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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Income Taxes
The following table presents the income before income taxes, income tax expense and effective tax rate for the periods indicated:
| Year Ended December 31, | |||
|---|---|---|---|
| ($ in thousands) | 2023 | 2022 | 2021 |
| Income before income taxes | $1,459,770 | $1,411,654 | $1,056,377 |
| Income tax expense | $298,609 | $283,571 | $183,396 |
| Effective tax rate | 20.5% | 20.1% | 17.4% |
Income tax expense was $299 million in 2023, compared with $284 million in 2022, resulting in an effective tax rate of 20.5% and 20.1%, respectively. The increase in the income tax expense was primarily related to an increase in pre-tax net income, which was partially offset by an increase in tax credits. The differences between the 2023 and 2022 effective tax rates from the federal statutory rate of 21% were primarily due to tax credits associated with renewable energy, historic and new market tax credit related projects and state taxes as described in Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K.
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