Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding
company of Bank of Hope (the “Bank”), today reported unaudited
financial results for its third quarter and nine months ended
September 30, 2024. For the three months ended September 30, 2024,
net income totaled $24.2 million, or $0.20 per diluted common
share. This compares with net income of $25.3 million, or $0.21 per
diluted common share, in the second quarter of 2024. Excluding
notable items(1), net income for the 2024 third quarter was $25.2
million, or $0.21 per diluted common share.
“We are pleased to see a higher level of productivity from our
banking teams, along with the continued success of our core deposit
gathering initiatives. Quarter-over-quarter, customer deposit
growth was a robust 11% annualized, supporting loan growth and
offsetting a planned reduction in brokered deposits,” said Kevin S.
Kim, Chairman, President and Chief Executive Officer. “In the 2024
third quarter, loans receivable grew 2% on an annualized basis,
marking a turn-around in our loan growth trend. Additionally, more
than two-thirds of the net growth in noninterest bearing demand
deposits this quarter came from small business accounts.
“Regulatory risk-based capital ratios for Hope Bancorp are the
highest since our merger with Wilshire Bancorp in 2016. As of
September 30, 2024, our total capital ratio was a strong 14.8%, and
our tangible equity ratio was a robust 10.1%,” continued Kim.
“The success of our balance sheet management has resulted in
high levels of capital, ample liquidity, and a lower
loan-to-deposit ratio, positioning us well to increase our market
share, add new client relationships, and generate profitable growth
as economic conditions and loan demand improve in the coming year,”
said Kim.
“We are excited about our pending merger with Territorial
Bancorp Inc. (NASDAQ: TBNK), the stock holding company of
Territorial Savings Bank. We believe this compelling combination
will strengthen the Territorial franchise for the long term,
providing many advantages for customers and employees as part of a
larger organization with greater resources, enhanced technology
platforms, and an expanded array of banking products and
services.”
_____________________________________
(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 Third
Quarter
Net interest income and net interest margin. Net interest
income before provision for credit losses for the 2024 third
quarter totaled $104.8 million. This compares with net interest
income before provision for credit losses of $105.9 million in the
immediately preceding second quarter. Interest income was $235.1
million in the third quarter of 2024, up from $232.6 million in the
second quarter of 2024. Growth in interest income was offset by
increased interest expense, which was $130.3 million in the third
quarter, compared with $126.7 million in the second quarter. The
quarter-over-quarter increase in interest expense reflects the
change in average total deposit costs, which increased five basis
points to 3.44% for the 2024 third quarter, up from 3.39% in the
immediately preceding second quarter. End-of-period total deposit
costs decreased nine basis points to 3.34% as of September 30,
2024, from 3.43% as of June 30, 2024, indicating an inflection
point in deposit costs by deposit type.
Net interest margin for the 2024 third quarter was 2.55%, down
seven basis points from 2.62% in the 2024 second quarter. The
quarter-over-quarter change in net interest margin reflects a
higher balance and cost of average interest bearing deposits, as
well as the change in average loan yields, partially offset by a
higher balance and yield earned on average interest earning cash
and deposits at other banks, and a lower balance and lower rate
paid on average borrowings.
Noninterest income. Noninterest income for the 2024 third
quarter increased to $11.8 million, up 7% from $11.1 million in the
immediately preceding second quarter. The Company recorded net
gains on the sale of SBA loans of $2.7 million in the 2024 third
quarter, compared with $2.0 million in the immediately preceding
second quarter. In the third quarter of 2024, the Company sold
$41.4 million of SBA loans, compared with $29.8 million in the
second quarter of 2024. Other noninterest income in the 2024 third
quarter included a $403,000 gain from bank owned life insurance, as
well as a $326,000 net loss on sales of securities available for
sale, as the Company repositioned a portion of its lower-yielding
investment securities.
Noninterest expense. Noninterest expense for the 2024
third quarter was $81.3 million, compared with $81.0 million in the
immediately preceding second quarter, and down 6% year-over-year
from $86.8 million in the 2023 third quarter. Excluding notable
items(2), which were primarily merger-related costs, noninterest
expense for the 2024 third quarter was $79.8 million, compared with
$79.1 million for the 2024 second quarter, and down 8%
year-over-year from $86.3 million for the 2023 third quarter.
Salaries and employee benefits expense for the 2024 third quarter
was $44.2 million, up by $53,000 and essentially stable compared
with $44.1 million in the 2024 second quarter. Year-over-year,
salaries and employee benefits expense decreased 13% from $51.0
million in the 2023 third quarter, reflecting the benefits of a
restructuring executed in the fourth quarter of 2023.
Tax rate. The year-to-date effective tax rate for the
nine months ended September 30, 2024, was 26.6%, compared with the
year-to-date effective tax rate of 25.7% for the same period of
2023. For the full year 2024, the Company expects the effective tax
rate to be approximately 26%.
_____________________________________
(2)
Notable items included $1.2 million of
merger-related expenses and $197,000 of restructuring-related costs
for the 2024 third quarter, $1.6 million of merger-related
expenses, $576,000 of restructuring-related costs, and a $309,000
reversal of an accrual related to the FDIC special assessment for
the 2024 second quarter, and $500,000 of restructuring related
costs for the 2023 third quarter, all on a pre-tax basis.
