The following is a summary of the Hope Bancorp, Inc. (HOPE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• HOPE Bancorp reported a Q1 2024 net income of $25.9 million or $0.20 per diluted share, a slight decrease compared to Q4 2023.

• Excluding certain items, net income was $27.4 million, and earnings per share were $0.23.

• The company's loan-to-deposit ratio stood at 93%, and its loan portfolio totaled $13.7 billion, showing a decrease of 1% quarter-over-quarter.

• Net interest income totaled $115 million, with a contraction of net interest margin by 15 basis points to 2.55%.

• Total capital ratio and common equity ratio were at a healthy level of 14.19% and 12.47% respectively.

Business Progress:

• In Q1 2024, the company announced plans to acquire Territorial Bancorp, enhancing its footprint in Hawaii and providing substantial growth potential.

• The acquisition is expected to augment earnings and present a double-digit growth rate post-closure.

• The company repaid $1 billion of its bank term funding program borrowings, further strengthening its financial position.

• The merger anticipates a substantial 27.5% in cost savings mainly from the elimination of redundant corporate expenses.

• HOPE Bancorp plans to retain most of Territorial's frontline employees, relying on their strong reputation and customer service.

More details: Hope Bancorp IR

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