Exhibit 99.1
			East West Bancorp, Inc.
			135 N. Los Robles Ave., 7th Fl.
			Pasadena, CA 91101
			Tel. 626.768.6000

NEWS RELEASE

FOR INVESTOR INQUIRIES, CONTACT:

Irene Oh

Chief Financial Officer

T: (626) 768-6360

E: irene.oh@eastwestbank.com

EAST WEST BANCORP REPORTS NET INCOME FOR SECOND QUARTER OF 2023

OF $312 MILLION AND DILUTED EARNINGS PER SHARE OF $2.20,

BOTH UP 21% YEAR-OVER-YEAR

Pasadena, California – July 20, 2023 – East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the second quarter of 2023. Second quarter 2023 net income was $312.0 million, or $2.20 per diluted share, up from $258.3 million, or $1.81 per diluted share in the prior year period. Year-over-year, net income and earnings per share both increased 21%.

“We are pleased with our operating performance for the second quarter, which continues the strong trajectory from the first quarter of 2023. For the second quarter of 2023, both deposits and loans grew 7% linked quarter annualized, to $55.7 billion and $49.8 billion, respectively,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “For the second quarter of 2023, we earned industry-leading returns of 1.85% on average assets and 21.0% on average tangible common equity1. Net interest margin was 3.55%, a healthy margin in the current environment, and asset quality continued to be outstanding with net charge-offs of 0.06% annualized.”

“We remain focused on ensuring both the strength and stability of our balance sheet, capital, liquidity and earnings power. Our tangible common equity ratio1 increased to 8.80% and our common equity tier 1 capital ratio increased to 13.17% as of June 30, 2023. We believe that through the strength of our diversified business model and the growth opportunities we see in our markets, we will continue to generate strong returns for shareholders, for the remainder of 2023 and for years to come,” concluded Ng.

FINANCIAL HIGHLIGHTS

									Quarter Ended						Quarter Ended																		Year-over-Year Change
			($ in millions, except per share data)						June 30, 2023						June 30, 2022																														$						%
			Total Loans						$49,831						$46,531																														$3,301						7%
			Total Deposits						55,659						54,343																														1,315						2
			Total Revenue						$645						$551																														$94						17%
			Adj. Pre-tax, Pre-provision Income2						440						370																														70						19
			Net Income						312						258																														54						21
			Diluted Earnings per Share						$2.20						$1.81																														$0.39						21%
			Return on Average Assets						1.85%						1.66%																														+19 bps
			Return on Average Common Equity						19.43%						18.23%																														+120 bps
			Return on Avg. Tang. Common Equity1						21.01%						19.94%																														+107 bps

1 Tangible common equity ratio and return on average tangible common equity are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 13.

2 Adjusted pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Tables 12.

1

BALANCE SHEET

•Total Assets – Total assets reached a record $68.5 billion as of June 30, 2023, an increase of $1.3 billion, or 2%, from $67.2 billion as of March 31, 2023.

Second quarter 2023 average interest-earning assets of $64.1 billion were up $2.6 billion, or 4%, from $61.5 billion in the first quarter of 2023. Quarter-over-quarter, average loans grew $701.9 million and average interest-bearing cash and deposits with banks increased $1.8 billion.

•Strong Capital Levels – As of June 30, 2023, stockholders’ equity was $6.5 billion, or $45.67 per share, both up 2% quarter-over-quarter. The stockholders’ equity to asset ratio was 9.43% as of June 30, 2023, an increase of five basis points quarter-over-quarter.

As of June 30, 2023, tangible book value3 per share was $42.33, up 3% quarter-over-quarter. The tangible common equity ratio3 was 8.80%, an increase of six basis points quarter-over-quarter.

All of East West’s regulatory capital ratios are well in excess of regulatory requirements for well-capitalized institutions, as well as above regional and national bank averages. The common equity tier 1 (“CET1”) capital ratio increased to 13.17%, and the total risk-based capital ratio increased to 14.60%, as of June 30, 2023.

•Total Loans – Total loans reached a record $49.8 billion as of June 30, 2023, an increase of $906.3 million, or 2%, from $48.9 billion as of March 31, 2023. Year-over-year, total loans grew $3.3 billion, or 7%, from $46.5 billion as of June 30, 2022.

Second quarter 2023 average loans of $48.9 billion grew $701.9 million, or 1.5%, from the first quarter of 2023. Growth in average residential mortgage and commercial real estate loans was partially offset by a decrease in average commercial and industrial loans.

•Total Deposits – Total deposits were $55.7 billion as of June 30, 2023, an increase of $921.4 million, or 2%, from $54.7 billion as of March 31, 2023. Noninterest-bearing deposits made up 30% of our total deposits as of June 30, 2023 compared with 33% as of March 31, 2023. Year-over-year, deposits increased $1.3 billion, or 2%, from $54.3 billion as of June 30, 2022.

Second quarter 2023 average deposits of $54.3 billion were down $669.0 million, or 1%, from the first quarter of 2023. During the second quarter, growth in average interest-bearing checking and time deposits was offset by declines in other deposit categories, which largely reflected customers seeking higher yields in a rising interest rate environment.

