Attached files
| file | filename |
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| EX-99.3 - EX-99.3 - HOPE BANCORP INC | hope-2020q3earningsconfe.htm |
| EX-99.2 - EX-99.2 - HOPE BANCORP INC | hope-09302020ex992.htm |
| 8-K - 8-K - HOPE BANCORP INC | hope-20201020.htm |
News Release
HOPE BANCORP REPORTS 2020 THIRD QUARTER FINANCIAL RESULTS
LOS ANGELES - October 20, 2020 - Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today reported unaudited financial results for its three and nine-month periods ended September 30, 2020.
For the three months ended September 30, 2020, net income totaled $30.5 million, or $0.25 per diluted common share, compared with $26.8 million, or $0.22 per diluted common share for the 2020 second quarter. In the year-ago third quarter, net income totaled $42.6 million, or $0.34 per diluted common share.
“We continue to manage our business well in this most challenging operating environment as evidenced by the many positive trends in our 2020 third quarter,” said Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp, Inc. “The continued success we are having in reducing our deposit costs resulted in a 7% quarter-over-quarter increase in net interest income and a 12 basis point expansion in our net interest margin. Contributing to a 23 basis point reduction in our cost of deposits, noninterest bearing demand deposits increased 11% quarter-over-quarter and accounted for 32% of total deposits at quarter end. We also made significant progress during the quarter redeploying the excess liquidity that was built up as a precautionary measure in light of COVID-19. Altogether with our cost containment efforts, we saw improvement in our efficiency ratio.
“Asset quality remains top of mind as we continue to help our borrowers manage through the impact of the pandemic. Overall, credit trends remain stable with meaningful reductions in nonaccrual loans and restructured loans. Underscoring the protracted impact COVID-19 is having on the economy, we further increased our allowance for credit losses to 1.37% of total loans at September 30, 2020 from 1.26% at June 30, 2020. We believe we are taking appropriate mitigating actions for the current environment and remain confident in our ability to continue supporting our customers and communities while delivering solid financial performance for our shareholders.”
Q3 2020 Highlights
•Net interest income before provision for credit losses increased 7% to $117.6 million from Q2 2020, largely benefiting from meaningful reductions in interest expense due to lower cost of deposits.
•Net interest margin expanded 12 basis points quarter-over-quarter benefiting from continued reduction in deposit costs and redeployment of excess liquidity.
•Noninterest bearing deposits increased 11% by $452 million quarter-over-quarter and accounted for 32% of total deposits at quarter end.
•Favorable mix-shift to lower-cost core deposits continued and total deposit costs decreased 23 basis points quarter-over-quarter.
•Loan originations of $782 million included $301 million in utilization of new warehouse mortgage lines and contributed to a 2% increase in loans receivable quarter-over-quarter, or 8% annualized.
•Noninterest expenses were well contained, and efficiency ratio improved to 54.31% from 55.37% in Q2 2020.
•ROA and ROTCE improved to 0.72% and 7.80%, respectively, from 0.64% and 6.94% in Q2 2020.
•Nonperforming loans decreased 16% quarter-over-quarter to $106.2 million, or 0.81% of loans receivable.
•Allowance for credit losses increased to 1.37% of loans receivable at September 30, 2020 from 1.26% at June 30, 2020.
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Financial Highlights
| (dollars in thousands, except per share data) (unaudited) | At or for the Three Months Ended | |||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | 9/30/2019 | ||||||||||||||||||||||||
| Net income | $ | 30,490 | $ | 26,753 | $ | 42,592 | ||||||||||||||||||||
| Diluted earnings per share | $ | 0.25 | $ | 0.22 | $ | 0.34 | ||||||||||||||||||||
| Net interest income before provision for credit losses | $ | 117,637 | $ | 109,814 | $ | 116,258 | ||||||||||||||||||||
| Net interest margin | 2.91 | % | 2.79 | % | 3.25 | % | ||||||||||||||||||||
| Noninterest income | $ | 17,513 | $ | 11,240 | $ | 12,995 | ||||||||||||||||||||
| Noninterest expense | $ | 73,406 | $ | 67,030 | $ | 69,995 | ||||||||||||||||||||
| Net loans receivable | $ | 12,940,376 | $ | 12,710,063 | $ | 12,010,800 | ||||||||||||||||||||
| Deposits | $ | 14,008,356 | $ | 14,123,532 | $ | 12,234,750 | ||||||||||||||||||||
| Total cost of deposits | 0.64 | % | 0.87 | % | 1.62 | % | ||||||||||||||||||||
Nonaccrual loans (1) (2) | $ | 69,205 | $ | 82,137 | $ | 42,235 | ||||||||||||||||||||
Nonperforming loans to loans receivable (1) (2) | 0.81 | % | 0.98 | % | 0.64 | % | ||||||||||||||||||||
ACL to loans receivable (3) | 1.37 | % | 1.26 | % | 0.78 | % | ||||||||||||||||||||
ACL to nonaccrual loans (1) (2) (3) | 259.88 | % | 196.95 | % | 222.28 | % | ||||||||||||||||||||
ACL to nonperforming assets (1) (2) (3) | 144.36 | % | 109.62 | % | 97.06 | % | ||||||||||||||||||||
| Provision for credit losses | $ | 22,000 | $ | 17,500 | $ | 2,100 | ||||||||||||||||||||
| Net charge offs | $ | 3,922 | $ | 652 | $ | 1,822 | ||||||||||||||||||||
| Return on average assets (“ROA”) | 0.72 | % | 0.64 | % | 1.12 | % | ||||||||||||||||||||
| Return on average equity (“ROE”) | 5.98 | % | 5.31 | % | 8.47 | % | ||||||||||||||||||||
Return on average tangible common equity (“ROTCE”) (4) | 7.80 | % | 6.94 | % | 11.11 | % | ||||||||||||||||||||
| Noninterest expense / average assets | 1.73 | % | 1.60 | % | 1.85 | % | ||||||||||||||||||||
| Efficiency ratio | 54.31 | % | 55.37 | % | 54.15 | % | ||||||||||||||||||||
(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation.
(2) Excludes purchased credit impaired (“PCI”) loans for September 30, 2019.
(3) Allowance for credit losses for current-year periods were calculated under the CECL methodology while allowance for loan losses for the prior-year period was calculated under the incurred loss methodology.
(4) Return on average tangible common equity is a non-GAAP financial measure. A reconciliation of the Company’s return on average tangible common equity is provided in the accompanying financial information on Table Page 10.
Operating Results for the 2020 Third Quarter
Net interest income before provision for credit losses for the 2020 third quarter increased 7% to $117.6 million from $109.8 million in the 2020 second quarter and increased 1% from $116.3 million in the 2019 third quarter. The Company attributed the increases to significant reductions in interest expense predominantly as a result of meaningful decreases in its total cost of deposits each period over the past four quarters. In addition, the Company reduced its FHLB borrowings by $300 million, or 60%, during the 2020 third quarter as part of an initiative to deploy excess liquidity built up in the early stages of the COVID-19 pandemic, which further reduced interest expense.
The net interest margin for the 2020 third quarter increased 12 basis points to 2.91% from 2.79% in the preceding second quarter. The primary factor contributing to the margin expansion was a 23 basis point reduction in total cost of deposits, which benefited net interest margin by approximately 15 basis points in the 2020 third quarter. The net interest margin for the 2019 third quarter was 3.25%.
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The weighted average yield on loans for the 2020 third quarter was generally stable, decreasing 3 basis points to 4.20% from 4.23% in the 2020 second quarter. In the year-ago third quarter, the weighted average yield on loans was 5.27%.
The weighted average cost of deposits for the 2020 third quarter decreased 23 basis points to 0.64% from 0.87% for the 2020 second quarter and decreased 98 basis points from 1.62% for the year-ago third quarter. The significant improvements in the weighted average cost of deposits reflects in part the Company’s ongoing success with its initiative to enhance its deposit mix to favor lower-cost core deposits, as well as strategic reductions in the offering rates on its interest bearing deposit accounts over the past four quarters.
Noninterest income for the 2020 third quarter increased 56% to $17.5 million from $11.2 million for the preceding second quarter and $13.0 million for the 2019 third quarter. The largest factor contributing to the increase was a $7.5 million net gain on the sale of $161 million of available-for-sale investment securities. This compares with zero in the 2020 second quarter and $153,000 in the 2019 third quarter. In addition, net gains on sales of other loans from sales of new residential mortgage originations increased to $2.9 million in the 2020 third quarter from $1.7 million in the preceding second quarter and $804,000 in the 2019 third quarter. These increases were partially offset by a reduction in other income and fees, which amounted to $1.7 million in the 2020 third quarter, compared with $4.4 million in the 2020 second quarter, largely reflecting a fair value change in derivatives as well as lower swap fee income. In the 2019 third quarter, other income and fees amounted to $4.9 million.
