East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq:
EWBC), parent company of East West Bank, today reported its
financial results for the first quarter of 2022. For the first
quarter of 2022, net income was $237.7 million, or $1.66 per
diluted share, up 37% linked quarter annualized and up 16%
year-over-year.
“East West had an excellent start to the year. Financial results
for the first quarter of 2022 were very strong, with an
acceleration of loan and revenue growth, and a 14 basis point
expansion in the net interest margin to 2.87%,” stated Dominic Ng,
Chairman and Chief Executive Officer of East West.
“Quarter-over-quarter, our adjusted pre-tax, pre-provision income1
of $320.3 million grew by 28% annualized. Our first quarter 2022
return on assets of 1.56% expanded by 17 basis points, and our
return on equity of 16.5% expanded by 157 basis points
sequentially.”
“Total loans reached a record $43.5 billion as of March 31,
2022. Excluding the impact of the Paycheck Protection Program
loans, total loans grew by $2.0 billion, or 20% linked quarter
annualized, led by commercial loan growth. Total deposits grew to a
record $54.9 billion as of March 31, 2022, an increase of $1.6
billion or 12% linked quarter annualized, driven by strong growth
in noninterest-bearing demand deposits. Demand deposits made up 45%
of our deposits as of March 31, 2022, up from 38% a year ago,”
continued Ng.
“The strength of East West’s business model and our ability to
execute are reflected in our financial achievements for the first
quarter. Our loan portfolio is well-diversified, our pipelines are
robust, our asset quality continues to be strong, and our balance
sheet is well-positioned for a rising interest rate environment. We
are optimistic about our outlook and expect to continue to deliver
strong growth and earnings in 2022 and beyond,” concluded Ng.
FINANCIAL HIGHLIGHTS
Three Months Ended
Qtr-o-Qtr Change
Yr-o-Yr Change
($ in millions)
March 31, 2022
$
% Ann.
$
%
Total Loans (incl. PPP)
$ 43,491
$ 1,797
17
%
$ 3,903
10
%
Total Loans (excl. PPP)
43,173
2,013
20
5,657
15
Total Deposits
54,938
1,588
12
5,391
11
Total Revenue
$ 495
$ 18
15
%
$ 69
16
%
Adj. Pre-tax Pre-provision Income1
320
21
28
59
22
Net Income
238
20
37
33
16
1 See reconciliation of GAAP to non-GAAP
financial measures in Table 10.
BALANCE SHEET
- Record Assets – Total assets reached $62.2 billion as of
March 31, 2022, up by $1.4 billion, or 9% annualized, from $60.9
billion as of December 31, 2021, driven by growth in loans.
Year-over-year, total assets grew 9% from $56.9 billion as of March
31, 2021. First quarter 2022 average interest-earning assets of
$58.7 billion declined by $251.7 million, or 2% linked quarter
annualized, from $58.9 billion in the fourth quarter of 2021. The
quarter-over-quarter decrease was driven by declines in average
interest-bearing cash and deposits with banks of $1.6 billion and
assets purchased under resale agreements of $342.6 million, which
were largely offset by an increase in average loans of $1.6
billion. During the first quarter of 2022, the Company moved $3.0
billion of debt securities from available-for-sale (“AFS”) to
held-to-maturity.
- Record Loans – Total loans reached $43.5 billion as of
March 31, 2022, up by $1.8 billion, or 17% annualized, from $41.7
billion as of December 31, 2021. Excluding Paycheck Protection
Program (“PPP”) loans of $318.1 million, total loans grew by $2.0
billion, or 20% linked quarter annualized, with solid growth in all
major loan categories. Year-over-year, total loans grew 10% from
$39.6 billion as of March 31, 2021. Excluding PPP loans, total
loans grew $5.7 billion or 15% year-over-year. First quarter 2022
average loans of $42.1 billion grew by $1.6 billion, or 16% linked
quarter annualized. Excluding PPP loans, average loans grew by $1.8
billion, or 19% annualized, from the fourth quarter of 2021. The
strongest growth was from average commercial and industrial loans
(excluding PPP), which increased 30% linked quarter annualized,
followed by average total commercial real estate loans, which
increased 18% linked quarter annualized. Average residential
mortgage loans increased 8% linked quarter annualized.
- Record Deposits – Total deposits were $54.9 billion as
of March 31, 2022, an increase of $1.6 billion, or 12% annualized,
from $53.4 billion as of December 31, 2021, and up $5.4 billion or
11% from $49.5 billion as of March 31, 2021. Quarter-over-quarter,
strong growth in noninterest-bearing demand deposits was partially
offset by a decrease in money market accounts. Noninterest-bearing
demand deposits totaled $24.9 billion as of March 31, 2022.
Noninterest-bearing demand deposits made up 45% of total deposits
as of March 31, 2022, up from 43% as of December 31, 2021, and from
38% as of March 31, 2021. First quarter 2022 average deposits of
$54.0 billion declined by $290.9 million, or 2% linked quarter
annualized. This was primarily driven by a decrease in average
noninterest-bearing demand deposits of $586.6 million, or 10%
linked quarter annualized, partially offset by increases in average
interest-bearing checking deposits of $185.6 million, or 12% linked
quarter annualized, and in savings deposits of $89.0 million, or
13% linked quarter annualized.
- Strong Capital Levels – As of March 31, 2022,
stockholders’ equity was $5.7 billion, or $40.09 per common share,
and tangible equity2 per common share was $36.76. As of March 31,
2022, the tangible equity to tangible assets ratio2 was 8.47%, the
common equity tier 1 (“CET1”) capital ratio was 12.6%, and the
total risk-based capital ratio was 13.9%. Quarter-over-quarter,
stockholders’ equity declined by 2%, or $133.8 million, primarily
reflecting a negative change in accumulated other comprehensive
income (“AOCI”) of $304.5 million and $57.6 million in common
dividends declared, partially offset by $237.7 million in net
income. The negative change in AOCI was primarily due to increased
unrealized losses in AFS debt securities.