OPERATING RESULTS

Second Quarter Earnings – Second quarter 2023 net income was $312.0 million, and diluted earnings per share (“EPS”) were $2.20. Second quarter 2023 net income and EPS both decreased 3% from first quarter 2023 net income of $322.4 million and diluted EPS of $2.27. Second quarter 2023 net income and EPS both increased 21% from second quarter 2022 net income of $258.3 million and diluted EPS of $1.81.

Net income and diluted EPS for the six months ended June 30, 2023 were $634.5 million and $4.47, an increase of 28% and 29%, respectively, from the six months ended June 30, 2022.

3 Tangible book value and the tangible common equity ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 13.

2

Second Quarter 2023 Compared to First Quarter 2023

Net Interest Income and Net Interest Margin

Net interest income (“NII”) totaled $566.7 million, a decrease of 6% from $599.9 million. Net interest margin (“NIM”) of 3.55% declined 41 basis points from 3.96%.

•The change in NIM was primarily driven by a higher cost of interest-bearing deposits and changes in the deposit mix in favor of higher-cost deposits, partially offset by higher loan volumes and expanding interest-earning asset yields.

•The average loan yield was 6.33%, up 19 basis points from the first quarter. The average interest-earning asset yield was 5.67%, up 16 basis points from the first quarter.

•The average cost of funds was 2.31%, up 62 basis points from the first quarter. The average cost of deposits was 2.12%, up 52 basis points from the first quarter.

Noninterest Income

Noninterest income totaled $78.6 million in the second quarter, an increase of $18.7 million, or 31%, from $60.0 million in the first quarter.

•Fee income was $69.3 million, up $3.0 million, or 5%, from $66.3 million in the first quarter, reflecting growth across all fee income categories.

•Interest rate contracts and other derivative income was $7.4 million in the second quarter, up from $2.6 million in the first quarter. The change reflected both growth in customer-driven revenue and a favorable change in mark-to-market adjustments.

•Other investment income was $4.0 million for the second quarter, up $2.1 million from $1.9 million in the first quarter, reflecting higher income from Community Reinvestment Act investments during the second quarter.

Noninterest Expense

Noninterest expense totaled $261.8 million in the second quarter, compared with $218.4 million in the first quarter. Second quarter noninterest expense consisted of $205.4 million of adjusted noninterest expense4, $55.9 million in amortization of tax credit and other investments, and $0.5 million in amortization of core deposit intangibles.

•Adjusted noninterest expense of $205.4 million increased $1.4 million, or 1%, from $204.0 million in the first quarter.

•Compensation and employee benefits was $124.9 million, a decrease of $4.7 million, or 4%, largely due to higher seasonal costs in the first quarter.

•Amortization of tax credit and other investments totaled $55.9 million in the second quarter, compared with $10.1 million in the first quarter. Quarter-over-quarter variability in the amortization of tax credits and other investments primarily reflects the impact of investments that close in a given period and are projected to generate tax credits by the end of the year.

•The efficiency ratio was 40.6% in the second quarter, compared with 33.1% in the first quarter and the adjusted efficiency ratio4 was 31.8% in the second quarter, compared with 30.5% in the first quarter.

TAX RELATED ITEMS

Second quarter 2023 income tax expense was $45.6 million, and the effective tax rate was 12.7%, compared with 23.5% for the first quarter of 2023. The lower effective tax rate was mainly due to an additional $97 million of tax credits in renewable energy investments that closed during the second quarter. The effective tax rate for the first six months of 2023 was 18.6% compared with 22.4% for the first six months of 2022. We currently estimate that the full year tax rate for 2023 will be approximately 20%.

4 Adjusted noninterest expense and the adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 12.

3

ASSET QUALITY

The asset quality of our loan portfolio continues to be strong. Second quarter 2023 provision for credit losses was $26.0 million, compared with $20.0 million in the first quarter of 2023.

•The allowance for loan losses increased to $635.4 million, or 1.28% of loans held-for-investment (“HFI”), as of June 30, 2023, compared with $619.9 million, or 1.27% of loans HFI, as of March 31, 2023.

•Second quarter 2023 net charge-offs were $7.5 million or annualized 0.06% of average loans HFI, compared with $0.6 million or annualized 0.01% of average loans HFI, for the first quarter of 2023.

•The criticized loans ratio improved 24 basis points quarter-over-quarter to 1.63% of loans HFI as of June 30, 2023, compared with 1.87% as of March 31, 2023. Criticized loans decreased $102.3 million, or 11%, quarter-over-quarter to $811.8 million as of June 30, 2023, compared with $914.1 million as of March 31, 2023.

•The nonperforming assets ratio was 0.17% of total assets as of June 30, 2023, compared with 0.14% of total assets as of March 31, 2023. Nonperforming assets increased $22.1 million, or 24%, quarter-over-quarter to $115.5 million as of June 30, 2023, from $93.4 million as of March 31, 2023.

CAPITAL STRENGTH

Capital levels for East West are strong and all capital ratios expanded quarter-over-quarter and year-over-year. The following table presents the regulatory capital metrics as of June 30, 2023, March 31, 2023 and June 30, 2022.

