[10-Q] HOPE BANCORP INC Quarterly Earnings Report

Rhea-AI Filing Summary

Hope Bancorp, Inc. filed its Q3 2025 10‑Q, reporting net income of $30.843 million and diluted EPS of $0.24, up from $24.159 million and $0.20 a year ago. Net interest income rose to $126.642 million while the provision for credit losses increased to $8.710 million.

Noninterest income was $15.385 million and noninterest expense was $96.861 million. For the nine months ended September 30, 2025, net income was $24.058 million, reflecting realized losses on sales of AFS securities of $38.856 million and a higher year‑to‑date provision of $28.510 million.

The balance sheet expanded: total assets were $18.508 billion (from $17.054 billion at December 31, 2024), loans receivable were $14.434 billion, and deposits reached $15.831 billion. FHLB/FRB borrowings declined to $24.878 million (from $239.000 million). Accumulated other comprehensive loss improved to $(154.062) million. The Company issued 6,976,754 shares as consideration in the Territorial Bancorp Inc. merger; goodwill increased by $13.880 million and the core deposit intangible to $46.173 million. Cash dividends declared were $0.14 per share in the quarter. Shares outstanding were 128,186,234 as of October 31, 2025.

Insights

Banking sector analyst

Q3 profit improved year over year; YTD earnings constrained by securities losses and higher provisions.

Hope Bancorp posted stronger Q3 profitability with net income of $30.843M and EPS of $0.24, supported by higher net interest income of $126.642M. The provision for credit losses rose to $8.710M, which tempered the quarterly lift but still compared favorably to last year’s results.

Year to date, earnings of $24.058M reflect realized AFS losses of $38.856M and a higher provision of $28.510M. On the balance sheet, assets grew to $18.508B with deposits at $15.831B and a reduction in FHLB/FRB borrowings to $24.878M.

The Territorial merger closed with 6,976,754 shares issued, raising goodwill by $13.880M and core deposit intangible to $46.173M. Actual financial impact will depend on integration progress and future credit and securities actions disclosed in subsequent filings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 000-50245

 HOPE BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware

95-4849715

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

3200 Wilshire Boulevard, Suite 1400

Los Angeles, California 90010

(Address of principal executives offices, including zip code)

(213) 639-1700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock, par value $0.001 per share

HOPE

NASDAQ Global Select Market

(Title of class)

(Trading Symbol)

(Name of exchange on which registered)

______________________________________________ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐   No  ☒

At October 31, 2025, there were 128,186,234 shares of Hope Bancorp, Inc. common stock outstanding.

Table of Contents

						Page
PART I - FINANCIAL INFORMATION
Item 1.			FINANCIAL STATEMENTS
			Consolidated Statements of Financial Condition (Unaudited)			4
			Consolidated Statements of Income (Unaudited)			6
			Consolidated Statements of Comprehensive Income (Unaudited)			7
			Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)			8
			Consolidated Statements of Cash Flows (Unaudited)			10
			Notes to Consolidated Financial Statements (Unaudited)
			1. Basis of Presentation			11
			2. Investment Securities			12
			3. Equity Investments			16
			4. Loans Receivable and Allowance for Credit Losses			17
			5. Goodwill, Intangible Assets, and Servicing Assets			28
			6. Deposits			30
			7. Borrowings			31
			8. Convertible Notes and Subordinated Debentures			32
			9. Commitments and Contingencies			33
			10. Stockholders’ Equity			34
			11. Earnings Per Share (“EPS”)			35
			12. Segment Reporting			36
			13. Revenue Recognition			37
			14. Stock-Based Compensation			38
			15. Income Taxes			39
			16. Business Combinations			40
			17. Derivative Financial Instruments			44
			18. Fair Value Measurements			47
			19. Leases			55
			20. Investments in Tax Credit Structures			57
			21. Regulatory Matters			58
Item 2.			MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			60
Item 3.			QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			86
Item 4.			CONTROLS AND PROCEDURES			88
PART II - OTHER INFORMATION
Item 1.			LEGAL PROCEEDINGS			89
Item 1A.			RISK FACTORS			89
Item 2.			UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			90
Item 3.			DEFAULTS UPON SENIOR SECURITIES			90
Item 4.			MINE SAFETY DISCLOSURES			90
Item 5.			OTHER INFORMATION			90
Item 6.			EXHIBITS			90
INDEX TO EXHIBITS						91
SIGNATURES						92

2

Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market, and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “forecasts,” “estimates” and similar expressions. With respect to any such forward-looking statements, Hope Bancorp, Inc. (the “Company”) claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, trends, uncertainties, and factors that are beyond the Company’s control or ability to predict. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. With the consummation of the merger of Territorial Bancorp Inc., factors that may cause actual outcomes to differ from what is expressed or forecasted in these forward-looking statements include, among things: difficulties and delays in integrating Hope Bancorp, Inc. and Territorial Bancorp Inc. and achieving anticipated synergies, cost savings and other benefits from the transaction; higher than anticipated transaction costs; and deposit attrition, operating costs, customer loss and business disruption following the merger, including difficulties in maintaining relationships with employees and customers, may be greater than expected. Other risks and uncertainties include, but are not limited to: possible renewed deterioration in economic conditions in the Company’s areas of operation or elsewhere; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying the Company’s allowances for credit losses; potential increases in deposit insurance assessments and regulatory risks associated with current and future regulations; the outcome of any legal proceedings that may be instituted against the Company; the impact of U.S. and global trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, the current or future U.S. government shutdown, volatility and uncertainty resulting therefrom, and geopolitical instability; changes to policies by the current United States presidential administration; and risks from natural disasters. For additional information concerning these and other risk factors, see Part I, Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 26, 2025 as supplemented by Part II, as such information may be updated from time to time in subsequent Quarterly Reports on Form 10-Q that we file with the SEC.

Due to the risks and uncertainties we face, readers are cautioned not to place undue reliance on the forward-looking statements contained in this report, which speak only as of the date of this report, or to make predictions about future performance based solely on historical financial information. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

3

PART I

FINANCIAL INFORMATION

Item 1.Financial Statements

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

			(Unaudited)
			September 30, 2025						December 31, 2024
ASSETS			(Dollars in thousands, except share data)
Cash and cash equivalents:
Cash and due from banks			$	223,966					$	222,658
Interest earning cash in other banks			230,943						235,541
Total cash and cash equivalents			454,909						458,199
Investment securities available for sale (“AFS”), at fair value			2,022,566						1,823,243
Investment securities held to maturity (“HTM”), at amortized cost; fair value of $229,545 and $231,124 at September 30, 2025 and December 31, 2024, respectively			243,468						252,385
Equity investments			88,711						39,946
Loans held for sale, at lower of cost or fair value			33,118						14,491
Loans receivable, net of allowance for credit losses of $152,509 and $150,527 at September 30, 2025 and December 31, 2024, respectively			14,434,390						13,467,745
Federal Home Loan Bank (“FHLB”) stock, at cost			17,700						17,250
Premises and equipment, net			69,152						51,759
Accrued interest receivable			53,159						51,169
Deferred tax assets, net			188,761						140,044
Bank owned life insurance (“BOLI”)			140,043						90,158
Investments in affordable housing partnerships			30,000						32,354
Operating lease right-of-use assets (“ROU”), net			56,425						39,432
Goodwill			478,330						464,450
Core deposit intangible assets, net			46,173						2,331
Servicing assets, net			12,391						10,051
Other assets			138,439						99,001
Total assets			$	18,507,735					$	17,054,008

(Continued)

4

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

			(Unaudited)
			September 30, 2025						December 31, 2024
LIABILITIES AND STOCKHOLDERS’ EQUITY			(Dollars in thousands, except share data)
LIABILITIES:
Deposits:
Noninterest bearing			$	3,507,659					$	3,377,950
Interest bearing:
Money market and NOW accounts			4,799,038						4,515,251
Savings deposits			1,196,450						660,484
Time deposits			6,328,115						5,773,804
Total deposits			15,831,262						14,327,489
FHLB and Federal Reserve Bank (“FRB”) borrowings			24,878						239,000
Convertible notes and subordinated debentures, net			110,610						109,584
Accrued interest payable			74,376						93,784
Operating lease liabilities			58,762						44,059
Other liabilities			151,951						105,587
Total liabilities			$	16,251,839					$	14,919,503
Commitments and contingent liabilities (Note 9)
STOCKHOLDERS’ EQUITY:
Common stock, $0.001 par value; 300,000,000 and 300,000,000 authorized shares at September 30, 2025 and December 31, 2024, respectively: issued and outstanding 145,568,106 and 128,185,271 shares, respectively, at September 30, 2025, and issued and outstanding 138,138,493 and 120,755,658 shares, respectively, at December 31, 2024			$	146					$	138
Additional paid-in capital			1,521,669						1,445,373
Retained earnings			1,152,810						1,181,533
Treasury stock, at cost; 17,382,835 and 17,382,835 shares at September 30, 2025 and December 31, 2024, respectively			(264,667)						(264,667)
Accumulated other comprehensive loss, net			(154,062)						(227,872)
Total stockholders’ equity			2,255,896						2,134,505
Total liabilities and stockholders’ equity			$	18,507,735					$	17,054,008

See accompanying Notes to Consolidated Financial Statements (Unaudited)

5

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands, except per share data)
INTEREST INCOME:
Interest and fees on loans			$	216,859					$	210,022					$	623,261					$	633,331
Interest on investment securities			21,467						16,741						55,128						51,619
Interest on cash and deposits at other banks			5,273						7,507						19,261						39,974
Interest on other investments			1,186						814						3,471						2,435
Total interest income			244,785						235,084						701,121						727,359
INTEREST EXPENSE:
Interest on deposits			115,425						127,193						347,862						373,803
Interest on FHLB and FRB borrowings			273						329						993						19,612
Interest on other borrowings and debt			2,445						2,753						7,274						8,228
Total interest expense			118,143						130,275						356,129						401,643
NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES			126,642						104,809						344,992						325,716
PROVISION FOR CREDIT LOSSES			8,710						3,280						28,510						7,280
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES			117,932						101,529						316,482						318,436
NONINTEREST INCOME:
Service fees on deposit accounts			3,235						2,651						9,262						7,919
International service fees			641						711						2,140						2,441
Wire transfer and foreign currency fees			1,481						926						3,525						2,712
Swap fees			613						21						2,920						189
Net gains on sales of SBA loans			2,774						2,722						9,903						4,702
Net (losses) gains on sales of investment securities AFS			—						(326)						(38,856)						99
Other income and fees			6,641						5,134						19,223						13,134
Total noninterest income			15,385						11,839						8,117						31,196
NONINTEREST EXPENSE:
Salaries and employee benefits			54,910						44,160						156,204						135,844
Occupancy			9,153						6,940						25,203						20,632
Furniture and equipment			7,895						5,341						21,425						16,156
Data processing and communications			4,231						3,112						10,740						9,099
Professional fees			2,278						1,969						6,119						6,679
Amortization of investments in affordable housing partnerships			3,216						2,206						7,607						6,623
FDIC assessments			2,942						2,200						7,932						8,129
FDIC special assessment			—						—						—						691
Earned interest credit expense			3,529						6,869						9,926						18,842
Merger and restructuring-related costs			958						1,433						20,758						5,044
Other noninterest expense			7,749						7,038						24,281						19,355
Total noninterest expense			96,861						81,268						290,195						247,094
INCOME BEFORE INCOME TAXES			36,456						32,100						34,404						102,538
INCOME TAX PROVISION			5,613						7,941						10,346						27,245
NET INCOME			$	30,843					$	24,159					$	24,058					$	75,293
EARNINGS PER COMMON SHARE
Basic			$	0.24					$	0.20					$	0.19					$	0.62
Diluted			$	0.24					$	0.20					$	0.19					$	0.62

See accompanying Notes to Consolidated Financial Statements (Unaudited)

6

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Net income			$	30,843					$	24,159					$	24,058					$	75,293
Other comprehensive income:
Change in unrealized net holding gains on securities AFS			23,909						69,000						67,094						45,885
Change in unrealized net holding gains (losses) on interest rate contracts used in cash flow hedges			367						3,178						(1,673)						(7,758)
Reclassification adjustments for net (gains) losses realized in net income			(126)						(847)						37,294						(7,019)
Tax effect			(6,808)						(20,980)						(28,905)						(9,149)
Other comprehensive income, net of tax			17,342						50,351						73,810						21,959
Total comprehensive income			$	48,185					$	74,510					$	97,868					$	97,252

See accompanying Notes to Consolidated Financial Statements (Unaudited)

7

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

						Common stock												Additional paid-in capital						Retained earnings						Treasury stock						Accumulated other comprehensive loss, net						Total stockholders’ equity
						Shares						Amount
						(Dollars in thousands, except share and per share data)
BALANCE, JUNE 30, 2024						120,731,342						$	138					$	1,440,963					$	1,167,978					$	(264,667)					$	(233,130)					$	2,111,282
Adoption of ASU 2022-02																								(1,605)																		(1,605)
Adoption of ASU 2022-02 tax impact																								472																		472
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations						6,566																																				—
Stock-based compensation, net of tax settlements																		2,030																								2,030
Cash dividends declared on common stock ($0.14 per share)																								(16,904)																		(16,904)
Comprehensive income:
Net income																								24,159																		24,159
Other comprehensive income																																				50,351						50,351
BALANCE, SEPTEMBER 30, 2024						120,737,908						$	138					$	1,442,993					$	1,174,100					$	(264,667)					$	(182,779)					$	2,169,785
BALANCE, JUNE 30, 2025						128,124,458						$	146					$	1,520,129					$	1,139,913					$	(264,667)					$	(171,404)					$	2,224,117
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations						60,813						—																														—
Stock-based compensation, net of tax settlements																		1,540																								1,540
Cash dividends declared on common stock ($0.14 per share)																								(17,946)																		(17,946)
Comprehensive income:
Net income																								30,843																		30,843
Other comprehensive income																																				17,342						17,342
BALANCE, SEPTEMBER 30, 2025						128,185,271						$	146					$	1,521,669					$	1,152,810					$	(264,667)					$	(154,062)					$	2,255,896

(Continued)

8

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

						Common stock												Additional paid-in capital						Retained earnings						Treasury stock						Accumulated other comprehensive loss, net						Total stockholders’ equity
						Shares						Amount
						(Dollars in thousands, except share and per share data)
BALANCE, DECEMBER 31, 2023						120,126,786						$	138					$	1,439,963					$	1,150,547					$	(264,667)					$	(204,738)					$	2,121,243
Adoption of ASU 2022-02																								(1,605)																		(1,605)
Adoption of ASU 2022-02 tax impact																								472																		472
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations						611,122																																				—
Stock-based compensation, net of tax settlements																		3,030																								3,030
Cash dividends declared on common stock ($0.42 per share)																								(50,607)																		(50,607)
Comprehensive income:
Net income																								75,293																		75,293
Other comprehensive income																																				21,959						21,959
BALANCE, SEPTEMBER 30, 2024						120,737,908						$	138					$	1,442,993					$	1,174,100					$	(264,667)					$	(182,779)					$	2,169,785
BALANCE, DECEMBER 31, 2024						120,755,658						$	138					$	1,445,373					$	1,181,533					$	(264,667)					$	(227,872)					$	2,134,505
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations						452,859						1																														1
Stock-based compensation, net of tax settlements																		2,977																								2,977
Issuance of shares in exchange for Territorial Bancorp Inc. ("Territorial") common stock						6,976,754						7						73,319																								73,326
Cash dividends declared on common stock ($0.42 per share)																								(52,781)																		(52,781)
Comprehensive income:
Net income																								24,058																		24,058
Other comprehensive income																																				73,810						73,810
BALANCE, SEPTEMBER 30, 2025						128,185,271						$	146					$	1,521,669					$	1,152,810					$	(264,667)					$	(154,062)					$	2,255,896

See accompanying Notes to Consolidated Financial Statements (Unaudited)

9

HOPE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

			Nine Months Ended September 30,
			2025						2024
			(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	24,058					$	75,293
Adjustments to reconcile net income to net cash from operating activities:
Discount accretion, net of depreciation and amortization			46,301						28,054
Stock-based compensation expense			5,557						6,496
Provision for credit losses			28,510						7,280
Net gains on sales of loans			(11,921)						(5,059)
Gains on BOLI			(1,795)						(1,298)
Net change in fair value of derivatives			(5,565)						(9,923)
Valuation on HFS loans			—						1,552
Net losses (gains) on sale of investment securities AFS			38,856						(99)
Net change in deferred income taxes			7,929						4,001
Proceeds from sales of loans held for sale			125,016						40,050
Originations of loans held for sale			(115,388)						(28,197)
Originations of servicing assets			(4,807)						(1,839)
Net change in accrued interest receivable			3,228						9,822
Net change in other assets			(14,459)						31,110
Net change in accrued interest payable			(20,352)						(61,157)
Net change in other liabilities			(17,389)						(29,003)
Net cash provided by operating activities			87,779						67,083
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments in tax credit structures			(7,223)						—
Investment securities available for sale:
Purchase of securities			(717,526)						(136,499)
Proceeds from matured, called, or paid-down securities			166,341						246,829
Proceeds from sales and calls of securities			953,057						157,692
Investment securities held to maturity:
Proceeds from matured, called, or paid-down securities			11,429						10,205
Purchase of equity investments			(47,945)						(1,175)
Proceeds from redemptions of equity investments			273						305
Proceeds from sales of loans held for sale previously classified as held for investment			137,185						82,800
Net change in loans receivable			(70,692)						109,345
Proceeds from sales of OREO			—						63
Redemption of FHLB and FRB stock			11,247						—
Purchase of premises and equipment			(9,710)						(7,547)
Proceeds from BOLI death benefits			2,809						—
Investments in affordable housing partnerships			(5,192)						(3,157)
Net cash received from Merger with Territorial			86,696						—
Net cash provided by investing activities			510,749						458,861
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits			(172,458)						(24,255)
Proceeds from FHLB advances			115,000						400,000
Repayment of FHLB advances			(350,000)						(400,000)
Proceeds from FRB borrowings			238,200						786,100
Repayment of FRB borrowings			(377,200)						(2,481,826)
Cash dividends paid on common stock			(52,781)						(50,607)
Taxes paid in net settlement of restricted stock			(2,580)						(3,466)
Issuance of additional stock pursuant to various stock plans			1						—
Net cash used in financing activities			(601,818)						(1,774,054)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(3,290)						(1,248,110)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD			458,199						1,928,967
CASH AND CASH EQUIVALENTS, END OF PERIOD			$	454,909					$	680,857
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest			$	376,347					$	461,820
Cash paid for income taxes, net			1,799						27,630
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
Transfer from loans receivable to loans held for sale			$	153,609					$	140,994
Transfer from loans held for sale to loans receivable			—						26,491
Transfer from premises and equipment to premises held for sale			1,526						—
Lease liabilities arising from obtaining ROU assets			5,356						5,490
New commitments to fund investments in renewable energy tax credits			46,195						—
Merger with Territorial (See Note 16 - “Business Combinations”):
Identifiable assets acquired, net of cash			1,843,867						—
Liabilities assumed			1,871,117						—
Goodwill			13,880						—
Issuance of common stock as consideration			73,326						—

See accompanying Notes to Consolidated Financial Statements (Unaudited)

10

HOPE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.    Basis of Presentation

Hope Bancorp, Inc. (“Hope Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for Bank of Hope (the “Bank”). At September 30, 2025, the Bank operated 45 full-service branches in California, New York, New Jersey, Washington, Texas, Illinois, Georgia and Alabama under the Bank of Hope banner, and 29 branches in Hawaii under the Territorial Savings banner. The Bank also operates SBA loan production offices, commercial loan production offices, and residential mortgage loan production offices throughout the United States, and a representative office in Seoul, South Korea. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. The Company is a corporation organized under the laws of the state of Delaware and a bank holding company registered under the Bank Holding Company Act of 1956, as amended.

The Consolidated Financial Statements included herein have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), except for the Consolidated Statement of Financial Condition at December 31, 2024, which was from the audited financial statements included in the Company’s 2024 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such SEC rules and regulations.

The Consolidated Financial Statements include the accounts of Hope Bancorp and its wholly owned subsidiaries, principally the Bank. All intercompany transactions and balances have been eliminated in consolidation. The Company has made all adjustments, that, in the opinion of management, are necessary to fairly present the Company’s financial position at September 30, 2025 and December 31, 2024, and the results of operations for the three and nine months ended September 30, 2025 and 2024. Certain reclassifications have been made to prior period amounts to conform to the current year presentation, and did not have an impact on the prior year net income or stockholders’ equity. The results of operations for the interim periods are not necessarily indicative of results to be anticipated for the full year.

The preparation of Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

These unaudited Consolidated Financial Statements should be read along with the audited Consolidated Financial Statements and accompanying Notes included in the Company’s 2024 Annual Report on Form 10-K.

Significant Accounting Policies

The Company’s accounting policies are described in Note 1 - “Summary of Significant Accounting Policies”, of its audited consolidated financial statements included in its 2024 Annual Report Form 10-K. Significant changes to accounting policies from those disclosed in the Company’s audited consolidated financial statements included in its 2024 Annual Report Form 10-K are presented below.

Business Combinations—The Company accounts for business combinations using the purchase method of accounting in accordance with FASB ASC Topic 805, Business Combinations, which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. The excess of purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. Significant estimates and judgments are involved in the fair valuation and purchase price allocation process.

On April 2, 2025, the Company completed the acquisition of Territorial Bancorp Inc., a Maryland corporation (“Territorial”) and its wholly owned subsidiary, Territorial Savings Bank, headquartered in Honolulu, Hawaii, in accordance with the Agreement and Plan of Merger (the “Merger Agreement”) by and between the Company and Territorial entered into on April 26, 2024. Under the Merger Agreement, Territorial merged with and into the Company, with the Company continuing as the surviving entity (the “Merger”). Pursuant to the Merger Agreement, Territorial shareholders received 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock owned. The legacy Territorial franchise in Hawaii operates under the trade name Territorial Savings, a division of Bank of Hope. See Note 16 - “Business Combinations” for additional information regarding the Merger.

11

2.    Investment Securities

The following is a summary of investment securities as of the dates indicated:

			September 30, 2025																								December 31, 2024
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses												Fair Value						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(Dollars in thousands)
Debt securities AFS:
U.S. Government agency and U.S. Government sponsored enterprises:
Agency securities			$	—					$	—					$	—											$	—					$	4,000					$	—					$	(43)					$	3,957
Collateralized mortgage obligations (“CMO”)			804,376						1,668						(94,843)												711,201						861,179						152						(139,425)						721,906
Mortgage-backed securities (“MBS”):
Residential			615,145						4,015						(50,750)												568,410						473,099						—						(86,039)						387,060
Commercial			492,797						1,156						(45,029)												448,924						466,929						—						(56,078)						410,851
Asset-backed securities			139,851						253						(8)												140,096						103,081						157						(14)						103,224
Corporate securities			21,009						—						(1,831)												19,178						23,254						—						(2,560)						20,694
Municipal securities			142,875						304						(8,422)												134,757						191,138						28						(15,615)						175,551
Total investment securities AFS			$	2,216,053					$	7,396					$	(200,883)											$	2,022,566					$	2,122,680					$	337					$	(299,774)					$	1,823,243
Debt securities HTM:
U.S. Government agency and U.S. Government sponsored enterprises:
MBS:
Residential			$	135,482					$	—					$	(8,039)											$	127,443					$	142,059					$	—					$	(12,629)					$	129,430
Commercial			107,986						4						(5,888)												102,102						110,326						—						(8,632)						101,694
Total investment securities HTM			$	243,468					$	4					$	(13,927)											$	229,545					$	252,385					$	—					$	(21,261)					$	231,124

The Company has elected to exclude accrued interest from the amortized cost of its investment debt securities. Accrued interest receivable for investment debt securities at September 30, 2025 and December 31, 2024, totaled $8.1 million and $7.6 million, respectively, and was included in accrued interest receivable on the Consolidated Statements of Financial Condition.

At September 30, 2025 and December 31, 2024, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity.

Investments AFS and HTM of $18.5 million and $516.7 million, respectively, were acquired as part of the Merger with Territorial on April 2, 2025, and, immediately upon the Merger, all of the acquired investments were categorized as AFS according to management intent and sold. The investment securities were sold at a market value of $535.2 million, with no gain or loss impact on the Consolidated Statements of Income. See Note 16 - “Business Combinations” for additional information regarding the Merger with Territorial.

As part of a strategic repositioning of investment securities, in June 2025, the Company sold a portion of its legacy investment securities portfolio AFS with a fair value of $417.9 million, consisting of lower-yielding collateralized mortgage obligations, mortgage-backed, corporate, and municipal securities, and recorded realized losses of $38.9 million. Net proceeds from these sales were redeployed to purchase higher-yielding investment securities AFS.

12

The table below summarizes the proceeds from and gains and losses on the sales of investment securities AFS, for the periods presented below.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Proceeds from sales of investment securities AFS			$	—					$	65,105					$	953,057					$	157,692
Gains from sales of investment securities AFS			$	—					$	543					$	—					$	2,069
Losses from sales of investment securities AFS			—						(869)						(38,856)						(1,970)
Net (losses) gain on sales of investment securities AFS			$	—					$	(326)					$	(38,856)					$	99

At September 30, 2025 and December 31, 2024, $134.5 million and $210.5 million in unrealized losses on investment securities AFS, net of taxes, respectively, were included in accumulated other comprehensive loss.

The following table presents a breakdown of interest income recorded for investment securities that are taxable and nontaxable.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Interest income on investment securities:
Taxable			$	21,125					$	15,948					$	53,787					$	48,896
Nontaxable			342						793						1,341						2,723
Total			$	21,467					$	16,741					$	55,128					$	51,619

The amortized cost and estimated fair value of investment securities at September 30, 2025, by contractual maturity, are presented in the table below. Collateralized mortgage obligations, mortgage-backed securities, and asset-backed securities are presented by final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

			Available for Sale												Held to Maturity
			Amortized Cost						Estimated Fair Value						Amortized Cost						Estimated Fair Value
			(Dollars in thousands)
Debt securities:
Due within one year			$	—					$	—					$	—					$	—
Due after one year through five years			—						—						22,625						22,530
Due after five years through ten years			123,833						119,860						8,956						8,838
Due after ten years			2,092,220						1,902,706						211,887						198,177
Total			$	2,216,053					$	2,022,566					$	243,468					$	229,545

Securities with carrying values of approximately $282.5 million and $219.4 million at September 30, 2025 and December 31, 2024, respectively, were pledged to secure public deposits, for various borrowings, and for other purposes as required or permitted by law.

13

The following tables show the Company’s investments’ gross unrealized losses and estimated fair values, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated. The length of time that the individual securities have been in a continuous unrealized loss position is not a factor in determining credit impairment with the adoption of current expected credit losses (“CECL”).    