2 See reconciliation of GAAP to non-GAAP
financial measures in Table 11.
OPERATING RESULTS
First Quarter Earnings – First quarter 2022 net income
was $237.7 million, or $1.66 per diluted share, an increase of 9%,
or 37% annualized, from $217.8 million, or $1.52 per diluted share,
for the fourth quarter of 2021, and an increase of 16% from $205.0
million, or $1.44 per diluted share, for the first quarter of
2021.
First Quarter 2022 Compared to Fourth
Quarter 2021
Net Interest Income and Net Interest Margin
Net interest income (“NII”) totaled $415.6 million, an increase
of 10% annualized from $405.7 million. Net interest margin (“NIM”)
of 2.87% increased by 14 basis points from 2.73%.
- NII growth and NIM expansion were primarily driven by strong
loan growth and higher loan yields. Average loan growth during the
first quarter drove a favorable shift in the asset mix into higher
interest earning assets. Average loans made up 72% of average
interest-earning assets in the first quarter of 2022, compared with
69% in the fourth quarter of 2021.
- The average loan yield was 3.63%, up four basis points from the
fourth quarter.
- The average cost of funds of 0.12% and the average cost of
deposits of 0.10% both remained unchanged from the fourth quarter.
The average cost of interest-bearing deposits of 0.17% decreased by
one basis point from the fourth quarter.
Noninterest Income
Noninterest income totaled $79.7 million in the first quarter,
an increase of $8.3 million, or 12%, from $71.5 million in the
fourth quarter. Customer-driven fee income and net gains on sales
of loans were $65.0 million, an increase of 3% linked quarter, or
11% annualized, from $63.3 million in the fourth quarter.
Interest rate contracts (“IRC”) and other derivative income was
$11.1 million in the first quarter, compared with $1.9 million in
the fourth quarter. The $9.2 million quarter-over-quarter increase
was largely due to a favorable change in the credit valuation
adjustment, as well as higher customer-driven IRC revenue.
Noninterest Expense
Noninterest expense totaled $189.5 million in the first quarter,
compared with $210.1 million in the fourth quarter. First quarter
noninterest expense consisted of $175.0 million of adjusted
noninterest expense3, $13.9 million in amortization of tax credit
and other investments, and $0.5 million in amortization of core
deposit intangibles.
- Adjusted noninterest expense of $175.0 million decreased by
1.5%, or 6% annualized, from $177.7 million in the fourth quarter.
Reductions in legal expense and overall operating expenses,
including data processing, occupancy and equipment expense, and
computer software expense, more than offset increased compensation
and employee benefits expense, which is typically higher in the
first quarter due to higher payroll taxes and related
expenses.
- Amortization of tax credit and other investments totaled $13.9
million in the first quarter, compared with $31.8 million in the
fourth quarter. Quarter-over-quarter variability in the
amortization of tax credits and other investments partially
reflects the impact of investments that close in a given
period.
- The adjusted efficiency ratio3 was 35.3% in the first quarter,
compared with 37.2% in the fourth quarter.
TAX RELATED ITEMS
First quarter 2022 income tax expense was $60.3 million and the
effective tax rate was 20.2%, compared with income tax expense of
$59.3 million and an effective tax rate of 21.4% for the fourth
quarter of 2021.
ASSET QUALITY
The asset quality of the loan portfolio continues to be
strong.
- The nonperforming asset (“NPA”) ratio improved by two basis
points quarter-over-quarter and NPAs decreased by 9%. As of March
31, 2022, NPAs were $94.4 million, or 0.15% of total assets,
compared with $103.5 million, or 0.17% of total assets, as of
December 31, 2021.
- The criticized loan ratio improved by eight basis points
quarter-over-quarter. As of March 31, 2022, criticized loans
totaled $833.3 million, or 1.92% of loans held-for-investment
(“HFI”), compared with $833.1 million, or 2.00% of loans HFI, as of
December 31, 2021.
- First quarter 2022 net charge-offs were $8.3 million, or
annualized 0.08% of average loans HFI, down from $9.8 million, or
annualized 0.10% of average loans HFI, for the fourth quarter of
2021.
- The allowance for loan losses (“ALLL”) totaled $545.7 million,
or 1.25% of loans HFI, as of March 31, 2022, compared with $541.6
million, or 1.30% of loans HFI, as of December 31, 2021. The
provision for credit losses was $8.0 million for the first quarter
of 2022, compared with a reversal of $10.0 million for the fourth
quarter of 2021 and no provision for the first quarter of 2021. The
quarter-over-quarter increase in the ALLL largely reflects loan
growth. The quarter-over-quarter decrease in the ALLL coverage
ratio reflects improving asset quality metrics in the loan
portfolio.
3 See reconciliation of GAAP to non-GAAP
financial measures in Table 10.
CAPITAL STRENGTH
Capital levels for East West are strong. The following table
presents the regulatory capital metrics as of March 31, 2022,
December 31, 2021, and March 31, 2021.
EWBC Risk-Based Capital Ratios
($ in millions)
March 31, 2022 (a)
December 31, 2021 (a)
March 31, 2021 (a)
CET1 capital ratio
12.6
%
12.8
%
12.7
%
Tier 1 capital ratio
12.6
%
12.8
%
12.7
%
Total capital ratio
13.9
%
14.1
%
14.3
%
Leverage ratio
9.3
%
9.0
%
9.1
%
Risk-Weighted Assets (“RWA”) (b)
$
45,405
$
43,585
$
39,572
(a)
The Company has elected to use the 2020
CECL transition provision in the calculation of its March 31, 2022,
December 31, 2021, and March 31, 2021 regulatory capital ratios.
