Business
East West Bancorp Reports Net Income for First Quarter of 2024 of $285 Million and Diluted Earnings Per Share of $2.03
PASADENA, Calif.--(BUSINESS WIRE)-- East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its
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, reported its financial results for the first quarter of 2024. First quarter 2024 net income was $285 million, or $2.03 per diluted share. Excluding a $10 million pre-tax Federal Deposit Insurance Corporation (“FDIC”) Special Assessment-related charge (the “FDIC charge”)1, adjusted diluted earnings per share2 for the quarter were $2.08, up 3% from the fourth quarter of 2023. Total deposits reached a record $58.6 billion as of March 31, 2024. Return on average common equity was 16%, return on average tangible common equity3 was 18%, and book value per share grew 13% year-over-year.\n\n\n“This quarter we grew deposits by $2.5 billion to a new record level and optimized funding to support prudent asset growth,” said Dominic Ng, Chairman and Chief Executive Officer. “East West grew adjusted diluted earnings per share 3% and tangible book value per share3 2% quarter-over-quarter. With continued confidence in our earnings generation, stable credit quality, and capital strength, we were pleased to repurchase 1.2 million shares of common stock,” continued Ng. “Through the strength of our diversified business model, conservatively managed balance sheet, and industry-leading profitability, East West remains well-positioned to outperform the industry in 2024 and beyond.”\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nQuarter-over-Quarter Change\n\n\n\n\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n\n \n\n\n\n\n\n\nMarch 31,\n2024\n\n\n\n\n\n\n \n\n\n\n\n\n\nDecember 31,\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n \n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nRevenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$644\n\n\n\n\n\n\n \n\n\n\n\n\n\n$655\n\n\n\n\n\n\n \n\n\n\n\n\n\n$(11)\n\n\n\n\n\n\n \n\n\n\n\n\n\n(2)%\n\n\n\n\n\n\n\n\nPre-tax, Pre-provision Income4\n\n\n\n\n\n\n \n\n\n\n\n\n\n397\n\n\n\n\n\n\n \n\n\n\n\n\n\n364\n\n\n\n\n\n\n \n\n\n\n\n\n\n33\n\n\n\n\n\n\n \n\n\n\...