Noninterest expense for the 2020 third quarter totaled $73.4 million, compared with $67.0 million for the preceding second quarter and $70.0 million for the 2019 third quarter. During the 2020 third quarter, the Company incurred a $3.6 million prepayment penalty related to the early payoff of $300 million in FHLB borrowings discussed above. There were no such fees in the preceding second quarter or 2019 third quarter.
Salaries and employee benefits expense totaled $40.7 million, $38.9 million and $41.6 million for the 2020 third quarter, 2020 second quarter and 2019 third quarter. As disclosed last quarter, PPP loan origination costs of $5.2 million were deferred in the 2020 second quarter and materially reduced compensation expense for that quarter alone. Excluding the impact of the PPP loan origination costs in the 2020 second quarter, salaries and employee benefits expense declined quarter-over-quarter, as the 4% workforce reduction at the beginning of the third quarter reduced base salary and benefits expense by $1.6 million in the 2020 third quarter.
Noninterest expense as a percentage of average assets was 1.73% for the 2020 third quarter, 1.60% for the 2020 second quarter and 1.85% for the 2019 third quarter. Excluding the FHLB prepayment penalty, noninterest expense as a percentage of average assets for the 2020 third quarter was 1.64%.
The effective tax rate for the 2020 third quarter was 23.3%, compared with 26.8% for the preceding second quarter and 25.5% in the year-ago third quarter. The decrease in the effective tax rate for 2020 third quarter reflects projected annual income for 2020.
Balance Sheet Summary
New loan originations funded during the 2020 third quarter totaled $782.4 million and included non-PPP traditional SBA loan production of $48.2 million and residential mortgage loan originations of $102.3 million. In addition, four new warehouse mortgage lines of credit aggregating $500 million were booked during the 2020 third quarter, of which $301 million was funded as of September 30, 2020 and included in new loan originations for the 2020 third quarter. For the preceding 2020 second quarter, new loan originations funded totaled $832.0 million, including SBA PPP loan originations of $480.1 million, traditional SBA loan production of $5.9 million and residential mortgage loan originations of $72.3 million. In the year-ago third quarter, new loan originations funded totaled $693.9 million, including SBA loan production of $53.8 million and residential mortgage loan originations of $58.5 million. There were no new warehouse mortgage lines of credit established in the 2020 second quarter and 2019 third quarter.
At September 30, 2020, loans receivable increased 1.9% to $13.12 billion from $12.87 billion at June 30, 2020 and increased 8.4% from $12.10 billion at September 30, 2019.
Total deposits at September 30, 2020 decreased 0.8% quarter-over-quarter to $14.01 billion from $14.12 billion at June 30, 2020, reflecting a continuing positive shift in the mix of deposits. An increase of $452.1 million in noninterest bearing
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demand deposits during the 2020 third quarter and a decrease of $511.9 million in time deposits were the primary factors contributing to the quarter-over-quarter change in total deposits.
Following is the deposit composition as of September 30, 2020, June 30, 2020 and September 30, 2019:
| (dollars in thousands) (unaudited) | 9/30/2020 | 6/30/2020 | % change | 9/30/2019 | % change | ||||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 4,488,529 | $ | 4,036,383 | 11 | % | $ | 3,033,371 | 48 | % | |||||||||||||||||||
| Money market and other | 4,763,893 | 4,831,679 | (1) | % | 3,752,274 | 27 | % | ||||||||||||||||||||||
| Saving deposits | 308,943 | 296,614 | 4 | % | 259,454 | 19 | % | ||||||||||||||||||||||
| Time deposits | 4,446,991 | 4,958,856 | (10) | % | 5,189,651 | (14) | % | ||||||||||||||||||||||
| Total deposit balances | $ | 14,008,356 | $ | 14,123,532 | (1) | % | $ | 12,234,750 | 14 | % | |||||||||||||||||||
Following is the deposit composition as a percentage of total deposits as of September 30, 2020, June 30, 2020 and September 30, 2019 and a breakdown of cost of deposits for the quarters ended September 30, 2020, June 30, 2020 and September 30, 2019:
| Deposit Breakdown | Cost of Deposits | ||||||||||||||||||||||||||||||||||
| (dollars in thousands) (unaudited) | 9/30/2020 | 6/30/2020 | 9/30/2019 | Q3 2020 | Q2 2020 | Q3 2019 | |||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | 32.1 | % | 28.6 | % | 24.8 | % | — | % | — | % | — | % | |||||||||||||||||||||||
| Money market and other | 34.0 | % | 34.2 | % | 30.7 | % | 0.53 | % | 0.62 | % | 1.82 | % | |||||||||||||||||||||||
| Saving deposits | 2.2 | % | 2.1 | % | 2.1 | % | 1.19 | % | 1.22 | % | 1.06 | % | |||||||||||||||||||||||
| Time deposits | 31.7 | % | 35.1 | % | 42.4 | % | 1.30 | % | 1.71 | % | 2.41 | % | |||||||||||||||||||||||
| Total deposit balances | 100.0 | % | 100.0 | % | 100.0 | % | 0.64 | % | 0.87 | % | 1.62 | % | |||||||||||||||||||||||
At September 30, 2020, cash and due from banks totaled $629.1 million, a 57% reduction from $1.47 billion at June 30, 2020. During the 2020 third quarter, the Company made significant progress in redeploying excess liquidity on its balance sheet, which included an early payoff of $300 million in Federal Home Loan Borrowings, which had the positive effect of increasing net interest income by $503,000 and enhancing net interest margin by approximately 3.5 basis points in the 2020 third quarter. Other excess liquidity redeployment initiatives included further reduction of higher-cost time deposits and funding new loan growth for the quarter.
Allowance for Credit Losses
The 2020 third quarter provision for credit losses under the CECL methodology was $22.0 million, compared with $17.5 million for the preceding second quarter. This compares with a provision for loan losses under the prior incurred loss methodology of $2.1 million for the 2019 third quarter.
The provision for credit losses for the 2020 third quarter reflects updated macroeconomic variables incorporating the Moody’s Analytics Baseline scenario published September 2020, updated qualitative factors in the Company’s ACL methodology, relatively stable asset quality metrics and a low level of credit losses, as well as additional management overlays related to COVID-19 modifications and the recognition of risk from granting longer term modifications.
Following is the Allowance for Credit Losses as of September 30, 2020, June 30, 2020 and September 30, 2019:
| (dollars in thousands) (unaudited) | 9/30/2020 | 6/30/2020 | 9/30/2019 | |||||||||||||||||||||||
| Allowance for credit losses | $ | 179,849 | $ | 161,771 | $ | 93,882 | ||||||||||||||||||||
| Allowance for credit loss/loans receivable | 1.37 | % | 1.26 | % | 0.78 | % | ||||||||||||||||||||
| Allowance for credit losses/nonperforming loans | 169.40 | % | 127.79 | % | 121.37 | % | ||||||||||||||||||||
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Credit Quality
Following are the components of nonperforming assets as of September 30, 2020, June 30, 2020 and September 30, 2019:
| (dollars in thousands) (unaudited) | 9/30/2020 | 6/30/2020 | 9/30/2019 | |||||||||||||||||||||||
Loans on nonaccrual status (1) | $ | 69,205 | $ | 82,137 | $ | 42,235 | ||||||||||||||||||||
Delinquent loans 90 days or more on accrual status (2) | 1,537 | 430 | 398 | |||||||||||||||||||||||
| Accruing troubled debt restructured loans | 35,429 | 44,026 | 34,717 | |||||||||||||||||||||||
| Total nonperforming loans | 106,171 | 126,593 | 77,350 | |||||||||||||||||||||||
| Other real estate owned | 18,410 | 20,983 | 19,374 | |||||||||||||||||||||||
| Total nonperforming assets | $ | 124,581 | $ | 147,576 | $ | 96,724 | ||||||||||||||||||||
(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $26.2 million, $30.3 million and $37.3 million, at September 30, 2020, June 30, 2020 and September 30, 2019, respectively.
(2) Excludes PCI loans totaling $15.5 million at September 30, 2019.
