EAST WEST BANCORP INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Foreign Outstandings
The Company’s overseas offices, which include the branch in Hong Kong and the subsidiary bank in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties. As such, the Company’s international operation risk exposure is largely concentrated in China and Hong Kong. In addition, the Company’s financial assets held in the Hong Kong branch and the subsidiary bank in China may be affected by fluctuations in currency exchange rates or other factors. The following table presents the major financial assets held in the Company’s overseas offices as of December 31, 2023 and 2022:
| December 31, | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| ($ in thousands) | Amount | % of Total Consolidated Assets | Amount | % of Total Consolidated Assets |
| Hong Kong branch: | ||||
| Cash and cash equivalents | $631,487 | 1% | $911,784 | 1% |
| Interest-bearing deposits with banks | $— | —% | $28,772 | 0% |
| AFS debt securities (1) | $546,495 | 1% | $281,804 | 0% |
| Loans held-for-investment (2) | $934,734 | 1% | $968,450 | 2% |
| Total assets | $2,115,857 | 3% | $2,212,606 | 3% |
| Subsidiary bank in China: | ||||
| Cash and cash equivalents | $719,058 | 1% | $556,656 | 1% |
| AFS debt securities (3) | $120,167 | 0% | $122,053 | 0% |
| Loans held-for-investment (2) | $1,328,383 | 2% | $1,170,437 | 2% |
| Total assets | $2,156,548 | 3% | $1,836,811 | 3% |
(1)Comprised of U.S. Treasury securities and foreign government bonds as of both December 31, 2023 and 2022.
(2)Primarily comprised of C&I loans as of both December 31, 2023 and 2022.
(3)Comprised of foreign government bonds as of both December 31, 2023 and 2022.
The following table presents the total revenue generated by the Company’s overseas offices in 2023, 2022 and 2021:
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2023 | 2022 | 2021 | ||||
| ($ in thousands) | Amount | % of Total Consolidated Revenue | Amount | % of Total Consolidated Revenue | Amount | % of Total Consolidated Revenue |
| Hong Kong Branch: | ||||||
| Total revenue | $55,747 | 2% | $47,644 | 2% | $25,221 | 1% |
| Subsidiary Bank in China: | ||||||
| Total revenue | $32,569 | 1% | $38,022 | 2% | $27,252 | 1% |
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