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Jun 30, 2022
Hope Bancorp Q2 2022 Earnings Report
Reported strong financial results with record loan production and enhanced pre-provision net revenue.
Key Takeaways
Hope Bancorp reported net income of $52.1 million, or $0.43 per diluted common share, for the second quarter of 2022. The company achieved record loan production of $1.29 billion and a 15 basis point increase in net interest margin.
Loan originations totaled a record $1.29 billion, up 25% over the preceding first quarter.
Excluding PPP, loans receivable increased 16% quarter-over-quarter on an annualized basis.
Company recorded net recoveries of $930 thousand, reflecting the third consecutive quarter of total net recoveries.
Net interest margin expanded 15 basis points from the preceding first quarter, largely benefiting from higher loan yields.
Forward Guidance
The company remains confident that investments made to strengthen and diversify the business model will continue to generate solid loan and deposit growth, despite the challenges of the current economy.
Positive Outlook
- Investments made to strengthen and diversify our business model
- Solid loan and deposit growth
- Lower-risk, more diversified loan portfolio
- Enhanced credit administration framework
- Well positioned to navigate the potential challenges of a recessionary environment
Challenges Ahead
- Challenges of the current economy
- Potential challenges of a recessionary environment
- Higher compensation expense environment
- Volatile interest rates
- Possible deterioration in economic conditions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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