Hope Bancorp, Inc. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2018
January 22, 2019 at 09:30 pm
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Hope Bancorp, Inc. announced unaudited earnings results for the fourth quarter and year ended December 31, 2018. For the quarter, the company reported total interest income was $172,026,000 against $153,185,000 a year ago. Net interest income before provision for loan losses was $121,893,000 against $126,392,000 a year ago. Net income was $44,449,000 against $17,984,000 a year ago. Basic earnings per share were $0.35 against $0.13 a year ago.
For the year, the company reported total interest income was $650,172,000 against $572,104,000 a year ago. Net interest income before provision for loan losses was $487,927,000 against $481,380,000 a year ago. Net income was $189,589,000 against $139,445,000 a year ago. Basic earnings per share were $1.44 against $1.03 a year ago.
For the quarter, total net charge off was $872,000 against $2,692,000 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. Announces Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2018; Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2018