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Hope Bancorp Reports 2017 Second Quarter Financial Results

Q2 2017 Highlights:

  • $725.1 million in new loan originations funded during the quarter, up 23% over 1Q 2017
  • Loans receivable increase 3% to $10.82 billion, or 10% on an annualized basis
  • Total deposits increase 2% to $10.96 billion, despite consolidation of 9 additional branches during 2017
  • Total assets increase 3% to $13.86 billion, or 11% on an annualized basis
  • Net income totals $40.7 million, or $0.30 per diluted common share

/EIN News/ -- LOS ANGELES, July 25, 2017 (GLOBE NEWSWIRE) -- Hope Bancorp, Inc. (the “Company”) (NASDAQ:HOPE), the holding company of Bank of Hope (the “Bank”), today reported unaudited financial results for three- and six-month periods ended June 30, 2017.

The mergers of Wilshire Bancorp, Inc. (“Wilshire”) with and into BBCN Bancorp, Inc. (“BBCN”) and Wilshire Bank with and into BBCN Bank were completed on July 29, 2016, and the combined companies began operations under the new banners of Hope Bancorp, Inc. and Bank of Hope, respectively, effective July 30, 2016.  The 2017 second quarter and first quarter financial results reflect full quarters of combined operations.  The 2016 second quarter reflects stand-alone operations of the former BBCN.  As a result, the Company’s 2017 second quarter may not be comparable to financial results for the year-ago second quarter.

For the three months ended June 30, 2017, net income increased 12% to $40.7 million, or $0.30 per diluted common share, based on 135,613,181 weighted average diluted shares outstanding, and included pre-tax merger-related expenses of $562,000. This compares with 2017 first quarter net income of $36.2 million, or $0.27 per diluted common share, based on 135,768,645 weighted average diluted shares outstanding, and included $947,000 in pre-tax merger-related expenses.  For the 2016 second quarter, net income for BBCN on a stand-alone basis totaled $23.4 million, or $0.29 per diluted common share, based on 79,634,762 weight average diluted shares outstanding, and included pre-tax merger-related expenses of $1.5 million.

“The momentum that we achieved in the beginning of 2017 continued to build into the second quarter, with new loan fundings of $725 million and growth in our loans receivable during the quarter of $267 million, or 10% on an annualized basis,” said Kevin S. Kim, President and Chief Executive Officer. “Despite the consolidation of nine additional branches in 2017, we grew our deposit base by $251 million during the second quarter, or 9% on an annualized basis. We are also pleased with the improved pricing of new loan originations, with the average rate on new loans during the second quarter increasing 31 basis points from the immediately preceding first quarter to 4.56%.

“As we approach our one-year anniversary of the creation of the only super regional Korean-American bank in the United States, we express our deepest appreciation and commitment to all of our stakeholders. With the physical integration completed and strong momentum building in our business expansion efforts, we believe we are well poised to deliver even greater returns in the years ahead,” said Kim.

Financial Highlights

(dollars in thousands, except per share data) (unaudited)     At or for the Three Months Ended
      6/30/2017     3/31/2017     6/30/2016
Net income     $ 40,687       $ 36,210       $ 23,390  
Diluted earnings per share     $ 0.30       $ 0.27       $ 0.29  
Net interest income before provision for loan losses     $ 116,820       $ 114,905       $ 71,064  
Net interest margin       3.75 %       3.77 %       3.67 %
Noninterest income     $ 16,115       $ 17,603       $ 10,707  
Noninterest expense     $ 64,037       $ 67,699       $ 40,348  
Net loans receivable     $ 10,736,345       $ 10,471,008       $ 6,507,812  
Deposits     $ 10,955,101       $ 10,703,777       $ 6,637,522  
Nonaccrual loans (1)     $ 47,361       $ 37,009       $ 42,398  
ALLL to loans receivable       0.74 %       0.75 %       1.16 %
ALLL to nonaccrual loans (1)       169.07 %       212.54 %       180.26 %
ALLL to nonperforming assets (1) (2)       64.40 %       74.65 %       69.62 %
Provision for loan losses     $ 2,760       $ 5,600       $ 1,200  
Net charge offs     $ 1,345       $ 6,284       $ 1,631  
Return on assets (“ROA”)       1.21 %       1.09 %       1.15 %
Return on equity (“ROE”)       8.60 %       7.75 %       9.67 %
Efficiency ratio       48.17 %       51.09 %       49.34 %

(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $15.5 million, $15.2 million and $15.5 million at June 30, 2017, March 31, 2017 and June 30, 2016, respectively.
(2) Nonperforming assets exclude purchased credit-impaired loans totaling $16.3 million, $17.3 million and $13.8 million at June 30, 2017, March 31, 2017 and June 30, 2016, respectively.

Operating Results for the 2017 Second Quarter

The comparability of Hope Bancorp’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 and operating income for the three months ended June 30, 2017, March 31, 2017 and June 30, 2016 include the following pre-tax acquisition accounting adjustments and merger-related expenses associated with past and current acquisitions:

(dollars in thousands) (unaudited)     Three Months Ended
      6/30/2017       3/31/2017       6/30/2016
Accretion on purchased non-impaired loans     $ 3,501         $ 2,676         $ 898  
Accretion on purchased credit-impaired loans       5,212           5,348           1,436  
Amortization of premium on low income housing tax credits       (85 )         (84 )          
Amortization of premium on acquired FHLB borrowings       446           441           97  
Accretion of discount on acquired subordinated debt       (260 )         (259 )         (44 )
Amortization of premium on acquired time deposits and savings       1,218           3,476           19  
Amortization of core deposit intangibles       (676 )         (676 )         (212 )
Total acquisition accounting adjustments     $ 9,356         $ 10,922         $ 2,194  
Merger-related expenses       (562 )         (947 )         (1,533 )
Total     $ 8,794         $ 9,975         $ 661  

Net Interest Income.  Net interest income before provision for loan losses for the 2017 second quarter increased 2% to $116.8 million from $114.9 million in the immediately preceding first quarter, largely reflecting higher levels of interest and fee income on a larger loan portfolio, partially offset by higher deposit costs. In the year-ago second quarter, net interest income before provision for loan losses amounted to $71.1 million for BBCN on a stand-alone basis.