EWBC Capital
($ in millions)												June 30, 2023 (a)						March 31, 2023 (a)						June 30, 2022 (a)
Risk-Weighted Assets (“RWA”) (b)												$51,689						$50,229						$48,499
Risk-based capital ratios:
CET1 capital ratio												13.17%						13.06%						11.97%
Tier 1 capital ratio												13.17%						13.06%						11.97%
Total capital ratio												14.60%						14.50%						13.25%
Leverage ratio												10.03%						10.02%						9.31%
Tangible common equity ratio (c)												8.80%						8.74%						8.29%

(a)The Company has elected to use the 2020 Current Expected Credit Losses (CECL) transition provision in the calculation of its June 30, 2023, March 31, 2023 and June 30, 2022 regulatory capital ratios. The Company’s June 30, 2023 regulatory capital ratios and RWA are preliminary.

(b)Under regulatory guidelines, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories based on the nature of the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar value in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWA.

(c)Tangible common equity ratio is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 13.

DIVIDEND PAYOUT AND CAPITAL ACTIONS

East West’s Board of Directors has declared third quarter 2023 dividends for the Company’s common stock. The common stock cash dividend of $0.48 per share is payable on August 15, 2023, to stockholders of record on August 1, 2023.

On March 3, 2020, East West’s Board of Directors authorized the repurchase of up to $500 million of East West’s common stock, of which $254 million remains available. East West did not repurchase any shares during the second quarter of 2023.

Conference Call

East West will host a conference call to discuss second quarter 2023 earnings with the public on Thursday, July 20, 2023, at 8:30 a.m. PT/11:30 a.m. ET. The public and investment community are invited to listen as management discusses second quarter 2023 results and operating developments.

•The following dial-in information is provided for participation in the conference call: calls within the U.S. – (877) 506-6399; calls within Canada – (855) 669-9657; international calls – (412) 902-6699.

•A presentation to accompany the earnings call will be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.

•A listen-only live broadcast of the call will also be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.

•A replay of the conference call will be available on July 20, 2023, at 11:30 a.m. PT/2:30 p.m. ET through August 20, 2023. The replay numbers are: within the U.S. – (877) 344-7529; within Canada – (855) 669-9658; international calls – (412) 317-0088; and the replay access code is: 5177099.

4

About East West

East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: “EWBC”) with total assets of $68.5 billion. The Company’s wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 120 locations in the United States and Asia. The Bank’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit www.eastwestbank.com.

Forward-Looking Statements

Certain matters set forth herein (including any exhibits hereto) contain forward-looking statements that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. In addition, the Company may make forward-looking statements in other documents that it files with, or furnishes to, the U.S. Securities and Exchange Commission (“SEC”) and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Forward-looking statements may relate to various matters, including the Company’s financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make.

There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to: changes in the global economy, including an economic slowdown, capital or financial market disruption, supply chain disruption, level of inflation, interest rate environment, housing prices, employment levels, rate of growth and general business conditions, which could result in, among other things, reduced demand for loans, reduced availability of funding or increased funding costs, declines in asset values and/or recognition of allowance for credit losses; changes in local, regional and global business, economic and political conditions and geopolitical events, such as Russia’s invasion of Ukraine; the soundness of other financial institutions and the impacts related to or resulting from recent bank failures and other economic and industry volatility, including potential increased regulatory requirements, Federal Deposit Insurance Corporation (“FDIC”) insurance premiums, losses in the value of our investment portfolio, deposit withdrawals, or other adverse consequences of negative market perceptions of the banking industry or the Company; changes in laws or the regulatory environment, including regulatory reform initiatives and policies of the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System (“Federal Reserve”), the FDIC, the SEC, the Consumer Financial Protection Bureau (“CFPB”), the California Department of Financial Protection and Innovation — Division of Financial Institutions, the China Banking and Insurance Regulatory Commission, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, and the Monetary Authority of Singapore; changes and effects thereof in trade, monetary and fiscal policies and laws, including the ongoing trade, economic and political disputes between the U.S. and the People’s Republic of China and the monetary policies of the Federal Reserve; changes in the commercial and consumer real estate markets; changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors; the impact from potential changes to income tax laws and regulations, federal spending and economic stimulus programs; the impact of any future U.S. federal government shutdown and uncertainty regarding the U.S. federal government’s debt limit and credit rating; the Company’s ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies; the success and timing of the Company’s business strategies; the Company’s ability to retain key officers and employees; the impact on the Company’s funding costs, net interest income and net interest margin from changes in key variable market interest rates, competition, regulatory requirements and the Company’s product mix; changes in the Company’s costs of operation, compliance and expansion; the Company’s ability to adopt and successfully integrate new technologies into its business in a strategic manner; the impact of the benchmark interest rate reform in the U.S. including the transition away from the U.S. dollar (“USD”) London Interbank Offered Rate (“LIBOR”) to alternative reference rates; the impact of communications or technology disruption, failure in, or breach of, the Company’s operational or security systems or infrastructure, or those of third party vendors with which the Company does business, including as a result of cyber-attacks; and other similar matters which could result in, among other things, confidential and/or proprietary information being disclosed or misused, and materially impact the Company’s ability to provide services to its clients; the adequacy of the Company’s risk management framework, disclosure controls and procedures and internal control over financial reporting; future credit quality and performance, including the Company’s expectations regarding future credit losses and allowance levels; the impact of adverse changes to the Company’s credit ratings from major credit rating agencies; the impact of adverse judgments or settlements in litigation; the impact on the Company’s operations due to political developments, pandemics, wars, civil unrest, terrorism or other hostilities that may disrupt or increase volatility in securities or otherwise affect business and economic conditions; heightened regulatory and governmental oversight and scrutiny of the Company’s business practices, including dealings with consumers; the impact of reputational risk from negative publicity, fines, penalties and other negative consequences from regulatory violations, legal actions and the Company’s interactions with business partners, counterparties, service providers and other third parties; the impact of regulatory investigations and enforcement actions; changes in accounting standards as may be required by the Financial Accounting Standards Board (“FASB”) or other regulatory agencies and their impact on the Company’s critical accounting policies and assumptions; the Company’s capital requirements and its ability to generate capital internally or raise capital on favorable terms; the impact on the Company’s liquidity due to changes in the Company’s ability to receive dividends from its subsidiaries; any strategic acquisitions or divestitures; changes in the equity and debt securities markets; fluctuations in the Company’s stock price; fluctuations in foreign currency exchange rates; the impact of increased focus on social, environmental and sustainability matters, which may affect the Company’s operations as well as those of its customers and the economy more broadly; and the impact of climate change, natural or man-made disasters or calamities, such as wildfires, droughts, hurricanes, flooding and earthquakes or other events that may directly or indirectly result in a negative impact on the Company’s financial performance.

