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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 22, 2019

HOPE BANCORP, INC.
(Exact name of registrant as specified in its charter)
Delaware
000-50245
95-4849715
(State or other jurisdiction
(Commission File Number)
(IRS Employer Identification No.)
of incorporation)
 
 
3200 Wilshire Blvd, Suite 1400, Los Angeles, CA
90010
(Address of principal executive offices)
(Zip Code)

Registrant’s telephone number, including area code: (213) 639-1700.

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]











Item 2.02 Results of Operations and Financial Condition.

On January 22, 2019, Hope Bancorp, Inc. (“HOPE” or the “Company”) issued a news release concerning its results of operations and financial condition for the fourth quarter and full year ended and as of December 31, 2018. A copy of the January 22, 2019 press release is attached hereto as Exhibit 99.1.

Item 8.01 Other Events.
 
On January 22, 2019, the Company issued a news release announcing that its Board of Directors declared a quarterly cash dividend of $0.14 per common share. The cash dividend is payable on or about February 15, 2019 to all stockholders of record as of the close of business on February 1, 2019. A copy of the January 22, 2019 press release is attached hereto as Exhibit 99.2.

Item 7.01. Regulation FD Disclosure

The Company previously announced that it will host an investor conference call on Wednesday, January 23, 2019 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for its fourth quarter and full year ended December 31, 2018. A presentation to accompany the conference call, which contains certain historical and forward-looking information relating to the Company (the “Presentation Materials”), has been made available at the Investor Relations section of Hope Bancorp’s website at www.ir-hopebancorp.com. A copy of the Presentation Materials is attached hereto as Exhibit 99.3.

The information included in this report pursuant to Item 2.02, Item 8.01 and Item 7.01 of Form 8-K (including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No.         Description of Exhibit

        
99.1
News release, dated January 22, 2019, concerning the results of operations and financial condition for the fourth quarter and full year ended and as of December 31, 2018.
99.2
News release, dated January 22, 2019 announcing the declaration of a quarterly cash dividend.
99.3
Presentation Materials, dated January 23, 2019.















SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
Hope Bancorp, Inc.
 
 
 
 
Date: January 23, 2019
/s/ Kevin S. Kim
 
Name: Kevin S. Kim
 
Title: President and Chief Executive Officer








EXHIBIT INDEX


Exhibit No.         Description of Exhibit


99.1
News release, dated January 22, 2019, concerning the results of operations and financial condition for the fourth quarter and full year ended and as of December 31, 2018.
99.2
News release, dated January 22, 2019 announcing the declaration of a quarterly cash dividend.
99.3
Presentation Materials, dated January 23, 2019.






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Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit
Page 1-1-1                                             NASDAQ: HOPE


396452585_hopebancorplogoa07.jpg
News Release
Contacts:
Alex Ko
EVP & Chief Financial Officer
213-427-6560


Angie Yang
SVP, Director of Investor Relations &
Corporate Communications
213-251-2219

HOPE BANCORP REPORTS 2018 FOURTH QUARTER AND FULL-YEAR
FINANCIAL RESULTS

Q4 2018 Highlights:
Q4 net income totals $44.4 million, or $0.35 per diluted common share
Record net income of $189.6 million for 2018
New loan originations of $667.3 million in Q4, aggregating $3.01 billion for 2018
Loans receivable of $12.10 billion reflects a 1% increase over Q3 2018; 9% for 2018
Total assets increased to $15.31 billion, up 8% over 2017
Completed $50 million share buyback, with the repurchase of an additional 3,436,757 shares during Q4

LOS ANGELES - January 22, 2018 - Hope Bancorp, Inc. (the “Company”) (NASDAQ: HOPE), the holding company of Bank of Hope (the “Bank”), today reported unaudited financial results for its fourth quarter and full year ended December 31, 2018.

For the three months ended December 31, 2018, net income totaled $44.4 million, or $0.35 per diluted common share. This compares with net income of $46.4 million, or $0.36 per diluted common share, in the 2018 third quarter and $18.0 million, or $0.13 per diluted common share, in the 2017 fourth quarter(1). Net income for 2018 totaled a record $189.6 million, or $1.44 per diluted common share, compared with 2017 net income(1) of $139.4 million, or $1.03 per diluted common share.

“We completed the year with another strong quarter of new loan originations, reflecting a 25 basis point increase in average rates on new loans and a well diversified mix of commercial real estate, commercial and consumer loans,” said President and Chief Executive Officer Kevin S. Kim. “Our asset quality improved with decreases achieved in nonaccrual loans and total criticized loans, and net charge offs were minimal. While a $1.7 million restructuring charge related to our branch rationalization plan impacted our efficiency ratio for the quarter, our expense management efforts are being well implemented, and we are confident that they will lead to improved efficiencies in the coming years. Notwithstanding the significant investments we made in 2018 to strengthen the long-term prospects of our organization, we are pleased to have concluded the year with record net income of $190 million.

“As we move forward into 2019, we continue to operate our business for the long term. We expect the retention of the guaranteed portion of our SBA loans in our portfolio will have a positive effect on our overall strategies to support our net interest margin and enhance profitability. With our proactive efforts managing our asset quality in this late stage of the economic growth cycle, we believe Bank of Hope is well positioned for long-term success,” said Kim.
__________________
(1)
The Company’s fourth quarter 2017 financial results included a non-cash, incremental income tax expense in the Company’s consolidated statements of income of $25.4 million resulting from the revaluation of its deferred tax assets and liabilities (the “DTA”) and low income housing tax credit (the “LIHTC”) investments due to the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017.