The net interest margin (net interest income divided by average interest earning assets) for the 2017 second quarter declined 2 basis points to 3.75% from 3.77% in the 2017 first quarter, largely due to higher funding costs. Compared with the year-ago second quarter for BBCN on a stand-alone basis, net interest margin increased 8 basis points.

The weighted average yield on loans for the 2017 second quarter increased 7 basis points to 4.89% from 4.82% in  the 2017 first quarter. Compared with the 2016 second quarter for BBCN on a stand-alone basis, the weighted average yield on loans increased 9 basis points.

The weighted average yield on new loans originated during the 2017 second quarter improved 31 basis points to 4.56% from 4.25% in the 2017 first quarter. The weighted average yield on new loans in the year-ago first quarter for BBCN on a stand-alone basis was 4.28%.

The weighted average cost of deposits for the 2017 second quarter increased 13 basis points to 0.68% from 0.55% in the 2017 first quarter. In addition to the recent interest rate hikes, the Company noted that deposit premiums for Wilshire were fully amortized in April, which resulted in a significant reduction in the benefit from acquisition accounting. Compared with the year-ago second quarter for BBCN on a stand-alone basis, the weighted average cost of deposits increased 4 basis points.

Noninterest Income Noninterest income for the 2017 second quarter declined to $16.1 million from $17.6 million in the 2017 first quarter, largely reflecting higher-than-usual swap fee income and recoveries on pre-merger, fully charged off acquired loans in the immediately preceding first quarter. Swap fee income amounted to $481,000 in the 2017 second quarter, versus $963,000 in the 2017 first quarter. The Company recognized recoveries on pre-merger, fully charged off acquired loans of $210,000 in the 2017 second quarter, compared with $1.1 million in the 2017 first quarter. Noninterest income for BBCN on a stand-alone basis was $10.7 million in the year-ago second quarter.

Noninterest Expense. Noninterest expense declined to $64.0 million in the 2017 second quarter from $67.7 million in the 2017 first quarter, largely reflecting linked-quarter reductions in expenses related to the consolidation of nine additional branches since late March 2017. In addition, the Company’s 2017 first quarter noninterest expenses included higher-than-usual advertising and marketing costs associated with Bank of Hope’s title sponsorship of an LPGA event and elevated levels of credit-related expenses due to the amount of charge offs in the first quarter. In the 2016 second quarter, total noninterest expense amounted to $40.3 million for BBCN on a stand-alone basis.

Salaries and employee benefits expense for the 2017 second quarter increased 2% to $34.9 million from $34.2 million for the immediately preceding first quarter.  For BBCN on a stand-alone basis in the 2016 second quarter, salaries and employee benefits expense amounted to $21.8 million. The total number of FTEs, excluding employees on leave, as of June 30, 2017 was 1,378, up from 1,352 as of March 31, 2017. At June 30, 2016, the total number of FTEs for the former BBCN was 918.

Income Tax Provision.  The effective tax rate for the 2017 second quarter was 38.5%, compared with 38.8% for the preceding 2017 first quarter and 41.8% for the second quarter a year ago for BBCN on a stand-alone basis.

Balance Sheet Summary

Loans receivable increased 3% to $10.82 billion at June 30, 2017 from $10.55 billion at March 31, 2017, reflecting a 10% annualized growth rate.  At June 30, 2016, loans receivable for BBCN on a stand-alone basis amounted to $6.58 billion.

Total new loan originations during the 2017 second quarter amounted to $725.1 million and included SBA loan production of $109.4 million and residential mortgage loan originations of $70.8 million. The Company also purchased a $10.4 million pool of seasoned, adjustable rate residential loans.

Sales of SBA loans to the secondary market and gains derived from those sales are based substantially on the production of SBA 7(a) loans.  SBA 7(a) loan originations totaled $65.5 million for the second quarter of 2017, compared with $51.9 million for the first quarter of 2017 and $56.7 million for the year-ago second quarter for BBCN on a stand-alone basis. During the 2017 second quarter, the Company sold $46.1 million of its SBA loans held for sale, compared with $44.9 million in the immediately preceding first quarter and $39.6 million in the second quarter a year ago for BBCN on a stand-alone basis.

Aggregate pay offs and pay downs in the 2017 second quarter amounted to $432.1 million, compared with $414.6 million for the immediately preceding first quarter. In the year-ago second quarter, aggregate pay offs and paydowns for BBCN on a stand-alone basis totaled $235.6 million.

Total deposits at June 30, 2017 increased 2% to $10.96 billion from $10.70 billion at March 31, 2017, notwithstanding the consolidation of nine additional branches during the first half of the year. The increase in deposits reflects higher balances in noninterest bearing deposits, money market accounts and time deposits under $100,000. Total deposits at June 30, 2016 for the stand-alone BBCN amounted to $6.64 billion.

Credit Quality

The provision for loan and lease losses for the 2017 second quarter was $2.8 million, compared with $5.6 million for the immediately preceding first quarter and $1.2 million for the year-ago second quarter for BBCN on a stand-alone basis.

For a more detailed understanding of the changes in the allowance for loan and lease losses (“ALLL”), the composition of the ALLL has been segmented for disclosure purposes between loans accounted for under the amortized cost method (referred to as “legacy loans”) and loans acquired through the Wilshire Bancorp, Center Financial, Pacific International and Foster Bankshares transactions (referred to as “purchased loans”).  The purchased loans are further segregated between non-impaired and credit-impaired loans.

