Hope Bancorp falls after Q1 profit miss

Territorial Bancorp

29/04/2024 20:51

** Regional bank Hope Bancorp's  HOPE.O  shares fall as much
as 10.6% to $9.80
    ** HOPE posts Q1 adjusted profit of 23 cents/shr missing
analysts' average est. of 26 cents/shr - LSEG
    ** Q1 net interest income before provision falls 14% to $115
mln, hurt by a decline in loans and higher deposit costs
    ** Total criticized loans - loans deemed to have an elevated
level of credit risk - jump to $421.5 mln in Q1, from $304.7 mln
a year earlier
    ** HOPE has agreed to buy Honolulu, Hawaii-based Territorial
Bancorp  TBNK.O  for $78.6 mln in an all-stock deal
    ** Analysts at Piper Sandler expected HOPE shares to
underperform on Monday as credit weakened with higher criticized
loans 
    ** As of last close, HOPE shares were down 9.3% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))