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Financial Highlights
(dollars in thousands, except per share data) (unaudited)
At or for the Three Months Ended
 
12/31/2018
 
9/30/2018
 
12/31/2017
Net income
$
44,449

 
$
46,378

 
$
17,984

Diluted earnings per share
$
0.35

 
$
0.36

 
$
0.13

Tax reform adjustments:
 
 
 
 
 
 
 
 
    Deferred tax asset
$
442

 
$

 
$
23,835

    Investments in affordable housing partnerships
$

 
$

 
$
1,588

Net income, excluding tax reform adjustments (1)
$
44,891

 
$
46,378

 
$
43,407

Diluted earnings per share, excluding tax reform adjustments (1)
$
0.35

 
$
0.36

 
$
0.32

Net interest income before provision for loan losses
$
121,893

 
$
123,147

 
$
126,392

Net interest margin
 
3.41
%
 
 
3.47
%
 
 
3.84
%
Noninterest income
$
11,614

 
$
13,447

 
$
16,451

Noninterest expense
$
70,189

 
$
67,455

 
$
73,028

Net loans receivable
$
12,005,558

 
$
11,836,553

 
$
11,018,034

Deposits
$
12,155,656

 
$
12,045,619

 
$
10,846,609

Nonaccrual loans (2)
$
53,286

 
$
56,299

 
$
46,775

ALLL to loans receivable
 
0.77
%
 
 
0.76
%
 
 
0.76
%
ALLL to nonaccrual loans (2)
 
173.70
%
 
 
160.98
%
 
 
180.74
%
ALLL to nonperforming assets (2) (3)
 
81.92
%
 
 
76.67
%
 
 
67.51
%
Provision for loan losses
$
2,800

 
$
7,300

 
$
3,600

Net charge offs
$
872

 
$
6,552

 
$
2,692

Return on assets (“ROA”)
 
1.17
%
 
 
1.24
%
 
 
0.51
%
Return on equity (“ROE”)
 
9.42
%
 
 
9.76
%
 
 
3.70
%
Noninterest expense / average assets
 
1.85
%
 
 
1.80
%
 
 
2.08
%
Efficiency ratio
 
52.57
%
 
 
49.38
%
 
 
51.12
%

(1) Net income and diluted earnings per share excluding tax reform adjustments are non-GAAP financial measures. See the Company’s reconciliation of the GAAP to non-GAAP financial measures in the accompanying financial information.
(2) Excludes delinquent SBA loans that are guaranteed and currently in liquidation.
(3) Excludes purchased credit-impaired loans.

Operating Results for the 2018 Fourth Quarter
 
The comparability of the Company’s operating results with past performance is impacted by acquisition accounting adjustments and merger-related expenses associated with past and current acquisitions. The Company provides the following supplemental information to facilitate a better understanding of financial performance. Net interest income and operating income for the three months ended December 31, 2018, September 30, 2018 and December 31, 2017 included the following pre-tax acquisition accounting adjustments and merger-related expenses associated with past acquisitions:

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(dollars in thousands) (unaudited)
Three Months Ended
 
12/31/2018
 
9/30/2018
 
12/31/2017
Accretion on purchased non-impaired loans
$
2,360

 
$
2,969

 
$
7,629

Accretion on purchased credit-impaired loans
 
4,867

 
 
5,239

 
 
5,167

Amortization of premium on low income housing tax credits
 
(85
)
 
 
(84
)
 
 
(85
)
Amortization of premium on acquired FHLB borrowings
 
357

 
 
357

 
 
353

Accretion of discount on acquired subordinated debt
 
(272
)
 
 
(271
)
 
 
(263
)
Amortization of premium on acquired time deposits and savings
 

 
 

 
 
3

Amortization of core deposit intangibles
 
(615
)
 
 
(615
)
 
 
(675
)
     Total acquisition accounting adjustments
$
6,612

 
$
7,595

 
$
12,129

Merger-related expenses
 

 
 

 
 
(12
)
          Total
$
6,612

 
$
7,595

 
$
12,117


Net Interest Income. Net interest income before provision for loan losses for the 2018 fourth quarter totaled $121.9 million, compared with $123.1 million in the 2018 third quarter and $126.4 million in the year-ago fourth quarter.

The net interest margin (net interest income divided by average interest earning assets) for the 2018 fourth quarter declined 6 basis points to 3.41% from 3.47% in the preceding 2018 third quarter, as deposit rates increased at a higher pace than loan yields. In the year-ago fourth quarter, the net interest margin was 3.84%.

The weighted average yield on loans for the 2018 fourth quarter increased 5 basis points to 5.21% from 5.16% in the preceding third quarter and rose 9 basis points from 5.12% in the 2017 fourth quarter. The increases in the weighted average yield on loans largely reflects the benefits to the variable rate portion of the Company’s loan portfolio resulting from the increases in the fed funds rate in March, June, September and December 2018 of 25 basis points each.

The weighted average cost of deposits for the 2018 fourth quarter increased to 1.40%, up 16 basis points from 1.24% in the 2018 third quarter and up 60 basis points from 0.80% in the fourth quarter a year ago. The increase in the weighted average cost of deposits reflects the highly competitive deposit market, as well as a shift to the higher-rate time deposit balances in the rising interest rate environment.

Noninterest Income. Noninterest income for the 2018 fourth quarter decreased to $11.6 million from $13.4 million in the 2018 third quarter and $16.5 million in the year-ago fourth quarter. The decreases in noninterest income largely reflects variances in net gains on sales of SBA and mortgage loans, as well as other income and fees.

