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PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended
--- | ---
Dec. 31, 2011
PARENT COMPANY FINANCIAL STATEMENTS |
PARENT COMPANY FINANCIAL STATEMENTS |
27. PARENT COMPANY FINANCIAL STATEMENTS The financial information of East West Bancorp, Inc. as of December 31, 2011 and 2010 and for the years ended December 31, 2011, 2010 and 2009 are as follows: BALANCE SHEETS
|  | December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
|  | (In thousands) |
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 9,287 |  | $ | 4,973 |
Certificates of deposit |  |  | — |  |  | 198 |
Investment securities available-for-sale |  |  | — |  |  | — |
Investment in subsidiaries |  |  | 2,436,574 |  |  | 2,268,453 |
Other investments |  |  | 538 |  |  | 1,136 |
Other assets |  |  | 3,012 |  |  | 5,081 |
TOTAL |  | $ | 2,449,411 |  | $ | 2,279,841 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Long-term debt |  | $ | 137,178 |  | $ | 160,570 |
Other liabilities |  |  | 490 |  |  | 5,340 |
Total liabilities |  |  | 137,668 |  |  | 165,910 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |  |
Preferred stock (par value $0.001 per share) |  |  |  |  |  |  |
Authorized—5,000,000 shares |  |  |  |  |  |  |
Issued—200,000 shares in Series A, non-cumulative convertible preferred stock in 2011 and 2010 Outstanding—85,710 and 85,741 shares in 2011 and 2010 |  |  | 83,027 |  |  | 83,058 |
Common stock (par value $0.001 per share) |  |  |  |  |  |  |
Authorized—200,000,000 shares |  |  |  |  |  |  |
Issued—156,798,011 shares in 2011 and 155,743,241 shares in 2010 Outstanding—149,327,907 shares in 2011 and 148,542,940 shares in 2010 |  |  | 157 |  |  | 156 |
Additional paid in capital |  |  | 1,443,883 |  |  | 1,434,277 |
Retained earnings |  |  | 934,617 |  |  | 720,116 |
Treasury stock, at cost—7,470,104 shares in 2011 and 7,200,301 shares in 2010 |  |  | (116,001 | ) |  | (111,262 | )
Accumulated other comprehensive (loss) income, net of tax |  |  | (33,940 | ) |  | (12,414 | )
Total stockholders' equity |  |  | 2,311,743 |  |  | 2,113,931 |
TOTAL |  | $ | 2,449,411 |  | $ | 2,279,841 |
STATEMENTS OF INCOME
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (In thousands) |
Dividends from subsidiaries |  | $ | 72,129 |  | $ | 85,158 |  | $ | 23,576 |
Interest income |  |  | — |  |  | 1,095 |  |  | 794 |
Gain on sales of investment securities available-for-sale |  |  | — |  |  | 556 |  |  | — |
Impairment writedown on investment securities available-for-sale |  |  | — |  |  | — |  |  | (5,863 | )
Impairment writedown on other investments |  |  | — |  |  | — |  |  | (581 | )
Other income |  |  | 372 |  |  | 3 |  |  | — |
Total income |  |  | 72,501 |  |  | 86,812 |  |  | 17,926 |
Interest expense |  |  | 4,734 |  |  | 5,302 |  |  | 6,197 |
Compensation and net occupancy reimbursement to subsidiary |  |  | 2,537 |  |  | 2,921 |  |  | 2,288 |
Goodwill impairment |  |  | — |  |  | — |  |  | — |
Other expense |  |  | 2,339 |  |  | 2,132 |  |  | 1,179 |
Total expense |  |  | 9,610 |  |  | 10,355 |  |  | 9,664 |
Income before income taxes and equity in undistributed income of subsidiaries |  |  | 62,891 |  |  | 76,457 |  |  | 8,262 |
Income tax benefit |  |  | 3,830 |  |  | 3,592 |  |  | 6,361 |
Equity in undistributed income (loss) of subsidiaries |  |  | 178,513 |  |  | 84,515 |  |  | 62,019 |
Net income |  | $ | 245,234 |  | $ | 164,564 |  | $ | 76,642 |
STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |  | 2009 |
|  | (In thousands) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 245,234 |  | $ | 164,564 |  | $ | 76,642 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) loss of subsidiaries |  |  | (178,513 | ) |  | (84,515 | ) |  | (62,019 | )
Depreciation and amortization |  |  | 1,034 |  |  | 623 |  |  | 470 |
Impairment writedown on investment securities available-for-sale |  |  | — |  |  | — |  |  | 5,863 |
Impairment writedown on other investments |  |  | — |  |  | — |  |  | 581 |
Prepayment penalty on other borrowings |  |  | 526 |  |  | — |  |  | — |
Stock compensation costs |  |  | 1,767 |  |  | 8,761 |  |  | 5,330 |
Gain on sale of investment securities available-for-sale |  |  | — |  |  | (556 | ) |  | — |
Tax provision (benefit) from stock plans |  |  | (717 | ) |  | 170 |  |  | (1,012 | )
Net change in other assets |  |  | 1,797 |  |  | (1,605 | ) |  | (1,841 | )
Net change in other liabilities |  |  | (3,709 | ) |  | (596 | ) |  | 4,509 |
Net cash provided by operating activities |  |  | 67,419 |  |  | 86,846 |  |  | 28,523 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  |  | — |  |  | (20,746 | ) |  | (31,981 | )
Certificates of deposit |  |  | — |  |  | — |  |  | (17,714 | )
Proceeds from: |  |  |  |  |  |  |  |  |  |
Redemption of certificates of deposit |  |  | 198 |  |  | 17,516 |  |  | — |
Repayments, maturity and redemption of investment |  |  |  |  |  |  |  |  |  |
Sale/call of investment securities available-for-sale |  |  | — |  |  | 48,224 |  |  | 5,000 |
Capital contributions to subsidiaries, net |  |  | — |  |  | — |  |  | (350,000 | )
Net cash provided by (used in) investing activities |  |  | 198 |  |  | 44,994 |  |  | (394,695 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Payment for: |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  |  | (23,918 | ) |  | — |  |  | — |
Purchase of treasury shares |  |  | (649 | ) |  | (1,207 | ) |  | (430 | )
Cash dividends on preferred stock |  |  | (6,857 | ) |  | (24,060 | ) |  | (26,076 | )
Cash dividends on common stock |  |  | (23,822 | ) |  | (5,545 | ) |  | (3,586 | )
Repurchase of Series B preferred stock |  |  | — |  |  | (306,546 | ) |  | — |
Repurchase of common stock warrants |  |  | (14,500 | ) |  | — |  |  | — |
Proceeds from: |  |  |  |  |  |  |  |  |  |
Issuance of common stock pursuant to various stock plans and agreements |  |  | 5,726 |  |  | 4,454 |  |  | 263,336 |
Issuance of preferred stock and common stock warrants |  |  | — |  |  | — |  |  | 325,120 |
Tax (provision) benefit from stock plans |  |  | 717 |  |  | (170 | ) |  | — |
Net cash (used in) provided by financing activities |  |  | (63,303 | ) |  | (333,074 | ) |  | 558,364 |
Net (decrease) increase in cash and cash equivalents |  |  | 4,314 |  |  | (201,234 | ) |  | 192,192 |
Cash and cash equivalents, beginning of year |  |  | 4,973 |  |  | 206,207 |  |  | 14,015 |
Cash and cash equivalents, end of year |  | $ | 9,287 |  | $ | 4,973 |  | $ | 206,207 |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 5,167 |  | $ | 5,306 |  | $ | 6,373 |
Noncash financing activities: |  |  |  |  |  |  |  |  |  |
Conversion of preferred stock to common stock |  |  | 31 |  |  | 325,299 |  |  | — |
Amortization of preferred stock discount |  |  | — |  |  | 21,042 |  |  | 3,847 |
Issuance of common stock in lieu of Board of Director retainer fees |  |  | 520 |  |  | 281 |  |  | 219 |

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