Following are the components of criticized loan balances as of September 30, 2020, June 30, 2020 and September 30, 2019:
| (dollars in thousands) (unaudited) | 9/30/2020 | 6/30/2020 | 9/30/2019 | |||||||||||||||||||||||
| Special Mention | $ | 153,388 | $ | 127,149 | $ | 139,848 | ||||||||||||||||||||
| Classified | 318,542 | 299,368 | 268,622 | |||||||||||||||||||||||
| Criticized | $ | 471,930 | $ | 426,517 | $ | 408,470 | ||||||||||||||||||||
During the 2020 third quarter, net charge offs totaled $3.9 million, or 0.12% of average loans receivable on an annualized basis. This compares with net charge offs of $652,000, or 0.02% of average loans receivable on an annualized basis for the 2020 second quarter and net charge offs for the 2019 third quarter of $1.8 million, or 0.06% of average loans receivable on an annualized basis.
Capital
At September 30, 2020, the Company and the Bank continued to exceed all regulatory capital requirements to be classified as a “well-capitalized” financial institution. Following are capital ratios for the Company as of September 30, 2020, June 30, 2020 and September 30, 2019:
Hope Bancorp, Inc. (unaudited) | 9/30/2020 | 6/30/2020 | 9/30/2019 | Minimum Guideline for “Well-Capitalized” Bank | |||||||||||||||||||
| Common Equity Tier 1 Capital | 11.36% | 11.50% | 11.89% | 6.50% | |||||||||||||||||||
| Tier 1 Leverage Ratio | 10.02% | 10.08% | 11.18% | 5.00% | |||||||||||||||||||
| Tier 1 Risk-Based Ratio | 12.09% | 12.24% | 12.65% | 8.00% | |||||||||||||||||||
| Total Risk-Based Ratio | 13.19% | 13.23% | 13.38% | 10.00% | |||||||||||||||||||
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Following are tangible common equity (“TCE”) per share and TCE as a percentage of tangible assets as of September 30, 2020, June 30, 2020 and September 30, 2019:
| (unaudited) | 9/30/2020 | 6/30/2020 | 9/30/2019 | ||||||||||||||
Tangible common equity per share (1) | $12.70 | $12.62 | $12.27 | ||||||||||||||
Tangible common equity to tangible assets (2) | 9.63% | 9.32% | 10.43% | ||||||||||||||
(1) Tangible common equity represents common equity less goodwill and net other intangible assets. Tangible common equity per share represents tangible common equity divided by the number of shares issued and outstanding. Both tangible common equity and tangible common equity per share are non-GAAP financial measures. A reconciliation of the Company’s total stockholders’ equity to tangible common equity is provided in the accompanying financial information on Table Page 10.
(2) Tangible assets represent total assets less goodwill and net other intangible assets. Tangible common equity to tangible assets is the ratio of tangible common equity over tangible assets. Tangible common equity to tangible assets is a non-GAAP financial measure. A reconciliation of the Company’s total assets to tangible assets is provided in the accompanying financial information on Table Page 10.
Investor Conference Call
The Company previously announced that it will host an investor conference call on Wednesday, October 21, 2020 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for its third quarter ended September 30, 2020. Investors and analysts are invited to access the conference call by dialing 866-235-9917 (domestic) or 412-902-4103 (international) and asking for the “Hope Bancorp Call.” A presentation to accompany the earnings call will be available at the Investor Relations section of Hope Bancorp’s website at www.ir-hopebancorp.com. Other interested parties are invited to listen to a live webcast of the call available at the Investor Relations section of Hope Bancorp’s website. After the live webcast, a replay will remain available in the Investor Relations section of Hope Bancorp’s website for one year. A telephonic replay of the call will be available at 877-344-7529 (domestic) or 412-317-0088 (international) for one week through October 28, 2020, replay access code 10148641.
About Hope Bancorp, Inc.
Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean-American bank in the United States with $16.7 billion in total assets as of September 30, 2020. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 58 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia and Alabama. The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern California and Houston; commercial loan production offices in Northern California and Seattle; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. By including the foregoing website address link, the Company does not intend to and shall not be deemed to incorporate by reference any material contained or accessible therein.
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Forward-Looking Statements
Some statements in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include, but are not limited to: possible deterioration in economic conditions in our areas of operation; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying the Company’s allowances for credit losses, regulatory risks associated with current and future regulations, and the COVID-19 pandemic and its impact on our financial position, results of operations, liquidity, and capitalization. For additional information concerning these and other risk factors, see the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
Contacts:
Alex Ko EVP & Chief Financial Officer 213-427-6560 alex.ko@bankofhope.com | Angie Yang SVP, Director of Investor Relations & Corporate Communications 213-251-2219 angie.yang@bankofhope.com | ||||
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Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share data)
| Assets: | 9/30/2020 | 6/30/2020 | % change | 12/31/2019 | % change | 9/30/2019 | % change | ||||||||||||||||||||||||||||||||||
| Cash and due from banks | $ | 629,133 | $ | 1,468,949 | (57) | % | $ | 698,567 | (10) | % | $ | 549,356 | 15 | % | |||||||||||||||||||||||||||
| Securities available for sale, at fair value | 2,060,991 | 1,887,604 | 9 | % | 1,715,987 | 20 | % | 1,772,322 | 16 | % | |||||||||||||||||||||||||||||||
| Federal Home Loan Bank (“FHLB”) stock and other investments | 97,305 | 98,357 | (1) | % | 97,659 | — | % | 98,848 | (2) | % | |||||||||||||||||||||||||||||||
| Loans held for sale, at the lower of cost or fair value | 9,170 | 11,350 | (19) | % | 54,271 | (83) | % | 29,627 | (69) | % | |||||||||||||||||||||||||||||||
| Loans receivable | 13,120,225 | 12,871,834 | 2 | % | 12,276,007 | 7 | % | 12,104,682 | 8 | % | |||||||||||||||||||||||||||||||
| Allowance for credit losses | (179,849) | (161,771) | 11 | % | (94,144) | 91 | % | (93,882) | 92 | % | |||||||||||||||||||||||||||||||
| Net loans receivable | 12,940,376 | 12,710,063 | 2 | % | 12,181,863 | 6 | % | 12,010,800 | 8 | % | |||||||||||||||||||||||||||||||
| Accrued interest receivable | 57,989 | 52,859 | 10 | % | 30,772 | 88 | % | 29,743 | 95 | % | |||||||||||||||||||||||||||||||
