HOPE BANCORP (BBCN) has reported 9.03 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $36.96 million, or $0.27 a share in the quarter, compared with $40.63 million, or $0.30 a share for the same period last year.

Revenue during the quarter dropped 5.72 percent to $126.91 million from $134.60 million in the previous year period. Net interest income for the quarter dropped 1.97 percent over the prior year period to $114.90 million. Non-interest income for the quarter fell 3.24 percent over the last year period to $17.60 million.

HOPE BANCORP has made provision of $5.60 million for loan losses during the quarter, up 600 percent from $0.80 million in the same period last year.

Net interest margin contracted 7 basis points to 3.77 percent in the quarter from 3.84 percent in the last year period. Efficiency ratio for the quarter deteriorated to 50.03 percent from 49.82 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.

"Hope Bancorp’s 2017 first quarter results demonstrate the meaningful progress we have made on the integration of our merger of equals completed last year and capturing the synergies that we projected," said Kevin S. Kim, president and chief executive officer. "Despite the seasonally slow first quarter, we were able to significantly increase our loan production across all of our lending areas. We originated $587 million in new loans during the first quarter, which amounted to a 26% increase from the preceding quarter, and improved loan pricing contributed to a 2 basis point improvement in our net interest margin. The cost saves following the completion of the first phase of branch consolidations at the end of 2016 are evident in our lower levels of noninterest expenses associated with our branch operations. Notwithstanding those branch closures, we are pleased to report core deposits increased by $117 million, or 7% on an annualized basis.

Deposits stood at $10,703.78 million as on Mar. 31, 2017, up 65.50 percent compared with $6,467.41 million on Mar. 31, 2016.

Investments stood at $1,583.95 million as on Mar. 31, 2017, up 45.60 percent or $496.05 million from year-ago. Shareholders equity was at $1,878.80 million as on Mar. 31, 2017.

Return on assets moved down 9 basis points to 1.11 percent in the quarter from 1.20 percent in the last year period. At the same time, return on equity decreased 208 basis points to 7.91 percent in the quarter from 9.99 percent in the last year period. At the same time, return on average equity decreased 7 basis points to 3.77 percent in the quarter from 3.84 percent in the last year period.

Nonperforming assets moved down 9.28 percent or $10.78 million to $105.36 million on Mar. 31, 2017 from $116.15 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.78 percent in the quarter, down from 1.44 percent in the last year period.

Tier-1 leverage ratio stood at 11.75 percent for the quarter, up from 11.44 percent for the previous year quarter. Book value per share was $13.89 for the quarter, up 14.89 percent or $1.80 compared to $12.09 for the same period last year.