As previously announced, the Company is discontinuing its practice of regularly selling SBA loans due to the significantly reduced premiums available in the secondary market. Early in the 2018 fourth quarter and prior to this strategic change, the Company recognized net gains on sales of SBA loans of $447,000. This compares with net gains on sales of SBA loans of $2.3 million and $2.6 million in the preceding third quarter and 2017 fourth quarter, respectively. Net gains on the sales of residential mortgage loans amounted to $381,000, $477,000 and $1.3 million for the 2018 fourth quarter, 2018 third quarter and 2017 fourth quarter, respectively.

In addition, the Company incurred a $453,000 reduction to other noninterest income to record the net fair value reduction on its equity investments for the 2018 fourth quarter. This compares with a $1.6 million fair value reduction on equity investments for the 2018 third quarter. In the 2017 fourth quarter, there were no fair adjustments recorded on equity investments and the Company recorded a $592,000 gain on the sale of fixed assets.

Noninterest Expense. Noninterest expense for the 2018 fourth quarter increased to $70.2 million from $67.5 million in the preceding third quarter. In addition to higher professional fees, 2018 fourth quarter noninterest expense includes a one-time pre-tax restructuring charge of $1.7 million, related to a branch rationalization plan, which is subject to regulatory non-objection and is expected to be implemented by the second quarter of 2019. In the year-ago fourth quarter, noninterest expense totaled $73.0 million, and included a $3.3 million impairment on its LIHTC investments as a result of the enactment of the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017.


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Salaries and employee benefits expense decreased to $36.6 million for the 2018 fourth quarter from $37.0 million in the preceding third quarter and from $39.6 million in the 2017 fourth quarter.

Income Tax Provision. The effective tax rate for the 2018 fourth quarter was 26.6%, compared with 25.0% in the preceding 2018 third quarter and 72.8% in the 2017 fourth quarter. Excluding the $25.4 million charge related to the revaluation of the Company’s DTA and LIHTC investments, the effective tax rate for the 2017 fourth quarter would have been 34.4%.

Balance Sheet Summary
 
Loans receivable increased 1% to $12.10 billion at December 31, 2018 from $11.93 billion at September 30, 2018, reflecting a 6% annualized growth rate. Year-over-year, loans receivable increased 9% from $11.10 billion at December 31, 2017.

New loan originations funded during the 2018 fourth quarter totaled $667.3 million and included SBA loan production of $81.5 million and residential mortgage loan originations of $162.3 million. This compares with 2018 third quarter originations of $784.1 million, which included SBA loan production of $71.4 million and residential mortgage loan originations of $165.6 million. In the year-ago fourth quarter, new loan originations funded totaled $663.5 million, including SBA loan production of $66.7 million and residential mortgage loan originations of $193.0 million.

Sales of SBA loans to the secondary market and gains derived from those sales are based substantially on the production of SBA 7(a) loans. SBA 7(a) loan originations totaled $44.7 million for the 2018 fourth quarter, compared with $52.2 million for the third quarter of 2018 and $66.7 million for the year-ago fourth quarter. During the 2018 fourth quarter, the Company sold $10.2 million of its SBA loans held for sale, compared with $48.5 million in the immediately preceding third quarter and $36.6 million in the 2017 fourth quarter.

Aggregate loan pay offs and pay downs in the 2018 fourth quarter totaled $431.6 million, compared with $495.3 million for the immediately preceding third quarter and $380.9 million in the year-ago fourth quarter.

Total deposits at December 31, 2018 amounted to $12.16 billion, up 1% from $12.05 billion at September 30, 2018 and up 12% from $10.85 billion at December 31, 2017.

Credit Quality
 
The provision for loan and lease losses for the 2018 fourth quarter was $2.8 million, compared with $7.3 million for the immediately preceding 2018 third quarter and $3.6 million for the year-ago fourth quarter.

For a more detailed understanding of the changes in the allowance for loan and lease losses (“ALLL”), the composition of the ALLL has been segmented for disclosure purposes between loans accounted for under the amortized cost method (referred to as “legacy loans”) and loans acquired through the Wilshire Bancorp, Center Financial, Pacific International and Foster Bankshares transactions (referred to as “purchased loans”). The purchased loans are further segregated between non-impaired and credit-impaired loans.


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The composition of the ALLL as of December 31, 2018, September 30, 2018 and December 31, 2017 is as follows:
(dollars in thousands) (unaudited)
12/31/2018
 
9/30/2018
 
12/31/2017
Legacy loans (1)
$
78,259
 
$
75,364
 
$
67,648
Purchased non-impaired loans (2)
 
2,135
 
 
2,411
 
 
4,853
Purchased credit-impaired loans (2)
 
12,163
 
 
12,854
 
 
12,040
Total ALLL
$
92,557
 
$
90,629
 
$
84,541
 
 
 
 
 
 
 
 
 
Loans receivable
$
12,098,115
 
$
11,927,182
 
$
11,102,575
ALLL coverage ratio (excluding loans held for sale)
 
0.77
%
 
 
0.76
%
 
 
0.76
%

(1)
Legacy loans include loans originated by the Bank’s predecessor banks, loans originated by Bank of Hope and loans that were acquired that have been refinanced as new loans.
(2)
Purchased loans were marked to fair value at acquisition date, and the ALLL reflects provisions for credit deterioration since the acquisition date.

The Company defines nonperforming loans to include delinquent loans on nonaccrual status, delinquent loans past due 90 days or more on accrual status (excluding purchased credit-impaired loans) and accruing restructured loans. Nonaccrual loans declined 5% to $53.3 million at December 31, 2018 from $56.3 million at September 30, 2018 and decreased as a percentage of loans receivable to 0.44% from 0.47%. At December 31, 2017, nonaccrual loans amounted to $46.8 million, or 0.42% of loans receivable. Accruing restructured loans at December 31, 2018 decreased to $50.4 million from $52.5 million at September 30, 2018 and $67.3 million at December 31, 2017. Total nonperforming loans at December 31, 2018 amounted to $105.2 million, or 0.87% of loans receivable, down 4% from $109.2 million, or 0.92% of loans receivable, at September 30, 2018 and down 8% from $114.4 million, or 1.03% of loans receivable, at December 31, 2017.

