Hope Bancorp Stock Price, News & Analysis

Hope Bancorp, Inc. (NASDAQ: HOPE) has declared a quarterly cash dividend of $0.14 per share, payable on May 18, 2023 to stockholders of record as of May 4, 2023. This move reflects the company’s ongoing commitment to returning value to its shareholders.

The company will also host an investor conference call on April 25, 2023, at 9:30 a.m. PT to discuss its unaudited financial results for Q1 ended March 31, 2023. Interested parties can join the call by dialing the provided numbers or via a live webcast on the company’s website.

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.