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
EWBC$130.74-0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statement of Income (Unaudited)
CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| INTEREST AND DIVIDEND INCOME | ||||
| Loans receivable, including fees | $868,441 | $771,264 | $1,734,830 | $1,499,650 |
| Debt securities | 111,732 | 68,970 | 187,124 | 134,901 |
| Resale agreements | 1,885 | 3,969 | 8,000 | 8,472 |
| Restricted equity securities | 2,950 | 936 | 4,289 | 1,975 |
| Interest-bearing cash and deposits with banks | 49,406 | 60,995 | 123,788 | 96,642 |
| Total interest and dividend income | 1,034,414 | 906,134 | 2,058,031 | 1,741,640 |
| INTEREST EXPENSE | ||||
| Deposits | 431,482 | 287,477 | 837,681 | 504,271 |
| Federal funds purchased and other short-term borrowings | 32 | 49,032 | 42,138 | 57,857 |
| FHLB advances | 48,840 | — | 56,579 | 6,430 |
| Securities sold under repurchase agreements (“repurchase agreements”) | 58 | 211 | 93 | 1,263 |
| Long-term debt and finance lease liabilities | 773 | 2,668 | 3,172 | 5,212 |
| Total interest expense | 481,185 | 339,388 | 939,663 | 575,033 |
| Net interest income before provision for credit losses | 553,229 | 566,746 | 1,118,368 | 1,166,607 |
| Provision for credit losses | 37,000 | 26,000 | 62,000 | 46,000 |
| Net interest income after provision for credit losses | 516,229 | 540,746 | 1,056,368 | 1,120,607 |
| NONINTEREST INCOME | ||||
| Deposit account fees | 25,649 | 23,369 | 50,597 | 46,423 |
| Lending fees | 24,340 | 20,901 | 47,265 | 41,487 |
| Foreign exchange income | 12,924 | 12,167 | 24,393 | 23,476 |
| Wealth management fees | 9,478 | 6,944 | 18,115 | 13,291 |
| Customer derivative income | 5,764 | 7,373 | 9,514 | 9,937 |
| Net gains (losses) on sales of loans | 56 | (7) | 15 | (29) |
| Net gains (losses) on AFS debt securities | 1,785 | — | 1,834 | (10,000) |
| Other investment income | 586 | 4,003 | 3,401 | 5,924 |
| Other income | 4,091 | 3,881 | 8,527 | 8,100 |
| Total noninterest income | 84,673 | 78,631 | 163,661 | 138,609 |
| NONINTEREST EXPENSE | ||||
| Compensation and employee benefits | 133,588 | 124,937 | 275,400 | 254,591 |
| Occupancy and equipment expense | 15,031 | 16,088 | 30,261 | 31,675 |
| Deposit insurance premiums and regulatory assessments | 10,708 | 8,262 | 30,357 | 16,172 |
| Deposit account expense | 12,050 | 10,559 | 24,238 | 20,168 |
| Computer software and data processing expenses | 11,392 | 10,692 | 22,736 | 21,399 |
| Other operating expense | 37,613 | 35,337 | 71,058 | 70,207 |
| Amortization of tax credit and CRA investments | 16,052 | 55,914 | 29,259 | 66,024 |
| Total noninterest expense | 236,434 | 261,789 | 483,309 | 480,236 |
| INCOME BEFORE INCOME TAXES | 364,468 | 357,588 | 736,720 | 778,980 |
| INCOME TAX EXPENSE | 76,238 | 45,557 | 163,415 | 144,510 |
| NET INCOME | $288,230 | $312,031 | $573,305 | $634,470 |
| EARNINGS PER SHARE (“EPS”) | ||||
| BASIC | $2.07 | $2.21 | $4.12 | $4.49 |
| DILUTED | $2.06 | $2.20 | $4.09 | $4.47 |
| WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING | ||||
| BASIC | 138,980 | 141,468 | 139,195 | 141,291 |
| DILUTED | 139,801 | 141,876 | 140,047 | 141,910 |
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