Overview

• Hope Bancorp Q3 net income rises 28% yr/yr, driven by strong earnings growth

• Company reports 8% qtr/qtr growth in net interest income, highest in three years

• Criticized loans decreased 10% qtr/qtr, improving asset quality

Outlook

• Company did not provide specific guidance for future quarters or full year

Result Drivers

• NET INTEREST INCOME - 8% qtr/qtr growth driven by average loan growth, higher yields on earning assets, and lower cost of deposits

• ASSET QUALITY - Criticized loans decreased 10% qtr/qtr, improving asset quality

• NET INTEREST MARGIN - Expanded by 20 basis points to 2.89% due to loan growth and lower deposit costs

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Hope Bancorp Inc is $12.00, about 11% above its October 27 closing price of $10.68

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nBwyRGr3a

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)