today full you Hanmi’s Thank year to discuss and fourth you, Thank XXXX Good Lasse. everyone. for results. quarter joining afternoon, us
our performance cost. on and solid our some extraordinary focus fourth financial strategic from underlying period we a the quarter impacted Hanmi’s I asset lower higher and was deposit continued While benefit believe our results to that items in included yielding
and from to XXXX highlight of in at fourth and year. and extremely some since key levels offset full the production are than the of loans along relatively Net income annualized this The Loan higher expenses quarter-over-quarter and helping with past loan loss and more financial growth about non-recording payouts and interest operational quarter quarter levels provision the resulting in following before on was quarter highest X.X% loss basis. of an loan lease elevated lease quarter the some leases troubled consistent the disclosed from income. net provision in relationship loan receivable was impacted fourth a previously stemming
just year, deposit deposit achieved gathering reflecting in increase the X.X% deposit core Deposit full for of we deposit time basis bearing declined year. favorable non-interest increase of Throughout from remain strong the demand a growth net bearing activities quarter. non-interest in interest to and as on four mix effort margin the cost we relationship. lower which pressure during The mitigate points help to deposit our lower benefited
We quality during quarter also troubled stable. invested Overall metric one current repurchase X.X notwithstanding remains our relationship. loan the in shares Hanmi million stock authorized the credit program under common
remain very ratios and continued safe the a growing well strong to capital manner. in capitalized. bank sound Hanmi’s well very And we’re finally, regulatory remains positioned and
million quarter relationship in consisting of by income $X.XX Net a fourth net land or we per detail our affected million in diluted income troubled loan results; Looking commissioned the more borrower quarter appraisal $X.X the reported a offs, we fourth share. a at of was and make loan charge continued had loan no current $XX.X properties during maturing have at year payments $XX.X end to million while the we on and the incurred loans the personal a relationship. for business significantly
the allowance specific at places we $XX.X by result, fourth $X.X which in a million. allowance million quarter the As the increased total
resolution positive with to work continue the to borrower to a will achieve this closely We loan.
the specific included for recognition for with per expense bank the fourth loss addition, million This or along the pretax being premises sale. currently million of held item a non-interest share. impairment $X.XX allowance reduced diluted approximately that extraordinary $X.X by $X.X In formal aforementioned are and quarter relationship income the loan
key included the third Looking charge were from XXX off at basis Non-performing troubled or points asset loan The of basis of or quarter aside of improvement relationship quality, relatively loan. overall non-performing $XX.X sequential of remain metrics of end XXX quarter at $XX,XXX. points nominal X.X% loans net the million fourth $XX.X million also stable. loans from representing quarter
Importantly, and conservative, disciplined competitive even we to maintain in commitment for market loan highly our today’s underwriting. credit leases, continue to
XXXX, quarter from consistent were data value to ratio, originations real fourth loans coverage XX.X% and estate debt the the weighted respectively. times asset the commercial quarters a prior quality with X.X For and average loan new
For commercial loan real the the to XX.X% fourth value weighted X.X as average estate and quarter coverage the entire average debt weighted the were times respectively. end portfolio of of ratio and
up Board of As program X% X.X Hanmi stock. XXXX authorized shares stock of you repurchase Directors may outstanding a million of earlier our its recall, announced or to that common in
$X.X of capital invested During Even of $XXX,XXX the per fourth million our all authorization $XX.XX under purchases quarter, Hanmi shares share. made X.XX% at as do after share ratio the at strong common repurchase approximately Hanmi to an regulatory this tangible remains repurchase ratios. initial and equity average price
resources. intrinsic our franchise highlights long-term Hanmi Hanmi’s purchases believe million are this a to of X.X is use in the we it expect repurchase to current shares a support price confident conditions The for of current market continue the as remain additional with our the stock under value. allow. and we share stock see both approximately timely and authorization as repurchase available Today, of and indicative We capital not proper
in the With lease during past like as new we to are management. leases total selective year XXXX. which loan margin on on provide protecting growth of loan update as key initiatives, and increasing modestly focused now looking full our single-digit ahead anticipate being quick interest in possible course and would expense loans year our this the careful I net balance low-to-mid in production, during and much
areas achieve to the where C&I leases we can such as emphasize equipment We loan. of as spreads growth as well higher continue
of while leases emphasize Corporate result than expect I’m categories in loans production by achieved forward During XXXX. early year-over-year initiative. nearly our also XXXX these to more production move we equipment of continue with pleased as and to Korea we C&I XX% expanded increased XX%
we’re Here expanding focusing Koreans companies domiciled on developing and US. relationships the in within
to have early located in launched production relationships program We strategically Korean loan Corporate new while deposit States new Korea the days in is seven throughout still Corporate desk XXXX. branches contributed its and United the
made expense good progress we operational non-interest efficiency. designed reduce improve to XXXX, and Throughout various in initiatives
consolidation included a closure of completed five during and effort initiatives of As been [indiscernible] branches has XXXX was this network. successful portion which approximately branch XX% of or the branch our
in administrating technology We also enhanced consistency across operational and enterprise make cost continue underwriting investment streamlining activities efficiency. to system This and back reduction centralizing includes sourcing, to improve along office through in to improvements credit. certain achieve processing with and speed
With that, quarter to the gathering this loan I’d like to in Chief activity. discuss and call Anthony? to production our Anthony deposit fourth over Kim, result turn Banking Officer
