,786,697
9.6
%
Saving deposits
326,927
321,373
1.7
%
308,651
5.9
%
Time deposits
2,673,244
2,210,815
20.9
%
2,992,767
(10.7
)%
Total deposit balances
$
15,029,630
$
14,515,128
3.5
%
$
14,726,230
2.1
%
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, 2022, March 31, 2022 and June 30, 2021:
Deposit Breakdown
Cost of Deposits
(unaudited)
6/30/2022
3/31/2022
6/30/2021
Q2 2022
Q1 2022
Q2 2021
Noninterest bearing demand deposits
37.9
%
37.9
%
38.3
%
—
%
—
%
—
%
Money market and other
42.2
%
44.7
%
39.2
%
0.54
%
0.36
%
0.43
%
Saving deposits
2.1
%
2.2
%
2.1
%
1.16
%
1.18
%
1.15
%
Time deposits
17.8
%
15.2
%
20.4
%
0.46
%
0.32
%
0.49
%
Total deposit balances
100.0
%
100.0
%
100.0
%
0.33
%
0.24
%
0.30
%
Allowance for Credit
Losses
For the 2022 second quarter, the Company recorded a provision
for credit losses of $3.2 million, compared with a negative
provision for credit losses of $11.0 million in the preceding first
quarter and a negative provision for credit losses of $7.0 million
in the 2021 second quarter.
Following is the allowance for credit losses and allowance
coverage ratios as of June 30, 2022, March 31, 2022 and June 30,
2021:
(dollars in thousands) (unaudited)
6/30/2022
3/31/2022
6/30/2021
Allowance for credit losses
$
151,580
$
147,450
$
189,452
Allowance for credit loss/loans
receivable
1.04
%
1.05
%
1.41
%
Allowance for credit losses/nonperforming
loans
139.63
%
146.92
%
113.36
%
Credit Quality
Following are the components of nonperforming assets as of June
30, 2022, March 31, 2022 and June 30, 2021:
(dollars in thousands) (unaudited)
6/30/2022
3/31/2022
6/30/2021
Loans on nonaccrual status (1)
$
69,522
$
52,717
$
111,008
Delinquent loans 90 days or more on
accrual status
12,468
3,090
4,759
Accruing troubled debt restructured
loans
26,572
44,555
51,360
Total nonperforming loans
108,562
100,362
167,127
Other real estate owned
2,010
2,010
16,619
Total nonperforming assets
$
110,572
$
102,372
$
183,746
(1)
Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $13.2 million,
$17.0 million and $23.6 million, at June 30, 2022, March 31, 2022
and June 30, 2021, respectively.
Total nonperforming assets at June 30, 2022 increased to $110.6
million from $102.4 million at March 31, 2022 but decreased from
$183.7 million at June 30, 2021. Quarter-over-quarter, the increase
in total nonperforming assets reflects higher balances of
nonaccrual loans and delinquent loans 90 days or more on accrual
status, partially offset by a reduction in accruing troubled debt
restructured loans. During the quarter, an $18.6 million
relationship migrated to nonaccrual status. Of the delinquent loans
90 days or more on accrual status as of June 30, 2022, $10.7
million represented loans that were addressed in the first week of
July 2022 through renewals of maturing loans and pay offs. On a
year-over-year basis, the decrease in total nonperforming assets
reflects reductions in nonaccrual loans, accruing troubled debt
restructured loans and other real estate owned, partially offset by
an increase in delinquent loans 90 days or more on accrual
status.
Following are net (recoveries) charge offs and net (recoveries)
charge offs to average loans receivable on an annualized basis for
the three months ended June 30, 2022, March 31, 2022 and June 30,
2021:
(dollars in thousands) (unaudited)
For the Three Months
Ended
6/30/2022
3/31/2022
6/30/2021
Net (recoveries) charge offs
$
(930
)
$
(17,900
)
$
11,491
Net (recoveries) charge offs/average loans
receivable (annualized)
(0.03
)%
(0.52
)%
0.35
%
Following are the components of criticized loan balances as of
June 30, 2022, March 31, 2022 and June 30, 2021:
(dollars in thousands) (unaudited)
6/30/2022
3/31/2022
6/30/2021
Special mention
$
95,797
$
166,958
$
294,559
Substandard
244,748
226,661
380,955
Total criticized loans
$
340,545
$
393,619
$
675,514
The Company noted that the decreases in criticized loan balances
at June 30, 2022 largely reflects previously COVID-19 modified
loans that were upgraded following the receipt of updated financial
statements.
