Hope Bancorp reported a net income of $25.9 million, or $0.21 per diluted common share, for the first quarter of 2024. The company also announced a definitive merger agreement with Territorial Bancorp, expected to close by year-end 2024.
Net income totaled $25.9 million, or $0.21 per diluted common share.
All business lines exceeded deposit goals, stabilizing balances.
Noninterest expenses, excluding notable items, decreased 2% from the previous quarter.
Tangible common equity ratio rose to 9.33%, and total capital ratio rose to 14.19%.
Hope Bancorp expects the merger with Territorial Bancorp to be accretive to earnings and to strengthen profitability while diversifying the franchise. For the full year 2024, the Company expects the effective tax rate to be approximately 26%.
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