Hope Bancorp Q1 net income up 18% QoQ to $60.7M; EPS $0.50; record loan production $1.03B

HOPE BANCORP INC

2022-Q1 EPS reported $0.50

Net income $60.7M ($0.50 diluted EPS), up 18% QoQ and 39% YoY.
Pre-provision net revenue $71.0M; net interest margin 3.21%, up 8 bps QoQ.
Record loan originations $1.03B, up 21% vs prior Q1 record; loans ex-PPP grew 6.7% annualized.
Negative provision for credit losses of $11.0M on improved asset quality; net recoveries $17.9M.
Declared quarterly dividend $0.14/share, payable May 12 to holders of record Apr 28.

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