Hope Bancorp Announces New $50 Million Stock Repurchase Program

Rhea-AI Summary

Hope Bancorp, Inc. (NASDAQ: HOPE) has initiated a new stock repurchase program, allowing the company to buy back up to $50 million of its common stock. This decision reflects the board's confidence in the company's long-term prospects, supported by strong financial performance in Q4 2021. The repurchase program has no expiration date and can be modified at the company's discretion. Repurchases may occur through various means depending on market conditions. An investor conference call detailing Q4 results is scheduled for January 25, 2022.

Positive

• Board approved a stock repurchase program up to $50 million, enhancing shareholder value.
• Strong financial performance reported for Q4 2021 supports confidence in long-term prospects.
• No expiration on the repurchase program allows flexibility based on market conditions.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today announced that its board of directors has approved a new stock repurchase program authorizing the Company to repurchase up to $50 million of its common stock.

“The strong financial performance for the 2021 fourth quarter further supports our board and management’s confidence in the long-term prospects of our franchise,” said Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp, Inc. “This new $50 million stock repurchase program underscores our ongoing commitment to returning capital to our shareholders.”

The stock repurchase authorization does not have any expiration date and may be modified, amended, suspended or discontinued at the Company’s discretion at any time without notice. Stock repurchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with the regulations of the Securities and Exchange Commission. The timing of repurchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. Repurchases may also be made under a trading plan under Rule 10b5-1, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions.

Investor Conference Call

The Company previously announced that it will host an investor conference call on Tuesday, January 25, 2022 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for its fourth quarter and full year ended December 31, 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 in 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 February 1, 2022, replay access code 7703555.

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 $17.89 billion in total assets as of December 31, 2021. 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 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: the timing of repurchases and the number of shares repurchased under the stock repurchase program; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220124005755/en/

Contacts:

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

Source: Hope Bancorp, Inc.

FAQ

What is the purpose of the new stock repurchase program by Hope Bancorp (HOPE)?

The stock repurchase program aims to return capital to shareholders and reflects the board's confidence in the company's long-term financial prospects.

How much common stock is Hope Bancorp authorized to repurchase?

Hope Bancorp is authorized to repurchase up to $50 million of its common stock.

When will the investor conference call for Hope Bancorp be held?

The investor conference call is scheduled for January 25, 2022, at 9:30 a.m. Pacific Time.

Is there an expiration date for the stock repurchase program of Hope Bancorp?

No, the stock repurchase program does not have an expiration date and can be modified at the company's discretion.

What factors will influence the timing of share repurchases by Hope Bancorp?

The timing and number of shares repurchased will depend on price, trading volume, corporate and regulatory requirements, and overall market conditions.