For a more detailed discussion of some of the factors that might cause such differences, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 under the heading Item 1A. Risk Factors and the information set forth under Item 1A. Risk Factors in the Company’s Quarterly Reports on Form 10-Q. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

5

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ and shares in thousands, except per share data)
(unaudited)
Table 1
																											June 30, 2023 % or Basis Point Change
									June 30, 2023						March 31, 2023						June 30, 2022						Qtr-o-Qtr						Yr-o-Yr
Assets
			Cash and due from banks						$	614,053					$	760,317					$	688,936					(19.2)		%				(10.9)		%
			Interest-bearing cash with banks						5,763,834						5,173,877						1,213,117						11.4						375.1
			Cash and cash equivalents						6,377,887						5,934,194						1,902,053						7.5						235.3
			Interest-bearing deposits with banks						17,169						10,249						712,709						67.5						(97.6)
			Assets purchased under resale agreements (“resale agreements”)						635,000						654,288						1,422,794						(2.9)						(55.4)
			Available-for-sale (“AFS”) debt securities (amortized cost of $6,820,569, $7,072,240 and $6,891,522)						5,987,258						6,300,868						6,255,504						(5.0)						(4.3)
			Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,440,484, $2,502,674 and $2,656,549)						2,975,933						2,993,421						3,028,302						(0.6)						(1.7)
			Loans held-for-sale (“HFS”)						2,830						6,861						28,464						(58.8)						(90.1)
			Loans held-for-investment (“HFI”) (net of allowance for loan losses of $635,400, $619,893 and $563,270)						49,192,964						48,298,155						45,938,806						1.9						7.1
			Investments in qualified affordable housing partnerships, tax credit and other investments, net						815,471						741,354						634,304						10.0						28.6
			Goodwill						465,697						465,697						465,697						—						—
			Operating lease right-of-use assets						100,500						103,114						107,588						(2.5)						(6.6)
			Other assets						1,961,972						1,736,697						1,898,062						13.0						3.4
			Total assets						$	68,532,681					$	67,244,898					$	62,394,283					1.9		%				9.8		%
Liabilities and Stockholders’ Equity
			Deposits						$	55,658,786					$	54,737,402					$	54,343,354					1.7		%				2.4		%
			Short-term borrowings						4,500,000						4,500,000						—						—						100.0
			FHLB advances						—						—						174,776						—						(100.0)
			Assets sold under repurchase agreements (“repurchase agreements”)						—						—						611,785						—						(100.0)
			Long-term debt and finance lease liabilities						152,951						152,467						152,663						0.3						0.2
			Operating lease liabilities						110,383						112,676						115,387						(2.0)						(4.3)
			Accrued expenses and other liabilities						1,648,864						1,433,022						1,386,836						15.1						18.9
			Total liabilities						62,070,984						60,935,567						56,784,801						1.9						9.3
			Stockholders’ equity						6,461,697						6,309,331						5,609,482						2.4						15.2
			Total liabilities and stockholders’ equity						$	68,532,681					$	67,244,898					$	62,394,283					1.9		%				9.8		%
			Book value per share						$	45.67					$	44.62					$	39.81					2.4		%				14.7		%
			Tangible book value (1) per share						$	42.33					$	41.28					$	36.44					2.6						16.2
			Number of common shares at period-end						141,484						141,396						140,917						0.1						0.4
			Total stockholders’ equity to assets ratio						9.43		%				9.38		%				8.99		%				5			bps			44			bps
			Tangible common equity (“TCE”) ratio (1)						8.80		%				8.74		%				8.29		%				6			bps			51			bps

(1)Tangible book value and the TCE ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 13.

