Hope Bancorp reported a net income of $30.0 million, or $0.25 per diluted common share, for the third quarter ended September 30, 2023. The results reflect net interest income growth, net interest margin expansion, and disciplined expense control, but were offset by a provision for credit losses and the non-recurrence of one-time gains from the previous quarter. The company also announced a strategic reorganization expected to generate over $40 million in annualized cost savings.
Net income totaled $30.0 million, or $0.25 per diluted common share.
Net interest margin expanded 13 basis points quarter-over-quarter.
Total deposits grew to $15.7 billion, up 1% from the previous quarter.
Strategic reorganization announced to enhance shareholder value with expected annualized cost savings of over $40 million.
The Company expects to recognize one-time charges of approximately $12 million in the fourth quarter of 2023 related to the reorganization and expects to operate more efficiently, strengthen its franchise, enhance the customer experience and expand its customer relationships, benefiting all its stakeholders through sustainably improved profitability.
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