Hope Bancorp Reports 2024 Fourth Quarter and Full-Year Financial Results
Hope Bancorp (NASDAQ: HOPE) reported Q4 2024 net income of $24.3 million ($0.20 per diluted share), compared to $24.2 million in Q3 2024. Full-year 2024 net income was $99.6 million ($0.82 per diluted share).
Q4 highlights include a 14% increase in pre-provision net revenue to $40.4 million, an 11% decrease in criticized loans, and a 13% reduction in nonperforming assets. The company's total revenue grew to $118.0 million, up 1% from Q3, driven by strong noninterest income growth.
Key metrics as of December 31, 2024: loans receivable remained stable at $13.62 billion, total deposits decreased 3% to $14.33 billion, and the allowance for credit losses was $150.5 million (1.11% of loans receivable). The tangible common equity ratio stood at 10.05%.
The company is in final stages of preparing for the integration of Territorial Savings Bank, with the merger expected to complete in Q1 2025, subject to regulatory approvals.
Hope Bancorp (NASDAQ: HOPE) ha riportato un utile netto nel quarto trimestre 2024 di 24,3 milioni di dollari (0,20 dollari per azione diluita), rispetto ai 24,2 milioni di dollari nel terzo trimestre 2024. L'utile netto per l'intero anno 2024 è stato di 99,6 milioni di dollari (0,82 dollari per azione diluita).
Tra i momenti salienti del quarto trimestre si segnalano un aumento del 14% nel ricavo netto pre-accantonamento, che ha raggiunto i 40,4 milioni di dollari, una diminuzione dell'11% nei prestiti criticati e una riduzione del 13% negli attivi non produttivi. Il fatturato totale dell'azienda è cresciuto a 118,0 milioni di dollari, con un incremento dell'1% rispetto al terzo trimestre, trainato da una forte crescita del reddito non legato agli interessi.
Metriche chiave al 31 dicembre 2024: i prestiti da incassare sono rimasti stabili a 13,62 miliardi di dollari, i depositi totali sono diminuiti del 3% a 14,33 miliardi di dollari e l'accantonamento per perdite su crediti è stato di 150,5 milioni di dollari (1,11% dei prestiti da incassare). Il rapporto tra capitale comune tangibile è stato del 10,05%.
L'azienda è nelle fasi finali della preparazione per l'integrazione della Territorial Savings Bank, con la fusione prevista per il primo trimestre del 2025, soggetta ad approvazioni normative.
Hope Bancorp (NASDAQ: HOPE) reportó un ingreso neto de 24,3 millones de dólares (0,20 dólares por acción diluida) en el cuarto trimestre de 2024, en comparación con 24,2 millones de dólares en el tercer trimestre de 2024. El ingreso neto total del año 2024 fue de 99,6 millones de dólares (0,82 dólares por acción diluida).
Los puntos destacados del cuarto trimestre incluyen un aumento del 14% en los ingresos netos antes de provisiones hasta 40,4 millones de dólares, una disminución del 11% en préstamos criticados y una reducción del 13% en activos no rentables. Los ingresos totales de la compañía crecieron a 118,0 millones de dólares, un 1% más que en el tercer trimestre, impulsados por un fuerte crecimiento de los ingresos no por intereses.
Métricas clave al 31 de diciembre de 2024: los préstamos por cobrar se mantuvieron estables en 13,62 mil millones de dólares, los depósitos totales disminuyeron un 3% a 14,33 mil millones de dólares, y la provisión para pérdidas de crédito fue de 150,5 millones de dólares (1,11% de los préstamos por cobrar). El ratio de capital común tangible fue del 10,05%.
La compañía se encuentra en las etapas finales de preparación para la integración de Territorial Savings Bank, con la fusión prevista para el primer trimestre de 2025, sujeta a aprobaciones regulatorias.
Hope Bancorp (NASDAQ: HOPE)는 2024년 4분기에 2430만 달러(희석 주당 0.20 달러)의 순이익을 보고했으며, 이는 2024년 3분기 2420만 달러와 비교됩니다. 2024년 전체 연간 순이익은 9960만 달러(희석 주당 0.82 달러)였습니다.
4분기 동안의 주요 사항으로는 14% 증가한 4040만 달러의 충당금 전 순수익, 비판 대상 대출 11% 감소 및 비수익 자산 13% 감소가 있습니다. 회사의 총 수익은 1% 증가한 1억 1800만 달러로, 비이자 수익 성장이 강하게 작용했습니다.
2024년 12월 31일 기준 주요 지표: 대출 수취는 1362억 달러로 안정세를 유지하였고, 총 예금은 3% 감소하여 1433억 달러, 신용 손실 충당금은 1억 5050만 달러(대출 수취의 1.11%)였습니다. 유목적 공통 자본 비율은 10.05%였습니다.
회사는 Territorial Savings Bank와의 통합 준비를 마무리 단계에 있으며, 2025년 1분기에 합병이 완료될 예정이며, 이는 규제 승인에 따라 달라질 수 있습니다.
Hope Bancorp (NASDAQ: HOPE) a annoncé un chiffre d'affaires net de 24,3 millions de dollars (0,20 dollar par action diluée) pour le quatrième trimestre de 2024, comparé à 24,2 millions de dollars au troisième trimestre de 2024. Le bénéfice net pour l'année 2024 a atteint 99,6 millions de dollars (0,82 dollar par action diluée).
Parmi les points forts du quatrième trimestre, on note une augmentation de 14% des revenus nets avant provisions, atteignant 40,4 millions de dollars, une diminution de 11% des prêts critiqués et une réduction de 13% des actifs non performants. Le chiffre d'affaires total de l'entreprise a augmenté à 118,0 millions de dollars, soit une hausse de 1% par rapport au troisième trimestre, soutenue par une forte croissance des revenus non liés aux intérêts.
Métriques clés au 31 décembre 2024 : les prêts à recevoir sont restés stables à 13,62 milliards de dollars, les dépôts totaux ont diminué de 3% pour atteindre 14,33 milliards de dollars, et la provision pour pertes sur crédits s'élevait à 150,5 millions de dollars (1,11% des prêts à recevoir). Le ratio de capitaux propres tangibles a atteint 10,05%.
L'entreprise est dans les dernières étapes de préparation de l'intégration de Territorial Savings Bank, la fusion devant être finalisée au premier trimestre de 2025, sous réserve des approbations réglementaires.
Hope Bancorp (NASDAQ: HOPE) berichtete für das vierte Quartal 2024 einen Nettogewinn von 24,3 Millionen Dollar (0,20 Dollar pro verwässerter Aktie), verglichen mit 24,2 Millionen Dollar im dritten Quartal 2024. Der Nettogewinn für das gesamte Jahr 2024 betrug 99,6 Millionen Dollar (0,82 Dollar pro verwässerter Aktie).
Die Höhepunkte des vierten Quartals umfassen einen Anstieg der Nettoumsätze vor Rückstellungen um 14% auf 40,4 Millionen Dollar, einen Rückgang der kritisierten Kredite um 11% und eine Verringerung der notleidenden Vermögenswerte um 13%. Der Gesamtumsatz des Unternehmens stieg auf 118,0 Millionen Dollar, was einem Anstieg von 1% gegenüber dem dritten Quartal entspricht, und wurde durch ein starkes Wachstum der nichtzinsbezogenen Einnahmen angetrieben.
Wichtige Kennzahlen zum 31. Dezember 2024: Die Forderungen aus Krediten blieben bei 13,62 Milliarden Dollar stabil, die Gesamteinlagen sanken um 3% auf 14,33 Milliarden Dollar, und die Rückstellung für Kreditverluste betrug 150,5 Millionen Dollar (1,11% der Forderungen aus Krediten). Die Verhältnis von tangiblem Eigenkapital lag bei 10,05%.
Das Unternehmen befindet sich in den letzten Zügen der Vorbereitung zur Integration der Territorial Savings Bank, wobei die Fusion im ersten Quartal 2025 abgeschlossen werden soll, vorbehaltlich der regulatorischen Genehmigungen.
