Company Quick10K Filing
Hope Bancorp
Price14.39 EPS1
Shares127 P/E11
MCap1,828 P/FCF12
Net Debt-351 EBIT448
TEV1,476 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-01
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10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-01
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10-K 2016-12-31 Filed 2017-05-18
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10-K 2015-12-31 Filed 2016-03-04
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10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
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10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
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10-K 2011-12-31 Filed 2012-03-13
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10-K 2010-12-31 Filed 2011-02-18
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10-K 2009-12-31 Filed 2010-03-15
8-K 2020-07-30 Earnings, Other Events, Regulation FD, Exhibits
8-K 2020-06-09
8-K 2020-04-29
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8-K 2020-02-28
8-K 2020-01-22
8-K 2019-11-29
8-K 2019-10-21
8-K 2019-10-15
8-K 2019-09-19
8-K 2019-08-14
8-K 2019-07-25
8-K 2019-07-17
8-K 2019-05-24
8-K 2019-04-16
8-K 2019-03-14
8-K 2019-02-28
8-K 2019-01-23
8-K 2018-12-27
8-K 2018-10-16
8-K 2018-09-20
8-K 2018-07-17
8-K 2018-06-07
8-K 2018-05-24
8-K 2018-05-11
8-K 2018-05-08
8-K 2018-05-07
8-K 2018-04-17
8-K 2018-01-26
8-K 2018-01-09

HOPE 10Q Quarterly Report

Part I
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex311-03312020.htm
EX-31.2 ex312-03312020.htm
EX-32.1 ex321-03312020.htm
EX-32.2 ex322-03312020.htm

Hope Bancorp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-50245
 HOPE BANCORP INC
(Exact name of registrant as specified in its charter)

Delaware
 
95-4849715
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

3200 Wilshire Boulevard, Suite 1400
Los Angeles, California 90010
(Address of principal executives offices, including zip code)
(213) 639-1700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Common Stock
,
par value $0.001 per share
HOPE
NASDAQ Global Select Market
(Title of class)
(Trading Symbol)
(Name of exchange on which registered)
______________________________________________ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of May 6, 2020, there were 123,191,723 shares of Hope Bancorp, Inc. common stock outstanding.




Table of Contents
 
 
 
 
 
 
Page
 
 
 
 
Item 1.
 
 
Consolidated Statements of Financial Condition (Unaudited)
 
Consolidated Statements of Income (Unaudited)
 
Consolidated Statements of Comprehensive Income (Unaudited)
 
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
 
Consolidated Statements of Cash Flows (Unaudited)
 
 
 
1. Hope Bancorp, Inc.
 
2. Basis of Presentation
 
3. Earnings Per Share (“EPS”)
 
4. Equity Investments
 
5. Securities Available for Sale
 
6. Loans Receivable and Allowance for Credit Losses
 
7. Leases
 
8. Deposits
 
9. Borrowings
 
10. Subordinated Debentures and Convertible Notes
 
11. Derivative Financial Instruments
 
12. Commitments and Contingencies
 
13. Goodwill, Intangible Assets, and Servicing Assets
 
14. Income Taxes
 
15. Fair Value Measurements
 
16. Stockholders’ Equity
 
17. Stock-Based Compensation
 
18. Regulatory Matters
 
19. Revenue Recognition
 
20. Subsequent Events
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
Item 1.
LEGAL PROCEEDINGS
Item 1A.
RISK FACTORS
Item 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item 3.
DEFAULTS UPON SENIOR SECURITIES
Item 4.
MINE SAFETY DISCLOSURES
Item 5.
OTHER INFORMATION
Item 6.
EXHIBITS
 
 
 
INDEX TO EXHIBITS
 
 
SIGNATURES


2


Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market, and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “forecasts,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, trends, uncertainties, and factors that are beyond the Company’s control or ability to predict. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include: the COVID-19 pandemic and its impact on our financial position, results of operations, liquidity, and capitalization, liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying the Company’s allowances for credit losses; and regulatory risks associated with current and future regulations. For additional information concerning these and other risk factors, see Part I, Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.