Nonperforming assets, including nonperforming loans and OREO, totaled $113.0 million at December 31, 2018, reflecting a 4% decrease when compared with $118.2 million at September 30, 2018 and a 10% decrease when compared with $125.2 million December 31, 2017. As a percentage of total assets, nonperforming assets declined to 0.74% at December 31, 2018 from 0.78% at September 30, 2018 and 0.88% at December 31, 2017.
 
Following are the components of criticized loan balances as of December 31, 2018, September 30, 2018 and December 31, 2017:
(dollars in thousands) (unaudited)
12/31/2018
 
9/30/2018
 
12/31/2017
Special Mention (1)
$
163,089
 
$
217,746
 
$
214,891
Classified (1)
 
318,327
 
 
302,719
 
 
353,584
     Criticized
$
481,416
 
$
520,465
 
$
568,475

(1)
Balances include purchased loans which were marked to fair value on the date of acquisition.
 
For the 2018 fourth quarter, the Company recorded net charge offs of $872,000 or 0.03% of average loans receivable on an annualized basis. This compares with net charge offs of $6.6 million, or 0.22% of average loans receivable on an annualized basis, for the 2018 third quarter and $2.7 million, or 0.10% of average loans receivable on an annualized basis, for the 2017 fourth quarter.

The ALLL at December 31, 2018 was $92.6 million, or 0.77% of loans receivable (excluding loans held for sale), compared with $90.6 million, or 0.76% of loans receivable (excluding loans held for sale), at September 30, 2018 and $84.5 million, or 0.76% of loans receivable (excluding loans held for sale), at December 31, 2017. The coverage ratio of the ALLL to nonperforming loans (excluding purchased credit-impaired loans) was 87.96% at December 31, 2018, 82.98% at September 30, 2018 and 73.88% at December 31, 2017.
 
Impaired loans (defined as loans for which it is probable that not all principal and interest payments due will be collected in accordance with the contractual terms) totaled $104.0 million at December 31, 2018, compared with $109.2 million at September 30, 2018 and $114.3 million at December 31, 2017.


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Capital
 
At December 31, 2018, the Company and the Bank continued to exceed all regulatory capital requirements to be classified as an “adequately capitalized” or “well-capitalized” financial institution, as summarized in the following table:
 
12/31/2018
 
9/30/2018
 
12/31/2017
 
Minimum Guideline for “Well-Capitalized” Institution
Common Equity Tier 1 Capital
11.44%
 
11.61%
 
12.30%
 
6.50%
Tier 1 Leverage Ratio
10.55%
 
10.80%
 
11.54%
 
5.00%
Tier 1 Risk-based Ratio
12.21%
 
12.38%
 
13.11%
 
8.00%
Total Risk-based Ratio
12.94%
 
13.10%
 
13.82%
 
10.00%


Tangible common equity per share and as a percentage of tangible assets are summarized in the following table:
 
12/31/2018
 
9/30/2018
 
12/31/2017
Tangible common equity per share (1)
$11.25
 
$10.96
 
$10.68
Tangible common equity to tangible assets (2)
9.61%
 
9.66%
 
10.54%

(1) 
Tangible common equity represents common equity less goodwill and net other intangible assets. Tangible common equity per share represents tangible common equity divided by the number of shares issued and outstanding. Both tangible common equity and tangible common equity per share are non-GAAP financial measures. A reconciliation of the Company’s total stockholders’ equity to tangible common equity, including and excluding tax reform adjustments, is provided in the accompanying financial information on Table Page 7.
(2) 
Tangible assets represent total assets less goodwill and net other intangible assets. Tangible common equity to tangible assets is the ratio of tangible common equity over tangible assets. Tangible common equity to tangible assets is a non-GAAP financial measure. A reconciliation of the Company’s total assets to tangible assets, including and excluding tax reform adjustments, is provided in the accompanying financial information on Table Page 7.

Management reviews tangible common equity per share and the tangible common equity to tangible assets ratio in evaluating the Company’s and the Bank’s capital levels and has included these figures in response to market participant interest in tangible common equity as a measure of capital. A reconciliation of the GAAP to non-GAAP financial measures is provided in the accompanying financial information.


Investor Conference Call

The Company previously announced that it will host an investor conference call on Wednesday, January 23, 2019 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for its fourth quarter and full year ended December 31, 2018. Investors and analysts are invited to access the conference call by dialing 866-235-9917 (domestic) or 412-902-4103 (international) and asking for the “Hope Bancorp Call.” A presentation to accompany the earnings call will be available at the Investor Relations section of Hope Bancorp’s website at www.ir-hopebancorp.com. Other interested parties are invited to listen to a live webcast of the call available at the Investor Relations section of Hope Bancorp’s website. After the live webcast, a replay will remain available in the Investor Relations section of Hope Bancorp’s website for one year. A telephonic replay of the call will be available at 877-344-7529 (domestic) or 412-317-0088 (international) for one week through January 30, 2019, replay access code 10127445.



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About Hope Bancorp, Inc.

