Hope Bancorp Stock Price, News & Analysis

Hope Bancorp, Inc. (NASDAQ: HOPE) announced the retirement of President and COO David P. Malone, effective December 31, 2021. Malone will remain on the board of directors. Peter Koh is promoted to Senior Executive VP and COO starting January 1, 2022. Kevin S. Kim, the Company’s Chairman and CEO, will reassume the role of President of the Bank. Koh, who has been with the Bank since its merger in 2016, previously served as Chief Credit Officer. Hope Bancorp operates as the leading Asian American bank with $17.8 billion in total assets as of September 30, 2021.

Hope Bancorp, Inc. (NASDAQ: HOPE) announces that its leadership team, including Chairman and CEO Kevin S. Kim, CFO Alex Ko, and COO Peter Koh, will engage with institutional investors during the KBW Virtual West Coast Bank Field Trip on November 16, 2021. The investor presentation will be accessible through the company’s website on the same date. As of September 30, 2021, Hope Bancorp operates the Bank of Hope, boasting $17.8 billion in assets and serving a diverse clientele across various states.

Hope Bancorp, Inc. (NASDAQ: HOPE) has declared a quarterly cash dividend of $0.14 per common share, payable on or about November 18, 2021 to stockholders of record as of the close of business on November 4, 2021. The announcement highlights the company’s ongoing commitment to returning value to shareholders. Additionally, an investor conference call is scheduled for October 26, 2021 to discuss financial results for Q3 2021.

Hope Bancorp, Inc. (NASDAQ: HOPE) reported a 3% rise in Q3 net income to $55.5 million, or $0.45 per diluted share, up significantly from $30.5 million a year ago. Record loan origination reached $1.01 billion, with a notable 51% decrease in nonaccrual loans. Total deposits rose to a record $15.1 billion, primarily from noninterest bearing demand deposits. The company announced a negative provision for credit losses of $10.0 million, reflecting improved asset quality. The return on average equity increased to 10.61%, showcasing enhanced profitability.

Hope Bancorp (NASDAQ: HOPE) will report its 2021 third quarter financial results on October 25, 2021, after market close. A conference call is scheduled for October 26, 2021, at 9:30 a.m. PT to discuss these results. The presentation deck will be available on the company's investor relations website. Hope Bancorp is the holding company of Bank of Hope, which specializes in banking products for small and medium-sized businesses and has total assets of $17.5 billion as of June 30, 2021.

Hope Bancorp, Inc. (NASDAQ: HOPE) announced the appointment of Mary E. Thigpen to its Board of Directors effective August 1, 2021. This increase in board membership from 10 to 11 aims to enhance diversity and strengthen oversight in technology and cybersecurity. Thigpen brings over 38 years of experience from various leadership roles in technology and communications, including as CEO of OpsDataStore. Her expertise is expected to add value to the company's strategic initiatives. Hope Bancorp, with $17.47 billion in assets, serves a diverse customer base through its Bank of Hope branches across multiple states.

Hope Bancorp, Inc. (NASDAQ: HOPE) announced a new stock repurchase program allowing the buyback of up to $50 million in common stock. This decision, endorsed by management, reflects confidence in the company's improved operational performance post-COVID-19. The program aims to enhance long-term shareholder value by redeploying excess capital at favorable valuations. Notably, there is no expiration for this authorization, and repurchases will adapt based on market conditions and trading volume.

Hope Bancorp, Inc. (NASDAQ: HOPE) declared a quarterly cash dividend of $0.14 per common share, payable on August 13, 2021, to stockholders of record by the close of business on July 30, 2021. The company will host an investor conference call on July 21, 2021, at 9:30 a.m. PT to review financial results for its second quarter ending June 30, 2021. With assets of $17.47 billion, Hope Bancorp serves a diverse customer base across the U.S.

Hope Bancorp (NASDAQ: HOPE) reported a 23% increase in net income for Q2 2021, reaching $53.8 million or $0.43 per diluted share, compared to $43.7 million in Q1 2021. The quarter also saw a 61% surge in loan originations, totaling $894 million, despite a 2% decrease in loans receivable due to strategic loan sales and forgiveness. The net interest margin expanded to 3.11%, supported by lower deposit costs. Additionally, the company recorded a negative provision for credit losses of $7 million, reflecting improved economic conditions.