Capital
At June 30, 2022, the Company and the Bank continued to exceed
all regulatory capital requirements generally required to meet the
definition of a “well-capitalized” financial institution. Following
are capital ratios for the Company as of June 30, 2022, March 31,
2022 and June 30, 2021:
Hope Bancorp, Inc. (unaudited)
6/30/2022
3/31/2022
6/30/2021
Minimum Guideline for
“Well-Capitalized” Bank
Common Equity Tier 1 Capital
10.70
%
11.02
%
11.44
%
6.50
%
Tier 1 Leverage Ratio
10.32
%
10.37
%
10.43
%
5.00
%
Tier 1 Risk-Based Ratio
11.33
%
11.68
%
12.14
%
8.00
%
Total Risk-Based Ratio
12.14
%
12.49
%
13.16
%
10.00
%
Following are tangible common equity (“TCE”) per share and TCE
as a percentage of tangible assets as of June 30, 2022, March 31,
2022 and June 30, 2021:
(unaudited)
6/30/2022
3/31/2022
6/30/2021
Tangible common equity per share (1)
$12.80
$13.04
$13.10
Tangible common equity to tangible assets
(1)
8.68%
9.05%
9.53%
(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. 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, tangible common equity per share, tangible assets and
tangible common equity to tangible assets are non-GAAP financial
measures. Management’s reasons and purposes for using these
non-GAAP financial measures are set forth in the following section.
A quantitative reconciliation of the GAAP to non-GAAP financial
measures is provided in the accompanying financial information on
Table Pages 10 and 11.
Non-GAAP Financial Metrics
This news release contains certain non-GAAP financial measure
disclosures, including pre-provision net revenue, ROA (PPNR), ROE
(PPNR), tangible common equity, tangible common equity per share,
tangible assets and tangible common equity to tangible assets.
Management believes these non-GAAP financial measures provide
meaningful supplemental information regarding its operational
performance and the Company’s and the Bank’s capital levels and has
included these figures in response to market participant interest
in these financial metrics. A reconciliation of the GAAP to
non-GAAP financial measures is 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 Wednesday, July 20, 2022 at 9:30 a.m. Pacific
Time / 12:30 p.m. Eastern Time to review financial results for its
second quarter ended June 30, 2022. 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 27, 2022, replay access code 7509556.
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 $18.09 billion in total assets as of June 30, 2022.
Headquartered in Los Angeles and serving a multi-ethnic population
of customers across the nation, Bank of Hope operates 54
full-service branches in California, Washington, Texas, Illinois,
New York, New Jersey, Virginia, Alabama and Georgia. 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 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
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 and per share data)
Assets:
6/30/2022
3/31/2022
% change
6/30/2021
% change
Cash and due from banks
$
197,062
$
280,373
(30
) %