- Pre-provision net revenue increased 14% QoQ to $40.4 million
- Criticized loans decreased 11% QoQ
- Nonperforming assets decreased 13% QoQ
- Noninterest expense decreased 5% QoQ to $77.6 million
- Brokered deposits reduced to 7% of total deposits from 10% YoY
- Net interest income decreased 3% QoQ to $102.1 million
- Total deposits decreased 3% QoQ to $14.33 billion
- Net charge-offs increased to $12.8 million (0.38% of average loans) from $5.7 million in Q3
Insights
Hope Bancorp's Q4 2024 results reveal a strategic transformation focused on balance sheet optimization and asset quality improvement. The 14% increase in pre-provision net revenue to $40.4M demonstrates effective cost management, with noninterest expenses declining
Notable improvements in asset quality metrics are particularly significant:
- Criticized loans decreased
11% to $450M - Nonperforming assets reduced
13% to $90.8M - Strong capital position with
10.05% TCE ratio
The reduction in brokered deposits from
However, the
“For the 2024 fourth quarter, our pre-provision net revenue(2) increased
“In 2024, we focused on strengthening our deposit base, reducing brokered deposits to
“We are in the final stages of preparing for the integration of Territorial Savings Bank as a division of Bank of Hope, and are looking forward to building upon Territorial’s legacy. The addition of Territorial’s low-cost core deposits and residential mortgage loans with pristine asset quality will be meaningful contributors to the combined company in 2025. We anticipate the pending merger with Territorial Bancorp Inc. (NASDAQ: TBNK), the stock holding company of Territorial Savings Bank, will be completed during the first quarter of 2025, subject to regulatory approvals.
“We are heartbroken to see the unprecedented destruction that the wildfires have caused in the
_____________________________________
(1) |
Net income, excluding merger-related expenses, restructuring-related costs and gains, which included net gains on the sale of branches in |
|
(2) |
Pre-provision net revenue (“PPNR”) 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 through 12. |
|
(3) |
Tangible common equity ratio 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 through 12. |
Operating Results for the 2024 Fourth Quarter
Revenue. 2024 fourth quarter revenue of
Net interest income and net interest margin. Net interest income before provision for credit losses for the 2024 fourth quarter totaled
The decrease in interest income was partially offset by lower interest expense, which totaled
Net interest margin for the 2024 fourth quarter was
Noninterest income. Noninterest income for the 2024 fourth quarter increased to
Noninterest expense. The Company continues to closely manage expenses. Noninterest expense for the 2024 fourth quarter was
Tax rate. The effective tax rate for the 2024 fourth quarter was
_____________________________________
(4) |
PPNR, 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 to 12. Collectively, notable items comprise merger-related expenses, restructuring-related costs and gains, which also includes a net gain on the sale of branches in |
|
(5) |
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 to 12. |
Balance Sheet Summary
Cash and investment securities. At December 31, 2024, cash and due from banks totaled
Loans. At December 31, 2024, loans receivable, which excludes loans held for sale, were stable quarter-over-quarter at
The following table sets forth the loan portfolio composition at December 31, 2024, September 30, 2024, and December 31, 2023:
(dollars in thousands) (unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
||||||||||||||
|
Balance |
Percentage |
Balance |
Percentage |
Balance |
Percentage |
|||||||||||
Commercial real estate (“CRE”) loans |
$ |
8,527,008 |
62.6 |
% |
$ |
8,630,757 |
63.3 |
% |
$ |
8,797,884 |
63.6 |
% |
|||||
Commercial and industrial (“C&I”) loans |
|
3,967,596 |
29.1 |
% |
|
3,901,368 |
28.6 |
% |
|
4,135,044 |
29.8 |
% |
|||||
Residential mortgage and other loans |
|
1,123,668 |
8.2 |
% |
|
1,085,863 |
7.9 |
% |
|
920,691 |
6.6 |
% |
|||||
Loans receivable |
|
13,618,272 |
99.9 |
% |
|
13,617,988 |
99.8 |
% |
|
13,853,619 |
100.0 |
% |
|||||
Loans held for sale |
|
14,491 |
0.1 |
% |
|
25,714 |
0.2 |
% |
|
3,408 |
— |
% |
|||||
Gross loans |
$ |
13,632,763 |
100.0 |
% |
$ |
13,643,702 |
100.0 |
% |
$ |
13,857,027 |
100.0 |
% |
|||||
Deposits. Total deposits of
The following table sets forth the deposit composition at December 31, 2024, September 30, 2024, and December 31, 2023:
(dollars in thousands) (unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
||||||||||||||
|
Balance |
Percentage |
Balance |
Percentage |
Balance |
Percentage |
|||||||||||
Noninterest bearing demand deposits |
$ |
3,377,950 |
23.6 |
% |
$ |
3,722,985 |
25.3 |
% |
$ |
3,914,967 |
26.5 |
% |
|||||
Money market, interest bearing demand, and savings deposits |
|
5,175,735 |
36.1 |
% |
|
5,013,305 |
34.0 |
% |
|
4,872,029 |
33.0 |
% |
|||||
Time deposits |
|
5,773,804 |
40.3 |
% |
|
5,993,208 |
40.7 |
% |
|
5,966,757 |
40.5 |
% |
|||||
Total deposits |
$ |
14,327,489 |
100.0 |
% |
$ |
14,729,498 |
100.0 |
% |
$ |
14,753,753 |
100.0 |
% |
|||||
|
|
|
|
|
|
|
|||||||||||
Gross loan-to-deposit ratio |
|
95.2 |
% |
|
92.6 |
% |
|
93.9 |
% |
||||||||
Borrowings. Federal Home Loan Bank and Federal Reserve Bank borrowings totaled
Credit Quality and Allowance for Credit Losses
Nonperforming assets. Nonperforming assets were
The following table sets forth the components of nonperforming assets at December 31, 2024, September 30, 2024, and December 31, 2023:
(dollars in thousands) (unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
||||||||
Loans on nonaccrual status (1) |
$ |
90,564 |
|
$ |
103,602 |
|
$ |
45,204 |
|
||
Accruing delinquent loans past due 90 days or more |
|
229 |
|
|
226 |
|
|
261 |
|
||
Total nonperforming loans |
|
90,793 |
|
|
103,828 |
|
|
45,465 |
|
||
Other real estate owned |
|
— |
|
|
— |
|
|
63 |
|
||
Total nonperforming assets |
$ |
90,793 |
|
$ |
103,828 |
|
$ |
45,528 |
|
||
|
|
|
|
|
|
|
|||||
Nonperforming assets/total assets |
|
0.53 |
% |
|
0.60 |
% |
|
0.24 |
% |
||
_____________________________________ |
||
(1) |
Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling |
|
Criticized loans. Criticized loans decreased
Net charge offs and provision for credit losses. The Company recorded net charge offs of
The following table sets forth net charge offs and annualized net charge off ratios for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, and the full years ended December 31, 2024, and December 31, 2023:
|
For the Three Months Ended |
For the Twelve Months Ended |
|||||||||||||||||
(dollars in thousands) (unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||
Net charge offs |
$ |
12,843 |
|
$ |
5,749 |
|
$ |
1,815 |
|
$ |
26,567 |
|
$ |
32,358 |
|
||||
Annualized net charge offs/average loans |
|
0.38 |
% |
|
0.17 |
% |
|
0.05 |
% |
|
0.19 |
% |
|
0.22 |
% |
||||
For the 2024 fourth quarter, the Company recorded a provision for credit losses of
Allowance for credit losses. The allowance for credit losses totaled
The following table sets forth the allowance for credit losses and the coverage ratios at December 31, 2024, September 30, 2024, and December 31, 2023:
(dollars in thousands) (unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
||||||||
Allowance for credit losses |
$ |
150,527 |
|
$ |
153,270 |
|
$ |
158,694 |
|
||
Allowance for credit losses/loans receivable |
|
1.11 |
% |
|
1.13 |
% |
|
1.15 |
% |
||
Capital
At December 31, 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 December 31, 2024, September 30, 2024, and December 31, 2023:
(unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
Minimum Guideline for “Well-Capitalized” |
|||||||
Common Equity Tier 1 Capital Ratio |
13.06 |
% |
13.07 |
% |
12.28 |
% |
6.50 |
% |
|||
Tier 1 Capital Ratio |
13.79 |
% |
13.79 |
% |
12.96 |
% |
8.00 |
% |
|||
Total Capital Ratio |
14.78 |
% |
14.82 |
% |
13.92 |
% |
10.00 |
% |
|||
Leverage Ratio |
11.78 |
% |
11.61 |
% |
10.11 |
% |
5.00 |
% |
|||
At December 31, 2024, total stockholders’ equity was
The following table sets forth the TCE per share and the TCE ratio at December 31, 2024, September 30, 2024, and December 31, 2023:
(unaudited) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
||||||||
TCE per share |
$ |
13.81 |
|
$ |
14.10 |
|
$ |
13.76 |
|
||
TCE ratio |
|
10.05 |
% |
|
10.08 |
% |
|
8.86 |
% |
||
_____________________________________
(6) |
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 through 12. |
Investor Conference Call
The Company previously announced that it will host an investor conference call on Monday, January 27, 2025, at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review unaudited financial results for its fourth quarter ended December 31, 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 February 3, 2025, replay access code 6066063.