The composition of the ALLL as of June 30, 2017, March 31, 2017 and June 30, 2016 is as follows:

(dollars in thousands) (unaudited)     6/30/2017       3/31/2017       6/30/2016
Legacy loans (1)     $ 65,255         $ 64,055         $ 63,616  
Purchased non-impaired loans (2)       2,753           2,468           860  
Purchased credit-impaired loans (2)       12,066           12,136           11,949  
Total ALLL     $ 80,074         $ 78,659         $ 76,425  
                                   
Loans receivable     $ 10,816,419         $ 10,549,667         $ 6,584,237  
ALLL coverage ratio       0.74 %         0.75 %         1.16 %

(1) Legacy loans include loans originated by the Bank’s predecessor bank, loans originated by Bank of Hope and loans that were acquired and that have been refinanced as new loans.
(2) Purchased loans were marked to fair value at acquisition date, and the ALLL reflects provisions for credit deterioration since the acquisition date.

Following are the components of criticized loan balances as of June 30, 2017, March 31, 2017 and June 30, 2016:

(dollars in thousands) (unaudited)     6/30/2017       3/31/2017       6/30/2016
Special Mention (1)     $ 251,056       $ 225,968       $ 100,370
Classified (1)       315,439         309,996         198,857
Criticized     $ 566,495       $ 535,964       $ 299,227

(1) Balances include purchased loans which were marked to fair value on the date of acquisition.

The Company defines nonperforming loans to include delinquent loans past due 90 days or more on nonaccrual status, delinquent loans past due 90 days or more on accrual status (excluding purchased credit-impaired loans) and accruing restructured loans.  Nonaccrual loans at June 30, 2017 increased to $47.4 million, or 0.44% of loans receivable, from $37.0 million, or 0.35% of loans receivable, at March 31, 2017 and $42.4 million, or 0.64% of loans receivable, at June 30, 2016 for BBCN on a stand-alone basis. Accruing restructured loans totaled $53.3 million at June 30, 2017, compared with $49.0 million at March 31, 2017 and $50.8 million at June 30, 2016 for BBCN on a stand-alone basis.  Total nonperforming loans at June 30, 2017 increased to $102.5 million, or 0.95% of loans receivable, from $86.3 million, or 0.82% of loans receivable, at March 31, 2017 and $93.4 million, or 1.42% of loans receivable, at June 30, 2016.

Nonperforming assets, including nonperforming loans and OREO, increased to $124.3 million at June 30, 2017 from $105.4 million at March 31, 2017 and $109.8 million at June 30, 2016 for BBCN on a stand-alone basis.  As a percentage of total assets, nonperforming assets was 0.90% at June 30, 2017, 0.78% at March 31, 2017 and 1.32% at June 30, 2016 for BBCN on a stand-alone basis.

For the 2017 second quarter, net charge offs totaled $1.3 million, or 0.05% of average loans receivable on an annualized basis. This compares with 2017 first quarter net charge offs of $6.3 million, or 0.24% of average loans receivable on an annualized basis, and $1.6 million, or 0.10% of average loans receivable on an annualized basis, for the year-ago second quarter.

The ALLL at June 30, 2017 was $80.1 million, or 0.74% of loans receivable (excluding loans held for sale), compared with $78.7 million, or 0.75% of loans receivable (excluding loans held for sale), at March 31, 2017 and $76.4 million of loans receivable (excluding loans held for sale), or 1.16%, at June 30, 2016 for BBCN on a stand-alone basis.  The coverage ratio of the ALLL to nonperforming loans (excluding purchased credit-impaired loans) was 78.12% at June 30, 2017, versus 91.18% at March 31, 2017 and 81.84% at June 30, 2016 for BBCN on a stand-alone basis.

Impaired loans (defined as loans for which it is probable that not all principal and interest payments due will be collected in accordance with the contractual terms) declined to $100.7 million at June 30, 2017 from $129.6 million at March 31, 2017 and $136.6 million at June 30, 2016 for BBCN on a stand-alone basis.

Capital

At June 30, 2017, the Company continued to exceed all regulatory capital requirements to be generally classified as a “well-capitalized” financial institution, as summarized in the following table:

      6/30/2017     3/31/2017     6/30/2016     Minimum Guideline
for “Well-Capitalized”
Institution
Common Equity Tier 1 Capital     12.18 %     12.22 %     11.66 %     6.50 %
Tier 1 Leverage Ratio     11.80 %     11.72 %     11.14 %     5.00 %
Tier 1 Risk-based Ratio     13.00 %     13.05 %     12.22 %     8.00 %
Total Risk-based Ratio     13.70 %     13.76 %     13.28 %     10.00 %

Tangible common equity per share and as a percentage of tangible assets are summarized in the following table:

      6/30/2017     3/31/2017     6/30/2016
Tangible common equity per share (1)     $ 10.52       $ 10.32       $ 10.85  
Tangible common equity to tangible assets (1)       10.64 %       10.74 %       10.50 %

(1)   Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and net other intangible assets divided by total assets less goodwill and net other intangible assets.  Management reviews tangible common equity to tangible assets in evaluating the Company’s capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital.  The accompanying financial information includes a reconciliation of the ratio of tangible common equity to tangible assets with stockholders’ equity to total assets.

Investor Conference Call

The Company will host an investor conference call on Wednesday, July 26, 2017 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the second quarter ended June 30, 2017. Investors and analysts are invited to access the conference call by dialing 866-235-9917 (domestic) or 412-902-4103 (international), and asking for the “Hope Bancorp Call.”  Other interested parties are invited to listen to a live webcast of the call available at the Investor Relations section of Hope Bancorp’s website at www.ir-hopebancorp.com.   After the live webcast, a replay will remain available in the Investor Relations section of Hope Bancorp’s website for one year.  A telephonic replay of the call will be available at 877-344-7529 (domestic) or 412-317-0088 (international) for one week through August 2, 2017, replay access code 10109988.

About Hope Bancorp, Inc.

Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean-American bank in the United States with $13.9 billion in total assets as of June 30, 2017. Formed through the merger of BBCN Bank and Wilshire Bank on July 29, 2016, the top two commercial lenders in the market, Bank of Hope is headquartered in Los Angeles and serves a multi-ethnic population of customers across the nation. Bank of Hope operates 64 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama. The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, and Portland, Oregon; a commercial loan production office in Fremont, California; residential mortgage loan production offices in California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com. By including the foregoing website address, the registrant does not intent to and shall not be deemed to incorporate by reference any material contained therein.

