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Hope Bancorp notes increased deposit costs in Q3 results

Los Angeles-based Hope Bancorp Inc. posted third-quarter net income of $46.4 million, or 36 cents per share, compared to net income of $44.6 million, or 33 cents per share, a year earlier.

The S&P Capital IQ consensus estimate for GAAP EPS for the third quarter was 36 cents.

Loans receivable stood at $11.93 billion, compared to $11.67 billion in the second quarter and $10.96 billion in the third quarter of 2017.

Total deposits were at $12.05 billion, compared with $11.73 billion in the linked quarter and $10.99 billion in the year-ago period. The weighted average cost of deposits for the 2018 third quarter increased to 1.24%, up 18 basis points from the second quarter and up 49 basis points from the third quarter of 2017.

"We have implemented a number of initiatives to enhance our deposit mix and the value of our overall franchise," President and CEO Kevin Kim said in a press release. "While we recognize that any deposit strategy will take time to deliver results, we believe our efforts will improve our sensitivity to market rates and lead to enhanced profitability longer term."