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, PPNR, PPNR 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 through 12.
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
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
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. 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 with Territorial Bancorp is subject to regulatory approvals 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 renewed 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; diversion of management’s attention from ongoing business operations and opportunities; and risks from natural disasters. 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: |
12/31/2024 |
9/30/2024 |
% change |
12/31/2023 |
% change |
||||||||||||
Cash and due from banks |
$ |
458,199 |
|
$ |
680,857 |
|
(33 |
)% |
$ |
1,928,967 |
|
(76 |
)% |
||||
Investment securities |
|
2,075,628 |
|
|
2,177,301 |
|
(5 |
)% |
|
2,408,971 |
|
(14 |
)% |
||||
Federal Home Loan Bank (“FHLB”) stock and other investments |
|
57,196 |
|
|
57,158 |
|
— |
% |
|
61,000 |
|
(6 |
)% |
||||
Gross loans, including loans held for sale |
|
13,632,763 |
|
|
13,643,702 |
|
— |
% |
|
13,857,027 |
|
(2 |
)% |
||||
Allowance for credit losses |
|
(150,527 |
) |
|
(153,270 |
) |
(2 |
)% |
|
(158,694 |
) |
(5 |
)% |
||||
Accrued interest receivable |
|
51,169 |
|
|
51,898 |
|
(1 |
)% |
|
61,720 |
|
(17 |
)% |
||||
Premises and equipment, net |
|
51,759 |
|
|
51,543 |
|
— |
% |
|
50,611 |
|
2 |
% |
||||
Goodwill and intangible assets |
|
466,781 |
|
|
467,182 |
|
— |
% |
|
468,385 |
|
— |
% |
||||
Other assets |
|
411,040 |
|
|
377,818 |
|
9 |
% |
|
453,535 |
|
(9 |
)% |
||||
Total assets |
$ |
17,054,008 |
|
$ |
17,354,189 |
|
(2 |
)% |
$ |
19,131,522 |
|
(11 |
)% |
||||
|
|
|
|
|
|
||||||||||||
Liabilities: |
|
|
|
|
|
||||||||||||
Deposits |
$ |
14,327,489 |
|
$ |
14,729,498 |
|
(3 |
)% |
$ |
14,753,753 |
|
(3 |
)% |
||||
FHLB and Federal Reserve Bank (“FRB”) borrowings |
|
239,000 |
|
|
100,000 |
|
139 |
% |
|
1,795,726 |
|
(87 |
)% |
||||
Subordinated debentures and convertible notes, net |
|
109,584 |
|
|
109,249 |
|
— |
% |
|
108,269 |
|
1 |
% |
||||
Accrued interest payable |
|
93,784 |
|
|
107,017 |
|
(12 |
)% |
|
168,174 |
|
(44 |
)% |
||||
Other liabilities |
|
149,646 |
|
|
138,640 |
|
8 |
% |
|
184,357 |
|
(19 |
)% |
||||
Total liabilities |
$ |
14,919,503 |
|
$ |
15,184,404 |
|
(2 |
)% |
$ |
17,010,279 |
|
(12 |
)% |
||||
|
|
|
|
|
|
||||||||||||
Stockholders’ Equity: |
|
|
|
|
|
||||||||||||
Common stock, |
$ |
138 |
|
$ |
138 |
|
— |
% |
$ |
138 |
|
— |
% |
||||
Additional paid-in capital |
|
1,445,373 |
|
|
1,442,993 |
|
— |
% |
|
1,439,963 |
|
— |
% |
||||
Retained earnings |
|
1,181,533 |
|
|
1,174,100 |
|
1 |
% |
|
1,150,547 |
|
3 |
% |
||||
Treasury stock, at cost |
|
(264,667 |
) |
|
(264,667 |
) |
— |
% |
|
(264,667 |
) |
— |
% |
||||
Accumulated other comprehensive loss, net |
|
(227,872 |
) |
|
(182,779 |
) |
(25 |
)% |
|
(204,738 |
) |
(11 |
)% |
||||
Total stockholders’ equity |
|
2,134,505 |
|
|
2,169,785 |
|
(2 |
)% |
|
2,121,243 |
|
1 |
% |
||||
Total liabilities and stockholders’ equity |
$ |
17,054,008 |
|
$ |
17,354,189 |
|
(2 |
)% |
$ |
19,131,522 |
|
(11 |
)% |
||||
|
|
|
|
|
|
||||||||||||
Common stock shares – authorized |
|
300,000,000 |
|
|
300,000,000 |
|
|
|
150,000,000 |
|
|
||||||
Common stock shares – outstanding |
|
120,755,658 |
|
|
120,737,908 |
|
|
|
120,126,786 |
|
|
||||||
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 |
Twelve Months Ended |
|||||||||||||||||||||||
|
12/31/2024 |
9/30/2024 |
% change |
12/31/2023 |
% change |
12/31/2024 |
12/31/2023 |
% change |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Interest and fees on loans |
$ |
203,828 |
|
$ |
210,022 |
|
(3 |
)% |
$ |
221,020 |
(8 |
)% |
$ |
837,159 |
$ |
892,563 |
(6 |
)% |
|||||||
Interest on investment securities |
|
16,930 |
|
|
16,741 |
|
1 |
% |
|
18,398 |
(8 |
)% |
|
68,549 |
|
66,063 |
4 |
% |
|||||||
Interest on cash and deposits at other banks |
|
4,694 |
|
|
7,507 |
|
(37 |
)% |
|
29,029 |
(84 |
)% |
|
44,668 |
|
87,361 |
(49 |
)% |
|||||||
Interest on other investments and FHLB dividends |
|
1,169 |
|
|
814 |
|
44 |
% |
|
777 |
50 |
% |
|
3,604 |
|
2,891 |
25 |
% |
|||||||
Total interest income |
|
226,621 |
|
|
235,084 |
|
(4 |
)% |
|
269,224 |
(16 |
)% |
|
953,980 |
|
1,048,878 |
(9 |
)% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Interest on deposits |
|
121,645 |
|
|
127,193 |
|
(4 |
)% |
|
121,305 |
— |
% |
|
495,448 |
|
441,231 |
12 |
% |
|||||||
Interest on borrowings |
|
2,841 |
|
|
3,082 |
|
(8 |
)% |
|
22,003 |
(87 |
)% |
|
30,681 |
|
81,786 |
(62 |
)% |
|||||||
Total interest expense |
|
124,486 |
|
|
130,275 |
|
(4 |
)% |
|
143,308 |
(13 |
)% |
|
526,129 |
|
523,017 |
1 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net interest income before provision |
|
102,135 |
|
|
104,809 |
|
(3 |
)% |
|
125,916 |
(19 |
)% |
|
427,851 |
|
525,861 |
(19 |
)% |
|||||||
Provision for credit losses |
|
10,000 |
|
|
3,280 |
|
205 |
% |
|
2,400 |
317 |
% |
|
17,280 |
|
31,592 |
(45 |
)% |
|||||||
Net interest income after provision |
|
92,135 |
|
|
101,529 |
|
(9 |
)% |
|
123,516 |
(25 |
)% |
|
410,571 |
|
494,269 |
(17 |
)% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Service fees on deposit accounts |
|
2,809 |
|
|
2,651 |
|
6 |
% |
|
2,505 |
12 |
% |
|
10,728 |
|
9,466 |
13 |
% |
|||||||
Net gains on sales of SBA loans |
|
3,063 |
|
|
2,722 |
|
13 |
% |
|
— |
100 |
% |
|
7,765 |
|
4,097 |
90 |
% |
|||||||
Net gains (losses) on sales of securities available for sale |
|
837 |
|
|
