Hope Bancorp Q2: 4.3% Revenues Decline, 4% Growth In Deposits & More

Hope Bancorp, Inc. HOPE reported Q2 revenues of $147.70 million, down 4.3% year over year. Revenues beat the consensus of $141.07 million.

Quarterly EPS of $0.32 beat the analyst consensus of $0.30.

Net interest income in Q2 totaled $130.7 million, down 8% Y/Y.

The allowance for credit losses increased to $173 million by the end of the second quarter, up from $151.58 million in the year-ago period.

As of June 30, 2023, total deposits grew 4% Y/Y to $15.62 billion. 

Loans receivable of $14.86 billion grew 2% year-over-year by the end of the quarter.

The company exited the quarter with cash and equivalents worth $2.30 billion. 

"Throughout the second quarter, we continued to maintain high levels of capital and liquidity to prudently navigate an operating environment that is challenging for regional banks," said Kevin S. Kim, Chairman, President and Chief Executive Officer. 

Price Action: HOPE shares are trading higher by 5.45% to $10.06 on the last check Monday.