						September 30, 2025
						Less than 12 months																		12 months or longer																		Total
Description of Securities AFS						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses
						(Dollars in thousands)
U.S. Government agency and U.S. Government sponsored enterprises:
CMOs						2						$	17,790					$	(12)					44						$	477,477					$	(94,831)					46						$	495,267					$	(94,843)
MBS:
Residential						—						—						—						44						277,343						(50,750)						44						277,343						(50,750)
Commercial						8						104,630						(700)						39						245,949						(44,329)						47						350,579						(45,029)
Asset-backed securities						1						13,992						(8)						—						—						—						1						13,992						(8)
Corporate securities						—						—						—						5						19,178						(1,831)						5						19,178						(1,831)
Municipal securities						6						24,462						(344)						29						88,257						(8,078)						35						112,719						(8,422)
Total						17						$	160,874					$	(1,064)					161						$	1,108,204					$	(199,819)					178						$	1,269,078					$	(200,883)

						December 31, 2024
						Less than 12 months																		12 months or longer																		Total
Description of Securities AFS						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses						Number  of Securities						Fair  Value						Gross Unrealized Losses
						(Dollars in thousands)
U.S. Government agency and U.S. Government sponsored enterprises:
Agency securities						—						$	—					$	—					1						$	3,957					$	(43)					1						$	3,957					$	(43)
CMOs						7						59,661						(527)						95						636,472						(138,898)						102						696,133						(139,425)
MBS:
Residential						2						19,183						(1,029)						63						367,877						(85,010)						65						387,060						(86,039)
Commercial						10						70,728						(2,406)						57						340,123						(53,672)						67						410,851						(56,078)
Asset-backed securities						1						5,007						(14)						—						—						—						1						5,007						(14)
Corporate securities						—						—						—						6						20,694						(2,560)						6						20,694						(2,560)
Municipal securities						18						77,119						(3,348)						39						83,515						(12,267)						57						160,634						(15,615)
Total						38						$	231,698					$	(7,324)					261						$	1,452,638					$	(292,450)					299						$	1,684,336					$	(299,774)

The Company had CMO, MBS, corporate, and municipal securities classified as AFS that were in a continuous loss position for twelve months or longer at September 30, 2025. The CMO and MBS were investments in U.S. Government agency and U.S. Government sponsored enterprises and have high credit ratings (“AA” grade or better). The interest on corporate and municipal securities that were in an unrealized loss position has been paid as agreed, and the Company believes this will continue in the future and that the securities will be paid in full as scheduled. The market value declines for these securities were primarily due to movements in interest rates and are not reflective of management’s expectations of the Company’s ability to fully recover any unrealized losses, which may be at maturity. Under CECL, the length of time that the fair value of investment securities has been less than amortized cost is not considered when assessing for credit impairment.

14

87.0% of the Company’s investment portfolio at September 30, 2025, consisted of securities that were issued by U.S. Government agency and U.S. Government sponsored enterprises. Although a government guarantee exists on securities issued by U.S. Government sponsored agencies, these entities are not legally backed by the full faith and credit of the federal government, and the current support is subject to a cap as part of the Housing and Economic Recovery Act of 2008. Nonetheless, at this time the Company does not foresee any set of circumstances in which the government would not fund its commitments on these investments as the issuers are an integral part of the U.S. housing market in providing liquidity and stability. Therefore, the Company concluded that a zero allowance approach for these investments was appropriate. The Company also had one asset-backed security, five corporate securities, and 35 municipal bonds in unrealized loss positions at September 30, 2025. The Company performed an assessment of investments in unrealized loss positions for credit impairment and concluded that no allowance for credit losses was required at September 30, 2025.

Allowance for Credit Losses on Securities Available for Sale—The Company evaluates investment securities AFS in unrealized loss positions for impairment related to credit losses on at least a quarterly basis. Investment securities AFS in unrealized loss positions are first assessed as to whether the Company intends to sell, or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. In evaluating whether a credit loss exists, the Company has set up an initial quantitative filter for impairment triggers. If the quantitative filter has been triggered, a security is placed on a watch list and an additional assessment is performed to identify whether a credit impairment exists. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses are recognized in other comprehensive income, net of applicable taxes. The Company did not have an allowance for credit losses on investment securities AFS at September 30, 2025 and December 31, 2024.

Allowance for Credit Losses on Securities Held to Maturity—For each major HTM debt security type, the allowance for credit losses is estimated collectively for groups of securities with similar risk characteristics. For securities that do not share similar risk characteristics, the losses are estimated individually. Debt securities that are issued by a U.S. government agency or government-sponsored enterprises are highly rated by major rating agencies, and have a long history of no credit losses. Therefore, the Company applies a zero credit loss assumption on these investments. Any expected credit loss is recorded through the allowance for credit losses on investment securities HTM and deducted from the amortized cost basis of the security, so that the balance sheet reflects the net amount the Company expects to collect. At September 30, 2025, all of the Company’s investment securities HTM were issued by a U.S. government agency or government-sponsored enterprises. The Company did not have an allowance for credit losses on investment securities HTM at September 30, 2025 and December 31, 2024.

15

3.    Equity Investments

Equity Investments with Readily Determinable Fair Values

Equity investments with readily determinable fair values at September 30, 2025 and December 31, 2024, consisted of mutual funds in the amounts of $50.9 million and $4.3 million, respectively, and were included in equity investments on the Consolidated Statements of Financial Condition.

During the three and nine months ended September 30, 2025, the Company purchased $0 and $45.5 million, respectively in equity investments with readily determinable fair values, consisting of Community Reinvestment Act (“CRA”) mutual funds. There were no equity investments with readily determinable fair values that were purchased during the same periods of 2024.

The net gains recognized from changes in fair value for equity investments with readily determinable fair values for the three and nine months ended September 30, 2025, totaled $350 thousand and $1.1 million, respectively, and were recorded in other noninterest income and fees in the Consolidated Statements of Income. The net gains recognized from changes in fair value for equity investments with readily determinable fair values for the three and nine months ended September 30, 2024, totaled $157 thousand and $92 thousand, respectively.

Equity Investments without Readily Determinable Fair Values

At September 30, 2025 and December 31, 2024, the Company also had equity investments without readily determinable fair values, which were carried at cost less any determined impairment. The balance of these investments was adjusted for changes in subsequent observable prices, and was included in equity investments on the Consolidated Statements of Financial Condition. The table below summarizes equity investments without readily determinable fair values by type:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Correspondent bank stock			$	370					$	370
Community Development Financial Institutions (“CDFI”) investments			1,010						1,010
CRA investments			36,442						34,245
Total			$	37,822					$	35,625

The Company had no impairments or subsequent observable price changes for equity investments without readily determinable fair values for the three and nine months ended September 30, 2025 and 2024.

16

4.    Loans Receivable and Allowance for Credit Losses

The following is a summary of loans receivable by loan segment:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Loan portfolio composition
Commercial real estate (“CRE”) loans			$	8,418,797					$	8,527,008
Commercial and industrial (“C&I”) loans			3,736,497						3,967,596
Residential mortgage loans			2,379,871						1,082,459
Consumer and other loans			51,734						41,209
Total loans receivable, net of deferred costs and fees			14,586,899						13,618,272
Allowance for credit losses			(152,509)						(150,527)
Loans receivable, net of allowance for credit losses			$	14,434,390					$	13,467,745

Loans receivable is stated at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts, and purchase accounting fair value adjustments. The Company had net deferred costs of $3.9 million and net deferred fees of $241 thousand at September 30, 2025 and December 31, 2024, respectively. Total discount on acquired loans at September 30, 2025 and December 31, 2024, totaled $202.2 million and $2.6 million, respectively.

The loan portfolio consists of four segments: CRE loans, C&I loans, residential mortgage loans, and consumer and other loans. CRE loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and collateralized by multifamily residential or commercial properties. C&I loans are loans provided to businesses for various purposes such as working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business-related financing needs. CRE and C&I loans also include Small Business Administration (“SBA”) loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a first mortgage or deed of trust. Consumer and other loans consist of home equity, and other personal loans.

The Company had loans receivable of $14.59 billion at September 30, 2025, an increase of $968.6 million, or 7.1%, from December 31, 2024. The increase in loans receivable during the nine months ended September 30, 2025, was primarily due to the $1.07 billion in loans added from the April 2, 2025, acquisition with Territorial. See Note 16 - “Business Combinations” for additional information regarding the Merger.

The Company had $33.1 million in loans held for sale at September 30, 2025, compared with $14.5 million at December 31, 2024. Loans held for sale at September 30, 2025, consisted of $21.0 million in SBA loans, $1.4 million in residential mortgage loans, and $10.7 million in other C&I loans. Loans held for sale are not included in the loans receivable table presented above.

17

The tables below detail the activity in the allowance for credit losses (“ACL”) by portfolio segment for the three and nine months ended September 30, 2025 and 2024.

			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Three Months Ended September 30, 2025
Balance, beginning of period			$	77,300					$	62,547					$	9,113					$	545					$	149,505
Provision (credit) for credit loss on loans			7,453						(856)						1,305						198						8,100
Loans charged off			(439)						(6,114)						—						(60)						(6,613)
Recoveries of charge offs			1,372						136						—						9						1,517
Balance, end of period			$	85,686					$	55,713					$	10,418					$	692					$	152,509
Nine Months Ended September 30, 2025
Balance, beginning of period			$	88,374					$	57,243					$	4,438					$	472					$	150,527
Day 1 ACL for acquired purchased credit deteriorated (“PCD”) loans			—						—						63						—						63
Provision (credit) for credit loss on loans			(3,565)						23,661						5,917						1,287						27,300
Loans charged off			(1,411)						(27,417)						—						(1,147)						(29,975)
Recoveries of charge offs			2,288						2,226						—						80						4,594
Balance, end of period			$	85,686					$	55,713					$	10,418					$	692					$	152,509

			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Three Months Ended September 30, 2024
Balance, beginning of period			$	95,643					$	56,014					$	3,909					$	453					$	156,019
Provision (credit) for credit loss on loans			(3,943)						6,314						515						114						3,000
Loans charged off			(390)						(5,767)						—						(126)						(6,283)
Recoveries of charge offs			18						480						—						36						534
Balance, end of period			$	91,328					$	57,041					$	4,424					$	477					$	153,270
Nine Months Ended September 30, 2024
Balance, beginning of period			$	93,940					$	51,291					$	12,838					$	625					$	158,694
Provision (credit) for credit loss on loans			(2,223)						19,009						(8,414)						(72)						8,300
Loans charged off			(948)						(16,358)						—						(235)						(17,541)
Recoveries of charge offs			559						3,099						—						159						3,817
Balance, end of period			$	91,328					$	57,041					$	4,424					$	477					$	153,270

18

The following tables break out the allowance for credit losses and loan balance by measurement methodology at September 30, 2025 and December 31, 2024:

			September 30, 2025
			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Allowance for credit losses:
Individually evaluated			$	1,025					$	6,815					$	65					$	2					$	7,907
Collectively evaluated			84,661						48,898						10,353						690						144,602
Total			$	85,686					$	55,713					$	10,418					$	692					$	152,509
Loans outstanding:
Individually evaluated			$	53,562					$	45,493					$	10,185					$	314					$	109,554
Collectively evaluated			8,365,235						3,691,004						2,369,686						51,420						14,477,345
Total			$	8,418,797					$	3,736,497					$	2,379,871					$	51,734					$	14,586,899

			December 31, 2024
			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans																														Total
			(Dollars in thousands)
Allowance for credit losses:
Individually evaluated			$	880					$	5,172					$	37					$	—																													$	6,089
Collectively evaluated			87,494						52,071						4,401						472																														144,438
Total			$	88,374					$	57,243					$	4,438					$	472																													$	150,527
Loans outstanding:
Individually evaluated			$	23,235					$	60,807					$	6,314					$	47																													$	90,403
Collectively evaluated			8,503,773						3,906,789						1,076,145						41,162																														13,527,869
Total			$	8,527,008					$	3,967,596					$	1,082,459					$	41,209																													$	13,618,272

At September 30, 2025 and December 31, 2024, reserves for unfunded loan commitments recorded in other liabilities were $3.9 million and $2.7 million, respectively. For the three and nine months ended September 30, 2025, the Company recorded an addition to reserves for unfunded commitments of $610 thousand and $1.2 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded an addition to reserves for unfunded commitments of $280 thousand and a reduction to reserves for unfunded commitments of $1.0 million, respectively.

Generally, loans are placed on nonaccrual status if principal and/or interest payments become 90 days or more past due, and/or management deems the collectability of the principal and/or interest to be in question, as well as when required by regulatory requirements. Loans to customers whose financial conditions have deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status only when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company does not recognize interest income while loans are on nonaccrual status.

19

The tables below represent the amortized cost of nonaccrual loans, as well as loans past due 90 or more days and still on accrual status, by loan segment and broken out by loans with a recorded ACL and those without a recorded ACL, at September 30, 2025 and December 31, 2024.

						September 30, 2025
						Nonaccrual with No ACL						Nonaccrual with an ACL						Total Nonaccrual (1)						Accruing Loans Past Due 90 Days or More
						(Dollars in thousands)
CRE loans						$	45,219					$	8,797					$	54,016					$	—
C&I loans						12,832						32,662						45,494						—
Residential mortgage loans						4,436						5,749						10,185						2,149
Consumer and other loans						—						313						313						—
Total						$	62,487					$	47,521					$	110,008					$	2,149

						December 31, 2024
						Nonaccrual with No ACL						Nonaccrual with an ACL						Total Nonaccrual (1)						Accruing Loans Past Due 90 Days or More
						(Dollars in thousands)
CRE loans						$	17,691					$	5,705					$	23,396					$	—
C&I loans						33,005						27,802						60,807						129
Residential mortgage loans						2,933						3,381						6,314						—
Consumer and other loans						—						47						47						100
Total						$	53,629					$	36,935					$	90,564					$	229

__________________________________

(1)    Total nonaccrual loans exclude the guaranteed portion of SBA loans that are in liquidation totaling $15.3 million and $12.8 million, at September 30, 2025 and December 31, 2024, respectively.

The following table presents the amortized cost of collateral-dependent loans at September 30, 2025 and December 31, 2024:

						September 30, 2025																		December 31, 2024
						Real Estate Collateral						Other Collateral						Total						Real Estate Collateral						Other Collateral						Total
						(Dollars in thousands)
CRE loans						$	52,128					$	—					$	52,128					$	20,557					$	—					$	20,557
C&I loans						6,015						37,807						43,822						6,105						53,809						59,914
Residential mortgage loans						5,264						—						5,264						2,933						—						2,933
Total						$	63,407					$	37,807					$	101,214					$	29,595					$	53,809					$	83,404

Collateral on loans is a significant portion of what secures collateral-dependent loans and significant changes to the fair value of the collateral can potentially impact ACL. During the nine months ended September 30, 2025, the Company did not have any significant changes to the extent to which collateral secured its collateral-dependent loans, due to general deterioration or from other factors. At September 30, 2025 and December 31, 2024, real estate collateral securing CRE and C&I loans consisted of commercial real estate properties including hotel/motel, building, office, gas station, warehouse, mixed-use and multifamily properties and real estate collateral securing residential mortgage loans consisted of underlying residential mortgage loan homes. Collateral dependent loans secured by other collateral at September 30, 2025 and December 31, 2024, consisted of loans secured by accounts receivables, aircraft, inventory, tax credits, and underlying businesses.

20

Accrued interest receivable on loans totaled $44.0 million at September 30, 2025, and $43.0 million at December 31, 2024. The Company has elected to exclude accrued interest receivable in its estimates of expected credit losses because the Company writes off uncollectible accrued interest receivable in a timely manner. The Company considers writing off accrued interest amounts once the amounts become 90 days past due to be considered within a timely manner. The Company writes off accrued interest receivable by reversing interest income. The following table presents interest income reversals, due to loans being placed on nonaccrual status, by loan segment for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
CRE loans			$	187					$	1,867					$	992					$	2,119
C&I loans			200						263						1,070						1,976
Residential mortgage loans			3						2						40						10
Consumer and other loans			—						—						7						—
Total			$	390					$	2,132					$	2,109					$	4,105

The following table presents the amortized cost of past due loans, including nonaccrual loans past due 30 or more days, by the number of days past due at September 30, 2025 and December 31, 2024, by loan segment:

			September 30, 2025																								December 31, 2024
			30-59 Days Past Due						60-89 Days  Past Due						90 Days or More Past Due						Total Past Due						30-59 Days Past Due						60-89 Days  Past Due						90 Days or More Past Due						Total Past Due
			(Dollars in thousands)
CRE loans			$	10,414					$	6,654					$	35,161					$	52,229					$	1,820					$	1,917					$	6,021					$	9,758
C&I loans			3,288						224						17,927						21,439						2,516						10,250						23,079						35,845
Residential mortgage loans			742						1,639						8,797						11,178						5,926						5,445						2,845						14,216
Consumer and other loans			1,500						—						223						1,723						190						289						109						588
Total Past Due			$	15,944					$	8,517					$	62,108					$	86,569					$	10,452					$	17,901					$	32,054					$	60,407

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. Homogeneous loans (i.e., home mortgage loans, home equity lines of credit, overdraft loans, express business loans, and automobile loans) are not risk rated and credit risk is analyzed largely by the number of days past due. This analysis is performed at least on a quarterly basis.

The definitions for risk ratings are as follows:

•Pass: Loans that meet a preponderance or more of the Company’s underwriting criteria and evidence an acceptable level of risk.

•Special Mention: Loans that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

•Substandard: Loans that are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. Loans in this classification have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

•Doubtful: Loans that have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

21

The following tables present the amortized cost basis of loans receivable by segment, risk rating, and year of origination, renewal, or major modification at September 30, 2025 and December 31, 2024.

						September 30, 2025
						Term Loan by Year																																				Revolving Loans						Revolving Loans Converted to Term Loans						Total
						2025						2024						2023						2022						2021						Prior
						(Dollars in thousands)
CRE loans
Pass						$	966,906					$	810,379					$	468,529					$	2,143,239					$	1,739,196					$	2,033,034					$	92,190					$	9,999					$	8,263,472
Special mention						50						1,555						2,943						11,036						10,438						13,684						604						—						40,310
Substandard						—						—						5,448						30,746						38,895						39,926						—						—						115,015
Subtotal						$	966,956					$	811,934					$	476,920					$	2,185,021					$	1,788,529					$	2,086,644					$	92,794					$	9,999					$	8,418,797
Year-to-date gross charge offs						$	—					$	—					$	—					$	—					$	—					$	1,411					$	—					$	—					$	1,411
C&I loans
Pass						$	894,339					$	796,778					$	359,124					$	561,466					$	245,144					$	93,562					$	578,863					$	1,852					$	3,531,128
Special mention						—						17,607						30,788						4,409						11						10,539						26,220						—						89,574
Substandard						6,106						13,513						2,818						5,950						45,739						1,101						14,094						—						89,321
Doubtful / loss						—						—						2,430						24,044						—						—						—						—						26,474
Subtotal						$	900,445					$	827,898					$	395,160					$	595,869					$	290,894					$	105,202					$	619,177					$	1,852					$	3,736,497
Year-to-date gross charge offs						$	4,190					$	40					$	11,404					$	8,027					$	266					$	3,490					$	—					$	—					$	27,417
Residential mortgage loans
Pass						$	385,348					$	314,329					$	147,806					$	424,477					$	426,044					$	671,510					$	—					$	—					$	2,369,514
Special mention						—						—						—						—						—						—						—						—						—
Substandard						—						—						828						—						1,236						8,293						—						—						10,357
Subtotal						$	385,348					$	314,329					$	148,634					$	424,477					$	427,280					$	679,803					$	—					$	—					$	2,379,871
Year-to-date gross charge offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Consumer and other loans
Pass						$	12,029					$	9,806					$	2,305					$	2,260					$	203					$	2,655					$	20,662					$	—					$	49,920
Special mention						—						—						—						—						—						—						1,500						—						1,500
Substandard						—						—						56						—						—						258						—						—						314
Subtotal						$	12,029					$	9,806					$	2,361					$	2,260					$	203					$	2,913					$	22,162					$	—					$	51,734
Year-to-date gross charge offs						$	—					$	9					$	—					$	—					$	—					$	—					$	1,138					$	—					$	1,147
Total loans
Pass						$	2,258,622					$	1,931,292					$	977,764					$	3,131,442					$	2,410,587					$	2,800,761					$	691,715					$	11,851					$	14,214,034
Special mention						50						19,162						33,731						15,445						10,449						24,223						28,324						—						131,384
Substandard						6,106						13,513						9,150						36,696						85,870						49,578						14,094						—						215,007
Doubtful / loss						—						—						2,430						24,044						—						—						—						—						26,474
Total						$	2,264,778					$	1,963,967					$	1,023,075					$	3,207,627					$	2,506,906					$	2,874,562					$	734,133					$	11,851					$	14,586,899
Total year-to-date gross charge offs						$	4,190					$	49					$	11,404					$	8,027					$	266					$	4,901					$	1,138					$	—					$	29,975

22

						December 31, 2024
						Term Loan by Year																																				Revolving Loans						Total
						2024						2023						2022						2021						2020						Prior
						(Dollars in thousands)
CRE loans
Pass						$	866,696					$	564,267					$	2,316,371					$	1,885,509					$	1,111,807					$	1,535,735					$	117,265					$	8,397,650
Special mention						—						15,000						9,879						7,800						1,853						8,778						799						44,109
Substandard						—						966						4,908						32,863						5,469						41,043						—						85,249
Subtotal						$	866,696					$	580,233					$	2,331,158					$	1,926,172					$	1,119,129					$	1,585,556					$	118,064					$	8,527,008
Year-to-date gross charge offs						$	—					$	—					$	165					$	—					$	101					$	842					$	—					$	1,108
C&I loans
Pass						$	1,426,813					$	494,432					$	743,004					$	348,107					$	102,725					$	43,377					$	495,141					$	3,653,599
Special mention						1,773						16,116						23,831						24,197						—						14,692						54,355						134,964
Substandard						11,990						7,774						19,829						37,320						113						862						55,330						133,218
Doubtful / loss						211						17,446						28,158						—						—						—						—						45,815
Subtotal						$	1,440,787					$	535,768					$	814,822					$	409,624					$	102,838					$	58,931					$	604,826					$	3,967,596
Year-to-date gross charge offs						$	—					$	2,214					$	27,239					$	107					$	—					$	102					$	—					$	29,662
Residential mortgage loans
Pass						$	286,539					$	82,682					$	344,940					$	239,124					$	1,320					$	121,287					$	—					$	1,075,892
Special mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						968						1,803						3,796						—						6,567
Subtotal						$	286,539					$	82,682					$	344,940					$	240,092					$	3,123					$	125,083					$	—					$	1,082,459
Year-to-date gross charge offs						$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Consumer and other loans
Pass						$	6,386					$	642					$	192					$	162					$	875					$	8,318					$	24,587					$	41,162
Special mention						—						—						—						—						—						—						—						—
Substandard						—						—						—						—						—						47						—						47
Subtotal						$	6,386					$	642					$	192					$	162					$	875					$	8,365					$	24,587					$	41,209
Year-to-date gross charge offs						$	—					$	—					$	—					$	—					$	—					$	—					$	318					$	318
Total loans
Pass						$	2,586,434					$	1,142,023					$	3,404,507					$	2,472,902					$	1,216,727					$	1,708,717					$	636,993					$	13,168,303
Special mention						1,773						31,116						33,710						31,997						1,853						23,470						55,154						179,073
Substandard						11,990						8,740						24,737						71,151						7,385						45,748						55,330						225,081
Doubtful / loss						211						17,446						28,158						—						—						—						—						45,815
Total						$	2,600,408					$	1,199,325					$	3,491,112					$	2,576,050					$	1,225,965					$	1,777,935					$	747,477					$	13,618,272
Total year-to-date gross charge offs						$	—					$	2,214					$	27,404					$	107					$	101					$	944					$	318					$	31,088

For the twelve months ended December 31, 2024, there were no revolving loans converted to term loans.

23

The Company may reclassify loans held for investment to loans held for sale in the event that the Company plans to sell loans that were originated with the intent to hold to maturity. Loans transferred from held for investment to held for sale are carried at the lower of cost or fair value. The breakdown of loans by segment that were reclassified from held for investment to held for sale for the three and nine months ended September 30, 2025 and 2024, is presented in the following table:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Transfer of loans held for investment to held for sale			(Dollars in thousands)
CRE loans			$	13,789					$	17,110					$	49,315					$	70,861
C&I loans			23,942						13,690						97,966						70,133
Consumer and other loans			—						—						6,329						—
Total			$	37,731					$	30,800					$	153,610					$	140,994

The Company calculates its ACL by estimating expected credit losses on a collective basis for loans that share similar risk characteristics. Loans that do not share similar risk characteristics with other loans are evaluated for credit losses on an individual basis. The Company differentiates its loan segments based on shared risk characteristics for which allowance for credit losses is measured on a collective basis.

			Risk Characteristics
CRE loans						Property type, location, owner-occupied status
C&I loans						Delinquency status, risk rating, industry type
Residential mortgage loans						FICO score, LTV, delinquency status, maturity date, collateral value, location
Consumer and other loans						Historical losses

The Company uses a combination of a modeled and non-modeled approach that incorporates current and future economic conditions to estimate lifetime expected losses on a collective basis. The Company uses Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) methodologies with quantitative factors and qualitative considerations in the calculation of the allowance for credit losses for collectively assessed loans. The Company uses a reasonable and supportable period of two years, at which point loss assumptions revert back to historical loss information by means of a one-year reversion period. Included in the quantitative portion of the ACL analysis are inputs such as borrowers’ net operating income, debt coverage ratios, real estate collateral values, as well as factors that are more subjective or require management’s judgment, including key macroeconomic variables from Moody’s forecast scenarios such as GDP, unemployment rates, interest rates, and CRE prices. These key inputs are utilized in the Company’s models to develop PD and LGD assumptions used in the calculation of estimated quantitative losses.

The ACL for the Company’s construction and certain consumer loans is calculated based on a non-modeled approach that utilizes historical loss rates to estimate losses. A non-modeled approach was chosen for these loans as fewer data points exist, which could result in high levels of estimated loss volatility under a modeled approach. In the aggregate, non-modeled loans represented approximately 1% of the Company’s total loan portfolio at September 30, 2025.

The Company’s Economic Forecast Committee (“EFC”) reviews economic forecast scenarios that are incorporated in the Company’s ACL. The EFC reviews multiple scenarios provided to the Company by an independent third party and chooses a single scenario that best aligns with management’s expectation of future economic conditions. At September 30, 2025, the Company utilized the September 2025 consensus economic forecast scenario from Moody’s, as it best aligned with management’s expectations of future conditions. The forecast projected GDP growth of 1.8% in 2025, 1.8% for 2026, and 2.1% for 2027, with unemployment projected to be 4.3% for 2025, 4.4% for 2026, and 4.3% in 2027. CRE prices in the consensus scenario were expected to show improvement by 2027, with the CRE price index projected to (contract) grow (1.6%) for 2025, (1.1%) for 2026, and 2.7% in 2027. The Company also utilized Moody’s December 2024 consensus economic forecast for the calculation of its December 31, 2024 ACL.