(326 |
) |
N/A |
|
|
— |
100 |
% |
|
936 |
|
— |
100 |
% |
|||||||
Net gain on branch sales |
|
1,006 |
|
|
— |
|
100 |
% |
|
— |
100 |
% |
|
1,006 |
|
— |
100 |
% |
|||||||
Other income and fees |
|
8,166 |
|
|
6,792 |
|
20 |
% |
|
6,775 |
21 |
% |
|
26,642 |
|
32,014 |
(17 |
)% |
|||||||
Total noninterest income |
|
15,881 |
|
|
11,839 |
|
34 |
% |
|
9,280 |
71 |
% |
|
47,077 |
|
45,577 |
3 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Salaries and employee benefits |
|
42,016 |
|
|
44,160 |
|
(5 |
)% |
|
47,364 |
(11 |
)% |
|
177,860 |
|
207,871 |
(14 |
)% |
|||||||
Occupancy |
|
6,837 |
|
|
6,940 |
|
(1 |
)% |
|
7,231 |
(5 |
)% |
|
27,469 |
|
28,868 |
(5 |
)% |
|||||||
Furniture and equipment |
|
5,436 |
|
|
5,341 |
|
2 |
% |
|
5,302 |
3 |
% |
|
21,592 |
|
21,378 |
1 |
% |
|||||||
Data processing and communications |
|
2,961 |
|
|
3,112 |
|
(5 |
)% |
|
2,976 |
(1 |
)% |
|
12,060 |
|
11,606 |
4 |
% |
|||||||
FDIC assessment |
|
2,684 |
|
|
2,200 |
|
22 |
% |
|
3,141 |
(15 |
)% |
|
10,813 |
|
13,296 |
(19 |
)% |
|||||||
FDIC special assessment |
|
— |
|
|
— |
|
— |
% |
|
3,971 |
(100 |
)% |
|
691 |
|
3,971 |
(83 |
)% |
|||||||
Earned interest credit |
|
4,605 |
|
|
6,869 |
|
(33 |
)% |
|
6,505 |
(29 |
)% |
|
23,447 |
|
22,399 |
5 |
% |
|||||||
Restructuring-related (reversals) costs |
|
(152 |
) |
|
197 |
|
N/A |
|
|
11,076 |
N/A |
|
|
1,023 |
|
11,576 |
(91 |
)% |
|||||||
Merger-related costs |
|
735 |
|
|
1,236 |
|
(41 |
)% |
|
— |
100 |
% |
|
4,604 |
|
— |
100 |
% |
|||||||
Other noninterest expense |
|
12,468 |
|
|
11,213 |
|
11 |
% |
|
11,625 |
7 |
% |
|
45,125 |
|
40,994 |
10 |
% |
|||||||
Total noninterest expense |
|
77,590 |
|
|
81,268 |
|
(5 |
)% |
|
99,191 |
(22 |
)% |
|
324,684 |
|
361,959 |
(10 |
)% |
|||||||
Income before income taxes |
|
30,426 |
|
|
32,100 |
|
(5 |
)% |
|
33,605 |
(9 |
)% |
|
132,964 |
|
177,887 |
(25 |
)% |
|||||||
Income tax provision |
|
6,089 |
|
|
7,941 |
|
(23 |
)% |
|
7,124 |
(15 |
)% |
|
33,334 |
|
44,214 |
(25 |
)% |
|||||||
Net income |
$ |
24,337 |
|
$ |
24,159 |
|
1 |
% |
$ |
26,481 |
(8 |
)% |
$ |
99,630 |
$ |
133,673 |
(25 |
)% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Earnings per common share – diluted |
$ |
0.20 |
|
$ |
0.20 |
|
|
$ |
0.22 |
|
$ |
0.82 |
$ |
1.11 |
|
||||||||||
Weighted average shares outstanding – diluted |
|
121,401,285 |
|
|
121,159,977 |
|
|
|
120,761,112 |
|
|
121,108,594 |
|
120,393,257 |
|
||||||||||
Hope Bancorp, Inc. |
||||||||||||||
Selected Financial Data |
||||||||||||||
Unaudited (dollars in thousands, except share and per share data) |
||||||||||||||
|
||||||||||||||
|
For the Three Months Ended |
For the Twelve Months Ended |
||||||||||||
Profitability measures (annualized): |
12/31/2024 |
9/30/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
|||||||||
Return on average assets (“ROA”) |
0.57 |
% |
0.56 |
% |
0.54 |
% |
0.56 |
% |
0.67 |
% |
||||
ROA excluding notable items (1) |
0.56 |
% |
0.58 |
% |
0.76 |
% |
0.58 |
% |
0.73 |
% |
||||
Return on average equity (“ROE”) |
4.51 |
% |
4.52 |
% |
5.17 |
% |
4.68 |
% |
6.48 |
% |
||||
ROE excluding notable items (1) |
4.46 |
% |
4.71 |
% |
7.25 |
% |
4.85 |
% |
7.02 |
% |
||||
Return on average tangible common equity (“ROTCE”) (1) |
5.76 |
% |
5.78 |
% |
6.71 |
% |
5.99 |
% |
8.39 |
% |
||||
ROTCE excluding notable items (1) |
5.69 |
% |
6.02 |
% |
9.39 |
% |
6.22 |
% |
9.08 |
% |
||||
Net interest margin |
2.50 |
% |
2.55 |
% |
2.70 |
% |
2.55 |
% |
2.81 |
% |
||||
Efficiency ratio (not annualized) |
65.75 |
% |
69.67 |
% |
73.37 |
% |
68.36 |
% |
63.34 |
% |
||||
Efficiency ratio excluding notable items (not annualized) (1) |
65.81 |
% |
68.44 |
% |
62.24 |
% |
67.18 |
% |
60.62 |
% |
||||
|
||||||||||||||
| (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 through 12. | ||||||||||||||
Hope Bancorp, Inc. |
||||||||||||||||||||||||||
Selected Financial Data |
||||||||||||||||||||||||||
Unaudited (dollars in thousands) |
||||||||||||||||||||||||||
|
||||||||||||||||||||||||||
|
Three Months Ended |
|||||||||||||||||||||||||
|
12/31/2024 |
9/30/2024 |
12/31/2023 |
|||||||||||||||||||||||
|
|
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 |
$ |
13,626,965 |
$ |
203,828 |
5.95 |
% |
$ |
13,574,539 |
$ |
210,022 |
6.16 |
% |
$ |
14,052,953 |
$ |
221,020 |
6.24 |
% |
||||||||
Investment securities |
|
2,177,613 |
|
16,930 |
3.09 |
% |
|
2,182,847 |
|
16,741 |
3.05 |
% |
|
2,283,613 |
|
18,398 |
3.20 |
% |
||||||||
Interest earning cash and deposits at other banks |
|
416,467 |
|
4,694 |
4.48 |
% |
|
570,754 |
|
7,507 |
5.23 |
% |
|
2,142,147 |
|
29,029 |
5.38 |
% |
||||||||
FHLB stock and other investments |
|
49,388 |
|
1,169 |
9.42 |
% |
|
48,956 |
|
814 |
6.61 |
% |
|
47,587 |
|
777 |
6.48 |
% |
||||||||
Total interest earning assets |
$ |
16,270,433 |
$ |
226,621 |
5.54 |
% |
$ |
16,377,096 |
$ |
235,084 |
5.71 |
% |
$ |
18,526,300 |
$ |
269,224 |
5.77 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
INTEREST BEARING LIABILITIES: |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Money market, interest bearing demand and savings |
$ |
5,187,715 |
$ |
50,510 |
3.87 |
% |
$ |
4,963,727 |
$ |
50,707 |
4.06 |
% |
$ |
4,821,222 |
$ |
45,662 |
3.76 |
% |
||||||||
Time deposits |
|
5,856,439 |
|
71,135 |
4.83 |
% |
|
6,053,924 |
|
76,486 |
5.03 |
% |
|
6,327,191 |
|
75,643 |
4.74 |
% |
||||||||
Total interest bearing deposits |
|
11,044,154 |
|
121,645 |
4.38 |
% |
|
11,017,651 |
|
127,193 |
4.59 |
% |
|
11,148,413 |
|
121,305 |
4.32 |
% |
||||||||
FHLB and FRB borrowings |
|
113,533 |
|
248 |
0.87 |
% |
|
120,326 |
|
329 |
1.09 |
% |
|
1,795,740 |
|
19,224 |
