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PARENT COMPANY CONDENSED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2014
PARENT COMPANY CONDENSED FINANCIAL STATEMENTS |
PARENT COMPANY CONDENSED FINANCIAL STATEMENTS | NOTE 21 — PARENT COMPANY CONDENSED FINANCIAL STATEMENTS The financial information of East West Bancorp, Inc. as of December 31, 2014 and 2013 and for the years ended December 31, 2014, 2013 and 2012 are as follows: CONDENSED BALANCE SHEETS
|  | December 31,
|  | 2014 |  | 2013
|  | (In thousands)
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 211,053 |  |  | $ | 79,934 |
Investment securities available-for-sale, at fair value |  | 8,370 |  |  | 69,796 |
Investment in subsidiaries |  | 2,841,684 |  |  | 2,400,937 |
Other investments |  | 41,054 |  |  | 21,371 |
Other assets |  | 22,474 |  |  | 37,037 |
TOTAL |  | $ | 3,124,635 |  |  | $ | 2,609,075 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Long-term debt |  | $ | 225,848 |  |  | $ | 226,868 |
Other liabilities |  | 48,219 |  |  | 17,982 |
Total liabilities |  | 274,067 |  |  | 244,850 |
STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Common stock, $0.001 par value, 200,000,000 shares authorized; 163,772,218 and 163,098,008 shares issued in 2014 and 2013, respectively; 143,582,229 and 137,630,896 shares outstanding in 2014 and 2013, respectively. |  | 164 |  |  | 163 |
Additional paid in capital |  | 1,677,767 |  |  | 1,571,670 |
Retained earnings |  | 1,598,598 |  |  | 1,360,130 |
Treasury stock, at cost — 20,189,989 shares in 2014 and 25,467,112 shares in 2013 |  | (430,198 | ) |  | (537,279 | )
Accumulated other comprehensive income (loss), net of tax |  | 4,237 |  |  | (30,459 | )
Total stockholders’ equity |  | 2,850,568 |  |  | 2,364,225 |
TOTAL |  | $ | 3,124,635 |  |  | $ | 2,609,075 |
CONDENSED STATEMENTS OF INCOME
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
Dividends from subsidiaries |  | $ | 111,701 |  |  | $ | 319,085 |  |  | $ | 324,094 |
Other income |  | 7,414 |  |  | 821 |  |  | 2 |
Total income |  | 119,115 |  |  | 319,906 |  |  | 324,096 |
Interest expense |  | 4,823 |  |  | 3,436 |  |  | 3,092 |
Compensation and net occupancy reimbursement to subsidiary |  | 4,039 |  |  | 3,662 |  |  | 2,573 |
Other expense |  | 50,280 |  |  | 12,677 |  |  | 1,309 |
Total expense |  | 59,142 |  |  | 19,775 |  |  | 6,974 |
Income before income taxes and equity in undistributed income of subsidiaries |  | 59,973 |  |  | 300,131 |  |  | 317,122 |
Income tax benefit |  | 80,674 |  |  | 22,885 |  |  | 2,892 |
Equity in undistributed income (loss) of subsidiaries |  | 201,836 |  |  | (27,971 | ) |  | (38,364 | )
Net income |  | $ | 342,483 |  |  | $ | 295,045 |  |  | $ | 281,650 |
CONDENSED STATEMENTS OF CASH FLOWS
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 342,483 |  |  | $ | 295,045 |  |  | $ | 281,650 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiaries |  | (314,225 | ) |  | (291,659 | ) |  | (285,636 | )
Depreciation and amortization |  | 46,365 |  |  | 8,806 |  |  | 445 |
Gains on sales of investment securities and other investments |  | (4,357 | ) |  | (161 | ) |  | — |
Tax benefit from stock compensation plans, net |  | (6,513 | ) |  | (5,522 | ) |  | (462 | )
Net change in other assets |  | 186,232 |  |  | 293,153 |  |  | 322,361 |
Net change in other liabilities |  | 150 |  |  | (41 | ) |  | (25 | )
Net cash provided by operating activities |  | 250,135 |  |  | 299,621 |  |  | 318,333 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of: |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | (9,000 | ) |  | (69,986 | ) |  | — |
Equity investments |  | (53,071 | ) |  | (12,970 | ) |  | (234 | )
Proceeds from sale of: |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | 74,002 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities |  | 11,931 |  |  | (82,956 | ) |  | (234 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Payments for: |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  | (30,310 | ) |  | (10,310 | ) |  | — |
Repurchase of vested shares due to employee tax liability |  | (10,326 | ) |  | (13,833 | ) |  | (3,012 | )
Cash dividends on preferred stock |  | — |  |  | (3,428 | ) |  | (6,857 | )
Cash dividends on common stock |  | (103,618 | ) |  | (82,862 | ) |  | (57,361 | )
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 |  | 6,794 |  |  | 3,683 |  |  | 3,821 |
Tax benefit from stock compensation plans, net |  | 6,513 |  |  | 5,522 |  |  | 462 |
Net cash used in financing activities |  | (130,947 | ) |  | (201,220 | ) |  | (262,897 | )
Net increase in cash and cash equivalents |  | 131,119 |  |  | 15,445 |  |  | 55,202 |
Cash and cash equivalents, beginning of year |  | 79,934 |  |  | 64,489 |  |  | 9,287 |
Cash and cash equivalents, end of year |  | $ | 211,053 |  |  | $ | 79,934 |  |  | $ | 64,489 |
Supplemental Cash Flow Information: |  |  |  |  |  |  |  |  |
Cash paid during the year for: |  |  |  |  |  |  |  |  |
Interest |  | $ | 4,462 |  |  | $ | 3,292 |  |  | $ | 3,112 |
Noncash financing activities: |  |  |  |  |  |  |  |  |
Conversion of preferred stock to common stock |  | $ | — |  |  | $ | 83,027 |  |  | $ | — |
Issuance of common stock related to acquisition |  | $ | 190,830 |  |  | $ | — |  |  | $ | — |

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