Business
East West Bancorp Reports Net Income for Third Quarter 2021 of $225 Million and Diluted Earnings Per Share Of $1.57
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 third quarter of 2021. Third quarter 2021 net income was $225.4 million, or $1.57 per diluted share; return on average assets was 1.46%, and return on average equity was 15.75%.\n\n“This was another quarter of outstanding results. Our total loans reached a record $40.5 billion as of September 30, 2021. Loans grew by 11% annualized from June 30, 2021, and by 11% from September 30, 2020, excluding the impact of the Paycheck Protection Program. This growth has come from all of our major loan portfolios of commercial, residential mortgage and commercial real estate,” stated Dominic Ng, Chairman and Chief Executive Officer of East West.\n\n“Total deposits reached a record $53.4 billion as of September 30, 2021, driven by excellent growth in demand deposits. This has transformed our deposit mix. Noninterest-bearing demand deposits now make up 43% of total balances, compared with 36% a year ago.”\n\n“Our robust organic balance sheet growth drove a 21% annualized increase in revenue quarter-over-quarter, even as interest rates remained low. This revenue expansion was achieved while maintaining solid expense discipline, resulting in adjusted pre-tax, pre-provision income1 growth of 26% annualized from the second quarter,” continued Ng. “Overall, we earned an attractive return on average tangible equity2 of 17.25% in the third quarter of 2021.”\n\n“We are looking forward to finishing the year on a high note, and extending the momentum and excellent performance from 2021 into continued growth and success in 2022,” concluded Ng.\n\nFINANCIAL HIGHLIGHTS\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n \n\n\n\nQtr-o-Qtr Change\n\n\n\n \n\n\n\nYr-o-Yr Change\n\n\n\n\n\n($ in millions)\n\n\n\n \n\n\n\nSeptember 30, 2021\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 (incl. PPP)\n\n\n\n \n\n\n\n$\n\n\n\n40,482\n\n\n\n \n\n\n\n$\n\n\n\n408\n\n\n\n4\n\n\n\n%\n\n\n\n \n\n\n\n$\n\n\n\n3,040\n\n\n\n8\n\n\n\n%\n\n\n\n\n\nTotal Loans (excl. PPP)\n\n\n\n \n\n\n\n \n\n\n\n39,674\n\n\n\n \n\n\n\n \n\n\n\n1,034\n\n\n\n11\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n4,005\n\n\n\n11\n\n\n\n \n\n\n\n\n\nTotal Deposits\n\n\n\n \n\n\n\n \n\n\n\n53,35...