$
836,957
(76
)%
Investment securities
2,352,997
2,492,486
(6
)%
2,274,170
3
%
Federal Home Loan Bank (“FHLB”) stock and
other investments
87,109
87,201
—
%
94,550
(8
)%
Loans held for sale, at the lower of cost
or fair value
76,376
115,756
(34
)%
54,245
41
%
Loans receivable
14,546,049
14,066,674
3
%
13,424,301
8
%
Allowance for credit losses
(151,580
)
(147,450
)
3
%
(189,452
)
(20
)%
Net loans receivable
14,394,469
13,919,224
3
%
13,234,849
9
%
Accrued interest receivable
37,845
37,949
—
%
51,886
(27
)%
Premises and equipment, net
46,093
45,642
1
%
45,302
2
%
Bank owned life insurance
77,692
77,390
—
%
76,428
2
%
Goodwill
464,450
464,450
—
%
464,450
—
%
Servicing assets
11,215
10,874
3
%
11,566
(3
)%
Other intangible assets, net
6,698
7,184
(7
)%
8,689
(23
) %
Other assets
337,056
265,285
27
%
316,535
6
%
Total assets
$
18,089,062
$
17,803,814
2
%
$
17,469,627
4
%
Liabilities:
Deposits
$
15,029,630
$
14,515,128
4
%
$
14,726,230
2
%
FHLB and FRB borrowings
573,000
772,000
(26
)%
200,000
187
%
Convertible notes, net
216,678
216,444
—
%
215,739
—
%
Subordinated debentures
105,953
105,652
—
%
104,762
1
%
Accrued interest payable
4,112
4,826
(15
)%
4,946
(17
)%
Other liabilities
159,320
148,707
7
%
125,080
27
%
Total liabilities
$
16,088,693
$
15,762,757
2
%
$
15,376,757
5
%
Stockholders’ Equity:
Common stock, $0.001 par value
$
137
$
137
—
%
$
136
1
%
Capital surplus
1,424,891
1,422,602
—
%
1,418,135
—
%
Retained earnings
1,011,715
976,483
4
%
859,548
18
%
Treasury stock, at cost
(264,667
)
(250,000
)
(6
)%
(200,000
)
(32
)%
Accumulated other comprehensive (loss)
gain, net
(171,707
)
(108,165
)
(59
)%
15,051
N/A
Total stockholders’ equity
2,000,369
2,041,057
(2
)%
2,092,870
(4
)%
Total liabilities and stockholders’
equity
$
18,089,062
$
17,803,814
2
%
$
17,469,627
4
%
Common stock shares - authorized
150,000,000
150,000,000
150,000,000
Common stock shares - outstanding
119,473,939
120,327,689
123,673,832
Treasury stock shares
17,382,835
16,343,849
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
6/30/2022
3/31/2022
% change
6/30/2021
% change
6/30/2022
6/30/2021
% change
Interest and fees on loans
$
145,024
$
132,672
9
%
$
131,823
10
%
$
277,696
$
261,559
6
%
Interest on investment securities
12,308
11,656
6
%
7,713
60
%
23,964
15,628
53
%
Interest on federal funds sold and other
investments
492
544
(10
)%
668
(26
)%
1,036
1,310
(21
)%
Total interest income
157,824
144,872
9
%
140,204
13
%
302,696
278,497
9
%
Interest on deposits
12,220
8,676
41
%
10,696
14
%
20,896
23,466
(11
)%
Interest on other borrowings and
convertible notes
4,066
3,020
35
%
2,931
39
%
7,086
5,875
21
%
Total interest expense
16,286
11,696
39
%
13,627
20
%
27,982
29,341
(5
)%
Net interest income before provision
(credit) for credit losses
141,538
133,176
6
%
126,577
12
%
274,714
249,156
10
%
Provision (credit) for credit losses
3,200
(11,000
)
N/A
(7,000
)
N/A
(7,800
)
(3,700
)
111
%
Net interest income after provision
(credit) for credit losses
138,338
144,176
(4
)%
133,577
4
%
282,514
252,856
