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HOPE BANCORP INC [HOPE] reports annual net loss of $133.7 million
By USInMinutes - Feb 29, 2024, 07:53 AM ET
Last Updated - Feb 29, 2024, 07:53 AM EST
![HOPE BANCORP INC [HOPE] reports annual net loss of $133.7 million](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FHOPE.png&w=3840&q=75)
Company Reports Revenue of $1.0 billion
HOPE BANCORP INC [HOPE] has reported a net loss of $133.7 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $1.0 billion
Based in LOS ANGELES, California, HOPE BANCORP INC operates in the FINANCE sector.
In the Consolidated Statements Of Income for the 12 Months Ended December 31, 2023, the financial figures are presented in USD thousands.
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Interest Income:
- Interest and fees on loans totaled $892.563 million, compared to $660.732 million in the same period in 2022 and $528.174 million in 2021.
- Interest on investment securities amounted to $66.063 million, up from $52.220 million in 2022 and $35.492 million in 2021.
- Interest-bearing Deposits in Banks and Other Financial Institutions generated $87.361 million, significantly higher compared to $1.295 million in 2022 and $1.302 million in 2021.
- Total interest income reached $1.048 billion, a substantial increase from $716.115 million in 2022 and $566.532 million in 2021.
Interest Expense:
- Interest on deposits was $441.231 million, significantly higher than $114.839 million in 2022 and $42.011 million in 2021.
- Interest Expense on FHLB and FRB borrowings amounted to $69.365 million, up from $11.525 million in 2022 and $2.561 million in 2021.
- Total interest expense was $523.017 million, a notable rise from $137.694 million in 2022 and $53.762 million in 2021.
Net Interest Income Before Provision for Credit Losses:
- Net interest income before provision for credit losses stood at $525.861 million in 2023, lower than the $578.421 million in 2022 and higher than $512.770 million in 2021.
Provision for Credit Losses:
- The provision for credit losses was $29.100 million in 2023, higher than $9.600 million in 2022, and a reversal from a ($12.200) million credit provision in 2021.
Net Income:
- Net income for the period was $133.673 million in 2023, down compared to $218.277 million in 2022 and $204.572 million in 2021.
Earnings Per Share:
- Basic earnings per share were $1.11 in 2023, a decrease from $1.82 in 2022 and an increase from $1.67 in 2021.
- Diluted earnings per share were $1.11 in 2023, slightly down from $1.81 in 2022 and up from $1.66 in 2021.
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