Noninterest expense, excluding 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 September 30, 2024,
cash and cash equivalents totaled $680.9 million, compared with
$654.0 million at June 30, 2024, and $2.50 billion at September 30,
2023. The year-over-year change in cash and cash equivalents
primarily reflected the payoff of the Company’s Bank Term Funding
Program (“BTFP”) borrowings in March and April of 2024. Investment
securities totaled $2.18 billion at September 30, 2024, $2.17
billion at June 30, 2024, and $2.26 billion at September 30,
2023.
Loans. Gross loans of $13.64 billion at September 30,
2024, were up $8.4 million from $13.64 billion at June 30, 2024.
Loans receivable, which excludes loans held for sale, grew $51.0
million quarter-over-quarter, or up 2% annualized.
Quarter-over-quarter, commercial and industrial loans and
residential mortgage loans increased, partially offset by a
decrease in commercial real estate loans. The Company sold $41.4
million of SBA loans in the third quarter of 2024.
The following table sets forth the loan portfolio composition at
September 30, 2024, June 30, 2024, and September 30, 2023:
(dollars in thousands) (unaudited)
9/30/2024
6/30/2024
9/30/2023
Balance
Percentage
Balance
Percentage
Balance
Percentage
Commercial real estate (“CRE”) loans
$
8,630,757
63.3
%
$
8,679,515
63.6
%
$
8,972,886
62.6
%
Commercial and industrial (“C&I”)
loans
3,901,368
28.6
%
3,854,284
28.3
%
4,450,341
31.1
%
Residential mortgage and other loans
1,085,863
7.9
%
1,033,203
7.6
%
882,966
6.2
%
Loans receivable
13,617,988
99.8
%
13,567,002
99.5
%
14,306,193
99.9
%
Loans held for sale
25,714
0.2
%
68,316
0.5
%
19,502
0.1
%
Gross loans
$
13,643,702
100.0
%
$
13,635,318
100.0
%
$
14,325,695
100.0
%
Deposits. Total deposits amounted to $14.73 billion at
September 30, 2024, up $18.0 million from $14.71 billion at June
30, 2024. During the 2024 third quarter, robust growth in customer
deposits of 11% annualized more than offset a planned reduction of
brokered deposits. Noninterest bearing demand deposits grew $51.8
million quarter-over-quarter to $3.72 billion at September 30,
2024, and money market and interest bearing demand deposits
increased $105.4 million quarter-over-quarter to $5.01 billion.
During the third quarter of 2024, the Company reduced brokered
deposits by $351.5 million from June 30, 2024.
The following table sets forth the deposit composition at
September 30, 2024, June 30, 2024, and September 30, 2023:
(dollars in thousands) (unaudited)
9/30/2024
6/30/2024
9/30/2023
Balance
Percentage
Balance
Percentage
Balance
Percentage
Noninterest bearing demand deposits
$
3,722,985
25.3
%
$
3,671,192
24.9
%
$
4,249,788
27.0
%
Money market, interest bearing demand, and
savings deposits
5,013,305
34.0
%
4,907,860
33.4
%
4,855,683
30.9
%
Time deposits
5,993,208
40.7
%
6,132,419
41.7
%
6,634,388
42.1
%
Total deposits
$
14,729,498
100.0
%
$
14,711,471
100.0
%
$
15,739,859
100.0
%
Gross loan-to-deposit ratio
92.6
%
92.7
%
91.0
%
On October 1, 2024, the Bank completed a branch purchase and
assumption agreement whereby PromiseOne Bank acquired the deposits
and other assets associated with Bank of Hope’s Annandale and
Centreville branches in Virginia. As of transaction close, deposits
at these two branches totaled approximately $129.4 million.
Borrowings. Federal Home Loan Bank and Federal Reserve
Bank borrowings decreased to $100.0 million at September 30, 2024,
down from $170.0 million at June 30, 2024, and $1.80 billion at
September 30, 2023. The year-over-year change primarily reflected
the payoff of the Company’s BTFP borrowings in March and April
2024.
Credit Quality and Allowance for Credit
Losses
Nonperforming assets. Nonperforming assets were $103.8
million, or 0.60% of total assets, at September 30, 2024, compared
with $67.3 million, or 0.39% of total assets, at June 30, 2024, and
$61.7 million, or 0.31% of total assets, at September 30, 2023. The
increase was due to the migration of one relationship that was
placed on nonaccrual status as of September 30, 2024, following
loan maturities. This relationship consists of three commercial
real estate loans that are well-secured by properties in primary
locations with minimal to no loss expected.
The following table sets forth the components of nonperforming
assets at September 30, 2024, June 30, 2024, and September 30,
2023:
(dollars in thousands) (unaudited)
9/30/2024
6/30/2024
9/30/2023
Loans on nonaccrual status (1)
$
103,602
$
67,003
$
39,081
Accruing delinquent loans past due 90 days
or more
226
273
21,579
Total nonperforming loans
103,828
67,276
60,660
Other real estate owned
—
—
1,043
Total nonperforming assets
$
103,828
$
67,276
$
61,703
Nonperforming assets/total assets
0.60 %
0.39 %
0.31 %
_____________________________________
(1)
Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $13.1 million,
$11.2 million and $12.1 million at September 30, 2024, June 30,
2024, and September 30, 2023, respectively.
