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Hope Bancorp, Inc. (symbol: HOPE) is a premier bank holding company headquartered in Los Angeles, California, known for providing a diverse range of financial services. Over its 35-year history, the company has evolved to become the first and only super-regional Korean-American bank in the United States, following the merger of BBCN Bank and Wilshire Bank. As of July 30, 2016, Bank of Hope boasted total assets exceeding $13 billion.
Operating through 85 full-service branches across California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia, and Alabama, the company's reach is extensive. Additionally, it maintains Small Business Administration (SBA) loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California, Annandale (Virginia), Portland (Oregon), and Fremont (California). Residential mortgage loan production offices are located in California, with a representative office in Seoul, Korea.
Hope Bancorp specializes in delivering core business banking products tailored for small and medium-sized enterprises (SMEs). Key services include commercial real estate and commercial lending, SBA lending, and international trade financing. The bank also offers a comprehensive suite of personal banking services such as online and mobile banking, mortgage loans, credit cards, and investment and wealth management services.
Recent achievements highlight the company's commitment to innovation and customer service. Notably, its financial condition remains strong, underpinned by substantial assets and a robust network of branches and offices. Strategic partnerships and forward-looking projects continue to enhance its service offerings and market reach.
Bank of Hope’s operational excellence and broad geographic footprint make it a significant player in the financial services sector, catering to a multi-ethnic customer base across the U.S. With its deep-rooted commitment to community and business growth, Hope Bancorp stands poised for sustained success.
Hope Bancorp, Inc. (NASDAQ: HOPE) has declared a quarterly cash dividend of
The company will also host an investor conference call on
Hope Bancorp, Inc. (NASDAQ: HOPE) reported its first quarter results for 2023, showing net income of $39.1 million or $0.33 per diluted share, a decline from $51.7 million ($0.43 per share) in Q4 2022 and $60.7 million ($0.50 per share) in Q1 2022. Deposits rose 1% quarter-over-quarter and 9% year-over-year, totaling $15.83 billion. The total risk-based capital ratio increased to 12.25%, up 28 basis points from Q4 2022. Cash and cash equivalents surged to $2.2 billion, bolstered by $1.4 billion borrowed through the Federal Reserve's Bank Term Funding Program. Loan originations totaled $568.7 million, a decrease from $793.4 million in Q4 2022. Noninterest income fell to $11.0 million, while noninterest expenses rose to $90.4 million, affecting the efficiency ratio, which climbed to 62.4%.
Hope Bancorp, Inc. has appointed Julianna Balicka as the new Executive Vice President and Chief Financial Officer, effective immediately. She succeeds David P. Malone, who served as the Interim CFO since January 6, 2023 and will assist in the transition until April 30, 2023. Balicka brings extensive experience from her previous role as Senior Vice President at East West Bank, overseeing investor relations and corporate finance. Her background includes significant involvement with ethnic banking, making her a valuable addition to Hope Bancorp as it navigates current market challenges. The company, the only super regional Korean American bank in the U.S., has total assets of $19.2 billion as of December 31, 2022, and operates 53 branches across multiple states.
Hope Bancorp, Inc. (NASDAQ: HOPE) is notifying holders of its 2.00% Convertible Senior Notes due 2038 of their right to sell these Notes back to the Company for cash under the Optional Put provision. Holders can exercise this option starting April 17, 2023, until May 11, 2023, for a repurchase price equal to 100% of the principal amount, which totals $197,551,000. Additionally, holders may convert their Notes into the Company's common stock at a conversion rate of 45.0760 shares per $1,000 of principal. The repurchase will include accrued interest if surrendered by May 1, 2023. U.S. Bank Trust Company acts as the trustee for these Notes. This announcement is for informational purposes and is not a solicitation to purchase securities.
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