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Share Name | Share Symbol | Market | Type |
---|---|---|---|
East West Bancorp Inc | NASDAQ:EWBC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.27 | 2.69% | 86.68 | 86.66 | 86.70 | 87.47 | 84.07 | 84.51 | 450,550 | 17:26:56 |
East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the first quarter of 2024. First quarter 2024 net income was $285 million, or $2.03 per diluted share. Excluding a $10 million pre-tax Federal Deposit Insurance Corporation (“FDIC”) Special Assessment-related charge (the “FDIC charge”)1, adjusted diluted earnings per share2 for the quarter were $2.08, up 3% from the fourth quarter of 2023. Total deposits reached a record $58.6 billion as of March 31, 2024. Return on average common equity was 16%, return on average tangible common equity3 was 18%, and book value per share grew 13% year-over-year.
“This quarter we grew deposits by $2.5 billion to a new record level and optimized funding to support prudent asset growth,” said Dominic Ng, Chairman and Chief Executive Officer. “East West grew adjusted diluted earnings per share 3% and tangible book value per share3 2% quarter-over-quarter. With continued confidence in our earnings generation, stable credit quality, and capital strength, we were pleased to repurchase 1.2 million shares of common stock,” continued Ng. “Through the strength of our diversified business model, conservatively managed balance sheet, and industry-leading profitability, East West remains well-positioned to outperform the industry in 2024 and beyond.”
FINANCIAL HIGHLIGHTS
Three Months Ended
Quarter-over-Quarter Change
($ in millions, except per share data)
March 31, 2024
December 31, 2023
$
%
Revenue
$644
$655
$(11)
(2)%
Pre-tax, Pre-provision Income4
397
364
33
9
Net Income
285
239
46
19
Diluted Earnings per Share
$2.03
$1.69
$0.34
20%
Adjusted Diluted Earnings per Share2
$2.08
$2.02
$0.06
3%
Book Value per Share
$50.48
$49.64
$0.84
2%
Tangible Book Value per Share3
$47.09
$46.27
$0.82
2%
Return on Average Common Equity
16.40%
14.16%
224 bps
—
Return on Average Tangible Common Equity3
17.60%
15.26%
234 bps
—
Total Assets
$70,876
$69,613
$1,263
2%
1
In November 2023, the FDIC approved a final rule to implement a special deposit insurance assessment to recover estimated losses to the Deposit Insurance Fund arising from the protection of uninsured depositors following the receiverships of failed institutions in the spring of 2023. In February 2024, the FDIC increased the estimated losses by $4.1 billion to $20.4 billion. As losses to the DIF are estimates, the FDIC may periodically adjust the amount, resulting in longer or shorter assessment periods, and/or additional special assessments.
2
Adjusted diluted earnings per share is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 12.
3
Return on average tangible common equity and tangible book value per share are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11.
4
Pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 10.
BALANCE SHEET
OPERATING RESULTS
First Quarter Earnings – First quarter 2024 net income was $285 million, and diluted earnings per share (“EPS”) were $2.03. Excluding $10 million pre-tax for the FDIC charge in the first quarter of 2024 and a $70 million pre-tax FDIC charge and $3 million of losses on an AFS debt security in the fourth quarter of 2023, adjusted net income6 was $292 million and adjusted diluted earnings per share were $2.08, up 2% and 3% quarter-over-quarter, respectively.
5
Tangible book value per share and the tangible common equity ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11.
6
Adjusted net income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 12.
First Quarter 2024 Compared to Fourth Quarter 2023
Net Interest Income and Net Interest Margin
Net interest income totaled $565 million in the first quarter, a decrease of 2% from $575 million in the fourth quarter of 2023. Net interest margin (“NIM”) was 3.34%, a 14 basis point decline from the fourth quarter.
Noninterest Income
Noninterest income totaled $79 million in the first quarter, a decrease of $1 million, or 1%, from $80 million in the fourth quarter. Mark-to-market and credit valuation adjustments on customer and other derivatives was a gain of $1 million in the first quarter, compared with a loss of $7 million in the fourth quarter. Other investment income increased $1 million quarter-over-quarter.
Noninterest Expense
Noninterest expense totaled $247 million in the first quarter, a decrease of $44 million, or 15% from $290 million in the fourth quarter, which includes $10 million and $70 million, respectively, for the FDIC charge. First quarter noninterest expense consisted of $223 million of adjusted noninterest expense8, and $13 million in amortization expenses related to tax credit and other investments.
TAX RELATED ITEMS
First quarter 2024 income tax expense was $87 million, and the effective tax rate was 23.4%, compared with income tax expense of $88 million and 27.0% for the fourth quarter of 2023. The lower effective tax rate in the first quarter was primarily due to the sale of a tax credit investment in the fourth quarter and the timing of certain renewable energy tax credit investments that are expected to be placed into service in 2024.
7
Fee income includes deposit account and lending fees, foreign exchange income, wealth management fees, and customer derivative revenue. Refer to Table 3 for additional fee and noninterest income information.
8
Adjusted noninterest expense and adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 10.
ASSET QUALITY
As of March 31, 2024, the credit quality of our loan portfolio remained solid.
CAPITAL STRENGTH
Capital levels for East West remained strong as of March 31, 2024. The following table presents capital metrics as of March 31, 2024, December 31, 2023 and March 31, 2023.
