Hope Bancorp, Inc. reports net income of $47.5 million.
LOS ANGELES: Hope Bancorp, Inc. reported net income for the 2018 second quarter totaled $47.5 million, or $0.36 per diluted common share, based on 133,352,841 weighted averaged diluted common shares outstanding.
For the 2017 second quarter, net income totaled $40.7 million, or $0.30 per diluted common share, based on 135,613,181 weighted averaged diluted common shares outstanding. As previously announced on May 11, 2018, the Company completed the sale of $200 million aggregate principal amount of 2.00% convertible senior notes due 2038 (the "Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The initial purchaser of the Notes exercised in part its over-allotment option and purchased an additional $17.5 million aggregate principal amount of the Notes. In aggregate, the Company received net proceeds from the offering of approximately $213.15 million, after deducting the initial purchaser's discount but before estimated offering expenses payable by the Company.
The Company repurchased an aggregate $79.0 million of its common stock at an average repurchase price of $18.10 through June 30, 2018, thereby reducing the number of shares outstanding by 4,361,740 shares. More detailed information regarding the Notes offering and share repurchase program may be accessed in the Company's Form 8-Ks furnished to the SEC on May 7, 2018, May 9, 2018, May 11, 2018 and June 8, 2018. The comparability of the Company's operating results with past performance is impacted by acquisition accounting adjustments and merger-related expenses associated with past and current acquisitions. The Company provides the following supplemental information to facilitate a better understanding of financial performance.
Net interest income before provision for loan losses for the 2018 second quarter increased to $122.8 million from $120.1 million in the 2018 first quarter and $116.8 million in the year-ago second quarter. The Company attributed the increase in net interest income before provision for loan losses to higher levels of interest-earning assets and improved yields.
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|Publication:||Daily the Pak Banker (Lahore, Pakistan)|
|Article Type:||Financial report|
|Date:||Jul 21, 2018|
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