24

In order to quantify the credit risk impact of other trends and changes within the loan portfolio, the Company utilizes qualitative adjustments to the modeled and non-modeled estimated loss approaches. The parameters for making adjustments are established under a Credit Risk Matrix that provides different possible scenarios for each of the factors below. The Credit Risk Matrix and the possible scenarios enable the Bank to qualitatively adjust the Loss Migration Ratio by as much as 25 basis points for each loan type pool. This matrix considers the following seven factors, which are patterned after the guidelines provided under the Interagency Policy Statement on the Allowance for Credit Losses:

•Changes in lending policies and procedures, including underwriting standards and collection, charge off, and recovery practices;

•Changes in the nature and volume of the loan portfolio;

•Changes in the experience, ability, and depth of lending management and staff;

•Changes in the trends of the volume and severity of past due loans, classified loans, nonaccrual loans, and other loan modifications;

•Changes in the quality of the loan review system and the degree of oversight by the management and the Board of Directors;

•The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and

•The effect of external factors, such as competition, legal requirements, and regulatory requirements on the level of estimated losses in the loan portfolio.

For loans that do not share similar risk characteristics such as nonaccrual loans above $1.0 million, the Company evaluates these loans on an individual basis in accordance with ASC 326. Such nonaccrual loans are considered to have different risk profiles than performing loans and are therefore evaluated individually. The Company elected to collectively assess nonaccrual loans with balances below $1.0 million along with the performing and accrual loans, in order to reduce the operational burden of individually assessing small nonaccrual loans with immaterial balances. For individually assessed loans, the ACL is measured using either 1) the present value of future cash flows discounted at the loan’s effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral, if the loan is collateral-dependent. For the collateral-dependent loans, the Company obtains a new appraisal to determine the fair value of collateral. The appraisals are based on an “as-is” valuation. To ensure that appraised values remain current, the Company either obtains updated appraisals every twelve months from a qualified independent appraiser or an internal evaluation of the collateral is performed by qualified personnel. If the third-party market data indicates that the value of the collateral property has declined since the most recent valuation date, management adjusts the value of the property downward to reflect current market conditions. If the fair value of the collateral is less than the amortized balance of the loan, the Company recognizes an ACL with a corresponding charge to the provision for credit loss on loans.

The Company maintains a separate ACL for its off-balance-sheet unfunded loan commitments. The Company uses an estimated funding rate to allocate an allowance to undrawn exposures. This funding rate is used as a credit conversion factor to capture how much undrawn lines of credit can potentially become drawn at any point. The funding rate is determined based on a look-back period of eight quarters. Credit loss is not estimated for off-balance-sheet credit exposures that are unconditionally cancellable by the Company.

25

Loan Modifications to Borrowers Experiencing Financial Difficulty

The tables below present the amortized cost of loans modified to borrowers experiencing financial difficulty for the periods presented, disaggregated by loan segment and type of modification.

			Three Months Ended September 30, 2025
			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Principal forgiveness			$	—					$	—					$	—					$	—					$	—
Interest rate reduction			—						—						—						—						—
Payment delay			—						—						—						—						—
Term extension			—						2,431						—						—						2,431
Combination of term extension & interest rate reduction			—						15,918						—						—						15,918
Total Loan Modifications			$	—					$	18,349					$	—					$	—					$	18,349
% of Loan Segment			—		%				0.49		%				—		%				—		%				0.13		%

			Nine Months Ended September 30, 2025
			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Principal forgiveness			$	—					$	—					$	—					$	—					$	—
Interest rate reduction			—						—						—						—						—
Payment delay			—						—						8,567						—						8,567
Term extension			—						16,194						—						—						16,194
Combination of term extension & interest rate reduction			—						15,918						—						—						15,918
Total Loan Modifications			$	—					$	32,112					$	8,567					$	—					$	40,679
% of Loan Segment			—		%				0.86		%				0.36		%				—		%				0.28		%

			Three Months Ended September 30, 2024
			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Principal forgiveness			$	—					$	—					$	—					$	—					$	—
Interest rate reduction			—						—						—						—						—
Payment delay			—						—						—						—						—
Term extension			13						26,732						—						—						26,745
Total Loan Modifications			$	13					$	26,732					$	—					$	—					$	26,745
% of Loan Segment			—		%				0.69		%				—		%				—		%				0.20		%

26

			Nine Months Ended September 30, 2024
			CRE Loans						C&I Loans						Residential Mortgage Loans						Consumer and Other Loans						Total
			(Dollars in thousands)
Principal forgiveness			$	—					$	9,701					$	—					$	—					$	9,701
Interest rate reduction			—						—						—						—						—
Payment delay			—						—						—						—						—
Term extension			13						33,581						—						—						33,594
Total Loan Modifications			$	13					$	43,282					$	—					$	—					$	43,295
% of Loan Segment			—		%				1.11		%				—		%				—		%				0.32		%

The following tables describe the financial effect of the loan modifications made to borrowers experiencing financial difficulty for the periods presented:

Financial Effect

Modification & Loan Types

Description of Financial Effect

Three Months Ended September 30, 2025

Nine Months Ended September 30, 2025

Payment delay

Residential mortgage loans

Length of payment delay by a weighted average of:

N/A

0.3 years

Term extension

C&I loans

Extended term by a weighted average of:

0.5 years

0.4 years

Combination of term extension & interest rate reduction

C&I loans

Extended term by a weighted average of:

0.5 years

0.5 years

And interest rate reduced by a weighted average of:

3.8

%

3.8

%

Financial Effect

Modification & Loan Types

Description of Financial Effect

Three Months Ended September 30, 2024

Nine Months Ended September 30, 2024

Principal forgiveness

C&I loans

Forgiveness of principal totaling:

N/A

$4.4

million

Term extension

CRE loans

Extended term by a weighted average of:

0.3 years

0.3 years

C&I loans

Extended term by a weighted average of:

0.3 years

0.3 years

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The Company had no loans that were modified within the 12 months ended September 30, 2025, and that experienced a payment default during the three months ended September 30, 2025. The Company had one loan totaling $2.5 million that was modified through a payment delay within the 12 months ended September 30, 2025, and that experienced a payment default during the nine months ended September 30, 2025.

All loans that were modified within the 12 months ended September 30, 2024, to borrowers experiencing financial difficulty were current at September 30, 2024. There were no loan modifications to borrowers experiencing financial difficulty that had payment defaults during the three and nine months ended September 30, 2024, and that were modified in the 12 months prior to default.

27

5.    Goodwill, Intangible Assets, and Servicing Assets

Goodwill

The carrying amount of the Company’s goodwill at September 30, 2025, and December 31, 2024, was $478.3 million and $464.5 million, respectively. The Company recorded goodwill of $13.9 million as a result of the Merger with Territorial. There was no impairment of goodwill recorded during the three and nine months ended September 30, 2025. The Company performed a remeasurement of certain assets acquired from Territorial and recorded an adjustment of $226 thousand, net of taxes, as an increase to goodwill in the third quarter of 2025. See Note 16 - “Business Combinations” for additional information regarding the Merger.

Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment annually at the reporting unit level unless a triggering event occurs thereby requiring an updated assessment. Goodwill represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the estimated fair value of the liabilities assumed. Impairment exists when the carrying value of the goodwill exceeds the fair value of the reporting unit.

At December 31, 2024, the Company performed a qualitative assessment to test for impairment and management has concluded that there was no impairment. There were no triggering events during the quarter ended September 30, 2025, that indicated goodwill was more than likely impaired. As the Company operates as single business unit, goodwill impairment was assessed based on the Company as a whole.

Intangible Assets

A core deposit intangible asset of $46.5 million, representing 4.1% of core deposits, was recorded as part of the Merger with Territorial on April 2, 2025, and will amortize over a period of 15 years ending in 2040. See Note 16 - “Business Combinations” for additional information regarding the Merger.

Amortization expense related to core deposit intangible assets totaled $1.2 million and $2.7 million for the three and nine months ended September 30, 2025, respectively. Amortization expense related to core deposit intangible assets totaled $401 thousand and $1.2 million for the three and nine months ended September 30, 2024, respectively. The following table provides information regarding the core deposit intangibles at September 30, 2025 and December 31, 2024:

																								September 30, 2025												December 31, 2024
Core Deposit Intangibles Related To:						Acquisition Year						Amortization Period						Gross Amount						Accumulated Amortization						Carrying Amount						Accumulated Amortization						Carrying Amount
																		(Dollars in thousands)
Wilshire Bancorp						2016						10 years						$	18,138					$	(16,934)					$	1,204					$	(15,807)					$	2,331
Territorial Bancorp						2025						15 years						46,520						(1,551)						44,969						—						—
Total																		$	64,658					$	(18,485)					$	46,173					$	(15,807)					$	2,331

Servicing Assets

Total servicing assets at September 30, 2025 totaled $12.4 million, comprising $11.3 million in SBA servicing assets and $1.1 million in mortgage related servicing assets. At December 31, 2024, servicing assets totaled $10.1 million and comprised $8.6 million in SBA servicing assets and $1.5 million in mortgage related servicing assets.

Management periodically evaluates servicing assets for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is determined by stratifying rights into groupings based on loan type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. At September 30, 2025 and December 31, 2024, the Company did not have a valuation allowance on its servicing assets.

28

The changes in servicing assets for the three and nine months ended September 30, 2025 and 2024, were as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Balance at beginning of period			$	11,822					$	8,984					$	10,051					$	9,631
Additions through originations of servicing assets			1,377						1,090						4,807						1,839
Amortization			(808)						(735)						(2,467)						(2,131)
Balance at end of period			$	12,391					$	9,339					$	12,391					$	9,339

Loans serviced for others are not reported as assets. The principal balances of loans serviced for other institutions were $1.06 billion at September 30, 2025, and $975.0 million at December 31, 2024.

The Company utilizes the discounted cash flow method to calculate the initial excess servicing assets. The inputs used in evaluating servicing assets for impairment at September 30, 2025 and December 31, 2024, are presented below.

			September 30, 2025						December 31, 2024
SBA Servicing Assets:
Weighted-average discount rate			9.24%						10.18%
Constant prepayment rate			8.89%						9.33%
Mortgage Servicing Assets:
Weighted-average discount rate			10.50%						11.13%
Constant prepayment rate			4.07%						4.37%

29

6.    Deposits

Total deposits of $15.83 billion at September 30, 2025, were up $1.50 billion, or 10.5%, from $14.33 billion at December 31, 2024. The increase in deposits was primarily due to the $1.67 billion in deposits assumed from the Merger with Territorial on April 2, 2025. At the close of the Merger, the Company recorded $147 thousand in net premium on time deposits, which was fully amortized as of September 30, 2025. See Note 16 - “Business Combinations” for additional information regarding the Merger.

The aggregate amount of time deposits in denominations of more than $250 thousand at September 30, 2025 and December 31, 2024 was $3.33 billion and $2.71 billion, respectively. Included in time deposits of more than $250 thousand was $300.0 million in California State Treasurer’s deposits at September 30, 2025 and December 31, 2024. The California State Treasurer’s deposits are subject to withdrawal based on the State’s periodic evaluations. The Company is required to pledge eligible collateral of at least 110% of outstanding deposits. At September 30, 2025 and December 31, 2024, a letter of credit issued by the FHLB for $330.0 million and $150.0 million, respectively, and at December 31, 2024, securities with an aggregate fair value of $200.5 million, were pledged as collateral for the California State Treasurer’s deposits. At September 30, 2025, time deposits owned by state and local governments in Hawaii in amounts greater than or equal to $250,000 were $243.5 million, and were collateralized by investment securities with an aggregate fair value of $255.3 million.

Brokered deposits at September 30, 2025 and December 31, 2024, totaled $657.6 million and $1.06 billion, respectively. Brokered deposits at September 30, 2025, consisted of $439.9 million in money market and NOW accounts and $217.7 million in time deposit accounts. Brokered deposits at December 31, 2024, consisted of $527.1 million in money market and NOW accounts and $536.0 million in time deposit accounts.

The aggregate amount of unplanned overdrafts of demand deposits that were reclassified as loans was $2.3 million and $1.1 million at September 30, 2025 and December 31, 2024, respectively.

The following is a breakdown of the Company’s deposits at September 30, 2025 and December 31, 2024:

			September 30, 2025												December 31, 2024
			Balance						Percentage (%)						Balance						Percentage (%)
			(Dollars in thousands)
Noninterest bearing demand deposits			$	3,507,659					22		%				$	3,377,950					24		%
Money market and NOW accounts			4,799,038						30		%				4,515,251						31		%
Savings deposits			1,196,450						8		%				660,484						5		%
Time deposits			6,328,115						40		%				5,773,804						40		%
Total deposits			$	15,831,262					100		%				$	14,327,489					100		%

30

7.    Borrowings

At September 30, 2025, borrowings totaled $24.9 million compared with $239.0 million at December 31, 2024. Borrowings at September 30, 2025 included a borrowing totaling $15.0 million maturing in September 2027 with a put option that entitles FHLB to require the Company to repay the borrowing on December 3, 2025 without any prepayment penalties. The Company’s borrowings at September 30, 2025 and December 31, 2024, had remaining maturities of less than 12 months aside from the putable borrowing of $15.0 million which as of September 30, 2025 had a maturity of approximately 2 years. Borrowings at September 30, 2025 are net of discounts totaling $122 thousand and have a weighted average effective rate of 2.85%. The tables below summarize the Company’s borrowing lines at September 30, 2025 and December 31, 2024:

			September 30, 2025
			Total Borrowing Capacity						Borrowings Outstanding												Available Borrowing Capacity
									Amount						Weighted Average Rate
			(Dollars in thousands)
FHLB			$	4,308,226					$	25,000					2.84		%				$	4,283,226
FRB Discount Window			1,712,704						—						—		%				1,712,704
Unsecured Federal Funds lines			331,180						—						—		%				331,180
Total			$	6,352,110					$	25,000					2.84		%				$	6,327,110

			December 31, 2024
			Total Borrowing Capacity						Borrowings Outstanding												Available Borrowing Capacity
									Amount						Weighted Average Rate
			(Dollars in thousands)
FHLB			$	4,151,408					$	100,000					4.88		%				$	4,051,408
FRB Discount Window			1,731,467						139,000						4.50		%				1,592,467
Unsecured Federal Funds lines			317,391						—						—		%				317,391
Total			$	6,200,266					$	239,000					4.66		%				$	5,961,266

The Company maintains a line of credit with the FHLB of San Francisco as a secondary source of funds. The borrowing capacity with the FHLB is limited to the lower of either 25% of the Bank’s total assets or the Bank’s collateral capacity. The terms of this credit facility require the Company to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances. At September 30, 2025 and December 31, 2024, loans with a carrying amount of $8.57 billion and $7.58 billion were pledged at the FHLB for outstanding advances and remaining borrowing capacity, respectively. At September 30, 2025, in addition to FHLB stock, a total market value of $12.9 million in investment securities were pledged as collateral to the FHLB. The purchase of FHLB stock is a prerequisite to become a member of the FHLB system, and the Company is required to own a certain amount of FHLB stock based on total asset size and outstanding borrowings.

As part of the 2025 second quarter Merger, the Company assumed $160.0 million in FHLB advances, of which $125.0 million was paid off on April 2, 2025, and an additional $25.0 million matured prior to September 30, 2025. The remaining $10.0 million in FHLB advances outstanding at September 30, 2025, have maturities through June 2026, have a weighted average rate of 1.97%, and were acquired at a discount of $211 thousand, with $122 thousand in discount remaining at September 30, 2025. See Note 16 - “Business Combinations” for additional information regarding the Merger.

The Company may also borrow from the FRB discount window up to the maximum amount, which is limited to 99% of the fair market value of the qualifying loans and securities that are pledged. At September 30, 2025, the outstanding principal balance of the qualifying loans pledged at the FRB discount window was $1.96 billion. There were no investment securities pledged at the discount window at September 30, 2025.

The Company also maintains unsecured federal funds borrowing lines with other banks. There were no borrowings outstanding from other banks at September 30, 2025 and December 31, 2024.

31

8.    Convertible Notes and Subordinated Debentures

Convertible Notes

In 2018, the Company issued $217.5 million aggregate principal amount of 2.00% convertible senior notes maturing on May 15, 2038, in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The convertible notes are not capital instruments but can be converted into shares of the Company’s common stock at an initial rate of 45.0760 shares per $1,000 principal amount of the notes (equivalent to an initial conversion price of approximately $22.18 per share of common stock, which represented a premium of 22.50% to the closing stock price on the date of the pricing of the notes). Holders of the convertible notes have the option to convert all or a portion of the notes at any time on or after February 15, 2023. The convertible notes can be called by the Company, in part or in whole, on or after May 20, 2023, for 100% of the principal amount in cash. Holders of the convertible notes have the option to put the notes back to the Company on May 15, 2028, or May 15, 2033, for 100% of the principal amount in cash. The convertible notes can be settled in cash, stock, or a combination of stock and cash at the option of the Company.

On May 15, 2023, most holders of the Company’s convertible notes elected to exercise their optional put right and the Company paid off $197.1 million principal amount of notes in cash. During 2023, the Company also repurchased its notes in the aggregate principal amount of $19.9 million and recorded a gain on debt extinguishment of $405 thousand. The repurchased notes were immediately cancelled subsequent to the repurchase. These repurchases are separate from the optional put and were made through a third-party broker. No notes were repurchased or paid off in the nine months ended September 30, 2025 or the year ended December 31, 2024.

The carrying value of the convertible notes at September 30, 2025 and December 31, 2024, was $444 thousand. The capitalized issuance costs were fully amortized at both September 30, 2025 and December 31, 2024.

Interest expense on the convertible notes for the three and nine months ended September 30, 2025, totaled $2 thousand and $6 thousand, respectively. Interest expense on the convertible notes for the three and nine months ended September 30, 2024, totaled $2 thousand and $6 thousand, respectively.

Subordinated Debentures

At September 30, 2025, the Company had nine wholly owned subsidiary grantor trusts that had issued $126.0 million of pooled trust preferred securities. Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The trusts used the net proceeds from the offering to purchase a like amount of subordinated debentures. The subordinated debentures are the sole assets of the trusts. The Company’s obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon the maturity of the subordinated debentures, or upon earlier redemption as provided in the indentures. The Company has the right to redeem the subordinated debentures in whole or in part on a quarterly basis at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. The Company also has a right to defer consecutive payments of interest on the subordinated debentures for up to five years.

The following table is a summary of trust preferred securities and subordinated debentures at September 30, 2025:

Issuance Trust						Issuance Date						Trust Preferred Security Amount						Carrying Value of Subordinated Debentures						Rate Type						Current Rate						Maturity Date
												(Dollars in thousands)
Nara Capital Trust III						06/05/2003						$	5,000					$	5,155					Variable						7.45%						06/15/2033
Nara Statutory Trust IV						12/22/2003						5,000						5,155						Variable						7.43%						01/07/2034
Nara Statutory Trust V						12/17/2003						10,000						10,310						Variable						7.23%						12/17/2033
Nara Statutory Trust VI						03/22/2007						8,000						8,248						Variable						5.95%						06/15/2037
Center Capital Trust I						12/30/2003						18,000						15,688						Variable						7.43%						01/07/2034
Wilshire Trust II						03/17/2005						20,000						17,138						Variable						6.07%						03/17/2035
Wilshire Trust III						09/15/2005						15,000						12,318						Variable						5.70%						09/15/2035
Wilshire Trust IV						07/10/2007						25,000						19,823						Variable						5.68%						09/15/2037
Saehan Capital Trust I						03/30/2007						20,000						16,331						Variable						5.88%						06/30/2037
Total												$	126,000					$	110,166

The carrying value of the subordinated debentures at September 30, 2025 and December 31, 2024, was $110.2 million and $109.1 million, respectively. At September 30, 2025 and December 31, 2024, acquired subordinated debentures had remaining discounts of $19.7 million and $20.8 million, respectively. The carrying balance of subordinated debentures is net of remaining discounts and includes common trust securities.

The Company’s investment in the common trust securities of the issuer trusts was $3.9 million at September 30, 2025 and December 31, 2024, and is included in other assets. Although the subordinated debentures issued by the trusts are not included as a component of stockholders’ equity in the Consolidated Statements of Financial Condition, the debt is treated as capital for regulatory purposes. The Company’s trust preferred security debt issuances (less common trust securities) are includable in Tier 1 capital up to a maximum of 25% of capital on an aggregate basis as they were grandfathered in under BASEL III. Any amount that exceeds 25% qualifies as Tier 2 capital.

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9.    Commitments and Contingencies

The following table presents a summary of commitments described below at the dates indicated below:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Commitments to extend credit			$	2,209,689					$	2,255,785
Standby letters of credit			153,332						134,548
Other letters of credit			17,160						22,874
Commitments to fund affordable housing partnerships, CRA, and renewable energy tax credit investments			66,359						18,845

The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, commercial letters of credit, and commitments to fund investments in affordable housing partnerships and other CRA investments. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition.

The Company’s exposure to credit loss in the event of nonperformance on commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as the Company does for extending loan facilities to customers. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on the Company’s credit evaluation of the counterparty. The types of collateral that the Company may hold can vary and may include accounts receivable, inventory, property, plant and equipment, and income-producing properties. The estimated exposure to loss from these commitments is included in the reserve for unfunded loan commitments, which amounted to $3.9 million at September 30, 2025, and $2.7 million at December 31, 2024.

In the normal course of business, the Company is involved in various legal claims. The Company has reviewed all legal claims against the Company with counsel and has taken into consideration the views of such counsel as to the potential outcome of the claims. Loss contingencies for all legal claims totaled $302 thousand at September 30, 2025, and $664 thousand at December 31, 2024. It is reasonably possible that the Company may incur losses in excess of the amounts currently accrued. However, at this time, the Company is unable to estimate the range of additional losses that are reasonably possible because of a number of factors, including the fact that certain of these litigation matters are still in their early stages. Management believes that none of these legal claims, individually or in the aggregate, will have a material adverse effect on the results of operations or financial condition of the Company.

33

10.    Stockholders’ Equity

Total stockholders’ equity at September 30, 2025, was $2.26 billion, compared with $2.13 billion at December 31, 2024.

On April 2, 2025, the Company acquired Territorial in an all-stock transaction. Pursuant to the Merger Agreement, Territorial shareholders received 0.8048 shares of the Company’s common stock in exchange for each share of Territorial common stock owned, with cash paid in lieu of fractional shares. The Company issued 6,976,754 shares of the Company’s common stock to Territorial shareholders valued at $73.3 million as part of the transaction, based on the closing price of the Company’s common stock on April 2, 2025. The pre-merger outstanding shares of the Company’s common stock remained outstanding and were not affected by the Merger. See Note 16 - “Business Combinations” for additional information regarding the Merger.

In January 2022, the Company’s Board of Directors approved a share repurchase program that authorized the Company to repurchase up to $50.0 million of its common stock, of which an estimated $35.3 million remained available at September 30, 2025. During the nine months ended September 30, 2025, the Company did not repurchase any shares of common stock as part of this program. See Part II, Item 2—“Unregistered Sales of Equity Securities and Use of Proceeds” for additional information.

For the three months ended September 30, 2025 and 2024, the Company paid dividends of $0.14 per common share. For the nine months ended September 30, 2025 and 2024, the Company paid dividends of $0.42 per common share.

The following table presents the changes to accumulated other comprehensive loss for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Balance at beginning of period			$	(171,404)					$	(233,130)					$	(227,872)					$	(204,738)
Unrealized net gains on investment securities AFS			23,909						69,000						67,094						45,885
Unrealized net gains (losses) on interest rate contracts used for cash flow hedges			367						3,178						(1,673)						(7,758)
Reclassification adjustments for net (gains) losses realized in net income			(126)						(847)						37,294						(7,019)
Tax effect			(6,808)						(20,980)						(28,905)						(9,149)
Other comprehensive income, net of tax			17,342						50,351						73,810						21,959
Balance at end of period			$	(154,062)					$	(182,779)					$	(154,062)					$	(182,779)

Reclassifications for net gains and losses realized in net income for the three and nine months ended September 30, 2025 and 2024, related to net gains on interest rate contracts designated as cash flow hedges, amortization on unrealized losses from transferred investment securities to HTM, and net gains and losses on sales of investment securities. Gains and losses on interest rate contracts are recorded in interest income and expense in the Consolidated Statements of Income. The unrealized holding losses at the date of transfer on securities HTM will continue to be reported, net of taxes, in AOCI as a component of stockholders’ equity and will be amortized over the remaining life of the securities as an adjustment of yield, offsetting the impact on yield of the corresponding discount amortization.

For the three and nine months ended September 30, 2025, the Company reclassified net gains of $1.0 million and $4.2 million on interest rate contracts designated as cash flow hedges, respectively, from other comprehensive income to net interest income, compared with net gains of $2.0 million and $9.6 million for the three and nine months ended September 30, 2024, respectively.

For the three and nine months ended September 30, 2025, the Company recorded a reclassification adjustment of $899 thousand and $2.6 million, respectively, from other comprehensive income to a reduction of interest income, to amortize transferred unrealized losses to investment securities HTM, compared with $820 thousand and $2.6 million for the three and nine months ended September 30, 2024, respectively.

For both the three and nine months ended September 30, 2025, the Company reclassified net losses of $0 and $38.9 million on the sale of investment securities AFS, respectively, from other comprehensive income to noninterest income, compared with the reclassification of net losses of $326 thousand and net gains of $99 thousand for three and nine months ended September 30, 2024, respectively.

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11.    Earnings Per Share (“EPS”)

EPS are computed by dividing net income by the weighted average number of common shares outstanding for the period. Basic EPS does not reflect the possibility of dilution that could result from the issuance of additional shares of common stock upon exercise or conversion of outstanding equity awards or convertible notes. Diluted EPS reflects the potential dilution that could occur if stock options, convertible notes, employee stock purchase program (“ESPP”) shares, or other contracts to issue common stock were exercised or converted to common stock that would then share in earnings. For the three and nine months ended September 30, 2025, stock options and restricted share awards of 410,103 and 492,892 shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were anti-dilutive. For the three and nine months ended September 30, 2024, stock options and restricted share awards of 430,728 and 611,573 shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were anti-dilutive.