Hope Bancorp, Inc. is the holding company of Bank of Hope, the first and only super regional Korean-American bank in the United States with $15.3 billion in total assets as of December 31, 2018. Headquartered in Los Angeles and serving a multi-ethnic population of customers across the nation, Bank of Hope operates 63 full-service branches in California, Washington, Texas, Illinois, New York, New Jersey, Virginia, Georgia and Alabama. The Bank also operates SBA loan production offices in Seattle, Denver, Dallas, Atlanta, Portland, Oregon, New York City, Northern California and Houston; commercial loan production offices in Northern California and Seattle; residential mortgage loan production offices in Southern California; and a representative office in Seoul, Korea. Bank of Hope specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and commercial lending, SBA lending and international trade financing. Bank of Hope is a California-chartered bank, and its deposits are insured by the FDIC to the extent provided by law. Bank of Hope is an Equal Opportunity Lender. For additional information, please go to bankofhope.com.


Forward-Looking Statements

Some statements in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include, but are not limited to: possible deterioration in economic conditions in our areas of operation; interest rate risk associated with volatile interest rates and related asset-liability matching risk; liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; and regulatory risks associated with current and future regulations. For additional information concerning these and other risk factors, see the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

# # #

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Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share data)


Assets
12/31/2018
 
9/30/2018
 
% change
 
12/31/2017
 
% change
Cash and due from banks
$
459,606

 
$
522,710

 
(12
)%
 
$
492,000

 
(7
)%
Securities available for sale, at fair value
1,846,265

 
1,854,250

 
 %
 
1,720,257

 
7
 %
Federal Home Loan Bank (“FHLB”) stock and other investments
104,705

 
106,243

 
(1
)%
 
83,142

 
26
 %
Loans held for sale, at the lower of cost or fair value
25,128

 
15,023

 
67
 %
 
29,661

 
(15
)%
Loans receivable
12,098,115

 
11,927,182

 
1
 %
 
11,102,575

 
9
 %
Allowance for loan losses
(92,557
)
 
(90,629
)
 
(2
)%
 
(84,541
)
 
(9
)%
  Net loans receivable
12,005,558

 
11,836,553

 
1
 %
 
11,018,034

 
9
 %
Accrued interest receivable
32,225

 
33,338

 
(3
)%
 
29,979

 
7
 %
Premises and equipment, net
53,794

 
55,178

 
(3
)%
 
56,714

 
(5
)%
Bank owned life insurance
75,219

 
76,081

 
(1
)%
 
74,915

 
 %
Goodwill
464,450

 
464,450

 
 %
 
464,450

 
 %
Servicing assets
23,132

 
24,354

 
(5
)%
 
24,710

 
(6
)%
Other intangible assets, net
14,061

 
14,677

 
(4
)%
 
16,523

 
(15
)%
Other assets
201,809

 
226,638

 
(11
)%
 
196,332

 
3
 %
  Total assets
$
15,305,952

 
$
15,229,495

 
1
 %
 
$
14,206,717

 
8
 %
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
Deposits
$
12,155,656

 
$
12,045,619

 
1
 %
 
$
10,846,609

 
12
 %
Borrowings from FHLB & fed funds purchased
821,280

 
836,637

 
(2
)%
 
1,227,593

 
(33
)%
Convertible debt
194,543

 
193,332

 
1
 %
 

 
100
 %
Subordinated debentures
101,929

 
101,657

 
 %
 
100,853

 
1
 %
Accrued interest payable
31,374

 
31,717

 
(1
)%
 
15,961

 
97
 %
Other liabilities
97,959

 
115,953

 
(16
)%
 
87,446

 
12
 %
  Total liabilities
13,402,741

 
13,324,915

 
1
 %
 
12,278,462

 
9
 %
 
 
 
 
 
 
 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
Common stock, $0.001 par value
136

 
136

 
 %
 
136

 
 %
Capital surplus
1,423,405

 
1,422,685

 
 %
 
1,405,014

 
1
 %
Retained earnings
662,375

 
636,080

 
4
 %
 
544,886

 
22
 %
Treasury stock, at cost
(150,000
)
 
(100,000
)
 
(50
)%
 

 
100
 %
Accumulated other comprehensive loss
(32,705
)
 
(54,321
)
 
40
 %
 
(21,781
)
 
(50
)%
  Total stockholders’ equity
1,903,211

 
1,904,580

 
 %
 
1,928,255

 
(1
)%
  Total liabilities and stockholders’ equity
$
15,305,952

 
$
15,229,495

 
1
 %
 
$
14,206,717

 
8
 %
 
 
 
 
 
 
 
 
 
 
Common stock shares - authorized
150,000,000

 
150,000,000

 
 
 
150,000,000

 
 
Common stock shares - outstanding
126,639,912

 
130,074,103

 
 
 
135,511,891

 
 
Treasury stock shares
9,002,453

 
5,565,696

 
 
 

 
 


Table Page 1


Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except per share data)


 
Three Months Ended
 
Twelve Months Ended
 
12/31/2018
 
9/30/2018
 
% change
 
12/31/2017
 
% change
 
12/31/2018
 
12/31/2017
 
% change
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest and fees on loans
$
156,606

 
$
153,366

 
2
 %
 
$
141,129

 
11
 %
 
$
594,103

 
$
529,760

 
12
 %
  Interest on securities
12,385

 
11,957

 
4
 %
 
10,523

 
18
 %
 
45,342

 
36,917

 
23
 %
  Interest on federal funds sold and other investments
3,035

 
2,503

 
21
 %
 
1,533

 
98
 %
 
10,727

 
5,427

 
98
 %
    Total interest income
172,026

 
167,826

 
3
 %
 
153,185

 
12
 %
 
650,172

 
572,104

 
14
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest on deposits
42,477

 
37,022

 
15
 %
 
21,901

 
94
 %
 
134,958

 
74,902

 
80
 %
  Interest on other borrowings and convertible debt
7,656

 
7,657

 
 %
 
4,892

 
57
 %
 
27,287

 
15,822

 
72
 %
    Total interest expense
50,133

 
44,679

 
12
 %
 
26,793

 
87
 %
 
162,245

 
90,724

 
79
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income before provision for loan losses
121,893