3


PART I
FINANCIAL INFORMATION

Item 1.
Financial Statements

HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
(Unaudited)
 
 
 
March 31,
2020
 
December 31,
2019
ASSETS
(Dollars in thousands, except share data)
Cash and cash equivalents:
 
 
 
Cash and due from banks
$
255,441

 
$
283,130

Interest bearing cash in other banks
546,592

 
415,437

Total cash and cash equivalents
802,033

 
698,567

Interest bearing deposits in other financial institutions
29,162

 
29,162

Securities available for sale, at fair value
1,718,702

 
1,715,987

Equity investments
49,569

 
49,090

Loans held for sale, at the lower of cost or fair value
8,281

 
54,271

Loans receivable, net of allowance for credit losses of $144,923 and $94,144 at March 31, 2020 and December 31, 2019, respectively
12,438,493

 
12,181,863

Other real estate owned (“OREO”), net
23,039

 
24,091

Federal Home Loan Bank (“FHLB”) stock, at cost
18,225

 
19,407

Premises and equipment, net
51,392

 
52,012

Accrued interest receivable
30,450

 
30,772

Deferred tax assets, net
28,911

 
31,663

Customers’ liabilities on acceptances
1,951

 
1,117

Bank owned life insurance (“BOLI”)
76,429

 
76,339

Investments in affordable housing partnerships
80,049

 
82,600

Operating lease right-of-use assets, net
56,696

 
58,593

Goodwill
464,450

 
464,450

Core deposit intangible assets, net
11,302

 
11,833

Servicing assets, net
14,847

 
16,417

Other assets
117,453

 
69,206

Total assets
$
16,021,434

 
$
15,667,440

 
 
 
 
(Continued)


4



HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
(Unaudited)
 
 
 
March 31,
2020
 
December 31,
2019
LIABILITIES AND STOCKHOLDERS’ EQUITY
(Dollars in thousands, except share data)
LIABILITIES:
 
 
 
Deposits:
 
 
 
Noninterest bearing
$
3,010,143

 
$
3,108,687

Interest bearing:
 
 
 
Money market and NOW accounts
4,851,000

 
3,985,556

Savings deposits
272,577

 
274,151

Time deposits
4,702,847

 
5,158,970

Total deposits
12,836,567

 
12,527,364

FHLB advances
675,000

 
625,000

Convertible notes, net
200,716

 
199,458

Subordinated debentures, net
103,318


103,035

Accrued interest payable
30,436

 
33,810

Acceptances outstanding
1,951

 
1,117

Operating lease liabilities
58,827

 
60,506

Commitments to fund investments in affordable housing partnerships
20,688

 
28,481

Other liabilities
75,843

 
52,658

Total liabilities
$
14,003,346

 
$
13,631,429

STOCKHOLDERS’ EQUITY:
 
 
 
Common stock, $0.001 par value; authorized 150,000,000 shares at March 31, 2020 and December 31, 2019: issued and outstanding 135,830,985 and 123,169,404 shares, respectively, at March 31, 2020, and issued and outstanding 135,702,090 and 125,756,543 shares, respectively, at December 31, 2019
$
136

 
$
136

Additional paid-in capital
1,429,275

 
1,428,066

Retained earnings
752,228

 
762,480

Treasury stock, at cost; 12,661,581 and 9,945,547 shares at March 31, 2020 and December 31, 2019
(200,000
)
 
(163,820
)
Accumulated other comprehensive income, net
36,449

 
9,149

Total stockholders’ equity
2,018,088

 
2,036,011

Total liabilities and stockholders’ equity
$
16,021,434

 
$
15,667,440



See accompanying Notes to Consolidated Financial Statements (Unaudited)


5


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands, except per share data)
INTEREST INCOME:
 
