Financial Data and Key Metrics Changes - For Q3 2024, the company reported net income of $24.2 million or $0.20 per diluted share, with adjusted net income of $25.2 million and earnings per share of $0.21, primarily impacted by merger-related notable items [9] - Customer deposits grew 11% annualized from June 30, 2024, while loans receivable increased by 2% annualized during the same period [8] - The total capital ratio was 14.8% and the tangible common equity ratio was 10.1% as of September 30, 2024, marking the highest levels since the merger with Wilshire in 2016 [10] Business Line Data and Key Metrics Changes - Loans receivable, excluding loans held for sale, increased by $51 million from June 30, 2024, reflecting higher balances in residential mortgage and commercial loans [14] - Noninterest income rose to $11.8 million for Q3 2024, a 7% increase from the previous quarter, driven by higher gains on the sale of SBA loans [18] Market Data and Key Metrics Changes - Total deposits were stable at $14.7 billion, with a significant reduction in brokered deposits to 7% of the total mix, down from 14% a year prior [12] - The company sold $41 million of SBA loans during the quarter, contributing to the increase in noninterest income [19] Company Strategy and Development Direction - The company aims to grow market share and client relationships while generating profitable growth, supported by strong capital ratios and prudent balance sheet management [11][26] - The management is optimistic about the pending merger with Territorial Bancorp, which is expected to create significant value [31] Management's Comments on Operating Environment and Future Outlook - Management anticipates low single-digit growth in average loans and net interest income for Q4 2024, benefiting from positive loan growth and effective deposit rate management [28] - The company expects stable operating expenses and a consistent reserve coverage ratio of 113 basis points of loans as of September 30, 2024 [30] Other Important Information - The company declared a quarterly common stock dividend of $0.14 per share, payable on November 21, 2024 [11] - Nonperforming assets totaled $104 million, with a moderate net charge-off of $5.7 million for Q3 2024 [21][23] Q&A Session Summary Question: Update on loan portfolio regarding floating and fixed rates - The company reported that 45% of the loan portfolio consists of variable rate loans, with $766 million of fixed rate loans set to reprice in 2025 [33] Question: Deposit pricing strategy post-September rate cut - The company has reduced deposit costs across various accounts, with a beta of approximately 60% on adjusted rates, and average CD costs down to about 4.25% [34][40] Question: Credit quality and nonaccrual loans - Management indicated that the nonaccrual status of a relationship was due to a loan maturity, but the properties are well-secured, and they do not anticipate significant losses [38] Question: Spot yields on investment portfolio - The average spot yield on the investment portfolio was reported at 2.96%, with plans to reposition low-yielding securities [43] Question: Contribution of floating rate loans - The company clarified that the reported 40.5% of variable loans are truly floating, while 31% are hybrid loans [44]

Hope Bancorp (HOPE) reported $116.65 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 18.8%. EPS of $0.21 for the same period compares to $0.25 a year ago. The reported revenue represents a surprise of -4.12% over the Zacks Consensus Estimate of $121.67 million. With the consensus EPS estimate being $0.22, the EPS surprise was -4.55%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...

Company Performance - Hope Bancorp reported quarterly earnings of $0.21 per share, missing the Zacks Consensus Estimate of $0.22 per share, and down from $0.25 per share a year ago, representing an earnings surprise of -4.55% [1] - The company posted revenues of $116.65 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 4.12%, and down from $143.68 million year-over-year [2] - Over the last four quarters, the company has surpassed consensus EPS estimates just once and has not been able to beat consensus revenue estimates [2] Stock Outlook - Hope Bancorp shares have added about 3.2% since the beginning of the year, underperforming the S&P 500's gain of 21.8% [3] - The current consensus EPS estimate for the coming quarter is $0.23 on revenues of $126.63 million, and for the current fiscal year, it is $0.87 on revenues of $488.53 million [7] - The estimate revisions trend for Hope Bancorp is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Zacks Industry Rank for Banks - West is currently in the bottom 44% of over 250 Zacks industries, suggesting that the industry outlook may negatively impact the stock's performance [8]

Hope Bancorp (HOPE) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on October 28, 2024, might help the stock move higher if these key numbers are better tha ...