The Company’s March 31, 2022 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.
DIVIDEND PAYOUT AND CAPITAL ACTIONS
East West’s Board of Directors has declared second quarter 2022
dividends for the Company’s common stock. The common stock cash
dividend of $0.40 per share is payable on May 16, 2022, to
stockholders of record on May 2, 2022.
On March 3, 2020, East West’s Board of Directors authorized the
repurchase of up to $500 million of East West’s common stock, of
which $354 million remains available. East West did not repurchase
any shares during the first quarter of 2022, and has not
repurchased any shares since the first quarter of 2020, under this
authorization.
Conference Call
East West will host a conference call to discuss first quarter
2022 earnings with the public on Thursday, April 21, 2022, at 8:30
a.m. PT/11:30 a.m. ET. The public and investment community are
invited to listen as management discusses first quarter 2022
results and operating developments.
- The following dial-in information is provided for participation
in the conference call: calls within the U.S. – (877) 506-6399;
calls within Canada – (855) 669-9657; international calls – (412)
902-6699.
- A presentation to accompany the earnings call will be available
on the Investor Relations page of the Company’s website at
www.eastwestbank.com/investors.
- A listen-only live broadcast of the call will also be available
on the Investor Relations page of the Company’s website at
www.eastwestbank.com/investors.
- A replay of the conference call will be available on April 21,
2022, at 11:30 a.m. PT through May 21, 2022. The replay numbers
are: within the U.S. – (877) 344-7529; within Canada – (855)
669-9658; international calls – (412) 317-0088; and the replay
access code is: 406752.
About East West
East West Bancorp, Inc. is a public company with total assets of
$62.2 billion and is traded on the Nasdaq Global Select Market
under the symbol “EWBC”. The Company’s wholly-owned subsidiary,
East West Bank, is the largest independent bank headquartered in
Southern California, operating over 120 locations in the United
States and in China. The Company’s markets in the United States
include California, Georgia, Illinois, Massachusetts, Nevada, New
York, Texas and Washington. In China, East West’s presence includes
full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen,
and representative offices in Beijing, Chongqing, Guangzhou, and
Xiamen. For more information on East West, visit the Company’s
website at 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. In addition, the Company
may make forward-looking statements in other documents that it
files with, or furnishes to, the 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 expectations,
estimates and projections about the Company’s industry,
management’s beliefs and certain assumptions made by management,
many of which, by their nature, are inherently uncertain and beyond
the Company’s control. These statements may relate to the Company’s
financial condition, results of operations, plans, objectives,
future performance and/or business and usually can be identified by
the use of forward-looking language, such as “anticipates,”
“assumes,” “believes,” “can,” “continues,” “could,” “estimates,”
“expects,” “forecasts,” “goal,” “intends to,” “likely,” “may,”
“might,” “objective,” “plans,” “potential,” “projects,” “remains,”
“should,” “target,” “trend,” “will,” “would,” or similar
expressions, and the negative thereof. You should not place undue
reliance on these statements, as they are subject to risks and
uncertainties, including, but not limited to, those described in
the documents incorporated by reference. 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. Moreover, you should treat these statements as speaking only
as of the date they are made and based only on information then
actually known to the Company.
There are a number of important factors that could cause future
results to differ materially from historical performance and these
forward-looking statements. Factors that might cause such
differences, include, but are not limited to: changes in the global
economy, including an economic slowdown, or market disruption,
level of inflation, interest rate environment, housing prices,
employment levels, rate of growth and general business conditions;
the impact of any future federal government shutdown and
uncertainty regarding the federal government’s debt limit; changes
in local, regional and global business, economic and political
conditions and geopolitical events; the economic, financial,
reputational and other impacts of the ongoing COVID-19 global
pandemic including variants thereof and any other pandemic,
epidemic or health-related crisis, as well as a deterioration of
asset quality and an increase in credit losses due to the COVID-19
global pandemic; changes in laws or the regulatory environment
including regulatory reform initiatives and policies of the U.S.
Department of Treasury, the Federal Reserve, the Federal Deposit
Insurance Corporation, the Office of the Comptroller of the
Currency, the SEC, the Consumer Financial Protection Bureau, and
the California Department of Financial Protection and Innovation;
the changes and effects thereof in trade, monetary and fiscal
policies and laws, including the ongoing 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; fluctuations in the Company’s stock price; impact from
potential changes to income tax laws and regulations, federal
spending and economic stimulus programs; the Company’s ability to
compete effectively against financial institutions in its banking
markets and other entities, including as a result of emerging
technologies; the soundness of other financial institutions;
success and timing of the Company’s business strategies; the
Company’s ability to retain key officers and employees; 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 technologies into its business in a strategic manner;
impact of the benchmark interest rate reform in the U.S. including
the transition away from USD London Interbank Offered Rate to
alternative reference rates; 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 and/or proprietary information
being disclosed or misused and materially impact the Company’s
ability to provide services to its clients; 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;
impact of adverse changes to the Company’s credit ratings from
major credit rating agencies; impact of adverse judgments or
settlements in litigation; impact on the Company’s operations due
to 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;
heightened regulatory and governmental oversight and scrutiny of
the Company’s business practices, including dealings with
consumers; 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; impact of regulatory enforcement actions; changes in
accounting standards as may be required by the Financial Accounting
Standards Board or other regulatory agencies and their impact on
critical accounting policies and assumptions; the Company’s capital
requirements and its ability to generate capital internally or
raise capital on favorable terms; impact on the Company’s liquidity
due to changes in the Company’s ability to receive dividends from
its subsidiaries; any future strategic acquisitions or
divestitures; changes in the equity and debt securities markets;
fluctuations in foreign currency exchange rates; impact of
increased focus on social, environmental and sustainability
matters, which may affect the Company’s operations as well as those
of its customers and the economy more broadly; significant
turbulence or disruption in the capital or financial markets, which
could result in, among other things, a reduction in the
availability of funding or increases in funding costs, declines in
asset values and/or recognition of allowance for credit losses on
securities held in the Company’s debt securities portfolio; and
impact of climate change, natural or man-made disasters or
calamities, such as wildfires, droughts and earthquakes, all of
which are particularly common in California, or other events that
may directly or indirectly result in a negative impact on the
Company’s financial performance.
