Hope Bancorp Q3 2020 Earnings Report

Reported financial results for the third quarter of 2020.

Key Takeaways

Hope Bancorp reported a net income of $30.5 million, or $0.25 per diluted common share, for the three months ended September 30, 2020. Net interest income before provision for credit losses increased 7% to $117.6 million from Q2 2020. Noninterest bearing deposits increased 11% quarter-over-quarter and accounted for 32% of total deposits at quarter end.

Net interest income before provision for credit losses increased 7% to $117.6 million from Q2 2020.

Net interest margin expanded 12 basis points quarter-over-quarter.

Noninterest bearing deposits increased 11% quarter-over-quarter and accounted for 32% of total deposits at quarter end.

Allowance for credit losses increased to 1.37% of loans receivable at September 30, 2020 from 1.26% at June 30, 2020.