Hope Bancorp Q3 Net Income Declines; Announces Strategic Reorganization

(RTTNews) - Hope Bancorp, Inc. (HOPE), the holding company of Bank of Hope, reported third quarter net income of $30.0 million, or $0.25 per common share compared with net income of $53.75 million or $0.45 per share, prior year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.26, for the quarter. Analysts' estimates typically exclude special items.

Net interest income before provision for credit losses declined to $135.38 million from $153.19 million, last year. Pre-provision net revenue declined to $56.81 million from $82.63 million. Analysts on average had estimated $138.25 million in revenue.

Hope Bancorp also announced a strategic reorganization. The company realigned its structure around lines of business and product delivery channels, optimized its production capacity and reduced headcount. The restructuring is expected to generate over $40 million in estimated annualized cost savings. The company expects to recognize one-time charges of approximately $12 million in the fourth quarter of 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.