Forward-Looking Statements

Some statements in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market, and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. Our actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include, but are not limited to: the inability to consummate our proposed merger with U & I Financial Corp. on the terms we have proposed or at all; failure to realize the benefits from the merger with U & I Financial Corp. that we currently expect if the merger is consummated; the Company’s inability to remediate its presently identified material weaknesses or to do so in a timely manner, the possibility that additional material weaknesses may arise in the future, and that a material weakness may have an impact on our reported financial results; possible deterioration in economic conditions in our areas of operation; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; and regulatory risks associated with current and future regulations. For additional information concerning these and other risk factors, see Part I, Item 1A. Risk Factors contained in our Annual Report on Form 10-K for the year ended December 31, 2016 and Part II, Item 1A., Risk Factors, contained in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017. The Company does not undertake, and specifically disclaims any obligation, to update any forward looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

(tables follow)

                                         
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except per share data)
                                         
Assets   6/30/2017     3/31/2017     % change     12/31/2016     % change     6/30/2016     % change
Cash and due from banks   $ 446,415       $ 461,068       (3 )%     $ 437,334       2 %     $ 286,173       56 %
Securities available for sale, at fair value   1,680,382       1,583,946       6 %     1,556,740       8 %     1,099,944       53 %
Federal Home Loan Bank (“FHLB”), Federal Reserve Bank (“FRB”) stock and other investments   66,313       65,161       2 %     66,166       %     63,429       5 %
Loans held for sale, at the lower of cost or fair value   16,927       19,141       (12 )%     22,785       (26 )%     14,323       18 %
Loans receivable   10,816,419       10,549,667       3 %     10,543,332       3 %     6,584,237       64 %
Allowance for loan losses   (80,074 )     (78,659 )     (2 )%     (79,343 )     (1 )%     (76,425 )     (5 )%
Net loans receivable   10,736,345       10,471,008       3 %     10,463,989       3 %     6,507,812       65 %
Accrued interest receivable   25,640       25,683       %     26,880       (5 )%     15,787       62 %
Premises held for sale, at fair value         3,300       (100 )%           %           %
Premises and equipment, net   52,565       51,125       (3 )%     55,316       (5 )%     37,663       40 %
Bank owned life insurance   74,113       74,090       %     73,696       1 %     47,562       56 %
Goodwill   464,450       463,975       %     462,997       %     105,401       341 %
Servicing assets   25,338       25,941       (2 )%     26,457       (4 )%     12,193       108 %
Other intangible assets, net   17,874       18,550       (4 )%     19,226       (7 )%     2,395       646 %
Other assets   252,855       218,441       16 %     229,836       10 %     144,144       75 %
Total assets   $ 13,859,217       $ 13,481,429       3 %     $ 13,441,422       3 %     $ 8,336,826       66 %
                                         
Liabilities                                        
Deposits   $ 10,955,101       $ 10,703,777       2 %     $ 10,642,035       3 %     $ 6,637,522       65 %
Borrowings from FHLB   793,403       703,850       13 %     754,290       5 %     610,398       30 %
Subordinated debentures   100,328       100,067       %     99,808       1 %     42,415       137 %
Accrued interest payable   11,855       10,592       12 %     10,863       9 %     7,164       65 %
Other liabilities   92,236       85,096       8 %     78,953       17 %     67,587       36 %
Total liabilities   11,952,923       11,603,382       3 %     11,585,949       3 %     7,365,086       62 %
                                         
Stockholders’ Equity                                        
Common stock, $0.001 par value; authorized, 150,000,000 shares at June 30, 2017, March 31, 2017, December 31, 2016, and June 30, 2016   $ 135       $ 135       %     $ 135       %     $ 80       69 %
Capital surplus   1,402,303       1,401,275       %     1,400,490       %     541,688       159 %
Retained earnings   513,945       489,486       5 %     469,505       9 %     418,998       23 %
Accumulated other comprehensive income (loss), net   (10,089 )     (12,849 )     21 %     (14,657 )     31 %     10,974       (192 )%
Total stockholders’ equity   1,906,294       1,878,047       2 %     1,855,473       3 %     971,740       96 %
Total liabilities and stockholders’ equity   $ 13,859,217       $ 13,481,429       3 %     $ 13,441,422       3 %     $ 8,336,826       66 %


           
Hope Bancorp, Inc.
Selected Financial Data
Unaudited
           
    Three Months Ended     Six Months Ended
    6/30/2017     3/31/2017     % change     6/30/2016     % change     6/30/2017     6/30/2016     % change
Interest income:                                              
Interest and fees on loans   $ 128,515       $ 123,294       4 %     $ 77,086       67 %     $ 251,809       $ 154,204       63 %
Interest on securities   8,741       8,113       8 %     5,729       53 %     16,854       11,406       48 %
Interest on federal funds sold and other investments   1,277       1,336       (4 )%     719       78 %     2,613       1,385       89 %
Total interest income   138,533       132,743       4 %     83,534       66 %     271,276       166,995       62 %
                                               
Interest expense:                                              
Interest on deposits   18,114       14,511       25 %     10,352       75 %     32,625       20,259       61 %
Interest on other borrowings   3,599       3,327       8 %     2,118       70 %     6,926       4,065       70 %
Total interest expense   21,713       17,838       22 %     12,470       74 %     39,551       24,324       63 %
                                               
Net interest income before provision for loan losses   116,820       114,905       2 %     71,064       64 %     231,725       142,671       62 %
Provision for loan losses   2,760       5,600       (51 )%     1,200       130 %     8,360       1,700       392 %
Net interest income after provision for loan losses   114,060       109,305       4 %     69,864       63 %     223,365       140,971       58 %
                                               