6

EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
																											June 30, 2023 % Change
									June 30, 2023						March 31, 2023						June 30, 2022						Qtr-o-Qtr						Yr-o-Yr
Loans:
Commercial:
			Commercial and industrial (“C&I”)						$	15,670,084					$	15,641,840					$	15,377,117					0.2		%				1.9		%
			Commercial real estate (“CRE”):
			CRE						14,373,385						14,019,136						13,566,748						2.5						5.9
			Multifamily residential						4,764,180						4,682,280						4,443,704						1.7						7.2
			Construction and land						781,068						731,394						515,857						6.8						51.4
			Total CRE						19,918,633						19,432,810						18,526,309						2.5						7.5
Consumer:
			Residential mortgage:
			Single-family residential						12,308,613						11,786,998						10,234,473						4.4						20.3
			Home equity lines of credit (“HELOCs”)						1,862,928						1,988,881						2,280,080						(6.3)						(18.3)
			Total residential mortgage						14,171,541						13,775,879						12,514,553						2.9						13.2
			Other consumer						68,106						67,519						84,097						0.9						(19.0)
Total loans HFI (1)									49,828,364						48,918,048						46,502,076						1.9						7.2
Loans HFS									2,830						6,861						28,464						(58.8)						(90.1)
			Total loans (1)						49,831,194						48,924,909						46,530,540						1.9						7.1
Allowance for loan losses									(635,400)						(619,893)						(563,270)						2.5						12.8
			Net loans (1)						$	49,195,794					$	48,305,016					$	45,967,270					1.8						7.0
Deposits:
			Noninterest-bearing demand						$	16,741,099					$	18,327,320					$	23,028,831					(8.7)		%				(27.3)		%
			Interest-bearing checking						8,348,587						8,742,580						7,094,726						(4.5)						17.7
			Money market						11,486,473						9,293,114						11,814,402						23.6						(2.8)
			Savings						2,102,850						2,280,562						3,027,819						(7.8)						(30.5)
			Time deposits						16,979,777						16,093,826						9,377,576						5.5						81.1
			Total deposits						$	55,658,786					$	54,737,402					$	54,343,354					1.7		%				2.4		%

(1)Includes $(74.0) million, $(75.4) million and $(56.2) million of net deferred loan fees and net unamortized premiums as of June 30, 2023, March 31, 2023 and June 30, 2022, respectively.

7

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 3
									Three Months Ended																		June 30, 2023 % Change
									June 30, 2023						March 31, 2023						June 30, 2022						Qtr-o-Qtr						Yr-o-Yr
Interest and dividend income									$	906,134					$	835,506					$	499,754					8.5%						81.3%
Interest expense									339,388						235,645						26,802						44.0						NM
Net interest income before provision for credit losses									566,746						599,861						472,952						(5.5)						19.8
Provision for credit losses									26,000						20,000						13,500						30.0						92.6
Net interest income after provision for credit losses									540,746						579,861						459,452						(6.7)						17.7
Noninterest income									78,631						59,978						78,444						31.1						0.2
Noninterest expense									261,789						218,447						196,860						19.8						33.0
Income before income taxes									357,588						421,392						341,036						(15.1)						4.9
Income tax expense									45,557						98,953						82,707						(54.0)						(44.9)
Net income									$	312,031					$	322,439					$	258,329					(3.2)%						20.8%
Earnings per share (“EPS”)
- Basic									$	2.21					$	2.28					$	1.83					(3.5)%						20.8%
- Diluted									$	2.20					$	2.27					$	1.81					(3.2)						21.2
Weighted-average number of shares outstanding
- Basic									141,468						141,112						141,429						0.3%						0.0%
- Diluted									141,876						141,913						142,372						0.0						(0.3)
									Three Months Ended																		June 30, 2023 % Change
									June 30, 2023						March 31, 2023						June 30, 2022						Qtr-o-Qtr						Yr-o-Yr
Noninterest income:
			Lending fees						$	20,901					$	20,586					$	20,142					1.5%						3.8%
			Deposit account fees						22,285						21,703						22,372						2.7						(0.4)
			Interest rate contracts and other derivative income						7,373						2,564						9,801						187.6						(24.8)
			Foreign exchange income						13,251						12,660						11,361						4.7						16.6
			Wealth management fees						6,889						6,304						6,539						9.3						5.4
			Net (losses) gains on sales of loans						(7)						(22)						917						NM						NM
			Net realized (losses) gains on AFS debt securities						—						(10,000)						28						NM						(100.0)
			Other investment income						4,003						1,921						4,863						108.4						(17.7)
			Other income						3,936						4,262						2,421						(7.6)						62.6
Total noninterest income									$	78,631					$	59,978					$	78,444					31.1%						0.2%
Noninterest expense:
			Compensation and employee benefits						$	124,937					$	129,654					$	113,364					(3.6)%						10.2%
			Occupancy and equipment expense						16,088						15,587						15,469						3.2						4.0
			Deposit insurance premiums and regulatory assessments						8,262						7,910						4,927						4.5						67.7
			Deposit account expense						10,559						9,609						5,671						9.9						86.2
			Data processing						3,213						3,347						3,486						(4.0)						(7.8)
			Computer software expense						7,479						7,360						6,572						1.6						13.8
			Other operating expense (1)						35,337						34,870						32,392						1.3						9.1
			Amortization of tax credit and other investments						55,914						10,110						14,979						453.1						273.3
Total noninterest expense									$	261,789					$	218,447					$	196,860					19.8%						33.0%

NM - Not meaningful.

