EAST WEST BANCORP INC

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

EWBC$130.74-0.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

— Parent Company Condensed Financial Statements

Note 18 —Parent Company Condensed Financial Statements

The following tables present the Parent Company-only condensed financial statements:

CONDENSED BALANCE SHEET

	December 31,
($ in thousands)	2023	2022
ASSETS
Cash and cash equivalents due from subsidiary bank	$445,770	$228,531
Investments in subsidiaries:
Bank	6,542,852	5,889,775
Nonbank	13,502	13,846
Investments in tax credit investments, net	—	1,925
Other assets	120,742	8,516
TOTAL	$7,122,866	$6,142,593
LIABILITIES AND STOCKHOLDERS’ EQUITY
Long-term debt	$148,249	$147,950
Other liabilities	23,783	10,031
Stockholders’ equity	6,950,834	5,984,612
TOTAL	$7,122,866	$6,142,593

CONDENSED STATEMENT OF INCOME

	Year Ended December 31,
($ in thousands)	2023	2022	2021
Dividends from subsidiaries:
Bank	$704,000	$240,000	$200,000
Nonbank	322	157	82
Other investment losses	(2,738)	—	—
Other income	—	—	11
Total income	701,584	240,157	200,093
Interest expense on long-term debt	10,889	5,450	2,974
Compensation and employee benefits	7,204	6,708	6,370
(Impairment recoveries) amortization of tax credit and other investments	(2,901)	(786)	425
Other expense	1,815	2,040	1,306
Total expense	17,007	13,412	11,075
Income before income tax benefit and equity in undistributed income of subsidiaries	684,577	226,745	189,018
Income tax benefit	5,844	4,269	3,005
Undistributed earnings of subsidiaries, primarily bank	470,740	897,069	680,958
Net income	$1,161,161	$1,128,083	$872,981

CONDENSED STATEMENT OF CASH FLOWS

	Year Ended December 31,
($ in thousands)	2023	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,161,161	$1,128,083	$872,981
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank	(470,740)	(897,069)	(680,958)
Deferred income tax expense (benefit)	948	(2,193)	2,721
Net change in other assets	(4,160)	4,250	(5,685)
Net change in other liabilities	(47)	779	(81,706)
Other operating activities, net	2,443	1,333	1,877
Net cash provided by operating activities	689,605	235,183	109,230
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments	—	(1,612)	(346)
Distributions received from equity method investees	1,594	410	436
Other investing activities, net	(96,689)	(6,188)	(1,476)
Net cash used in investing activities	(95,095)	(7,390)	(1,386)
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements	3,208	3,178	2,573
Stock tendered for payment of withholding taxes	(23,751)	(19,087)	(15,702)
Repurchase of common stock pursuant to the stock repurchase program	(82,174)	(99,990)	—
Cash dividends paid	(274,554)	(228,381)	(188,762)
Net cash used in financing activities	(377,271)	(344,280)	(201,891)
Net increase (decrease) in cash and cash equivalents	217,239	(116,487)	(94,047)
Cash and cash equivalents, beginning of year	228,531	345,018	439,065
Cash and cash equivalents, end of year	$445,770	$228,531	$345,018

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.