Business
East West Bancorp Reports Net Income for Second Quarter 2022 of $258 Million and Diluted Earnings Per Share of $1.81; Record Net Interest Income of $473 Million
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 second quarter of 2022. Second quarter 2022 net income was $258.3 million, or $1.81 per diluted share; diluted earnings per share grew 38% linked quarter annualized and 15% year-over-year.\n\n“East West’s outstanding results for the second quarter demonstrate the strengths of our business model. Total revenue for the second quarter was $551 million, or an increase of 45% linked quarter annualized, driven by strong growth in net interest income and stable fee income. Net interest income increased to a record $473 million, up 55% linked quarter annualized, and our net interest margin increased 36 basis points quarter-over-quarter to 3.23%,” stated Dominic Ng, Chairman and Chief Executive Officer of East West.\n\n“Not only is our balance sheet well-positioned for rising interest rates, it is resilient and diversified. Average total loans increased $2.5 billion to $44.6 billion, with broad-based growth across all our major loan categories. Average noninterest-bearing demand deposits increased 8% linked quarter annualized to $23.9 billion and totaled 44% of average total deposits for the second quarter of 2022,” continued Ng.\n\n“Our strong revenue growth, combined with controlled expense management, drove second quarter 2022 adjusted pre-tax, pre-provision income1 growth of 62% linked quarter annualized. We earned an industry-leading return on assets of 1.66% and a return on equity of 18.2% for the second quarter of 2022,” concluded Ng.\n\nFINANCIAL HIGHLIGHTS\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nQtr-o-Qtr Change\n\n\n\n \n\n\n\nYr-o-Yr Change\n\n\n\n\n\n($ in millions, except per share data)\n\n\n\nJune 30, 2022\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\nTotal Loans\n\n\n\n$\n\n\n\n46,531\n\n\n\n\n \n\n\n\n$\n\n\n\n3,039\n\n\n\n \n\n\n\n28\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n6,457\n\n\n\n\n16\n\n\n\n%\n\n\n\n\n\nTotal Deposits\n\n\n\n \n\n\n\n54,343\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n(595\n\n\n\n)\n\n\n\n(4\n\n\n\n)\n\n\n\n \n\n\n\n \n\n\n\n1,761\n\n\n\n \n\n\n\n3\n\n\n\n \n\n\n\n\n\nTotal Revenue\n\n\n\n$\n\n\n\n551\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n56\n\n\n\n \n\n\n\n45\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n106\...