Hope Bancorp (HOPE) Q2 FY2024 earnings: revenue $117 million, down 20.8% on the year

Hope Bancorp Inc. (HOPE) reported revenue of $117 million for Q2 FY2024, the quarter ended 30 June 2024, down 20.8% on the same quarter a year earlier. Net income was $25 million, down 33.5% on the year, and diluted earnings per share $0.21. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$117 milliondown 20.8%

Net income$25 milliondown 33.5%

Diluted EPS$0.21

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	117	123	n/a	n/a
Interest expense	127	145	n/a	n/a
Pre-tax income	34.5	35.9	n/a	n/a
Income tax	9.3	10.0	n/a	n/a
Effective tax rate	26.8%	27.9%	n/a
Net income	25.3	25.9	n/a	n/a
Net margin	21.6%	21.0%	n/a
Diluted EPS	$0.21	$0.21	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	-25.6	29.6	n/a	n/a
Capital expenditure	2.5	2.1	n/a	n/a
Free cash flow	-28.1	27.5	n/a	n/a
Cash from investing	179	247	n/a	n/a
Cash from financing	-685	-1,020	n/a	n/a
Depreciation and amortisation	12.7	5.4	n/a	n/a
Share-based compensation	1.7	2.7	n/a	n/a
Dividend per share	$0.14	$0.14	n/a	n/a
Diluted shares, weighted	121m	121m	n/a	n/a
Shares outstanding at period end	121m	121m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	2,111	2,112	n/a	n/a
Deposits	14,711	14,753	n/a	n/a
Short-term borrowings	170	796	n/a	n/a
Operating lease liabilities	33.2	35.6	n/a	n/a
Other liabilities	349	391	n/a	n/a
Total liabilities and equity	17,375	18,088	n/a	n/a
Fixed assets	50.9	50.5	n/a	n/a
Goodwill	464	464	n/a	n/a
Intangible assets	3.1	3.5	n/a	n/a
Securities held for sale or to maturity	2,173	2,278	n/a	n/a
Loans	13,411	13,560	n/a	n/a
Cash and equivalents	654	1,185	n/a	n/a
Other assets	619	546	n/a	n/a
Total assets	17,375	18,088	n/a	n/a

Questions

What was Hope Bancorp's revenue in Q2 FY2024?

Hope Bancorp (HOPE) reported revenue of $117 million for Q2 FY2024, the quarter ended 30 June 2024, down 20.8% on the same quarter a year earlier.

How much did Hope Bancorp earn in Q2 FY2024?

Net income for Q2 FY2024 was $25 million, down 33.5% on the year, and diluted earnings per share $0.21.

When did Hope Bancorp report Q2 FY2024 results?

Hope Bancorp filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 6 August 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026
Revenue	144	135	123	117	117	118	117	94.6	142	146	141	148
Interest expense	140	143	145	127	130	124	116	122	118	113	n/a	n/a
Pre-tax income	40.0	33.6	35.9	34.5	32.1	30.4	27.8	-26.1	36.4	39.1	37.9	42.6
Tax rate	25%	21%	28%	27%	25%	20%	24%	n/a	15%	12%	22%	22%
Net income	30.0	26.5	25.9	25.3	24.2	24.3	21.1	-24.8	30.8	34.5	29.5	33.0
Net margin	21%	20%	21%	22%	21%	21%	18%	-26%	22%	24%	21%	22%
Diluted EPS	$0.25	$0.22	$0.21	$0.21	$0.20	$0.20	$0.17	-$0.22	$0.24	$0.27	$0.23	$0.26
Operating cash flow	193	78.6	29.6	-25.6	63.0	49.6	26.7	9.4	51.7	76.8	13.8	60.4
Capital expenditure	3.4	2.0	2.1	2.5	2.9	2.3	2.7	2.5	4.6	3.4	2.0	4.4
Free cash flow	189	76.6	27.5	-28.1	60.1	47.4	24.0	6.9	47.2	73.4	11.8	56.0
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	6.7	2.0
Shares outstanding	120m	120m	121m	121m	121m	121m	121m	128m	128m	128m	128m	128m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 6 August 2024, accession 0001128361-24-000030: the filing on EDGAR. All of Hope Bancorp Inc.'s filings: EDGAR company page.

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