EWBC Capital
($ in millions)
March 31, 2024 (a)
December 31, 2023 (a)
March 31, 2023 (a)
Risk-Weighted Assets (“RWA”) (b)
$53,448
$53,663
$50,229
Risk-based capital ratios:
CET1 capital ratio
13.53%
13.31%
13.06%
Tier 1 capital ratio
13.53%
13.31%
13.06%
Total capital ratio
14.84%
14.76%
14.50%
Leverage ratio
10.05%
10.21%
10.02%
Tangible common equity ratio (c)
9.31%
9.37%
8.74%
(a)
The Company has elected to use the 2020 Current Expected Credit Losses (CECL) transition provision in the calculation of its March 31, 2024, December 31, 2023 and March 31, 2023 regulatory capital ratios. The Company’s March 31, 2024 regulatory capital ratios and RWA are preliminary.
(b)Under regulatory guidelines, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories based on the nature of the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar value in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWA.
(c)Tangible common equity ratio is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 11.
DIVIDEND PAYOUT AND CAPITAL ACTIONS
East West’s Board of Directors has declared second quarter 2024 dividends for the Company’s common stock. The common stock cash dividend of $0.55 per share is payable on May 17, 2024, to stockholders of record as of May 3, 2024.
East West repurchased 1.2 million shares of common stock during the first quarter of 2024 for approximately $82 million. $89 million of East West’s share repurchase authorization remains available.
Conference Call
East West will host a conference call to discuss first quarter 2024 earnings with the public on Tuesday, April 23, 2024, at 2:00 p.m. PT/5:00 p.m. ET. The public and investment community are invited to listen as management discusses first quarter 2024 results and operating developments.
About East West
East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: “EWBC”) with total assets of $70.9 billion as of March 31, 2024. The Company’s wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates 120 locations in the United States and Asia. The Bank’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit www.eastwestbank.com.
Forward-Looking Statements
Certain matters set forth herein (including any exhibits hereto) contain “forward-looking statements” that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “us,” “our” or “EWBC”) may make forward-looking statements in other documents that it files with, or furnishes to, the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Forward-looking statements may relate to various matters, including the Company’s financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to: changes in the global economy, including an economic slowdown, capital or financial market disruption, supply chain disruption, level of inflation, interest rate environment, residential and commercial property prices, employment levels, rate of growth and general business conditions, which could result in, among other things, reduced demand for loans, reduced availability of funding or increased funding costs, declines in asset values and/or recognition of allowance for credit losses; changes in local, regional and global business, economic and political conditions and geopolitical events, such as political unrest, wars and acts of terrorism; the soundness of other financial institutions and the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, FDIC insurance premiums and assessments, losses in the value of our investment portfolio, deposit withdrawals, or other adverse consequences of negative market perceptions of the banking industry or us; changes in laws or the regulatory environment, including regulatory reform initiatives and policies of the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System (“Federal Reserve”), the FDIC, the SEC, the Consumer Financial Protection Bureau (“CFPB”), the California Department of Financial Protection and Innovation — Division of Financial Institutions, the People’s Bank of China, China’s National Administration of Financial Regulation, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, and the Monetary Authority of Singapore; changes and effects thereof in trade, monetary and fiscal policies and laws, including the ongoing trade, economic and political disputes between the U.S. and the People’s Republic of China and the monetary policies of the Federal Reserve; changes in the commercial and consumer real estate markets; changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors; the impact from changes to income tax laws and regulations, federal spending and economic stimulus programs; the impact of any future U.S. federal government shutdown and uncertainty regarding the U.S. federal government’s debt limit and credit rating; the Company’s ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies; the success and timing of the Company’s business strategies; the Company’s ability to retain key officers and employees; the impact on the Company’s funding costs, net interest income and net interest margin from changes in key variable market interest rates, competition, regulatory requirements and the Company’s product mix; changes in the Company’s costs of operation, compliance and expansion; the Company’s ability to adopt and successfully integrate new initiatives or technologies into its business in a strategic manner; the impact of communications or technology disruption, failure in, or breach of, the Company’s operational or security systems or infrastructure, or those of third party vendors with which the Company does business, including as a result of cyber-attacks, and other similar matters which could result in, among other things, confidential proprietary, or personally identifiable information being disclosed or misused, and materially impact the Company’s ability to provide services to its clients; the adequacy of the Company’s risk management framework, disclosure controls and procedures and internal control over financial reporting; future credit quality and performance, including the Company’s expectations regarding future credit losses and allowance levels; the impact of adverse changes to the Company’s credit ratings from major credit rating agencies; the impact of adverse judgments or settlements in litigation and other proceedings; the impact of political developments, pandemics, wars, civil unrest, terrorism or other hostilities that may disrupt or increase volatility in securities or otherwise affect business and economic conditions on the Company and its customers; heightened regulatory and governmental oversight and scrutiny of the Company’s business practices, including dealings with consumers; the impact of reputational risk from negative publicity, fines, penalties and other negative consequences from regulatory violations, legal actions and the Company’s interactions with business partners, counterparties, service providers and other third parties; the impact of regulatory investigations, regulatory agreements, supervisory criticisms, and enforcement actions; changes in accounting standards as may be required by the Financial Accounting Standards Board (“FASB”) or other regulatory agencies and their impact on the Company’s critical accounting policies and assumptions; the Company’s capital requirements and its ability to generate capital internally or raise capital on favorable terms; the impact on the Company’s liquidity due to changes in the Company’s ability to receive dividends from its subsidiaries; any strategic acquisitions or divestitures and the introduction of new or expanded products and services; changes in the equity and debt securities markets; fluctuations in the Company’s stock price; fluctuations in foreign currency exchange rates; the impact of increased focus on social, environmental and sustainability matters, which may affect the operations of the Company and its customers and the economy more broadly; and the impact of climate change, natural or man-made disasters or calamities, such as wildfires, droughts, hurricanes, flooding and earthquakes or other events that may directly or indirectly result in a negative impact on the financial performance of the Company and its customers.