For a more detailed discussion of some of the factors that might
cause such differences, see the Company’s 2021 Form 10-K under the
heading Item 1A. Risk Factors and the information set forth under
Item 1A. Risk Factors in the Company’s Quarterly Reports on Form
10-Q. 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, 2022 % or
Basis Point Change
March 31, 2022
December 31, 2021
March 31, 2021
Qtr-o-Qtr
Yr-o-Yr
Assets
Cash and due from banks
$
571,571
$
527,317
$
582,270
8.4
%
(1.8
)%
Interest-bearing cash with banks
3,277,129
3,385,618
4,036,863
(3.2
)
(18.8
)
Cash and cash equivalents
3,848,700
3,912,935
4,619,133
(1.6
)
(16.7
)
Interest-bearing deposits with banks
816,125
736,492
741,923
10.8
10.0
Assets purchased under resale agreements
(“resale agreements”)
1,956,822
2,353,503
2,160,038
(16.9
)
(9.4
)
Available-for-sale (“AFS”) debt securities
(amortized cost of $7,091,581, $10,087,179 and $7,904,546)
6,729,431
9,965,353
7,789,213
(32.5
)
(13.6
)
Held-to-maturity (“HTM”) debt securities,
at amortized cost (fair value of $2,815,968 in 2022)
2,997,702
—
—
100.0
100.0
Loans held-for-sale (“HFS”)
631
635
—
(0.6
)
100.0
Loans held-for-investment (''HFI'') (net
of allowance for loan losses of $545,685, $541,579 and
$607,506)
42,944,997
41,152,202
38,981,242
4.4
10.2
Investments in qualified affordable
housing partnerships, tax credit and other investments, net
607,985
628,263
646,300
(3.2
)
(5.9
)
Goodwill
465,697
465,697
465,697
—
—
Operating lease right-of-use assets
102,491
98,632
94,483
3.9
8.5
Other assets
1,770,875
1,556,989
1,376,117
13.7
28.7
Total assets
$
62,241,456
$
60,870,701
$
56,874,146
2.3
%
9.4
%
Liabilities and Stockholders’
Equity
Deposits
$
54,938,361
$
53,350,532
$
49,547,136
3.0
%
10.9
%
FHLB advances
74,619
249,331
653,035
(70.1
)
(88.6
)
Assets sold under repurchase agreements
(“repurchase agreements”)
300,000
300,000
300,000
—
—
Long-term debt and finance lease
liabilities
152,227
151,997
152,195
0.2
0.0
Operating lease liabilities
109,656
105,534
101,828
3.9
7.7
Accrued expenses and other liabilities
963,137
876,089
834,925
9.9
15.4
Total liabilities
56,538,000
55,033,483
51,589,119
2.7
9.6
Stockholders’ equity
5,703,456
5,837,218
5,285,027
(2.3
)
7.9
Total liabilities and stockholders’
equity
$
62,241,456
$
60,870,701
$
56,874,146
2.3
%
9.4
%
Book value per common share
$
40.09
$
41.13
$
37.26
(2.5
) %
7.6
%
Tangible equity (1) per common
share
$
36.76
$
37.79
$
33.90
(2.7
)
8.4
Number of common shares at
period-end
142,257
141,908
141,843
0.2
0.3
Tangible equity to tangible assets
ratio (1)
8.47
%
8.88
%
8.53
%
(41
)
bps
(6
)bps
(1)
See reconciliation of GAAP to non-GAAP
financial measures in Table 11.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
TOTAL LOANS AND DEPOSITS
DETAIL
($ in thousands)
(unaudited)
Table 2
March 31, 2022 %
Change
March 31, 2022
December 31, 2021
March 31, 2021
Qtr-o-Qtr
Yr-o-Yr
Loans:
Commercial:
Commercial and industrial (“C&I”)
(1)
$
14,838,134
$
14,150,608
$
14,081,110
4.9
%
5.4
%
Commercial real estate (“CRE”):
CRE
12,636,787
12,155,047
11,563,034
4.0
9.3
Multifamily residential
3,894,463
3,675,605
3,066,515
6.0
27.0
Construction and land
443,836
346,486
459,254
28.1
(3.4
)
Total CRE
16,975,086
16,177,138
15,088,803
4.9
12.5
Consumer:
Residential mortgage:
Single-family residential
9,283,429
9,093,702
8,524,287
2.1
8.9
Home equity lines of credit (“HELOCs”)
2,266,634
2,144,821
1,749,172
5.7
29.6
Total residential mortgage
11,550,063
11,238,523
10,273,459
2.8
12.4
Other consumer
127,399
127,512
145,376
(0.1
)
(12.4
)
Total loans HFI (2)
43,490,682
41,693,781
39,588,748
4.3
9.9
Loans HFS
631
635
—
(0.6
)
100.0
Total loans (1)(2)
43,491,313
41,694,416
39,588,748
4.3
9.9
Allowance for loan losses
(545,685
)
(541,579
)
(607,506
)
0.8
(10.2
)
Net loans (2)
$
42,945,628
$
41,152,837
$
38,981,242
4.4
10.2
Deposits:
Noninterest-bearing demand
$
24,927,768
$
22,845,464
$
18,919,298
9.1
%
31.8
%
Interest-bearing checking
6,774,826
6,524,721
7,005,693
3.8
(3.3
)
Money market
12,108,432
13,130,300
12,218,957
(7.8
)
(0.9
)
Savings
2,897,248
2,888,065
2,604,355
0.3
11.2
Time deposits
8,230,087
7,961,982
8,798,833
3.4
(6.5
)
Total deposits
$
54,938,361
$
53,350,532
$
49,547,136
3.0
%
10.9
%
(1)
Includes $318.1 million, $534.2 million
and $2.07 billion of Paycheck Protection Program (“PPP”) loans as
of March 31, 2022, December 31, 2021 and March 31, 2021,
respectively. Excluding PPP loans, total loans were $43.17 billion,
$41.16 billion and $37.52 billion as of March 31, 2022, December
31, 2021 and March 31, 2021, respectively.
