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Hope Bancorp, Inc. - HOPE STOCK NEWS

Welcome to our dedicated page for Hope Bancorp news (Ticker: HOPE), a resource for investors and traders seeking the latest updates and insights on Hope Bancorp stock.

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.

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Blue Hill Advisors and other leading bank investors have reaffirmed their $12.00 per share cash offer for Territorial Bancorp Inc. (NASDAQ: TBNK). This offer represents a 29% premium to Territorial's closing price on September 12, 2024, and a 70% premium to its price before the Hope Bancorp merger announcement. The proposal allows up to 30% of existing shareholders to retain their stakes.

Key aspects of the offer include:

  • Preserving Territorial as a Hawaii-focused institution
  • Maintaining local leadership
  • Providing opportunity for profitability and growth
  • Creating jobs in Hawaii
  • Allowing participating shareholders to benefit from potential value creation

The investors urge Territorial shareholders to support their proposal, which they believe offers superior value compared to the planned merger with Hope Bancorp (NASDAQ: HOPE).

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Hope Bancorp (NASDAQ: HOPE) has announced a quarterly cash dividend of $0.14 per common share. The dividend will be payable on or about August 22, 2024, to stockholders of record as of the close of business on August 8, 2024. This announcement demonstrates the company's commitment to returning value to shareholders and maintaining a consistent dividend policy. The declaration of a dividend can be seen as a positive sign of the company's financial health and confidence in its future prospects.

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Hope Bancorp (NASDAQ: HOPE) reported Q2 2024 net income of $25.3 million, or $0.21 per diluted share. Excluding notable items, net income was $26.6 million, or $0.22 per share. Key highlights include:

- Net interest margin expanded to 2.62%, up 7 basis points from Q1 2024
- Noninterest income increased 34% to $11.1 million, including $2.0 million from SBA loan sales
- Noninterest expense decreased 5% to $81.0 million
- Gross loans decreased slightly to $13.64 billion
- Total deposits remained stable at $14.71 billion
- Nonperforming assets decreased 37% to $67.3 million, or 0.39% of total assets
- Capital ratios improved, with Common Equity Tier 1 Capital Ratio at 12.70%

The company continues to make progress on improving financial performance following its strategic reorganization in Q4 2023. It's also planning for integration with Territorial Bancorp following their merger agreement in April 2024.

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Hope Bancorp (NASDAQ: HOPE) will release its financial results for the second quarter and first six months of 2024 on Monday, July 29, before the market opens. The company will host a conference call to discuss the results at 9:30 a.m. Pacific / 12:30 p.m. Eastern the same day. Institutional investors and analysts can dial in, while the general public can join via a live webcast on Hope Bancorp's investor relations website. A presentation deck will be available, and an archived webcast will be accessible for one year. A telephonic replay will be available until August 5, 2024.

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Hope Bancorp, Inc. (NASDAQ: HOPE) will be represented by Executive Vice President and CFO Julianna Balicka at D.A. Davidson’s 26th Annual Financial Institutions Conference in Colorado Springs, Colo., on May 9, 2024. The investor presentation will be available on the company's website from the same date.

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Hope Bancorp, Inc. (NASDAQ: HOPE) declared a quarterly cash dividend of $0.14 per common share. The dividend will be paid on or about May 23, 2024, to stockholders of record as of May 9, 2024.

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Hope Bancorp, Inc. (NASDAQ: HOPE) and Territorial Bancorp Inc. (NASDAQ: TBNK) have announced a definitive merger agreement to create the largest regional bank serving multi-ethnic customers across the US and Hawaiian Islands. Territorial had total assets of $2.24 billion, with Hope Bancorp acquiring Territorial at approximately $78.6 million in a stock-for-stock transaction. The merger aims to enhance core funding, diversify loan mix, grow market share, and offer a broader range of banking products. The deal is expected to be immediately accretive to Hope Bancorp's earnings and is set to close by year-end 2024, subject to regulatory approvals.

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Hope Bancorp, Inc. reported net income of $25.9 million in the first quarter of 2024, a slight decrease from the previous quarter. The company's strategic transformation led to stable balances and decreased expenses. Capital ratios increased, positioning the company for growth. The signing of a merger agreement with Territorial Bancorp is expected to be immediately accretive to earnings, strengthening profitability and diversifying the franchise. The transaction values Territorial at approximately $78.6 million, with shareholders receiving a fixed exchange ratio of 0.8048 shares of Hope Bancorp stock per share of Territorial stock.

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Hope Bancorp, Inc. (NASDAQ: HOPE) will report its 2024 first-quarter financial results on April 29, 2024. A conference call and webcast will be held to discuss the results, providing access to investors and analysts. The presentation deck will be available on the company's website.
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Hope Bancorp, Inc. (NASDAQ: HOPE) will have its CFO participating in the Piper Sandler 2024 Western Financial Services Conference. The investor presentation will be available on the company's website.
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FAQ

What is the current stock price of Hope Bancorp (HOPE)?

The current stock price of Hope Bancorp (HOPE) is $12.67 as of September 17, 2024.

What is the market cap of Hope Bancorp (HOPE)?

The market cap of Hope Bancorp (HOPE) is approximately 1.5B.

What is Hope Bancorp, Inc.?

Hope Bancorp, Inc. (symbol: HOPE) is a bank holding company providing a variety of financial services, with a strong focus on small and medium-sized businesses.

Where is Hope Bancorp headquartered?

Hope Bancorp is headquartered in Los Angeles, California.

How many branches does Bank of Hope operate?

Bank of Hope operates 85 full-service branches across multiple states including California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia, and Alabama.

What services does Bank of Hope offer?

Bank of Hope offers core business banking products, commercial lending, SBA lending, international trade financing, online banking, mobile banking, mortgage loans, credit cards, and investment and wealth management services.

What is the significance of the merger between BBCN Bank and Wilshire Bank?

The merger between BBCN Bank and Wilshire Bank formed Bank of Hope, making it the first super-regional Korean-American bank in the U.S.

What are the recent achievements of Hope Bancorp?

Recent achievements include strong financial performance, innovation in services, and expanding its market reach through strategic partnerships and projects.

Does Bank of Hope have any international presence?

Yes, Bank of Hope has a representative office in Seoul, Korea.

What types of loans does Bank of Hope specialize in?

Bank of Hope specializes in commercial real estate loans, commercial lending, and SBA loans.

What is the asset size of Hope Bancorp?

As of July 30, 2016, Hope Bancorp reported total assets exceeding $13 billion.

Who are the primary customers of Bank of Hope?

Bank of Hope primarily serves small and medium-sized businesses and a multi-ethnic customer base across the United States.

Hope Bancorp, Inc.

Nasdaq:HOPE

HOPE Rankings

HOPE Stock Data

1.53B
120.73M
5.08%
90.26%
1.95%
Banks - Regional
National Commercial Banks
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United States of America
LOS ANGELES