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

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

Hope Bancorp Reports 2020 First Quarter Financial Results

April 28, 2020 4:50 PM EDT

LOS ANGELES--(BUSINESS WIRE)-- Hope Bancorp, Inc. (the Company) (NASDAQ: HOPE), the holding company of Bank of Hope (the Bank), today reported unaudited financial results for its first quarter ended March 31, 2020.

For the three months ended March 31, 2020, net income totaled $26.0 million, or $0.21 per diluted common share, reflecting the Companys implementation of the Current Expected Credit Losses (CECL) methodology, which incorporates a significant deterioration in the future economic outlook due to the COVID-19 pandemic. This led to a quarterly provision for credit losses of $28.0 million. This compares with net income of $43.0 million, or $0.34 per... More