Hope Bancorp(US:HOPE)2022-04-19 15:00Financial Performance - Net income reached $60.7 million[3], an 18% increase Q-o-Q[3] - Diluted EPS stood at $0.50[3] - ROA increased to 1.37% and ROTCE increased to 15.01%[3] Loan Portfolio - New loan production hit a record high for the first quarter at $1.03 billion[3,5], up 21.1% Y-o-Y[3,5] - Excluding PPP loans, total loans receivable increased 1.7% Q-o-Q, or 6.7% annualized[3,7] - Variable rate loans accounted for 43% of total loan portfolio as of March 31, 2022[9] Deposits - Total deposits amounted to $14.52 billion[3] - Time deposits decreased to $2.2 billion, representing 15% of total deposits[14,16] - MMA & NOW deposits increased 5% Q-o-Q and accounted for 45% of total deposits[14,16] Asset Quality - Total nonperforming assets decreased 8.4% Q-o-Q to $102.4 million[4,19] - Criticized loans decreased 21.2% Q-o-Q[4] - Net recoveries totaled $17.9 million[4,21], or -0.52% of average loans receivable, annualized[21] Net Interest Income and Margin - Net interest margin expanded 8bps Q-o-Q[3,8] - Net interest income increased 9% Y-o-Y[7] Noninterest Income and Expense - Noninterest income increased 1% Q-o-Q to $13.2 million[10,11] - Noninterest expense increased to $75.4 million[13]