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Hope Bancorp's Q3 net income down 8% YOY

Los Angeles-based Hope Bancorp Inc. reported third-quarter net income of $42.6 million, or 34 cents per share, down about 8% from $46.4 million, or 36 cents per share, for the same period in 2018.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the most recent quarter was 32 cents.

Net loans receivable stood at $12.01 billion as of Sept. 30, up from $11.84 billion at the end of the year-ago quarter. Total deposits were $12.23 billion at the end of September, compared with $12.05 billion as of Sept. 30, 2018.

Net interest income before provision for loan losses was $116.3 million for the three months ended Sept. 30, compared with $123.1 million for the year-ago period. Net interest margin for the third quarter was 3.25%, compared with 3.47% in the prior-year quarter.

The provision for loan losses was $2.1 million for the third quarter, compared with $7.3 million for the same period in 2018. Net charge-offs totaled $1.8 million, compared with $6.6 million in the same quarter of 2018.