Pursuant to the Territorial Merger Agreement, on April 2, 2025, Territorial shareholders received 0.8048 shares of Hope Bancorp common stock in exchange for each share of Territorial common stock; accordingly, the Company issued 6,976,754 shares, or $73.3 million of equity, as part of the transaction, based on the closing price of the Company’s common stock on April 2, 2025. The Company previously issued $217.5 million in convertible senior notes maturing on May 15, 2038, of which $444 thousand remained outstanding at September 30, 2025. The convertible notes can be converted into the Company’s shares of common stock at an initial rate of 45.0760 shares per $1,000 principal amount of the notes (See Note 8 - “Convertible Notes and Subordinated Debentures” for additional information regarding convertible notes issued). Under the required if-converted method for calculating dilutive EPS for convertible instruments, the denominator of the diluted EPS calculation is adjusted to reflect the full number of common shares issuable upon conversion, while the numerator is adjusted to add back after-tax interest expense for the period. For the three and nine months ended September 30, 2025 and 2024, shares related to the convertible notes issued were not included in the Company’s diluted EPS calculation. In accordance with the terms of the convertible notes and settlement options available to the Company, no shares would have been delivered to investors of the convertible notes based on the Company’s common stock price during the three and nine months ended September 30, 2025 and 2024, as the conversion price exceeded the market price of the Company’s stock.

The following table presents computations of basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024.

			Three Months Ended September 30,
			2025																		2024
			Net Income (Numerator)						Weighted-Average Shares (Denominator)						Earnings Per Share						Net Income (Numerator)						Weighted-Average Shares (Denominator)						Earnings Per Share
			(Dollars in thousands, except share and per share data)
Basic EPS - common stock			$	30,843					128,167,932						$	0.24					$	24,159					120,734,581						$	0.20
Effect of dilutive securities:
Stock options and restricted stock									425,942																		425,396
Diluted EPS - common stock			$	30,843					128,593,874						$	0.24					$	24,159					121,159,977						$	0.20
			Nine Months Ended September 30,
			2025																		2024
			Net Income (Numerator)						Weighted-Average Shares (Denominator)						Earnings Per Share						Net Income (Numerator)						Weighted-Average Shares (Denominator)						Earnings Per Share
			(Dollars in thousands, except share and per share data)
Basic EPS - common stock			$	24,058					125,687,283						$	0.19					$	75,293					120,529,535						$	0.62
Effect of dilutive securities:
Stock options and restricted stock									422,853																		498,258
Diluted EPS - common stock			$	24,058					126,110,136						$	0.19					$	75,293					121,027,793						$	0.62

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12.    Segment Reporting

The Company’s reportable segment is determined by the Chief Executive Officer, who is designated as the chief operating decision maker (“CODM”), based upon information provided about the Company’s products and services offered, primarily banking operations. The segment is also distinguished by the level of information provided to the CODM, who uses such information to review performance of various line of businesses, which are then aggregated if operating performance, product/services, and customers are similar. The CODM evaluates the financial performance of the Company’s businesses using revenue streams, comparative product pricing, and significant expenses to assess performance and return on assets. The CODM uses consolidated net income and profitability metrics to benchmark the Company against its competitors. Benchmarking analysis and monitoring of budget to actual results are used to assess performance and establish compensation. The CODM when making significant decisions takes into consideration certain financial metrics including loan growth, deposit growth, return on assets, return on average tangible common equity, efficiency ratio, and net interest margin.

Interest income from loans and other earning assets, and income from fee-based businesses provide banking operation revenue. Interest expense on deposits and other sources of funding, provisions for credit losses, and operating expenses, primarily salaries and employee benefits, occupancy, furniture and equipment, and data processing and communications, provide the significant expenses of banking operations. The Company currently operates as a single segment and all operations are domestic. The Merger did not result in any additional operating segments for the Company since Territorial branches became part of the Company’s single segment.

The following table presents certain segment income statement information, including significant expense categories:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Net interest income			$	126,642					$	104,809					$	344,992					$	325,716
Provision for credit losses			(8,710)						(3,280)						(28,510)						(7,280)
Noninterest income			15,385						11,839						8,117						31,196
Noninterest expense			(96,861)						(81,268)						(290,195)						(247,094)
Income before income taxes			$	36,456					$	32,100					34,404						102,538
Significant segment expenses
Salaries and employee benefits			$	54,910					$	44,160					$	156,204					$	135,844
Occupancy			9,153						6,940						25,203						20,632
Furniture and equipment			7,895						5,341						21,425						16,156
Data processing and communications			4,231						3,112						10,740						9,099
Merger and restructuring-related costs			958						1,433						20,758						5,044

The following table presents certain segment balance sheet information:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Total assets			$	18,507,735					$	17,054,008
Investment securities AFS and HTM			2,266,034						2,075,628
Total loans receivable			14,586,899						13,618,272
Total deposits			15,831,262						14,327,489

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13.    Revenue Recognition

The Company recognizes revenue when obligations under the terms of a contract with customers are satisfied. ASU 2014-09 (Topic 606) does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also out of scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as deposit related fees, wire transfer and foreign currency fees, and certain other real estate owned (“OREO”) related net gains or expenses. However, the recognition of these revenue streams for the Company did not change significantly upon adoption of Topic 606. Noninterest revenue streams within the scope of Topic 606 are discussed below.

Service Charges on Deposit Accounts and Wire Transfer Fees

Service charges on noninterest and interest bearing deposit accounts consist of monthly service charges, customer analysis charges, non-sufficient funds (“NSF”) charges, and other deposit account related charges. The Company’s performance obligation for account analysis charges and monthly service charges is generally satisfied, and the related revenue is recognized, over the period in which the service is provided. NSF charges, other deposit account related charges, and wire transfer fees are transaction based, and therefore the Company’s performance obligation is satisfied at the point of the transaction, and related revenue recognized at that point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts.

Service charges on deposit accounts and wire transfers are summarized below:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Noninterest bearing deposit account income:
Monthly service charges			$	219					$	240					$	678					$	728
Customer analysis charges			1,696						1,460						4,830						4,409
NSF charges			1,124						844						3,269						2,463
Other service charges			162						81						394						235
Total noninterest bearing deposit account income			3,201						2,625						9,171						7,835
Interest bearing deposit account income:
Monthly service charges			34						26						91						84
Total service fees on deposit accounts			$	3,235					$	2,651					$	9,262					$	7,919
Wire transfer fee income:
Wire transfer fees			$	358					$	359					$	1,082					$	1,117
Foreign exchange fees			1,123						567						2,443						1,595
Total wire transfer and foreign currency fees			$	1,481					$	926					$	3,525					$	2,712

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14.    Stock-Based Compensation

In May 2024, the Company’s stockholders approved the 2024 Equity Incentive Plan (the “2024 Plan”), which provides for grants of stock options, stock appreciation rights (“SAR”), restricted stock, performance shares, and performance units to non-employee directors and employees of the Company. Stock options may be either incentive stock options (“ISOs”), as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or nonqualified stock options (“NQSOs”).

The 2024 Plan provides the Company flexibility to (i) attract and retain qualified non-employee directors, executives, and other key employees with appropriate equity-based awards; (ii) motivate high levels of performance; (iii) recognize employees’ contributions to the Company’s success; and (iv) align the interests of the participants with those of the Company’s stockholders. The 2024 Plan reserved for 4,500,000 shares available for grant to participants. At September 30, 2025, there were 2,530,192 remaining shares available for future grants under the 2024 Plan. The pool of available shares can be partially replenished for future grants to the extent there are forfeitures, expirations or otherwise terminations of existing equity awards without issuance of the shares underlying such awards. The exercise price for shares under an ISO may not be less than 100% of fair market value on the date the award is granted under the Code. Similarly, under the terms of the 2024 Plan, the exercise price for SARs and NQSOs may not be less than 100% of fair market value on the date of grant. Performance units are awarded to participants at the market price of the Company’s common stock on the date of award, after the lapse of the restriction period and the attainment of the performance criteria. All options not exercised generally expire 10 years after the date of grant.

ISOs, SARs, and NQSOs have vesting periods of three to five years and have 10-year contractual terms. Restricted stock, performance shares, and performance units are granted with a restriction period of not less than one year from the grant date for performance-based awards and not more than three years from the grant date for time-based vesting of grants. Compensation expense for awards is recognized over the vesting period. 

With the exception of the shares that are underlying stock options and restricted stock awards, the Board of Directors may choose to settle the awards by paying the equivalent cash value or by delivering the appropriate number of shares.

The following is a summary of the stock option activity under the Company’s plans for the nine months ended September 30, 2025:

			Number of Shares						Weighted-Average Exercise Price Per Share						Weighted-Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value
																					(Dollars in thousands)
Outstanding - January 1, 2025			421,231						$	17.04
Granted			—						—
Exercised			—						—
Expired			(20,571)						15.88
Forfeited			—						—
Outstanding - September 30, 2025			400,660						$	17.10					0.90						$	—
Options exercisable - September 30, 2025			400,660						$	17.10					0.90						$	—

The following is a summary of the restricted stock and performance unit activity under the Company’s plans for the nine months ended September 30, 2025:

			Number of Shares						Weighted-Average Grant Date Fair Value
Outstanding (unvested) - January 1, 2025			1,705,716						$	11.84
Granted			1,372,718						10.19
Vested			(695,790)						12.01
Forfeited			(261,754)						12.90
Outstanding (unvested) - September 30, 2025			2,120,890						$	10.59

The total fair value of restricted stock and performance units vested during the nine months ended September 30, 2025 and 2024, was $7.4 million and $10.1 million, respectively.

The total amounts charged against income related to stock-based payment arrangements were $2.0 million and $5.6 million for the three and nine months ended September 30, 2025, respectively. For the three and nine months ended September 30, 2024, $2.1 million and $6.5 million, respectively, of stock-based payment arrangements were charged against income. The income tax benefit recognized was approximately $559 thousand and $1.6 million for the three and nine months ended September 30, 2025, respectively, compared with $610 thousand and $1.9 million for the three and nine months ended September 30, 2024, respectively.

Since all stock option grants were vested at September 30, 2025, there was no unrecognized compensation expense related to non-vested stock option grants. Unrecognized compensation expense related to non-vested restricted stock and performance units at September 30, 2025 was $15.0 million, and is expected to be recognized over a weighted average vesting period of 2.20 years.

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15.    Income Taxes

For the three months ended September 30, 2025, the Company recorded an income tax provision of $5.6 million on pretax income of $36.5 million, representing an effective tax rate of 15.40%, compared with an income tax provision of $7.9 million on pretax income of $32.1 million, representing an effective tax rate of 24.74% for the three months ended September 30, 2024.

For the nine months ended September 30, 2025, the Company recorded an income tax provision of $10.3 million on pretax income of $34.4 million, representing an effective tax rate of 30.07%, compared with an income tax provision of $27.2 million on pretax income of $102.5 million, representing an effective tax rate of 26.57% for the nine months ended September 30, 2024.

The year-over-year changes in the income tax provision or benefit, and effective tax rates for the three and nine months ended September 30, 2025, compared with the three and nine months ended September 30, 2024, reflected the impact of renewable energy tax credit investments made in the third quarter of 2025; as well as merger-related expenses and net losses on sale of investment securities recognized in the second quarter of 2025, both of which reduced pre-tax income. In addition, income tax expense and the effective tax rate were impacted by a change in California’s state tax apportionment law that was signed on June 27, 2025, and which became effective for tax years beginning on or after January 1, 2025.

The Company and its subsidiaries are subject to U.S. federal income tax, as well as state income taxes. The Company had total unrecognized tax benefits of $696 thousand both at September 30, 2025 and December 31, 2024, that relate to uncertainties associated with federal and state income tax matters.

Management believes it is reasonably possible that the unrecognized tax benefits may decrease by $214 thousand in the next twelve months due to the expiration of statute of limitations.

Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (without regard to certain changes to deferred taxes). Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management evaluates both positive and negative evidence, including the existence of any cumulative losses in the current year and the prior two years, the amount of taxes paid in available carry-back years, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. This analysis is updated quarterly and adjusted as necessary. Based on the analysis, the Company has determined that a valuation allowance for deferred tax assets was not required at September 30, 2025 or December 31, 2024.

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16.    Business Combinations

The Company applied the acquisition method of accounting for the Merger with Territorial under ASC 805 “Business Combinations”. Under the acquisition method of accounting, the acquiring entity in a business combination recognizes 100 percent of the assets acquired and liabilities assumed at their acquisition date fair values. Management utilized valuation techniques appropriate for the asset or liability being measured in determining these fair values. Any excess of the purchase price over amounts allocated to assets acquired, including identifiable intangible assets, and liabilities assumed was recorded as goodwill. Where amounts allocated to assets acquired and liabilities assumed was greater than the purchase price, a bargain purchase gain is recognized. Merger-related costs are expensed as incurred as merger and integration expense. The Company determined that the Merger with Territorial was not “significant” under the definition as stated in SEC rules and regulations.

Acquisition of Territorial Bancorp Inc.

On April 2, 2025, the Company completed the acquisition of Territorial Bancorp Inc., a Maryland corporation and its wholly owned subsidiary, Territorial Savings Bank, headquartered in Honolulu, Hawaii, in accordance with the Agreement and Plan of Merger by and between the Company and Territorial entered into on April 26, 2024. Under the Merger Agreement, Territorial merged with and into the Company, immediately followed by the merger of Territorial’s subsidiary bank, Territorial Savings Bank, with and into the Company’s subsidiary bank, Bank of Hope, with the Company being the surviving corporation. The Company acquired Territorial to expand its domestic presence to the Hawaii market, increase its low-cost deposits base, and to further diversify the Company’s loan portfolio by acquiring Territorial’s residential mortgage loan portfolio. After acquisition accounting adjustments, $1.93 billion in assets were acquired through the transaction, including $1.07 billion in loans receivable, and $1.67 billion in deposits were assumed. Following the Merger, the Bank operates 29 branches in Hawaii under the trade name Territorial Savings.

Pursuant to the Merger Agreement, Territorial shareholders received 0.8048 shares of the Company’s common stock in exchange for each share of Territorial common stock owned, with cash paid in lieu of fractional shares. The Company issued 6,976,754 shares of the Company’s common stock to Territorial shareholders valued at $73.3 million, based on the closing price of the Company’s common stock on April 2, 2025. The pre-merger outstanding shares of the Company’s common stock remained outstanding and were not affected by the Merger.

40

Consideration Paid and Net Assets Acquired

The consideration paid, the assets acquired, and the liabilities assumed are summarized in the following table:

			April 2, 2025
			(Dollars in thousands)
Consideration paid:
Hope common stock issued in exchange for Territorial common stock			$	73,326
Cash paid in lieu of fractional shares			5
Total consideration paid			$	73,331
Assets acquired:
Cash and cash equivalents			$	86,701
Investment securities AFS			18,530
Investment securities HTM			516,665
Loans receivable			1,067,238
FHLB and FRB stock			11,697
Premises and equipment			16,715
Accrued interest receivable			5,218
Deferred tax assets, net			85,552
BOLI			49,896
Operating lease ROU assets			22,737
Core deposit intangible (“CDI”)			46,520
Other assets			3,099
Liabilities assumed:
Deposits			(1,670,633)
Borrowings			(160,770)
Accrued interest payable			(944)
Operating lease liabilities			(21,115)
Other liabilities			(17,655)
Total identifiable net assets acquired			$	59,451
Excess of consideration paid over fair value of net assets acquired, or goodwill			$	13,880

The fair value estimates above are considered provisional and additional analysis may be performed. Fair values are primarily determined using inputs that are not observable from market-based information. Management may further adjust the provisional fair values during a measurement of up to one year from the acquisition date. Any adjustments to provisional amounts will be applied prospectively. Valuations subject to change include, but are not limited to, loans receivable, premises and equipment, deferred tax assets, other assets, accrued interest payable and other liabilities. Goodwill recorded from the Merger reflects expected cost savings and increased revenue opportunities through offering a broader array of products and services to the strategically important market of Hawaii. None of the goodwill recognized in this transaction is expected to be deductible for income tax purposes as the acquisition was accounted for as a tax-free exchange. The Company performed a remeasurement of certain assets acquired from Territorial and recorded an adjustment to goodwill in the third quarter of 2025.

Determination of Fair Values

The following is a description of the methods used to determine the fair values of significant assets acquired and liabilities assumed from Territorial.

Cash and cash equivalents - The carrying amount of these items was a reasonable estimate of their fair value based on the short-term nature of these assets.

41

Investment securities - The acquired investment securities were sold immediately after the Merger. The actual sales prices of securities were used as the fair value, rather than the quoted market price, as sales prices were determined to be the best indicator of fair value as of the acquisition date.

Loans receivable - The fair value of loans was estimated on an individual basis based on the characteristics for each loan. A discounted cash flow analysis was used to project cash flows for each loan using assumptions for rate, remaining maturity, prepayment speeds, projected default probabilities, loss given defaults, and estimates of prevailing discount rates.

The acquired loans totaling $1.28 billion were valued at $1.07 billion. Net discounts of $205.9 million and $3.8 million on non-PCD and PCD loans, respectively, were recorded as reductions to loans receivable on the Company's Consolidated Statements of Financial Condition, and will be amortized or accreted using the effective interest rate method, at an individual loan level basis, as an adjustment to loan interest income on the Consolidated Statements of Income over the remaining life of each loan.

In addition, an initial allowance for credit losses on PCD loans of $63 thousand was recorded on the Consolidated Statements of Financial Condition at the date of acquisition with no impact on the Consolidated Statements of Income, and was included in the initial amortized cost basis for PCD loans. An initial ACL of $3.9 million on acquired non-PCD loans was recorded on the Consolidated Statements of Financial Condition, and a corresponding credit loss expense was incurred on the Consolidated Statements of Income. The ACL on acquired loans was determined using a methodology consistent with the ACL on the Company’s existing loan receivables portfolio.

Loans were classified as PCD if they were on nonaccrual status, 60 days past due or greater, or had been 30 days past due more than twice, 60 days past due more than once, or were ever 90+ days past due.

The acquired PCD loans are summarized in the following table:

			April 2, 2025
			(Dollars in thousands)
Amortized cost of acquired PCD loans			$	19,203
Day 1 ACL on PCD loans			(63)
Noncredit discount on PCD loans			(3,757)
Fair value of acquired PCD loans			$	15,383

Deferred tax assets, net - Under ASC 805-740, deferred taxes were recognized for the differences between the tax bases and the amounts recognized for financial reporting purposes of the assets acquired and liabilities assumed in a business combination.

Bank owned life insurance (“BOLI”) - The cash surrender value of Territorial’s BOLI was representative of the fair value of BOLI at acquisition date.

Leases - Under ASC 805, an acquiring company is required to adjust the ROU asset on operating leases to reflect favorable and unfavorable terms of the lease when compared with market terms at the point of acquisition. The adjustment represents the difference between the present value of current and future contract lease obligations and the estimated market lease rates over the remaining term of the lease. The favorable or unfavorable adjustments will be amortized or accreted on a straight-line basis over the remaining term of the lease agreements, to noninterest expense on the Consolidated Statements of Income.

Core deposit intangible (“CDI”) - The CDI represents the low cost of funding that acquired core deposits provide relative to the Company’s marginal cost of funds. The Company calculated the CDI from Territorial using the income approach, which estimates CDI valuation based on the cost savings a company will realize from acquiring low-cost, stable core deposits compared to alternative sources of funding. The Company will amortize the CDI over its estimated useful life.

Deposits - The fair values used for demand, savings and money market deposits were equal to the amount payable on demand at the acquisition date. The fair value of time deposits was estimated by discounting the estimated future cash flows using current rates offered for deposits with similar remaining maturities. Premiums and discounts will be accreted on a straight-line basis as a decrease and increase, respectively, to time deposit interest expense on the Consolidated Statements of Income, over the remaining weighted average term of each category of time deposits.

Borrowings - The fair value of FHLB advances was estimated by discounting the estimated future cash flows using rates available to the Company for debt with similar remaining maturities along with applicable prepayment fees. The fair value adjustment on outstanding FHLB advances will be amortized over the remaining term of the advances.

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Pro Forma Information

The operating results for Territorial are included in the Condensed Consolidated Statements of Income beginning on the acquisition date of April 2, 2025.

The following unaudited combined pro forma information presents the operating results for the three and nine months ended September 30, 2025 and 2024, as if the Territorial acquisition had occurred on January 1, 2024. The pro forma results are presented for illustrative purposes only and are not intended to represent or be indicative of the actual results of operations of the merged companies that would have been achieved had the acquisitions occurred on January 1, 2024, nor are they intended to represent or be indicative of future results of operations.

The third quarter 2025 pro forma information is based on the Company’s actual pre-tax income, excluding certain merger-related items, including noninterest expenses and provision for credit losses, and applying a pro forma effective tax rate. The historical pro forma information uses Territorial’s first quarter 2025 pre-tax income as a run-rate proxy of Territorial’s contribution in the period of comparison, excluding certain merger-related items in the historical periods, and applying a pro forma effective tax rate.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Revenue (Net interest income before provision for credit losses and noninterest income)			$	142,027					$	129,262					$	225,211					$	396,981
Net income			31,592						26,349						24,769						83,508

The pro forma results do not include expected operating cost savings or income synergies as a result of the acquisitions. In addition, merger-related expenses shown in the section below were not included in the pro forma information. These pro forma results require significant estimates and judgments particularly as it relates to the valuation and accretion of income associated with acquired loans.

Merger-Related Expenses

The following table presents merger-related expenses associated with the Merger, which were included in the Consolidated Statements of Income as provision for credit losses and noninterest expense. Merger-related provision for credit losses consists of mostly day 1 provision for credit losses recorded on acquired non-PCD loans. Merger-related expenses consisted primarily of salaries and benefits, professional services, and other noninterest expenses.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Merger-related provision for credit losses			$	—					$	—					$	4,461					$	—
Merger-related expenses			958						1,236						20,453						3,869

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17.    Derivative Financial Instruments

As part of the Company’s overall interest rate risk management, the Company enters into derivative instruments, including interest rate swaps, collars, caps, floors, foreign exchange contracts, risk participation agreements and mortgage banking derivatives. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis.

The tables below present the fair value of the Company’s derivative financial instruments at September 30, 2025 and December 31, 2024. The Company’s derivative assets and derivative liabilities are located within “Other assets” and “Other liabilities,” respectively, on the Company’s Consolidated Statements of Financial Condition.

			September 30, 2025
			Notional Amount						Fair Value(1)
									Other Assets						Other Liabilities
			(Dollars in thousands)
Derivatives designated as cash flow hedges
Interest rate swaps			$	625,000					$	—					$	—
Interest rate collars			500,000						115						—
Total			$	1,125,000					$	115					$	—
Derivatives not designated as hedges
Interest rate contracts with correspondent banks			$	1,048,337					$	25,762					$	(10,738)
Interest rate contracts with customers			1,048,337						10,738						(26,319)
Foreign exchange contracts with correspondent banks			18,699						144						(155)
Risk participation agreement			137,424						—						(22)
Mortgage banking derivatives			4,203						42						(9)
Total			$	2,257,000					$	36,686					$	(37,243)

__________________________________

(1)    The fair values of centrally-cleared derivative contracts are presented net of settled-to-market margin.

			December 31, 2024
			Notional Amount						Fair Value(1)
									Other Assets						Other Liabilities
			(Dollars in thousands)
Derivatives designated as cash flow hedges
Interest rate swaps			$	1,125,000					$	—					$	(2,330)
Interest rate collars			500,000						—						(1,227)
Forward interest rate swaps			200,000						—						(1,474)
Total			$	1,825,000					$	—					$	(5,031)
Derivatives not designated as hedges
Interest rate contracts with correspondent banks			$	1,120,217					$	46,294					$	(1,400)
Interest rate contracts with customers			1,120,217						1,400						(47,384)
Foreign exchange contracts with correspondent banks			16,056						894						(1)
Foreign exchange contracts with customers			224						6						—
Risk participation agreement			100,957						—						(15)
Total			$	2,357,671					$	48,594					$	(48,800)

__________________________________

(1)    The fair values of centrally-cleared derivative contracts are presented net of settled-to-market margin.

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Derivatives designated as cash flow hedges

The Company’s interest rate contracts designated as cash flow hedges were determined to be fully effective during the periods presented and were hedged to financial instruments tied to term SOFR and Federal Funds Rate. The aggregate fair value of the cash flow hedges are recorded in assets or liabilities on the Consolidated Statements of Financial Condition, with changes in fair value recorded in other comprehensive income on the Consolidated Statements of Comprehensive Income. The gain or loss on derivatives is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into interest income and interest expense in the period, during which the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to interest rate agreements will be reclassified to interest income and interest expense as interest payments are received or paid on the Company’s derivatives. The Company expects the hedges to remain fully effective throughout the remaining terms. The Company expects to reclassify, during the next 12 months, approximately $609 thousand, net of taxes, from AOCI as a decrease to net interest income, including a decrease of $2.3 million from terminated swaps.

During the nine months ended September 30, 2025, the Company terminated $600.0 million in notional value of receive fixed swaps set to mature through September 2028. The swaps were designated as cash flow hedges on the changes in cash flows associated with certain variable rate loans. The termination of the swaps was performed to reduce prolonged exposure to higher interest rates. Prior to the termination of the swaps, the change in value of the swaps was recorded through accumulated other comprehensive income. Including swaps previously terminated in 2024, totaling to $400.0 million in notional value of receive fixed swaps, at September 30, 2025, $5.7 million in pre-tax losses were included in AOCI, and will be amortized as a reduction to net interest income over an expected remaining period of 2.0 years; this represents the total unamortized fair value adjustments on $1.00 billion in notional value of terminated received fixed swaps.

The table below presents the gains (losses) on derivative instruments designated as cash flow hedges, that were reclassified from AOCI into earnings for the periods indicated:

Derivative Instruments Designated as Cash Flow Hedges						Location of Gain (Loss) Recognized in Income						Three Months Ended September 30,												Nine Months Ended September 30,
												2025						2024						2025						2024
												(Dollars in thousands)
Interest rate contracts						Interest income and fees on loans						$	(838)					$	(2,724)					$	(2,654)					$	(4,710)
Interest rate contracts						Interest expense on deposits						1,863						3,346						5,636						10,086
Interest rate contracts						Interest expense on FHLB and FRB borrowings						—						1,371						1,196						4,189
Total												$	1,025					$	1,993					$	4,178					$	9,565

Derivatives not designated as hedges

The Company’s derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers.

The Company offers a loan hedging program to certain loan customers. Through this program, the Company originates a variable rate loan with the customer. The Company and the customer will then enter into a fixed interest rate swap. Simultaneously, an identical offsetting swap is entered into by the Company with a correspondent bank. These “back-to-back” swap arrangements are intended to offset each other and allow the Company to book a variable rate loan, while providing the customer with a contract for fixed interest payments. In these arrangements, the Company’s net cash flow is equal to the interest income received from the variable rate loan originated with the customer. These customer interest rate contracts are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities on the Consolidated Statements of Financial Condition. The change in fair value is recognized in the Consolidated Statements of Income as other income and fees.

