Financial Highlights
- Net income of $98 million, or $1.35 per diluted share
- Return on average assets of 1.45%
- Return on average equity of 14.2%
- Net interest margin of 3.52%
Business Performance
Total loans increased 6% year-over-year to $18.5 billion, driven by commercial real estate and C&I lending. Deposits grew 4% to $21.2 billion, with strong growth in non-interest bearing accounts.
Credit Quality
Asset quality remained excellent with non-performing assets of 0.32% of total assets. Net charge-offs were 0.08% for the quarter. The allowance for credit losses stood at 1.15% of total loans.
CEO Commentary
“Our fourth quarter results reflect the continued strength of our franchise and disciplined execution,” said Chang Liu, CEO. “Our unique focus on serving Asian-American communities and facilitating cross-Pacific business provides sustainable competitive advantages.”
Capital and Dividends
The company declared a quarterly dividend of $0.34 per share. Capital ratios remained strong with CET1 of 13.2% and total capital ratio of 14.8%.