4.25 |
% |
||||||||
Subordinated debentures and convertible notes |
|
105,482 |
|
2,593 |
9.62 |
% |
|
105,152 |
|
2,753 |
10.24 |
% |
|
104,198 |
|
2,779 |
10.44 |
% |
||||||||
Total interest bearing liabilities |
$ |
11,263,169 |
$ |
124,486 |
4.40 |
% |
$ |
11,243,129 |
$ |
130,275 |
4.61 |
% |
$ |
13,048,351 |
$ |
143,308 |
4.36 |
% |
||||||||
Noninterest bearing demand deposits |
|
3,546,613 |
|
|
|
3,704,088 |
|
|
|
4,113,680 |
|
|
||||||||||||||
Total funding liabilities/cost of funds |
$ |
14,809,782 |
|
3.34 |
% |
$ |
14,947,217 |
|
3.47 |
% |
$ |
17,162,031 |
|
3.31 |
% |
|||||||||||
Net interest income/net interest spread |
|
$ |
102,135 |
1.14 |
% |
|
$ |
104,809 |
1.10 |
% |
|
$ |
125,916 |
1.41 |
% |
|||||||||||
Net interest margin |
|
|
2.50 |
% |
|
|
2.55 |
% |
|
|
2.70 |
% |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Cost of deposits: |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Noninterest bearing demand deposits |
$ |
3,546,613 |
$ |
— |
— |
% |
$ |
3,704,088 |
$ |
— |
— |
% |
$ |
4,113,680 |
$ |
— |
— |
% |
||||||||
Interest bearing deposits |
|
11,044,154 |
|
121,645 |
4.38 |
% |
|
11,017,651 |
|
127,193 |
4.59 |
% |
|
11,148,413 |
|
121,305 |
4.32 |
% |
||||||||
Total deposits |
$ |
14,590,767 |
$ |
121,645 |
3.32 |
% |
$ |
14,721,739 |
$ |
127,193 |
3.44 |
% |
$ |
15,262,093 |
$ |
121,305 |
3.15 |
% |
||||||||
Hope Bancorp, Inc. |
|||||||||||||||||
Selected Financial Data |
|||||||||||||||||
Unaudited (dollars in thousands) |
|||||||||||||||||
|
|||||||||||||||||
|
Twelve Months Ended |
||||||||||||||||
|
12/31/2024 |
12/31/2023 |
|||||||||||||||
|
|
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 |
$ |
13,634,728 |
$ |
837,159 |
6.14 |
% |
$ |
14,732,166 |
$ |
892,563 |
6.06 |
% |
|||||
Investment securities |
|
2,213,068 |
|
68,549 |
3.10 |
% |
|
2,262,840 |
|
66,063 |
2.92 |
% |
|||||
Interest earning cash and deposits at other banks |
|
856,768 |
|
44,668 |
5.21 |
% |
|
1,685,462 |
|
87,361 |
5.18 |
% |
|||||
FHLB stock and other investments |
|
48,738 |
|
3,604 |
7.39 |
% |
|
47,249 |
|
2,891 |
6.12 |
% |
|||||
Total interest earning assets |
$ |
16,753,302 |
$ |
953,980 |
5.69 |
% |
$ |
18,727,717 |
$ |
1,048,878 |
5.60 |
% |
|||||
|
|
|
|
|
|
|
|||||||||||
INTEREST BEARING LIABILITIES: |
|
|
|
|
|
|
|||||||||||
Deposits: |
|
|
|
|
|
|
|||||||||||
Money market, interest bearing demand and savings |
$ |
5,043,411 |
$ |
200,070 |
3.97 |
% |
$ |
4,858,919 |
$ |
161,751 |
3.33 |
% |
|||||
Time deposits |
|
5,954,272 |
|
295,378 |
4.96 |
% |
|
6,409,056 |
|
279,480 |
4.36 |
% |
|||||
Total interest bearing deposits |
|
10,997,683 |
|
495,448 |
4.51 |
% |
|
11,267,975 |
|
441,231 |
3.92 |
% |
|||||
FHLB and FRB borrowings |
|
531,869 |
|
19,860 |
3.73 |
% |
|
1,618,292 |
|
69,365 |
4.29 |
% |
|||||
Subordinated debentures and convertible notes |
|
104,989 |
|
10,821 |
10.14 |
% |
|
181,125 |
|
12,421 |
6.76 |
% |
|||||
Total interest bearing liabilities |
$ |
11,634,541 |
$ |
526,129 |
4.52 |
% |
$ |
13,067,392 |
$ |
523,017 |
4.00 |
% |
|||||
Noninterest bearing demand deposits |
|
3,679,947 |
|
|
|
4,362,043 |
|
|
|||||||||
Total funding liabilities/cost of funds |
$ |
15,314,488 |
|
3.44 |
% |
$ |
17,429,435 |
|
3.00 |
% |
|||||||
Net interest income/net interest spread |
|
$ |
427,851 |
1.17 |
% |
|
$ |
525,861 |
1.60 |
% |
|||||||
Net interest margin |
|
|
2.55 |
% |
|
|
2.81 |
% |
|||||||||
|
|
|
|
|
|
|
|||||||||||
Cost of deposits: |
|
|
|
|
|
|
|||||||||||
Noninterest bearing demand deposits |
$ |
3,679,947 |
$ |
— |
— |
% |
$ |
4,362,043 |
$ |
— |
— |
% |
|||||
Interest bearing deposits |
|
10,997,683 |
|
495,448 |
4.51 |
% |
|
11,267,975 |
|
441,231 |
3.92 |
% |
|||||
Total deposits |
$ |
14,677,630 |
$ |
495,448 |
3.38 |
% |
$ |
15,630,018 |
$ |
441,231 |
2.82 |
% |
|||||
Hope Bancorp, Inc. |
|||||||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||||||
Unaudited (dollars in thousands) |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||
AVERAGE BALANCES: |
12/31/2024 |
9/30/2024 |
% change |
12/31/2023 |
% change |
12/31/2024 |
12/31/2023 |
% change |
|||||||||||||||
Gross loans, including loans held for sale |
$ |
13,626,965 |
$ |
13,574,539 |
— |
% |
$ |
14,052,953 |
(3 |
)% |
$ |
13,634,728 |
$ |
14,732,166 |
(7 |
)% |
|||||||
Investment securities |
|
2,177,613 |
|
2,182,847 |
— |
% |
|
2,283,613 |
(5 |
)% |
|
2,213,068 |
|
2,262,840 |
(2 |
)% |
|||||||
Interest earning cash and deposits at other banks |
|
416,467 |
|
570,754 |
(27 |
)% |
|
2,142,147 |
(81 |
)% |
|
856,768 |
|
1,685,462 |
(49 |
)% |
|||||||
Interest earning assets |
|
16,270,433 |
|
16,377,096 |
(1 |
)% |
|
18,526,300 |
(12 |
)% |
|
16,753,302 |
|
18,727,717 |
(11 |
)% |
|||||||
Goodwill and intangible assets |
|
467,021 |
|
467,419 |
— |
% |
|
468,622 |
— |
% |
|
467,620 |
|
469,298 |
— |
% |
|||||||
Total assets |
|
17,228,881 |
|
17,369,169 |
(1 |
)% |
|
19,600,942 |
(12 |
)% |
|
17,746,408 |
|
19,806,163 |
(10 |
)% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Noninterest bearing demand deposits |
|
3,546,613 |
|
3,704,088 |
(4 |
)% |
|
4,113,680 |
(14 |
)% |
|
3,679,947 |
|
4,362,043 |
(16 |
)% |
|||||||
Interest bearing deposits |
|
11,044,154 |
|
11,017,651 |
— |
% |
|
11,148,413 |
(1 |
)% |
|
10,997,683 |
|
11,267,975 |
(2 |
)% |
|||||||
Total deposits |
|
14,590,767 |
|
14,721,739 |
(1 |
)% |
|
15,262,093 |
(4 |
)% |
|
14,677,630 |
|
15,630,018 |
(6 |
)% |
|||||||
Interest bearing liabilities |
|
11,263,169 |
|
11,243,129 |
— |
% |
|
13,048,351 |
(14 |
)% |
|
11,634,541 |
|
13,067,392 |
(11 |
)% |
|||||||
Stockholders’ equity |
|
2,156,858 |
|
2,139,861 |
1 |
% |
|
