Hope Bancorp Q3 net income rises 16% year over year
HOPE•Hope Bancorp reported third-quarter net income of $35.6 million, up 16% year over year and 8% sequentially, with earnings per share of $0.28. The company cited revenue and loan growth and lower deposit costs as drivers, and said it completed the acquisition of SMBC MANUBANK's commercial banking unit in October.
1. Quarterly results
Hope Bancorp's third-quarter net income rose 16% year over year and 8% sequentially to $35.6 million. Earnings per share were $0.28, and PPNR revenue was $54.70 million.
2. Growth drivers
The company cited growth in average earning assets, higher loan yields and lower deposit costs for increased net interest income. Customer fees and gains on SBA loan sales boosted noninterest income, while growth in commercial and industrial and residential mortgage loans contributed to loan growth.
3. Acquisition and outlook
Hope Bancorp completed its acquisition of SMBC MANUBANK's commercial banking unit in October. It did not provide specific financial guidance for the upcoming quarter or full year.
