Hope Bancorp, Inc. (NASDAQ:HOPE) Q2 2024 Earnings Call Transcript July 29, 2024 12:30 PM ET

Company Participants

Angie Yang - Director of IR
Kevin Kim - Chairman, President, and CEO
Julianna Balicka - CFO

Conference Call Participants

Matthew Clark - Piper Sandler
Chris McGratty - KBW
Gary Tenner - D.A. Davidson

Operator

Good day, and welcome to the Hope Bancorp 2024 Second Quarter Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Angie Yang, Director of Investor Relations. Please go ahead.

Angie Yang

Thank you, Megan. Good morning, everyone, and thank you for joining us for the Hope Bancorp 2024 second quarter investor conference call. As usual, we will be using a slide presentation to accompany our discussion this morning, which is available in the presentations page of our IR website.

Beginning on Slide 2, where we start with a brief statement regarding forward-looking remarks. The call today contains forward-looking projections regarding the future financial performance of the Company and future events, as well as statements regarding the proposed transaction between Hope Bancorp and Territorial Bancorp. The closing of the proposed transaction is subject to regulatory approvals, the approval of the stockholders of Territorial Bancorp, and other customary closing conditions. Forward-looking statements are not guarantees of future performance, actual outcomes and results may differ materially. Hope Bancorp assumes no obligation to revise any forward-looking projections that may be made on today's call.

In addition, some of the information referenced on this call today are non-GAAP financial measures. For a more detailed description of the risk factors and a reconciliation of the GAAP to non-GAAP financial measures, please refer to the Company's filings with the SEC as well as the safe harbor statements in our press release issued this morning. Now, we have allotted one hour for this call. Presenting from the management side today will be Kevin Kim, Hope Bancorp's Chairman, President, and CEO; Julianna Balicka, our Chief Financial Officer. Peter Koh, our Chief Operating Officer, is also here with us as usual and will be available for the Q&A session.

With that, let me turn the call over to Kevin Kim. Kevin?

Kevin Kim

Thank you, Angie. Good morning, everyone, and thank you for joining us today.

Let us begin on Slide 3 with a brief overview of the quarter. For the second quarter of 2024, we earned net income of $25.3 million, or $0.21 per diluted share. Excluding notable items, our net income was $26.6 million and our earnings per share were $0.22. Notable items this quarter included merger and restructuring-related costs and a partial reversal of a prior accrual for the FDIC special assessment. Our results this quarter reflect continued progress in improving our financial performance following our strategic reorganization late last year.