Hope Bancorp Slips To Loss In Q2

(RTTNews) - Hope Bancorp, Inc. (HOPE), on Tuesday, reported net loss in the second quarter compared with the previous year.

For the second quarter, the company reported net loss of $27.88 million compared to profit of $25.27 million in the prior year.

Loss per share was $0.22 versus profit per share of $0.21 last year.

The company said the quarterly net loss reflects the impact of a securities portfolio repositioning, the completion of the Territorial Bancorp Inc. transaction, as well as a change to the California state tax apportionment law.

Interest income increased to $239.17 million from $232.60 million last year.

Non-interest loss came in at $22.96 million compared to income of $11.07 million in the previous year.

Loans came in at $14.45 billion, up from $13.34 billion last year. Deposits were $15.94 billion, compared to $14.49 billion in the prior year.

On Monday, Hope Bancorp closed trading 1.41% lesser at $11.20 on the Nasdaq.