For a more detailed discussion of some of the factors that might cause such differences, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024 (the “Company’s 2023 Form 10-K”) under the heading Item 1A. Risk Factors. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ and shares in thousands, except per share data)
(unaudited)
Table 1
March 31, 2024
% or Basis Point Change
March 31, 2024
December 31, 2023
March 31, 2023
Qtr-o-Qtr
Yr-o-Yr
Assets
Cash and cash equivalents
$
4,210,801
$
4,614,984
$
5,934,194
(8.8
)%
(29.0
)%
Interest-bearing deposits with banks
24,593
10,498
10,249
134.3
140.0
Assets purchased under resale agreements (“resale agreements”)
485,000
785,000
654,288
(38.2
)
(25.9
)
Available-for-sale (“AFS”) debt securities (amortized cost of $9,131,953, $6,916,491 and $7,072,240)
8,400,468
6,188,337
6,300,868
35.7
33.3
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,414,478, $2,453,971 and $2,502,674)
2,948,642
2,956,040
2,993,421
(0.3
)
(1.5
)
Loans held-for-sale (“HFS”)
13,280
116
6,861
NM
93.6
Loans held-for-investment (“HFI”) (net of allowance for loan losses of $670,280, $668,743 and $619,893)
51,322,224
51,542,039
48,298,155
(0.4
)
6.3
Affordable housing partnerships, tax credit and Community Reinvestment Act investments, net
933,187
905,036
741,354
3.1
25.9
Goodwill
465,697
465,697
465,697
—
—
Operating lease right-of-use assets
87,535
94,024
103,114
(6.9
)
(15.1
)
Other assets
1,984,243
2,051,113
1,736,697
(3.3
)
14.3
Total assets
$
70,875,670
$
69,612,884
$
67,244,898
1.8
%
5.4
%
Liabilities and Stockholders’ Equity
Deposits
$
58,560,624
$
56,092,438
$
54,737,402
4.4
%
7.0
%
Short-term borrowings
19,173
—
—
100.0
100.0
Bank Term Funding Program (“BTFP”) borrowings
—
4,500,000
4,500,000
(100.0
)
(100.0
)
Federal Home Loan Bank (“FHLB”) advances
3,500,000
—
—
100.0
100.0
Long-term debt and finance lease liabilities
36,428
153,011
152,467
(76.2
)
(76.1
)
Operating lease liabilities
95,643
102,353
112,676
(6.6
)
(15.1
)
Accrued expenses and other liabilities
1,640,570
1,814,248
1,433,022
(9.6
)
14.5
Total liabilities
63,852,438
62,662,050
60,935,567
1.9
4.8
Stockholders’ equity
7,023,232
6,950,834
6,309,331
1.0
11.3
Total liabilities and stockholders’ equity
$
70,875,670
$
69,612,884
$
67,244,898
1.8
%
5.4
%
Book value per share
$
50.48
$
49.64
$
44.62
1.7
%
13.1
%
Tangible book value (1) per share
$
47.09
$
46.27
$
41.28
1.8
14.1
Number of common shares at period-end
139,121
140,027
141,396
(0.6
)
(1.6
)
Total stockholders’ equity to assets ratio
9.91
%
9.98
%
9.38
%
(7
)
bps
53
bps
Tangible common equity (“TCE”) ratio (1)
9.31
%
9.37
%
8.74
%
(6
)
bps
57
bps
NM - Not meaningful.
(1)
Tangible book value and the TCE ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
March 31, 2024
% Change
March 31, 2024
December 31, 2023
March 31, 2023
Qtr-o-Qtr
Yr-o-Yr
Loans:
Commercial:
Commercial and industrial (“C&I”)
$
16,350,191
$
16,581,079
$
15,641,840
(1.4
)
4.5
Commercial real estate (“CRE”):
CRE
14,609,655
14,777,081
14,019,136
(1.1
)
4.2
Multifamily residential
5,010,245
5,023,163
4,682,280
(0.3
)
7.0
Construction and land
673,939
663,868
731,394
1.5
(7.9
)
Total CRE
20,293,839
20,464,112
19,432,810
(0.8
)
4.4
Consumer:
Residential mortgage:
Single-family residential
13,563,738
13,383,060
11,786,998
1.4
15.1
Home equity lines of credit (“HELOCs”)
1,731,233
1,722,204
1,988,881
0.5
(13.0
)
Total residential mortgage
15,294,971
15,105,264
13,775,879
1.3
11.0
Other consumer
53,503
60,327
67,519
(11.3
)
(20.8
)
Total loans HFI (1)
51,992,504
52,210,782
48,918,048
(0.4
)
6.3
Loans HFS
13,280
116
6,861
NM
93.6
Total loans (1)
52,005,784
52,210,898
48,924,909
(0.4
)
6.3
Allowance for loan losses
(670,280
)
(668,743
)
(619,893
)
0.2
8.1
Net loans (1)
$
51,335,504
$
51,542,155
$
48,305,016
(0.4
)%
6.3
%
Deposits:
Noninterest-bearing demand
$
14,798,927
$
15,539,872
$
18,327,320
(4.8
)%
(19.3
)%
Interest-bearing checking
7,570,427
7,558,908
8,742,580
0.2
(13.4
)
Money market
13,585,597
13,108,727
9,293,114
3.6
46.2
Savings
1,834,393
1,841,467
2,280,562
(0.4
)
(19.6
)
Time deposits
20,771,280
18,043,464
16,093,826
15.1
29.1
Total deposits
$
58,560,624
$
56,092,438
$
54,737,402
4.4
%
7.0
%
Deposits by type:
Commercial and business banking
$
32,690,771
$
32,109,643
$
30,041,135
1.8
%
8.8
%
Consumer and private banking
20,543,473
18,861,092
18,021,116
8.9
14.0
Greater China (2)
3,282,218
3,172,222
3,008,457
3.5
9.1
Wholesale
2,044,162
1,949,481
3,666,694
4.9
(44.3
)
Total deposits
$
58,560,624
$
56,092,438
$
54,737,402
4.4
%
7.0
%
NM - Not meaningful.