Net charge offs and provision for credit losses. The
Company recorded net charge offs of $5.7 million in the 2024 third
quarter, equivalent to 0.17%, annualized, of average loans. This
compares with net charge offs of $4.4 million, or 0.13%,
annualized, of average loans in the immediately preceding second
quarter. Net charge off levels continue to be moderate.
The following table sets forth net charge offs and annualized
net charge off ratios for the three months ended September 30,
2024, June 30, 2024, and September 30, 2023:
For the Three Months
Ended
(dollars in thousands) (unaudited)
9/30/2024
6/30/2024
9/30/2023
Net charge offs
$
5,749
$
4,439
$
30,987
Annualized net charge offs/average
loans
0.17
%
0.13
%
0.85
%
For the 2024 third quarter, the Company recorded a provision for
credit losses of $3.3 million. This compares with a provision for
credit losses of $1.4 million in the immediately preceding second
quarter.
Allowance for credit losses. The allowance for credit
losses totaled $153.3 million at September 30, 2024, compared with
$156.0 million at June 30, 2024. The allowance coverage ratio was
1.13% of loans receivable at September 30, 2024, compared with
1.15% at June 30, 2024. The change in allowance coverage reflects
the positive impact from improved macroeconomic variables, notably
the CRE price index, in the Current Expected Credit Loss (“CECL”)
model, partially offset by increased qualitative and individually
evaluated loan reserves.
The following table sets forth the allowance for credit losses
and the coverage ratios at September 30, 2024, June 30, 2024, and
September 30, 2023:
(dollars in thousands) (unaudited)
9/30/2024
6/30/2024
9/30/2023
Allowance for credit losses
$
153,270
$
156,019
$
158,809
Allowance for credit losses/loans
receivable
1.13
%
1.15
%
1.11
%
Capital
The Company’s capital ratios are strong and all regulatory
risk-based capital ratios expanded quarter-over-quarter and
year-over-year. At September 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 September 30, 2024, June 30, 2024, and September 30,
2023:
(unaudited)
9/30/2024
6/30/2024
9/30/2023
Minimum Guideline for
“Well-Capitalized”
Common Equity Tier 1 Capital Ratio
13.06%
12.70%
11.67%
6.50%
Tier 1 Capital Ratio
13.78%
13.40%
12.32%
8.00%
Total Capital Ratio
14.80%
14.41%
13.23%
10.00%
Leverage Ratio
11.61%
11.61%
9.83%
5.00%
At September 30, 2024, total stockholders’ equity was $2.17
billion, or $17.97 per common share, compared with $2.11 billion,
or $17.49 per common share, at June 30, 2024. Tangible common
equity (“TCE”) per share(4) was $14.10 at September 30, 2024,
compared with $13.61 at June 30, 2024, and the TCE ratio(3) was
10.08% at September 30, 2024, up 36 basis points from 9.72% at June
30, 2024.
The following table sets forth the TCE per share and the TCE
ratio at September 30, 2024, June 30, 2024, and September 30,
2023:
(unaudited)
9/30/2024
6/30/2024
9/30/2023
TCE per share
$14.10
$13.61
$13.01
TCE ratio
10.08%
9.72%
7.96%
_____________________________________
(3)
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 Pages
10 and 11.
Investor Conference Call
The Company previously announced that it will host an investor
conference call on Monday, October 28, 2024, at 9:30 a.m. Pacific
Time / 12:30 p.m. Eastern Time to review unaudited financial
results for its third quarter ended September 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 November 4, 2024, replay access code 10193704.