 
 
Interest and fees on loans
$
154,230

 
$
158,136

Interest on securities
10,609

 
12,319

Interest on other investments
2,029

 
2,675

Total interest income
166,868

 
173,130

INTEREST EXPENSE:
 
 
 
Interest on deposits
41,113

 
46,847

Interest on FHLB advances
2,647

 
2,614

Interest on other borrowings and convertible notes
3,817

 
4,061

Total interest expense
47,577

 
53,522

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
119,291

 
119,608

PROVISION FOR CREDIT LOSSES
28,000

 
3,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
91,291

 
116,608

NONINTEREST INCOME:
 
 
 
Service fees on deposit accounts
4,133

 
4,317

International service fees
790

 
933

Loan servicing fees, net
365

 
730

Wire transfer fees
998

 
1,089

Net gains on sales of other loans
1,855

 
741

Other income and fees
5,123

 
3,612

Total noninterest income
13,264

 
11,422

NONINTEREST EXPENSE:
 
 
 
Salaries and employee benefits
42,502

 
40,429

Occupancy
7,410

 
7,677

Furniture and equipment
4,259

 
3,446

Advertising and marketing
1,673

 
2,062

Data processing and communications
2,631

 
2,956

Professional fees
3,300

 
5,380

Investments in affordable housing partnerships expenses
2,551

 
2,881

FDIC assessments
1,559

 
1,551

Credit related expenses
1,662


678

OREO expense (income), net
843

 
(152
)
Other
3,750

 
3,925

Total noninterest expense
72,140

 
70,833

INCOME BEFORE INCOME TAXES
32,415

 
57,197

INCOME TAX PROVISION
6,462

 
14,439

NET INCOME
$
25,953

 
$
42,758

EARNINGS PER COMMON SHARE
 
 
 
Basic
$
0.21

 
$
0.34

Diluted
$
0.21

 
$
0.34


See accompanying Notes to Consolidated Financial Statements (Unaudited)

6


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands)
Net income
$
25,953

 
$
42,758

Other comprehensive income:
 
 
 
Change in unrealized net holding gains on securities available for sale
38,853

 
24,666

Tax effect
(11,553
)
 
(7,319
)
Other comprehensive income, net of tax
27,300

 
17,347

Total comprehensive income
$
53,253

 
$
60,105



See accompanying Notes to Consolidated Financial Statements (Unaudited)


7


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
Additional paid-in capital
 
Retained
earnings
 
Treasury stock
 
Accumulated other comprehensive (loss) income, net
 
Total
stockholders’ equity
 
 
Shares
 
Amount
 
 
(Dollars in thousands, except share and per share data)
BALANCE, DECEMBER 31, 2018
 
126,639,912

 
$
136

 
$
1,423,405

 
$
662,375

 
$
(150,000
)
 
$
(32,705
)
 
$
1,903,211

Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations
 
(4,328
)
 

 
3

 
 
 
 
 
 
 
3

Stock-based compensation
 
 
 
 
 
621

 
 
 
 
 
 
 
621

Cash dividends declared on common stock ($0.14 per share)
 
 
 
 
 
 
 
(17,729
)
 
 
 
 
 
(17,729
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
42,758

 
 
 
 
 
42,758

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
17,347

 
17,347

BALANCE, MARCH 31, 2019
 
126,635,584

 
$
136

 
$
1,424,029

 
$
687,404

 
$
(150,000
)
 
$
(15,358
)
 
$
1,946,211

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE, DECEMBER 31, 2019
 
125,756,543

 
$
136

 
$
1,428,066

 
$
762,480

 
$
(163,820
)
 
$
9,149

 
$
2,036,011

CECL day 1 impact
 
 
 
 
 
 
 
(26,729
)
 
 
 
 
 
(26,729
)
CECL day 1 impact tax adjustment
 
 
 
 
 
 
 
7,947

 
 
 
 
 
7,947

Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations
 
128,895