Hope Bancorp, Inc. (HOPE) Reports Q1 EPS of $0.21

Hope Bancorp, Inc. (NASDAQ: HOPE) reported Q1 EPS of $0.21, versus $0.23 reported last year.

“Overall, our 2020 first quarter results reflect a solid quarter of operational performance marked by continued progress with strategic initiatives designed to strengthen our organization from an enterprise risk management perspective,” said Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp, Inc. “We continued to see a positive shift in our deposit mix favoring lower cost core deposits, which contributed to a 15 basis point reduction in our total cost of deposits. This led to a 15 basis point expansion of our net interest margin as reported and an 8 basis point expansion on a core basis, excluding purchase accounting accretion. New loan origination volumes were robust for the seasonally slower first quarter totaling $625 million and representing a well diversified mix of commercial real estate, commercial and consumer loans. This led to a 10% increase in our loans receivable quarter-over-quarter on an annualized basis.

“The COVID-19 crisis has created an extremely challenging business environment with unprecedented levels of uncertainties as to the magnitude and duration of the pandemic, as well as the depth to which this will push our economy into a recession. However, we entered the pandemic crisis with very strong capital, robust liquidity, and excellent credit quality, which supports our confidence in our ability to navigate the difficult landscape. Our hearts go out to all who have been impacted by COVID-19. All of us at Bank of Hope stand united and committed to do all that we can to support our customers, our communities and our nation as we work tirelessly to get through this together.”

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

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