EAST WEST BANCORP INC
For the period ended Mar 31, 2024. Filed May 9, 2024.
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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
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Noninterest Income
The following table presents the components of noninterest income for the first quarters of 2024 and 2023:
| Three Months Ended March 31, | |||
|---|---|---|---|
| ($ in thousands) | 2024 | 2023 | % Change |
| Deposit account fees | $24,948 | $23,054 | 8% |
| Lending fees | 22,925 | 20,586 | 11% |
| Foreign exchange income | 11,469 | 11,309 | 1% |
| Wealth management fees | 8,592 | 6,304 | 36% |
| Customer derivative income | 3,750 | 2,564 | 46% |
| Net losses on sales of loans | (41) | (22) | (86)% |
| Net gains (losses) on AFS debt securities | 49 | (10,000) | NM |
| Other investment income | 2,815 | 1,921 | 47% |
| Other income | 4,481 | 4,262 | 5% |
| Total noninterest income | $78,988 | $59,978 | 32% |
NM — Not meaningful.
Noninterest income comprised 12% of total revenue for the first quarter of 2024, compared with 9% for the first quarter of 2023. Noninterest income for the first quarter of 2024 was $79 million, an increase of $19 million or 32%, compared with $60 million for the first quarter of 2023. The increase was primarily due to net gains on AFS debt securities and increases in lending, wealth management and deposit account fees.
Deposit account fees were $25 million for the first quarter of 2024, an increase of $2 million or 8%, compared with $23 million for the first quarter of 2023. The increase was primarily related to analysis charges, which reflected customer growth and fee increases.
Lending fees were $23 million for the first quarter of 2024, an increase of $2 million or 11%, compared with $21 million for the first quarter of 2023. The increase was primarily due to higher unused commitment and trade finance fees driven by an increase in customers.
Wealth management fees were $9 million for the first quarter of 2024, an increase of approximately $2 million or 36%, compared with $6 million for the first quarter of 2023. The increase reflected customer demand for higher-yielding products in response to the interest rate environment and potential rate cuts.
Net gains on AFS debt securities were $49 thousand for the first quarter of 2024. In comparison, net losses on AFS debt securities were $10 million for the first quarter of 2023 due to the write-off of an impaired subordinated AFS debt security.
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