East West Bancorp Inc (EWBC) 10K Annual Reports & 10Q SEC Filings


FOR INVESTOR INQUIRIES, CONTACT:
Irene Oh			Julianna Balicka
Chief Financial Officer			Director of Investor Relations and Corporate Finance
T: (626) 768-6360			T: (626) 768-6985
E: irene.oh@eastwestbank.com			E: julianna.balicka@eastwestbank.com

EAST WEST BANCORP REPORTS RECORD NET INCOME FOR FULL YEAR 2022

OF $1.1 BILLION AND RECORD DILUTED EARNINGS PER SHARE OF $7.92;

INCREASES DIVIDEND BY 20%

Pasadena, California – January 26, 2023 – East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the full year and fourth quarter of 2022. Full year 2022 net income was a record $1.1 billion, or $7.92 per diluted share, which grew 30% year-over-year. Fourth quarter 2022 net income was $336.8 million, or $2.37 per diluted share, which grew 56% year-over-year. Total loans reached a record $48.2 billion as of December 31, 2022, up 16% year-over-year, and total deposits grew to a record $56.0 billion, up 5% from a year ago.

“2023 marks the 50th anniversary of East West. I am very proud of the milestones and growth that East West has achieved throughout its history. We have distinguished ourselves with a long, well-established track record of strong financial performance,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “For the fourth quarter of 2022, we earned an industry-leading 2.1% return on average assets and 25.0% return on average tangible equity1.”

“East West Federal Savings Bank was founded in 1973 with a mission to serve the financial needs of Asian immigrants in Los Angeles, who were overlooked by mainstream banks. As our customers grew and prospered, achieving their personal and business ambitions, so did East West. With over $60 billion in total assets and annual earnings over $1 billion, East West has grown to be the largest independent bank headquartered in Southern California. Our customer base and geographic footprint expanded, along with the breadth and technological sophistication of our lending, deposit, and fee-based products and services. Today, we provide a seamless banking experience for clients on both sides of the Pacific, executing on our vision to be the bridge between the East and the West,” continued Ng.

“In celebrating our 50th anniversary, we are honored to be the bank of choice for our customers, and thankful and proud of all our associates for their dedication to our clients and East West. We are positive about 2023 and expect to continue our track record of outstanding profitability, achieved through solid revenue growth and disciplined expense management, while maintaining healthy capital levels. As we start the year, we are pleased to announce a 20% increase in our common stock dividend,” concluded Ng.



1 Return on average tangible equity is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 13.

The following information was filed by East West Bancorp Inc (EWBC) on Thursday, January 26, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

ChatGPT says Company Strategically Manages Risk to Ensure Financial Soundness.

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East West Bancorp Inc provided additional information to their SEC Filing as exhibits

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 24.1: Power Of Attorney

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: EWBC
CIK: 1069157
Form Type: 10-K Annual Report
Accession Number: 0001069157-23-000016
Submitted to the SEC: Mon Feb 27 2023 3:05:25 PM EST
Accepted by the SEC: Mon Feb 27 2023
Period: Saturday, December 31, 2022
Industry: State Commercial Banks

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East West Bancorp Inc (EWBC) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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