2,048,335 |
5 |
% |
|
2,130,140 |
|
2,061,665 |
3 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
LOAN PORTFOLIO COMPOSITION: |
12/31/2024 |
9/30/2024 |
% change |
12/31/2023 |
% change |
|
|
|
|||||||||||||||
Commercial real estate (“CRE”) loans |
$ |
8,527,008 |
$ |
8,630,757 |
(1 |
)% |
$ |
8,797,884 |
(3 |
)% |
|
|
|
||||||||||
Commercial and industrial (“C&I”) loans |
|
3,967,596 |
|
3,901,368 |
2 |
% |
|
4,135,044 |
(4 |
)% |
|
|
|
||||||||||
Residential mortgage and other loans |
|
1,123,668 |
|
1,085,863 |
3 |
% |
|
920,691 |
22 |
% |
|
|
|
||||||||||
Loans receivable |
|
13,618,272 |
|
13,617,988 |
— |
% |
|
13,853,619 |
(2 |
)% |
|
|
|
||||||||||
Loans held for sale |
|
14,491 |
|
25,714 |
(44 |
)% |
|
3,408 |
325 |
% |
|
|
|
||||||||||
Gross loans |
|
13,632,763 |
|
13,643,702 |
— |
% |
|
13,857,027 |
(2 |
)% |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
CRE LOANS BY PROPERTY TYPE: |
12/31/2024 |
9/30/2024 |
% change |
12/31/2023 |
% change |
|
|
|
|||||||||||||||
Multi-tenant retail |
$ |
1,619,505 |
$ |
1,640,769 |
(1 |
)% |
$ |
1,704,337 |
(5 |
)% |
|
|
|
||||||||||
Industrial warehouses |
|
1,264,703 |
|
1,244,891 |
2 |
% |
|
1,226,780 |
3 |
% |
|
|
|
||||||||||
Multifamily |
|
1,208,494 |
|
1,204,734 |
— |
% |
|
1,226,384 |
(1 |
)% |
|
|
|
||||||||||
Gas stations and car washes |
|
1,027,502 |
|
1,021,537 |
1 |
% |
|
1,030,888 |
— |
% |
|
|
|
||||||||||
Mixed-use facilities |
|
771,695 |
|
826,045 |
(7 |
)% |
|
870,664 |
(11 |
)% |
|
|
|
||||||||||
Hotels/motels |
|
769,635 |
|
800,707 |
(4 |
)% |
|
796,267 |
(3 |
)% |
|
|
|
||||||||||
Single-tenant retail |
|
659,993 |
|
663,178 |
— |
% |
|
662,705 |
— |
% |
|
|
|
||||||||||
Office |
|
394,431 |
|
396,131 |
— |
% |
|
401,821 |
(2 |
)% |
|
|
|
||||||||||
All other |
|
811,050 |
|
832,765 |
(3 |
)% |
|
878,038 |
(8 |
)% |
|
|
|
||||||||||
Total CRE loans |
$ |
8,527,008 |
$ |
8,630,757 |
(1 |
)% |
$ |
8,797,884 |
(3 |
)% |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
DEPOSIT COMPOSITION: |
12/31/2024 |
9/30/2024 |
% change |
12/31/2023 |
% change |
|
|
|
|||||||||||||||
Noninterest bearing demand deposits |
$ |
3,377,950 |
$ |
3,722,985 |
(9 |
)% |
$ |
3,914,967 |
(14 |
)% |
|
|
|
||||||||||
Money market, interest bearing demand, and savings |
|
5,175,735 |
|
5,013,305 |
3 |
% |
|
4,872,029 |
6 |
% |
|
|
|
||||||||||
Time deposits |
|
5,773,804 |
|
5,993,208 |
(4 |
)% |
|
5,966,757 |
(3 |
)% |
|
|
|
||||||||||
Total deposits |
$ |
14,327,489 |
$ |
14,729,498 |
(3 |
)% |
$ |
14,753,753 |
(3 |
)% |
|
|
|
||||||||||
Hope Bancorp, Inc. |
|||||||||||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||||||||||
Unaudited (dollars in thousands, except share and per share data) |
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
CAPITAL & CAPITAL RATIOS: |
12/31/2024 |
9/30/2024 |
12/31/2023 |
|
|
|
|
||||||||||||||||||||
Total stockholders’ equity |
$ |
2,134,505 |
|
$ |
2,169,785 |
|
$ |
2,121,243 |
|
|
|
|
|
||||||||||||||
Total capital |
$ |
2,150,810 |
|
$ |
2,143,477 |
|
$ |
2,120,157 |
|
|
|
|
|
||||||||||||||
Common equity tier 1 ratio |
|
13.06 |
% |
|
13.07 |
% |
|
12.28 |
% |
|
|
|
|
||||||||||||||
Tier 1 capital ratio |
|
13.79 |
% |
|
13.79 |
% |
|
12.96 |
% |
|
|
|
|
||||||||||||||
Total capital ratio |
|
14.78 |
% |
|
14.82 |
% |
|
13.92 |
% |
|
|
|
|
||||||||||||||
Leverage ratio |
|
11.78 |
% |
|
11.61 |
% |
|
10.11 |
% |
|
|
|
|
||||||||||||||
Total risk weighted assets |
$ |
14,549,708 |
|
$ |
14,466,152 |
|
$ |
15,230,302 |
|
|
|
|
|
||||||||||||||
Book value per common share |
$ |
17.68 |
|
$ |
17.97 |
|
$ |
17.66 |
|
|
|
|
|
||||||||||||||
Tangible common equity (“TCE”) per share (1) |
$ |
13.81 |
|
$ |
14.10 |
|
$ |
13.76 |
|
|
|
|
|
||||||||||||||
TCE ratio (1) |
|
10.05 |
% |
|
10.08 |
% |
|
8.86 |
% |
|
|
|
|
||||||||||||||
(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 |
Twelve Months Ended |
|||||||||||||||||||||||||
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
|||||||||||||||||||||
Balance at beginning of period |
$ |
153,270 |
|
$ |
156,019 |
|
$ |
158,758 |
|
$ |
158,694 |
|
$ |
158,809 |
|
$ |
158,694 |
|
$ |
162,359 |
|
||||||
ASU 2022-02 day 1 adoption impact |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(407 |
) |
||||||
Provision for credit losses on loans |
|
10,100 |
|
|
3,000 |
|
|
1,700 |
|
|
3,600 |
|
|
1,700 |
|
|
18,400 |
|
|
29,100 |
|
||||||
Recoveries |
|
704 |
|
|
534 |
|
|
2,099 |
|
|
1,184 |
|
|
306 |
|
|
4,521 |
|
|
5,162 |
|
||||||
Charge offs |
|
(13,547 |
) |
|
(6,283 |
) |
|
(6,538 |
) |
|
(4,720 |
) |
|
(2,121 |
) |
|
(31,088 |
) |
|
(37,520 |
) |
||||||
Balance at end of period |
$ |
150,527 |
|
$ |
153,270 |
|
$ |
156,019 |
|
$ |
158,758 |
|
$ |
158,694 |
|
$ |
150,527 |
|
$ |
158,694 |
|
||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
|
|
||||||||||||||||||||
Allowance for unfunded loan commitments |
$ |
2,723 |
|
$ |
2,823 |
|
$ |
2,543 |
|
$ |
2,843 |
|
$ |
3,843 |
|
|
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||||
|
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||||||||
Provision for credit losses on loans |
$ |
10,100 |
|
$ |
3,000 |
|
$ |
1,700 |
|
$ |
3,600 |
|
$ |
1,700 |
|
$ |
18,400 |
|
$ |
29,100 |
|
||||||
Provision (credit) for unfunded loan commitments |
|
(100 |
) |
|
280 |
|
|
(300 |
) |
|
(1,000 |
) |
|
700 |
|
|
(1,120 |
) |
|
2,492 |
|
||||||
Provision for credit losses |
$ |
10,000 |
|
$ |
3,280 |
|
$ |
1,400 |
|
$ |
2,600 |
|
$ |
2,400 |
|
$ |
17,280 |
|
$ |
31,592 |
|
||||||
Hope Bancorp, Inc. |
|||||||||||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||||||||||
Unaudited (dollars in thousands) |
