EAST WEST BANCORP INC

(1)For additional information regarding the reconciliation of these non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) — Reconciliation of GAAP to Non-GAAP Financial Measuresin this Form 10-Q.

(2)Efficiency ratio is calculated as noninterest expense divided by total revenue.

The Company’s first quarter 2025 net income was $290 million, an increase of $5 million or 2%, from the first quarter of 2024. The increase was primarily due to higher net interest income before provision for credit losses and noninterest income, partially offset by an increase in provision for credit losses, higher income tax and noninterest expenses. Noteworthy aspects of the Company’s performance for the first quarter of 2025 included:

•Net interest income and net interest margin. First quarter 2025 net interest income before provision for credit losses was $600 million, an increase of $35 million or 6%from the first quarter of 2024. First quarter 2025 net interest margin of 3.35% increased one basis point (“bp”) year-over-year.

•Noninterest income. First quarter 2025 noninterest income increased$14 million or 17% year-over-year to$92 million, primarily due to an increase in fee-related income.

•Earnings per share growth. First quarter 2025 basic and diluted EPS expanded 3% to $2.10 and $2.08, respectively, from the first quarter of 2024.

•Efficiency ratio improvement. First quarter 2025 efficiency ratio of 36.42% improved 186 bps from 38.28% for the same period in 2024. The improvement in the efficiency ratio primarily reflected a year-over-year increase in total revenue.

•Asset growth. Total assets reached $76.2 billion as of March 31, 2025, an increase of $189 million, from December 31, 2024, primarily driven by a $1.5 billion or 14% increase in available-for-sale (“AFS”) debt securities and a $493 million or 1% increase in net loans held-for-investment, partially offset by a $1.8 billion or 38% decrease in interest-bearing cash and deposits with banks.

•Strong capital levels. Stockholders’ equity was $7.9 billion as of March 31, 2025, up $206 million or 3%, from December 31, 2024. Book value per share of $57.54 as of March 31, 2025, increased $1.75 or 3%, compared with December 31, 2024. Tangible book value per share of $54.13 as of March 31, 2025, increased $1.74 or 3%, compared with December 31, 2024. Tangible book value per share is a non-GAAP financial measure. For additional details, see the reconciliation of non-GAAP financial measures presented under Item 2. MD&A — Reconciliation of GAAP to non-GAAP Financial Measures in this Form 10-Q.