Noninterest income:                                              
Service fees on deposit accounts   5,179       5,338       (3 )%     2,902       78 %     10,517       5,585       88 %
Net gains on sales of SBA loans   3,267       3,250       1 %     3,035       8 %     6,517       4,860       34 %
Net gains on sales of other loans   352       420       (16 )%     43       719 %     772       43       1,695 %
Net gains on sales of securities available for sale               %           %                 %
Other income and fees   7,317       8,595       (15 )%     4,727       55 %     15,912       8,994       77 %
Total noninterest income   16,115       17,603       (8 )%     10,707       51 %     33,718       19,482       73 %
                                               
Noninterest expense:                                              
Salaries and employee benefits   34,946       34,166       2 %     21,757       61 %     69,112       43,326       60 %
Occupancy   7,154       7,194       (1 )%     4,920       45 %     14,348       9,737       47 %
Furniture and equipment   3,556       3,413       4 %     2,337       52 %     6,969       4,624       51 %
Advertising and marketing   2,394       3,424       (30 )%     1,402       71 %     5,818       2,538       129 %
Data processing and communications   2,676       3,606       (26 )%     2,129       26 %     6,282       4,300       46 %
Professional fees   3,260       3,902       (16 )%     1,273       156 %     7,162       2,356       204 %
FDIC assessment   1,004       1,010       (1 )%     1,095       (8 )%     2,014       2,133       (6 )%
Credit related expenses   113       1,883       (94 )%     911       (88 )%     1,996       1,332       50 %
Other real estate owned (“OREO”) expense, net   1,188       997       19 %     133       793 %     2,185       1,561       40 %
Merger-related expenses   562       947       (41 )%     1,533       (63 )%     1,509       2,740       (45 )%
Other   7,184       7,157       %     2,858       151 %     14,341       5,750       149 %
Total noninterest expense   64,037       67,699       (5 )%     40,348       59 %     131,736       80,397       64 %
Income before income taxes   66,138       59,209       12 %     40,223       64 %     125,347       80,056       57 %
Income tax provision   25,451       22,999       11 %     16,833       51 %     48,450       33,043       47 %
Net income   $ 40,687       $ 36,210       12 %     $ 23,390       74 %     $ 76,897       $ 47,013       64 %
                                               
Earnings Per Common Share:                                              
Basic   $ 0.30       $ 0.27             $ 0.29             $ 0.57       $ 0.59        
Diluted   $ 0.30       $ 0.27             $ 0.29             $ 0.57       $ 0.59        
                                               
Average Shares Outstanding:                                              
Basic   135,257,044       135,248,018             79,604,673             135,252,556       79,595,599        
Diluted   135,613,181       135,768,645             79,634,762             135,685,064       79,625,673        


               
Hope Bancorp, Inc.
Selected Financial Data
Unaudited
               
      For the Three Months Ended
(Annualized)
      For the Six Months Ended
(Annualized)
Profitability measures:     6/30/2017       3/31/2017       6/30/2016       6/30/2017       6/30/2016
ROA     1.21 %       1.09 %       1.15 %       1.15 %       1.17 %
ROE     8.60 %       7.75 %       9.67 %       8.18 %       9.83 %
Return on average tangible equity 1     11.54 %       10.44 %       10.88 %       11.00 %       11.08 %
Net interest margin     3.75 %       3.77 %       3.67 %       3.76 %       3.75 %
Efficiency ratio     48.17 %       51.09 %       49.34 %       49.63 %       49.58 %
                                       
 
Average tangible equity is calculated by subtracting average goodwill and average core deposit intangible assets from average stockholders’ equity. This is a non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position.


                 
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
                 
    Three Months Ended     Three Months Ended     Three Months Ended
    6/30/2017     3/31/2017     6/30/2016
          Interest     Annualized           Interest     Annualized           Interest      Annualized
    Average     Income/     Average     Average     Income/     Average     Average     Income/      Average
    Balance     Expense     Yield/Cost     Balance     Expense     Yield/Cost     Balance     Expense      Yield/Cost
INTEREST EARNING ASSETS:                                                    
Loans receivable, including loans held for sale   $ 10,536,428       $ 128,515       4.89 %     $ 10,381,771       $ 123,294       4.82 %     $ 6,457,883       $ 77,086       4.80 %
Securities available for sale   1,609,310       8,741       2.18 %     1,567,497       8,113       2.10 %     1,089,080       5,729       2.10 %
FRB and FHLB stock and other investments   364,906       1,277       1.40 %     423,955       1,336       1.28 %     237,872       719       1.20 %
Total interest earning assets   $ 12,510,644       $ 138,533       4.44 %     $ 12,373,223       $ 132,743       4.35 %     $ 7,784,835       $ 83,534       4.32 %
                                                     
INTEREST BEARING LIABILITIES:                                                    
Deposits:                                                    
Demand, interest bearing   $ 3,457,412       $ 7,974       0.93 %     $ 3,436,984       $ 7,191       0.85 %     $ 2,030,272       $ 4,147       0.82 %
Savings   280,188       279       0.40 %     293,609       287       0.40 %     178,249       285       0.64 %
Time deposits   4,012,838       9,861       0.99 %     4,009,179       7,033       0.71 %     2,636,652       5,920       0.90 %
Total interest bearing deposits   7,750,438       18,114       0.94 %     7,739,772       14,511       0.76 %     4,845,173       10,352       0.86 %
FHLB advances   713,858       2,339       1.31 %     662,472       2,139       1.31 %     564,637       1,686       1.20 %
Other borrowings   96,218       1,260       5.18 %     95,911       1,188       4.95 %     40,861       432       4.18 %
Total interest bearing liabilities   8,560,514       $ 21,713       1.02 %     8,498,155       $ 17,838       0.85 %     5,450,671       $ 12,470       0.92 %
Noninterest bearing demand deposits   2,929,656                   2,868,339                   1,671,986              
Total funding liabilities/cost of funds   $ 11,490,170             0.76 %     $ 11,366,494             0.64 %     $ 7,122,657             0.70 %
Net interest income/net interest spread         $ 116,820       3.42 %           $ 114,905       3.50 %           $ 71,064       3.39 %
Net interest margin               3.75 %                 3.77 %                 3.67 %
Cost of deposits:                                                    
Noninterest bearing demand deposits   $ 2,929,656       $             $ 2,868,339       $             $ 1,671,986       $        
Interest bearing deposits   7,750,438       18,114       0.94 %     7,739,772       14,511       0.76 %     4,845,173       10,352       0.86 %
Total deposits   $ 10,680,094       $ 18,114       0.68 %     $ 10,608,111       $ 14,511       0.55 %     $ 6,517,159       $ 10,352       0.64 %