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, and efficiency
ratio 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 $17.35 billion in total assets as of
September 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 46 full-service branches in California, Washington, Texas,
Illinois, New York, New Jersey, 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 pending merger with Territorial Bancorp
Inc., Hope Bancorp, Inc. filed with the Securities and Exchange
Commission (the “SEC”) a Registration Statement on Form S-4, which
included a Proxy Statement/Prospectus and which was declared
effective by the SEC on August 20, 2024, and further supplemented
by Hope Bancorp on September 12, 2024. 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 pending 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, ease of integration and
diversification of franchise in connection with the pending merger
with Territorial Bancorp. 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 pending 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 pending
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 pending 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:
9/30/2024
6/30/2024
% change
9/30/2023
% change
Cash and due from banks
$
680,857
$
654,044
4.1
%
$
2,500,323
(72.8
)%
Investment securities
2,177,301
2,172,859
0.2
%
2,260,837
(3.7
)%
Federal Home Loan Bank (“FHLB”) stock and
other investments
57,158
61,528
(7.1
)%
60,433
(5.4
)%
Gross loans, including loans held for
sale
13,643,702
13,635,318
0.1
%
14,325,695
(4.8
)%
Allowance for credit losses
(153,270
)
(156,019
)
(1.8
)%
(158,809
)
(3.5
)%
Accrued interest receivable
51,898
57,645
(10.0
)%
60,665
(14.5
)%
Premises and equipment, net
51,543
50,919
1.2
%
51,764
(0.4
)%
Goodwill and intangible assets
467,182
467,583
(0.1
)%
468,832
(0.4
)%
Other assets
377,818
431,214
(12.4
)%
506,624
(25.4
)%
Total assets
$
17,354,189
$
17,375,091
(0.1
)%
$
20,076,364
(13.6
)%
Liabilities:
Deposits
$
14,729,498
$
14,711,471
0.1
%
$
15,739,859
(6.4
)%
FHLB and Federal Reserve Bank (“FRB”)
borrowings
100,000
170,000
(41.2
)%
1,795,726
(94.4
)%
Subordinated debentures and convertible
notes, net
109,249
108,918
0.3
%
107,949
1.2
%
Accrued interest payable
107,017
86,779
23.3
%
166,831
(35.9
)%
Other liabilities
138,640
186,641
(25.7
)%
235,575
(41.1
)%
Total liabilities
$
15,184,404
$
15,263,809
(0.5
)%
$
18,045,940
(15.9
)%
Stockholders’ Equity:
Common stock, $0.001 par value
$
138
$
138
—
%
$
137
0.7
%
Additional paid-in capital
1,442,993
1,440,963
0.1
%
1,436,769
0.4
%
Retained earnings
1,174,100
1,167,978
0.5
%
1,140,870
2.9
%
Treasury stock, at cost
(264,667
)
(264,667
)
—
%
(264,667
)
—
%
Accumulated other comprehensive loss,
net
(182,779
)
(233,130
)
21.6
%
(282,685
)
35.3
%
Total stockholders’ equity
2,169,785
2,111,282
2.8
%
2,030,424
6.9
%
Total liabilities and stockholders’
equity
$
17,354,189
$
17,375,091
(0.1
)%
$
20,076,364
(13.6
)%
Common stock shares – authorized
300,000,000
300,000,000
150,000,000
Common stock shares – outstanding
120,737,908
120,731,342
120,026,220
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
Nine Months Ended
9/30/2024
6/30/2024
% change
9/30/2023
% change
9/30/2024
9/30/2023
% change
Interest and fees on loans
$
210,022
$
209,683
—
%
$
229,937
(9
)%
$
633,331
$
671,543
(6
)%
Interest on investment securities
16,741
16,829
(1
)%
17,006
(2
)%
51,619
47,665
8
%
Interest on cash and deposits at other
banks
7,507
5,284
42
%
28,115
(73
)%
39,974
58,332
(31
)%
Interest on other investments and FHLB
dividends
814
805
1
%
735
11
%
2,435
2,114
15
%
Total interest income
235,084
232,601
1
%
275,793
(15
)%
727,359
779,654
(7
)%
Interest on deposits
127,193
122,577
4
%
117,854
8
%
373,803
319,926
17
%
Interest on borrowings
3,082
4,164
(26
)%
22,561
(86
)%
27,840
59,783
(53
)%
Total interest expense
130,275
126,741
3
%
140,415
(7
)%
401,643
379,709
6
%
Net interest income before provision
104,809
105,860
(1
)%
135,378
(23
)%
325,716
399,945
(19
)%
Provision for credit losses
3,280
1,400
134
%
16,862
(81
)%
7,280
29,192
(75
)%
Net interest income after provision
101,529
104,460
(3
)%
118,516
(14
)%
318,436
370,753
(14
)%
Service fees on deposit accounts
2,651
2,681
(1
)%
2,415
10
%
7,919
6,961
14
%
Net gains on sales of SBA loans
2,722
1,980
37
%
—
100
%
4,702
4,097
15
%
Net (losses) gains on sales of securities
available for sale
(326
)
425
N/A
—
100
%
99
—
100
%
Other income and fees
6,792
5,985
13
%
5,890
15
%
18,476
25,239
(27
)%
Total noninterest income
11,839
11,071