12
%
Service fees on deposit accounts
2,270
1,974
15
%
1,777
28
%
4,244
3,567
19
%
International service fees
744
794
(6
)%
795
(6
)%
1,538
1,636
(6
)%
Loan servicing fees, net
843
836
1
%
934
(10
)%
1,679
1,978
(15
)%
Wire transfer fees
858
900
(5
)%
923
(7
)%
1,758
1,767
(1
)%
Net gains on sales of SBA loans
5,804
5,603
4
%
2,375
144
%
11,407
2,375
380
%
Net gains on sales of residential mortgage
loans
76
757
(90
)%
1,028
(93
)%
833
3,124
(73
)%
Net losses on sales of other loans
(547
)
—
100
%
—
100
%
(547
)
—
100
%
Other income and fees
2,698
2,322
16
%
3,244
(17
)%
5,020
5,433
(8
)%
Total noninterest income
12,746
13,186
(3
)%
11,076
15
%
25,932
19,880
30
%
Salaries and employee benefits
51,058
47,745
7
%
42,309
21
%
98,803
83,525
18
%
Occupancy
7,178
7,335
(2
)%
7,067
2
%
14,513
14,034
3
%
Furniture and equipment
4,778
4,644
3
%
4,822
(1
)%
9,422
9,008
5
%
Advertising and marketing
2,226
1,636
36
%
2,097
6
%
3,862
3,722
4
%
Data processing and communications
2,893
2,461
18
%
2,411
20
%
5,354
5,148
4
%
Professional fees
1,582
2,211
(28
)%
4,395
(64
)%
3,793
7,298
(48
)%
FDIC assessment
1,450
1,569
(8
)%
1,284
13
%
3,019
2,539
19
%
Credit related expenses
2,872
1,112
158
%
43
6,579
%
3,984
2,261
76
%
OREO expense
5
357
(99
)%
298
(98
)%
362
579
(37
)%
Software impairment
—
—
—
%
2,146
(100
)%
—
2,146
(100
)%
Other
6,323
6,303
—
%
6,251
1
%
12,626
13,294
(5
)%
Total noninterest expense
80,365
75,373
7
%
73,123
10
%
155,738
143,554
8
%
Income before income taxes
70,719
81,989
(14
)%
71,530
(1
)%
152,708
129,182
18
%
Income tax provision
18,631
21,251
(12
)%
17,767
5
%
39,882
31,732
26
%
Net income
$
52,088
$
60,738
(14
)%
$
53,763
(3
)%
$
112,826
$
97,450
16
%
Earnings Per Common Share - Basic
$
0.43
$
0.51
$
0.44
$
0.94
$
0.79
Earnings Per Common Share - Diluted
$
0.43
$
0.50
$
0.43
$
0.93
$
0.78
Weighted Average Shares Outstanding -
Basic
120,219,919
120,131,380
123,592,695
120,175,894
123,459,461
Weighted Average Shares Outstanding -
Diluted
120,699,638
121,089,474
124,323,888
120,898,605
124,334,227
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:
6/30/2022
3/31/2022
6/30/2021
6/30/2022
6/30/2021
ROA
1.17
%
1.37
%
1.25
%
1.27
%
1.14
%
ROE
10.33
%
11.62
%
10.41
%
10.99
%
9.48
%
ROA (PPNR) (1)
1.65
%
1.60
%
1.50
%
1.63
%
1.46
%
ROE (PPNR) (1)
14.66
%
13.58
%
12.49
%
14.11
%
12.20
%
ROTCE (2)
13.48
%
15.01
%
13.50
%
14.27
%
12.31
%
Net interest margin
3.36
%
3.21
%
3.11
%
3.28
%
3.09
%
Efficiency ratio
52.09
%
51.50
%
53.12
%
51.80
%
53.36
%
Noninterest expense / average assets
1.80
%
1.70
%
1.70
%
1.75
%
1.68
%
(1)
ROA (PPNR) and ROE (PPNR) are non-GAAP
financial measures. Management’s reasons and purposes for using
these non-GAAP financial measures are set forth on Table Pages 10
and 11 of this earnings release. A quantitative reconciliation of
the Company’s GAAP to non-GAAP financial measures are provided in
the accompanying financial information on Table Pages 10 and
11.
(2)
Average tangible common 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.