| Premises and equipment, net | 49,552 | 51,029 | (3) | % | 52,012 | (5) | % | 52,604 | (6) | % | |||||||||||||||||||||||||||||||
| Bank owned life insurance | 77,388 | 77,050 | — | % | 76,339 | 1 | % | 75,968 | 2 | % | |||||||||||||||||||||||||||||||
| Goodwill | 464,450 | 464,450 | — | % | 464,450 | — | % | 464,450 | — | % | |||||||||||||||||||||||||||||||
| Servicing assets | 13,718 | 14,164 | (3) | % | 16,417 | (16) | % | 17,865 | (23) | % | |||||||||||||||||||||||||||||||
| Other intangible assets, net | 10,239 | 10,770 | (5) | % | 11,833 | (13) | % | 12,390 | (17) | % | |||||||||||||||||||||||||||||||
| Other assets | 323,456 | 322,417 | — | % | 267,270 | 21 | % | 265,905 | 22 | % | |||||||||||||||||||||||||||||||
| Total assets | $ | 16,733,767 | $ | 17,169,062 | (3) | % | $ | 15,667,440 | 7 | % | $ | 15,379,878 | 9 | % | |||||||||||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||||||||||||||||||||
| Deposits | $ | 14,008,356 | $ | 14,123,532 | (1) | % | $ | 12,527,364 | 12 | % | $ | 12,234,750 | 14 | % | |||||||||||||||||||||||||||
| FHLB advances | 200,000 | 500,000 | (60) | % | 625,000 | (68) | % | 625,000 | (68) | % | |||||||||||||||||||||||||||||||
| Convertible notes, net | 203,270 | 201,987 | 1 | % | 199,458 | 2 | % | 198,211 | 3 | % | |||||||||||||||||||||||||||||||
| Subordinated debentures | 103,889 | 103,602 | — | % | 103,035 | 1 | % | 102,755 | 1 | % | |||||||||||||||||||||||||||||||
| Accrued interest payable | 21,991 | 26,093 | (16) | % | 33,810 | (35) | % | 38,197 | (42) | % | |||||||||||||||||||||||||||||||
| Other liabilities | 155,700 | 183,072 | (15) | % | 142,762 | 9 | % | 149,681 | 4 | % | |||||||||||||||||||||||||||||||
| Total liabilities | $ | 14,693,206 | $ | 15,138,286 | (3) | % | $ | 13,631,429 | 8 | % | $ | 13,348,594 | 10 | % | |||||||||||||||||||||||||||
| Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||
| Common stock, $0.001 par value | $ | 136 | $ | 136 | — | % | $ | 136 | — | % | $ | 136 | — | % | |||||||||||||||||||||||||||
| Capital surplus | 1,432,773 | 1,430,757 | — | % | 1,428,066 | — | % | 1,426,666 | — | % | |||||||||||||||||||||||||||||||
| Retained earnings | 774,970 | 761,734 | 2 | % | 762,480 | 2 | % | 737,209 | 5 | % | |||||||||||||||||||||||||||||||
| Treasury stock, at cost | (200,000) | (200,000) | — | % | (163,820) | 22 | % | (150,000) | 33 | % | |||||||||||||||||||||||||||||||
| Accumulated other comprehensive gain, net | 32,682 | 38,149 | (14) | % | 9,149 | 257 | % | 17,273 | 89 | % | |||||||||||||||||||||||||||||||
| Total stockholders’ equity | 2,040,561 | 2,030,776 | — | % | 2,036,011 | — | % | 2,031,284 | — | % | |||||||||||||||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 16,733,767 | $ | 17,169,062 | (3) | % | $ | 15,667,440 | 7 | % | $ | 15,379,878 | 9 | % | |||||||||||||||||||||||||||
| Common stock shares - authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | |||||||||||||||||||||||||||||||||||||
| Common stock shares - outstanding | 123,260,760 | 123,239,276 | 125,756,543 | 126,697,925 | |||||||||||||||||||||||||||||||||||||
| Treasury stock shares | 12,661,581 | 12,661,581 | 9,945,547 | 9,002,453 | |||||||||||||||||||||||||||||||||||||
Table Page 1
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | % change | 9/30/2019 | % change | 9/30/2020 | 9/30/2019 | % change | ||||||||||||||||||||||||||||||||||||||||
| Interest and fees on loans | $ | 134,430 | $ | 134,190 | — | % | $ | 158,115 | (15) | % | $ | 422,850 | $ | 474,878 | (11) | % | |||||||||||||||||||||||||||||||
| Interest on securities | 9,848 | 9,891 | — | % | 11,373 | (13) | % | 30,348 | 35,558 | (15) | % | ||||||||||||||||||||||||||||||||||||
| Interest on federal funds sold and other investments | 942 | 980 | (4) | % | 2,929 | (68) | % | 3,951 | 8,577 | (54) | % | ||||||||||||||||||||||||||||||||||||
| Total interest income | 145,220 | 145,061 | — | % | 172,417 | (16) | % | 457,149 | 519,013 | (12) | % | ||||||||||||||||||||||||||||||||||||
| Interest on deposits | 22,871 | 29,451 | (22) | % | 49,057 | (53) | % | 93,435 | 144,730 | (35) | % | ||||||||||||||||||||||||||||||||||||
| Interest on other borrowings and convertible notes | 4,712 | 5,796 | (19) | % | 7,102 | (34) | % | 16,972 | 21,196 | (20) | % | ||||||||||||||||||||||||||||||||||||
| Total interest expense | 27,583 | 35,247 | (22) | % | 56,159 | (51) | % | 110,407 | 165,926 | (33) | % | ||||||||||||||||||||||||||||||||||||
| Net interest income before provision for credit losses | 117,637 | 109,814 | 7 | % | 116,258 | 1 | % | 346,742 | 353,087 | (2) | % | ||||||||||||||||||||||||||||||||||||
| Provision for credit losses | 22,000 | 17,500 | 26 | % | 2,100 | 948 | % | 67,500 | 6,300 | 971 | % | ||||||||||||||||||||||||||||||||||||
| Net interest income after provision for credit losses | 95,637 | 92,314 | 4 | % | 114,158 | (16) | % | 279,242 | 346,787 | (19) | % | ||||||||||||||||||||||||||||||||||||
| Service fees on deposit accounts | 2,736 | 2,583 | 6 | % | 4,690 | (42) | % | 9,452 | 13,423 | (30) | % | ||||||||||||||||||||||||||||||||||||
| International service fees | 987 | 667 | 48 | % | 1,193 | (17) | % | 2,443 | 3,146 | (22) | % | ||||||||||||||||||||||||||||||||||||
| Loan servicing fees, net | 772 | 1,106 | (30) | % | 189 | 308 | % | 2,243 | 1,656 | 35 | % | ||||||||||||||||||||||||||||||||||||
| Wire transfer fees | 892 | 820 | 9 | % | 1,058 | (16) | % | 2,710 | 3,458 | (22) | % | ||||||||||||||||||||||||||||||||||||
| Net gains on sales of other loans | 2,853 | 1,678 | 70 | % | 804 | 255 | % | 6,386 | 2,611 | 145 | % | ||||||||||||||||||||||||||||||||||||
| Net gains on sales of securities available for sale | 7,531 | — | 100 | % | 153 | 4,822 | % | 7,531 | 282 | 2,571 | % | ||||||||||||||||||||||||||||||||||||
| Other income and fees | 1,742 | 4,386 | (60) | % | 4,908 | (65) | % | 11,252 | 12,128 | (7) | % | ||||||||||||||||||||||||||||||||||||
| Total noninterest income | 17,513 | 11,240 | 56 | % | 12,995 | 35 | % | 42,017 | 36,704 | 14 | % | ||||||||||||||||||||||||||||||||||||
| Salaries and employee benefits | 40,659 | 38,850 | 5 | % | 41,607 | (2) | % | 122,011 | 121,333 | 1 | % | ||||||||||||||||||||||||||||||||||||
| Occupancy | 7,264 | 7,043 | 3 | % | 7,703 | (6) | % | 21,717 | 23,219 | (6) | % | ||||||||||||||||||||||||||||||||||||
| Furniture and equipment | 4,513 | 4,654 | (3) | % | 3,851 | 17 | % | 13,426 | 11,323 | 19 | % | ||||||||||||||||||||||||||||||||||||
| Advertising and marketing | 1,601 | 1,315 | 22 | % | 2,377 | (33) | % | 4,589 | 6,684 | (31) | % | ||||||||||||||||||||||||||||||||||||
| Data processing and communications | 2,204 | 2,274 | (3) | % | 2,821 | (22) | % | 7,109 | 8,364 | (15) | % | ||||||||||||||||||||||||||||||||||||
| Professional fees | 1,513 | 1,510 | — | % | 5,241 | (71) | % | 6,323 | 16,580 | (62) | % | ||||||||||||||||||||||||||||||||||||
| FDIC assessment | 1,167 | 1,652 | (29) | % | — | 100 | % | 4,378 | 3,110 | 41 | % | ||||||||||||||||||||||||||||||||||||
