EAST WEST BANCORP INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Noninterest Expense
The following table presents the components of noninterest expense for the first quarters of 2024 and 2023:
| Three Months Ended March 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | % Change |
| Compensation and employee benefits | $141,812 | $129,654 | 9% |
| Occupancy and equipment expense | 15,230 | 15,587 | (2)% |
| Deposit insurance premiums and regulatory assessments | 19,649 | 7,910 | 148% |
| Deposit account expense | 12,188 | 9,609 | 27% |
| Computer software and data processing expenses | 11,344 | 10,707 | 6% |
| Other operating expense | 33,445 | 34,870 | (4)% |
| Amortization of tax credit and CRA investments | 13,207 | 10,110 | 31% |
| Total noninterest expense | $246,875 | $218,447 | 13% |
First quarter 2024 noninterest expense was $247 million, an increase of $28 million or 13%, compared with $218 million for the first quarter of 2023. The increase was primarily due to increases in compensation and employee benefits and deposit insurance premiums and regulatory assessments.
Compensation and employee benefits were $142 million for the first quarter of 2024, an increase of $12 million or 9%, compared with $130 million for the first quarter of 2023. The increase was primarily driven by staffing growth and annual merit increases.
Deposit insurance premiums and regulatory assessments were $20 million for the first quarter of 2024, an increase of $12 million or 148%, compared with $8 million for the first quarter of 2023. The increase was primarily due to an additional $10 million FDIC charge. For additional information about the FDIC special assessment, refer to Item 2. MD&A — Overview — Current Developmentsin this Form 10-Q.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.