7
%
8,305
43
%
31,196
36,297
(14
)%
Salaries and employee benefits
44,160
44,107
—
%
51,033
(13
)%
135,844
160,507
(15
)%
Occupancy
6,940
6,906
—
%
7,149
(3
)%
20,632
21,637
(5
)%
Furniture and equipment
5,341
5,475
(2
)%
5,625
(5
)%
16,156
16,076
—
%
Data processing and communications
3,112
2,997
4
%
2,891
8
%
9,099
8,630
5
%
FDIC assessment
2,200
3,003
(27
)%
3,683
(40
)%
8,129
10,155
(20
)%
FDIC special assessment
—
(309
)
(100
)%
—
—
%
691
—
100
%
Earned interest credit
6,869
6,139
12
%
6,377
8
%
18,842
15,894
19
%
Restructuring-related costs
197
576
(66
)%
500
(61
)%
1,175
500
135
%
Merger-related costs
1,236
1,589
(22
)%
—
100
%
3,869
—
100
%
Other noninterest expense
11,213
10,504
7
%
9,553
17
%
32,657
29,369
11
%
Total noninterest expense
81,268
80,987
—
%
86,811
(6
)%
247,094
262,768
(6
)%
Income before income taxes
32,100
34,544
(7
)%
40,010
(20
)%
102,538
144,282
(29
)%
Income tax provision
7,941
9,274
(14
)%
9,961
(20
)%
27,245
37,090
(27
)%
Net income
$
24,159
$
25,270
(4
)%
$
30,049
(20
)%
$
75,293
$
107,192
(30
)%
Earnings per common share – diluted
$
0.20
$
0.21
$
0.25
$
0.62
$
0.89
Weighted average shares outstanding –
diluted
121,159,977
120,939,429
120,374,618
121,027,793
120,249,952
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited
For the Three Months
Ended
For the Nine Months
Ended
Profitability measures
(annualized):
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Return on average assets (“ROA”)
0.56
%
0.59
%
0.60
%
0.56
%
0.72
%
ROA excluding notable items (1)
0.58
%
0.62
%
0.61
%
0.59
%
0.72
%
Return on average equity (“ROE”)
4.52
%
4.82
%
5.78
%
4.73
%
6.92
%
ROE excluding notable items (1)
4.71
%
5.07
%
5.85
%
4.99
%
6.94
%
Return on average tangible common equity
(“ROTCE”) (1)
5.78
%
6.20
%
7.47
%
6.07
%
8.95
%
ROTCE excluding notable items (1)
6.02
%
6.53
%
7.55
%
6.40
%
8.98
%
Net interest margin
2.55
%
2.62
%
2.83
%
2.57
%
2.84
%
Efficiency ratio (not annualized)
69.67
%
69.26
%
60.42
%
69.23
%
60.23
%
Efficiency ratio excluding notable items
(not annualized) (1)
68.44
%
67.67
%
60.07
%
67.62
%
60.12
%
(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
9/30/2024
6/30/2024
9/30/2023
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
$
13,574,539
$
210,022
6.16
%
$
13,591,936
$
209,683
6.20
%
$
14,550,106
$
229,937
6.27
%
Investment securities
2,182,847
16,741
3.05
%
2,175,379
16,829
3.11
%
2,275,133
17,006
2.97
%
Interest earning cash and deposits at
other banks
570,754
7,507
5.23
%
428,062
5,284
4.96
%
2,106,469
28,115
5.30
%
FHLB stock and other investments
48,956
814
6.61
%
48,463
805
6.68
%
47,316
735
6.16
%
Total interest earning assets
$
16,377,096
$
235,084
5.71
%
$
16,243,840
$
232,601
5.76
%
$
18,979,024
$
275,793
5.77
%
INTEREST BEARING LIABILITIES:
Deposits:
Money market, interest bearing demand and
savings
$
4,963,727
$
50,707
4.06
%
$
4,948,708
$
48,708
3.96
%
$
4,533,430
$
38,814
3.40
%
Time deposits
6,053,924
76,486
5.03
%
5,921,201
73,869
5.02
%
6,862,038
79,040
4.57
%
Total interest bearing deposits
11,017,651
127,193
4.59
%
10,869,909
122,577
4.54
%
11,395,468
117,854
4.10
%
FHLB and FRB borrowings
120,326
329
1.09
%
219,402
1,430
2.62
%
1,809,322
19,821
4.35
%
Subordinated debentures and convertible
notes
105,152
2,753
10.24
%
104,822
2,734
10.32
%
103,873
2,740
10.32
%
Total interest bearing liabilities
$
11,243,129
$
130,275
4.61
%
$
11,194,133
$
126,741
4.55
%
$
13,308,663
$
140,415
4.19
%
Noninterest bearing demand deposits
3,704,088
3,666,416
4,312,117
Total funding liabilities/cost of
funds
$
14,947,217
3.47
%
$
14,860,549
3.43
%
$
17,620,780
3.16
%
Net interest income/net interest
spread
$
104,809
1.10
%
$
105,860
1.21
%
$
135,378
1.58
%
Net interest margin
2.55
%
2.62
%
2.83
%
Cost of deposits:
Noninterest bearing demand deposits
$
3,704,088
$
—
—
%
$
3,666,416
$
—
—
%
$
4,312,117
$
—
—
%
Interest bearing deposits
11,017,651
127,193
4.59
%
10,869,909
122,577
4.54
%
11,395,468
117,854
4.10
%
Total deposits
$
14,721,739
$
127,193
3.44
%
$
14,536,325
$
122,577
3.39
%
$
15,707,585
$
117,854
2.98
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Nine Months Ended
9/30/2024
9/30/2023
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
$
13,637,335
$
633,331
6.20
%
$
14,961,058
$
671,543
6.00
%
Investment securities
2,224,972
51,619
3.10
%
2,255,839
47,665
2.83
%
Interest earning cash and deposits at
other banks
1,004,606
39,974
5.32
%
1,531,561
58,332
5.09
%
FHLB stock and other investments
48,520
2,435
6.70
%
47,135
2,114
6.00
%
Total interest earning assets
$
16,915,433