| Credit related expenses | 1,793 | 1,361 | 32 | % | 1,031 | 74 | % | 4,816 | 3,258 | 48 | % | ||||||||||||||||||||||||||||||||||||
| OREO expense (income), net | 1,770 | 1,338 | 32 | % | (743) | N/A | 3,951 | (812) | N/A | ||||||||||||||||||||||||||||||||||||||
| FHLB prepayment fee | 3,584 | — | 100 | % | — | 100 | % | 3,584 | — | 100 | % | ||||||||||||||||||||||||||||||||||||
| Other | 7,338 | 7,033 | 4 | % | 6,107 | 20 | % | 20,672 | 19,140 | 8 | % | ||||||||||||||||||||||||||||||||||||
| Total noninterest expense | 73,406 | 67,030 | 10 | % | 69,995 | 5 | % | 212,576 | 212,199 | — | % | ||||||||||||||||||||||||||||||||||||
| Income before income taxes | 39,744 | 36,524 | 9 | % | 57,158 | (30) | % | 108,683 | 171,292 | (37) | % | ||||||||||||||||||||||||||||||||||||
| Income tax provision | 9,254 | 9,771 | (5) | % | 14,566 | (36) | % | 25,487 | 43,261 | (41) | % | ||||||||||||||||||||||||||||||||||||
| Net income | $ | 30,490 | $ | 26,753 | 14 | % | $ | 42,592 | (28) | % | $ | 83,196 | $ | 128,031 | (35) | % | |||||||||||||||||||||||||||||||
| Earnings Per Common Share: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.25 | $ | 0.22 | $ | 0.34 | $ | 0.67 | $ | 1.01 | |||||||||||||||||||||||||||||||||||||
| Diluted | $ | 0.25 | $ | 0.22 | $ | 0.34 | $ | 0.67 | $ | 1.01 | |||||||||||||||||||||||||||||||||||||
| Weighted Average Shares Outstanding: | |||||||||||||||||||||||||||||||||||||||||||||||
| Basic | 123,251,336 | 123,200,127 | 126,685,921 | 123,581,055 | 126,661,798 | ||||||||||||||||||||||||||||||||||||||||||
| Diluted | 123,536,765 | 123,430,891 | 127,007,469 | 123,895,084 | 126,895,970 | ||||||||||||||||||||||||||||||||||||||||||
Table Page 2
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
| For the Three Months Ended (Annualized) | For the Nine Months Ended (Annualized) | ||||||||||||||||||||||||||||
| Profitability measures: | 9/30/2020 | 6/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||||||
| ROA | 0.72 | % | 0.64 | % | 1.12 | % | 0.68 | % | 1.12 | % | |||||||||||||||||||
| ROE | 5.98 | % | 5.31 | % | 8.47 | % | 5.47 | % | 8.69 | % | |||||||||||||||||||
ROTCE (1) | 7.80 | % | 6.94 | % | 11.11 | % | 7.14 | % | 11.48 | % | |||||||||||||||||||
| Net interest margin | 2.91 | % | 2.79 | % | 3.25 | % | 2.99 | % | 3.31 | % | |||||||||||||||||||
| Efficiency ratio | 54.31 | % | 55.37 | % | 54.15 | % | 54.68 | % | 54.44 | % | |||||||||||||||||||
| Noninterest expense / average assets | 1.73 | % | 1.60 | % | 1.85 | % | 1.73 | % | 1.86 | % | |||||||||||||||||||
(1) Average tangible equity is calculated by subtracting average goodwill and average core deposit intangible assets from average stockholders’ equity. This is a non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position. | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| Pre-tax acquisition accounting adjustments and merger-related expenses: | 9/30/2020 | 6/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||||||
| Accretion on purchased non-impaired loans | $ | 747 | $ | 658 | $ | 2,046 | $ | 2,464 | $ | 6,011 | |||||||||||||||||||
| Accretion on purchased credit deteriorated/purchased credit impaired loans | 4,584 | 3,046 | 5,234 | 17,079 | 17,916 | ||||||||||||||||||||||||
| Amortization of premium on low income housing tax credits | (71) | (70) | (75) | (212) | (227) | ||||||||||||||||||||||||
| Amortization of premium on acquired FHLB borrowings | — | — | — | — | 1,280 | ||||||||||||||||||||||||
| Accretion of discount on acquired subordinated debt | (287) | (284) | (278) | (854) | (826) | ||||||||||||||||||||||||
| Amortization of core deposit intangibles | (531) | (532) | (557) | (1,594) | (1,671) | ||||||||||||||||||||||||
| Total acquisition accounting adjustments | $ | 4,442 | $ | 2,818 | $ | 6,370 | $ | 16,883 | $ | 22,483 | |||||||||||||||||||
Table Page 3
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
| Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | 9/30/2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | Annualized | Interest | Annualized | Interest | Annualized | ||||||||||||||||||||||||||||||||||||||||||||||||
| Average | Income/ | Average | Average | Income/ | Average | Average | Income/ | Average | |||||||||||||||||||||||||||||||||||||||||||||
| Balance | Expense | Yield/Cost | Balance | Expense | Yield/Cost | Balance | Expense | Yield/Cost | |||||||||||||||||||||||||||||||||||||||||||||
| INTEREST EARNING ASSETS: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans, including loans held for sale | $ | 12,728,558 | $ | 134,430 | 4.20 | % | $ | 12,755,088 | $ | 134,190 | 4.23 | % | $ | 11,911,658 | $ | 158,115 | 5.27 | % | |||||||||||||||||||||||||||||||||||
| Securities available for sale | 2,010,907 | 9,848 | 1.95 | % | 1,750,156 | 9,891 | 2.27 | % | 1,798,239 | 11,373 | 2.51 | % | |||||||||||||||||||||||||||||||||||||||||
| FHLB stock and other investments | 1,342,641 | 942 | 0.28 | % | 1,317,049 | 980 | 0.30 | % | 482,952 | 2,929 | 2.41 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest earning assets | $ | 16,082,106 | $ | 145,220 | 3.59 | % | $ | 15,822,293 | $ | 145,061 | 3.69 | % | $ | 14,192,849 | $ | 172,417 | 4.82 | % | |||||||||||||||||||||||||||||||||||
| INTEREST BEARING LIABILITIES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Demand, interest bearing | $ | 4,895,101 | $ | 6,546 | 0.53 | % | $ | 4,903,786 | $ | 7,563 | 0.62 | % | $ | 3,450,749 | $ | 15,802 | 1.82 | % | |||||||||||||||||||||||||||||||||||
| Savings | 302,882 | 907 | 1.19 | % | 284,050 | 862 | 1.22 | % | 252,780 | 675 | 1.06 | % | |||||||||||||||||||||||||||||||||||||||||
| Time deposits | 4,703,640 | 15,418 | 1.30 | % | 4,954,446 | 21,026 | 1.71 | % | 5,368,753 | 32,580 | 2.41 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest bearing deposits | 9,901,623 | 22,871 | 0.92 | % | 10,142,282 | 29,451 | 1.17 | % | 9,072,282 | 49,057 | 2.15 | % | |||||||||||||||||||||||||||||||||||||||||
| FHLB advances | 353,587 | 1,323 | 1.49 | % | 593,407 | 2,238 | 1.52 | % | 632,500 | 3,112 | 1.95 | % | |||||||||||||||||||||||||||||||||||||||||
| Convertible notes, net | 202,470 | 2,370 | 4.58 | % | 201,169 | 2,358 | 4.64 | % | 197,410 | 2,322 | 4.60 | % | |||||||||||||||||||||||||||||||||||||||||
| Subordinated debentures | 99,819 | 1,019 | 3.99 | % | 99,534 | 1,200 | 4.77 | % | 98,690 | 1,668 | 6.61 | % | |||||||||||||||||||||||||||||||||||||||||
| Total interest bearing liabilities | $ | 10,557,499 | $ | 27,583 | 1.04 | % | $ | 11,036,392 | $ | 35,247 | 1.28 | % | $ | 10,000,882 | $ | 56,159 | 2.23 | % | |||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | 4,239,108 | 3,510,783 | 2,958,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total funding liabilities/cost of funds | $ | 14,796,607 | 0.74 | % | $ | 14,547,175 | 0.97 | % | $ | 12,959,115 | 1.72 | % | |||||||||||||||||||||||||||||||||||||||||