(1)
Includes $63 million, $71 million and $75 million of net deferred loan fees and net unamortized premiums as of March 31, 2024, December 31, 2023 and March 31, 2023, respectively.
(2)
Includes deposits booked at the Bank’s Hong Kong branch and foreign subsidiary, East West Bank (China) Limited.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 3
Three Months Ended
March 31, 2024
% Change
March 31, 2024
December 31, 2023
March 31, 2023
Qtr-o-Qtr
Yr-o-Yr
Interest and dividend income
$
1,023,617
$
990,378
$
835,506
3.4
%
22.5
%
Interest expense
458,478
415,544
235,645
10.3
94.6
Net interest income before provision for credit losses
565,139
574,834
599,861
(1.7
)
(5.8
)
Provision for credit losses
25,000
37,000
20,000
(32.4
)
25.0
Net interest income after provision for credit losses
540,139
537,834
579,861
0.4
(6.9
)
Noninterest income:
Deposit account fees
24,139
22,996
21,703
5.0
%
11.2
%
Lending fees
22,925
22,077
20,586
3.8
11.4
Foreign exchange income
12,278
14,236
12,660
(13.8
)
(3.0
)
Wealth management fees
8,592
7,735
6,304
11.1
36.3
Customer derivative revenue
3,137
6,296
5,046
(50.2
)
(37.8
)
Total fee income
71,071
73,341
66,299
(3.1
)
7.2
Mark-to-market and credit valuation adjustments
613
(7,241
)
(2,482
)
NM
NM
Net (losses) gains on sales of loans
(41
)
3,675
(22
)
NM
(86.4
)
Net gains (losses) on AFS debt securities
49
3,138
(10,000
)
(98.4
)
NM
Other investment income
2,815
1,673
1,921
68.3
46.5
Other income
4,481
5,318
4,262
(15.7
)
5.1
Total noninterest income
78,988
79,903
59,978
(1.1
)%
31.7
%
Noninterest expense:
Compensation and employee benefits
141,812
130,794
129,654
8.4
%
9.4
%
Occupancy and equipment expense
15,230
15,735
15,587
(3.2
)
(2.3
)
Deposit insurance premiums and regulatory assessments
19,649
78,553
7,910
(75.0
)
148.4
Deposit account expense
12,188
11,390
9,609
7.0
26.8
Computer software and data processing expenses
11,344
11,315
10,707
0.3
5.9
Other operating expense (1)
33,445
38,130
34,870
(12.3
)
(4.1
)
Amortization of tax credit and other investments
13,207
4,581
10,110
188.3
30.6
Total noninterest expense
246,875
290,498
218,447
(15.0
)%
13.0
%
Income before income taxes
372,252
327,239
421,392
13.8
(11.7
)
Income tax expense
87,177
88,286
98,953
(1.3
)
(11.9
)
Net income
$
285,075
$
238,953
$
322,439
19.3
%
(11.6
)%
Earnings per share (“EPS”)
- Basic
$
2.04
$
1.70
$
2.28
20.3
%
(10.5
)%
- Diluted
$
2.03
$
1.69
$
2.27
20.3
(10.5
)
Weighted-average number of shares outstanding
- Basic
139,409
140,595
141,112
(0.8
)%
(1.2
)%
- Diluted
140,261
141,409
141,913
(0.8
)
(1.2
)
NM - Not meaningful.