(2)
Includes net deferred loan fees, unearned
fees, unamortized premiums and unaccreted discounts of $(42.7)
million, $(50.7) million and $(76.9) million as of March 31, 2022,
December 31, 2021 and March 31, 2021, respectively.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENT OF INCOME
($ and shares in thousands,
except per share data)
(unaudited)
Table 3
Three Months Ended
March 31, 2022 %
Change
March 31, 2022
December 31, 2021
March 31, 2021
Qtr-o-Qtr
Yr-o-Yr
Interest and dividend income (1)
$
432,029
$
422,708
$
381,386
2.2
%
13.3
%
Interest expense
16,416
17,011
27,691
(3.5
)
(40.7
)
Net interest income before provision for
(reversal of) credit losses
415,613
405,697
353,695
2.4
17.5
Provision for (reversal of) credit
losses
8,000
(10,000
)
—
(180.0
)
100.0
Net interest income after provision for
(reversal of) credit losses
407,613
415,697
353,695
(1.9
)
15.2
Noninterest income
79,743
71,489
72,866
11.5
9.4
Noninterest expense
189,450
210,105
191,077
(9.8
)
(0.9
)
Income before income taxes
297,906
277,081
235,484
7.5
26.5
Income tax expense
60,254
59,285
30,490
1.6
97.6
Net income
$
237,652
$
217,796
$
204,994
9.1
%
15.9
%
Earnings per share (“EPS”)
- Basic
$
1.67
$
1.53
$
1.45
9.0
%
15.6
%
- Diluted
$
1.66
$
1.52
$
1.44
9.2
15.6
Weighted-average number of shares
outstanding
- Basic
142,025
141,907
141,646
0.1
%
0.3
%
- Diluted
143,223
143,323
142,844
(0.1
)
0.3
Three Months Ended
March 31, 2022 %
Change
March 31, 2022
December 31, 2021
March 31, 2021
Qtr-o-Qtr
Yr-o-Yr
Noninterest income:
Lending fees
$
19,438
$
20,739
$
18,357
(6.3
) %
5.9
%
Deposit account fees
20,315
20,028
15,383
1.4
32.1
Interest rate contracts and other
derivative income
11,133
1,932
16,997
476.2
(34.5
)
Foreign exchange income
12,699
13,343
9,526
(4.8
)
33.3
Wealth management fees
6,052
5,291
6,911
14.4
(12.4
)
Net gains on sales of loans
2,922
2,308
1,781
26.6
64.1
Gains on sales of AFS debt securities
1,278
390
192
227.7
565.6
Other investment income
1,627
2,982
925
(45.4
)
75.9
Other income
4,279
4,476
2,794
(4.4
)
53.1
Total noninterest income
$
79,743
$
71,489
$
72,866
11.5
%
9.4
%
Noninterest expense:
Compensation and employee benefits
$
116,269
$
114,743
$
107,808
1.3
%
7.8
%
Occupancy and equipment expense
15,464
15,846
15,922
(2.4
)
(2.9
)
Deposit insurance premiums and regulatory
assessments
4,717
4,772
3,876
(1.2
)
21.7
Deposit account expense
4,693
4,307
3,892
9.0
20.6
Data processing
3,665
4,175
4,478
(12.2
)
(18.2
)
Computer software expense
7,294
7,494
7,159
(2.7
)
1.9
Consulting expense
1,833
1,539
1,475
19.1
24.3
Legal expense
718
2,175
1,502
(67.0
)
(52.2
)
Other operating expense
20,897
23,254
19,607
(10.1
)
6.6
Amortization of tax credit and other
investments
13,900
31,800
25,358
(56.3
)
(45.2
)
Total noninterest expense
$
189,450
$
210,105
$
191,077
(9.8
) %
(0.9
) %
(1)
Includes $5.2 million, $9.6 million and
$15.0 million of interest income related to PPP loans for the three
months ended March 31, 2022, December 31, 2021 and March 31, 2021,
respectively.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
SELECTED AVERAGE
BALANCES
($ in thousands)
(unaudited)
Table 4
Three Months Ended
March 31, 2022
% Change
March 31, 2022
December 31, 2021
March 31, 2021
Qtr-o-Qtr
Yr-o-Yr
Loans:
Commercial:
C&I (1)
$
14,271,902
$
13,592,203
$
13,693,869
5.0
%
4.2
%
CRE:
CRE
12,279,365
11,954,535
11,325,679
2.7
8.4
Multifamily residential
3,749,571
3,434,274
3,042,079
9.2
23.3
Construction and land
392,923
340,940
549,337
15.2
(28.5
)
Total CRE
16,421,859
15,729,749
14,917,095
4.4
10.1
Consumer:
Residential mortgage:
Single-family residential
9,111,188
9,031,677
8,315,052
0.9
9.6
HELOCs
2,183,080
2,052,383
1,666,233
6.4
31.0
Total residential mortgage
11,294,268
11,084,060
9,981,285
1.9
13.2
Other consumer
124,389
126,557
137,058
(1.7
)
(9.2
)
Total loans (2)
$
42,112,418
$
40,532,569
$
38,729,307
3.9
%
8.7
%
Interest-earning assets
$
58,692,366
$
58,944,082
$
52,852,045
(0.4
)%
11.1
%
Total assets
$
61,758,048
$
62,183,137
$
55,594,283
(0.7
)%
11.1
%
Deposits:
Noninterest-bearing demand
$
23,432,746
$
24,019,333
$
18,093,696
(2.4
)%
29.5
%
Interest-bearing checking
6,648,065
6,462,471
6,393,034
2.9
4.0
Money market
12,913,336
12,920,174
11,573,847
(0.1
)
11.6
Savings
2,930,309
2,841,352
2,674,476
3.1
9.6
Time deposits
8,100,890
8,072,917
9,112,662
0.3
(11.1
)
Total deposits
$
54,025,346
$
54,316,247
$
47,847,715
(0.5
)%
12.9
%
Interest-bearing liabilities
$
31,218,479
$
31,011,536
$
30,863,568
0.7
%
1.1
%
Stockholders’ equity
$
5,842,615
$
5,786,237
$
5,338,098
1.0
%
9.5
%
(1)
Average balances of PPP loans were $410.6
million, $677.2 million and $1.93 billion for the three months
ended March 31, 2022, December 31, 2021 and March 31, 2021,
respectively.