SAN DIEGO, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Capricor Therapeutics (NASDAQ: CAPR), a biotechnology company developing transformative cell and exosome-based therapeutics for the treatment of rare diseases, announced today that the Company will present the three-year safety and efficacy results from its HOPE-2 open-label extension (OLE) study with lead asset deramiocel for treating Duchenne muscular dystrophy (DMD). The data will highlight the long-term, multi-modal benefits of deramiocel in a late-breaking p ...

Free financial counseling expands in Kentucky one year after the launch of mobile sports betting Partnership with leading organization dedicated to providing access to financial education and empowerment aims to help individuals understand how to best manage their personal finances for long-term financial security NEW YORK, Sept. 17, 2024 /PRNewswire/ -- FanDuel, the premier online gaming company in North America, today announced a second $1 million donation to Operation HOPE, the nation's leading non-profi ...

Funding will Support Youth Impacted by Domestic Violence Across the State RALEIGH, N.C., Sept. 4, 2024 /PRNewswire/ -- WellCare of North Carolina (WellCare), a Medicaid health plan and a Centene Corporation (NYSE: CNC) company, announced today a $100,000 donation available to nine Family Justice Centers across North Carolina. These funds will support Camp HOPE America, a weeklong overnight camp specially designed for youth impacted by domestic violence and trauma. Wellcare of NC (PRNewsfoto/WellCare of Nort ...

Hope Bancorp (HOPE) came out with quarterly earnings of $0.22 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items. This operator of Central Pacific Bank is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of -9.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. There are no easy answers t ...

HOPE BANCORP REPORTS 2024 SECOND QUARTER FINANCIAL RESULTS "During the 2024 second quarter, our net interest margin expanded, our operating expenses decreased, and our return on assets improved, compared with the 2024 first quarter," said Kevin S. Kim, Chairman, President and Chief Executive Officer. "These highlights reflect continued progress towards improving our financial performance following our strategic reorganization in the fourth quarter of last year. "Following the signing of the definitive merge ...

Core Viewpoint - Capricor Therapeutics is advancing its drug CAP-1002 for the treatment of Duchenne Muscular Dystrophy (DMD), with significant upcoming milestones that could impact its market position and shareholder value [9][16]. Market Opportunity - The global DMD treatment market is projected to reach $8.19 billion by 2029, with potential for CAP-1002 to capture market share if approved [3]. - The company estimates the DMD market could reach $27 million by 2030, indicating substantial growth potential [3]. Clinical Development - CAP-1002 is currently undergoing a phase 3 trial (HOPE-3) with a primary endpoint focused on the Upper Limb test score over 12 months [3]. - A successful interim futility analysis has allowed the trial to continue as planned, indicating positive progress [10]. - The FDA has agreed to a pre-BLA meeting, positioning the company to file a rolling Biologics License Application (BLA) in Q3 2024 [3][9]. Competitive Landscape - CAP-1002 will face competition from existing therapies, including Sarepta Therapeutics' Elevidys, which received FDA Accelerated Approval but is pending full approval [4]. - Capricor aims to position CAP-1002 as a best-in-class cell therapy due to its multifaceted treatment capabilities, including immunomodulatory and antifibrotic effects [4]. Expansion Opportunities - The company targets late-stage DMD patients, with a potential market of 7,500 to 10,000 patients in the U.S. [5]. - There is an opportunity to expand CAP-1002's application to Becker Muscular Dystrophy (BMD), which could address an additional 5,000 patients in the U.S. [5]. - Capricor is also exploring a multivalent exosome-based vaccine for SARS-CoV-2, with a phase 1 study expected to begin in late 2024 [5]. Financial Position - As of March 31, 2024, Capricor had cash and equivalents of $39.9 million, bolstered by a $10 million payment from a commercialization agreement [6]. - The company anticipates sufficient cash runway to fund operations into Q1 2025, excluding potential milestone payments [6][14].