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Condensed Financial Statements of Parent Company
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Statement of Parent Company
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
The following presents the unconsolidated condensed financial statements of only the parent company, Hope Bancorp, as of December 31, 2018 and 2017:
STATEMENTS OF FINANCIAL CONDITION
 
December 31,
 
2018
 
2017
 
(Dollars in thousands)
ASSETS:
 
 
 
Cash and cash equivalents
$
12,593

 
$
13,327

Equity investments
525

 
—

Other assets
5,704

 
10,763

Investment in bank subsidiary
2,181,959

 
2,005,462

TOTAL ASSETS
$
2,200,781

 
$
2,029,552

LIABILITIES:
 
 
 
Convertible notes, net
$
194,543

 
$
—

Subordinated debentures
101,929

 
100,853

Accounts payable and other liabilities
1,098

 
444

Total liabilities
297,570

 
101,297

STOCKHOLDERS’ EQUITY
1,903,211

 
1,928,255

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
2,200,781

 
$
2,029,552



STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
(Dollars in thousands)
Interest income
$
—

 
$
—

 
$
—

Interest expense
(12,153
)
 
(5,089
)
 
(2,927
)
Noninterest income
525

 
—

 
—

Other operating expense
(4,855
)
 
(5,988
)
 
(9,826
)
Equity in earnings of bank subsidiary
201,162

 
146,397

 
121,996

Income before income tax benefit
184,679

 
135,320

 
109,243

Income tax benefit
4,910

 
4,125

 
4,504

Net income
189,589

 
139,445

 
113,747

Other comprehensive loss, net of tax
(11,205
)
 
(3,527
)
 
(12,825
)
Comprehensive income
$
178,384

 
$
135,918

 
$
100,922


 




STATEMENTS OF CASH FLOWS
 
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
 
 
Net income
$
189,589

 
$
139,445

 
$
113,747

Adjustments to reconcile net income to net cash from
  operating activities:
 
 
 
 
 
Amortization
4,118

 
1,045

 
558

Stock-based compensation expense
300

 
523

 
—

Net gain on equity investments
(525
)
 
—

 
—

Change in other assets
4,534

 
665

 
2,172

Change in accounts payable and other liabilities
653

 
(17
)
 
(119
)
Equity in undistributed earnings of bank subsidiary
(191,161
)
 
(76,397
)
 
(77,996
)
Net cash from operating activities
7,508

 
65,264

 
38,362

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
 
 
Cash and cash equivalents acquired through the merger
—

 
—

 
13,248

Net cash from investing activities
—

 
—

 
13,248

CASH FLOWS USED IN FINANCING ACTIVITIES:
 
 
 
 
 
Issuance of additional stock pursuant to various stock plans
469

 
1,865

 
—

Proceeds from convertible notes, net of issuance fees
212,920

 
—

 
—

Repurchase of shares of treasury stock
(150,000
)
 
—

 
—

Payments of cash dividends
(71,631
)
 
(67,661
)
 
(42,493
)
Net cash used in financing activities
(8,242
)
 
(65,796
)
 
(42,493
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
(734
)
 
(532
)
 
9,117

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
13,327

 
13,859

 
4,742

CASH AND CASH EQUIVALENTS, END OF YEAR
$
12,593

 
$
13,327

 
$
13,859