 
123,147

 
(1
)%
 
126,392

 
(4
)%
 
487,927

 
481,380

 
1
 %
Provision for loan losses
2,800

 
7,300

 
(62
)%
 
3,600

 
(22
)%
 
14,900

 
17,360

 
(14
)%
Net interest income after provision for loan losses
119,093

 
115,847

 
3
 %
 
122,792

 
(3
)%
 
473,027

 
464,020

 
2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Service fees on deposit accounts
4,568

 
4,569

 
 %
 
4,951

 
(8
)%
 
18,551

 
20,619

 
(10
)%
  Net gains on sales of SBA loans
447

 
2,331

 
(81
)%
 
2,626

 
(83
)%
 
9,708

 
12,774

 
(24
)%
  Net gains on sales of other loans
381

 
477

 
(20
)%
 
1,308

 
(71
)%
 
2,485

 
2,927

 
(15
)%
  Net gains on sales of securities available for sale

 

 
100
 %
 
301

 
(100
)%
 

 
301

 
(100
)%
  Other income and fees
6,218

 
6,070

 
2
 %
 
7,265

 
(14
)%
 
29,436

 
29,794

 
(1
)%
    Total noninterest income
11,614

 
13,447

 
(14
)%
 
16,451

 
(29
)%
 
60,180

 
66,415

 
(9
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Salaries and employee benefits
36,594

 
36,969

 
(1
)%
 
39,570

 
(8
)%
 
153,523

 
144,669

 
6
 %
  Occupancy
7,877

 
7,837

 
1
 %
 
7,108

 
11
 %
 
30,371

 
28,587

 
6
 %
  Furniture and equipment
3,448

 
3,710

 
(7
)%
 
4,032

 
(14
)%
 
14,902

 
14,643

 
2
 %
  Advertising and marketing
2,392

 
1,986

 
20
 %
 
2,246

 
7
 %
 
9,414

 
10,281

 
(8
)%
  Data processing and communications
3,650

 
3,513

 
4
 %
 
2,676

 
36
 %
 
14,232

 
12,179

 
17
 %
  Professional fees
4,756

 
3,950

 
20
 %
 
4,553

 
4
 %
 
16,286

 
14,954

 
9
 %
  FDIC assessment
1,406

 
1,788

 
(21
)%
 
1,897

 
(26
)%
 
6,572

 
5,173

 
27
 %
  Credit related expenses
507

 
658

 
(23
)%
 
1,073

 
(53
)%
 
2,863

 
582

 
392
 %
  Other real estate owned (“OREO”) expense, net
302

 
(56
)
 
N/A

 
237

 
27
 %
 
187

 
3,100

 
(94
)%
  Branch restructuring costs
1,674

 

 
100
 %
 

 
100
 %
 
1,674

 

 
100
 %
  Merger-related expenses

 

 
100
 %
 
12

 
(100
)%
 
(7
)
 
1,781

 
N/A

  Other
7,583

 
7,100

 
7
 %
 
9,624

 
(21
)%
 
27,709

 
30,652

 
(10
)%
    Total noninterest expense
70,189

 
67,455

 
4
 %
 
73,028

 
(4
)%
 
277,726

 
266,601

 
4
 %
Income before income taxes
60,518

 
61,839

 
(2
)%
 
66,215

 
(9
)%
 
255,481

 
263,834

 
(3
)%
Income tax provision
16,069

 
15,461

 
4
 %
 
48,231

 
(67
)%
 
65,892

 
124,389

 
(47
)%
Net income
$
44,449

 
$
46,378

 
(4
)%
 
$
17,984

 
147
 %
 
$
189,589

 
$
139,445

 
36
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings Per Common Share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Basic
$
0.35

 
$
0.36

 
 
 
$
0.13

 
 
 
$
1.44

 
$
1.03

 
 
  Diluted
$
0.35

 
$
0.36

 
 
 
$
0.13

 
 
 
$
1.44

 
$
1.03

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average Shares Outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Basic
128,115,170

 
130,268,992

 
 
 
135,505,041

 
 
 
131,716,726

 
135,348,938

 
 
  Diluted
128,261,998

 
130,525,474

 
 
 
135,752,978

 
 
 
131,954,192

 
135,684,969

 
 

Table Page 2


Hope Bancorp, Inc.
Selected Financial Data
Unaudited


 
At or for the Three Months Ended
(Annualized)
 
At or for the Twelve Months Ended
Profitability measures:
12/31/2018
 
9/30/2018
 
12/31/2017
 
12/31/2018
 
12/31/2017
  ROA
1.17
%
 
1.24
%
 
0.51
%
 
1.29
%
 
1.02
%
  ROE
9.42
%
 
9.76
%
 
3.70
%
 
9.92
%
 
7.31
%
  Return on average tangible equity 1
12.62
%
 
13.06
%
 
4.92
%
 
13.25
%
 
9.78
%
  Net interest margin
3.41
%
 
3.47
%
 
3.84
%
 
3.53
%
 
3.80
%
  Efficiency ratio
52.57
%
 
49.38
%
 
51.12
%
 
50.67
%
 
48.67
%
  Noninterest expense / average assets
1.85
%
 
1.80
%
 
2.08
%
 
1.88
%
 
1.95
%
 
 
 
 
 
 
 
 
 
 
1 Average tangible equity is calculated by subtracting average goodwill and average core deposit intangibles assets from average stockholders’ equity. This is a non-GAAP measure that we believe provides investors with information that is useful in understanding our financial performance and position.
 


