Hope Bancorp Stock Price, News & Analysis

Hope Bancorp, Inc. (NASDAQ: HOPE) announced the opening of a new full-service branch in Duluth, Georgia, aimed at serving Atlanta's Korean American community. This branch increases the total number of Bank of Hope branches to 54 nationwide. Chairman Kevin S. Kim emphasized the company's growth strategy and commitment to capturing economic opportunities in the region. As of September 30, 2021, Bank of Hope reported total assets of $17.8 billion, positioning itself as a key player in the financial sector for small and medium-sized businesses.

Hope Bancorp, Inc. (NASDAQ: HOPE) has appointed Lisa K. Pai to its Board of Directors, expanding the board from 11 to 12 members. Ms. Pai, with 26 years of experience in legal and corporate roles at various Korean American banks, including Hope Bancorp, will serve on the Board Risk Committee. Her prior roles include Executive Vice President and General Counsel at Hope Bancorp until her retirement in 2020. This appointment increases female representation on the board to three, enhancing oversight capabilities in legal, human resources, and administrative functions.

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.