Hello, and welcome to the Annual Shareholders Meeting of East West Bancorp. Please note that today's meeting is being recorded. During the meeting, we will have a Q&A session. You can submit questions or comments at any time by clicking on the Q&A tab. It is now my pleasure to turn today's meeting over to Lisa Kim, General Counsel and Corporate Secretary of East West Bancorp. Ms. Kim, the floor is yours.
Thank you, operator. Good afternoon. Welcome to the Annual Shareholders Meeting of East West Bancorp. I am Lisa Kim, General Counsel and Corporate Secretary of East West Bancorp, and today, I am also the Inspector of Elections. We will conduct the formal agenda items for the annual meeting, which I anticipate will be brief. Following these items, Dominic Ng, Chairman and CEO of East West Bancorp, will give a presentation on our company. We will then answer questions from shareholders. If any shareholders have questions of general interest relating to the business before this company, this meeting, please submit them now via the virtual meeting website before voting begins, so that they can be compiled and answered. I would like to thank you in advance for your attendance today. A quorum is present, and so I will now officially call the meeting to order.
I would like to introduce our directors who are in attendance at this virtual meeting. Manuel Alvarez, Molly Campbell, Archana Deskus, Serge Dumont, Rudy Estrada, Mark Hutchins, Paul Irving, Sabrina Kay, Jack Liu, Lester Sussman, and Dominic Ng, Chairman. Members of our East West management team and representatives of KPMG, our independent auditors, are also in attendance. The first order of business is the notice of annual meeting of shareholders. The notice of annual meeting of shareholders indicates that the annual meeting of shareholders of East West Bancorp will be held for the following purposes: one, election of directors. Two, to approve on an advisory basis our executive compensation for 2023. And three, to ratify KPMG as the company's independent registered public accounting firm for this year. The notice of meeting has been mailed to all shareholders.
The polls are now open on the proposals in the proxy statement mailed to each shareholder of record. I would like to express my appreciation to all of the shareholders attending the meeting today and to all the shareholders who have returned their proxies. If anyone in virtual attendance did not return their proxy, please submit your vote now via the virtual meeting website. Additionally, any shareholder attending the meeting today who has previously returned a proxy and would like to revoke that proxy for any reason, please resubmit your vote now via the virtual meeting website. Thank you, everyone. I now declare the polls closed. The results of the votes submitted by valid proxy were tabulated prior to this meeting. The holders of more than a majority of our shares have voted for all of the director nominees in the proxy.
The nominees accordingly have now been duly elected as directors of East West Bancorp to serve until their respective successors have been elected and qualified. For the advisory vote regarding the compensation of the company's named executive officers for 2023. For the ratification of KPMG as the company's independent registered public accounting firm for the year ending December 31, 2024. There being no further business, the formal portion of the meeting is now adjourned. I would now like to welcome Dominic Ng, our Chairman, to provide a brief...
Thank you, Lisa. I would like to... and directors. And now I would provide a brief update of our company's performance, beginning with slide 7 of the presentation. 2023 was another record-breaking year for East West. We set new records for revenue, net interest income, net income, loans, and deposits. Our loan growth was driven by our differentiated residential mortgage product and the durability of our lending relationships, while our asset quality remained strong. We delivered industry-leading efficiency, leading to a 20% adjusted return on average tangible common equity, and a 1.7% return on average assets in 2023. We also increased our quarterly dividend in the Q1 of 2024 by 15% to $0.55 per share.
Our 2023 results speak to the resilience of our business model, the loyalty of our customers, and the persistence of our bankers. Turning to slide 8 for a quick look at East West Bank today. 2024 marks our 51st year in operation and our 25th year trading on the Nasdaq Exchange. We have built an effective and efficient branch network with locations where our brand and capabilities resonate most. We have developed our commercial business further over the past decade, increasing the diversification of our loan and deposit portfolios. As a result, we have grown to over $70 billion in assets, with an $11 billion market capitalization as of March 31. In 2023, we were recognized by Forbes and Bank Director as a top-performing American bank. Moving on to slide 9. We continue to be prudent stewards of capital.
We have grown tangible book value per share by 10% and dividends per share by 16%, annualized over the past 4 years. On the bottom left of the slide, East West total shareholder return over the past 1, 3, and 5 years were all well above our peer median. Total shareholder return is the price appreciation of shares, assuming reinvestment of dividends. On the bottom right of the slide is a summary of our capital return to shareholders since 2019. On slide 10 are a few highlights from our Q1 financial results. The Q1 laid a strong foundation for 2024. Net income was $285 million, or $2.03 per diluted share. Excluding the FDIC charge, Q1 adjusted earnings per share was $2.08, up 3% from the Q4.
We grew average assets during the quarter, with average loans up 1%. We continued to grow residential mortgage. Average commercial balances were higher, and commercial real estate loans remained flat. We grew average deposits by $2 billion to a new record level, reflecting the success of our branch-based Lunar New Year CD campaign. During the quarter, we paid off $4.5 billion of borrowings from the Federal Reserve while reducing our total borrowing, $1 billion. We also took an opportunity to invest excess cash into Ginnie Mae floating rate securities. Our asset quality remains solid and credit perform as expected. Q1 annualized net charge-offs were up by 2 basis points to 17 basis points. The non-performing asset ratio was 23 basis points at quarter end. We continue to proactively manage our credit risk.
We added 10% to our commercial loan allowances in Q1, bringing our total allowance for loan losses to 1.29%. These efforts continue to drive shareholder value in the Q1, with an 18% return on tangible common equity and a 1.6% return on average assets. Tangible book value per share also grew 2% quarter-over-quarter and 14% year-over-year. East West repurchased 1.2 million shares of common stock during the Q1 and had 89 million of repurchase authorization remaining for future buyback as of April 23. Looking forward, we remain focused on serving our customers and growing relationships outperformed in 2024 and beyond. I will now turn it back to Lisa to report on preliminary results of the proxy votes.
Thank you, Mr. Chairman. I-
We'll now respond to any questions that were submitted. Well, thank you, Lisa. This concludes our annual meeting. Thank you, everyone, for attending and participating in our 2024 annual shareholder meeting. We thank you for your support as shareholders and we hope as happy customers. Operator?
This concludes the meeting. You may now disconnect.