Hope Bancorp, Inc. Reports Unaudited Financial Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017
January 30, 2018 at 04:30 pm
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Hope Bancorp, Inc. reported unaudited financial results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $153,185,000 compared to $135,387,000 a year ago. Net interest income after provision for loan losses was $122,792,000 compared to $116,409,000 a year ago. Income before income taxes was $66,215,000 compared to $67,870,000 a year ago. Net income was $17,984,000 or $0.13 per basic and diluted share compared to $40,630,000 or $0.30 per diluted share a year ago. ROA was 0.51% against 1.20% a year ago. ROE was 3.70% against 8.72% a year ago. Return on average tangible equity was 4.92% against 11.77% a year ago. Book value per common share was $14.23 compared to $13.72 a year ago. Net income, excluding tax reform adjustments were $43,407,000 or $0.32 per basic and diluted share compared to $40,630,000 or $0.30 per diluted share a year ago.
For the year, the company reported total interest income of $572,104,000 compared to $421,934,000 a year ago. Net interest income after provision for loan losses was $464,020,000 compared to $354,355,000 a year ago. Income before income taxes was $263,834,000 compared to $191,199,000 a year ago. Net income was $139,445,000 or $1.03 per diluted share compared to $113,747,000 or $1.10 per diluted share a year ago. ROA was 1.02% against 1.10% a year ago. ROE was 7.31% against 8.47% a year ago. Return on average tangible equity was 9.78% against 10.59% a year ago. Net income, excluding tax reform adjustments were $164,868,000 or $1.22 per basic and diluted share compared to $113,747,000 or $1.10 per diluted share a year ago.
Net charge offs for the quarter was $2,692,000 compared to $1,433,000 a year ago.
Hope Bancorp, Inc. is the holding company of Bank of Hope (the Bank). The Company's loan portfolio segments include commercial real estate (CRE) loans, commercial and industrial (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 are collateralized by residential or commercial properties. C&I loans are loans provided to businesses for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business related financing needs, and also include syndicated loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a mortgage or deed of trust. Consumer and other loans consist of home equity, credit cards, and other personal loans. It operates over 54 full-service branches in the United States.
Hope Bancorp, Inc. Reports Unaudited Financial Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2017