Hope Bancorp Stock Price, News & Analysis

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) has announced it will release its fourth quarter and full-year 2024 financial results before market open on Monday, January 27, 2025. The company will host a conference call to discuss the results at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time on the same day.

A presentation deck will be available on the company's investor relations website. Institutional investors and analysts can join via phone, while other interested parties can access the live webcast through Hope Bancorp's investor relations website. The archived webcast will remain available for one year, and a telephonic replay will be accessible until February 3, 2025.

Blue Hill Advisors has issued an open letter to Territorial Bancorp shareholders regarding their $12.50 per share cash offer, representing a 25% premium over Hope Bancorp's current offer. The letter challenges Territorial's Board's reluctance to engage with their proposal, arguing that the Hope merger agreement allows exploration of potentially superior offers. Blue Hill emphasizes that Hope cannot terminate the deal if the Board conducts due diligence on their proposal. The investor group urges shareholders to vote against the Hope sale at the November 6 meeting, allowing time for proper evaluation of their offer, which includes an option for existing holders to retain up to 49% ownership.

Hope Bancorp (NASDAQ: HOPE) has announced a quarterly cash dividend of $0.14 per common share. The dividend will be payable on or about November 21, 2024, to stockholders of record as of the close of business on November 7, 2024.

Hope Bancorp (NASDAQ: HOPE) reported Q3 2024 net income of $24.2 million, or $0.20 per diluted share, compared to $25.3 million in Q2 2024. Net interest income was $104.8 million, with interest income rising to $235.1 million. Customer deposits grew 11% annualized, while loans receivable increased 2% annualized. The company's total capital ratio strengthened to 14.8%, with tangible equity ratio at 10.1%. Nonperforming assets increased to $103.8 million, representing 0.60% of total assets. The allowance for credit losses was $153.3 million, with a coverage ratio of 1.13% of loans receivable.

Yakira Capital Management, holding 1.23% of Territorial Bancorp (TBNK) shares, criticizes the Board's rejection of Blue Hill Advisors' acquisition offer in favor of Hope Bancorp (HOPE) merger. The Blue Hill offer represents a 25% premium over the Hope deal. Yakira refutes the Board's concerns about the Blue Hill proposal, including tax implications and dividend considerations. The investment manager argues that the Board's refusal to negotiate with Blue Hill, despite potential superior returns for shareholders, may constitute a breach of fiduciary duty. Yakira confirms its intention to vote against the Hope deal.

Former Hawaii banking executive Allan Landon, Blue Hill Advisors, and other leading bank investors have reaffirmed their commitment to completing a transaction with Territorial Bancorp Inc. They stand ready to execute their proposed cash transaction if shareholders vote down the sale to Hope Bancorp, Inc. at the adjourned Special Meeting on November 6, 2024. The investors urge Territorial shareholders to focus on five key points:

1. The Board's sale process was flawed
2. The investors' offer is likely a superior proposal
3. The Board rejects requests to discuss the proposal
4. Territorial's prospects have improved dramatically
5. ISS recommends voting against the Hope deal

The investors' $12.50 cash proposal represents a substantial premium to the current value of the Hope merger consideration. They encourage shareholders to vote AGAINST the Hope sale and contact Blue Hill Advisors for more information.

Hope Bancorp (NASDAQ: HOPE) has announced it will report its 2024 third quarter and nine-month financial results on Monday, October 28, 2024, before markets open. The company will host a conference call and webcast on the same day at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to discuss the results.

Institutional investors and analysts can join the call by dialing 866-235-9917 (domestic) or 412-902-4103 (international) and asking for the "Hope Bancorp Call." Other interested parties can participate via a live webcast available on Hope Bancorp's investor relations website. A presentation deck will be available on the website to accompany the earnings call.

The archived webcast will remain accessible on the investor relations website for one year after the live event. A telephonic replay will be available for one week through November 4, 2024, using the replay access code 6344072.

Blue Hill Advisors and former Hawaii banking executive Allan Landon have reiterated their $12.50 per share cash offer for Territorial Bancorp Inc. (NASDAQ: TBNK), maintaining it as superior to the proposed merger with Hope Bancorp, Inc. (NASDAQ: HOPE). They urge shareholders to oppose the Hope merger, citing it as the second lowest valuation of an announced bank merger since 1983.

The investors argue that the Hope merger undervalues Territorial and would result in significant dilution for shareholders. They refute Territorial's claims about the merger's benefits, stating that it would actually result in a 7% discount to Territorial's current share price and lead to substantial job cuts.

Blue Hill Advisors emphasizes that their proposal offers a 26% premium and the opportunity for shareholders to participate in Territorial's recovery. They call on Territorial's Board to engage with their offer and urge shareholders to vote against the Hope merger at the upcoming November 6 special meeting.