Business
East West Bancorp Reports Net Income for Second Quarter of 2023 of $312 Million and Diluted Earnings Per Share of $2.20, Both Up 21% Year-Over-Year
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 second quarter of 2023. Second quarter 2023 net income was $312.0 million, or $2.20 per diluted share, up from $258.3 million, or $1.81 per diluted share in the prior year period. Year-over-year, net income and earnings per share both increased 21%.\n\n\n“We are pleased with our operating performance for the second quarter, which continues the strong trajectory from the first quarter of 2023. For the second quarter of 2023, both deposits and loans grew 7% linked quarter annualized, to $55.7 billion and $49.8 billion, respectively,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “For the second quarter of 2023, we earned industry-leading returns of 1.85% on average assets and 21.0% on average tangible common equity1. Net interest margin was 3.55%, a healthy margin in the current environment, and asset quality continued to be outstanding with net charge-offs of 0.06% annualized.”\n\n\n“We remain focused on ensuring both the strength and stability of our balance sheet, capital, liquidity and earnings power. Our tangible common equity ratio1 increased to 8.80% and our common equity tier 1 capital ratio increased to 13.17% as of June 30, 2023. We believe that through the strength of our diversified business model and the growth opportunities we see in our markets, we will continue to generate strong returns for shareholders, for the remainder of 2023 and for years to come,” concluded Ng.\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\n\n \n\n\n\n\n\n\nQuarter Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nQuarter Ended\n\n\n\n\n\n\n \n\n\n\n\n\n\nYear-over-Year Change\n\n\n\n\n\n\n\n\n($ in millions, except per share data)\n\n\n\n\n\n\nJune 30, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJune 30, 2022\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nTotal Loans\n\n\n\n\n\n\n$\n\n\n\n\n\n\n49,831\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n46,531\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n3,301\n\n\n\n\n\n\n\n7\n\n\n\n\n\n\n%\n\n\n\n\n\n\n\n\nTotal Deposits\n\n\n\n\n\n\n \n\n\n\n\n\n\n55,659\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\n54,343\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\n1,315\n\n\n\n\n\...