$
727,359
5.74
%
$
18,795,593
$
779,654
5.55
%
INTEREST BEARING LIABILITIES:
Deposits:
Money market, interest bearing demand and
savings
$
4,994,958
$
149,560
4.00
%
$
4,871,624
$
116,090
3.19
%
Time deposits
5,987,121
224,243
5.00
%
6,436,645
203,836
4.23
%
Total interest bearing deposits
10,982,079
373,803
4.55
%
11,308,269
319,926
3.78
%
FHLB and FRB borrowings
672,332
19,612
3.90
%
1,558,493
50,141
4.30
%
Subordinated debentures and convertible
notes
104,824
8,228
10.31
%
207,050
9,642
6.14
%
Total interest bearing liabilities
$
11,759,235
$
401,643
4.56
%
$
13,073,812
$
379,709
3.88
%
Noninterest bearing demand deposits
3,724,716
4,445,740
Total funding liabilities/cost of
funds
$
15,483,951
3.46
%
$
17,519,552
2.90
%
Net interest income/net interest
spread
$
325,716
1.18
%
$
399,945
1.67
%
Net interest margin
2.57
%
2.84
%
Cost of deposits:
Noninterest bearing demand deposits
$
3,724,716
$
—
—
%
$
4,445,740
$
—
—
%
Interest bearing deposits
10,982,079
373,803
4.55
%
11,308,269
319,926
3.78
%
Total deposits
$
14,706,795
$
373,803
3.40
%
$
15,754,009
$
319,926
2.72
%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
Nine Months Ended
AVERAGE BALANCES:
9/30/2024
6/30/2024
% change
9/30/2023
% change
9/30/2024
9/30/2023
% change
Gross loans, including loans held for
sale
$
13,574,539
$
13,591,936
—
%
$
14,550,106
(7
)%
$
13,637,335
$
14,961,058
(9
)%
Investment securities
2,182,847
2,175,379
—
%
2,275,133
(4
)%
2,224,972
2,255,839
(1
)%
Interest earning cash and deposits at
other banks
570,754
428,062
33
%
2,106,469
(73
)%
1,004,606
1,531,561
(34
)%
Interest earning assets
16,377,096
16,243,840
1
%
18,979,024
(14
)%
16,915,433
18,795,593
(10
)%
Goodwill and intangible assets
467,419
467,822
—
%
469,079
—
%
467,822
469,525
—
%
Total assets
17,369,169
17,256,638
1
%
20,059,304
(13
)%
17,920,176
19,875,322
(10
)%
Noninterest bearing demand deposits
3,704,088
3,666,416
1
%
4,312,117
(14
)%
3,724,716
4,445,740
(16
)%
Interest bearing deposits
11,017,651
10,869,909
1
%
11,395,468
(3
)%
10,982,079
11,308,269
(3
)%
Total deposits
14,721,739
14,536,325
1
%
15,707,585
(6
)%
14,706,795
15,754,009
(7
)%
Interest bearing liabilities
11,243,129
11,194,133
—
%
13,308,663
(16
)%
11,759,235
13,073,812
(10
)%
Stockholders’ equity
2,139,861
2,097,108
2
%
2,079,092
3
%
2,121,169
2,066,157
3
%
LOAN PORTFOLIO COMPOSITION:
9/30/2024
6/30/2024
% change
9/30/2023
% change
Commercial real estate (“CRE”) loans
$
8,630,757
$
8,679,515
(1
)%
$
8,972,886
(4
)%
Commercial and industrial (“C&I”)
loans
3,901,368
3,854,284
1
%
4,450,341
(12
)%
Residential mortgage and other loans
1,085,863
1,033,203
5
%
882,966
23
%
Loans receivable
13,617,988
13,567,002
—
%
14,306,193
(5
)%
Loans held for sale
25,714
68,316
(62
)%
19,502
32
%
Gross loans
13,643,702
13,635,318
—
%
14,325,695
(5
)%
CRE LOANS BY PROPERTY TYPE:
9/30/2024
6/30/2024
% change
9/30/2023
% change
Multi-tenant retail
$
1,640,769
$
1,659,083
(1
)%
$
1,745,430
(6
)%
Industrial warehouses
1,244,891
1,249,255
—
%
1,254,643
(1
)%
Multifamily
1,204,734
1,199,215
—
%
1,234,934
(2
)%
Gas stations and car washes
1,021,537
1,007,680
1
%
1,037,621
(2
)%
Mixed-use facilities
826,045
844,993
(2
)%
813,571
2
%
Hotels/motels
800,707
795,253
1
%
826,732
(3
)%
Single-tenant retail
663,178
655,540
1
%
671,921
(1
)%
Office
396,131
403,861
(2
)%
454,695
(13
)%
All other
832,765
864,635
(4
)%
933,339
(11
)%
Total CRE loans
$
8,630,757
$
8,679,515
(1
)%
$
8,972,886
(4
)%
DEPOSIT COMPOSITION:
9/30/2024
6/30/2024
% change
9/30/2023
% change
Noninterest bearing demand deposits
$
3,722,985
$
3,671,192
1
%
$
4,249,788
(12
)%
Money market, interest bearing demand, and
savings
5,013,305
4,907,860
2
%
4,855,683
3
%
Time deposits
5,993,208
6,132,419
(2
)%
6,634,388
(10
)%
Total deposits
$
14,729,498
$
14,711,471
—
%
$
15,739,859
(6
)%
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in thousands,
except share and per share data)
CAPITAL & CAPITAL RATIOS:
9/30/2024
6/30/2024
9/30/2023
Total stockholders’ equity
$
2,169,785
$
2,111,282
$
2,030,424
Total capital
$
2,143,477
$
2,137,513
$
2,105,754
Common equity tier 1 ratio
13.06
%
12.70
%
11.67
%
Tier 1 capital ratio
13.78
%
13.40
%
12.32
%
Total capital ratio
14.80
%
14.41
%
13.23
%
Leverage ratio
11.61
%
11.61
%
9.83
%
Total risk weighted assets
$
14,478,900
$
14,828,905
$
15,912,792
Book value per common share
$
17.97
$
17.49
$
16.92
Tangible common equity (“TCE”) per share
(1)
$
14.10
$
13.61
$
13.01
TCE ratio (1)
10.08
%
9.72
%
7.96
%
(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.