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The Company offers foreign exchange contracts to customers to purchase and/or sell foreign currencies at set rates in the future. The foreign exchange contracts allow customers to hedge the foreign exchange rate risk of their deposits and loans denominated in foreign currencies. In conjunction with this, the Company also enters into offsetting back-to-back contracts with institutional counterparties to hedge the Company’s foreign exchange rate risk. The Company also enters into certain foreign exchange contracts with institutional counterparties, including non-deliverable forward contracts, to manage its foreign exchange rate risk. These foreign exchange contracts are not designated as hedging instruments and are recorded at fair value in “Other assets” and “Other liabilities” on the Consolidated Statements of Financial Condition. During the three and nine months ended September 30, 2025, the changes in fair value on foreign exchange contracts were gains of $452 thousand and losses of $921 thousand, respectively, and were recognized in the Consolidated Statements of Income as other income and fees. During the three and nine months ended September 30, 2024, the changes in fair value on foreign exchange contracts were losses of $706 thousand and $72 thousand, respectively, and were recognized in the Consolidated Statements of Income as other income and fees.

The Company had risk participation agreements with an outside counterparty for interest rate swaps related to loans in which it is a participant. The risk participation agreements provide credit protection to the financial institution should the borrowers fail to perform on their interest rate derivative contracts. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value of credit derivatives are recognized directly in earnings. The fee received, less the estimate of the loss for credit exposure, is recognized in earnings at the time of the transaction.

The Company enters into various stand-alone mortgage-banking derivatives in order to hedge the risk associated with the fluctuation of interest rates. Changes in fair value are recorded as mortgage banking revenue. Residential mortgage loans funded with interest rate lock commitments and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives.

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18.    Fair Value Measurements

Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. There are three levels of inputs that may be used to measure fair value. The fair value inputs of the instruments are classified and disclosed in one of the following categories pursuant to ASC 820:

Level 1 -    Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The quoted price shall not be adjusted for any blockage factor (i.e., size of the position relative to trading volume).

Level 2 -    Pricing inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Fair value is determined through the use of models or other valuation methodologies, including the use of pricing matrices. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 -    Pricing inputs are unobservable for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

The Company uses the following methods and assumptions in estimating fair value disclosures for financial instruments. Financial assets and liabilities recorded at fair value on a recurring and non-recurring basis are listed as follows:

Investment Securities

The fair values of investment securities available for sale and held to maturity are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

The fair value of the Company’s Level 3 security available for sale was measured using an income approach valuation technique. The primary inputs and assumptions used in the fair value measurement was derived from the security’s underlying collateral, which included discount rate, prepayment speeds, payment delays, and an assessment of the risk of default of the underlying collateral, among other factors. Significant increases or decreases in any of the inputs or assumptions could result in a significant increase or decrease in the fair value measurement.

Equity Investments With Readily Determinable Fair Value

The fair value of the Company’s equity investments with readily determinable fair value is comprised of mutual funds. The fair value for these investments is obtained from unadjusted quoted prices in active markets on the date of measurement and is therefore classified as Level 1.

Interest Rate Contracts

The Company offers interest rate contracts to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate contract with the customer. The Company also enters into an offsetting interest rate contract with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a discounted cash flow approach. The fair value assets and liabilities of centrally cleared interest rate contracts are net of variation margin settled-to-market. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate contracts is classified as Level 2.

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Mortgage Banking Derivatives

Mortgage banking derivative instruments consist of interest rate lock commitments and forward sale contracts that trade in liquid markets. The fair value is based on the prices available from third party investors. Due to the observable nature of the inputs used in deriving the fair value, the valuation of mortgage banking derivatives is classified as Level 2.

Other Derivatives

Other derivatives consist of interest rate contracts designated as cash flow hedges, foreign exchange contracts and risk participation agreements. The fair values of these other derivative financial instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates, foreign exchange rates and, when appropriate, the current credit worthiness of the counterparties. Fair value assets and liabilities of centrally cleared derivatives are net of variation margin settled-to-market. Interest rate contracts designated as cash flow hedges and foreign exchange contracts, which includes non-deliverable forward contracts, are classified within Level 2 due to the observable nature of the inputs used in deriving the fair value of these contracts. Credit derivatives such as risk participation agreements are valued based on credit worthiness of the underlying borrower, which is a significant unobservable input and therefore is classified as Level 3.

Collateral-Dependent Loans

The fair values of collateral-dependent loans are generally measured for ACL using the practical expedients permitted by ASC 326-20-35-5 including collateral-dependent loans measured at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral-dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuations utilizing enterprise value, asset fair value, or other valuation techniques, less costs to sell of 8.5%. Appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and income approach. Adjustment may be made in the appraisal process by the independent appraiser to adjust for differences between the comparable sales and income data available for similar loans and the underlying collateral. For C&I and asset backed loans, independent valuations may include a discount for eligible accounts receivable and a discount for inventory. These result in a Level 3 classification.

Loans Held For Sale

Loans held for sale are carried at the lower of cost or fair value, as determined by outstanding commitments from investors, or based on recent comparable sales (Level 2 inputs), if available. If Level 2 inputs are not available, carrying values are based on discounted cash flows using current market rates applied to the estimated life and credit risk (Level 3 inputs) or may be assessed based upon the fair value of the collateral, which is obtained from recent real estate appraisals (Level 3 inputs). These appraisals may utilize a single valuation approach or a combination of approaches including the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value.

Premises Held For Sale

Premises held for sale consist of a branch location held for sale. The Company measured the fair value of its branch location held for sale as of September 30, 2025, based on a secured offer from an active buyer adjusted for broker fees and closing costs which the Company has determined to be a Level 2 input. If the fair value of the premises held for sale is less than the carrying amount, a charge is taken to reduce the property to its fair value (less estimated selling costs). If Level 2 inputs are not available, fair value may be based on the listed selling price, which is predominately determined using market transactions for similar properties (Level 3).

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Assets and liabilities measured at fair value on a recurring basis are summarized below:

									Fair Value Measurements at the End of the Reporting Period Using
			September 30, 2025						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Investment securities AFS:
U.S. Government agency and U.S. Government sponsored enterprises:
Collateralized mortgage obligations			$	711,201					$	—					$	711,201					$	—
Mortgage-backed securities:
Residential			568,410						—						568,410						—
Commercial			448,924						—						448,924						—
Asset-backed securities			140,096						—						140,096						—
Corporate securities			19,178						—						19,178						—
Municipal securities			134,757						—						133,959						798
Equity investments with readily determinable fair value			50,889						50,889						—						—
Interest rate contracts			36,500						—						36,500						—
Mortgage banking derivatives			42						—						42						—
Other derivatives			259						—						259						—
Liabilities:
Interest rate contracts			37,057						—						37,057						—
Mortgage banking derivatives			9						—						9						—
Other derivatives			177						—						155						22

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									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Investment securities AFS:
U.S. Government agency and U.S. Government sponsored enterprises:
Agency securities			$	3,957					$	—					$	3,957					$	—
Collateralized mortgage obligations			721,906						—						721,906						—
Mortgage-backed securities:
Residential			387,060						—						387,060						—
Commercial			410,851						—						410,851						—
Asset-backed securities			103,224						—						103,224						—
Corporate securities			20,694						—						20,694						—
Municipal securities			175,551						—						174,739						812
Equity investments with readily determinable fair value			4,321						4,321						—						—
Interest rate contracts			47,694						—						47,694						—
Mortgage banking derivatives			—						—						—						—
Other derivatives			900						—						900						—
Liabilities:
Interest rate contracts			48,784						—						48,784						—
Mortgage banking derivatives			1						—						1						—
Other derivatives			5,047						—						5,032						15

There were no transfers between Levels 1, 2, and 3 during the three and nine months ended September 30, 2025 and 2024.

The table below presents a reconciliation and income statement classification of gains (losses) for the municipal security and risk participation agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Municipal securities:
Beginning Balance			$	807					$	815					$	812					$	858
Change in fair value included in other comprehensive income			(9)						43						(14)						—
Ending Balance			$	798					$	858					$	798					$	858
Risk participation agreements:
Beginning Balance			$	28					$	16					$	15					$	28
Change in fair value included in income			(6)						12						7						—
Ending Balance			$	22					$	28					$	22					$	28

50

The Company measures certain assets at fair value on a non-recurring basis including collateral-dependent loans and loans held for sale. These fair value adjustments result from individually evaluated ACL recognized during the period, and application of the lower of cost or fair value on loans held for sale.

Assets measured at fair value on a non-recurring basis are summarized below:

									Fair Value Measurements at the End of the Reporting Period Using
			September 30, 2025						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Collateral-dependent loans receivable at fair value:
CRE loans			$	10,273					$	—					$	—					$	10,273
C&I loans			28,953						—						—						28,953
Residential mortgage loans			799						—						—						799
Loans held for sale			10,735						—						10,735						—
Premises held for sale			1,526						—						1,526						—

									Fair Value Measurements at the End of the Reporting Period Using
			December 31, 2024						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
			(Dollars in thousands)
Assets:
Collateral-dependent loans receivable at fair value:
CRE loans			$	2,985					$	—					$	—					$	2,985
C&I loans			38,993						—						—						38,993
Loans held for sale			11,611						—						11,611						—

For assets measured at fair value on a non-recurring basis, the total net losses, which include charge offs, recoveries, recorded ACL, valuations, and recognized gains and losses on sales are summarized below:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Assets:
Collateral-dependent loans receivable at fair value:
CRE loans			$	(756)					$	(839)					$	(779)					$	(942)
C&I loans			(6,605)						(8,129)						(12,442)						(8,129)
Residential mortgage loans			(28)						—						(28)						—
Loans held for sale, net			(4,190)						(1,552)						(5,094)						(4,406)
Premises held for sale			(45)						—						(45)						—

51

The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of September 30, 2025 and December 31, 2024:

						Fair Value Measurements (Level 3)						Valuation Techniques						Unobservable Inputs						Range of Inputs												Weighted-Average of Inputs
						(Dollars in thousands)
September 30, 2025
Collateral dependent loans						$	11,110					Collateral Fair Value						Selling cost						8.5%			-			16.8%						9.2%
						20,434						Enterprise Value						EBITDA(1) multiple						4.8			-			8.7						6.7
						1,828						Enterprise Value						Active bid						N/A												N/A
						6,653						Asset Fair Value						Discount						10.5%			-			47.6%						34.5%
			December 31, 2024
			Collateral dependent loans						$	7,963					Collateral Fair Value						Selling cost						8.5%												8.5%
						2,359						Enterprise Value						EBITDA(1) multiple						5.2												5.2
						10,336						Enterprise value						Revenue multiple						1.0												1.0
																		EBITDA(1) multiple						8.0												8.0
						21,320						Asset Fair Value						Discount						10.1%			-			91.2%						38.8%

__________________________________

(1)    EBITDA = earnings before interest, tax, depreciation and amortization.

52

Fair Value of Financial Instruments

Carrying amounts and estimated fair values of financial instruments, not previously presented, at September 30, 2025 and December 31, 2024, were as follows:

			September 30, 2025
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	454,909					$	454,909					Level 1
Investment securities HTM			243,468						229,545						Level 2
Equity investments without readily determinable fair values			37,822						37,822						Level 2
Loans held for sale			33,118						34,351						Level 2
Loans receivable, net			14,434,390						14,124,723						Level 3
Accrued interest receivable			53,159						53,159						Level 2/3
Servicing assets, net			12,391						21,891						Level 3
Customers’ liabilities on acceptances			264						264						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	3,507,659					$	3,507,659					Level 2
Money market, interest bearing demand and savings deposits			5,995,488						5,995,488						Level 2
Time deposits			6,328,115						6,333,395						Level 2
FHLB borrowings			24,878						24,913						Level 2
Convertible notes, net			444						433						Level 1
Subordinated debentures			110,166						107,792						Level 3
Accrued interest payable			74,376						74,376						Level 2
Acceptances outstanding			264						264						Level 2
			December 31, 2024
			Carrying Amount						Estimated Fair Value						Fair Value Measurement Using
			(Dollars in thousands)
Financial Assets:
Cash and cash equivalents			$	458,199					$	458,199					Level 1
Investment securities HTM			252,385						231,124						Level 2
Equity investments without readily determinable fair values			35,625						35,625						Level 2
Loans held for sale			14,491						14,504						Level 2
Loans receivable, net			13,467,745						13,179,753						Level 3
Accrued interest receivable			51,169						51,169						Level 2/3
Servicing assets, net			10,051						19,113						Level 3
Customers’ liabilities on acceptances			484						484						Level 2
Financial Liabilities:
Noninterest bearing deposits			$	3,377,950					$	3,377,950					Level 2
Money market, interest bearing demand and savings deposits			5,175,735						5,175,735						Level 2
Time deposits			5,773,804						5,782,223						Level 2
FHLB and FRB borrowings			239,000						239,358						Level 2
Convertible notes, net			444						438						Level 1
Subordinated debentures			109,140						105,729						Level 3
Accrued interest payable			93,784						93,784						Level 2
Acceptances outstanding			484						484						Level 2

53

The Company measures assets and liabilities for its fair value disclosures based on an exit price notion. Although the exit price notion represents the value that would be received to sell an asset or paid to transfer a liability, the actual price received for a sale of assets or paid to transfer liabilities could be different from exit price disclosed. The methods and assumptions used to estimate fair value are described as follows:

The carrying amount was the estimated fair value for cash and cash equivalents, savings and other nonmaturity interest bearing demand deposits, equity investments without readily determinable fair values, customers’ and Bank’s liabilities on acceptances, noninterest bearing deposits, short-term debt, secured borrowings, and variable rate loans or deposits that reprice frequently and fully. The fair value of loans was determined through a discounted cash flow analysis, which incorporates probability of default and loss given default rates on an individual loan basis. For fixed rate loans, the discount rate used in a discounted cash flow analysis was based on the SOFR Swap Rate. For variable loans, the discount rate started with the underlying index rate and an adjustment was made on certain loans, which considered factors such as servicing costs, capital charges, duration, asset type incremental costs, and use of projected cash flows. Fair values of residential real estate loans included Fannie Mae and Freddie Mac prepayment speed assumptions or a third-party index based on historical prepayment speeds. Fair value of time deposits was based on discounted cash flow analyses using recent issuance rates over the prior three months and a market rate analysis of recent offering rates for retail products. Wholesale time deposit fair values incorporated brokered time deposit offering rates. The fair value of the Company’s debt was based on current rates for similar financing with a liquidity premium added to assumed market spreads to reflect exit pricing and the marketability/liquidity costs contained with consummating an orderly transaction. Fair value for the Company’s convertible notes was based on the actual last traded price of the notes. The fair value of commitments to fund loans represents fees currently charged to enter into similar agreements with similar remaining maturities and was not presented herein, as the fair value of these financial instruments was not material to the Consolidated Financial Statements.

54

19.    Leases

The Company’s operating leases comprise primarily real estate leases of bank branch locations, loan production offices, and office spaces with remaining lease terms ranging from 1 year to 13 years at September 30, 2025. In addition, the Company leases ATM equipment located at certain branches with remaining lease terms of up to 7 years. Certain lease arrangements contain extension options, which are typically around 5 years. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term. The Company did not have any finance leases at September 30, 2025 and December 31, 2024.

The table below summarizes supplemental balance sheet information related to operating leases:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Operating lease ROU assets			$	56,425					$	39,432
Current portion of long-term lease liabilities			17,101						13,946
Long-term lease liabilities			41,661						30,113

The Company assumed operating leases with the acquisition of Territorial. The ROU assets and related lease liabilities recorded for the assumed leases were $22.7 million and $21.1 million, respectively, at the close of the Territorial acquisition on April 2, 2025. ROU assets related to the acquisition reflect net favorable adjustments of approximately $1.9 million. The ROU assets from Territorial included 26 real estate and one equipment leases. See Note 16 - “Business Combinations” for additional information regarding the Merger.

The Company uses its incremental borrowing rate to present value lease payments in order to recognize a ROU asset and the related lease liability. The Company calculates its incremental borrowing rate by adding a spread to the FHLB borrowing interest rate at a given period. During the nine months ended September 30, 2025, the Company extended six leases and, aside from the leases acquired from Territorial, entered into two new lease contracts, both of which have not yet commenced. Lease extension terms ranged from one to 12 years and the Company reassessed the ROU assets and lease liabilities related to these leases.

The table below summarizes the Company’s net operating lease cost:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Operating lease cost			$	4,583					$	3,632					$	12,799					$	10,849
Variable lease cost			1,526						1,004						3,904						2,679
Sublease income			(101)						(70)						(292)						(173)
Net lease cost			$	6,008					$	4,566					$	16,411					$	13,355

The table below summarizes other information related to the Company’s operating leases:

			At or for the Nine Months Ended September 30,
			2025						2024
			(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases			$	13,222					$	11,795
Weighted-average remaining lease term - operating leases			5.2 years						3.7 years
Weighted-average discount rate - operating leases			3.93		%				3.07		%

55

The table below summarizes the maturity of remaining lease liabilities:

			September 30, 2025
			(Dollars in thousands)
2025			$	4,746
2026			18,782
2027			13,247
2028			8,238
2029			5,764
2030 and thereafter			15,377
Total lease payments			66,154
Less: imputed interest			7,392
Total lease obligations			$	58,762

At September 30, 2025, the Company had two operating lease commitments that had not yet commenced, totaling $4.8 million in lease payments over terms ranging from five to ten years.

56

20.    Investments in Tax Credit Structures

The Company invests in the equity of certain limited partnerships or limited liability companies that typically are associated with affordable housing partnerships and renewable energy projects that generate low-income housing tax credits (“LIHTC”), investment tax credits (“ITC”), and other income tax benefits for the Company.

Following the adoption of ASU 2023-02 in 2024, the Company elected to account for its tax credit investments using the proportional amortization method (“PAM”) on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 1 - “Summary of Significant Accounting Policies”, of its audited Consolidated Financial Statements included in its 2024 Annual Report on Form 10-K.

The Company recorded its investments in qualifying affordable housing partnerships, net, using the equity investment method. The Company’s investments in renewable energy tax credits were accounted for under PAM and recorded under other assets, and its commitments to fund investments in tax credit structures were recorded in other liabilities on the Consolidated Statements of Financial Condition.

The following table presents the investments and unfunded commitments of the Company’s investments in tax credit structures at September 30, 2025 and December 31, 2024:

			September 30, 2025												December 31, 2024
			Assets						Unfunded Commitments						Assets						Unfunded Commitments
									(Dollars in thousands)
PAM:
Investments in renewable energy tax credits			$	28,719					$	41,601					$	3,425					$	2,758
Equity method:
Investments in affordable housing partnerships			30,000						21,358						32,354						11,283
Total			$	58,719					$	62,959					$	35,779					$	14,041

The increase in both investments and their unfunded commitments reflected new investments made. During the nine months ended September 30, 2025, the Company made new commitments to invest $46.2 million in renewable energy tax credit investments, and $5.2 million in affordable housing partnerships. No new commitments to investments in renewable energy tax credit investments or affordable housing partnerships were made during the same period of 2024.

The following table presents additional information related to tax credit and benefits and amortization recorded for the three and nine months ended September 30, 2025 and 2024.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Tax credits and benefits:
PAM
Investments in renewable energy tax credits			$	21,893					$	—					$	22,593					$	—
Equity method
Investments in affordable housing partnerships			3,413						2,766						9,110						8,300
Total			$	25,306					$	2,766					$	31,703					$	8,300
Amortization:
PAM
Investments in renewable energy tax credits			$	20,135					$	—					$	20,773					$	—
Equity method
Investments in affordable housing partnerships			3,216						2,206						7,607						6,623
Total			$	23,351					$	2,206					$	28,380					$	6,623

57

21.    Regulatory Matters

The Company and the Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material and adverse effect on the Company’s and the Bank’s business, financial condition and results of operation, such as restrictions on growth or the payment of dividends or other capital distributions or management fees. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

At September 30, 2025, the capital ratios for the Company and the Bank were in excess of all regulatory minimum capital ratios with the addition of the conservation buffer.

At September 30, 2025 and December 31, 2024, the most recent regulatory notification categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. To generally be categorized as “well-capitalized”, the Bank must maintain a minimum total capital ratio, Tier 1 capital ratio, common equity Tier 1 capital ratio, and leverage ratio as set forth in the following table. There are no conditions or events since the most recent notification from regulators that management believes has changed the institution’s category.

58

The Company’s and the Bank’s levels and ratios are presented in the tables below for the dates indicated:

			Actual												Ratio Required for Capital Adequacy Purposes						Ratio Required To Be Well-Capitalized						Ratio Required for Minimum Capital Adequacy With Capital Conservation Buffer
September 30, 2025			Amount						Ratio
			(Dollars in thousands)
Common equity Tier 1 capital (to risk weighted assets):
Company			$	1,862,914					12.12		%				4.50		%				N/A						7.00		%
Bank			$	1,945,360					12.67		%				4.50		%				6.50		%				7.00		%
Tier 1 capital (to risk-weighted assets):
Company			$	1,969,180					12.81		%				6.00		%				N/A						8.50		%
Bank			$	1,945,360					12.67		%				6.00		%				8.00		%				8.50		%
Total capital (to risk-weighted assets):
Company			$	2,125,254					13.83		%				8.00		%				N/A						10.50		%
Bank			$	2,101,434					13.68		%				8.00		%				10.00		%				10.50		%
Leverage capital (to average assets):
Company			$	1,969,180					10.85		%				4.00		%				N/A						N/A
Bank			$	1,945,360					10.72		%				4.00		%				5.00		%				N/A

			Actual												Ratio Required for Capital Adequacy Purposes						Ratio Required To Be Well-Capitalized						Ratio Required for Minimum Capital Adequacy With Capital Conservation Buffer
December 31, 2024			Amount						Ratio
			(Dollars in thousands)
Common equity Tier 1 capital (to risk weighted assets):
Company			$	1,900,601					13.06		%				4.50		%				N/A						7.00		%
Bank			$	1,978,969					13.61		%				4.50		%				6.50		%				7.00		%
Tier 1 capital (to risk-weighted assets):
Company			$	2,005,840					13.79		%				6.00		%				N/A						8.50		%
Bank			$	1,978,969					13.61		%				6.00		%				8.00		%				8.50		%
Total capital (to risk-weighted assets):
Company			$	2,150,810					14.78		%				8.00		%				N/A						10.50		%
Bank			$	2,123,939					14.61		%				8.00		%				10.00		%				10.50		%
Leverage capital (to average assets):
Company			$	2,005,840					11.83		%				4.00		%				N/A						N/A
Bank			$	1,978,969					11.68		%				4.00		%				5.00		%				N/A

59

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”)

The following discussion and analysis should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 and the unaudited Consolidated Financial Statements and Notes set forth elsewhere in this Quarterly Report on Form 10-Q.

GENERAL

Hope Bancorp, Inc. is the holding company of Bank of Hope, the only regional Korean American bank in the United States with $18.51 billion in total assets at September 30, 2025. With the addition of Territorial Savings, a division of Bank of Hope, effective April 2, 2025, the Company became the largest regional bank catering to multicultural customers across the continental United States and Hawaii. Headquartered in Los Angeles, the Bank provides a full suite of commercial, corporate and consumer loans, deposit and fee-based products and services, including commercial and commercial real estate lending, SBA lending, residential mortgage and other consumer lending; treasury management services, foreign currency exchange solutions, interest rate derivative products, and international trade financing, among others. The Bank operates 45 full-service branches in California, New York, New Jersey, Washington, Texas, Illinois, Georgia and Alabama under the Bank of Hope banner, and 29 branches in Hawaii under the Territorial Savings banner. The Bank also operates SBA loan production offices, commercial loan production offices, and residential mortgage loan production offices throughout the United States, and a representative office in Seoul, South Korea. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender.

The Bank’s principal business involves earning interest on loans and investment securities, primarily funded by deposits and borrowings. Operating income and net income are derived primarily from the difference between interest income received from interest earning assets and interest expense paid on interest bearing liabilities and, to a lesser extent, from fees received in connection with servicing loan and deposit accounts, providing fee-based products and services, and income from the sale of loans. Major expenses are the interest paid on deposits and borrowings, provisions for credit losses and general operating expenses, which primarily consist of salaries and employee benefits, occupancy costs, and other operating expenses. Interest rates are highly sensitive to many factors that are beyond our control, such as changes in the national economy and in the related monetary policies of the FRB, inflation, unemployment, consumer spending, tariffs, political changes, and other events. We cannot predict the impact that these factors and future changes in domestic and foreign economic and political conditions might have on our business, financial condition, and results of operations.

60

Selected Financial Data

The following tables set forth a performance overview concerning the periods indicated and should be read in conjunction with the unaudited Consolidated Financial Statements and Notes set forth elsewhere in this Quarterly Report on Form 10-Q and the following Results of Operations and Financial Condition sections of this MD&A. During the second quarter of 2025, the acquisition of Territorial Bancorp Inc. was closed and we repositioned a portion of our investment securities AFS portfolio. The comparability of our operating results for the nine months ended September 30, 2025, with past performance was impacted by acquisition accounting adjustments and merger-related expenses associated with the Territorial Merger and the loss on securities sold. The Company has provided supplemental non-GAAP information to facilitate a better understanding of financial performance, identifying certain items as “notable”.