| Net interest income/net interest spread | $ | 117,637 | 2.55 | % | $ | 109,814 | 2.41 | % | $ | 116,258 | 2.59 | % | |||||||||||||||||||||||||||||||||||||||||
| Net interest margin | 2.91 | % | 2.79 | % | 3.25 | % | |||||||||||||||||||||||||||||||||||||||||||||||
| Cost of deposits: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 4,239,108 | $ | — | — | % | $ | 3,510,783 | $ | — | — | % | $ | 2,958,233 | $ | — | — | % | |||||||||||||||||||||||||||||||||||
| Interest bearing deposits | 9,901,623 | 22,871 | 0.92 | % | 10,142,282 | 29,451 | 1.17 | % | 9,072,282 | 49,057 | 2.15 | % | |||||||||||||||||||||||||||||||||||||||||
| Total deposits | $ | 14,140,731 | $ | 22,871 | 0.64 | % | $ | 13,653,065 | $ | 29,451 | 0.87 | % | $ | 12,030,515 | $ | 49,057 | 1.62 | % | |||||||||||||||||||||||||||||||||||
Table Page 4
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
| Nine Months Ended | |||||||||||||||||||||||||||||||||||
| 9/30/2020 | 9/30/2019 | ||||||||||||||||||||||||||||||||||
| Interest | Annualized | Interest | Annualized | ||||||||||||||||||||||||||||||||
| Average | Income/ | Average | Average | Income/ | Average | ||||||||||||||||||||||||||||||
| Balance | Expense | Yield/Cost | Balance | Expense | Yield/Cost | ||||||||||||||||||||||||||||||
| INTEREST EARNING ASSETS: | |||||||||||||||||||||||||||||||||||
| Loans, including loans held for sale | $ | 12,581,703 | $ | 422,850 | 4.49 | % | $ | 11,985,936 | $ | 474,878 | 5.30 | % | |||||||||||||||||||||||
| Securities available for sale | 1,825,046 | 30,348 | 2.22 | % | 1,810,068 | 35,558 | 2.63 | % | |||||||||||||||||||||||||||
| FHLB stock and other investments | 1,060,699 | 3,951 | 0.50 | % | 450,028 | 8,577 | 2.55 | % | |||||||||||||||||||||||||||
| Total interest earning assets | $ | 15,467,448 | $ | 457,149 | 3.95 | % | $ | 14,246,032 | $ | 519,013 | 4.87 | % | |||||||||||||||||||||||
| INTEREST BEARING LIABILITIES: | |||||||||||||||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||||||||||||||
| Demand, interest bearing | $ | 4,668,594 | $ | 28,988 | 0.83 | % | $ | 3,197,313 | $ | 42,807 | 1.79 | % | |||||||||||||||||||||||
| Savings | 287,060 | 2,578 | 1.20 | % | 234,203 | 1,848 | 1.05 | % | |||||||||||||||||||||||||||
| Time deposits | 4,852,286 | 61,869 | 1.70 | % | 5,694,778 | 100,075 | 2.35 | % | |||||||||||||||||||||||||||
| Total interest bearing deposits | 9,807,940 | 93,435 | 1.27 | % | 9,126,294 | 144,730 | 2.12 | % | |||||||||||||||||||||||||||
| FHLB advances | 513,376 | 6,208 | 1.62 | % | 715,814 | 9,110 | 1.70 | % | |||||||||||||||||||||||||||
| Convertible notes, net | 201,204 | 7,074 | 4.62 | % | 196,217 | 6,930 | 4.66 | % | |||||||||||||||||||||||||||
| Subordinated debentures | 99,536 | 3,690 | 4.87 | % | 98,410 | 5,156 | 6.91 | % | |||||||||||||||||||||||||||
| Total interest bearing liabilities | $ | 10,622,056 | $ | 110,407 | 1.39 | % | $ | 10,136,735 | $ | 165,926 | 2.19 | % | |||||||||||||||||||||||
| Noninterest bearing demand deposits | 3,573,448 | 2,931,080 | |||||||||||||||||||||||||||||||||
| Total funding liabilities/cost of funds | $ | 14,195,504 | 1.04 | % | $ | 13,067,815 | 1.70 | % | |||||||||||||||||||||||||||
| Net interest income/net interest spread | $ | 346,742 | 2.56 | % | $ | 353,087 | 2.68 | % | |||||||||||||||||||||||||||
| Net interest margin | 2.99 | % | 3.31 | % | |||||||||||||||||||||||||||||||
| Cost of deposits: | |||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 3,573,448 | $ | — | — | % | $ | 2,931,080 | $ | — | — | % | |||||||||||||||||||||||
| Interest bearing deposits | 9,807,940 | 93,435 | 1.27 | % | 9,126,294 | 144,730 | 2.12 | % | |||||||||||||||||||||||||||
| Total deposits | $ | 13,381,388 | $ | 93,435 | 0.93 | % | $ | 12,057,374 | $ | 144,730 | 1.60 | % | |||||||||||||||||||||||
Table Page 5
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
| AVERAGE BALANCES: | 9/30/2020 | 6/30/2020 | % change | 9/30/2019 | % change | 9/30/2020 | 9/30/2019 | % change | |||||||||||||||||||||||||||||||||||||||
| Loans receivable, including loans held for sale | $ | 12,728,558 | $ | 12,755,088 | — | % | $ | 11,911,658 | 7 | % | $ | 12,581,703 | $ | 11,985,936 | 5 | % | |||||||||||||||||||||||||||||||
| Investments | 3,353,548 | 3,067,205 | 9 | % | 2,281,191 | 47 | % | 2,885,745 | 2,260,096 | 28 | % | ||||||||||||||||||||||||||||||||||||
| Interest earning assets | 16,082,106 | 15,822,293 | 2 | % | 14,192,849 | 13 | % | 15,467,448 | 14,246,032 | 9 | % | ||||||||||||||||||||||||||||||||||||
| Total assets | 17,020,795 | 16,759,147 | 2 | % | 15,154,661 | 12 | % | 16,411,150 | 15,209,668 | 8 | % | ||||||||||||||||||||||||||||||||||||
| Interest bearing deposits | 9,901,623 | 10,142,282 | (2) | % | 9,072,282 | 9 | % | 9,807,940 | 9,126,294 | 7 | % | ||||||||||||||||||||||||||||||||||||
| Interest bearing liabilities | 10,557,499 | 11,036,392 | (4) | % | 10,000,882 | 6 | % | 10,622,056 | 10,136,735 | 5 | % | ||||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | 4,239,108 | 3,510,783 | 21 | % | 2,958,233 | 43 | % | 3,573,448 | 2,931,080 | 22 | % | ||||||||||||||||||||||||||||||||||||
| Stockholders’ equity | 2,039,555 | 2,016,947 | 1 | % | 2,010,458 | 1 | % | 2,028,074 | 1,964,146 | 3 | % | ||||||||||||||||||||||||||||||||||||
| Net interest earning assets | 5,524,607 | 4,785,901 | 15 | % | 4,191,967 | 32 | % | 4,845,392 | 4,109,297 | 18 | % | ||||||||||||||||||||||||||||||||||||
| LOAN PORTFOLIO COMPOSITION: | 9/30/2020 | 6/30/2020 | % change | 12/31/2019 | % change | 9/30/2019 | % change | ||||||||||||||||||||||||||||||||||||||||
| Commercial loans | $ | 3,700,020 | $ | 3,415,111 | 8 | % | $ | 2,719,818 | 36 | % | $ | 2,645,770 | 40 | % | |||||||||||||||||||||||||||||||||
| Real estate loans | 8,713,536 | 8,686,939 | — | % | 8,666,901 | 1 | % | 8,586,989 | 1 | % | |||||||||||||||||||||||||||||||||||||
| Consumer and other loans | 706,669 | 769,784 | (8) | % | 889,288 | (21) | % | 871,923 | (19) | % | |||||||||||||||||||||||||||||||||||||
| Loans, net of deferred loan fees and costs | 13,120,225 | 12,871,834 | 2 | % | 12,276,007 | 7 | % | 12,104,682 | 8 | % | |||||||||||||||||||||||||||||||||||||
| Allowance for credit losses | (179,849) | (161,771) | 11 | % | (94,144) | 91 | % | (93,882) | 92 | % | |||||||||||||||||||||||||||||||||||||
| Loan receivable, net | $ | 12,940,376 | $ | 12,710,063 | 2 | % | $ | 12,181,863 | 6 | % | $ | 12,010,800 | 8 | % | |||||||||||||||||||||||||||||||||
| REAL ESTATE LOANS BY PROPERTY TYPE: | 9/30/2020 | 6/30/2020 | % change | 12/31/2019 | % change | 9/30/2019 | % change | ||||||||||||||||||||||||||||||||||||||||
| Retail buildings | $ | 2,311,516 | $ | 2,278,448 | 1 | % | $ | 2,298,872 | 1 | % | $ | 2,304,346 | — | % | |||||||||||||||||||||||||||||||||
| Hotels/motels | 1,675,960 | 1,701,909 | (2) | % | 1,709,189 | (2) | % | 1,664,311 | 1 | % | |||||||||||||||||||||||||||||||||||||
| Gas stations/car washes | 824,378 | 836,314 | (1) | % | 844,081 | (2) | % | 911,494 | (10) | % | |||||||||||||||||||||||||||||||||||||