|||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||||||||||
NET LOAN CHARGE OFFS (RECOVERIES): |
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||||||||
CRE loans |
$ |
156 |
|
$ |
372 |
|
$ |
514 |
|
$ |
(497 |
) |
$ |
1,560 |
|
$ |
545 |
|
$ |
(338 |
) |
||||||
C&I loans |
|
12,607 |
|
|
5,287 |
|
|
3,900 |
|
|
4,072 |
|
|
138 |
|
|
25,866 |
|
|
32,388 |
|
||||||
Residential mortgage and other loans |
|
80 |
|
|
90 |
|
|
25 |
|
|
(39 |
) |
|
117 |
|
|
156 |
|
|
308 |
|
||||||
Net loan charge offs |
$ |
12,843 |
|
$ |
5,749 |
|
$ |
4,439 |
|
$ |
3,536 |
|
$ |
1,815 |
|
$ |
26,567 |
|
$ |
32,358 |
|
||||||
Net charge offs/average loans (annualized) |
|
0.38 |
% |
|
0.17 |
% |
|
0.13 |
% |
|
0.10 |
% |
|
0.05 |
% |
|
0.19 |
% |
|
0.22 |
% |
||||||
NONPERFORMING ASSETS: |
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
||||||||||||||
Loans on nonaccrual status (1) |
$ |
90,564 |
|
$ |
103,602 |
|
$ |
67,003 |
|
$ |
59,526 |
|
$ |
45,204 |
|
||||
Accruing delinquent loans past due 90 days or more |
|
229 |
|
|
226 |
|
|
273 |
|
|
47,290 |
|
|
261 |
|
||||
Total nonperforming loans |
|
90,793 |
|
|
103,828 |
|
|
67,276 |
|
|
106,816 |
|
|
45,465 |
|
||||
Other real estate owned (“OREO”) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
63 |
|
||||
Total nonperforming assets |
$ |
90,793 |
|
$ |
103,828 |
|
$ |
67,276 |
|
$ |
106,816 |
|
$ |
45,528 |
|
||||
|
|
|
|
|
|
||||||||||||||
Nonperforming assets/total assets |
|
0.53 |
% |
|
0.60 |
% |
|
0.39 |
% |
|
0.59 |
% |
|
0.24 |
% |
||||
Nonperforming loans/loans receivable |
|
0.67 |
% |
|
0.76 |
% |
|
0.50 |
% |
|
0.78 |
% |
|
0.33 |
% |
||||
Nonaccrual loans/loans receivable |
|
0.67 |
% |
|
0.76 |
% |
|
0.49 |
% |
|
0.43 |
% |
|
0.33 |
% |
||||
Allowance for credit losses/loans receivable |
|
1.11 |
% |
|
1.13 |
% |
|
1.15 |
% |
|
1.16 |
% |
|
1.15 |
% |
||||
Allowance for credit losses/nonperforming loans |
|
165.79 |
% |
|
147.62 |
% |
|
231.91 |
% |
|
148.63 |
% |
|
349.05 |
% |
||||
|
|
|
|
|
|
||||||||||||||
(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling |
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||
NONACCRUAL LOANS BY TYPE: |
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
||||||||||||||
CRE loans |
$ |
23,396 |
|
$ |
72,228 |
|
$ |
27,292 |
|
$ |
37,836 |
|
$ |
33,932 |
|
||||
C&I loans |
|
60,807 |
|
|
24,963 |
|
|
33,456 |
|
|
15,070 |
|
|
5,013 |
|
||||
Residential mortgage and other loans |
|
6,361 |
|
|
6,411 |
|
|
6,255 |
|
|
6,620 |
|
|
6,259 |
|
||||
Total nonaccrual loans |
$ |
90,564 |
|
$ |
103,602 |
|
$ |
67,003 |
|
$ |
59,526 |
|
$ |
45,204 |
|
||||
Hope Bancorp, Inc. |
||||||||||||||
Selected Financial Data |
||||||||||||||
Unaudited (dollars in thousands) |
||||||||||||||
|
||||||||||||||
ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE: |
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
|||||||||
30 - 59 days past due |
$ |
8,681 |
$ |
10,746 |
$ |
9,073 |
$ |
2,273 |
$ |
2,833 |
||||
60 - 89 days past due |
|
5,164 |
|
1,539 |
|
552 |
|
313 |
|
1,289 |
||||
Total accruing delinquent loans 30-89 days past due |
$ |
13,845 |
$ |
12,285 |
$ |
9,625 |
$ |
2,586 |
$ |
4,122 |
||||
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||
ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE BY TYPE: |
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
|||||||||
CRE loans |
$ |
3,205 |
$ |
816 |
$ |
5,586 |
$ |
1,639 |
$ |
2,160 |
||||
C&I loans |
|
1,288 |
|
9,037 |
|
2,530 |
|
551 |
|
1,643 |
||||
Residential mortgage and other loans |
|
9,352 |
|
2,432 |
|
1,509 |
|
396 |
|
319 |
||||
Total accruing delinquent loans 30-89 days past due |
$ |
13,845 |
$ |
12,285 |
$ |
9,625 |
$ |
2,586 |
$ |
4,122 |
||||
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|||||||||
CRITICIZED LOANS: |
12/31/2024 |
9/30/2024 |
6/30/2024 |
3/31/2024 |
12/31/2023 |
|||||||||
Special mention loans |
$ |
179,073 |
$ |
184,443 |
$ |
204,167 |
$ |
215,183 |
$ |
178,992 |
||||
Classified loans |
|
270,896 |
|
321,283 |
|
243,635 |
|
206,350 |
|
143,449 |
||||
Total criticized loans |
$ |
449,969 |
$ |
505,726 |
$ |
447,802 |
$ |
421,533 |
$ |
322,441 |
||||
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”) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
|
|
||||||||||||||
Total stockholders’ equity |
$ |
2,134,505 |
|
$ |
2,169,785 |
|
$ |
2,121,243 |
|
|
|
||||||||
Less: Goodwill and core deposit intangible assets, net |
|
(466,781 |
) |
|
(467,182 |
) |
|
(468,385 |
) |
|
|
||||||||
TCE |
$ |
1,667,724 |
|
$ |
1,702,603 |
|
$ |
1,652,858 |
|
|
|
||||||||
|
|
|
|
|
|
||||||||||||||
Total assets |
$ |
17,054,008 |
|
$ |
17,354,189 |
|
$ |
19,131,522 |
|
|
|
||||||||
Less: Goodwill and core deposit intangible assets, net |
|
(466,781 |
) |
|
(467,182 |
) |
|
(468,385 |
) |
|
|
||||||||
Tangible assets |
$ |
16,587,227 |
|
$ |
16,887,007 |
|
$ |
18,663,137 |
|
|
|
||||||||
|
|
|
|
|
|
||||||||||||||
TCE ratio |
|
10.05 |
% |
|
10.08 |
% |
|
8.86 |
% |
|
|
||||||||
Common shares outstanding |
|
120,755,658 |
|
|
120,737,908 |
|
|
120,126,786 |
|
|
|
||||||||
TCE per share |
$ |
13.81 |
|
$ |
14.10 |
|
$ |
13.76 |
|
|
|
||||||||
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
RETURN ON AVERAGE TANGIBLE COMMON EQUITY (“ROTCE”) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||
Average stockholders’ equity |
$ |
2,156,858 |
|
$ |
2,139,861 |
|
$ |
2,048,335 |
|
$ |
2,130,140 |
|
$ |
2,061,665 |
|
||||
Less: Average goodwill and core deposit intangible assets, net |
|
(467,021 |
) |
|
(467,419 |
) |
|
(468,622 |
) |
|
(467,620 |
) |
|
(469,298 |
) |
||||
Average TCE |
$ |
1,689,837 |
|
$ |
1,672,442 |
|
$ |
