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
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Income Taxes
| Three Months Ended June 30, · Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) · 2024 · 2023 · % Change · 2024 · 2023 · % Change | |||||||
| Income before income taxes | $364,468 | $357,588 | 2% | $736,720 | $778,980 | (5)% | |
| Income tax expense | $76,238 | $45,557 | 67% | $163,415 | $144,510 | 13% | |
| Effective tax rate | 20.9% | 12.7% | 22.2% | 18.6% | |||
Second quarter 2024 income tax expense was $76 million and the effective tax rate was 20.9%, compared with second quarter 2023 income tax expense of $46 million and an effective tax rate of 12.7%. For the first half of 2024, income tax expense was $163 million and the effective tax rate was 22.2%, compared with income tax expense of $145 million and an effective tax rate of 18.6% for the same period in 2023. The year-over-year increases in income tax expense and effective tax rate were primarily due to the impacts related to the expanded application of PAM on the Company’s tax credit investments since the adoption of ASU 2023-02 on January 1, 2024 and the timing of tax credit investments that closed in a given period. For additional information on the PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policiesand Note 8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net.
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