           
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
           
    Six Months Ended     Six Months Ended
    6/30/2017     6/30/2016
          Interest     Annualized           Interest     Annualized
    Average     Income/     Average     Average     Income/     Average
    Balance     Expense     Yield/Cost     Balance     Expense     Yield/Cost
INTEREST EARNING ASSETS:                                  
Loans receivable, including loans held for sale   $ 10,459,527       $ 251,809       4.85 %     $ 6,363,656       $ 154,204       4.87 %
Securities available for sale   1,588,519       16,854       2.14 %     1,052,972       11,406       2.17 %
FRB and FHLB stock and other investments   394,267       2,613       1.34 %     227,460       1,385       1.20 %
Total interest earning assets   $ 12,442,313       $ 271,276       4.40 %     $ 7,644,088       $ 166,995       4.39 %
                                   
INTEREST BEARING LIABILITIES:                                  
Deposits:                                  
Demand, interest bearing   $ 3,447,254       $ 15,164       0.89 %     $ 1,999,454       $ 8,151       0.82 %
Savings   286,862       567       0.40 %     182,356       651       0.72 %
Time deposits   4,011,019       16,894       0.85 %     2,571,346       11,457       0.90 %
Total interest bearing deposits   7,745,135       32,625       0.85 %     4,753,156       20,259       0.86 %
FHLB advances   688,307       $ 4,477       1.31 %     548,421       3,209       1.18 %
Other borrowings   96,065       2,449       5.07 %     40,837       856       4.14 %
Total interest bearing liabilities   8,529,507       $ 39,551       0.94 %     5,342,414       $ 24,324       0.92 %
Noninterest bearing demand deposits   2,899,167                   1,650,775              
Total funding liabilities/cost of funds   $ 11,428,674             0.70 %     $ 6,993,189             0.70 %
Net interest income/net interest spread         $ 231,725       3.46 %           $ 142,671       3.47 %
Net interest margin               3.76 %                 3.75 %
Cost of deposits:                                  
Noninterest bearing demand deposits   $ 2,899,167       $             $ 1,650,775       $        
Interest bearing deposits   7,745,135       32,625       0.85 %     4,753,156       20,259       0.86 %
Total deposits   $ 10,644,302       $ 32,625       0.62 %     $ 6,403,931       $ 20,259       0.64 %


           
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
           
     Three Months Ended     Six Months Ended
AVERAGE BALANCES:   6/30/2017     3/31/2017     % change     6/30/2016     % change     6/30/2017     6/30/2016     % change
Loans receivable, including loans held for sale   $ 10,536,428       $ 10,381,771       1 %     $ 6,457,883       63 %     $ 10,459,527       $ 6,363,656       64 %
Investments   1,974,216       1,991,452       (1 )%     1,326,952       49 %     1,982,786       1,280,432       55 %
Interest earning assets   12,510,644       12,373,223       1 %     7,784,835       61 %     12,442,313       7,644,088       63 %
Total assets   13,470,745       13,335,727       1 %     8,157,358       65 %     13,403,609       8,016,649       67 %
                                               
Interest bearing deposits   7,750,438       7,739,772       %     4,845,173       60 %     7,745,135       4,753,156       63 %
Interest bearing liabilities   8,560,514       8,498,155       1 %     5,450,671       57 %     8,529,507       5,342,414       60 %
Noninterest bearing demand deposits   2,929,656       2,868,339       2 %     1,671,986       75 %     2,899,167       1,650,775       76 %
Stockholders’ equity   1,892,126       1,868,998       1 %     967,919       95 %     1,880,626       956,777       97 %
Net interest earning assets   3,950,130       3,875,068       2 %     2,334,164       69 %     3,912,806       2,301,674       70 %
                                               
LOAN PORTFOLIO COMPOSITION:   6/30/2017     3/31/2017     % change     12/31/2016     % change     6/30/2016     % change      
Commercial loans   $ 1,925,503       $ 1,840,193       5 %     $ 1,986,949       (3 )%     $ 1,111,219       73 %      
Real estate loans   8,432,395       8,291,188       2 %     8,154,570       3 %     5,331,015       58 %      
Consumer and other loans   460,446       420,169       10 %     403,470       14 %     145,182       217 %      
Loans outstanding   10,818,344       10,551,550       3 %     10,544,989       3 %     6,587,416       64 %      
Unamortized deferred loan fees - net of costs   (1,925 )     (1,883 )     (2 )%     (1,657 )     (16 )%     (3,179 )     39 %      
Loans, net of deferred loan fees and costs   10,816,419       10,549,667       3 %     10,543,332       3 %     6,584,237       64 %      
Allowance for loan losses   (80,074 )     (78,659 )     (2 )%     (79,343 )     (1 )%     (76,425 )     (5 )%      
Loan receivable, net   $ 10,736,345       $ 10,471,008       3 %     $ 10,463,989       3 %     $ 6,507,812       65 %      
                                               
