Hope Bancorp reported a net income of $24.2 million, or $0.20 per diluted common share, for the third quarter of 2024. The company saw robust customer deposit growth and a turnaround in loan growth trends. Regulatory risk-based capital ratios reached their highest levels since the merger with Wilshire Bancorp in 2016.
Customer deposits grew at an annualized rate of 11%, supporting loan growth and offsetting a reduction in brokered deposits.
Loans receivable increased 2% on an annualized basis, reversing the previous loan growth trend.
Over two-thirds of the net growth in noninterest bearing demand deposits came from small business accounts.
Regulatory capital ratios are the highest since the merger with Wilshire Bancorp in 2016, with a total capital ratio of 14.8% and a tangible equity ratio of 10.1%.
Hope Bancorp anticipates benefits from the merger with Territorial Bancorp Inc., which is expected to strengthen the Territorial franchise and provide advantages for customers and employees.
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