ALLOWANCE FOR CREDIT LOSSES
CHANGES:
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
9/30/2024
9/30/2023
Balance at beginning of period
$
156,019
$
158,758
$
158,694
$
158,809
$
172,996
$
158,694
$
162,359
ASU 2022-02 day 1 adoption impact
—
—
—
—
—
—
(407
)
Provision for credit losses on loans
3,000
1,700
3,600
1,700
16,800
8,300
27,400
Recoveries
534
2,099
1,184
306
2,938
3,817
4,856
Charge offs
(6,283
)
(6,538
)
(4,720
)
(2,121
)
(33,925
)
(17,541
)
(35,399
)
Balance at end of period
$
153,270
$
156,019
$
158,758
$
158,694
$
158,809
$
153,270
$
158,809
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
Allowance for unfunded loan
commitments
$
2,823
$
2,543
$
2,843
$
3,843
$
3,143
Three Months Ended
Nine Months Ended
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
9/30/2024
9/30/2023
Provision for credit losses on loans
$
3,000
$
1,700
$
3,600
$
1,700
$
16,800
$
8,300
$
27,400
Provision (credit) for unfunded loan
commitments
280
(300
)
(1,000
)
700
62
(1,020
)
1,792
Provision for credit losses
$
3,280
$
1,400
$
2,600
$
2,400
$
16,862
$
7,280
$
29,192
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
Three Months Ended
Nine Months Ended
NET LOAN CHARGE OFFS
(RECOVERIES):
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
9/30/2024
9/30/2023
CRE loans
$
372
$
514
$
(497
)
$
1,560
$
(2,227
)
$
389
$
(1,898
)
C&I loans
5,287
3,900
4,072
138
33,145
13,259
32,250
Residential mortgage and other loans
90
25
(39
)
117
69
76
191
Net loan charge offs
$
5,749
$
4,439
$
3,536
$
1,815
$
30,987
$
13,724
$
30,543
Net charge offs/average loans
(annualized)
0.17
%
0.13
%
0.10
%
0.05
%
0.85
%
0.13
%
0.27
%
NONPERFORMING ASSETS:
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
Loans on nonaccrual status (1)
$
103,602
$
67,003
$
59,526
$
45,204
$
39,081
Accruing delinquent loans past due 90 days
or more
226
273
47,290
261
21,579
Total nonperforming loans
103,828
67,276
106,816
45,465
60,660
Other real estate owned (“OREO”)
—
—
—
63
1,043
Total nonperforming assets
$
103,828
$
67,276
$
106,816
$
45,528
$
61,703
Nonperforming assets/total assets
0.60
%
0.39
%
0.59
%
0.24
%
0.31
%
Nonperforming loans/loans receivable
0.76
%
0.50
%
0.78
%
0.33
%
0.42
%
Nonaccrual loans/loans receivable
0.76
%
0.49
%
0.43
%
0.33
%
0.27
%
Allowance for credit losses/loans
receivable
1.13
%
1.15
%
1.16
%
1.15
%
1.11
%
Allowance for credit losses/nonperforming
loans
147.62
%
231.91
%
148.63
%
349.05
%
261.80
%
(1) Excludes delinquent SBA loans that are
guaranteed and currently in liquidation totaling $13.1 million,
$11.2 million, $10.9 million, $11.4 million, and $12.1 million, at
September 30, 2024, June 30, 2024, March 31, 2024, December 31,
2023, and September 30, 2023, respectively.
NONACCRUAL LOANS BY TYPE:
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
CRE loans
$
72,228
$
27,292
$
37,836
$
33,932
$
26,687
C&I loans
24,963
33,456
15,070
5,013
4,234
Residential mortgage and other loans
6,411
6,255
6,620
6,259
8,160
Total nonaccrual loans
$
103,602
$
67,003
$
59,526
$
45,204
$
39,081
Hope Bancorp, Inc.
