Hope Bancorp, Inc. (NASDAQ:HOPE) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 12:30 pm ET


Hope Bancorp, Inc. (NASDAQ:HOPE) Q2 2020 Earnings Conference Call - Final Transcript


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Good day and welcome to Hope Bancorp's 2020 Second Quarter Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Angie Yang, Director of Investor Relations. Please go ahead.

Angie Yang

Thank you, Andrew. Good morning, everyone, and thank you for joining us for the Hope Bancorp 2018 Second Quarter Investor Conference Call. As usual, we will begin -- we will be using a slide presentation to accompany our discussion this morning. If you have not done so already, please visit the Presentations page of our Investor Relations website to download a copy of the presentation. Or if you are listening in through the webcast, you should be able to view the slides from your computer screen as we progress through the presentation.

Beginning on Slide 2, I'd like to begin with a brief statement regarding forward-looking remarks. The call today may contain forward-looking projections regarding the future financial performance of the Company and future events. These statements are based on current expectations, estimates, forecasts, projections and management assumptions about the future performance of the Company, including any impact as a result of the COVID-19 pandemic, as well as the businesses and markets in which the company does and is expected to operate. These statements constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. We refer you to the documents the Company files periodically with the SEC, as well as the Safe Harbor statements in our press release issued yesterday. Hope Bancorp assumes no obligation to revise any forward-looking projections that may be made on today's call. The Company cautions that the complete financial results to be included in the quarterly report on Form 10-Q for the quarter ended June 30, 2020 could differ materially from the financial results being reported today.

In addition, some of the information referenced on this call today are non-GAAP financial measures. Please refer to our 2020 second quarter earnings release for the reconciliation of GAAP to non-GAAP financial measures.

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; and Alex Ko, our Executive Vice President and Chief Financial Officer. Chief Credit Officer, Peter Koh, is also here with us today and will be available for the Q&A session.

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

Kevin S. Kim

Thank you, Angie. Good morning, everyone, and thank you for joining us today. Let's begin with Slide 3 with a brief overview of our financial results. We executed well despite the continuing challenges presented by the COVID-19 pandemic and delivered a solid quarter of earnings, driven by significant balance sheet growth and disciplined expense control. We generated net income of $26.8 million or $0.22 per diluted share in the second quarter, up from $26