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PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2013
PARENT COMPANY FINANCIAL STATEMENTS |
PARENT COMPANY FINANCIAL STATEMENTS | NOTE 25—PARENT COMPANY FINANCIAL STATEMENTS The financial information of East West Bancorp, Inc. as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 are as follows: BALANCE SHEETS
|  | December 31, |
|  | 2013 |  | 2012 |
|  | (In thousands) |
ASSETS |  |  |  |  |
Cash and cash equivalents |  | $ | 79,934 |  |  | $ | 64,489 |  |
Investment securities available-for-sale |  | 69,796 |  |  | — |  |
Investment in subsidiaries |  | 2,400,937 |  |  | 2,450,058 |  |
Other investments |  | 21,371 |  |  | 3,083 |  |
Other assets |  | 37,037 |  |  | 5,122 |  |
TOTAL |  | $ | 2,609,075 |  |  | $ | 2,522,752 |  |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Long-term debt |  | $ | 226,868 |  |  | $ | 137,178 |  |
Other liabilities |  | 17,982 |  |  | 3,452 |  |
Total liabilities |  | 244,850 |  |  | 140,630 |  |
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 2013 and 2012 |  |  |  |  |  |  |
Outstanding — No shares as of December 31, 2013 and 85,710 shares in 2012 |  | — |  |  | 83,027 |  |
Common stock (par value $0.001 per share) |  |  |  |  |  |  |
Authorized — 200,000,000 shares |  |  |  |  |  |  |
Issued — 163,098,008 shares in 2013 and 157,160,193 shares in 2012 |  |  |  |  |  |  |
Outstanding — 137,630,896 shares in 2013 and 140,294,092 shares in 2012 |  | 163 |  |  | 157 |  |
Additional paid in capital |  | 1,571,670 |  |  | 1,464,739 |  |
Retained earnings |  | 1,360,130 |  |  | 1,151,828 |  |
Treasury stock, at cost — 25,467,112 shares in 2013 and 16,866,101 shares in 2012 |  | (537,279 | ) |  | (322,298 | ) |
Accumulated other comprehensive (loss) income, net of tax |  | (30,459 | ) |  | 4,669 |  |
Total stockholders’ equity |  | 2,364,225 |  |  | 2,382,122 |  |
TOTAL |  | $ | 2,609,075 |  |  | $ | 2,522,752 |  |
STATEMENTS OF INCOME
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands) |
Dividends from subsidiaries |  | $ | 319,085 |  |  | $ | 324,094 |  |  | $ | 72,129 |  |
Other income |  | 821 |  |  | 2 |  |  | 372 |  |
Total income |  | 319,906 |  |  | 324,096 |  |  | 72,501 |  |
Interest expense |  | 3,436 |  |  | 3,092 |  |  | 4,734 |  |
Compensation and net occupancy reimbursement to subsidiary |  | 3,662 |  |  | 2,573 |  |  | 2,537 |  |
Other expense |  | 12,677 |  |  | 1,309 |  |  | 2,339 |  |
Total expense |  | 19,775 |  |  | 6,974 |  |  | 9,610 |  |
Income before income taxes and equity in undistributed income of subsidiaries |  | 300,131 |  |  | 317,122 |  |  | 62,891 |  |
Income tax benefit |  | 22,885 |  |  | 2,892 |  |  | 3,830 |  |
Equity in undistributed (loss) income of subsidiaries |  | (27,971 | ) |  | (38,364 | ) |  | 178,513 |  |
Net income |  | $ | 295,045 |  |  | $ | 281,650 |  |  | $ | 245,234 |  |
STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands) |
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  | $ | 295,045 |  |  | $ | 281,650 |  |  | $ | 245,234 |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Equity in undistributed (income) of subsidiaries |  | (291,659 | ) |  | (285,636 | ) |  | (250,513 | ) |
Depreciation and amortization |  | 8,806 |  |  | 445 |  |  | 1,034 |  |
Prepayment penalty on other borrowings |  | — |  |  | — |  |  | 526 |  |
Stock compensation costs |  | — |  |  | — |  |  | 1,767 |  |
Gain on sale of other investments |  | (161 | ) |  | — |  |  | — |  |
Tax benefit from stock plans |  | (5,522 | ) |  | (462 | ) |  | (717 | ) |
Net change in other assets |  | 293,153 |  |  | 322,361 |  |  | 73,797 |  |
Net change in other liabilities |  | (13,011 | ) |  | (259 | ) |  | (3,709 | ) |
Net cash provided by operating activities |  | 286,651 |  |  | 318,099 |  |  | 67,419 |  |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | (69,986 | ) |  | — |  |  | — |  |
Proceeds from: |  |  |  |  |  |  |  |  |  |
Redemption of certificates of deposit |  | — |  |  | — |  |  | 198 |  |
Net cash (used in) provided by investing activities |  | (69,986 | ) |  | — |  |  | 198 |  |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Payment for: |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  | (10,310 | ) |  | — |  |  | (23,918 | ) |
Repurchase of vested shares due to employee tax liability |  | (13,833 | ) |  | (3,012 | ) |  | (649 | ) |
Cash dividends on preferred stock |  | (3,428 | ) |  | (6,857 | ) |  | (6,857 | ) |
Cash dividends on common stock |  | (82,862 | ) |  | (57,361 | ) |  | (23,822 | ) |
Repurchase of common stock warrants |  | — |  |  | — |  |  | (14,500 | ) |
Repurchase of shares of treasury stock pursuant to the Stock Repurchase Plan |  | (199,992 | ) |  | (199,950 | ) |  | — |  |
Proceeds from: |  |  |  |  |  |  |  |  |  |
Increase in long-term borrowings |  | 100,000 |  |  | — |  |  | — |  |
Issuance of common stock pursuant to various stock plans and agreements |  | 3,683 |  |  | 3,821 |  |  | 5,726 |  |
Tax benefit from stock plans |  | 5,522 |  |  | 462 |  |  | 717 |  |
Net cash used in financing activities |  | (201,220 | ) |  | (262,897 | ) |  | (63,303 | ) |
Net increase in cash and cash equivalents |  | 15,445 |  |  | 55,202 |  |  | 4,314 |  |
Cash and cash equivalents, beginning of year |  | 64,489 |  |  | 9,287 |  |  | 4,973 |  |
Cash and cash equivalents, end of year |  | $ | 79,934 |  |  | $ | 64,489 |  |  | $ | 9,287 |  |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |  |
Interest |  | $ | 3,292 |  |  | $ | 3,112 |  |  | $ | 5,167 |  |
Noncash financing activities: |  |  |  |  |  |  |  |  |  |
Conversion of preferred stock to common stock |  | 83,027 |  |  | — |  |  | 31 |  |
Issuance of common stock to Board of Directors |  | 630 |  |  | 570 |  |  | 520 |  |

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