Hope Bancorp Q3 net income $30M, down 21% QoQ; announces $40M annual cost savings plan

HOPE BANCORP INC

2023-Q3 EPS reported $0.89

Q3 net income $30.0M ($0.25 diluted EPS) vs $38.0M ($0.32) in Q2 and $53.7M ($0.45) a year ago.
Net interest income $135.4M, up 4% QoQ; net interest margin expanded 13 bps to 2.83%.
Recorded $17M provision for credit losses in Q3; noninterest income fell on lack of one-time gains.
Total deposits $15.74B, up 1% QoQ; total capital ratio increased to 13.23%.
Strategic reorganization expects >$40M annual cost savings; one-time Q4 charges ~$12M.

item 2.02 item 7.01 item 9.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HOPE BANCORP INC reported third quarter and nine months ended September 30, 2023 results: net income net income totaled $30.0 million, or $0.25 per diluted common share, EPS $0.25 per diluted common share.

Period: third quarter and nine months ended September 30, 2023
Net income: net income totaled $30.0 million, or $0.25 per diluted common share
EPS: $0.25 per diluted common share
Result: reported results

Exact text from the filing

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, 2023. For the three months ended September 30, 2023, net income totaled $30.0 million, or $0.25 per diluted common share.

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Source: SEC EDGAR

accession 0001128361-23-000048

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