1,579,713 |
|
$ |
1,662,520 |
|
$ |
1,592,367 |
|
||||
|
|
|
|
|
|
||||||||||||||
Net income |
$ |
24,337 |
|
$ |
24,159 |
|
$ |
26,481 |
|
$ |
99,630 |
|
$ |
133,673 |
|
||||
ROTCE (annualized) |
|
5.76 |
% |
|
5.78 |
% |
|
6.71 |
% |
|
5.99 |
% |
|
8.39 |
% |
||||
Hope Bancorp, Inc. |
|||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||
Unaudited (dollars in thousands, except share and per share data) |
|||||||||||||||||||
|
|||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
PRE-PROVISION NET REVENUE (“PPNR”) |
12/31/2024 |
9/30/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||
Net interest income before provision for credit losses |
$ |
102,135 |
|
$ |
104,809 |
|
$ |
125,916 |
|
$ |
427,851 |
|
$ |
525,861 |
|
||||
Noninterest income |
|
15,881 |
|
|
11,839 |
|
|
9,280 |
|
|
47,077 |
|
|
45,577 |
|
||||
Revenue |
|
118,016 |
|
|
116,648 |
|
|
135,196 |
|
|
474,928 |
|
|
571,438 |
|
||||
Less: Noninterest expense |
|
77,590 |
|
|
81,268 |
|
|
99,191 |
|
|
324,684 |
|
|
361,959 |
|
||||
PPNR |
$ |
40,426 |
|
$ |
35,380 |
|
$ |
36,005 |
|
$ |
150,244 |
|
$ |
209,479 |
|
||||
|
|
|
|
|
|
||||||||||||||
Notable items: |
|
|
|
|
|
||||||||||||||
FDIC special assessment expense |
|
— |
|
|
— |
|
|
3,971 |
|
|
691 |
|
|
3,971 |
|
||||
Restructuring-related (gains) costs, net (including gain on branch sale) |
|
(1,158 |
) |
|
197 |
|
|
11,076 |
|
|
17 |
|
|
11,576 |
|
||||
Merger-related costs |
|
735 |
|
|
1,236 |
|
|
— |
|
|
4,604 |
|
|
— |
|
||||
Total notable items |
|
(423 |
) |
|
1,433 |
|
|
15,047 |
|
|
5,312 |
|
|
15,547 |
|
||||
PPNR, excluding notable items |
$ |
40,003 |
|
$ |
36,813 |
|
$ |
51,052 |
|
$ |
155,556 |
|
$ |
225,026 |
|
||||
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended |
Twelve Months Ended |
|||||||||||||||||
PROFITABILITY RATIOS EXCLUDING NOTABLE ITEMS |
12/31/2024 |
9/30/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||
Net income |
$ |
24,337 |
|
$ |
24,159 |
|
$ |
26,481 |
|
$ |
99,630 |
|
$ |
133,673 |
|
||||
Notable items: |
|
|
|
|
|
||||||||||||||
FDIC special assessment expense |
|
— |
|
|
— |
|
|
3,971 |
|
|
691 |
|
|
3,971 |
|
||||
Restructuring-related (gains) costs, net (including gain on branch sale) |
|
(1,158 |
) |
|
197 |
|
|
11,076 |
|
|
17 |
|
|
11,576 |
|
||||
Merger-related costs |
|
735 |
|
|
1,236 |
|
|
— |
|
|
4,604 |
|
|
— |
|
||||
Total notable items |
|
(423 |
) |
|
1,433 |
|
|
15,047 |
|
|
5,312 |
|
|
15,547 |
|
||||
Less: tax provision |
|
(125 |
) |
|
421 |
|
|
4,427 |
|
|
1,562 |
|
|
4,574 |
|
||||
Total notable items, net of tax provision |
|
(298 |
) |
|
1,012 |
|
|
10,620 |
|
|
3,750 |
|
|
10,973 |
|
||||
Net income excluding notable items |
$ |
24,039 |
|
$ |
25,171 |
|
$ |
37,101 |
|
$ |
103,380 |
|
$ |
144,646 |
|
||||
|
|
|
|
|
|
||||||||||||||
Diluted common shares |
|
121,401,285 |
|
|
121,159,977 |
|
|
120,761,112 |
|
|
121,108,594 |
|
|
120,393,257 |
|
||||
EPS excluding notable items |
$ |
0.20 |
|
$ |
0.21 |
|
$ |
0.31 |
|
$ |
0.85 |
|
$ |
1.20 |
|
||||
Average Assets |
$ |
17,228,881 |
|
$ |
17,369,169 |
|
$ |
19,600,942 |
|
$ |
17,746,408 |
|
$ |
19,806,163 |
|
||||
ROA excluding notable items (annualized) |
|
0.56 |
% |
|
0.58 |
% |
|
0.76 |
% |
|
0.58 |
% |
|
0.73 |
% |
||||
Average Equity |
$ |
2,156,858 |
|
$ |
2,139,861 |
|
$ |
2,048,335 |
|
$ |
2,130,140 |
|
$ |
2,061,665 |
|
||||
ROE excluding notable items (annualized) |
|
4.46 |
% |
|
4.71 |
% |
|
7.25 |
% |
|
4.85 |
% |
|
7.02 |
% |
||||
Average TCE |
$ |
1,689,837 |
|
$ |
1,672,442 |
|
$ |
1,579,713 |
|
$ |
1,662,520 |
|
$ |
1,592,367 |
|
||||
ROTCE excluding notable items (annualized) |
|
5.69 |
% |
|
6.02 |
% |
|
9.39 |
% |
|
6.22 |
% |
|
9.08 |
% |
||||
|
|
|
|
|
|
||||||||||||||
Hope Bancorp, Inc. |
|||||||||||||||||||
Selected Financial Data |
|||||||||||||||||||
Unaudited (dollars in thousands, except share and per share data) |
|||||||||||||||||||
|
|||||||||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||||||
EFFICIENCY RATIO EXCLUDING NOTABLE ITEMS |
12/31/2024 |
9/30/2024 |
12/31/2023 |
12/31/2024 |
12/31/2023 |
||||||||||||||
Noninterest expense |
$ |
77,590 |
|
$ |
81,268 |
|
$ |
99,191 |
|
$ |
324,684 |
|
$ |
361,959 |
|
||||
Less: notable items: |
|
|
|
|
|
||||||||||||||
FDIC special assessment expense |
|
— |
|
|
— |
|
|
(3,971 |
) |
|
(691 |
) |
|
(3,971 |
) |
||||
Restructuring-related reversals (costs) |
|
152 |
|
|
(197 |
) |
|
(11,076 |
) |
|
(1,023 |
) |
|
(11,576 |
) |
||||
Merger-related costs |
|
(735 |
) |
|
(1,236 |
) |
|
— |
|
|
(4,604 |
) |
|
— |
|
||||
Noninterest expense excluding notable items |
$ |
77,007 |
|
$ |
79,835 |
|
$ |
84,144 |
|
$ |
318,366 |
|
$ |
346,412 |
|
||||
|
|
|
|
|
|
||||||||||||||
Revenue |
$ |
118,016 |
|
$ |
116,648 |
|
$ |
135,196 |
|
$ |
474,928 |
|
$ |
571,438 |
|
||||
Less: notable items: |
|
|
|
|
|
||||||||||||||
Net gain on branch sale |
|
(1,006 |
) |
|
— |
|
|
— |
|
|
(1,006 |
) |
|
— |
|
||||
Revenue excluding notable items |
$ |
117,010 |
|
$ |
116,648 |
|
$ |
135,196 |
|
$ |
473,922 |
|
$ |
571,438 |
|
||||
|
|
|
|
|
|
||||||||||||||
Efficiency ratio excluding notable items |
|
65.81 |
% |
|
68.44 |
% |
|
62.24 |
% |
|
67.18 |
% |
|
60.62 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127686534/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
Source: Hope Bancorp, Inc.
FAQ
What was Hope Bancorp's Q4 2024 earnings per share?
How much did HOPE's nonperforming assets decrease in Q4 2024?
What is Hope Bancorp's loan-to-deposit ratio as of December 31, 2024?
When is Hope Bancorp's merger with Territorial Bancorp expected to complete?
What was HOPE's total revenue for Q4 2024?