(2)
Includes loans HFS.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
QUARTER-TO-DATE AVERAGE
BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 5
Three Months Ended
March 31, 2022
December 31, 2021
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
$
4,466,012
$
3,260
0.30
%
$
6,050,870
$
3,750
0.25
%
Resale agreements
2,097,998
8,383
1.62
%
2,440,636
9,162
1.49
%
AFS debt securities
7,969,795
34,469
1.75
%
9,842,691
42,367
1.71
%
HTM debt securities
1,968,568
8,198
1.69
%
—
—
—
%
Loans (2)
42,112,418
377,110
3.63
%
40,532,569
366,936
3.59
%
FHLB and FRB stock
77,575
609
3.18
%
77,316
493
2.53
%
Total interest-earning assets
58,692,366
432,029
2.99
%
58,944,082
422,708
2.85
%
Noninterest-earning assets:
Cash and due from banks
641,882
652,126
Allowance for loan losses
(543,345
)
(558,645
)
Other assets
2,967,145
3,145,574
Total assets
$
61,758,048
$
62,183,137
Liabilities and Stockholders’
Equity
Interest-bearing liabilities:
Checking deposits
$
6,648,065
$
1,402
0.09
%
$
6,462,471
$
1,846
0.11
%
Money market deposits
12,913,336
3,203
0.10
%
12,920,174
3,172
0.10
%
Savings deposits
2,930,309
1,704
0.24
%
2,841,352
1,734
0.24
%
Time deposits
8,100,890
6,680
0.33
%
8,072,917
6,617
0.33
%
Federal funds purchased and other
short-term borrowings
1,866
9
1.96
%
730
—
—
%
FHLB advances
160,018
578
1.46
%
249,048
856
1.36
%
Repurchase agreements
311,984
2,016
2.62
%
313,075
2,018
2.56
%
Long-term debt and finance lease
liabilities
152,011
824
2.20
%
151,769
768
2.01
%
Total interest-bearing
liabilities
31,218,479
16,416
0.21
%
31,011,536
17,011
0.22
%
Noninterest-bearing liabilities and
stockholders’ equity:
Demand deposits
23,432,746
24,019,333
Accrued expenses and other liabilities
1,264,208
1,366,031
Stockholders’ equity
5,842,615
5,786,237
Total liabilities and stockholders’
equity
$
61,758,048
$
62,183,137
Interest rate spread
2.78
%
2.63
%
Net interest income and net interest
margin
$
415,613
2.87
%
$
405,697
2.73
%
(1)
Annualized.
(2)
Includes loans HFS. Average balances of
PPP loans were $410.6 million and $677.2 million for the three
months ended March 31, 2022 and December 31, 2021,
respectively.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
QUARTER-TO-DATE AVERAGE
BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 6
Three Months Ended
March 31, 2022
March 31, 2021
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
$
4,466,012
$
3,260
0.30
%
$
6,117,799
$
3,632
0.24
%
Resale agreements
2,097,998
8,383
1.62
%
1,461,900
6,099
1.69
%
AFS debt securities
7,969,795
34,469
1.75
%
6,459,875
29,100
1.83
%
HTM debt securities
1,968,568
8,198
1.69
%
—
—
—
%
Loans (2)
42,112,418
377,110
3.63
%
38,729,307
342,008
3.58
%
FHLB and FRB stock
77,575
609
3.18
%
83,164
547
2.67
%
Total interest-earning assets
58,692,366
432,029
2.99
%
52,852,045
381,386
2.93
%
Noninterest-earning assets:
Cash and due from banks
641,882
580,277
Allowance for loan losses
(543,345
)
(618,589
)
Other assets
2,967,145
2,780,550
Total assets
$
61,758,048
$
55,594,283
Liabilities and Stockholders’
Equity
Interest-bearing liabilities:
Checking deposits
$
6,648,065
$
1,402
0.09
%
$
6,393,034
$
4,214
0.27
%
Money market deposits
12,913,336
3,203
0.10
%
11,573,847
4,711
0.17
%
Savings deposits
2,930,309
1,704
0.24
%
2,674,476
1,741
0.26
%
Time deposits
8,100,890
6,680
0.33
%
9,112,662
11,156
0.50
%
Federal funds purchased and other
short-term borrowings
1,866
9
1.96
%
4,703
42
3.62
%
FHLB advances
160,018
578
1.46
%
652,758
3,069
1.91
%
Repurchase agreements
311,984
2,016
2.62
%
300,000
1,978
2.67
%
Long-term debt and finance lease
liabilities
152,011
824
2.20
%
152,088
780
2.08
%
Total interest-bearing
liabilities
31,218,479
16,416
0.21
%
30,863,568
27,691
0.36
%
Noninterest-bearing liabilities and
stockholders’ equity:
Demand deposits
23,432,746
18,093,696
Accrued expenses and other liabilities
1,264,208
1,298,921
Stockholders’ equity
5,842,615
5,338,098
Total liabilities and stockholders’
equity
$
61,758,048
$
55,594,283
Interest rate spread
2.78
%
2.57
%
Net interest income and net interest
margin
$
415,613
2.87
%
$
353,695
2.71
%
(1)
Annualized.