			At or for the Three Months Ended September 30,												At or for the Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands, except share and per share data)
Income Statement Data:
Interest income			$	244,785					$	235,084					$	701,121					$	727,359
Interest expense			118,143						130,275						356,129						401,643
Net interest income			126,642						104,809						344,992						325,716
Provision for credit losses			8,710						3,280						28,510						7,280
Net interest income after provision for credit losses			117,932						101,529						316,482						318,436
Noninterest income			15,385						11,839						8,117						31,196
Noninterest expense			96,861						81,268						290,195						247,094
Income before income taxes			36,456						32,100						34,404						102,538
Income tax provision			5,613						7,941						10,346						27,245
Net income			$	30,843					$	24,159					$	24,058					$	75,293
Net income, excluding notable items (1)			$	31,593					$	25,171					$	78,998					$	79,341
Per Share Data:
Earnings per common share – basic			$	0.24					$	0.20					$	0.19					$	0.62
Earnings per common share – diluted			$	0.24					$	0.20					$	0.19					$	0.62
Earnings per common share – diluted excluding notable items (1)			$	0.25					$	0.21					$	0.63					$	0.66
Cash dividends declared per common share			$	0.14					$	0.14					$	0.42					$	0.42
Book value per common share (period end)			$	17.60					$	17.97					$	17.60					$	17.97
Tangible common equity (“TCE”) per share (period end) (1)			$	13.51					$	14.10					$	13.51					$	14.10
Common Share Count:
Number of common shares outstanding (period end)			128,185,271						120,737,908						128,185,271						120,737,908
Weighted average shares – basic			128,167,932						120,734,581						125,687,283						120,529,535
Weighted average shares – diluted			128,593,874						121,159,977						126,110,136						121,027,793
Selected Performance Ratios:
Return on average assets (“ROA”) (2)			0.67		%				0.56		%				0.18		%				0.56		%
Return on average stockholders’ equity (“ROE”) (2)			5.52		%				4.52		%				1.46		%				4.73		%
Return on average tangible common equity (“ROTCE”) (1) (2)			7.22		%				5.78		%				1.89		%				6.07		%
Net interest margin (2) (3)			2.89		%				2.55		%				2.71		%				2.57		%
Efficiency ratio (4)			68.20		%				69.67		%				82.18		%				69.23		%
ROA excluding notable items (1) (2)			0.68		%				0.58		%				0.58		%				0.59		%
ROE excluding notable items (1) (2)			5.66		%				4.71		%				4.78		%				4.99		%
ROTCE excluding notable items (1) (2)			7.39		%				6.02		%				6.21		%				6.40		%
Efficiency ratio excluding notable items (1) (4)			67.52		%				68.44		%				68.74		%				67.62		%

61

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Average Balance Sheet Data:
Assets			$	18,545,851					$	17,369,169					$	18,123,718					$	17,920,176
Interest earning cash and deposits at other banks			488,992						570,754						607,549						1,004,606
Investment securities AFS and HTM			2,256,228						2,182,847						2,178,155						2,224,972
Loans			14,518,721						13,574,539						14,136,511						13,637,335
Deposits			15,911,601						14,721,739						15,498,357						14,706,795
FHLB and FRB borrowings			27,286						120,326						65,441						672,332
Stockholders’ equity			2,234,244						2,139,861						2,201,301						2,121,169
			September 30, 2025						September 30, 2024
			(Dollars in thousands)
Statement of Financial Condition Data - at Period End:
Assets			$	18,507,735					$	17,354,189
Interest earning cash and deposits at other banks			230,943						510,183
Investment securities AFS and HTM			2,266,034						2,177,301
Loans receivable			14,586,899						13,617,988
Deposits			15,831,262						14,729,498
FHLB and FRB borrowings			24,878						100,000
Stockholders’ equity			2,255,896						2,169,785
Consolidated Capital Ratios (5)
Common equity Tier 1 capital ratio			12.12		%				13.07		%
Tier 1 capital ratio			12.81		%				13.79		%
Total capital ratio			13.83		%				14.82		%
Leverage ratio (6)			10.85		%				11.61		%
TCE ratio (1)			9.63		%				10.08		%
Asset Quality Ratios:
Allowance for credit losses to loans receivable			1.05		%				1.13		%
Allowance for credit losses to nonaccrual loans			138.63		%				147.94		%
Nonaccrual loans to loans receivable			0.75		%				0.76		%
Nonperforming loans to loans receivable			0.77		%				0.76		%
Nonperforming assets to total assets			0.61		%				0.60		%

_____________________________________________

(1)Net income excluding notable items, earnings per common share - diluted excluding notable items, TCE per share, ROTCE, ROA excluding notable items, ROE excluding notable items, ROTCE excluding notable items, efficiency ratio excluding notable items, and TCE ratio are non-GAAP financial measures that we believe provide investors with information useful in understanding our operating results and financial condition. A quantitative reconciliation of the most directly comparable GAAP to non-GAAP financial measures is provided on the following pages.

(2)Annualized.

(3)Net interest margin is calculated by dividing annualized net interest income by average total interest earning assets.

(4)Efficiency ratio is defined as noninterest expense divided by the sum of net interest income before provision for credit losses and noninterest income.

(5)The ratios generally required to meet the definition of a “well-capitalized” financial institution under certain banking regulations are 5.0% leverage capital ratio, 6.5% common equity tier 1 capital ratio, 8.0% tier 1 capital ratio, and 10.0% total capital ratio.

(6)Calculations are based on quarterly average asset balances.

62

Non-GAAP Financial Measurements

We provide certain non-GAAP financial measures that we believe provide investors with meaningful supplemental information that is useful in understanding our operating results and financial condition. The methodologies for calculating non-GAAP measures may differ among companies. The following tables reconcile the non-GAAP financial measures used in this Form 10-Q to the most comparable GAAP performance measures. The non-GAAP financial measures provide information useful to investors in understanding our operating performance and trends and assist in comparing our results with the performance of our peers.

During the three and nine months ended September 30, 2025 and 2024, our operating results included certain notable items as a result of the Merger with Territorial, our legacy investment securities repositioning, the change in the California state tax apportionment rate, and other items. The following table summarizes the impact of non-core notable items recorded for the periods indicated and reconciles them to the most directly comparable GAAP financial measure.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands, except share and per share data)
Net income			$	30,843					$	24,159					$	24,058					$	75,293
Notable items:
Merger-related provision for credit losses			—						—						4,461						—
Loss on investment portfolio repositioning			—						—						38,856						—
FDIC special assessment expense			—						—						—						691
Merger and restructuring-related costs			958						1,433						20,758						5,044
Total notable items included in pre-tax income			958						1,433						64,075						5,735
Tax effect on notable items in pre-tax income			(208)						(421)						(14,013)						(1,687)
Notable impact from California state tax apportionment law change			—						—						4,878						—
Total notable items, net of tax			750						1,012						54,940						4,048
Net income excluding notable items (1)			$	31,593					$	25,171					$	78,998					$	79,341
Diluted common shares			128,593,874						121,159,977						126,110,136						121,027,793
EPS excluding notable items (1)			$	0.25					$	0.21					$	0.63					$	0.66
Average assets			$	18,545,851					$	17,369,169					$	18,123,718					$	17,920,176
ROA excluding notable items (annualized) (1)			0.68		%				0.58		%				0.58		%				0.59		%
Average equity			$	2,234,244					$	2,139,861					$	2,201,301					$	2,121,169
ROE excluding notable items (annualized) (1)			5.66		%				4.71		%				4.78		%				4.99		%
Average TCE (1)			$	1,709,222					$	1,672,442					$	1,695,519					$	1,653,347
ROTCE excluding notable items (annualized) (1)			7.39		%				6.02		%				6.21		%				6.40		%

_____________________________________________

(1)Non-GAAP financial measures.

63

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Noninterest expense			$	96,861					$	81,268					$	290,195					$	247,094
Notable items:
FDIC special assessment expense			—						—						—						(691)
Merger and restructuring-related costs			(958)						(1,433)						(20,758)						(5,044)
Noninterest expense excluding notable items (1)			$	95,903					$	79,835					$	269,437					$	241,359
Revenue (net interest income before provision for credit losses and noninterest income)			$	142,027					$	116,648					$	353,109					$	356,912
Notable items:
Loss on investment portfolio repositioning			—						—						38,856						—
Revenue excluding notable items (1)			$	142,027					$	116,648					$	391,965					$	356,912
Efficiency ratio excluding notable items (1)			67.52		%				68.44		%				68.74		%				67.62		%

Tangible book value per common share is calculated by subtracting goodwill and core deposit intangible assets from total stockholders’ equity, then dividing the difference by the number of shares of common stock outstanding. TCE ratio is calculated by subtracting goodwill and core deposit intangible assets from total stockholders’ equity, then dividing the difference by total assets after subtracting goodwill and core deposit intangible assets.

			September 30, 2025						September 30, 2024
			(Dollars in thousands, except share data)
Total stockholders’ equity			$	2,255,896					$	2,169,785
Less: Goodwill and CDI, net			(524,503)						(467,182)
TCE (1)			$	1,731,393					$	1,702,603
Total assets			$	18,507,735					$	17,354,189
Less: Goodwill and CDI, net			(524,503)						(467,182)
Tangible assets (1)			$	17,983,232					$	16,887,007
Common shares outstanding			128,185,271						120,737,908
Tangible book value per common share (1)			$	13.51					$	14.10
TCE ratio (1)			9.63		%				10.08		%

Return on average tangible common equity is calculated by dividing net income for the period (annualized) by average stockholders’ equity for the period after subtracting average goodwill and core deposit intangible assets for the period from average stockholders’ equity.

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Net income			$	30,843					$	24,159					$	24,058					$	75,293
Average stockholders’ equity			$	2,234,244					$	2,139,861					$	2,201,301					$	2,121,169
Less: Average goodwill and CDI, net			(525,022)						(467,419)						(505,782)						(467,822)
Average tangible common equity (1)			$	1,709,222					$	1,672,442					$	1,695,519					$	1,653,347
ROTCE (annualized) (1)			7.22		%				5.78		%				1.89		%				6.07		%

________________________________

(1)Non-GAAP financial measures.

64

Results of Operations

Overview

Net income for the third quarter of 2025 was $30.8 million, or $0.24 per diluted common share, compared with net income of $24.2 million, or $0.20 per diluted common share, for the same period of 2024, which was an increase of $6.7 million. The year-over-year increase in net income was primarily due to increases in net interest income and noninterest income, offset partially by increases in noninterest expense and the provision for credit losses.

Net income for the nine months ended September 30, 2025, was $24.1 million, or $0.19 per diluted common share, compared with net income of $75.3 million, or $0.62 per diluted share, for the same period of 2024, which was a decrease of $51.2 million. The year-to-date results included an aggregate $54.9 million of notable items that impacted the comparability of the Company’s operating results with past performance. Notable items for the nine months ended September 30, 2025, included a net loss on sales of securities, merger-related items, and income tax expense from the change in California’s state tax apportionment law. Net income for the nine months ended September 30, 2025, was $79.0 million, or $0.63 per diluted common share, compared with net income of $79.3 million, or $0.66 per diluted share, for the same period of 2024..

The Company completed its acquisition of Honolulu-based Territorial, the holding company of Territorial Savings Bank, effective April 2, 2025. With the acquisition of Territorial Savings, a division of Bank of Hope, the Company became the largest regional bank catering to multicultural customers across the continental United States and Hawaii. In addition, the Company repositioned a portion of its legacy investment securities portfolio available for sale in June 2025. Accordingly, notable items specific to the second quarter of 2025 totaled $52.4 million after tax, comprising $30.5 million after tax in net loss on sales of securities related to the investment securities repositioning, $17.1 million after tax in merger-related items, and a $4.9 million impact on income tax expense from the change in California’s state tax apportionment law.

See the “General” section of this MD&A for a reconciliation of GAAP to non-GAAP financial measures.

Net Interest Income and Net Interest Margin

Net Interest Income

A principal component of our earnings is net interest income, which is the difference between the interest and fees earned on loans, investments and interest earning cash, and the interest paid on deposits, borrowed funds, and convertible notes. Net interest income expressed as a percentage of average interest earning assets is referred to as the net interest margin. The net interest spread is the yield on average interest earning assets less the cost of average interest bearing liabilities. Net interest income is affected by changes in the balances of interest earning assets and interest bearing liabilities, changes in yields earned on interest earning assets, and changes in rates paid on interest bearing liabilities.

Comparison of Three Months Ended September 30, 2025, with the Three Months Ended September 30, 2024

Net interest income before provision for credit losses was $126.6 million for the third quarter of 2025, compared with $104.8 million for the same period of 2024, an increase of $21.8 million, or 20.8%. The year-over-year increase in net interest income was primarily driven by a lower cost of deposits and an increase in the average balance of interest earning assets, partially offset by an increase in the average balance of interest bearing deposits and lower yields on loans. As of September 30, 2025, the Federal Funds target rate was cut by an aggregate 75 basis points since September 30, 2024, impacting average yields and rates for the 2025 third quarter, compared with the same period of 2024.

Comparison of Nine Months Ended September 30, 2025, with the Nine Months Ended September 30, 2024

Net interest income before provision for credit losses was $345.0 million for the nine months ended September 30, 2025, compared with $325.7 million for the same period of 2024, an increase of $19.3 million, or 5.9%. The year-over-year increase in year-to-date net interest income was primarily driven by a lower cost of funds and an increase in the average balance of loans, partially offset by lower yields on loans and an increase in the average balance of deposits. As of September 30, 2025, the Federal Funds target rate was cut by an aggregate 75 basis points since September 30, 2024, impacting average yields and rates for the nine months ended September 30, 2025, compared with the same period of 2024.

65

The following table summarizes the accretion and amortization adjustments resulting from the Merger with Territorial that were included in net interest income for the three and nine months ended September 30, 2025 and 2024:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
Accretion of discount on acquired loans			$	5,186					$	—					$	9,335					$	—
Amortization of net premium on assumed time deposits			(60)						—						147						—
Amortization of discount on assumed FHLB advances			(126)						—						(319)						—
Total			$	5,000					$	—					$	9,163					$	—

Net Interest Margin

Net interest margin is impacted by the weighted average rates earned on interest earning assets and paid on interest bearing liabilities. The net interest margin for the third quarter of 2025 was 2.89%, up 34 basis points from 2.55% for the same period of 2024. The net interest margin for the nine months ended September 30, 2025, was 2.71%, an increase of 14 basis points from 2.57% for the same period of 2024. The increase in net interest margin for the third quarter 2025, compared with the same period of 2024, was primarily due to lower weighted average costs of interest bearing deposits and higher average yield on investment securities, partially offset by lower average yield on loans and a shift in funding mix. The year-over-year increase in net interest margin for the nine months ended September 30, 2025, was primarily driven by lower weighted average costs of interest bearing deposits, lower average balances of FHLB and FRB borrowings, and higher average loan balances, partially offset by lower weighted average yields on interest earning assets and higher average balances of interest bearing deposits.

The weighted average yield on loans decreased to 5.93% for the third quarter of 2025, down 23 basis points from 6.16% for the same period of 2024. The weighted average yield on loans decreased by 31 basis points to 5.89% for the nine months ended September 30, 2025, down from 6.20% for the same period of 2024. The year-over-year decrease in average loan yields was driven by the downward repricing of variable rate loans, reflecting higher benchmark interest rates in 2024 versus 2025. At September 30, 2025, variable interest rate loans made up 41% of the loan portfolio.

The weighted average yield on investment securities for the three and nine months ended September 30, 2025, was 3.77% and 3.38%, respectively, compared with 3.05% and 3.10% for the same periods of 2024, respectively. The increase in average yields was primarily due to higher rates on new purchases of investment securities, and the sale of lower-yielding investment securities in the second quarter of 2025 as part of a strategic portfolio repositioning. At September 30, 2025, 29% of the investment portfolio consisted of securities with variable coupon rates. The change in yields was also impacted by fluctuations in the overall investment portfolio yield due to the change in pay-down speeds of investment securities.

The weighted average yield on interest earning cash and deposits at other banks for the third quarter of 2025 was 4.28%, a decrease of 95 basis points from 5.23% for the same period of 2024. The weighted average yield on interest earning cash and deposits at other banks for the nine months ended September 30, 2025, was 4.24%, a decrease of 108 basis points from 5.32% for the same period of 2024. The yield on interest earning cash and deposits at other banks is tied to the Federal Funds rate.

The weighted average cost of deposits for the third quarter of 2025 was 2.88%, a decrease of 56 basis points from 3.44% for the same period of 2024. The weighted average cost of deposits for the nine months ended September 30, 2025, was 3.00%, a decrease of 40 basis points from 3.40% for the same period of 2024. The year-over-year decrease in the cost of deposits was driven by decreases in market interest rates, the positive impact of the acquired Territorial deposits, which have a lower cost of funds, and the planned reduction of higher-costing brokered deposits.

The weighted average cost of FHLB and FRB borrowings for the third quarter of 2025 was 3.97%, an increase of 288 basis points from 1.09% for the same period of 2024. The year-over-year increase in the cost of FHLB and FRB borrowings was primarily due to a decrease in cash flow hedges on FHLB borrowings, some of which matured in second quarter of 2025, and the impact of borrowings acquired from Territorial. The weighted average cost of FHLB and FRB borrowings for the nine months ended September 30, 2025, was 2.03%, a decrease of 187 basis points from 3.90% for the same period of 2024. The year-over-year decrease in the year-to-date cost of FHLB and FRB borrowings primarily reflected the payoff of $1.70 billion in FRB BTFP borrowings in the first half of 2024, which had a weighted average rate of 4.47%.

66

The weighted average cost of subordinated debentures for the third quarter of 2025 was 9.01%, a decrease of 127 basis points from 10.28% for the same period of 2024. The weighted average cost of subordinated debentures for the nine months ended September 30, 2025, was 9.07%, a decrease of 128 basis points from 10.35% for the same period of 2024. The subordinated debentures have variable interest rates that are tied to the three-month Chicago Mercantile Exchange term Secured Financing Overnight Rate (“SOFR”) rate.

The following tables present our consolidated daily average balance of major assets and liabilities, together with interest rates earned and paid on the various sources and uses of funds for the periods indicated:

			Three Months Ended September 30,
			2025																		2024
			Average Balance						Interest Income/ Expense						Average Yield/ Rate*						Average Balance						Interest Income/ Expense						Average Yield/ Rate*
			(Dollars in thousands)
INTEREST EARNINGS ASSETS:
Loans(1) (2)			$	14,518,721					$	216,859					5.93		%				$	13,574,539					$	210,022					6.16		%
Investment securities AFS and HTM(3)			2,256,228						21,467						3.77		%				2,182,847						16,741						3.05		%
Interest earning cash and deposits at other banks			488,992						5,273						4.28		%				570,754						7,507						5.23		%
FHLB stock and other investments			97,584						1,186						4.82		%				48,956						814						6.61		%
Total interest earning assets			17,361,525						244,785						5.59		%				16,377,096						235,084						5.71		%
Total noninterest earning assets			1,184,326																		992,073
Total assets			$	18,545,851																	$	17,369,169
INTEREST BEARING LIABILITIES:
Deposits:
Money market, interest bearing demand and savings deposits			$	6,045,464					$	49,458					3.25		%				$	4,963,727					$	50,707					4.06		%
Time deposits			6,359,578						65,967						4.12		%				6,053,924						76,486						5.03		%
Total interest bearing deposits			12,405,042						115,425						3.69		%				11,017,651						127,193						4.59		%
FHLB and FRB borrowings			27,286						273						3.97		%				120,326						329						1.09		%
Convertible notes, net			444						2						2.00		%				444						2						2.00		%
Subordinated debentures, net			106,041						2,443						9.01		%				104,708						2,751						10.28		%
Total interest bearing liabilities			12,538,813						118,143						3.74		%				11,243,129						130,275						4.61		%
Noninterest bearing liabilities and equity:
Noninterest bearing demand deposits			3,506,559																		3,704,088
Other liabilities			266,235																		282,091
Stockholders’ equity			2,234,244																		2,139,861
Total liabilities and stockholders’ equity			$	18,545,851																	$	17,369,169
Net interest income/net interest spread (not annualized)									$	126,642					1.85		%										$	104,809					1.10		%
Net interest margin															2.89		%																2.55		%
Cost of deposits															2.88		%																3.44		%

__________________________________

*    Annualized

(1)Interest income on loans includes loan fees.

(2)Average balances of loans consist of loans receivable and loans held for sale.

(3)Interest income and yields are not presented on a tax-equivalent basis.

67

			Nine Months Ended September 30,
			2025																		2024
			Average Balance						Interest Income/ Expense						Average Yield/ Rate*						Average Balance						Interest Income/ Expense						Average Yield/ Rate*
			(Dollars in thousands)
INTEREST EARNINGS ASSETS:
Loans(1) (2)			$	14,136,511					$	623,261					5.89		%				$	13,637,335					$	633,331					6.20		%
Investment securities AFS and HTM(3)			2,178,155						55,128						3.38		%				2,224,972						51,619						3.10		%
Interest earning cash and deposits at other banks			607,549						19,261						4.24		%				1,004,606						39,974						5.32		%
FHLB stock and other investments			94,272						3,471						4.92		%				48,520						2,435						6.70		%
Total interest earning assets			17,016,487						701,121						5.51		%				16,915,433						727,359						5.74		%
Total noninterest earning assets			1,107,231																		1,004,743
Total assets			$	18,123,718																	$	17,920,176
INTEREST BEARING LIABILITIES:
Deposits:
Money market, interest bearing demand and savings deposits			$	5,927,729					$	151,960					3.43		%				$	4,994,958					$	149,560					4.00		%
Time deposits			6,131,577						195,902						4.27		%				5,987,121						224,243						5.00		%
Total interest bearing deposits			12,059,306						347,862						3.86		%				10,982,079						373,803						4.55		%
FHLB and FRB borrowings			65,441						993						2.03		%				672,332						19,612						3.90		%
Convertible notes, net			444						6						2.00		%				444						6						2.00		%
Subordinated debentures, net			105,709						7,268						9.07		%				104,380						8,222						10.35		%
Total interest bearing liabilities			12,230,900						356,129						3.89		%				11,759,235						401,643						4.56		%
Noninterest bearing liabilities and equity:
Noninterest bearing demand deposits			3,439,051																		3,724,716
Other liabilities			252,466																		315,056
Stockholders’ equity			2,201,301																		2,121,169
Total liabilities and stockholders’ equity			$	18,123,718																	$	17,920,176
Net interest income/net interest spread (not annualized)									$	344,992					1.62		%										$	325,716					1.18		%
Net interest margin															2.71		%																2.57		%
Cost of deposits															3.00		%																3.40		%

__________________________________

*    Annualized

(1)Interest income on loans includes loan fees.

(2)Average balances of loans consist of loans receivable and loans held for sale.

(3)Interest income and yields are not presented on a tax-equivalent basis.

68

Changes in net interest income are a function of changes in interest rates and volumes of interest earning assets and interest bearing liabilities. The following table sets forth information regarding the changes in interest income and interest expense for the periods indicated. The total change for each category of interest earning assets and interest bearing liabilities is segmented into the change attributable to variations in volume (changes in volume multiplied by the old rate) and the change attributable to variations in interest rates (changes in rates multiplied by the old volume). Nonaccrual loans are included in average loans used to compute this table.

			Three Months Ended September 30, 2025 over September 30, 2024
			Net Increase (Decrease)						Change due to:
									Rate						Volume
			(Dollars in thousands)
INTEREST INCOME:
Loans, including fees			$	6,837					$	(7,831)					$	14,668
Investment securities AFS and HTM			4,726						4,139						587
Interest earning cash and deposits at other banks			(2,234)						(1,251)						(983)
FHLB stock and other investments			372						(268)						640
Total interest income			$	9,701					$	(5,211)					$	14,912
INTEREST EXPENSE:
Money market, interest bearing demand and savings deposits			$	(1,249)					$	(10,774)					$	9,525
Time deposits			(10,519)						(14,284)						3,765
FHLB and FRB borrowings			(56)						352						(408)
Convertible notes, net			—						—						—
Subordinated debentures, net			(308)						(342)						34
Total interest expense			$	(12,132)					$	(25,048)					$	12,916
NET INTEREST INCOME			$	21,833					$	19,837					$	1,996

			Nine Months Ended September 30, 2025 over September 30, 2024
			Net Increase (Decrease)						Change due to:
									Rate						Volume
			(Dollars in thousands)
INTEREST INCOME:
Loans, including fees			$	(10,070)					$	(32,495)					$	22,425
Investment securities AFS and HTM			3,509						4,622						(1,113)
Interest earning cash and deposits at other banks			(20,713)						(7,018)						(13,695)
FHLB stock and other investments			1,036						(781)						1,817
Total interest income			$	(26,238)					$	(35,672)					$	9,434
INTEREST EXPENSE:
Money market, interest bearing demand and savings deposits			$	2,400					$	(23,350)					$	25,750
Time deposits			(28,341)						(33,605)						5,264
FHLB and FRB borrowings			(18,619)						(6,458)						(12,161)
Convertible notes, net			—						—						—
Subordinated debentures, net			(954)						(1,052)						98
Total interest expense			$	(45,514)					$	(64,465)					$	18,951
NET INTEREST INCOME			$	19,276					$	28,793					$	(9,517)

69

Provision for Credit Losses

The provision for credit losses reflects management’s assessment of the current period cost associated with credit risk inherent in the loan portfolio. The provision for credit losses for each period includes provision for credit loss on loans and provision for unfunded loan commitments. Provision for credit loss on loans is dependent upon many factors, including loan growth, net charge offs, changes in the composition of the loan portfolio, delinquencies, assessments by management, examinations of the loan portfolio, the value of the underlying collateral on problem loans, the general economic conditions in our market areas, and future projections of the economy. Specifically, the provision for credit loss on loans represents the amount charged against current period earnings to achieve an allowance for credit losses that, in management’s judgment, is adequate to absorb probable lifetime losses inherent in the loan portfolio. Provision for unfunded loan commitments is based on the estimated future funding of loan commitments. Periodic fluctuations in the provision for credit losses result from management’s assessment of the adequacy of the allowance for credit losses and allowance for unfunded loan commitments, and actual credit losses may vary in material respects from current estimates. If the allowances are inadequate, we may be required to record additional provisions, which may have a material and adverse effect on business, financial condition, and results of operations.

The provision for credit losses includes both provision for credit loss on loans and provision for unfunded loan commitments. The provision for credit losses for the third quarter of 2025 was $8.7 million, an increase of $5.4 million from $3.3 million for the same period of the prior year. The provision for credit losses for the nine months ended September 30, 2025, was $28.5 million, an increase of $21.2 million from $7.3 million for the same period of the prior year. The provision for credit losses for the nine months ended September 30, 2025 included $4.5 million of merger-related provision expenses that the Company considered a notable item.

The increase in provision for credit losses for the three and nine months ended September 30, 2025, compared to the same periods in 2024, was primarily due to increases in provision for credit losses on C&I loans, residential mortgage loans, and other consumer loans offset partially by a decrease in provision for credit losses on CRE loans. The year over year increase in provision for credit losses on C&I loans was primarily due to increased charge offs on C&I loans in 2025, compared with the same periods of 2024. The year-over-year increases in provision for credit losses on residential mortgage loans reflected the addition of $1.07 billion of loans from the Territorial acquisition. The decrease in provision for credit losses on CRE loans was primarily due to updates to historical loss and prepayment assumptions during the nine months ended September 30, 2025.

The provision for unfunded loan commitments was $610 thousand and $1.2 million for the three and nine months ended September 30, 2025, respectively, compared with a provision for unfunded loan commitments of $280 thousand and a recapture of provision for unfunded loan commitments of $1.0 million for the same periods of 2024, respectively. The year-over-year increase in the provision for unfunded loan commitments was primarily due to the change in balances of unfunded loan commitments.

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Noninterest Income

Noninterest income is primarily comprised of service fees on deposit accounts, international service fees (fees received on trade finance letters of credit), wire transfer and foreign currency fees, swap fee income, net gains on sales of SBA loans, net gains or losses on sales of investment securities AFS, and other income and fees. Noninterest income for the third quarter of 2025 was $15.4 million, compared with $11.8 million for the same period of 2024, an increase of $3.5 million. Noninterest income for the nine months ended September 30, 2025, was $8.1 million, compared with $31.2 million for the same period of the prior year, a decrease of $23.1 million. Noninterest income in the nine months ended September 30, 2025, included $38.9 million of losses on investment securities AFS related to the securities portfolio repositioning, which we consider a notable item. See the “General” section of this MD&A for a reconciliation of GAAP to non-GAAP financial measures.

