EAST WEST BANCORP INC
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 8, 2024
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Foreign Outstandings
The Company’s overseas offices, which include the branch in Hong Kong and the subsidiary bank in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties. As such, the Company’s international operation risk exposure is largely concentrated in China and Hong Kong. In addition, the Company’s financial assets held in the Hong Kong branch and the subsidiary bank in China may be affected by fluctuations in currency exchange rates or other factors. The following table presents the major financial assets held in the Company’s overseas offices as of September 30, 2024 and December 31, 2023:
| September 30, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| ($ in thousands) | Amount | % of Total Consolidated Assets | Amount | % of Total Consolidated Assets |
| Hong Kong branch: | ||||
| Cash and cash equivalents | $375,633 | 1% | $631,487 | 1% |
| AFS debt securities (1) | $781,355 | 1% | $546,495 | 1% |
| Loans held-for-investment (2) | $920,190 | 1% | $934,734 | 1% |
| Total assets | $2,091,286 | 3% | $2,115,857 | 3% |
| Subsidiary bank in China: | ||||
| Cash and cash equivalents | $583,236 | 1% | $719,058 | 1% |
| Interest-bearing deposits with banks | $108,049 | 0% | $— | —% |
| AFS debt securities (3) | $130,461 | 0% | $120,167 | 0% |
| Loans held-for-investment (2) | $1,140,046 | 2% | $1,328,383 | 2% |
| Total assets | $1,956,471 | 3% | $2,156,548 | 3% |
(1)Comprised of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, U.S. Treasury securities, and foreign government bonds as of September 30, 2024; comprised of foreign government bonds and U.S. Treasury securities as of December 31, 2023.
(2)Primarily comprised of C&I loans as of both September 30, 2024 and December 31, 2023.
(3)Comprised of foreign government bonds as of both September 30, 2024 and December 31, 2023.
The following table presents the total revenue generated by the Company’s overseas offices for the third quarters and first nine months of 2024 and 2023:
| Three Months Ended September 30, · Nine Months Ended September 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||||
| ($ in thousands) | Amount | % of Total Consolidated Revenue | Amount | % of Total Consolidated Revenue | Amount | % of Total Consolidated Revenue | Amount | % of Total Consolidated Revenue |
| Hong Kong Branch: | ||||||||
| Total revenue | $17,692 | 3% | $13,906 | 2% | $51,205 | 3% | $41,479 | 2% |
| Subsidiary Bank in China: | ||||||||
| Total revenue | $6,287 | 1% | $6,788 | 1% | $21,051 | 1% | $26,098 | 1% |
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