EAST WEST BANCORP INC
For the period ended Jun 30, 2024. Filed Aug 8, 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.
Jun 30, 2024 · Filed Aug 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
($ in thousands, except shares and per share data)
| Common Stock and Additional Paid-in Capital · Retained Earnings · Treasury Stock · AOCI, Net of Tax · Total Stockholders’ Equity | ||||||
|---|---|---|---|---|---|---|
| Shares · Amount | ||||||
| BALANCE, APRIL 1, 2023 | 141,395,800 | $1,947,687 | $5,832,291 | $(790,653) | $(679,994) | $6,309,331 |
| Net income | — | — | 312,031 | — | — | 312,031 |
| Other comprehensive loss | — | — | — | — | (101,938) | (101,938) |
| Issuance of common stock pursuant to various stock compensation plans and agreements | 111,097 | 12,097 | — | — | — | 12,097 |
| Repurchase of common stock pursuant to various stock compensation plans and agreements | (23,229) | — | — | (1,237) | — | (1,237) |
| Cash dividends on common stock ($0.48 per share) | — | — | (68,587) | — | — | (68,587) |
| BALANCE, JUNE 30, 2023 | 141,483,668 | $1,959,784 | $6,075,735 | $(791,890) | $(781,932) | $6,461,697 |
| BALANCE, APRIL 1, 2024 | 139,121,162 | $1,993,976 | $6,662,919 | $(970,930) | $(662,733) | $7,023,232 |
| Net income | — | — | 288,230 | — | — | 288,230 |
| Other comprehensive income | — | — | — | — | 8,560 | 8,560 |
| Issuance of common stock pursuant to various stock compensation plans and agreements | 46,938 | 13,582 | — | — | — | 13,582 |
| Repurchase of common stock pursuant to various stock compensation plans and agreements | (3,018) | — | — | (214) | — | (214) |
| Repurchase of common stock pursuant to the stock repurchase program | (560,645) | — | — | (40,780) | — | (40,780) |
| Cash dividends on common stock ($0.55 per share) | — | — | (77,496) | — | — | (77,496) |
| BALANCE, JUNE 30, 2024 | 138,604,437 | $2,007,558 | $6,873,653 | $(1,011,924) | $(654,173) | $7,215,114 |
| Common Stock and Additional Paid-in Capital · Retained Earnings · Treasury Stock · AOCI, Net of Tax · Total Stockholders’ Equity | |||||||
|---|---|---|---|---|---|---|---|
| Shares · Amount | |||||||
| BALANCE, JANUARY 1, 2023 | 140,947,846 | $1,936,557 | $5,582,546 | $(768,862) | $(765,629) | $5,984,612 | |
| Cumulative-effect of change in accounting principle (1) | — | — | (4,262) | — | — | (4,262) | |
| Net income | — | — | 634,470 | — | — | 634,470 | |
| Other comprehensive loss | — | — | — | — | (16,303) | (16,303) | |
| Issuance of common stock pursuant to various stock compensation plans and agreements | 851,819 | 23,227 | — | — | — | 23,227 | |
| Repurchase of common stock pursuant to various stock compensation plans and agreements | (315,997) | — | — | (23,028) | — | (23,028) | |
| Cash dividends on common stock ($0.96 per share) | — | — | (137,019) | — | — | (137,019) | |
| BALANCE, JUNE 30, 2023 | 141,483,668 | $1,959,784 | $6,075,735 | $(791,890) | $(781,932) | $6,461,697 | |
| BALANCE, JANUARY 1, 2024 | 140,027,367 | $1,980,987 | $6,465,230 | $(874,787) | $(620,596) | $6,950,834 | |
| Cumulative-effect of change in accounting principle (2) | — | — | (9,482) | — | — | (9,482) | |
| Net income | — | — | 573,305 | — | — | 573,305 | |
| Other comprehensive loss | — | — | — | — | (33,577) | (33,577) | |
| Issuance of common stock pursuant to various stock compensation plans and agreements | 510,177 | 26,571 | — | — | — | 26,571 | |
| Repurchase of common stock pursuant to various stock compensation plans and agreements | (190,611) | — | — | (13,916) | — | (13,916) | |
| Repurchase of common stock pursuant to the stock repurchase plan | (1,742,496) | — | — | (123,221) | (123,221) | ||
| Cash dividends on common stock ($1.10 per share) | — | — | (155,400) | — | — | (155,400) | |
| BALANCE, JUNE 30, 2024 | 138,604,437 | $2,007,558 | $6,873,653 | $(1,011,924) | $(654,173) | $7,215,114 | |
(1)Represents the change in the Company’s allowance for loan losses as a result of the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures on January 1, 2023.
(2)Represents the impact of the adoption of ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Methodon January 1, 2024. Refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policiesin this Form 10-Q for additional information.
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