Hope Bancorp, Inc. (HOPE), a lender focused on small and medium-sized businesses, on Tuesday reported a decline in net profit for the fourth-quarter, amidst $15.047 million special items, higher total interest and non-interest expenses, and decline in total noninterest income. Earnings however, topped the consensus estimates.
For the three-month period, the bank registered a net profit of $26.481 million or $0.22 per share, lesser than $51.703 million or $0.43 per share, posted for the same period last year.
Earnings excluding special items, stood at $38.338 million or $0.32 per share, compared with $51.703 million or $0.43 per share a year ago.
On average, four analysts polled by Thomson Reuters had expected the lender to earn $0.21 per share, for the quarter. Analysts' estimates typically exclude special items.
Total notable items were $15.047 million, compared with $0 notable items in the previous year.
Pre-tax earnings moved down to $33.605 million from $69.913 million in 2022.
Total noninterest income was $9.280 million, down from last year's $12.110 million.
Total noninterest expense increased to $99.891 million from $84.518 million in 2022.
Provision for credit losses plunged to $1.700 million from $8.200 million a year ago.
Net interest income after provision for credit losses stood at $124.216 million, lesser than $142.321 million in previous year.
Total interest income was up at $269.224 million from $224.237 million last year.
Total interest expense surged to $143.308 million from $73.716 million a year ago.
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