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Sep 30, 2021
Hope Bancorp Q3 2021 Earnings Report
Hope Bancorp reported improved operational performance and profitability and took strategic actions to de-risk the loan portfolio.
Key Takeaways
Hope Bancorp reported a net income of $55.5 million, an increase of 3% compared to the previous quarter and 82% compared to the year-ago quarter. The company's business development was strong, with record new loan production of $1.01 billion and record high SBA origination volumes of $115.0 million. Deposits reached a record high of $15.1 billion, driven by growth in noninterest bearing demand deposits.
Loan originations increased 13% quarter-over-quarter to a record high of $1.01 billion.
Noninterest bearing demand deposits increased 7% quarter-over-quarter, contributing to record high deposits of $15.06 billion.
Net income increased 3% quarter-over-quarter, totaling $55.5 million, or $0.45 per diluted common share.
Nonaccrual loans decreased 51% quarter-over-quarter, and total criticized loans decreased 19%.
Forward Guidance
The company is well positioned to drive stronger performance in the years ahead, due to improvements in asset quality, robust loan production and positive core deposit growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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