| Mixed-use facilities | 754,096 | 706,827 | 7 | % | 785,882 | (4) | % | 743,428 | 1 | % | |||||||||||||||||||||||||||||||||||||
| Warehouses | 1,022,657 | 1,040,303 | (2) | % | 1,030,876 | (1) | % | 949,336 | 8 | % | |||||||||||||||||||||||||||||||||||||
| Multifamily | 518,295 | 497,948 | 4 | % | 465,397 | 11 | % | 473,640 | 9 | % | |||||||||||||||||||||||||||||||||||||
| Other | 1,606,634 | 1,625,190 | (1) | % | 1,532,604 | 5 | % | 1,540,434 | 4 | % | |||||||||||||||||||||||||||||||||||||
| Total | $ | 8,713,536 | $ | 8,686,939 | — | % | $ | 8,666,901 | 1 | % | $ | 8,586,989 | 1 | % | |||||||||||||||||||||||||||||||||
| DEPOSIT COMPOSITION | 9/30/2020 | 6/30/2020 | % change | 12/31/2019 | % change | 9/30/2019 | % change | ||||||||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | $ | 4,488,529 | $ | 4,036,383 | 11 | % | $ | 3,108,687 | 44 | % | $ | 3,033,371 | 48 | % | |||||||||||||||||||||||||||||||||
| Money market and other | 4,763,893 | 4,831,679 | (1) | % | 3,985,556 | 20 | % | 3,752,274 | 27 | % | |||||||||||||||||||||||||||||||||||||
| Saving deposits | 308,943 | 296,614 | 4 | % | 274,151 | 13 | % | 259,454 | 19 | % | |||||||||||||||||||||||||||||||||||||
| Time deposits | 4,446,991 | 4,958,856 | (10) | % | 5,158,970 | (14) | % | 5,189,651 | (14) | % | |||||||||||||||||||||||||||||||||||||
| Total deposit balances | $ | 14,008,356 | $ | 14,123,532 | (1) | % | $ | 12,527,364 | 12 | % | $ | 12,234,750 | 14 | % | |||||||||||||||||||||||||||||||||
| DEPOSIT COMPOSITION (%) | 9/30/2020 | 6/30/2020 | 12/31/2019 | 9/30/2019 | |||||||||||||||||||||||||||||||||||||||||||
| Noninterest bearing demand deposits | 32.1 | % | 28.6 | % | 24.8 | % | 24.8 | % | |||||||||||||||||||||||||||||||||||||||
| Money market and other | 34.0 | % | 34.2 | % | 31.8 | % | 30.7 | % | |||||||||||||||||||||||||||||||||||||||
| Saving deposits | 2.2 | % | 2.1 | % | 2.2 | % | 2.1 | % | |||||||||||||||||||||||||||||||||||||||
| Time deposits | 31.7 | % | 35.1 | % | 41.2 | % | 42.4 | % | |||||||||||||||||||||||||||||||||||||||
| Total deposit balances | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||
Table Page 6
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
| CAPITAL RATIOS: | 9/30/2020 | 6/30/2020 | 12/31/2019 | 9/30/2019 | |||||||||||||||||||||||||||||||||||||
| Total stockholders’ equity | $ | 2,040,561 | $ | 2,030,776 | $ | 2,036,011 | $ | 2,031,284 | |||||||||||||||||||||||||||||||||
| Common equity tier 1 ratio | 11.36 | % | 11.50 | % | 11.76 | % | 11.89 | % | |||||||||||||||||||||||||||||||||
| Tier 1 risk-based capital ratio | 12.09 | % | 12.24 | % | 12.51 | % | 12.65 | % | |||||||||||||||||||||||||||||||||
| Total risk-based capital ratio | 13.19 | % | 13.23 | % | 13.23 | % | 13.38 | % | |||||||||||||||||||||||||||||||||
| Tier 1 leverage ratio | 10.02 | % | 10.08 | % | 11.22 | % | 11.18 | % | |||||||||||||||||||||||||||||||||
| Total risk weighted assets | $ | 13,691,823 | $ | 13,388,522 | $ | 13,208,299 | $ | 12,951,936 | |||||||||||||||||||||||||||||||||
| Book value per common share | $ | 16.55 | $ | 16.48 | $ | 16.19 | $ | 16.03 | |||||||||||||||||||||||||||||||||
Tangible common equity to tangible assets 1 | 9.63 | % | 9.32 | % | 10.27 | % | 10.43 | % | |||||||||||||||||||||||||||||||||
Tangible common equity per share 1 | $ | 12.70 | $ | 12.62 | $ | 12.40 | $ | 12.27 | |||||||||||||||||||||||||||||||||
1 Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and core deposit intangible assets, net divided by total assets less goodwill and core deposit intangible assets, net. Management reviews tangible common equity to tangible assets in evaluating the Company’s capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. | |||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| ALLOWANCE FOR CREDIT LOSSES CHANGES: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||||||||||||||||
| Balance at beginning of period | $ | 161,771 | $ | 144,923 | $ | 94,144 | $ | 93,882 | $ | 94,066 | $ | 94,144 | $ | 92,557 | |||||||||||||||||||||||||||
| CECL day 1 adoption impact | — | — | 26,200 | — | — | 26,200 | — | ||||||||||||||||||||||||||||||||||
| Provision for credit losses | 22,000 | 17,500 | 28,000 | 1,000 | 2,100 | 67,500 | 6,300 | ||||||||||||||||||||||||||||||||||
| Recoveries | 2,428 | 252 | 2,536 | 939 | 780 | 5,216 | 2,797 | ||||||||||||||||||||||||||||||||||
| Charge offs | (6,350) | (904) | (5,957) | (1,677) | (2,602) | (13,211) | (6,432) | ||||||||||||||||||||||||||||||||||
| PCI allowance adjustment | — | — | — | — | (462) | — | (1,340) | ||||||||||||||||||||||||||||||||||
| Balance at end of period | $ | 179,849 | $ | 161,771 | $ | 144,923 | $ | 94,144 | $ | 93,882 | $ | 179,849 | $ | 93,882 | |||||||||||||||||||||||||||
| Net charge offs/average loans receivable (annualized) | 0.12 | % | 0.02 | % | 0.11 | % | 0.02 | % | 0.06 | % | 0.08 | % | 0.04 | % | |||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
| NET LOAN CHARGE OFFS (RECOVERIES): | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | 9/30/2020 | 9/30/2019 | ||||||||||||||||||||||||||||||||||
| Real estate loans | $ | 5,154 | $ | 148 | $ | 2,230 | $ | 203 | $ | 951 | $ | 7,532 | $ | (504) | |||||||||||||||||||||||||||
| Commercial loans | (1,451) | 240 | 676 | 245 | 596 | (535) | 3,245 | ||||||||||||||||||||||||||||||||||
| Consumer loans | 219 | 264 | 515 | 290 | 275 | 998 | 894 | ||||||||||||||||||||||||||||||||||
| Total net charge offs | $ | 3,922 | $ | 652 | $ | 3,421 | $ | 738 | $ | 1,822 | $ | 7,995 | $ | 3,635 | |||||||||||||||||||||||||||
Table Page 7
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
| NONPERFORMING ASSETS: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
Loans on nonaccrual status 3 | $ | 69,205 | $ | 82,137 | $ | 72,639 | $ | 54,785 | $ | 42,235 | |||||||||||||||||||
| Delinquent loans 90 days or more on accrual status | 1,537 | 430 | 387 | 7,547 | 398 | ||||||||||||||||||||||||
| Accruing troubled debt restructured loans | 35,429 | 44,026 | 43,789 | 35,709 | 34,717 | ||||||||||||||||||||||||
| Total nonperforming loans | 106,171 | 126,593 | 116,815 | 98,041 | 77,350 | ||||||||||||||||||||||||
| Other real estate owned | 18,410 | 20,983 | 23,039 | 24,091 | 19,374 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 124,581 | $ | 147,576 | $ | 139,854 | $ | 122,132 | $ | 96,724 | |||||||||||||||||||
| Nonperforming assets/total assets | 0.74 | % | 0.86 | % | 0.87 | % | 0.78 | % | 0.63 | % | |||||||||||||||||||
| Nonperforming assets/loans receivable & OREO | 0.95 | % | 1.14 | % | 1.11 | % | 0.99 | % | 0.80 | % | |||||||||||||||||||
| Nonperforming assets/total capital | 6.11 | % | 7.27 | % | 6.93 | % | 6.00 | % | 4.76 | % | |||||||||||||||||||
| Nonperforming loans/loans receivable | 0.81 | % | 0.98 | % | 0.93 | % | 0.80 | % | 0.64 | % | |||||||||||||||||||
| Nonaccrual loans/loans receivable | 0.53 | % | 0.64 | % | 0.58 | % | 0.45 | % | 0.35 | % | |||||||||||||||||||
