Business
East West Bancorp Reports Net Income for First Quarter 2022 of $238 Million and Diluted Earnings Per Share of $1.66: Record Loans and Deposits
PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, today reported
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, today reported its financial results for the first quarter of 2022. For the first quarter of 2022, net income was $237.7 million, or $1.66 per diluted share, up 37% linked quarter annualized and up 16% year-over-year.\n\n“East West had an excellent start to the year. Financial results for the first quarter of 2022 were very strong, with an acceleration of loan and revenue growth, and a 14 basis point expansion in the net interest margin to 2.87%,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “Quarter-over-quarter, our adjusted pre-tax, pre-provision income1 of $320.3 million grew by 28% annualized. Our first quarter 2022 return on assets of 1.56% expanded by 17 basis points, and our return on equity of 16.5% expanded by 157 basis points sequentially.”\n\n“Total loans reached a record $43.5 billion as of March 31, 2022. Excluding the impact of the Paycheck Protection Program loans, total loans grew by $2.0 billion, or 20% linked quarter annualized, led by commercial loan growth. Total deposits grew to a record $54.9 billion as of March 31, 2022, an increase of $1.6 billion or 12% linked quarter annualized, driven by strong growth in noninterest-bearing demand deposits. Demand deposits made up 45% of our deposits as of March 31, 2022, up from 38% a year ago,” continued Ng.\n\n“The strength of East West’s business model and our ability to execute are reflected in our financial achievements for the first quarter. Our loan portfolio is well-diversified, our pipelines are robust, our asset quality continues to be strong, and our balance sheet is well-positioned for a rising interest rate environment. We are optimistic about our outlook and expect to continue to deliver strong growth and earnings in 2022 and beyond,” concluded Ng.\n\nFINANCIAL HIGHLIGHTS\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nQtr-o-Qtr Change\n\n\n\n \n\n\n\nYr-o-Yr Change\n\n\n\n\n\n($ in millions)\n\n\n\n\nMarch 31, 2022\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n% Ann.\n\n\n\n \n\n\n\n$\n\n\n\n \n\n\n\n%\n\n\n\n\n\nTotal Loans (incl. PPP)\n\n\n\n\n$ 43,491\n\n\n\n \n\n\n\n$ 1,797\n\n\n\n\n17\n\n\n\n%\n\n\n\n \n\n\n\n$ 3,903\n\n\n\n\n10\n\n\n\n%\n\n\n\n\n\nTotal Loans (excl. PPP)\n\n\n\n\n43,173\n...