Noninterest income by category is summarized in the tables below:

			Three Months Ended September 30,												Increase (Decrease)
			2025						2024						Amount						Percent (%)
			(Dollars in thousands)
Service fees on deposit accounts			$	3,235					$	2,651					$	584					22.0		%
International service fees			641						711						(70)						(9.8)		%
Wire transfer and foreign currency fees			1,481						926						555						59.9		%
Swap fees			613						21						592						NM
Net gains on sales of SBA loans			2,774						2,722						52						1.9		%
Net losses on sales of investment securities AFS			—						(326)						326						(100.0)		%
Other income and fees			6,641						5,134						1,507						29.4		%
Total noninterest income			$	15,385					$	11,839					$	3,546					30.0		%
			Nine Months Ended September 30,												Increase (Decrease)
			2025						2024						Amount						Percent (%)
			(Dollars in thousands)
Service fees on deposit accounts			$	9,262					$	7,919					$	1,343					17.0		%
International service fees			2,140						2,441						(301)						(12.3)		%
Wire transfer and foreign currency fees			3,525						2,712						813						30.0		%
Swap fees			2,920						189						2,731						NM
Net gains on sales of SBA loans			9,903						4,702						5,201						110.6		%
Net (losses) gains on sales of investment securities AFS			(38,856)						99						(38,955)						N/A
Other income and fees			19,223						13,134						6,089						46.4		%
Total noninterest income			$	8,117					$	31,196					$	(23,079)					(74.0)		%

The year-over-year increase in noninterest income for the three months ended September 30, 2025, was primarily driven by increases in swap fees, service fees on deposit accounts, wire transfer and foreign currency fees, and other income and fees. The year-over-year decrease in noninterest income for the nine months ended September 30, 2025, was primarily driven by net losses on sales of investment securities AFS, due to a securities portfolio repositioning in June 2025, partially offset by increases in net gains on sales of SBA loans, swap fees, service fees on deposit accounts, and other income and fees.

Swap fee income represents fees earned from back-to-back swap transactions for our loan customers. The number of swap transactions is proportional to the increase in loan originations, which increased in 2025, and resulted in an increase in swap fee income for the three and nine months ended September 30, 2025, compared with the same periods in 2024.

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During the three and nine months ended September 30, 2025, we sold $48.1 million and $165.4 million in SBA guaranteed loans, respectively, and recorded $2.8 million and $9.9 million, respectively, in net gains on sale of SBA loans. This compares with net gains of $2.7 million and $4.7 million for the three and nine months ended September 30, 2024, respectively, on $41.4 million and $71.2 million in SBA guaranteed loans sold, respectively. The Bank resumed the sales of SBA guaranteed loans in the second quarter of 2024 due to improved premiums in the secondary markets, after retaining loan production on balance sheet starting in the second half of 2023. Due to the federal government shutdown that began on October 1, 2025, the Small Business Administration has suspended the acceptance of new SBA loan applications and the secondary market for SBA 7(a) loan sales has closed. If the government shutdown continues to persist, it may impact our ability to sell SBA loans and our net gains on the sale of SBA loans. Once the government shutdown is resolved, the pipeline of loans in progress with our SBA department will be processed. Outside of SBA, we do not expect the government shutdown to have a material impact to our other borrowers.

In June 2025, we repositioned a part of our investment securities AFS portfolio. We sold securities AFS with a fair value of $417.9 million, consisting of lower-yielding collateralized mortgage obligations, mortgage-backed, corporate, and municipal securities, and recorded realized losses of $38.9 million. Net proceeds from these sales were redeployed to purchase higher-yielding investment securities.

Other income and fees for the three months ended September 30, 2025, included an increase of $788 thousand in earnings from BOLI, compared with the same period of 2024. Other income and fees for the nine months ended September 30, 2025, included increases of $1.7 million in net gains on sale of other loans, $1.5 million in earnings from BOLI, and $1.0 million in fair value adjustments of equity investments, compared with the same period of 2024.

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Noninterest Expense

Noninterest expense for the third quarter of 2025 was $96.9 million, an increase of $15.6 million, or 19.2%, from $81.3 million for the third quarter of 2024. Noninterest expense for the nine months ended September 30, 2025, was $290.2 million, an increase of $43.1 million, or 17.4%, from $247.1 million for the same period of the prior year. Noninterest expense included merger and restructuring-related costs, which the Company considers a notable item. See the “General” section of this MD&A for a reconciliation of GAAP to non-GAAP financial measures. Excluding notable items, noninterest expense for the third quarter of 2025 was $95.9 million compared with $79.8 million in the year-ago period; noninterest expense for the nine months ended September 30, 2025, was $269.4 million compared with $241.4 million in the year-ago period. See the “General” section of this MD&A for a reconciliation of GAAP to non-GAAP financial measures.

The breakdown of changes in noninterest expense by category is shown in the following tables:

			Three Months Ended September 30,												Increase (Decrease)
			2025						2024						Amount						Percent (%)
			(Dollars in thousands)
Salaries and employee benefits			$	54,910					$	44,160					$	10,750					24.3		%
Occupancy			9,153						6,940						2,213						31.9		%
Furniture and equipment			7,895						5,341						2,554						47.8		%
Data processing and communications			4,231						3,112						1,119						36.0		%
Professional fees			2,278						1,969						309						15.7		%
Amortization of investments in affordable housing partnerships			3,216						2,206						1,010						45.8		%
FDIC assessments			2,942						2,200						742						33.7		%
Earned interest credit expense			3,529						6,869						(3,340)						(48.6)		%
Merger and restructuring-related costs			958						1,433						(475)						(33.1)		%
Other noninterest expense			7,749						7,038						711						10.1		%
Total noninterest expense			$	96,861					$	81,268					$	15,593					19.2		%
			Nine Months Ended September 30,												Increase (Decrease)
			2025						2024						Amount						Percent (%)
			(Dollars in thousands)
Salaries and employee benefits			$	156,204					$	135,844					$	20,360					15.0		%
Occupancy			25,203						20,632						4,571						22.2		%
Furniture and equipment			21,425						16,156						5,269						32.6		%
Data processing and communications			10,740						9,099						1,641						18.0		%
Professional fees			6,119						6,679						(560)						(8.4)		%
Amortization of investments in affordable housing partnerships			7,607						6,623						984						14.9		%
FDIC assessments			7,932						8,129						(197)						(2.4)		%
FDIC special assessment			—						691						(691)						(100.0)		%
Earned interest credit expense			9,926						18,842						(8,916)						(47.3)		%
Merger and restructuring-related costs			20,758						5,044						15,714						311.5		%
Other noninterest expense			24,281						19,355						4,926						25.5		%
Total noninterest expense			$	290,195					$	247,094					$	43,101					17.4		%

The year-over-year increase in noninterest expense for the three and nine months ended September 30, 2025, compared with the same periods of 2024, was primarily driven by increases in salaries and employee benefits, furniture and equipment expense, occupancy expense, and other noninterest expense, partially offset by a decrease in earned interest credits expense. The year-over-year increase in noninterest expense for the nine months ended September 30, 2025, also included higher merger and restructuring-related costs, compared with the same period of 2024. We closed the acquisition of Territorial on April 2, 2025, and the year-to-date third quarter of 2025 included two quarters of operating expenses related to the Territorial franchise.

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Salaries and employee benefits expense increased $10.8 million, or 24.3%, for the third quarter of 2025, compared with the same period of 2024, and increased $20.4 million, or 15.0%, for the nine months ended September 30, 2025, compared with the same period of 2024. The year-over-year increase in salaries and employee benefits was primarily due to an increase in headcount following the Territorial acquisition. The number of full-time equivalent employees was 1,452 and 1,236 at September 30, 2025 and 2024, respectively.

Occupancy expense increased by $2.2 million, or 31.9%, for the third quarter of 2025, compared with the same period of 2024, and increased $4.6 million, or 22.2%, for the nine months ended September 30, 2025, compared with the same period of 2024. The increase in occupancy expense was primarily due to the increased number of Bank locations resulting from the Territorial acquisition. The Company acquired 29 branches in Hawaii from its Merger with Territorial.

Furniture and equipment expense increased $2.6 million, or 47.8%, for the third quarter of 2025, compared with the same period of 2024, and increased $5.3 million, or 32.6%, for the nine months ended September 30, 2025, compared with the same period of 2024. The increase in furniture and equipment expense was primarily due to increased depreciation expense on furniture, software and equipment as a result of the Territorial acquisition.

Earned interest credits are provided to certain commercial depositors to help offset deposit service charges incurred. The earned interest credits are tied to short-term interest rates, and accordingly, earned interest credit expense decreased with the decreases in the Federal Funds rate since September 2024. In addition, the average balances of these deposits declined year over year. Earned interest credit expense decreased $3.3 million, or 48.6%, for the third quarter of 2025, compared with the same period of 2024, and decreased $8.9 million, or 47.3%, for the nine months ended September 30, 2025, compared with the year-ago period.

Merger and restructuring-related costs decreased $475 thousand, or 33.1%, for the third quarter of 2025, compared with the same period of 2024, and increased $15.7 million, or 311.5%, for the nine months ended September 30, 2025, compared with the same period of 2024. Merger and restructuring-related costs mainly related to change-in-control and employee severance and retention expenses related to the Territorial acquisition, which was completed on April 2, 2025. See Note 16 - “Business Combinations” of the Notes to Consolidated Financial Statements for additional information regarding the Merger.

Other noninterest expense increased by $711 thousand, or 10.1%, for the third quarter of 2025, compared with the same period of 2024. The year-over-year increase was primarily driven by increases in core deposit intangible amortization expense related to acquired deposits from Territorial. The increase in other noninterest expense of $4.9 million, or 25.5%, for the nine months ended September 30, 2025, compared with the same period of 2024, was primarily driven by credit workout-related expenses, in addition to the factors mentioned above for the third quarter of 2025.

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Provision for Income Taxes

For the three months ended September 30, 2025, the Company recorded an income tax provision of $5.6 million on pretax income of $36.5 million, representing an effective tax rate of 15.40%, compared with an income tax provision of $7.9 million on pretax income of $32.1 million, representing an effective tax rate of 24.74%, for the three months ended September 30, 2025.

For the nine months ended September 30, 2025, the Company recorded an income tax provision of $10.3 million on pretax income of $34.4 million, representing an effective tax rate of 30.07%, compared with an income tax provision of $27.2 million on pretax income of $102.5 million, representing an effective tax rate of 26.57% for the nine months ended September 30, 2025.

The year-over-year changes in the income tax provision or benefit, as well as the effective tax rates, for the three and nine months ended September 30, 2025, compared with the three and nine months ended September 30, 2024, reflected the impact of renewable energy tax credit investments made in the third quarter of 2025; as well as merger-related expenses and net losses on sale of investment securities recognized in the second quarter of 2025, both of which reduced pre-tax income. In addition, income tax expense and the effective tax rate were impacted by a change in California’s state tax apportionment law that was signed on June 27, 2025, and which became effective for tax years beginning on or after January 1, 2025.

We invest in affordable housing partnerships and receive tax credits that reduce our overall effective tax rate. Amortization of investments in affordable housing partnerships is recorded in noninterest expense based on benefit schedules of individual investment projects under the equity method of accounting. The benefit schedules show tax deductions investors can take each year. We amortize the initial cost of the investments in affordable housing partnerships. This amortization expense is more than offset by tax credits received, which reduce our tax provision expense dollar for dollar, and the tax benefits related to any tax losses generated through the affordable housing project’s expenditures. For the three and nine months ended September 30, 2025, total tax credits and other tax benefits related to our investment in affordable housing partnerships were approximately $3.4 million and $9.1 million, respectively. This compares with approximately $2.8 million and $8.3 million in tax credits and other tax benefits related to our investment in affordable housing partnerships for the same periods in 2024, respectively.

In addition to affordable housing partnerships, beginning in the fourth quarter of 2024, we began to invest in projects that qualify for renewable energy tax credits. Amortization of investments in renewable energy projects is recorded as a part of income tax expense under the proportional amortization method of accounting. For the three and nine months ended September 30, 2025, the total generated renewable energy tax credits and benefits were $21.9 million and $22.6 million, respectively. These were partially offset by the amortization on the investments, which was $20.1 million and $20.8 million for the three and nine months ended September 30, 2025, respectively. There were no tax credits or amortization on investments in renewable energy projects for the same periods of 2024.

On June 27, 2025, California Senate Bill 132 was signed into law, requiring that banks and financial companies transition from an equally weighted three-factor apportionment formula to a single-sales-factor apportionment formula, effective for tax years beginning in 2025. As a result of the change in the California tax apportionment rate effective beginning of 2025, we recorded an incremental tax expense of $4.9 million in the nine months ended September 30, 2025, related to the remeasurement of the deferred tax asset. This item is included in the reconciliation of GAAP to non-GAAP financial measures in the “General” section of this MD&A.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, the restoration of favorable tax treatment for certain business provisions, and accelerated phase outs to the Inflation Reduction Act energy tax credits. We continue to assess any potential impact to our Consolidated Financial Statements but anticipate any impact will be immaterial for the fiscal year 2025.

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Financial Condition

At September 30, 2025, total assets were $18.51 billion, an increase of $1.45 billion, or 8.5%, from $17.05 billion at December 31, 2024. The increase in total assets was primarily due to increases in loans receivable, investment securities, BOLI, equity investments, deferred taxes, and other intangible assets during the nine months ended September 30, 2025. These increases were mainly attributable to the acquisition of Territorial, which was completed on April 2, 2025, with total acquired identifiable assets amounting to $1.93 billion.

Cash and Cash Equivalents

Cash and cash equivalents totaled $454.9 million at September 30, 2025, compared with $458.2 million at December 31, 2024.

Investment Securities Portfolio

At September 30, 2025, we had $2.02 billion in investment securities AFS, compared with $1.82 billion at December 31, 2024. The net unrealized loss on the investment securities AFS at September 30, 2025, was $193.5 million, compared with a net unrealized loss on securities AFS of $299.4 million at December 31, 2024. The year-to-date decrease in net unrealized loss position reflected movements in market interest rates and second quarter sales of investment securities AFS. At September 30, 2025, we had $243.5 million in investment securities HTM, compared with $252.4 million at December 31, 2024. We have the ability and intent to hold securities classified as HTM to maturity.

During the nine months ended September 30, 2025, $717.5 million in investment securities was purchased, $953.1 million in investment securities was sold, $132.7 million in investment securities was paid down, and $45.1 million in investment securities was called.

Investments AFS and HTM of $18.5 million and $516.7 million, respectively, were acquired as part of the Territorial acquisition on April 2, 2025, and, immediately upon acquisition, categorized as AFS according to management’s intent. The investment securities were sold at a market value of $535.2 million, with no gain or loss impact on the Consolidated Statements of Income. The excess cash from the sales was redeployed into investment securities throughout the quarter, contributing to the year-to-date growth in investment securities AFS. See Note 16 - “Business Combinations” of the Notes to the Consolidated Financial Statements for additional information regarding the Merger.

As part of a strategic repositioning of investment securities in June 2025, we sold a portion of our legacy investment securities portfolio AFS with a fair value of $417.9 million, and recorded realized losses of $38.9 million. Net proceeds from the sales were redeployed to purchase higher-yielding investment securities AFS.

We performed an analysis on our investment securities in unrealized loss positions at September 30, 2025 and December 31, 2024, and determined that an allowance for credit losses was not required for investment securities AFS or HTM. The majority of our investment portfolio consisted of securities issued by U.S. Government agencies or U.S. Government sponsored enterprises, which were determined to have a zero loss expectation. At September 30, 2025, we also had one asset-backed security, five corporate securities, and 35 municipal bonds not issued by U.S. Government agencies or U.S. Government sponsored enterprises that were in unrealized loss positions. Based on our analysis of these investment securities, we concluded a credit loss did not exist due to the strength of the issuers, high bond ratings, and because full payment of principal and interest is expected.

Equity Investments

Total equity investments include equity investments with readily determinable fair values and equity investments without readily determinable fair values. Equity investments at September 30, 2025, totaled $88.7 million, an increase of $48.8 million, or 122.1%, from $39.9 million at December 31, 2024. The increase in equity investments was mostly due to purchases of equity investments with readily determinable fair values amounting to $45.5 million.

At September 30, 2025 and December 31, 2024, total equity investments with readily determinable fair values totaled $50.9 million and $4.3 million, respectively, consisting of mutual funds. Changes to the fair value of equity investments with readily determinable fair values are recorded in other noninterest income.

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We also had $37.8 million and $35.6 million in equity investments without readily determinable fair values at September 30, 2025 and December 31, 2024, respectively. At September 30, 2025, equity investments without readily determinable fair values included $36.4 million in CRA investments, $1.0 million in CDFI investments, and $370 thousand in correspondent bank stock. Equity investments without readily determinable fair values are carried at cost, less impairment, and adjustments are made to the carrying balance based on observable price changes. There were no impairments or observable price changes for equity investments without readily determinable fair values during the nine months ended September 30, 2025 and 2024.

Loans Held For Sale

Loans held for sale at September 30, 2025, totaled $33.1 million, compared with $14.5 million at December 31, 2024, representing an increase of $18.6 million, or 128.5%. Loans held for sale at September 30, 2025, consisted of $21.0 million in SBA loans, $1.4 million in residential mortgage loans, and $10.7 million in other C&I loans. At December 31, 2024, loans held for sale consisted of $13.8 million in C&I loans and $646 thousand in residential mortgage loans. During the nine months ended September 30, 2025, we sold $250.3 million in loans, consisting of $165.4 million in SBA loans, $14.0 million in residential mortgage loans, and $70.9 million in other C&I and consumer loans.

Loans Receivable

At September 30, 2025, loans receivable totaled $14.59 billion, an increase of $968.6 million, or 7.1%, from $13.62 billion at December 31, 2024. The following table summarizes our loan portfolio by amount and percentage of total loans outstanding in each loan segment as of the dates indicated:

			September 30, 2025												December 31, 2024
			Amount						Percent (%)						Amount						Percent (%)
									(Dollars in thousands)
Loan portfolio composition
CRE loans			$	8,418,797					58		%				$	8,527,008					63		%
C&I loans			3,736,497						26		%				3,967,596						29		%
Residential mortgage loans			2,379,871						16		%				1,082,459						8		%
Consumer and other loans			51,734						—		%				41,209						—		%
Total loans receivable, net of deferred costs and fees			14,586,899						100		%				13,618,272						100		%
Allowance for credit losses			(152,509)												(150,527)
Loans receivable, net of allowance for credit losses			$	14,434,390											$	13,467,745

The year-to-date increase in loans receivable was primarily due to the $1.07 billion in loans acquired from Territorial during the quarter ended June 30, 2025, consisting mostly of residential mortgage loans, as well as an increase in residential mortgage loan originations in 2025. See Note 16 - “Business Combinations” of the Notes to the Consolidated Financial Statements for additional information regarding the Merger. As a result of acquisition of Territorial, the residential mortgage loans increased to 16% from 8% of total loan portfolio.

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The following tables present the segmentation by property type and geography of our largest loan segment, CRE loans, at September 30, 2025 and December 31, 2024.

			September 30, 2025																								December 31, 2024
			Amount						%						Average Loan Size						Weighted Average LTV(1)						Amount						%						Average Loan Size						Weighted Average LTV(1)
			(Dollars in thousands)
Multi-tenant retail			$	1,612,673					19		%				$	2,489					41		%				$	1,619,505					19		%				$	2,375					42		%
Industrial warehouses			1,285,752						15		%				2,566						41		%				1,264,703						15		%				2,514						42		%
Multifamily			1,219,701						15		%				2,387						59		%				1,208,494						14		%				2,324						60		%
Gas stations and car washes			1,116,447						13		%				1,945						50		%				1,027,502						12		%				1,784						47		%
Hotels/motels			771,089						9		%				2,160						41		%				769,635						9		%				2,150						42		%
Mixed-use facilities			665,239						8		%				1,793						49		%				771,695						9		%				1,910						48		%
Single-tenant retail			629,269						7		%				1,392						46		%				659,993						7		%				1,413						46		%
Office			330,736						4		%				1,912						56		%				394,431						5		%				2,191						54		%
All other			787,891						10		%				1,570						42		%				811,050						10		%				1,530						43		%
Total CRE loans			$	8,418,797					100		%				2,059						47		%				$	8,527,008					100		%				2,021						47		%
CRE loans owner occupied			$	2,704,661					32		%				$	2,282					45		%				$	2,717,326					32		%				$	2,235					45		%
CRE loans non-owner occupied			5,714,136						68		%				1,968						46		%				5,809,682						68		%				1,934						48		%

__________________________________

(1)    Weighted average loan-to-value (“LTV”): LTVs are based on collateral value which utilizes the most recent available appraisal and property-specific data, including submarket appreciation or depreciation, and changes to vacancy, debt service coverage or rent per square foot.

			September 30, 2025												December 31, 2024
			Amount						%						Amount						%
			(Dollars in thousands)
CRE loans by geography
Southern California			$	4,566,329					54		%				$	4,748,695					56		%
Northern California			663,330						8		%				638,085						8		%
California			5,229,659						62		%				5,386,780						64		%
New York			1,042,451						12		%				1,053,457						12		%
Texas			600,625						7		%				529,121						6		%
New Jersey			369,498						4		%				379,035						4		%
Washington			169,178						2		%				170,511						2		%
Illinois			116,680						1		%				135,043						2		%
Other states			890,706						12		%				873,061						10		%
Total			$	8,418,797					100		%				$	8,527,008					100		%

Lines of credit or loan commitments to business customers are normally made for a period of three years or less. The same credit policies are used in making commitments and conditional obligations as for providing loan facilities to customers. Annual reviews of such commitments are performed prior to renewal.

The following table shows loan commitments and letters of credit outstanding as of the dates indicated:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Commitments to extend credit			$	2,209,689					$	2,255,785
Standby letters of credit			153,332						134,548
Other commercial letters of credit			17,160						22,874
Total loan commitments and letters of credit			$	2,380,181					$	2,413,207

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Nonperforming Assets

Nonperforming assets, which consist of nonaccrual loans, accruing delinquent loans past due 90 days or more, and OREO, totaled $112.2 million at September 30, 2025, compared with $90.8 million at December 31, 2024, an increase of 23.5%. The year-to-date increase in nonperforming loans was largely driven by the migration of a CRE loan that is well secured by collateral property in a prime location. The ratio of nonperforming assets to total assets increased to 0.61% at September 30, 2025, compared with 0.53% at December 31, 2024. Nonaccrual loans to loans receivable was 0.75% at September 30, 2025, compared with 0.67% at December 31, 2024.

The following table summarizes the composition of our nonperforming assets as of the dates indicated:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
Nonaccrual loans (1)			$	110,008					$	90,564
Accruing delinquent loans past due 90 days or more			2,149						229
Total nonperforming loans			112,157						90,793
OREO			—						—
Total nonperforming assets			$	112,157					$	90,793
Nonaccrual loans to loans receivable			0.75		%				0.67		%
Nonperforming loans to loans receivable			0.77		%				0.67		%
Nonperforming assets to total assets			0.61		%				0.53		%
Allowance for credit losses to nonaccrual loans			138.63		%				166.21		%
Allowance for credit losses to nonperforming loans			135.98		%				165.79		%
Allowance for credit losses to nonperforming assets			135.98		%				165.79		%

__________________________________

(1)    Nonaccrual loans exclude the guaranteed portion of delinquent SBA loans that are in liquidation totaling $15.3 million at September 30, 2025, and $12.8 million at December 31, 2024.

Allowance for Credit Losses

The ACL was $152.5 million at September 30, 2025, compared with $150.5 million at December 31, 2024. The ACL coverage ratio was 1.05% and 1.11% of loans receivable at September 30, 2025 and December 31, 2024, respectively. The year-to-date change in the ACL coverage ratio largely reflected the impact of the Territorial acquisition, which contributed $1.03 billion of residential mortgage loans at the close of the Merger. The following table reflects the allocation of the ACL by loan segment and the ratio of total ACL to total loans as of the dates indicated:

			September 30, 2025						December 31, 2024
			(Dollars in thousands)
CRE loans			$	85,686					$	88,374
C&I loans			55,713						57,243
Residential mortgage loans			10,418						4,438
Consumer and other loans			692						472
Total			$	152,509					$	150,527
Allowance for credit losses to loans receivable			1.05		%				1.11		%

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The increase in ACL at September 30, 2025, compared with December 31, 2024, was due to an increase in ACL for residential mortgage loans, which was primarily driven by a higher residential mortgage loan balance as a result of the acquisition of Territorial. The increase in ACL for residential mortgage loans was partially offset by decreases in ACL for CRE loans and C&I loans. ACL for CRE loans declined due to decrease in balances of CRE loans, as well as from updates to historical loss and prepayment assumptions during the nine months ended September 30, 2025, which outweighed the impact of updated forecasted macroeconomic conditions. The third-party economic forecast used in the calculation at September 30, 2025, projected lower GDP growth and CRE price index, and slightly higher unemployment rates, relative to the forecast used at December 31, 2024. The decrease of ACL for C&I loans largely reflected improvement in credit quality.

The following table presents the provisions for credit losses on loans, the amount of loans charged off, and the recoveries on loans previously charged off, together with the balance of the ACL at the beginning and end of each period, the balance of average loans and loans receivable outstanding, and related ratios at the dates and for the periods indicated:

			At or for the Three Months Ended September 30,												At or for the Nine Months Ended September 30,
			2025						2024						2025						2024
			(Dollars in thousands)
LOANS:
Average loans			$	14,518,721					$	13,574,539					$	14,136,511					$	13,637,335
Loans receivable (end of period)			$	14,586,899					$	13,617,988					$	14,586,899					$	13,617,988
ALLOWANCE:
Balance, beginning of period			$	149,505					$	156,019					$	150,527					$	158,694
Less loan charge offs:
CRE loans			(439)						(390)						(1,411)						(948)
C&I loans			(6,114)						(5,767)						(27,417)						(16,358)
Consumer and other loans			(60)						(126)						(1,147)						(235)
Total loan charge offs			(6,613)						(6,283)						(29,975)						(17,541)
Plus loan recoveries:
CRE loans			1,372						18						2,288						559
C&I loans			136						480						2,226						3,099
Consumer and other loans			9						36						80						159
Total loan recoveries			1,517						534						4,594						3,817
Net loan charge offs			(5,096)						(5,749)						(25,381)						(13,724)
Day 1 ACL for acquired PCD loans			—						—						63						—
Provision for credit losses on loans			8,100						3,000						27,300						8,300
Balance, end of period			$	152,509					$	153,270					$	152,509					$	153,270
Net loan charge offs to average loans*			0.14		%				0.17		%				0.24		%				0.13		%
Allowance for credit losses to loans receivable at end of period			1.05		%				1.13		%				1.05		%				1.13		%

__________________________________

*    Annualized

Net loan charge offs as a percentage of average loans were 0.14% and 0.24%, annualized, for the three and nine months ended September 30, 2025, respectively, compared with net loans charge offs of 0.17% and 0.13%, respectively, for the same periods in 2024. Net loan charge offs for the three and nine months ended September 30, 2025, primarily reflected C&I loan net charge offs of $6.0 million and $25.2 million, respectively.