Table Page 3


Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share data)


 
Three Months Ended
 
12/31/2018
 
9/30/2018
 
12/31/2017
 
 
 
Interest
 
Annualized
 
 
 
Interest
 
Annualized
 
 
 
Interest
 
Annualized
 
Average
 
Income/
 
Average
 
Average
 
Income/
 
Average
 
Average
 
Income/
 
 Average
 
Balance
 
Expense
 
Yield/Cost
 
Balance
 
Expense
 
Yield/Cost
 
Balance
 
Expense
 
 Yield/Cost
INTEREST EARNING ASSETS:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Loans receivable, including loans held for sale
$
11,935,109

 
$
156,606

 
5.21
%
 
$
11,781,091

 
$
153,366

 
5.16
%
 
$
10,931,523

 
$
141,129

 
5.12
%
    Securities available for sale
1,835,218

 
12,385

 
2.68
%
 
1,844,493

 
11,957

 
2.57
%
 
1,794,260

 
10,523

 
2.33
%
    FRB and FHLB stock and other investments
431,901

 
3,035

 
2.79
%
 
446,390

 
2,503

 
2.22
%
 
345,363

 
1,533

 
1.76
%
Total interest earning assets
$
14,202,228

 
$
172,026

 
4.81
%
 
$
14,071,974

 
$
167,826

 
4.73
%
 
$
13,071,146

 
$
153,185

 
4.65
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
INTEREST BEARING LIABILITIES:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Demand, interest bearing
$
3,127,598

 
$
12,425

 
1.58
%
 
$
3,237,673

 
$
11,526

 
1.41
%
 
$
3,538,995

 
$
8,564

 
0.96
%
    Savings
225,746

 
537

 
0.94
%
 
228,218

 
486

 
0.84
%
 
241,667

 
439

 
0.72
%
    Time deposits
5,626,355

 
29,515

 
2.08
%
 
5,344,464

 
25,010

 
1.86
%
 
4,072,565

 
12,898

 
1.26
%
  Total interest bearing deposits
8,979,699

 
42,477

 
1.88
%
 
8,810,355

 
37,022

 
1.67
%
 
7,853,227

 
21,901

 
1.11
%
  FHLB advances & fed funds purchased
824,995

 
3,674

 
1.77
%
 
837,412

 
3,703

 
1.75
%
 
1,003,951

 
3,531

 
1.40
%
  Convertible debt
193,749

 
2,299

 
4.64
%
 
192,541

 
2,299

 
4.67
%
 

 

 
%
Subordinated debentures
97,856

 
1,683

 
6.73
%
 
97,589

 
1,655

 
6.64
%
 
96,786

 
1,361

 
5.50
%
Total interest bearing liabilities
10,096,299

 
$
50,133

 
1.97
%
 
9,937,897

 
$
44,679

 
1.78
%
 
8,953,964

 
$
26,793

 
1.19
%
Noninterest bearing demand deposits
3,018,672

 
 
 
 
 
3,041,489

 
 
 
 
 
3,029,958

 
 
 
 
Total funding liabilities/cost of funds
$
13,114,971

 
 
 
1.52
%
 
$
12,979,386

 
 
 
1.37
%
 
$
11,983,922

 
 
 
0.89
%
Net interest income/net interest spread
 
 
$
121,893

 
2.84
%
 
 
 
$
123,147

 
2.95
%
 
 
 
$
126,392

 
3.46
%
Net interest margin
 
 
 
 
3.41
%
 
 
 
 
 
3.47
%
 
 
 
 
 
3.84
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of deposits:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    Noninterest bearing demand deposits
$
3,018,672

 
$

 
%
 
$
3,041,489

 
$

 
%
 
$
3,029,958

 
$

 
%
    Interest bearing deposits
8,979,699

 
42,477

 
1.88
%
 
8,810,355

 
37,022

 
1.67
%
 
7,853,227

 
21,901

 
1.11
%
Total deposits
$
11,998,371

 
$
42,477

 
1.40
%
 
$
11,851,844

 
$
37,022

 
1.24
%
 
$
10,883,185

 
$
21,901

 
0.80
%

Table Page 4


Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands, except share data)



 
Twelve Months Ended
 
12/31/2018
 
12/31/2017
 
 
 
Interest
 
 
 
 
 
 Interest
 
 
 
Average
 
Income/
 
Average
 
Average
 
 Income/
 
Average
 
Balance
 
Expense
 
Yield/Cost
 
Balance
 
 Expense
 
Yield/Cost
INTEREST EARNING ASSETS:
 
 
 
 
 
 
 
 
 
 
 
    Loans receivable, including loans held for sale
$
11,547,022

 
$
594,103

 
5.15
%
 
$
10,642,349

 
$
529,760

 
4.98
%
    Securities available for sale
1,772,080

 
45,342

 
2.56
%
 
1,679,468

 
36,917

 
2.20
%
    FRB and FHLB stock and other investments
487,922

 
10,727

 
2.20
%
 
360,086

 
5,427

 
1.51
%
Total interest earning assets
$
13,807,024

 
$
650,172

 
4.71
%
 
$
12,681,903

 
$
572,104

 
4.51
%
 
 
 
 
 
 
 
 
 
 
 
 
INTEREST BEARING LIABILITIES:
 
 
 
 
 
 
 
 
 
 
 
  Deposits:
 
 
 
 
 
 
 
 
 
 
 