(1)
Includes $4 million of repurchase agreements’ extinguishment cost for the three months ended March 31, 2023.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 4
Three Months Ended
March 31, 2024
% Change
March 31, 2024
December 31, 2023
March 31, 2023
Qtr-o-Qtr
Yr-o-Yr
Loans:
Commercial:
C&I
$
16,251,622
$
15,948,678
$
15,400,996
1.9
%
5.5
%
CRE:
CRE
14,725,440
14,723,027
13,932,758
0.0
5.7
Multifamily residential
5,033,143
4,939,119
4,600,094
1.9
9.4
Construction and land
655,002
752,783
675,047
(13.0
)
(3.0
)
Total CRE
20,413,585
20,414,929
19,207,899
0.0
6.3
Consumer:
Residential mortgage:
Single-family residential
13,477,057
13,097,056
11,417,477
2.9
18.0
HELOCs
1,725,287
1,732,348
2,050,778
(0.4
)
(15.9
)
Total residential mortgage
15,202,344
14,829,404
13,468,255
2.5
12.9
Other consumer
57,289
59,245
72,687
(3.3
)
(21.2
)
Total loans (1)
$
51,924,840
$
51,252,256
$
48,149,837
1.3
%
7.8
%
Interest-earning assets
$
68,122,045
$
65,505,724
$
61,483,533
4.0
%
10.8
%
Total assets
$
71,678,396
$
69,421,959
$
65,113,604
3.3
%
10.1
%
Deposits:
Noninterest-bearing demand
$
14,954,953
$
15,884,525
$
19,709,980
(5.9
)%
(24.1
)%
Interest-bearing checking
7,695,429
7,608,234
6,493,865
1.1
18.5
Money market
13,636,210
12,824,121
11,260,715
6.3
21.1
Savings
1,809,568
1,873,276
2,436,587
(3.4
)
(25.7
)
Time deposits
19,346,243
17,216,367
15,052,762
12.4
28.5
Total deposits
$
57,442,403
$
55,406,523
$
54,953,909
3.7
%
4.5
%
(1)
Includes loans HFS.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 5
Three Months Ended
March 31, 2024
December 31, 2023
Average
Average
Average
Average
Balance
Interest
Yield/Rate (1)
Balance
Interest
Yield/Rate (1)
Assets
Interest-earning assets:
Interest-bearing cash and deposits with banks
$
5,861,517
$
74,382
5.10
%
$
4,445,115
$
56,250
5.02
%
Resale agreements
725,659
6,115
3.39
%
785,000
7,232
3.66
%
Debt securities:
AFS debt securities
6,566,368
62,858
3.85
%
5,985,361
58,926
3.91
%
HTM debt securities
2,950,686
12,534
1.71
%
2,958,294
12,585
1.69
%
Total debt securities
9,517,054
75,392
3.19
%
8,943,655
71,511
3.17
%
Loans:
C&I
16,251,622
325,810
8.06
%
15,948,678
321,026
7.99
%
CRE
20,413,584
324,087
6.39
%
20,414,929
327,194
6.36
%
Residential mortgage
15,202,345
215,674
5.71
%
14,829,404
205,371
5.49
%
Other consumer
57,289
818
5.74
%
59,245
786
5.26
%
Total loans (2)
51,924,840
866,389
6.71
%
51,252,256
854,377
6.61
%
FHLB and FRB stock
92,975
1,339
5.79
%
79,698
1,008
5.02
%
Total interest-earning assets
$
68,122,045
$
1,023,617
6.04
%
$
65,505,724
$
990,378
6.00
%
Noninterest-earning assets:
Cash and due from banks
445,767
489,055
Allowance for loan losses
(679,116
)
(650,724
)
Other assets
3,789,700
4,077,904
Total assets
$
71,678,396
$
69,421,959
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Checking deposits
$
7,695,429
$
53,821
2.81
%
$
7,608,234
$
52,170
2.72
%
Money market deposits
13,636,210
134,661
3.97
%
12,824,121
123,744
3.83
%
Savings deposits
1,809,568
4,120
0.92
%
1,873,276
3,894
0.82
%
Time deposits
19,346,243
213,597
4.44
%
17,216,367
183,175
4.22
%
Short-term and BTFP borrowings, and federal funds purchased
3,864,525
42,106
4.38
%
4,500,475
49,570
4.37
%
Assets sold under repurchase agreements (“repurchase agreements”)
2,549
35
5.52
%
2,876
41
5.66
%
FHLB advances
554,946
7,739
5.61
%
1
—
—
%
Long-term debt and finance lease liabilities
125,818
2,399
7.67
%
153,010
2,950
7.65
%
Total interest-bearing liabilities
$
47,035,288
$
458,478
3.92
%
$
44,178,360
$
415,544
3.73
%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits
14,954,953
15,884,525
Accrued expenses and other liabilities
2,695,597
2,663,222
Stockholders’ equity
6,992,558
6,695,852
Total liabilities and stockholders’ equity
$
71,678,396
$
69,421,959
Interest rate spread
2.12
%
2.27
%
Net interest income and net interest margin
$
565,139
3.34
%
$
574,834
3.48
%
(1)
Annualized.
(2)
Includes loans HFS.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 6
Three Months Ended
March 31, 2024
March 31, 2023
Average
Average
Average
Average
Balance
Interest
Yield/Rate (1)
Balance
Interest
Yield/Rate (1)
Assets
Interest-earning assets:
Interest-bearing cash and deposits with banks
$
5,861,517
$
74,382
5.10
%
$
3,449,626
$
35,647
4.19
%
Resale agreements
725,659
6,115
3.39
%
688,778
4,503
2.65
%
Debt securities:
AFS debt securities
6,566,368
62,858
3.85
%
6,108,825
53,197
3.53
%
HTM debt securities
2,950,686
12,534
1.71
%
2,995,677
12,734
1.72
%
Total debt securities
9,517,054
75,392
3.19
%
9,104,502
65,931
2.94
%
Loans:
C&I
16,251,622
325,810
8.06
%
15,400,996
275,573
7.26
%
CRE
20,413,584
324,087
6.39
%
19,207,899
282,464
5.96
%
Residential mortgage
15,202,345
215,674
5.71
%
13,468,255
169,494
5.10
%
Other consumer
57,289
818
5.74
%
72,687
855
4.77
%
Total loans (2)
51,924,840
866,389
6.71
%
48,149,837
728,386
6.14
%
FHLB and FRB stock
92,975
1,339
5.79
%
90,790
1,039
4.64
%
Total interest-earning assets
$
68,122,045
$
1,023,617
6.04
%
$
61,483,533
$
835,506
5.51
%
Noninterest-earning assets:
Cash and due from banks
445,767
621,104
Allowance for loan losses
(679,116
)
(602,754
)
Other assets
3,789,700
3,611,721
Total assets
$
71,678,396
$
65,113,604
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Checking deposits
$
7,695,429
$
53,821
2.81
%
$
6,493,865
$
23,174
1.45
%
Money market deposits
13,636,210
134,661
3.97
%
11,260,715
76,102
2.74
%
Savings deposits
1,809,568
4,120
0.92
%
2,436,587
3,669
0.61
%
Time deposits
19,346,243
213,597
4.44
%
15,052,762
113,849
3.07
%
Short-term and BTFP borrowings
3,864,525
42,106
4.38
%
811,551
8,825
4.41
%
Repurchase agreements
2,549
35
5.52
%
106,785
1,052
4.00
%
FHLB advances
554,946
7,739
5.61
%
500,000
6,430
5.22
%
Long-term debt and finance lease liabilities
125,818
2,399
7.67
%
152,420
2,544
6.77
%
Total interest-bearing liabilities
$
47,035,288
$
458,478
3.92
%
$
36,814,685
$
235,645
2.60
%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits
14,954,953
19,709,980
Accrued expenses and other liabilities
2,695,597
2,405,615
Stockholders’ equity
6,992,558
6,183,324
Total liabilities and stockholders’ equity
$
71,678,396
$
65,113,604
Interest rate spread
2.12
%
2.91
%
Net interest income and net interest margin
$
565,139
3.34
%
$
599,861
3.96
%
(1)
Annualized.