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
6/30/2022
3/31/2022
6/30/2021
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
$
14,327,476
$
145,024
4.06
%
$
13,871,974
$
132,672
3.88
%
$
13,293,591
$
131,823
3.98
%
Investment securities
2,424,454
12,308
2.04
%
2,621,220
11,656
1.80
%
2,253,135
7,713
1.37
%
FHLB stock and other investments
134,055
492
1.47
%
352,774
544
0.63
%
759,182
668
0.35
%
Total interest earning assets
$
16,885,985
$
157,824
3.75
%
$
16,845,968
$
144,872
3.49
%
$
16,305,908
$
140,204
3.45
%
INTEREST BEARING LIABILITIES:
Deposits:
Demand, interest bearing
$
6,487,890
$
8,655
0.54
%
$
6,337,866
$
5,701
0.36
%
$
5,484,047
$
5,909
0.43
%
Savings
323,114
937
1.16
%
318,508
927
1.18
%
308,530
887
1.15
%
Time deposits
2,277,938
2,628
0.46
%
2,619,491
2,048
0.32
%
3,222,457
3,900
0.49
%
Total interest bearing deposits
9,088,942
12,220
0.54
%
9,275,865
8,676
0.38
%
9,015,034
10,696
0.48
%
FHLB and FRB borrowings
577,966
1,457
1.01
%
242,556
687
1.15
%
202,198
631
1.25
%
Convertible notes, net
216,540
1,322
2.42
%
216,305
1,323
2.45
%
215,599
1,323
2.43
%
Subordinated debentures
101,880
1,287
5.00
%
101,577
1,010
3.98
%
100,701
977
3.84
%
Total interest bearing liabilities
$
9,985,328
$
16,286
0.65
%
$
9,836,303
$
11,696
0.48
%
$
9,533,532
$
13,627
0.57
%
Noninterest bearing demand deposits
5,715,830
5,672,768
5,445,457
Total funding liabilities/cost of
funds
$
15,701,158
0.42
%
$
15,509,071
0.31
%
$
14,978,989
0.36
%
Net interest income/net interest
spread
$
141,538
3.10
%
$
133,176
3.01
%
$
126,577
2.88
%
Net interest margin
3.36
%
3.21
%
3.11
%
Cost of deposits:
Noninterest bearing demand deposits
$
5,715,830
$
—
—
%
$
5,672,768
$
—
—
%
$
5,445,457
$
—
—
%
Interest bearing deposits
9,088,942
12,220
0.54
%
9,275,865
8,676
0.38
%
9,015,034
10,696
0.48
%
Total deposits
$
14,804,772
$
12,220
0.33
%
$
14,948,633
$
8,676
0.24
%
$
14,460,491
$
10,696
0.30
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Six Months Ended
6/30/2022
6/30/2021
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
$
14,100,983
$
277,696
3.97
%
$
13,319,782
$
261,559
3.96
%
Investment securities
2,522,293
23,964
1.92
%
2,260,233
15,628
1.39
%
FHLB stock and other investments
242,810
1,036
0.86
%
700,115
1,310
0.38
%
Total interest earning assets
$
16,866,086
$
302,696
3.62
%
$
16,280,130
$
278,497
3.45
%
INTEREST BEARING LIABILITIES:
Deposits:
Demand, interest bearing
$
6,413,292
$
14,355
0.45
%
$
5,370,941
$
11,399
0.43
%
Savings
320,824
1,865
1.17
%
304,877
1,757
1.16
%
Time deposits
2,447,771
4,676
0.39
%
3,493,278
10,310
0.60
%
Total interest bearing deposits
9,181,887
20,896
0.46
%
9,169,096
23,466
0.52
%
FHLB and FRB borrowings
411,187
2,144
1.05
%
209,006
1,273
1.23
%
Convertible notes, net
216,423
2,644
2.43
%
215,302
2,645
2.44
%
Subordinated debentures
101,729
2,298
4.49
%
100,547
1,957
3.87
%
Total interest bearing liabilities
$
9,911,226
$
27,982
0.57
%
$
9,693,951
$
29,341
0.61
%
Noninterest bearing demand deposits
5,694,418
5,250,080