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We believe the ACL at September 30, 2025 was adequate to absorb current expected lifetime losses in the loan portfolio. However, there is no assurance that actual losses will not exceed the current estimated credit losses. Among other things, if the effects of the tariffs, global trade tensions, the federal government shutdown, inflation, potential economic recession, and the wars in the Gaza Strip and Ukraine are worse than we currently expect, or if the effects are prolonged, actual losses could exceed the estimated credit losses, which could have a material and adverse effect on our financial condition and results of operations.

At September 30, 2025, we had $44.0 million in accrued interest receivables on loans, compared with $43.0 million at December 31, 2024.

Investments in Tax Credit Structures

At September 30, 2025, we had $30.0 million in investments in affordable housing partnerships, compared with $32.4 million at December 31, 2024. The decrease in investments in affordable housing partnerships primarily reflected amortization during the nine months ended September 30, 2025, partially offset by investments of $5.2 million in affordable housing partnerships. Off-balance sheet commitments to fund investments in affordable housing partnerships totaled $21.4 million and $11.3 million at September 30, 2025 and December 31, 2024, respectively. Investments in affordable housing partnerships provide low-income housing tax credits.

At September 30, 2025, we had $28.7 million in investments in renewable energy tax credits on the Consolidated Statements of Financial Condition, compared with $3.4 million at December 31, 2024, which was recorded in other assets. At September 30, 2025 and December 31, 2024, unfunded commitments were $41.6 million and $2.8 million, which were recorded in other liabilities. The increase in both investments in renewable energy tax credits and their unfunded commitments reflected new investments made. During the three months ended September 30, 2025, we made new commitments to invest $46.2 million in renewable energy tax credit investments.

Deposits, Borrowings, Convertible Notes, and Subordinated Debentures

Deposits

Deposits are the primary source of funds used in lending and investment activities. At September 30, 2025, total deposits were $15.83 billion, an increase of $1.50 billion, or 10.5%, from $14.33 billion at December 31, 2024. The increase in deposits was primarily due to the $1.67 billion in deposits assumed from the Territorial acquisition during the quarter ended September 30, 2025. Year-to-date, growth in customer deposits offset reductions of brokered deposits.

The following table sets forth the balances of our deposits by category for the periods indicated:

			September 30, 2025												December 31, 2024
			Balance						Percent (%)						Balance						Percent (%)
			(Dollars in thousands)
Demand, noninterest bearing			$	3,507,659					22		%				$	3,377,950					24		%
Money market, interest bearing demand and savings			5,995,488						38		%				5,175,735						36		%
Time deposits			6,328,115						40		%				5,773,804						40		%
Total deposits			$	15,831,262					100		%				$	14,327,489					100		%

At September 30, 2025, we had $657.6 million in brokered deposits and $300.0 million in California State Treasurer deposits, compared with $1.06 billion in brokered deposits and $300.0 million in California State Treasurer deposits at December 31, 2024. The California State Treasurer time deposits at September 30, 2025, had original maturities of six months, a weighted average interest rate of 4.16%, and were collateralized with a $330.0 million letter of credit issued by the FHLB. At September 30, 2025, time deposits owned by state and local governments in Hawaii were $243.5 million, and were collateralized by investment securities with an aggregate fair value of $255.3 million. At September 30, 2025, time deposits of more than $250 thousand totaled $3.33 billion, compared with $2.71 billion at December 31, 2024.

The Bank’s estimated insured deposits at September 30, 2025, were equivalent to approximately 61% of the Bank’s total deposits, compared with approximately 61% at December 31, 2024. The Bank’s estimated uninsured deposits at September 30, 2025, totaled $6.23 billion (39% of deposits), compared with $5.56 billion (39% of deposits) at December 31, 2024. Uninsured deposits are estimated based on the portion of account balances in excess of FDIC insurance limits.

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The following is a schedule of time deposit maturities at September 30, 2025:

			September 30, 2025
			Balance						Percent (%)
			(Dollars in thousands)
Three months or less			$	2,316,533					36		%
Over three months through six months			1,943,051						31		%
Over six months through nine months			1,191,427						19		%
Over nine months through twelve months			798,175						13		%
Over twelve months			78,929						1		%
Total time deposits			$	6,328,115					100		%

FHLB and FRB Borrowings and Other Borrowings

We utilize FHLB and FRB borrowings as a secondary source of funds in addition to deposits, which we consider our primary source of funds. FHLB advances are typically secured by pledged loans and/or securities with a market value at least equal to the outstanding advances plus our investment in FHLB stock. At September 30, 2025, borrowings totaled $24.9 million, consisting entirely of FHLB borrowings, compared with $239.0 million borrowings at December 31, 2024, consisting of $100.0 million in FHLB borrowings and $139.0 million in FRB borrowings. At September 30, 2025 and December 31, 2024, the weighted average remaining maturity of total FHLB and FRB borrowings was 17 months and two months, respectively. The weighted average coupon rate for FHLB borrowings was 2.84% at September 30, 2025, compared to 4.88% and 4.50% for FHLB and FRB borrowings, respectively, at December 31, 2024.

As part of the 2025 second quarter Territorial acquisition, the Company assumed $160.0 million in face value of FHLB advances, of which $125.0 million was paid off on April 2, 2025, and an additional $25.0 million matured prior to September 30, 2025. The remaining $10.0 million in FHLB advances outstanding at September 30, 2025, mature through June 2026, have a weighted average coupon rate of 1.97%, and were acquired at a discount of $211 thousand, with $122 thousand in discount remaining at September 30, 2025. See Note 16 - “Business Combinations” of the Notes to the Consolidated Financial Statements for additional information regarding the Merger.

We did not have federal funds purchased at September 30, 2025, and December 31, 2024.

Convertible Notes

In 2018, we issued $217.5 million aggregate principal amount of 2.00% convertible senior notes maturing on May 15, 2038, in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The convertible notes were issued as part of our plan to repurchase common stock and pay interest on a semi-annual basis. The net carrying balance of convertible notes at both September 30, 2025 and December 31, 2024, was $444 thousand.

Subordinated Debentures

Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the related indentures for the securities. The trusts used the net proceeds from their respective offerings to purchase a like amount of subordinated debentures issued by us. The subordinated debentures are the sole assets of the trusts. Our obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by us of the obligations of the trusts. The subordinated debentures totaled $110.2 million at September 30, 2025, and $109.1 million at December 31, 2024. The trust preferred securities are mandatorily redeemable upon the maturity of the subordinated debentures, or upon earlier redemption as provided in the indentures. We have the right to redeem the subordinated debentures in whole (but not in part) on or after specific dates, at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. See Note 8 - “Convertible Notes and Subordinated Debentures” of the Notes to Consolidated Financial Statements for additional information regarding the subordinated debentures issued.

Off-Balance-Sheet Activities and Contractual Obligations

We routinely engage in activities that involve, to varying degrees, elements of risk that are not reflected, in whole or in part, in the Consolidated Financial Statements. These activities are part of our normal course of business and include traditional off-balance-sheet credit-related financial instruments, interest rate swap contracts, foreign exchange contracts, commitments related to affordable housing partnership investments accounted under the equity method, and long-term debt.

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Traditional off-balance-sheet credit-related financial instruments are primarily commitments to extend credit and standby letters of credit. These activities could require us to make cash payments to third parties if certain specified future events occur. The contractual amounts represent the extent of our exposure in these off-balance-sheet activities. These activities are necessary to meet the financing needs of our customers.

We enter into interest rate contracts under which we are required to either receive cash from or pay cash to counterparties depending on changes in interest rates. We utilize interest rate contracts, interest rate floors, and interest rate caps to help manage the risk of changing interest rates. We also sell interest rate contracts to certain adjustable rate commercial loan customers to fix the interest rate on their floating rate loans. When the fixed rate interest rate contract is originated with the customer, an identical offsetting interest rate contract is also entered into by us with a correspondent bank.

We have outstanding risk participation agreements that are part of syndicated loan transactions that we participated in as a means to earn additional fee income. Risk participation agreements are credit derivatives not designated as hedges, in which we share in the risk related to the interest rate swap on participated loans. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities.

We enter into various stand-alone mortgage-banking derivatives in order to hedge the risk associated with the fluctuation of interest rates. The first type of derivative, an interest rate lock commitment, is a commitment to originate loans whereby the interest rate on the loan is determined prior to funding. To mitigate interest rate risk on these rate lock commitments, we also enter into forward commitments, or commitments to deliver residential mortgage loans on a future date, which are also considered derivatives. The net change in the fair value of derivatives represents income recorded from changes in fair value for these mortgage derivative instruments.

We invest in the equity of certain limited partnerships or limited liability companies that typically are associated with affordable housing partnerships and renewable energy projects that generate low-income tax credits, investment tax credits, and/or CRA credits for the Company. The unfunded commitments on affordable housing partnerships are off-balance sheet liabilities and are funded based on funding schedule or as called by the limited liability companies.

We do not anticipate that our current off-balance-sheet activities will have a material impact on our future results of operations or our financial condition. Further information regarding our financial instruments with off-balance-sheet risk can be found in Item 3 “Quantitative and Qualitative Disclosures about Market Risk.”

Stockholders’ Equity and Regulatory Capital

Historically, our primary source of capital has been the retention of earnings, net of interest payments on subordinated debentures and convertible notes and dividend payments to stockholders. We seek to maintain capital at a level sufficient to assure our stockholders, customers, and regulators that Hope Bancorp and the Bank are financially sound. For this purpose, we perform ongoing assessments of capital related risks, components of capital, as well as projected sources and uses of capital in conjunction with projected increases in assets and levels of risks.

Total stockholders’ equity was $2.26 billion at September 30, 2025, compared with $2.13 billion at December 31, 2024. During the nine months ended September 30, 2025, stockholders’ equity increased by $121.4 million due to a decrease in accumulated other comprehensive loss of $73.8 million, $73.3 million in common stock issued as consideration in the Territorial acquisition, net income earned of $24.1 million, and an increase in additional paid-in capital consisting of $3.0 million in stock-based compensation, partially offset by cash dividends paid of $52.8 million. The decrease in accumulated other comprehensive loss from December 31, 2024 to September 30, 2025, primarily reflected a decrease in unrealized losses on our investment securities AFS due to changes in market interest rates and sales of investment securities AFS.

In January 2022, our Board of Directors approved a stock repurchase plan that authorized management to repurchase up to $50.0 million of common stock. Stock repurchases through the plan may be executed through various means, including, without limitation, open market transactions, privately negotiated transactions or by other means as determined by management and in accordance with SEC rules and regulations. We had $35.3 million remaining of the $50.0 million stock repurchase plan at both September 30, 2025 and December 31, 2024.

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At September 30, 2025 and December 31, 2024, the most recent regulatory notification generally categorized the Bank as “well capitalized” under the general regulatory framework for Prompt Corrective Action. To be generally categorized as “well-capitalized” the Bank must maintain the common equity Tier 1 capital, total capital, Tier 1 capital, and Tier 1 leverage capital ratios as set forth in the tables below.

			September 30, 2025
			Actual																		Ratio Required To Be Well-Capitalized												Excess Over Well-Capitalized
			Amount						Ratio
			(Dollars in thousands)
Hope Bancorp, Inc.
Common equity tier 1 capital (to risk-weighted assets)			$	1,862,914					12.12		%										N/A												N/A
Tier 1 capital (to risk-weighted assets)			$	1,969,180					12.81		%										N/A												N/A
Total capital (to risk-weighted assets)			$	2,125,254					13.83		%										N/A												N/A
Leverage capital (to average assets)			$	1,969,180					10.85		%										N/A												N/A
Bank of Hope
Common equity tier 1 capital (to risk-weighted assets)			$	1,945,360					12.67		%										6.50		%										6.17		%
Tier 1 capital (to risk-weighted assets)			$	1,945,360					12.67		%										8.00		%										4.67		%
Total capital (to risk-weighted assets)			$	2,101,434					13.68		%										10.00		%										3.68		%
Leverage capital (to average assets)			$	1,945,360					10.72		%										5.00		%										5.72		%
			December 31, 2024
			Actual																		Ratio Required To Be Well-Capitalized												Excess Over Well-Capitalized
			Amount						Ratio
			(Dollars in thousands)
Hope Bancorp, Inc.
Common equity tier 1 capital (to risk-weighted assets)			$	1,900,601					13.06		%										N/A												N/A
Tier 1 capital (to risk-weighted assets)			$	2,005,840					13.79		%										N/A												N/A
Total capital (to risk-weighted assets)			$	2,150,810					14.78		%										N/A												N/A
Leverage capital (to average assets)			$	2,005,840					11.83		%										N/A												N/A
Bank of Hope
Common equity tier 1 capital (to risk-weighted assets)			$	1,978,969					13.61		%										6.50		%										7.11		%
Tier 1 capital (to risk-weighted assets)			$	1,978,969					13.61		%										8.00		%										5.61		%
Total capital (to risk-weighted assets)			$	2,123,939					14.61		%										10.00		%										4.61		%
Leverage capital (to average assets)			$	1,978,969					11.68		%										5.00		%										6.68		%

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Liquidity Management

Liquidity risk is the risk of reduction in our earnings or capital that would result if we were not able to meet our obligations when they come due without incurring unacceptable losses. Liquidity risk includes the risk of unplanned decreases or changes in funding sources and changes in market conditions that affect our ability to liquidate assets quickly and with minimum loss of value. Factors considered in liquidity risk management are the stability of the deposit base; the marketability, maturity, and pledging of our investments; the availability of alternative sources of funds; and our demand for credit. The objective of our liquidity management is to have funds available to meet cash flow requirements arising from fluctuations in deposit levels and the demands of daily operations, which include funding of securities purchases, providing for customers’ credit needs, and ongoing repayment of borrowings.

Our primary sources of liquidity are derived from financing activities, which include deposits, federal funds facilities, and borrowings from the FHLB and the FRB’s Discount Window. These funding sources are augmented by payments of principal and interest on loans and securities, proceeds from sale of loans, and the liquidation or sale of securities from our available for sale portfolio or sale of equity investments. Primary uses of funds include withdrawal of and interest payments on deposits, originations of loans, purchases of investment securities, and payment of operating expenses.

At September 30, 2025, our total borrowing capacity, cash and cash equivalents, and unpledged securities totaled $8.77 billion, compared with $8.24 billion at December 31, 2024. At September 30, 2025, our borrowing capacity comprised $4.31 billion from the FHLB ($4.28 billion unused and available to borrow), $1.71 billion from the FRB (entirely unused and available to borrow), and $331.2 million of Fed funds facilities with other banks (entirely unused). At September 30, 2025, our total remaining available borrowing capacity was $6.33 billion. In addition to these lines, cash and cash equivalents, interest earning cash deposits and deposits with other banks totaled $454.9 million, and unpledged investment securities AFS amounted to $1.98 billion. We believe our liquidity sources are sufficient to meet all reasonably foreseeable short-term and intermediate-term needs.

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Item 3.Quantitative and Qualitative Disclosures About Market Risk

Market risk is the risk that movements in market risk factors, including interest rates, foreign exchange rates, equity prices, commodity prices, credit spreads, and volatilities, will negatively impact the Company’s income and the value of its portfolios. The Company is exposed to market risk as a result of its core business of extending loans and acquiring deposits, and secondarily through its asset and liability management activities. The Company’s asset and liability management activities are intended to optimize earnings while maintaining safety and soundness through proper risk management.

Interest Rate Risk

Interest rate risk is the most significant market risk impacting the Company. Interest rate risk, which is inherent in the banking industry, is measured by potential changes in net interest income (“NII”) and the economic value of equity (“EVE”). The primary forms of interest rate risk consist of repricing risk, basis risk, yield curve risk, and options risk.

•Repricing Risk: The risk that interest rate sensitive assets and liabilities do not reprice simultaneously and/or in equal volumes.

•Basis Risk: The risk that different indices with the same repricing frequency do not move in unison due to asymmetrical changes in interest rate indices.

•Yield Curve Risk: The risk from non-parallel changes in the slope of the yield curve.

•Options Risk: The risk that cash flows change due to embedded options (e.g., prepayment / extension, call options, deposit runoff, time deposit early withdrawal).

The Company’s interest rate risk management is governed by policies reviewed and approved annually by the Board of Directors. The Board delegates responsibility for interest rate risk management to the Board Risk Committee and to the Asset and Liability Management Committee (“ALM”), which is composed of the Bank’s senior executives and other designated officers.

The fundamental objective of the ALM is to manage exposure to interest rate fluctuations while maintaining adequate levels of liquidity and capital. ALM meets regularly to monitor the Company’s interest rate risk, balance sheet activities, on- and off-balance sheet composition, earnings, capital, and market trends. Overall, the Company aims to reduce the sensitivity of earnings to interest rate fluctuations. Certain assets and liabilities, however, may react in different degrees to changes in market interest rates. Furthermore, interest rates on certain types of assets and liabilities may fluctuate prior to changes in market interest rates, while interest rates on other types of assets and liabilities may lag behind changes in market interest rates. The expected maturities of various assets or liabilities may shorten or lengthen as interest rates change. Management considers the anticipated effects of these factors when implementing interest rate risk management objectives.

The Company’s interest rate risk sensitivity simulations apply various behavior models and assumptions to account for customer tendencies stemming from interest rate risk changes. The key behavior models and assumptions incorporated in the EVE and NII simulations impact deposit pricing, deposit runoff, time deposit early withdrawal, and prepayments on loans and investments. The deposit pricing model is one of the most significant of these assumptions and determines to what degree our deposit rates change when benchmark interest rates change. The deposit runoff model reflects the increased attrition rate observed in noninterest bearing deposits in higher rate scenarios as customers migrate to interest bearing deposits and/or alternative investments. The time deposit early withdrawal model incorporates the customer’s ability to early terminate time deposits and reprice higher. The prepayment models applied to loans and investments reflects the incentive borrowers have to refinance when market rates are low while conversely slowing down their payments in higher rate environments. Each of the models and assumptions are tailored to the specific interest rate environment and validated on a regular basis. However, assumptions and models are inherently uncertain and actual results may differ from those derived in simulation analysis for multiple reasons, which may include actual balance sheet composition differences, timing, magnitude and frequency of interest rate changes, deviations from projected customer behavioral assumptions, and changes in market conditions or management strategies.

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Net Interest Income Sensitivity Simulation

Net interest income sensitivity simulations are used by management to measure the risk and impact to earnings over various time horizons, using a variety of interest rate scenarios. The following table presents the Company’s net interest income sensitivity profile over a gradual 12-month “ramp” scenario applied to the base implied forward curve. The “ramp” scenario is a parallel shift applied gradually over the 12 months of the forecast on a pro rata basis. The scenarios are applied to an adjusted balance sheet that incorporates assumptions related to asset prepayments, time deposit withdrawal speeds, noninterest bearing deposit migration, and estimated deposit betas; these assumptions differ in rising or falling interest rate scenarios and are anchored in historical performance. Deposit betas represent the change in the rates paid on deposits against a change in benchmark interest indices. The net interest income simulation model does not represent a forecast of the Company’s net interest income but is a tool utilized to assess the impact of changing market interest rates across a range of market interest rate environments.

The following table presents the Company’s net interest income sensitivity related to a 12-month parallel ramp of 100, 200 and 300 bps applied in year 1 on implied forward market interest rates as of September 30, 2025, and September 30, 2024, on a balance sheet assuming static balances on assets and liabilities with deposit balances modeled to migrate from noninterest bearing deposits to interest bearing deposits as rates move.

Net Interest Income Sensitivity						Interest Rate Change (basis points)
						(300)						(200)						(100)						+ 100 .						+ 200 .						+ 300 .
September 30, 2025						(6.1)%						(4.2)%						(2.1)%						2.3%						5.0%						6.7%
September 30, 2024						(6.1)%						(3.8)%						(1.9)%						1.3%						2.4%						2.8%

The year-over-year changes in the modeled net interest income sensitivity profile is primarily driven by growth in time deposits, which typically exhibits a lagged response from changes in interest rates. The change also reflects the termination of the receive fixed swap portfolio during the first quarter of 2025, which was executed in preparation for the acquisition of Territorial's balance sheet that consist of long duration fixed rate assets and short duration liabilities. These impacts were partially offset by the decrease in interest earning cash balances during the third quarter of 2025.

Economic Value of Equity Sensitivity

EVE is used by management to measure the impact of interest rate changes on the net present value of assets and liabilities, including off-balance sheet instruments. EVE estimates the risk exposure for a longer time horizon, or more specifically, the expected life of the current balance sheet, complementing net interest income sensitivity simulations. EVE does not incorporate any assumptions related to new originations or renewal activities used in the net interest income sensitivity analysis. The following table presents the Company’s EVE profile applied to immediate parallel shock scenarios.

Economic Value of Equity Sensitivity						Interest Rate Change (basis points)
						(300)						(200)						(100)						+ 100 .						+ 200 .						+ 300 .
September 30, 2025						5.4%						5.9%						3.9%						(4.7)%						(10.0)%						(15.7)%
September 30, 2024						(3.2)%						0.4%						1.2%						(3.7)%						(9.2)%						(15.5)%

The year-over-year changes in the EVE profile reflect shorter non-maturity deposit duration from acquisition of Territorial, partially offset by the shorter duration on the investment portfolio and the termination of the receive fixed swap portfolio during the first quarter of 2025, ahead of the close of the Territorial merger.

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Item 4.Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our Chairman, President, and Chief Executive Officer and our Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

We conducted an evaluation under the supervision and with the participation of our management, including our Chairman, President, and Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, our Chairman, President, and Chief Executive Officer and our Chief Financial Officer determined that our disclosure controls and procedures were effective at September 30, 2025.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II

OTHER INFORMATION

Item 1.Legal Proceedings

In the normal course of business, the Company is involved in various legal claims. Management has reviewed all legal claims against the Company with counsel and has taken into consideration the views of such counsel as to the potential outcome of the claims in determining our accrued loss contingency. Accrued loss contingencies for all legal claims totaled approximately $302 thousand at September 30, 2025. It is reasonably possible the Company may incur losses in excess of our accrued loss contingency. However, at this time, the Company is unable to estimate the range of additional losses that are reasonably possible because of a number of factors, including the fact that certain of these litigation matters are still in their early stages. Management believes that none of these legal claims, individually or in the aggregate, will have a material adverse effect on the results of operations or financial condition of the Company.

Item 1A.Risk Factors

Other than the risk factor set forth below, management is not aware of any material changes to the risk factors discussed in Part 1, Item 1A, of the Annual Report on Form 10-K for the year ended December 31, 2024. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part 1, Item 1A, of the Annual Report on Form 10-K for the year ended December 31, 2024, which could materially and adversely affect the Company’s business, financial condition, results of operations, and stock price. The risks described in the Annual Report on Form 10-K and this Quarterly Report on Form 10-Q are not the only risks facing the Company. Additional risks and uncertainties not presently known to management, or that management presently believes not to be material, may also result in material and adverse effects on the Company’s business, financial condition, results of operations, and stock price.

The banking industry and broader economy may be subject to new or changing government policy, legislation and regulation, or the prolonged effects of a government shutdown.

The Company’s success depends, in part, on local, national, and global economic and political conditions. The current U.S. administration has, and continues to implement, significant and rapid changes in federal government operations and policies, including international trade policies, which may impact economic stability, the financial markets and the financial services industry. In addition, budget disputes in Congress has led to a federal government shutdown, which may continue for an indeterminate period of time. Conditions such as an economic recession, rising unemployment, and the effects of tariffs, trade wars, government shutdowns, inflationary prices, tax law changes, and other factors beyond the Company’s control may adversely affect the local and national economy. The occurrence of any of the foregoing events could have a material adverse effect on the Company’s business, financial condition, or results of operations.

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Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

The Company did not have any unregistered sales of equity securities during the three months ended September 30, 2025.

In January 2022, the Company’s Board of Directors approved a stock repurchase program that authorized the Company to repurchase up to $50.0 million of its common stock. The stock repurchase authorization does not have an expiration date and may be modified, amended, suspended, or discontinued at the Company’s discretion at any time without notice. The Company did not repurchase any shares as part of this program during the three months ended September 30, 2025. $35.3 million remains available for the repurchase of additional stock as of September 30, 2025.

The following table summarizes stock repurchase activities during the three months ended September 30, 2025:

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Program						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
																								(Dollars in thousands)
July 1, 2025 to July 31, 2025						—						$	—					—						$	35,333
August 1, 2025 to August 31, 2025						—						—						—						35,333
September 1, 2025 to September 30, 2025						—						—						—						35,333
Total						—						$	—					—

Item 3.Defaults Upon Senior Securities

None.

Item 4.Mine Safety Disclosures

Not Applicable.

Item 5.Other Information

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K.

Item 6.Exhibits

See “Index to Exhibits.”

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INDEX TO EXHIBITS

Exhibit No.						Description
3.1						Second Amended and Restated Certificate of Incorporation of Hope Bancorp, Inc. (incorporated herein by reference to the Current Report on Form 8-K, Exhibit 3.1, filed with the SEC on May 29, 2024)
3.2						Amended and Restated Bylaws of Hope Bancorp, Inc. (incorporated herein by reference to the Current Report on Form 8-K, Exhibit 3.2, filed with the SEC on May 29, 2024)
31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2						Certification of Chief Finance Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS						The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document*
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document*
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document*
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)*

__________________________________

*			Filed herewith
**			Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

						HOPE BANCORP, INC.
Date:			November 6, 2025			/s/ Kevin S. Kim
						Kevin S. Kim
						Chairman, President, and Chief Executive Officer
Date:			November 6, 2025			/s/ Julianna Balicka
						Julianna Balicka
						Executive Vice President and Chief Financial Officer

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FAQ

What was HOPE’s Q3 2025 net income and EPS?

Q3 2025 net income was $30.843 million and diluted EPS was $0.24.

How did Hope Bancorp’s net interest income change in Q3 2025?

Net interest income was $126.642 million, up from $104.809 million in Q3 2024.

What affected HOPE’s year-to-date 2025 results?

Nine-month net income of $24.058 million reflects realized AFS securities losses of $38.856 million and a higher provision of $28.510 million.

What are HOPE’s assets and deposits as of September 30, 2025?

Total assets were $18.508 billion and total deposits were $15.831 billion.

How did borrowings change during the period?

FHLB and FRB borrowings declined to $24.878 million from $239.000 million at December 31, 2024.

What were the key details of the Territorial Bancorp merger?

HOPE issued 6,976,754 shares; goodwill rose by $13.880 million and the core deposit intangible reached $46.173 million.

Did HOPE declare dividends in Q3 2025?

Yes. Cash dividends declared on common stock were $0.14 per share in the quarter.