Business
East West Bancorp Reports Net Income for First Quarter 2020 of $145 Million and Diluted Earnings Per Share Of $1.00
PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, the financial
About this update from East West Bancorp, Inc.
[{"type":"text","content":" PASADENA, Calif.--(BUSINESS WIRE)--\nEast West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported its financial results for the first quarter of 2020. For the first quarter of 2020, net income was $144.8 million or $1.00 per diluted share. First quarter 2020 return on average assets was 1.30% and return on average equity was 11.6%.\n\n\n“In these unprecedented times, East West Bank has a clear focus – to support our customers and communities by being a source of strength and stability. We have taken actions to ensure the safety and well-being of our customers and associates, especially those on the front-line, by modifying working arrangements and protocols. Despite the many challenges and the volatile economic and market conditions resulting from the worldwide efforts to combat COVID-19, all of our 3,200 associates at East West stand ready and able to help our commercial and consumer customers,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. \"I want to thank all of our associates for their dedication and perseverance through this difficult time.”\n\n\n“East West’s sustained history of strong profitability and earnings has well positioned us for the current economic conditions. Our balance sheet is strong, our loans and deposits are diversified, and most importantly, our capital is strong. East West has some of the highest capital ratios among regional and national banks. Further, we strengthened the allowance for credit losses to 1.55% during the first quarter, to reflect the recent economic and market impact from COVID-19.”\n\n\n“Total loans grew $1.1 billion, or 13% annualized, to a record $35.9 billion as of March 31, 2020 from $34.8 billion as of December 31, 2019. Total deposits grew $1.4 billion, or 15% annualized, to a record $38.7 billion as of March 31, 2020 from $37.3 billion as of December 31, 2019,” continued Ng. “Despite the stay-at-home orders issued in March, business at East West was strong in the first quarter.”\n\n\n“As we start the second quarter of 2020, we are encouraged by the expansive monetary and fiscal support from the government. We are committed to the ongoing support of our customers and their businesses by participating in the new government-sponsored...