(2)
Includes loans HFS. Average balances of
PPP loans were $410.6 million and $1.93 billion for the three
months ended March 31, 2022 and 2021, respectively.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 7
Three Months Ended (1)
March 31, 2022
Basis Point Change
March 31, 2022
December 31, 2021
March 31, 2021
Qtr-o-Qtr
Yr-o-Yr
Return on average assets
1.56
%
1.39
%
1.50
%
17
bps
6
bps
Return on average equity
16.50
%
14.93
%
15.57
%
157
93
Return on average tangible equity (2)
18.00
%
16.32
%
17.17
%
168
83
Interest rate spread
2.78
%
2.63
%
2.57
%
15
21
Net interest margin
2.87
%
2.73
%
2.71
%
14
16
Average loan yield
3.63
%
3.59
%
3.58
%
4
5
Yield on average interest-earning
assets
2.99
%
2.85
%
2.93
%
14
6
Average cost of interest-bearing
deposits
0.17
%
0.18
%
0.30
%
(1
)
(13
)
Average cost of deposits
0.10
%
0.10
%
0.18
%
—
(8
)
Average cost of funds
0.12
%
0.12
%
0.23
%
—
(11
)
Adjusted pre-tax, pre-provision
profitability ratio (3)
2.10
%
1.91
%
1.91
%
19
19
Adjusted noninterest expense/average
assets (3)
1.15
%
1.13
%
1.20
%
2
(5
)
Efficiency ratio
38.25
%
44.03
%
44.79
%
(578
)
(654
)
Adjusted efficiency ratio (3)
35.34
%
37.24
%
38.68
%
(190
)bps
(334
)bps
(1)
Annualized except for efficiency
ratio.
(2)
See reconciliation of GAAP to non-GAAP
financial measures in Table 11.
(3)
See reconciliation of GAAP to non-GAAP
financial measures in Table 10.
EAST WEST BANCORP, INC. AND
SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES
& OFF-BALANCE SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 8
Three Months Ended March 31,
2022
Commercial
Consumer
C&I
Total CRE
Total Residential
Mortgage
Other Consumer
Total
Allowance for loan losses, December 31,
2021
$
338,252
$
180,808
$
20,595
$
1,924
$
541,579
Provision for credit losses on loans
(a)
9,262
1,658
1,225
107
12,252
Gross charge-offs
(11,188
)
(399
)
—
(46
)
(11,633
)
Gross recoveries
3,002
229
138
—
3,369
Total net (charge-offs) recoveries
(8,186
)
(170
)
138
(46
)
(8,264
)
Foreign currency translation
adjustment
118
—
—
—
118
Allowance for loan losses, March 31,
2022
$
339,446
$
182,296
$
21,958
$
1,985
$
545,685
Three Months Ended December
31, 2021
Commercial
Consumer
C&I
Total CRE
Total Residential
Mortgage
Other Consumer
Total
Allowance for loan losses, September
30, 2021
$
342,142
$
192,260
$
21,684
$
4,318
$
560,404
Provision for (reversal of) credit losses
on loans
(a)
2,397
(9,416
)
(1,519
)
(940
)
(9,478
)
Gross charge-offs
(12,328
)
(2,872
)
—
(1,454
)
(16,654
)
Gross recoveries
5,605
836
430
—
6,871
Total net (charge-offs) recoveries
(6,723
)
(2,036
)
430
(1,454
)
(9,783
)
Foreign currency translation
adjustment
436
—
—
—
436
Allowance for loan losses, December 31,
2021
$
338,252
$
180,808
$
20,595
$
1,924
$
541,579
Three Months Ended March 31,
2021
Commercial
Consumer
C&I
Total CRE
Total Residential
Mortgage
Other Consumer
Total
Allowance for loan losses, December 31,
2020
$
398,040
$
201,603
$
18,210
$
2,130
$
619,983
Provision for (reversal of) credit losses
on loans
(a)
3,839
(3,076
)
398
(113
)
1,048
Gross charge-offs
(8,436
)
(7,283
)
(179
)
(1
)
(15,899
)
Gross recoveries
760
1,651
80
2
2,493
Total net (charge-offs) recoveries
(7,676
)
(5,632
)
(99
)
1
(13,406
)
Foreign currency translation
adjustment
(119
)
—
—
—
(119
)
Allowance for loan losses, March 31,
2021
$
394,084
$
192,895
$
18,509
$
2,018
$
607,506
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, 2022
December 31, 2021
March 31, 2021
Unfunded Credit Facilities
Allowance for unfunded credit
commitments, beginning of period (1)
$
27,514
$
28,036
$
33,577
Reversal of credit losses on unfunded
credit commitments
(b)
(4,252
)
(522
)
(1,048
)
Allowance for unfunded credit
commitments, end of period (1)
$
23,262
$
27,514
$
32,529
Provision for (reversal of) credit
losses
(a)+(b)
$
8,000
$
(10,000
)
$
—
(1)
Included in Accrued expenses and other
liabilities on the 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, 2022
December 31, 2021
March 31, 2021
Special mention loans
$
402,704
$
384,694
$
504,226
Classified loans
430,633
448,362
712,693
Total criticized loans
$
833,337
$
833,056
$
1,216,919
Nonperforming Assets
March 31, 2022
December 31, 2021
March 31, 2021
Nonaccrual loans:
Commercial:
C&I
$
51,773
$
59,023
$
125,536
Total CRE
9,827
9,942
74,727
Consumer:
Total residential mortgage
23,197
24,164
29,173
Other consumer
37
52
2,526
Total nonaccrual loans
84,834