(1)Includes $3.9 million of repurchase agreements’ extinguishment cost for the three months ended March 31, 2023.

8

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 4
									Six Months Ended												June 30, 2023 % Change
									June 30, 2023						June 30, 2022						Yr-o-Yr
Interest and dividend income									$	1,741,640					$	931,783					86.9%
Interest expense									575,033						43,218						NM
Net interest income before provision for credit losses									1,166,607						888,565						31.3
Provision for credit losses									46,000						21,500						114.0
Net interest income after provision for credit losses									1,120,607						867,065						29.2
Noninterest income									138,609						158,187						(12.4)
Noninterest expense									480,236						386,310						24.3
Income before income taxes									778,980						638,942						21.9
Income tax expense									144,510						142,961						1.1
Net income									$	634,470					$	495,981					27.9%
EPS
- Basic									$	4.49					$	3.50					28.3%
- Diluted									$	4.47					$	3.47					28.8
Weighted-average number of shares outstanding
- Basic									141,291						141,725						(0.3)%
- Diluted									141,910						142,838						(0.6)
									Six Months Ended												June 30, 2023 % Change
									June 30, 2023						June 30, 2022						Yr-o-Yr
Noninterest income:
			Lending fees						$	41,487					$	39,580					4.8%
			Deposit account fees						43,988						42,687						3.0
			Interest rate contracts and other derivative income						9,937						20,934						(52.5)
			Foreign exchange income						25,911						24,060						7.7
			Wealth management fees						13,193						12,591						4.8
			Net (losses) gains on sales of loans						(29)						3,839						NM
			Net realized (losses) gains on AFS debt securities						(10,000)						1,306						NM
			Other investment income						5,924						6,490						(8.7)
			Other income						8,198						6,700						22.4
Total noninterest income									$	138,609					$	158,187					(12.4)%
Noninterest expense:
			Compensation and employee benefits						$	254,591					$	229,633					10.9%
			Occupancy and equipment expense						31,675						30,933						2.4
			Deposit insurance premiums and regulatory assessments						16,172						9,644						67.7
			Deposit account expense						20,168						10,364						94.6
			Data processing						6,560						7,151						(8.3)
			Computer software expense						14,839						13,866						7.0
			Other operating expense (1)						70,207						55,840						25.7
			Amortization of tax credit and other investments						66,024						28,879						128.6
Total noninterest expense									$	480,236					$	386,310					24.3%

(1)Includes $3.9 million of repurchase agreements’ extinguishment cost for the six months ended June 30, 2023.

9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 5
									Three Months Ended																		June 30, 2023 % Change												Six Months Ended												June 30, 2023 % Change
									June 30, 2023						March 31, 2023						June 30, 2022						Qtr-o-Qtr						Yr-o-Yr						June 30, 2023						June 30, 2022						Yr-o-Yr
Loans:
Commercial:
			C&I						$	15,244,826					$	15,400,996					$	14,986,876					(1.0)%						1.7%						$	15,322,480					$	14,631,365					4.7%
			CRE:
			CRE						14,130,811						13,932,758						13,049,058						1.4						8.3						14,032,331						12,666,338						10.8
			Multifamily residential						4,685,786						4,600,094						4,112,411						1.9						13.9						4,643,177						3,931,993						18.1
			Construction and land						782,541						675,047						475,933						15.9						64.4						729,091						434,657						67.7
			Total CRE						19,599,138						19,207,899						17,637,402						2.0						11.1						19,404,599						17,032,988						13.9
Consumer:
			Residential mortgage:
			Single-family residential						12,014,513						11,417,477						9,624,242						5.2						24.8						11,717,644						9,369,132						25.1
			HELOCs						1,928,208						2,050,778						2,290,378						(6.0)						(15.8)						1,989,154						2,237,025						(11.1)
			Total residential mortgage						13,942,721						13,468,255						11,914,620						3.5						17.0						13,706,798						11,606,157						18.1
			Other consumer						65,035						72,687						87,590						(10.5)						(25.8)						68,840						105,888						(35.0)
			Total loans (1)						$	48,851,720					$	48,149,837					$	44,626,488					1.5%						9.5%						$	48,502,717					$	43,376,398					11.8%
Interest-earning assets									$	64,061,569					$	61,483,533					$	58,668,677					4.2%						9.2%						$	62,779,673					$	58,680,456					7.0%
Total assets									$	67,497,367					$	65,113,604					$	62,232,841					3.7%						8.5%						$	66,312,070					$	61,996,756					7.0%
Deposits:
			Noninterest-bearing demand						$	16,926,937					$	19,709,980					$	23,887,452					(14.1)%						(29.1)%						$	18,310,770					$	23,661,355					(22.6)%
			Interest-bearing checking						8,434,655						6,493,865						6,712,890						29.9						25.6						7,469,621						6,680,657						11.8
			Money market						10,433,839						11,260,715						12,319,930						(7.3)						(15.3)						10,844,993						12,614,994						(14.0)
			Savings						2,200,124						2,436,587						2,970,007						(9.7)						(25.9)						2,317,702						2,950,268						(21.4)
			Time deposits						16,289,320						15,052,762						8,239,571						8.2						97.7						15,674,457						8,170,613						91.8
			Total deposits						$	54,284,875					$	54,953,909					$	54,129,850					(1.2)%						0.3%						$	54,617,543					$	54,077,887					1.0%
Interest-bearing liabilities									$	42,026,844					$	36,814,685					$	30,957,475					14.2%						35.8%						$	39,435,162					$	31,087,256					26.9%
Stockholders’ equity									$	6,440,996					$	6,183,324					$	5,682,427					4.2%						13.3%						$	6,312,872					$	5,762,078					9.6%