(2)
Includes loans HFS.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 7
Three Months Ended (1)
March 31, 2024
Basis Point Change
March 31,
2024
December 31,
2023
March 31,
2023
Qtr-o-Qtr
Yr-o-Yr
Return on average assets
1.60
%
1.37
%
2.01
%
23
bps
(41
)
bps
Adjusted return on average assets (2)
1.64
%
1.63
%
2.05
%
1
(41
)
Return on average common equity
16.40
%
14.16
%
21.15
%
224
(475
)
Adjusted return on average common equity (2)
16.81
%
16.95
%
21.61
%
(14
)
(480
)
Return on average TCE (3)
17.60
%
15.26
%
22.94
%
234
(534
)
Adjusted return on average TCE (3)
18.05
%
18.26
%
23.44
%
(21
)
(539
)
Interest rate spread
2.12
%
2.27
%
2.91
%
(15
)
(79
)
Net interest margin
3.34
%
3.48
%
3.96
%
(14
)
(62
)
Average loan yield
6.71
%
6.61
%
6.14
%
10
57
Yield on average interest-earning assets
6.04
%
6.00
%
5.51
%
4
53
Average cost of interest-bearing deposits
3.85
%
3.64
%
2.49
%
21
136
Average cost of deposits
2.84
%
2.60
%
1.60
%
24
124
Average cost of funds
2.97
%
2.74
%
1.69
%
23
128
Adjusted noninterest expense/average assets (4)
1.25
%
1.23
%
1.27
%
2
(2
)
Efficiency ratio
38.33
%
44.37
%
33.11
%
(604
)
522
Adjusted efficiency ratio (4)
34.68
%
33.07
%
30.46
%
161
bps
422
bps
(1)
Annualized except for efficiency ratio and adjusted efficiency ratio.
(2)
Adjusted return on average assets and adjusted return on average common equity are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 12.
(3)
Return on average TCE and adjusted return on average TCE are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11.
(4)
Adjusted noninterest expense/average assets and adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 10.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 8
Three Months Ended March 31, 2024
Commercial
Consumer
C&I
Total CRE
Total Residential
Mortgage
Other Consumer
Total
Allowance for loan losses, December 31, 2023
$
392,685
$
215,436
$
58,965
$
1,657
$
668,743
(Reversal of) provision for credit losses on loans
(a)
(500
)
23,985
801
(131
)
24,155
Gross charge-offs
(20,998
)
(3,628
)
—
(58
)
(24,684
)
Gross recoveries
1,710
344
53
—
2,107
Total net (charge-offs) recoveries
(19,288
)
(3,284
)
53
(58
)
(22,577
)
Foreign currency translation adjustment
(41
)
—
—
—
(41
)
Allowance for loan losses, March 31, 2024
$
372,856
$
236,137
$
59,819
$
1,468
$
670,280
Three Months Ended December 31, 2023
Commercial
Consumer
C&I
Total CRE
Total Residential
Mortgage
Other Consumer
Total
Allowance for loan losses, September 30, 2023
$
383,677
$
211,418
$
58,725
$
1,703
$
655,523
Provision for credit losses on loans
(a)
27,732
4,875
233
50
32,890
Gross charge-offs
(20,264
)
(1,213
)
—
(96
)
(21,573
)
Gross recoveries
1,248
356
7
—
1,611
Total net (charge-offs) recoveries
(19,016
)
(857
)
7
(96
)
(19,962
)
Foreign currency translation adjustment
292
—
—
—
292
Allowance for loan losses, December 31, 2023
$
392,685
$
215,436
$
58,965
$
1,657
$
668,743
Three Months Ended March 31, 2023
Commercial
Consumer
C&I
Total CRE
Total Residential
Mortgage
Other Consumer
Total
Allowance for loan losses, December 31, 2022
$
371,700
$
182,346
$
40,039
$
1,560
$
595,645
Impact of ASU 2022-02 adoption
5,683
343
2
—
6,028
Allowance for loan losses, January 1, 2023
$
377,383
$
182,689
$
40,041
$
1,560
$
601,673
(Reversal of) provision for credit losses on loans
(a)
(678
)
6,021
13,022
155
18,520
Gross charge-offs
(1,900
)
(6
)
(91
)
(40
)
(2,037
)
Gross recoveries
1,211
211
6
—
1,428
Total net (charge-offs) recoveries
(689
)
205
(85
)
(40
)
(609
)
Foreign currency translation adjustment
309
—
—
—
309
Allowance for loan losses, March 31, 2023
$
376,325
$
188,915
$
52,978
$
1,675
$
619,893
EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE-SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 8 (continued)
Three Months Ended
March 31, 2024
December 31, 2023
March 31, 2023
Unfunded Credit Facilities
Allowance for unfunded credit commitments, beginning of period (1)
$
37,699
$
33,589
$
26,264
Provision for credit losses on unfunded credit commitments
(b)
845
4,110
1,480
Foreign currency translation adjustment
—
—
(3
)
Allowance for unfunded credit commitments, end of period (1)
$
38,544
$
37,699
$
27,741
Provision for credit losses
(a)+(b)
$
25,000
$
37,000
$
20,000
(1)
Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
CRITICIZED LOANS, NONPERFORMING ASSETS AND CREDIT QUALITY RATIOS
($ in thousands)
(unaudited)
Table 9
Criticized Loans
March 31, 2024