93,181
231,962
Other real estate owned, net
—
363
15,824
Other nonperforming assets
9,548
9,938
10,360
Total nonperforming assets
$
94,382
$
103,482
$
258,146
Credit Quality Ratios
March 31, 2022
December 31, 2021
March 31, 2021
Annualized quarterly net charge-offs to
average loans HFI
0.08
%
0.10
%
0.14
%
Special mention loans to loans HFI
0.93
%
0.92
%
1.27
%
Classified loans to loans HFI
0.99
%
1.08
%
1.80
%
Criticized loans to loans HFI
1.92
%
2.00
%
3.07
%
Nonperforming assets to total assets
0.15
%
0.17
%
0.45
%
Nonaccrual loans to loans HFI
0.20
%
0.22
%
0.59
%
Allowance for loan losses to loans HFI
1.25
%
1.30
%
1.53
%
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 revenue. Adjusted pre-tax,
pre-provision profitability ratio represents revenue less adjusted
noninterest expense, divided by average total assets. Adjusted
noninterest expense excludes the amortization of tax credit and
other investments, the amortization of core deposit intangibles and
the extinguishment cost on repurchase agreements. 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, 2022
December 31, 2021
March 31, 2021
Net interest income before provision for
(reversal of) credit losses
(a)
$
415,613
$
405,697
$
353,695
Total noninterest income
79,743
71,489
72,866
Total revenue
(b)
$
495,356
$
477,186
$
426,561
Total noninterest expense
(c)
$
189,450
$
210,105
$
191,077
Less: Amortization of tax credit and other
investments
(13,900
)
(31,800
)
(25,358
)
Amortization of core deposit
intangibles
(511
)
(602
)
(732
)
Adjusted noninterest expense
(d)
$
175,039
$
177,703
$
164,987
Efficiency ratio
(c)/(b)
38.25
%
44.03
%
44.79
%
Adjusted efficiency ratio
(d)/(b)
35.34
%
37.24
%
38.68
%
Adjusted pre-tax, pre-provision
income
(b)-(d) = (e)
$
320,317
$
299,483
$
261,574
Average total assets
(f)
$
61,758,048
$
62,183,137
$
55,594,283
Adjusted pre-tax, pre-provision
profitability ratio (1)
(e)/(f)
2.10
%
1.91
%
1.91
%
Adjusted noninterest expense/average
assets (1)
(d)/(f)
1.15
%
1.13
%
1.20
%
(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 equity and tangible equity to
tangible assets ratio are non-GAAP financial measures. Tangible
equity 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, 2022
December 31, 2021
March 31, 2021
Stockholders’ equity
(a)
$
5,703,456
$
5,837,218
$
5,285,027
Less: Goodwill
(465,697
)
(465,697
)
(465,697
)
Other intangible assets (1)
(9,044
)
(9,334
)
(11,151
)
Tangible equity
(b)
$
5,228,715
$
5,362,187
$
4,808,179
Total assets
(c)
$
62,241,456
$
60,870,701
$
56,874,146
Less: Goodwill
(465,697
)
(465,697
)
(465,697
)
Other intangible assets (1)
(9,044
)
(9,334
)
(11,151
)
Tangible assets
(d)
$
61,766,715
$
60,395,670
$
56,397,298
Total stockholders’ equity to total
assets ratio
(a)/(c)
9.16
%
9.59
%
9.29
%
Tangible equity to tangible assets
ratio
(b)/(d)
8.47
%
8.88
%
8.53
%
Adjusted return on average tangible equity
represents tangible net income divided by average tangible equity.
Tangible net income excludes the after-tax impacts of the
amortization of core deposit intangibles and mortgage servicing
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.
Three Months Ended
March 31, 2022
December 31, 2021
March 31, 2021
Net income
$
237,652
$
217,796
$
204,994
Add: Amortization of core deposit
intangibles
511
602
732
Amortization of mortgage servicing
assets
392
415
414
Tax effect of amortization adjustments
(2)
(260
)
(293
)
(325
)
Tangible net income
(e)
$
238,295
$
218,520
$
205,815
Average stockholders’ equity
$
5,842,615
$
5,786,237
$
5,338,098
Less: Average goodwill
(465,697
)
(465,697
)
(465,697
)
Average other intangible assets (1)
(9,207
)
(9,611
)
(11,594
)
Average tangible equity
(f)
$
5,367,711
$
5,310,929
$
4,860,807
Adjusted return on average tangible
equity (3)
(e)/(f)
18.00
%
16.32
%
17.17
%
(1)
Includes core deposit intangibles and
mortgage servicing assets.
(2)
Applied statutory tax rate of 28.77% for
the three months ended March 31, 2022 and December 31, 2021, and
28.37% for the three months ended March 31, 2021.
(3)
Annualized.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220421005011/en/
FOR INVESTOR INQUIRIES, CONTACT: Irene Oh Chief Financial
Officer T: (626) 768-6360 E: irene.oh@eastwestbank.com
Julianna Balicka Director of Investor Relations and Corporate
Finance T: (626) 768-6985 E: julianna.balicka@eastwestbank.com
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