(1)Includes loans HFS.

10

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 6
									Three Months Ended
									June 30, 2023																		March 31, 2023
									Average												Average						Average												Average
									Balance						Interest						Yield/Rate (1)						Balance						Interest						Yield/Rate (1)
Assets
Interest-earning assets:
			Interest-bearing cash and deposits with banks						$	5,247,755					$	60,995					4.66		%				$	3,449,626					$	35,647					4.19		%
			Resale agreements						641,939						3,969						2.48		%				688,778						4,503						2.65		%
			AFS debt securities						6,257,397						56,292						3.61		%				6,108,825						53,197						3.53		%
			HTM debt securities						2,983,780						12,678						1.70		%				2,995,677						12,734						1.72		%
			Loans (2)						48,851,720						771,264						6.33		%				48,149,837						728,386						6.14		%
			FHLB and FRB stock						78,978						936						4.75		%				90,790						1,039						4.64		%
			Total interest-earning assets						$	64,061,569					$	906,134					5.67		%				$	61,483,533					$	835,506					5.51		%
Noninterest-earning assets:
			Cash and due from banks						569,227																		621,104
			Allowance for loan losses						(619,868)																		(602,754)
			Other assets						3,486,439																		3,611,721
			Total assets						$	67,497,367																	$	65,113,604
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
			Checking deposits						$	8,434,655					$	49,571					2.36		%				$	6,493,865					$	23,174					1.45		%
			Money market deposits						10,433,839						86,419						3.32		%				11,260,715						76,102						2.74		%
			Savings deposits						2,200,124						3,963						0.72		%				2,436,587						3,669						0.61		%
			Time deposits						16,289,320						147,524						3.63		%				15,052,762						113,849						3.07		%
			Federal funds purchased and other short-term borrowings						4,500,566						49,032						4.37		%				811,551						8,825						4.41		%
			FHLB advances						1						—						—		%				500,000						6,430						5.22		%
			Repurchase agreements						15,579						211						5.43		%				106,785						1,052						4.00		%
			Long-term debt and finance lease liabilities						152,760						2,668						7.01		%				152,420						2,544						6.77		%
			Total interest-bearing liabilities						$	42,026,844					$	339,388					3.24		%				$	36,814,685					$	235,645					2.60		%
Noninterest-bearing liabilities and stockholders’ equity:
			Demand deposits						16,926,937																		19,709,980
			Accrued expenses and other liabilities						2,102,590																		2,405,615
			Stockholders’ equity						6,440,996																		6,183,324
			Total liabilities and stockholders’ equity						$	67,497,367																	$	65,113,604
Interest rate spread																					2.43		%																2.91		%
Net interest income and net interest margin															$	566,746					3.55		%										$	599,861					3.96		%

(1)Annualized.

(2)Includes loans HFS.