December 31, 2023
March 31, 2023
Special mention loans
$
543,573
$
404,241
$
461,356
Classified loans
651,485
573,969
452,715
Total criticized loans (1)
$
1,195,058
$
978,210
$
914,071
Nonperforming Assets
March 31, 2024
December 31, 2023
March 31, 2023
Nonaccrual loans:
Commercial:
C&I
$
48,962
$
37,036
$
43,747
Total CRE
51,888
27,918
19,427
Consumer:
Total residential mortgage
47,167
37,788
29,585
Other consumer
162
132
366
Total nonaccrual loans
148,179
102,874
93,125
Other real estate owned, net
16,692
11,141
270
Total nonperforming assets
$
164,871
$
114,015
$
93,395
Credit Quality Ratios
March 31, 2024
December 31, 2023
March 31, 2023
Annualized quarterly net charge-offs to average loans HFI
0.17
%
0.15
%
0.01
%
Special mention loans to loans HFI
1.05
%
0.77
%
0.94
%
Classified loans to loans HFI
1.25
%
1.10
%
0.93
%
Criticized loans to loans HFI
2.30
%
1.87
%
1.87
%
Nonperforming assets to total assets
0.23
%
0.16
%
0.14
%
Nonaccrual loans to loans HFI
0.29
%
0.20
%
0.19
%
Allowance for loan losses to loans HFI
1.29
%
1.28
%
1.27
%
(1)
Excludes loans HFS.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 10 The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision income represents total adjusted revenue less adjusted noninterest expense. Adjusted revenue excludes the net gain/loss related to an AFS debt security that was written-off in the first quarter of 2023 and subsequently sold during the fourth quarter of 2023. Adjusted noninterest expense excludes the amortization of tax credit and other investments, the amortization of core deposit intangibles, the FDIC special assessment charge (included in Deposit insurance premiums and regulatory assessments on the Consolidated Statement of Income) and the repurchase agreements’ extinguishment cost (where applicable). Management believes that the measures and ratios presented below provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods.
Three Months Ended
March 31, 2024
December 31, 2023
March 31, 2023
Net interest income before provision for credit losses
(a)
$
565,139
$
574,834
$
599,861
Total noninterest income
78,988
79,903
59,978
Total revenue
(b)
$
644,127
$
654,737
$
659,839
Noninterest income
78,988
79,903
59,978
Less/add:
Net (gains)/losses on AFS debt securities
—
(3,138
)
10,000
Adjusted noninterest income
(c)
78,988
76,765
69,978
Adjusted revenue
(a)+(c) = (d)
$
644,127
$
651,599
$
669,839
Total noninterest expense
(e)
$
246,875
$
290,498
$
218,447
Less:
Amortization of tax credit and other investments
(13,207
)
(4,581
)
(10,110
)
Amortization of core deposit intangibles
—
(441
)
(441
)
FDIC special assessment charge
(10,305
)
(69,986
)
—
Repurchase agreements’ extinguishment cost
—
—
(3,872
)
Adjusted noninterest expense
(f)
$
223,363
$
215,490
$
204,024
Efficiency ratio
(e)/(b)
38.33
%
44.37
%
33.11
%
Adjusted efficiency ratio
(f)/(d)
34.68
%
33.07
%
30.46
%
Pre-tax, pre-provision income
(b)-(e) = (g)
$
397,252
$
364,239
$
441,392
Adjusted pre-tax, pre-provision income
(d)-(f) = (h)
$
420,764
$
436,109
$
465,815
Average total assets
(i)
$
71,678,396
$
69,421,959
$
65,113,604
Adjusted noninterest expense/average assets (1)
(f)/(i)
1.25
%
1.23
%
1.27
%
(1)
Annualized.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 11 The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible book value, tangible book value per share and TCE ratio are non-GAAP financial measures. Tangible book value and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
March 31, 2024
December 31, 2023
March 31, 2023
Stockholders’ equity
(a)
$
7,023,232
$
6,950,834
$
6,309,331
Less:
Goodwill
(465,697
)
(465,697
)
(465,697
)
Other intangible assets (1)
(6,234
)
(6,602
)
(7,201
)
Tangible book value
(b)
$
6,551,301
$
6,478,535
$
5,836,433
Number of common shares at period-end
(c)
139,121
140,027
141,396
Book value per share
(a)/(c)
$
50.48
$
49.64
$
44.62
Tangible book value per share
(b)/(c)
$
47.09
$
46.27
$
41.28
Total assets
(d)
$
70,875,670
$
69,612,884
$
67,244,898
Less:
Goodwill
(465,697
)
(465,697
)
(465,697
)
Other intangible assets (1)
(6,234
)
(6,602
)
(7,201
)
Tangible assets
(e)
$
70,403,739
$
69,140,585
$
66,772,000
Total stockholders’ equity to assets ratio
(a)/(d)
9.91
%
9.98
%
9.38
%
TCE ratio
(b)/(e)
9.31
%
9.37
%
8.74
%
