Hope Bancorp (HOPE) Q3 FY2024 earnings: revenue $117 million, down 18.8% on the year
Hope Bancorp Inc. (HOPE) reported revenue of $117 million for Q3 FY2024, the quarter ended 30 September 2024, down 18.8% on the same quarter a year earlier. Net income was $24 million, down 19.6% on the year, and diluted earnings per share $0.20. The figures are the company's own, from the 10-Q it filed with the SEC on 8 November 2024.
The quarter, against the one before and a year earlier
| Line | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | Change on the year |
|---|---|---|---|---|
| Revenue | 117 | 117 | 144 | -18.8% |
| Interest expense | 130 | 127 | 140 | -7.2% |
| Pre-tax income | 32.1 | 34.5 | 40.0 | -19.8% |
| Income tax | 7.9 | 9.3 | 10.0 | -20.3% |
| Effective tax rate | 24.7% | 26.8% | 24.9% | |
| Net income | 24.2 | 25.3 | 30.0 | -19.6% |
| Net margin | 20.7% | 21.6% | 20.9% | |
| Diluted EPS | $0.20 | $0.21 | $0.25 | -20.0% |
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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 | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | 63.0 | -25.6 | 193 | -67.3% |
| Capital expenditure | 2.9 | 2.5 | 3.4 | -14.8% |
| Free cash flow | 60.1 | -28.1 | 189 | -68.2% |
| Cash from investing | 32.7 | 179 | 366 | -91.1% |
| Cash from financing | -68.9 | -685 | -361 | n/a |
| Depreciation and amortisation | 10.0 | 12.7 | 2.3 | +332.3% |
| Share-based compensation | 2.1 | 1.7 | 3.0 | -30.0% |
| Buybacks | n/a | n/a | 0.0 | n/a |
| Dividend per share | $0.14 | $0.14 | $0.14 | +0.0% |
| Diluted shares, weighted | 121m | 121m | 120m | +0.7% |
| Shares outstanding at period end | 121m | 121m | 120m | +0.6% |
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 | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 2,170 | 2,111 | 2,030 | +6.9% |
| Deposits | 14,729 | 14,711 | 15,740 | -6.4% |
| Short-term borrowings | 100 | 170 | 1,796 | -94.4% |
| Operating lease liabilities | 33.0 | 33.2 | 41.5 | -20.6% |
| Other liabilities | 322 | 349 | 469 | -31.3% |
| Total liabilities and equity | 17,354 | 17,375 | 20,076 | -13.6% |
| Fixed assets | 51.5 | 50.9 | 51.8 | -0.4% |
| Goodwill | 464 | 464 | 464 | +0.0% |
| Intangible assets | 2.7 | 3.1 | 4.4 | -37.7% |
| Securities held for sale or to maturity | 2,177 | 2,173 | 2,261 | -3.7% |
| Loans | 13,465 | 13,411 | 14,147 | -4.8% |
| Cash and equivalents | 681 | 654 | 2,500 | -72.8% |
| Other assets | 513 | 619 | 647 | -20.8% |
| Total assets | 17,354 | 17,375 | 20,076 | -13.6% |
Questions
What was Hope Bancorp's revenue in Q3 FY2024?
Hope Bancorp (HOPE) reported revenue of $117 million for Q3 FY2024, the quarter ended 30 September 2024, down 18.8% on the same quarter a year earlier.
How much did Hope Bancorp earn in Q3 FY2024?
Net income for Q3 FY2024 was $24 million, down 19.6% on the year, and diluted earnings per share $0.20.
When did Hope Bancorp report Q3 FY2024 results?
Hope Bancorp filed its 10-Q for the quarter ended 30 September 2024 with the SEC on 8 November 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 |
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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 September 2024, filed 8 November 2024, accession 0001128361-24-000039: the filing on EDGAR. All of Hope Bancorp Inc.'s filings: EDGAR company page.
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