Total funding liabilities/cost of
funds
$
15,605,644
0.36
%
$
14,944,031
0.40
%
Net interest income/net interest
spread
$
274,714
3.05
%
$
249,156
2.84
%
Net interest margin
3.28
%
3.09
%
Cost of deposits:
Noninterest bearing demand deposits
$
5,694,418
$
—
—
%
$
5,250,080
$
—
—
%
Interest bearing deposits
9,181,887
20,896
0.46
%
9,169,096
23,466
0.52
%
Total deposits
$
14,876,305
$
20,896
0.28
%
$
14,419,176
$
23,466
0.33
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
Six Months Ended
AVERAGE BALANCES:
6/30/2022
3/31/2022
% change
6/30/2021
% change
6/30/2022
6/30/2021
% change
Loans, including loans held for sale
$
14,327,476
$
13,871,974
3
%
$
13,293,591
8
%
$
14,100,983
$
13,319,782
6
%
Investments
2,558,509
2,973,994
(14
)%
3,012,317
(15
)%
2,765,103
2,960,348
(7
)%
Interest earning assets
16,885,985
16,845,968
—
%
16,305,908
4
%
16,866,086
16,280,130
4
%
Total assets
17,876,945
17,742,402
1
%
17,164,893
4
%
17,810,045
17,140,286
4
%
Interest bearing deposits
9,088,942
9,275,865
(2
)%
9,015,034
1
%
9,181,887
9,169,096
—
%
Interest bearing liabilities
9,985,328
9,836,303
2
%
9,533,532
5
%
9,911,226
9,693,951
2
%
Noninterest bearing demand deposits
5,715,830
5,672,768
1
%
5,445,457
5
%
5,694,418
5,250,080
8
%
Stockholders’ equity
2,016,577
2,090,755
(4
)%
2,066,016
(2
)%
2,053,461
2,056,812
—
%
Net interest earning assets
6,900,657
7,009,665
(2
)%
6,772,376
2
%
6,954,860
6,586,179
6
%
LOAN PORTFOLIO COMPOSITION:
6/30/2022
3/31/2022
% change
6/30/2021
% change
Commercial loans
$
4,395,738
$
4,124,715
7
%
$
4,001,423
10
%
Real estate loans
9,335,020
9,262,305
1
%
8,832,276
6
%
Consumer and other loans
815,291
679,654
20
%
590,602
38
%
Loans, net of deferred loan fees and
costs
14,546,049
14,066,674
3
%
13,424,301
8
%
Allowance for credit losses
(151,580
)
(147,450
)
3
%
(189,452
)
(20
)%
Loans receivable, net
$
14,394,469
$
13,919,224
3
%
$
13,234,849
9
%
REAL ESTATE LOANS BY PROPERTY
TYPE:
6/30/2022
3/31/2022
% change
6/30/2021
% change
Retail buildings
$
2,603,516
$
2,598,373
—
%
$
2,361,891
10
%
Hotels/motels
1,143,982
1,208,217
(5
)%
1,439,770
(21
)%
Gas stations/car washes
1,080,777
1,055,383
2
%
954,394
13
%
Mixed-use facilities
833,342
872,362
(4
)%
798,373
4
%
Warehouses
1,279,647
1,263,791
1
%
1,149,393
11
%
Multifamily
989,840
841,316
18
%
575,943
72
%
Other
1,403,916
1,422,863
(1
)%
1,552,512
(10
)%
Total
$
9,335,020
$
9,262,305
1
%
$
8,832,276
6
%
DEPOSIT COMPOSITION
6/30/2022
3/31/2022
% change
6/30/2021
% change
Noninterest bearing demand deposits
$
5,689,992
$
5,498,263
3
%
$
5,638,115
1
%
Money market and other
6,339,467
6,484,677
(2
)%
5,786,697
10
%
Saving deposits
326,927
321,373
2
%
308,651
6
%
Time deposits
2,673,244
2,210,815
21
%
2,992,767
(11
)%
Total deposit balances
$
15,029,630
$
14,515,128
4
%
$
14,726,230
2
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
CAPITAL RATIOS:
6/30/2022
3/31/2022
6/30/2021
Total stockholders’ equity
$
2,000,369
$
2,041,057
$
2,092,870
Common equity tier 1 ratio
10.70
%
11.02
%
11.44
%
