Hope Bancorp reported a net income of $55.5 million, an increase of 3% compared to the previous quarter and 82% compared to the year-ago quarter. The company's business development was strong, with record new loan production of $1.01 billion and record high SBA origination volumes of $115.0 million. Deposits reached a record high of $15.1 billion, driven by growth in noninterest bearing demand deposits.
Loan originations increased 13% quarter-over-quarter to a record high of $1.01 billion.
Noninterest bearing demand deposits increased 7% quarter-over-quarter, contributing to record high deposits of $15.06 billion.
Net income increased 3% quarter-over-quarter, totaling $55.5 million, or $0.45 per diluted common share.
Nonaccrual loans decreased 51% quarter-over-quarter, and total criticized loans decreased 19%.
The company is well positioned to drive stronger performance in the years ahead, due to improvements in asset quality, robust loan production and positive core deposit growth.
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