Return on average TCE represents tangible net income divided by average tangible book value. Adjusted return on average TCE represents adjusted tangible net income divided by average tangible book value. Tangible net income excludes the after-tax impacts of the amortization of core deposit intangibles and mortgage servicing assets. Adjusted tangible net income excludes the after-tax impacts of the tangible net income adjustments, the FDIC special assessment charge (included in Deposit insurance premiums and regulatory assessments on the Consolidated Statement of Income), and the net gain/loss related to an AFS debt security that was written-off in the first quarter of 2023 and subsequently sold during the fourth quarter of 2023. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
Three Months Ended
March 31, 2024
December 31, 2023
March 31, 2023
Net income
(e)
$
285,075
$
238,953
$
322,439
Add:
Amortization of core deposit intangibles
—
441
441
Amortization of mortgage servicing assets
308
302
356
Tax effect of amortization adjustments (2)
(91
)
(220
)
(233
)
Tangible net income
(f)
$
285,292
$
239,476
$
323,003
Add:
FDIC special assessment charge
10,305
69,986
—
Less/add:
Net (gains)/losses on AFS debt securities
—
(3,138
)
10,000
Tax effect of adjustments (2)
(3,046
)
(19,760
)
(2,929
)
Adjusted tangible net income
(g)
$
292,551
$
286,564
$
330,074
Average stockholders’ equity
(h)
$
6,992,558
$
6,695,852
$
6,183,324
Less:
Average goodwill
(465,697
)
(465,697
)
(465,697
)
Average other intangible assets (1)
(6,473
)
(5,434
)
(7,696
)
Average tangible book value
(i)
$
6,520,388
$
6,224,721
$
5,709,931
Return on average common equity (3)
(e)/(h)
16.40
%
14.16
%
21.15
%
Return on average TCE (3)
(f)/(i)
17.60
%
15.26
%
22.94
%
Adjusted return on average TCE (3)
(g)/(i)
18.05
%
18.26
%
23.44
%
(1)
Includes core deposit intangibles and mortgage servicing assets.
(2)
Applied statutory tax rate of 29.56% for the three months ended March 31, 2024 and December 31, 2023. Applied statutory tax rate of 29.29% for the three months ended March 31, 2023.
(3)
Annualized.
EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ and shares in thousands, except for per share data)
(unaudited)
Table 12 During the first quarter of 2024 and fourth quarter of 2023, the Company recorded $10 million and $70 million, respectively, in pre-tax FDIC special assessment charges (included in Deposit insurance premiums and regulatory assessments on the Consolidated Statement of Income). During the fourth quarter of 2023, the Company recognized a $3 million pre-tax gain on sale for an AFS debt security that was previously written-off. During the first quarter of 2023, the Company recorded a $10 million pre-tax impairment write-off of an AFS debt security.
Three Months Ended
March 31, 2024
December 31, 2023
March 31, 2023
Net income
(a)
$
285,075
$
238,953
$
322,439
Add:
FDIC special assessment charge
10,305
69,986
—
Less/add:
Net (gains)/losses on AFS debt securities
—
(3,138
)
10,000
Tax effect of adjustments (1)
(3,046
)
(19,760
)
(2,929
)
Adjusted net income
(b)
$
292,334
$
286,041
$
329,510
Diluted weighted-average number of shares outstanding
140,261
141,409
141,913
Diluted EPS
$
2.03
$
1.69
$
2.27
Add:
FDIC special assessment charge
0.05
0.35
—
Less/add:
Net (gains)/losses on AFS debt securities
—
(0.02
)
0.05
Adjusted diluted EPS
$
2.08
$
2.02
$
2.32
Average total assets
(c)
$
71,678,396
$
69,421,959
$
65,113,604
Average stockholders’ equity
(d)
$
6,992,558
$
6,695,852
$
6,183,324
Return on average assets (2)
(a)/(c)
1.60
%
1.37
%
2.01
%
Adjusted return on average assets (2)
(b)/(c)
1.64
%
1.63
%
2.05
%
Return on average common equity (2)
(a)/(d)
16.40
%
14.16
%
21.15
%
Adjusted return on average common equity (2)
(b)/(d)
16.81
%
16.95
%
21.61
%
Return on average TCE (2)(3)
17.60
%
15.26
%
22.94
%
Adjusted return on average TCE (2)(3)
18.05
%
18.26
%
23.44
%
(1)
Applied statutory tax rate of 29.56% for the three months ended March 31, 2024 and December 31, 2023. Applied statutory tax rate of 29.29% for the three months ended March 31, 2023.
(2)
Annualized.
(3)
Refer to Table 11 for the calculation of the return on average TCE and adjusted return on average TCE ratios.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423508415/en/
FOR INVESTOR INQUIRIES, CONTACT: Christopher Del Moral-Niles, CFA Chief Financial Officer T: (626) 768-6860 E: chris.delmoralniles@eastwestbank.com
Adrienne Atkinson Director of Investor Relations T: (626) 788-7536 E: adrienne.atkinson@eastwestbank.com
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