Hope Bancorp reports Q3 EPS 34c, consensus 32c
"We are pleased to deliver solid third quarter financial results, which reflect a continuation of the many positive trends from the preceding second quarter," said Kevin S. Kim, Chairman, President and Chief Executive Officer of Hope Bancorp, Inc. "Benefiting from our deposit strategies, we continued to see a favorable mix-shift to growth in core deposits, along with decreases in the higher-rate time deposits. This resulted in what we expect to be the peak in deposit costs in the current rate cycle, and total cost of deposits for the period was stable quarter-over-quarter. Driven by stronger volumes of both CRE and C&I lending, we also had our strongest quarter year-to-date in new loan originations, which resulted in a 1% increase in loans receivable from June 30, 2019. Topping off these highlights, our proactive efforts led to another quarter of considerable improvements in our credit metrics with a 35% reduction in nonaccrual loans and a 20% decrease in total criticized assets."