    Demand, interest bearing
$
3,276,815

 
$
43,252

 
1.32
%
 
$
3,490,440

 
$
31,856

 
0.91
%
    Savings
229,608

 
1,889

 
0.82
%
 
268,292

 
1,354

 
0.50
%
    Time deposits
5,107,698

 
89,817

 
1.76
%
 
4,037,259

 
41,692

 
1.03
%
  Total interest bearing deposits
8,614,121

 
134,958

 
1.57
%
 
7,795,991

 
74,902

 
0.96
%
  FHLB advances & fed funds purchased
870,124

 
15,127

 
1.74
%
 
787,119

 
10,706

 
1.36
%
  Convertible debt
123,040

 
5,797

 
4.65
%
 

 

 
%
  Subordinated debentures
97,455

 
6,363

 
6.44
%
 
96,363

 
5,116

 
5.24
%
Total interest bearing liabilities
9,704,740

 
$
162,245

 
1.67
%
 
8,679,473

 
$
90,724

 
1.05
%
Noninterest bearing demand deposits
3,014,056

 
 
 
 
 
2,955,895

 
 
 
 
Total funding liabilities/cost of funds
$
12,718,796

 
 
 
1.28
%
 
$
11,635,368

 
 
 
0.78
%
Net interest income/net interest spread
 
 
$
487,927

 
3.04
%
 
 
 
$
481,380

 
3.46
%
Net interest margin
 
 
 
 
3.53
%
 
 
 
 
 
3.80
%
 
 
 
 
 
 
 
 
 
 
 
 
Cost of deposits:
 
 
 
 
 
 
 
 
 
 
 
    Noninterest bearing demand deposits
$
3,014,056

 
$

 
%
 
$
2,955,895

 
$

 
%
    Interest bearing deposits
8,614,121

 
134,958

 
1.57
%
 
7,795,991

 
74,902

 
0.96
%
Total deposits
$
11,628,177

 
$
134,958

 
1.16
%
 
$
10,751,886

 
$
74,902

 
0.70
%


Table Page 5


Hope Bancorp, Inc.
Selected Financial Data
Unaudited (dollars in thousands)


 
 Three Months Ended
 
 Twelve Months Ended
AVERAGE BALANCES:
12/31/2018
 
9/30/2018
 
% change
 
12/31/2017
 
% change
 
12/31/2018
 
12/31/2017
 
% change
Loans receivable, including loans held for sale
$
11,935,109

 
$
11,781,091

 
1
 %
 
$
10,931,523

 
9
 %
 
$
11,547,022

 
$
10,642,349

 
9
%
Investments
2,267,119

 
2,290,883

 
(1
)%
 
2,139,623

 
6
 %
 
2,260,002

 
2,039,554

 
11
%
Interest earning assets
14,202,228

 
14,071,974

 
1
 %
 
13,071,146

 
9
 %
 
13,807,024

 
12,681,903

 
9
%
Total assets
15,152,946

 
15,019,224

 
1
 %
 
14,043,102

 
8
 %
 
14,749,166

 
13,648,963

 
8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest bearing deposits
8,979,699

 
8,810,355

 
2
 %
 
7,853,227

 
14
 %
 
8,614,121

 
7,795,991

 
10
%
Interest bearing liabilities
10,096,299

 
9,937,897

 
2
 %
 
8,953,964

 
13
 %
 
9,704,740

 
8,679,473

 
12
%
Noninterest bearing demand deposits
3,018,672

 
3,041,489

 
(1
)%
 
3,029,958

 
 %
 
3,014,056

 
2,955,895

 
2
%
Stockholders’ equity
1,888,053

 
1,899,853

 
(1
)%
 
1,944,404

 
(3
)%
 
1,910,224

 
1,907,746

 
%
Net interest earning assets
4,105,929

 
4,134,077

 
(1
)%
 
4,117,182

 
 %
 
4,102,284

 
4,002,430

 
2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LOAN PORTFOLIO COMPOSITION:
12/31/2018
 
9/30/2018
 
% change
 
12/31/2017
 
% change
 
 
 
 
 
 
Commercial loans
$
2,324,820

 
$
2,318,213

 
 %
 
$
1,947,533

 
19
 %
 
 
 
 
 
 
Real estate loans
8,721,600

 
8,639,857

 
1
 %
 
8,508,222

 
3
 %
 
 
 
 
 
 
Consumer and other loans
1,051,486

 
969,835

 
8
 %
 
647,102

 
62
 %
 
 
 
 
 
 
    Loans outstanding
12,097,906

 
11,927,905

 
1
 %
 
11,102,857

 
9
 %
 
 
 
 
 
 
Unamortized deferred loan fees - net of costs
209

 
(723
)
 
N/A

 
(282
)
 
N/A

 
 
 
 
 
 
    Loans, net of deferred loan fees and costs
12,098,115

 
11,927,182

 
1
 %
 
11,102,575

 
9
 %
 
 
 
 
 
 
Allowance for loan losses
(92,557
)
 
(90,629
)
 
(2
)%
 
(84,541
)
 
(9
)%
 
 
 
 
 
 
    Loan receivable, net
$
12,005,558

 
$
11,836,553

 
1
 %
 
$
11,018,034

 
9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REAL ESTATE LOANS BY PROPERTY TYPE:
12/31/2018
 
9/30/2018
 
% change
 
12/31/2017
 
% change
 
 
 
 
 
 
Retail buildings
$
2,379,589

 
$
2,388,343

 
 %
 
$
2,375,588

 
 %
 
 
 
 
 
 
Hotels/motels
1,694,696

 
1,663,543

 
2
 %
 
1,631,314

 
4
 %
 
 
 
 
 
 
Gas stations/car washes
980,619

 
964,019

 
2
 %
 
964,246

 
2
 %
 
 
 
 
 
 
Mixed-use facilities
698,779

 
694,961

 
1
 %