REAL ESTATE LOANS BY PROPERTY TYPE:   6/30/2017     3/31/2017     % change     12/31/2016     % change     6/30/2016     % change      
Retail buildings   $ 2,260,091       $ 2,213,627       2 %     $ 2,163,075       4 %     $ 1,365,808       65 %      
Hotels/motels   1,606,334       1,593,758       1 %     1,605,787       %     1,155,928       39 %      
Gas stations/car washes   973,266       938,158       4 %     946,364       3 %     704,334       38 %      
Mixed-use facilities   605,379       596,074       2 %     563,484       7 %     400,559       51 %      
Warehouses   929,034       899,009       3 %     892,100       4 %     543,270       71 %      
Multifamily   433,414       443,632       (2 )%     423,084       2 %     260,708       66 %      
Other   1,624,877       1,606,930       1 %     1,560,676       4 %     900,408       80 %      
Total   $ 8,432,395       $ 8,291,188       2 %     $ 8,154,570       3 %     $ 5,331,015       58 %      
                                               
DEPOSIT COMPOSITION   6/30/2017     3/31/2017     % change     12/31/2016     % change     6/30/2016     % change      
Noninterest bearing demand deposits   $ 3,016,538       $ 2,963,947       2 %     $ 2,900,241       4 %     $ 1,717,045       76 %      
Money market and other   3,563,404       3,481,231       2 %     3,401,446       5 %     2,176,978       64 %      
Saving deposits   275,272       289,924       (5 )%     301,906       (9 )%     173,549       59 %      
Time deposits of $100,000 or more   3,019,660       2,984,078       1 %     2,982,256       1 %     1,828,649       65 %      
Other time deposits   1,080,227       984,597       10 %     1,056,186       2 %     741,301       46 %      
Total deposit balances   $ 10,955,101       $ 10,703,777       2 %     $ 10,642,035       3 %     $ 6,637,522       65 %      
                                               
DEPOSIT COMPOSITION (%)   6/30/2017     3/31/2017           12/31/2016           6/30/2016            
Noninterest bearing demand deposits   27.5 %     27.7 %           27.3 %           25.9 %            
Money market and other   32.5 %     32.5 %           32.0 %           32.8 %            
Saving deposits   2.5 %     2.7 %           2.8 %           2.6 %            
Time deposits of $100,000 or more   27.6 %     27.9 %           28.0 %           27.6 %            
Other time deposits   9.9 %     9.2 %           9.9 %           11.1 %            
Total deposit balances   100.0 %     100.0 %           100.0 %           100 %            


                                       
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share and per share data)
                                       
CAPITAL RATIOS: 6/30/2017     3/31/2017     12/31/2016     6/30/2016                  
Total stockholders’ equity $ 1,906,294       $ 1,878,047       $ 1,855,473       $ 971,740                    
Common Equity Tier 1 ratio 12.18 %     12.22 %     12.10 %     11.66 %                  
Tier 1 risk-based capital ratio 13.00 %     13.05 %     12.92 %     12.22 %                  
Total risk-based capital ratio 13.70 %     13.76 %     13.64 %     13.28 %                  
Tier 1 leverage ratio 11.80 %     11.72 %     11.49 %     11.14 %                  
Total risk weighted assets $ 11,814,607       $ 11,571,354       11,575,944       7,329,696                    
Book value per common share $ 14.09       $ 13.89       $ 13.72       $ 12.21                    
Tangible common equity to tangible assets 2 10.64 %     10.74 %     10.60 %     10.50 %                  
Tangible common equity per share 2 $ 10.52       $ 10.32       $ 10.15       $ 10.85                    
                                       
2  Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and core deposit intangible assets, net divided by total assets less goodwill and core deposit intangible assets, net.  Management reviews tangible common equity to tangible assets in evaluating the Company’s capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital.
                                       
Reconciliation of GAAP financial measures to non-GAAP financial measures:                        
  Three Months Ended                  
  6/30/2017     3/31/2017     6/30/2016                        
TANGIBLE COMMON EQUITY                                      
Total stockholders’ equity $ 1,906,294       $ 1,878,047       $ 971,740                          
Less:  Goodwill and core deposit intangible assets, net (482,324 )     (482,525 )     (107,796 )                        
Tangible common equity $ 1,423,970       $ 1,395,522       $ 863,944                          
                                       
Total assets $ 13,859,217       $ 13,481,429       $ 8,336,826                          
Less:  Goodwill and core deposit intangible assets, net (482,324 )     (482,525 )     (107,796 )                        
Tangible assets $ 13,376,893       $ 12,998,904       $ 8,229,030                          
                                       
Common shares outstanding 135,297,678       135,248,185       79,606,821                          
                                       
Tangible common equity to tangible assets 10.64 %     10.74 %     10.50 %                        
Tangible common equity per share $ 10.52       $ 10.32       $ 10.85                          
                                       
  Three Months Ended     Six Months Ended
ALLOWANCE FOR LOAN LOSSES: 6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016     6/30/2017     6/30/2016
Balance at beginning of period $ 78,659       $ 79,343       $ 79,976       $ 76,425       $ 76,856       $ 79,343       $ 76,408  
Provision for loan losses 2,760       5,600       800       6,500       1,200       8,360       1,700  
Recoveries 777       321       452       1,010       664       1,098       1,433  
Charge offs (2,122 )     (6,605 )     (1,885 )     (3,959 )     (2,295 )     (8,727 )     (3,116 )
Balance at end of period $ 80,074       $ 78,659       $ 79,343       $ 79,976       $ 76,425       $ 80,074       $ 76,425  
Net charge offs/average loans receivable (annualized) 0.05 %     0.24 %     0.05 %     0.13 %     0.10 %     0.15 %     0.05 %
                                       
  Three Months Ended     Six Months Ended
NET CHARGED OFF (RECOVERED) LOANS  BY TYPE: 6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016     6/30/2017     6/30/2016
Real estate loans $ 830       $ 1,444       $ (45 )     $ 127       $ 18       $ 2,274       $ (372 )
Commercial loans 276       4,564       1,000       2,663       1,649       4,840       2,028  
Consumer loans 239       276       478       159       (36 )     515       27  
Total net charge offs $ 1,345       $ 6,284       $ 1,433       $ 2,949       $ 1,631       $ 7,629       $ 1,683  


