Hope Bancorp, Inc. (HOPE) Files to Delay 10-K

Hope Bancorp, Inc. (HOPE) Files to Delay 10-K
Hope Bancorp, Inc. (HOPE) Files to Delay 10-K

Hope Bancorp, Inc. (NASDAQ: HOPE) disclosed in an SEC filing:

Hope Bancorp, Inc. (the “Company”) is unable to file with the Securities and Exchange Commission (“SEC”) its Annual Report on Form 10-K for the year ended December 31, 2016 (and related XBRL documents) within the prescribed time period without unreasonable effort or expense as a result of the circumstances described below.

The Company is still preparing analyses and providing documentation requested by its auditors in connection with its audit for the year ended December 31, 2016 and it has not fully completed its annual assessment of its internal control over financial reporting as of December 31, 2016. The Company anticipates that its Annual Report on Form 10-K for the year ended December 31, 2016 will be filed prior to March 16, 2017, the fifteenth calendar day following the prescribed due date.

Notwithstanding the Company’s inability to file its Annual Report on Form 10-K by March 1, 2017, the Company currently does not expect to report in its Annual Report on Form 10-K any material changes to its financial results from those previously reported in the press release for the Company’s financial results for the three and twelve months ended December 31, 2016.

In connection with the foregoing, the Company expects to disclose in the Form 10-K that, as part of its evaluation of its internal controls over financial reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002, the Company has identified material weaknesses in its internal control over financial reporting, specifically related to the existence of, and monitoring credit risk ratings of loans acquired as of the July 29, 2016 merger closing with Wilshire Bancorp, Inc. and staffing within Bank of Hope to handle the increase in financial reporting requirements resulting from the merger with Wilshire Bancorp, Inc.

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