Tier 1 risk-based capital ratio
11.33
%
11.68
%
12.14
%
Total risk-based capital ratio
12.14
%
12.49
%
13.16
%
Tier 1 leverage ratio
10.32
%
10.37
%
10.43
%
Total risk weighted assets
$
16,059,739
$
15,393,639
$
14,354,682
Book value per common share
$
16.74
$
16.96
$
16.92
Tangible common equity to tangible assets
(1)
8.68
%
9.05
%
9.53
%
Tangible common equity per share (1)
$
12.80
$
13.04
$
13.10
(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:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Balance at beginning of period
$
147,450
$
140,550
$
136,774
$
189,452
$
207,943
$
140,550
$
206,741
Provision (credit) for credit losses
3,200
(11,000
)
1,500
(10,000
)
(7,000
)
(7,800
)
(3,700
)
Recoveries
1,642
19,403
3,615
1,906
1,301
21,045
2,724
Charge offs
(712
)
(1,503
)
(1,339
)
(44,584
)
(12,792
)
(2,215
)
(16,313
)
Balance at end of period
$
151,580
$
147,450
$
140,550
$
136,774
$
189,452
$
151,580
$
189,452
Net (recoveries) charge offs/average loans
receivable (annualized)
(0.03
)%
(0.52
)%
(0.07
)%
1.28
%
0.35
%
(0.27
)%
0.20
%
Three Months Ended
Six Months Ended
NET LOAN (RECOVERIES) CHARGE
OFFS:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
6/30/2022
6/30/2021
Real estate loans
$
(508
)
$
(16,418
)
$
(2,352
)
$
40,542
$
11,281
$
(16,926
)
$
13,515
Commercial loans
(461
)
(1,529
)
144
1,117
181
(1,990
)
101
Consumer loans
39
47
(68
)
1,019
29
86
(27
)
Total net (recoveries) charge offs
$
(930
)
$
(17,900
)
$
(2,276
)
$
42,678
$
11,491
$
(18,830
)
$
13,589
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
NONPERFORMING ASSETS:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
Loans on nonaccrual status (1)
$
69,522
$
52,717
$
54,616
$
54,380
$
111,008
Delinquent loans 90 days or more on
accrual status
12,468
3,090
2,131
4,567
4,759
Accruing troubled debt restructured
loans
26,572
44,555
52,418
39,509
51,360
Total nonperforming loans
108,562
100,362
109,165
98,456
167,127
Other real estate owned
2,010
2,010
2,597
15,213
16,619
Total nonperforming assets
$
110,572
$
102,372
$
111,762
$
113,669
$
183,746
Nonperforming assets/total assets
0.61
%
0.58
%
0.62
%
0.64
%
1.05
%
Nonperforming assets/loans receivable
& OREO
0.76
%
0.73
%
0.80
%
0.85
%
1.37
%
Nonperforming assets/total capital
5.53
%
5.02
%
5.34
%
5.48
%
8.78
%
Nonperforming loans/loans receivable
0.75
%
0.71
%
0.78
%
0.73
%
1.24
%
Nonaccrual loans/loans receivable
0.48
%
0.37
%
0.39
%
0.41
%
0.83
%
Allowance for credit losses/loans
receivable
1.04
%
1.05
%
1.01
%
1.02
%
1.41
%
Allowance for credit losses/nonaccrual
loans
218.03
%
279.70
%
257.34
%
251.52
%
170.67
%
Allowance for credit losses/nonperforming
loans
139.63
%
146.92
%
128.75
%
138.92
%
113.36
%
Allowance for credit losses/nonperforming
assets
137.09
%
144.03
%
125.76
%
120.33
%
103.11
%
(1) Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $13.2 million,
$17.0 million, $19.5 million, $20.6 million, and $23.6 million, at
June 30, 2022, March 31, 2022, December 31, 2021, September 30,
2021, and June 30, 2021, respectively.
