Hope Bancorp, Inc. (HOPE) Reports In-Line Q1 EPS

Hope Bancorp, Inc. (NASDAQ: HOPE) reported Q1 EPS of $0.34, in-line with the analyst estimate of $0.34.

“First quarter results underscore our 2019 strategic priorities focused on driving profitable growth and protecting margins,” said Kevin S. Kim, President and Chief Executive Officer. “New loan production of $442 million reflects in part our more selective stance in the types of loans and rates that we are bringing on to the balance sheet. As a result, our average rate on new loan originations increased 30 basis points over the preceding fourth quarter, up from an increase of 25 basis points in the preceding quarter, and contributed to a 10 basis point increase in our average loan yield. This helped to mitigate the impact of the highly competitive and higher rate deposit environment, and our net interest margin compression moderated to 2 basis points for the quarter. Our commitment to managing our expense structure is also evident as we were able to maintain our noninterest expense to average assets ratio in line with the fourth quarter despite the normalized bonus accrual and seasonally higher first quarter payroll tax expenses. Overall, we remain confident that our strategic initiatives will deliver greater value to our stakeholders as we progress through the year and beyond,” said Kim.

For earnings history and earnings-related data on Hope Bancorp, Inc. (HOPE) click here.

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