Selected Financial
Data
Unaudited (dollars in
thousands)
ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE:
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
30 - 59 days past due
$
10,746
$
9,073
$
2,273
$
2,833
$
2,906
60 - 89 days past due
1,539
552
313
1,289
506
Total accruing delinquent loans 30-89 days
past due
$
12,285
$
9,625
$
2,586
$
4,122
$
3,412
ACCRUING DELINQUENT LOANS 30-89 DAYS
PAST DUE BY TYPE:
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
CRE loans
$
816
$
5,586
$
1,639
$
2,160
$
611
C&I loans
9,037
2,530
551
1,643
1,168
Residential mortgage and other loans
2,432
1,509
396
319
1,633
Total accruing delinquent loans 30-89 days
past due
$
12,285
$
9,625
$
2,586
$
4,122
$
3,412
CRITICIZED LOANS:
9/30/2024
6/30/2024
3/31/2024
12/31/2023
9/30/2023
Special mention loans
$
184,443
$
204,167
$
215,183
$
178,992
$
186,600
Substandard loans
314,880
243,635
206,350
143,449
174,161
Doubtful/loss
6,403
—
—
—
—
Total criticized loans
$
505,726
$
447,802
$
421,533
$
322,441
$
360,761
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”)
9/30/2024
6/30/2024
9/30/2023
Total stockholders’ equity
$
2,169,785
$
2,111,282
$
2,030,424
Less: Goodwill and core deposit intangible
assets, net
(467,182
)
(467,583
)
(468,832
)
TCE
$
1,702,603
$
1,643,699
$
1,561,592
Total assets
$
17,354,189
$
17,375,091
$
20,076,364
Less: Goodwill and core deposit intangible
assets, net
(467,182
)
(467,583
)
(468,832
)
Tangible assets
$
16,887,007
$
16,907,508
$
19,607,532
TCE ratio
10.08
%
9.72
%
7.96
%
Common shares outstanding
120,737,908
120,731,342
120,026,220
TCE per share
$
14.10
$
13.61
$
13.01
Three Months Ended
Nine Months Ended
RETURN ON AVERAGE TANGIBLE COMMON
EQUITY
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Average stockholders’ equity
$
2,139,861
$
2,097,108
$
2,079,092
$
2,121,169
$
2,066,157
Less: Average goodwill and core deposit
intangible assets, net
(467,419
)
(467,822
)
(469,079
)
(467,822
)
(469,525
)
Average TCE
$
1,672,442
$
1,629,286
$
1,610,013
$
1,653,347
$
1,596,632
Net income
$
24,159
$
25,270
$
30,049
$
75,293
$
107,192
ROTCE (annualized)
5.78
%
6.20
%
7.47
%
6.07
%
8.95
%
Three Months Ended
Nine Months Ended
PROFITABILITY RATIOS EXCLUDING NOTABLE
ITEMS
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Net income
$
24,159
$
25,270
$
30,049
$
75,293
$
107,192
Notable items:
FDIC special assessment expense
—
(309
)
—
691
—
Restructuring-related costs
197
576
500
1,175
500
Merger-related costs
1,236
1,589
—
3,869
—
Total notable items
1,433
1,856
500
5,735
500
Less: tax provision
421
547
147
1,687
147
Total notable items, net of tax
provision
$
1,012
$
1,309
$
353
$
4,048
$
353
Net income excluding notable items
$
25,171
$
26,579
$
30,402
$
79,341
$
107,545
Diluted common shares
121,159,977
120,939,429
120,374,618
121,027,793
120,249,952
EPS excluding notable items
$
0.21
$
0.22
$
0.25
$
0.66
$
0.89
Average Assets
$
17,369,169
$
17,256,638
$
20,059,304
$
17,920,176
$
19,875,322
ROA excluding notable items
0.58
%
0.62
%
0.61
%
0.59
%
0.72
%
Average Equity
$
2,139,861
$
2,097,108
$
2,079,092
$
2,121,169
$
2,066,157
ROE excluding notable items
4.71
%
5.07
%
5.85
%
4.99
%
6.94
%
Average TCE
$
1,672,442
$
1,629,286
$
1,610,013
$
1,653,347
$
1,596,632
ROTCE excluding notable items
6.02
%
6.53
%
7.55
%
6.40
%
8.98
%
Three Months Ended
Nine Months Ended
EFFICIENCY RATIO EXCLUDING NOTABLE
ITEMS
9/30/2024
6/30/2024
9/30/2023
9/30/2024
9/30/2023
Noninterest expense
$
81,268
$
80,987
$
86,811
$
247,094
$
262,768
Less: notable items:
FDIC special assessment expense
—
309
—
(691
)
—
Restructuring-related costs
(197
)
(576
)
(500
)
(1,175
)
(500
)
Merger-related costs
(1,236
)
(1,589
)
—
(3,869
)
—
Noninterest expense excluding notable
items
$
79,835
$
79,131
$
86,311
$
241,359
$
262,268
Revenue
$
116,648
$
116,931
$
143,683
$
356,912
$
436,242
Efficiency ratio excluding notable
items
68.44
%
67.67
%
60.07
%
67.62
%
60.12
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241028600894/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
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