| Allowance for credit losses/loans receivable | 1.37 | % | 1.26 | % | 1.15 | % | 0.77 | % | 0.78 | % | |||||||||||||||||||
| Allowance for credit losses/nonaccrual loans | 259.88 | % | 196.95 | % | 199.51 | % | 171.84 | % | 222.28 | % | |||||||||||||||||||
| Allowance for credit losses/nonperforming loans | 169.40 | % | 127.79 | % | 124.06 | % | 96.03 | % | 121.37 | % | |||||||||||||||||||
| Allowance for credit losses/nonperforming assets | 144.36 | % | 109.62 | % | 103.62 | % | 77.08 | % | 97.06 | % | |||||||||||||||||||
3 Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $26.2 million, $30.3 million, $28.8 million, $28.1 million, and $37.3 million at September 30, 2020, June 30, 2020, March 31, 2020, December 31, 2019, and September 30, 2019, respectively. | |||||||||||||||||||||||||||||
| NONACCRUAL LOANS BY TYPE: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
| Real estate loans | $ | 51,739 | $ | 64,060 | $ | 56,787 | $ | 40,935 | $ | 27,920 | |||||||||||||||||||
| Commercial loans | 13,022 | 12,079 | 12,747 | 10,893 | 11,242 | ||||||||||||||||||||||||
| Consumer loans | 4,444 | 5,998 | 3,105 | 2,957 | 3,073 | ||||||||||||||||||||||||
| Total nonaccrual loans | $ | 69,205 | $ | 82,137 | $ | 72,639 | $ | 54,785 | $ | 42,235 | |||||||||||||||||||
| BREAKDOWN OF ACCRUING TROUBLED DEBT RESTRUCTURED LOANS: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
| Retail buildings | $ | 5,451 | $ | 5,526 | $ | 5,014 | $ | 4,215 | $ | 3,221 | |||||||||||||||||||
| Gas stations/car washes | 224 | 1,789 | 1,675 | — | 233 | ||||||||||||||||||||||||
| Mixed-use facilities | 4,323 | 3,583 | 3,157 | 3,175 | 3,200 | ||||||||||||||||||||||||
| Warehouses | 7,320 | 13,433 | 13,381 | 10,381 | 10,449 | ||||||||||||||||||||||||
Other 5 | 18,111 | 19,695 | 20,562 | 17,938 | 17,614 | ||||||||||||||||||||||||
| Total | $ | 35,429 | $ | 44,026 | $ | 43,789 | $ | 35,709 | $ | 34,717 | |||||||||||||||||||
5 Includes commercial business, consumer, and other loans | |||||||||||||||||||||||||||||
Table Page 8
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
| ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
| 30 - 59 days | $ | 5,962 | $ | 18,857 | $ | 37,866 | $ | 14,433 | $ | 25,281 | |||||||||||||||||||
| 60 - 89 days | 58,065 | 29,975 | 2,605 | 4,712 | 4,535 | ||||||||||||||||||||||||
| Total | $ | 64,027 | $ | 48,832 | $ | 40,471 | $ | 19,145 | $ | 29,816 | |||||||||||||||||||
| ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE BY TYPE: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
| Real estate loans | $ | 60,510 | $ | 27,245 | $ | 23,753 | $ | 7,689 | $ | 20,572 | |||||||||||||||||||
| Commercial loans | 624 | 5,987 | 4,583 | 692 | 2,282 | ||||||||||||||||||||||||
| Consumer loans | 2,893 | 15,600 | 12,135 | 10,764 | 6,962 | ||||||||||||||||||||||||
| Total | $ | 64,027 | $ | 48,832 | $ | 40,471 | $ | 19,145 | $ | 29,816 | |||||||||||||||||||
| CRITICIZED LOANS: | 9/30/2020 | 6/30/2020 | 3/31/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||
| Special mention | $ | 153,388 | $ | 127,149 | $ | 122,279 | $ | 141,452 | $ | 139,848 | |||||||||||||||||||
| Substandard | 311,902 | 299,357 | 278,771 | 259,278 | 268,605 | ||||||||||||||||||||||||
| Doubtful/Loss | 6,640 | 11 | 12 | 13 | 17 | ||||||||||||||||||||||||
| Total criticized loans | $ | 471,930 | $ | 426,517 | $ | 401,062 | $ | 400,743 | $ | 408,470 | |||||||||||||||||||
Table Page 9
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
| Reconciliation of GAAP financial measures to non-GAAP financial measures | |||||||||||||||||||||||||||||
Management reviews select non-GAAP financial measures in evaluating the Company’s and the Bank’s financial performance and in response to market participant interest. A reconciliation of the GAAP to non-GAAP financial measures utilized by management is provided below. | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||||
| RETURN ON AVERAGE TANGIBLE COMMON EQUITY | |||||||||||||||||||||||||||||
| Average stockholders’ equity | $ | 2,039,555 | $ | 2,016,947 | $ | 2,010,458 | $ | 2,028,074 | $ | 1,964,146 | |||||||||||||||||||
| Less: Goodwill and core deposit intangible assets, net | (475,010) | (475,534) | (477,159) | (475,530) | (477,730) | ||||||||||||||||||||||||
| Average tangible common equity | $ | 1,564,545 | $ | 1,541,413 | $ | 1,533,299 | $ | 1,552,544 | $ | 1,486,416 | |||||||||||||||||||
| Net income | $ | 30,490 | $ | 26,753 | $ | 42,592 | $ | 83,196 | $ | 128,031 | |||||||||||||||||||
| Return on average tangible common equity (annualized) | 7.80 | % | 6.94 | % | 11.11 | % | 7.14 | % | 11.48 | % | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | 12/31/2019 | 9/30/2019 | ||||||||||||||||||||||||||
| TANGIBLE COMMON EQUITY | |||||||||||||||||||||||||||||
| Total stockholders’ equity | $ | 2,040,561 | $ | 2,030,776 | $ | 2,036,011 | $ | 2,031,284 | |||||||||||||||||||||
| Less: Goodwill and core deposit intangible assets, net | (474,689) | (475,220) | (476,283) | (476,840) | |||||||||||||||||||||||||
| Tangible common equity | $ | 1,565,872 | $ | 1,555,556 | $ | 1,559,728 | $ | 1,554,444 | |||||||||||||||||||||
| Total assets | $ | 16,733,767 | $ | 17,169,062 | $ | 15,667,440 | $ | 15,379,878 | |||||||||||||||||||||
| Less: Goodwill and core deposit intangible assets, net | (474,689) | (475,220) | (476,283) | (476,840) | |||||||||||||||||||||||||
| Tangible assets | $ | 16,259,078 | $ | 16,693,842 | $ | 15,191,157 | $ | 14,903,038 | |||||||||||||||||||||
| Common shares outstanding | 123,260,760 | 123,239,276 | 125,756,543 | 126,697,925 | |||||||||||||||||||||||||
| Tangible common equity to tangible assets | 9.63 | % | 9.32 | % | 10.27 | % | 10.43 | % | |||||||||||||||||||||
| Tangible common equity per share | $ | 12.70 | $ | 12.62 | $ | 12.40 | $ | 12.27 | |||||||||||||||||||||
Table Page 10
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||||
| PRE-TAX PRE-PROVISION INCOME | |||||||||||||||||||||||||||||
| Net income | $ | 30,490 | $ | 26,753 | $ | 42,592 | $ | 83,196 | $ | 128,031 | |||||||||||||||||||
| Add back - tax provision | 9,254 | 9,771 | 14,566 | 25,487 | 43,261 | ||||||||||||||||||||||||
| Add back - provision for credit losses | 22,000 | 17,500 | 2,100 | 67,500 | 6,300 | ||||||||||||||||||||||||
| Pre-tax pre-provision income | $ | 61,744 | $ | 54,024 | $ | 59,258 | $ | 176,183 | $ | 177,592 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| 9/30/2020 | 6/30/2020 | 9/30/2019 | 9/30/2020 | 9/30/2019 | |||||||||||||||||||||||||
| PRE-PROVISION NET REVENUE | |||||||||||||||||||||||||||||
| Net interest income before provision for credit losses | $ | 117,637 | $ | 109,814 | $ | 116,258 | $ | 346,742 | $ | 353,087 | |||||||||||||||||||
| Noninterest income | 17,513 | 11,240 | 12,995 | 42,017 | 36,704 | ||||||||||||||||||||||||
| Pre-Provision Net Revenue | $ | 135,150 | $ | 121,054 | $ | 129,253 | $ | 388,759 | $ | 389,791 | |||||||||||||||||||
Table Page 11