                             
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
                             
NONPERFORMING ASSETS   6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016
Delinquent loans on nonaccrual status 3   $ 47,361       $ 37,009       $ 40,074       $ 40,602       $ 42,398  
Delinquent loans 90 days or more on accrual status 4   1,850       275       305       192       147  
Accruing troubled debt restructured loans   53,290       48,984       48,874       48,701       50,837  
Total nonperforming loans   102,501       86,268       89,253       89,495       93,382  
Other real estate owned   21,839       19,096       21,990       27,457       16,392  
Total nonperforming assets   $ 124,340       $ 105,364       $ 111,243       $ 116,952       $ 109,774  
Nonperforming assets/total assets   0.90 %     0.78 %     0.83 %     0.87 %     1.32 %
Nonperforming assets/loans receivable & OREO   1.15 %     1.00 %     1.05 %     1.10 %     1.66 %
Nonperforming assets/total capital   6.52 %     5.61 %     6.00 %     6.31 %     11.30 %
Nonperforming loans/loans receivable   0.95 %     0.82 %     0.85 %     0.85 %     1.42 %
Nonaccrual loans/loans receivable   0.44 %     0.35 %     0.38 %     0.38 %     0.64 %
Allowance for loan losses/loans receivable   0.74 %     0.75 %     0.75 %     0.76 %     1.16 %
Allowance for loan losses/nonaccrual loans   169.07 %     212.54 %     197.99 %     196.98 %     180.26 %
Allowance for loan losses/nonperforming loans   78.12 %     91.18 %     88.90 %     89.36 %     81.84 %
Allowance for loan losses/nonperforming assets   64.40 %     74.65 %     71.32 %     68.38 %     69.62 %
                             
 Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $15.5 million, $15.2 million, $15.9 million, $14.1 million, and $15.5 million, at June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively.
4  Excludes Acquired Credit Impaired Loans that are delinquent 90 or more days totaling $16.3 million, $17.3 million, $19.6 million, $16.4 million, and $13.8 million at June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively.
                             
BREAKDOWN OF ACCRUING TROUBLED DEBT RESTRUCTURED LOANS BY TYPE:   6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016
Retail buildings   $ 6,396       $ 5,794       $ 5,832       $ 5,876       $ 4,565  
Hotels/motels   1,287       1,300       1,305       1,315       1,324  
Gas stations/car washes                     829       835  
Mixed-use facilities   133       134       889       895       1,111  
Warehouses   5,253       5,321       5,379       5,449       5,512  
Other 5   40,221       36,435       35,469       34,337       37,490  
Total   $ 53,290       $ 48,984       $ 48,874       $ 48,701       $ 50,837  
                             
5  Includes commercial business and other loans                            
                             
                             
ACCRUING DELINQUENT LOANS 30-89 DAYS PAST DUE   6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016
Legacy                            
30 - 59 days   $ 5,910       $ 10,199       $ 6,254       $ 3,580       $ 2,920  
60 - 89 days   11,740       3,978       6,719       1,100       1,427  
Total   $ 17,650       $ 14,177       $ 12,973       $ 4,680       $ 4,347  
                             
Acquired                            
30 - 59 days   $ 6,373       $ 5,248       $ 4,015       $ 3,451       $ 2,735  
60 - 89 days   996       1,007       1,049       1,168       345  
Total   $ 7,369       $ 6,255       $ 5,064       $ 4,619       $ 3,080  
                             
Total delinquent loans 30-89 days past due   $ 25,019       $ 20,432       $ 18,037       $ 9,299       $ 7,427  
                             


                             
Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)
                             
DELINQUENT LOANS 30-89 DAYS PAST DUE BY TYPE   6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016
Legacy                            
Real estate loans   $ 14,126       $ 12,575       $ 10,896       $ 2,678       $ 2,047  
Commercial loans   3,333       1,404       2,010       1,866       2,215  
Consumer loans   191       198       67       136       85  
Total delinquent loans 30-89 days past due - legacy   $ 17,650       $ 14,177       $ 12,973       $ 4,680       $ 4,347  
                             
Acquired                            
Real estate loans   $ 5,786       $ 5,211       $ 2,721       $ 3,761       $ 2,557  
Commercial loans   1,519       360       1,987       858       211  
Consumer loans   64       684       356             312  
Total delinquent loans 30-89 days past due - acquired   $ 7,369       $ 6,255       $ 5,064       $ 4,619       $ 3,080  
                             
Total delinquent loans 30-89 days past due   $ 25,019       $ 20,432       $ 18,037       $ 9,299       $ 7,427  
                             
                             
NONACCRUAL LOANS  BY TYPE   6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016
Real estate loans   $ 33,503       $ 26,550       $ 27,522       $ 24,055       $ 25,306  
Commercial loans   12,874       10,117       11,773       15,742       16,270  
Consumer loans   984       342       779       805       822  
Total nonaccrual loans   $ 47,361       $ 37,009       $ 40,074       $ 40,602       $ 42,398  
                             
CRITICIZED LOANS   6/30/2017     3/31/2017     12/31/2016     9/30/2016     6/30/2016
Legacy                            
Special mention   $ 152,373       $ 127,432       $ 127,562       $ 168,289       $ 80,923  
Substandard   177,097       167,747       162,942       124,938       128,885  
Doubtful   2,208       233       95       441       108  
Loss                            
Total criticized loans - legacy   $ 331,678       $ 295,412       $ 290,599       $ 293,668       $ 209,916  
                             
Acquired                            
Special mention   $ 98,683       $ 98,536       $ 116,094       $ 140,604       $ 19,447  
Substandard   134,474       139,964       148,164       131,398       67,261  
Doubtful   1,660       2,052       1,854       2,624       2,603  
Loss                     (133 )      
Total criticized loans - acquired   $ 234,817       $ 240,552       $ 266,112       $ 274,493       $ 89,311  
                             
Total criticized loans   $ 566,495       $ 535,964       $ 556,711       $ 568,161       $ 299,227  


Contact:
                    Angie Yang
                    SVP, Director of Investor Relations &
                    Corporate Communications
                    213-251-2219
                    angie.yang@bankofhope.com

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