NONACCRUAL LOANS BY TYPE:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
Real estate loans
$
53,966
$
36,655
$
39,756
$
41,673
$
95,622
Commercial loans
8,206
8,686
11,025
10,991
12,217
Consumer loans
7,350
7,376
3,835
1,716
3,169
Total nonaccrual loans
$
69,522
$
52,717
$
54,616
$
54,380
$
111,008
ACCRUING TROUBLED DEBT RESTRUCTURED
LOANS:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
Retail buildings
$
6,337
$
24,356
$
28,483
$
11,280
$
12,110
Hotels/motels
—
—
472
—
—
Gas stations/car washes
189
193
197
202
206
Mixed-use facilities
2,837
2,836
2,846
7,937
7,967
Warehouses
4,770
5,321
5,366
4,908
14,099
Other (2)
12,439
11,849
15,054
15,182
16,978
Total
$
26,572
$
44,555
$
52,418
$
39,509
$
51,360
(2) 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:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
30 - 59 days
$
10,090
$
12,439
$
29,723
$
15,016
$
22,466
60 - 89 days
6,354
3,090
10,345
4,746
6,987
Total
$
16,444
$
15,529
$
40,068
$
19,762
$
29,453
ACCRUING DELINQUENT LOANS 30-89 DAYS
PAST DUE BY TYPE:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
Real estate loans
$
7,919
$
6,097
$
20,232
$
10,359
$
21,432
Commercial loans
3,397
5,003
3,057
9,377
560
Consumer loans
5,128
4,429
16,779
26
7,461
Total
$
16,444
$
15,529
$
40,068
$
19,762
$
29,453
CRITICIZED LOANS:
6/30/2022
3/31/2022
12/31/2021
9/30/2021
6/30/2021
Special mention
$
95,797
$
166,958
$
257,194
$
306,766
$
294,559
Substandard
244,748
226,661
242,397
243,684
380,955
Total criticized loans
$
340,545
$
393,619
$
499,591
$
550,450
$
675,514
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
6/30/2022
3/31/2022
6/30/2021
6/30/2022
6/30/2021
RETURN ON AVERAGE TANGIBLE COMMON
EQUITY
Average stockholders’ equity
$
2,016,577
$
2,090,755
$
2,066,016
$
2,053,461
$
2,056,812
Less: Goodwill and core deposit intangible
assets, net
(471,421
)
(471,921
)
(473,445
)
(471,669
)
(473,702
)
Average tangible common equity
$
1,545,156
$
1,618,834
$
1,592,571
$
1,581,792
$
1,583,110
Net income
$
52,088
$
60,738
$
53,763
$
112,826
$
97,450
Return on average tangible common equity
(annualized)
13.48
%
15.01
%
13.50
%
14.27
%
12.31
%
6/30/2022
3/31/2022
6/30/2021
TANGIBLE COMMON EQUITY
Total stockholders’ equity
$
2,000,369
$
2,041,057
$
2,092,870
Less: Goodwill and core deposit intangible
assets, net
(471,148
)
(471,634
)
(473,139
)
Tangible common equity
$
1,529,221
$
1,569,423
$
1,619,731
Total assets
$
18,089,062
$
17,803,814
$
17,469,627
Less: Goodwill and core deposit intangible
assets, net
(471,148
)
(471,634
)
(473,139
)
Tangible assets
$
17,617,914
$
17,332,180
$
16,996,488
Common shares outstanding
119,473,939
120,327,689
123,673,832
Tangible common equity to tangible
assets
8.68
%
9.05
%
9.53
%
Tangible common equity per share
$
12.80
$
13.04
$
13.10
Three Months Ended
Six Months Ended
6/30/2022
3/31/2022
6/30/2021
6/30/2022
6/30/2021
PRE-PROVISION NET REVENUE
Net interest income before provision
(credit) for credit losses
$
141,538
$
133,176
$
126,577
$
274,714
$
249,156
Noninterest income
12,746
13,186
11,076
25,932
19,880
Revenue
154,284
146,362
137,653
300,646
269,036
Noninterest expense
80,365
75,373
73,123
155,738
143,554
Pre-provision net revenue
$
73,919
$
70,989
$
64,530
$
144,908
$
125,482
Average assets
$
17,876,945
$
17,742,402
$
17,164,893
$
17,810,045
$
17,140,286
ROA (PPNR)
1.65
%
1.60
%
1.50
%
1.63
%
1.46
%
Average stockholders’ equity
2,016,577
2,090,755
2,066,016
2,053,461
2,056,812
ROE (PPNR)
14.66
%
13.58
%
12.49
%
14.11
%
12.20
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220719006026/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
Hope Bancorp (NASDAQ:HOPE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Hope Bancorp (NASDAQ:HOPE)
Historical Stock Chart
From Apr 2023 to Apr 2024