11

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 7
									Three Months Ended
									June 30, 2023																		June 30, 2022
									Average												Average						Average												Average
									Balance						Interest						Yield/Rate (1)						Balance						Interest						Yield/Rate (1)
Assets
Interest-earning assets:
			Interest-bearing cash and deposits with banks						$	5,247,755					$	60,995					4.66		%				$	2,797,711					$	4,787					0.69		%
			Resale agreements						641,939						3,969						2.48		%				1,641,723						8,553						2.09		%
			AFS debt securities						6,257,397						56,292						3.61		%				6,503,677						33,438						2.06		%
			HTM debt securities						2,983,780						12,678						1.70		%				3,021,239						12,738						1.69		%
			Loans (2)						48,851,720						771,264						6.33		%				44,626,488						439,416						3.95		%
			FHLB and FRB stock						78,978						936						4.75		%				77,839						822						4.24		%
			Total interest-earning assets						$	64,061,569					$	906,134					5.67		%				$	58,668,677					$	499,754					3.42		%
Noninterest-earning assets:
			Cash and due from banks						569,227																		712,884
			Allowance for loan losses						(619,868)																		(545,489)
			Other assets						3,486,439																		3,396,769
			Total assets						$	67,497,367																	$	62,232,841
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
			Checking deposits						$	8,434,655					$	49,571					2.36		%				$	6,712,890					$	3,178					0.19		%
			Money market deposits						10,433,839						86,419						3.32		%				12,319,930						8,892						0.29		%
			Savings deposits						2,200,124						3,963						0.72		%				2,970,007						1,864						0.25		%
			Time deposits						16,289,320						147,524						3.63		%				8,239,571						8,554						0.42		%
			Federal funds purchased and other short-term borrowings						4,500,566						49,032						4.37		%				64,145						241						1.51		%
			FHLB advances						1						—						—		%				138,960						559						1.61		%
			Repurchase agreements						15,579						211						5.43		%				359,778						2,418						2.70		%
			Long-term debt and finance lease liabilities						152,760						2,668						7.01		%				152,194						1,096						2.89		%
			Total interest-bearing liabilities						$	42,026,844					$	339,388					3.24		%				$	30,957,475					$	26,802					0.35		%
Noninterest-bearing liabilities and stockholders’ equity:
			Demand deposits						16,926,937																		23,887,452
			Accrued expenses and other liabilities						2,102,590																		1,705,487
			Stockholders’ equity						6,440,996																		5,682,427
			Total liabilities and stockholders’ equity						$	67,497,367																	$	62,232,841
Interest rate spread																					2.43		%																3.07		%
Net interest income and net interest margin															$	566,746					3.55		%										$	472,952					3.23		%

(1)Annualized.

(2)Includes loans HFS.

12

EAST WEST BANCORP, INC. AND SUBSIDIARIES
YEAR-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 8
									Six Months Ended
									June 30, 2023																		June 30, 2022
									Average												Average						Average												Average
									Balance						Interest						Yield/Rate(1)						Balance						Interest						Yield/Rate(1)
Assets
Interest-earning assets:
			Interest-bearing cash and deposits with banks						$	4,353,658					$	96,642					4.48		%				$	3,627,253					$	8,047					0.45		%
			Resale agreements						665,229						8,472						2.57		%				1,868,600						16,936						1.83		%
			AFS debt securities						6,183,522						109,489						3.57		%				7,232,686						67,907						1.89		%
			HTM debt securities						2,989,695						25,412						1.71		%				2,497,811						20,936						1.69		%
			Loans (2)						48,502,717						1,499,650						6.24		%				43,376,398						816,526						3.80		%
			FHLB and FRB stock						84,852						1,975						4.69		%				77,708						1,431						3.71		%
			Total interest-earning assets						$	62,779,673					$	1,741,640					5.59		%				$	58,680,456					$	931,783					3.20		%
Noninterest-earning assets:
			Cash and due from banks						595,022																		677,579
			Allowance for loan losses						(611,358)																		(544,423)
			Other assets						3,548,733																		3,183,144
			Total assets						$	66,312,070																	$	61,996,756
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
			Checking deposits						$	7,469,621					$	72,745					1.96		%				$	6,680,657					$	4,580					0.14		%
			Money market deposits						10,844,992						162,521						3.02		%				12,614,994						12,095						0.19		%
			Savings deposits						2,317,702						7,632						0.66		%				2,950,268						3,568						0.24		%
			Time deposits						15,674,457						261,373						3.36		%				8,170,613						15,234						0.38		%
			Federal funds purchased and other short-term borrowings						2,666,249						57,857						4.38		%				33,177						250						1.52		%
			FHLB advances						248,619						6,430						5.22		%				149,431						1,137						1.53		%
			Repurchase agreements						60,931						1,263						4.18		%				336,013						4,434						2.66		%
			Long-term debt and finance lease liabilities						152,591						5,212						6.89		%				152,103						1,920						2.55		%
			Total interest-bearing liabilities						$	39,435,162					$	575,033					2.94		%				$	31,087,256					$	43,218					0.28		%
Noninterest-bearing liabilities and stockholders’ equity:
			Demand deposits						18,310,770																		23,661,355
			Accrued expenses and other liabilities						2,253,266																		1,486,067
			Stockholders’ equity						6,312,872																		5,762,078
			Total liabilities and stockholders’ equity						$	66,312,070																	$	61,996,756
Interest rate spread																					2.65		%																2.92		%
Net interest income and net interest margin															$	1,166,607					3.75		%										$	888,565					3.05		%

(1)Annualized.

(2)Includes loans HFS.

13

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 9
									Three Months Ended (1)																		June 30, 2023 Basis Point Change
									June 30, 2023						March 31, 2023						June 30, 2022						Qtr-o-Qtr						Yr-o-Yr
			Return on average assets						1.85		%				2.01		%				1.66		%				(16)			bps			19			bps
			Adjusted return on average assets (2)						1.85		%				2.05		%				1.66		%				(20)						19
			Return on average common equity						19.43		%				21.15		%				18.23		%				(172)						120
			Adjusted return on average common equity (2)						19.43		%				21.61		%				18.23		%				(218)						120
			Return on average TCE (3)						21.01		%				22.94		%				19.94		%				(193)						107
			Adjusted return on average TCE (3)						21.01		%				23.44		%				19.94		%				(243)						107
			Interest rate spread						2.43		%				2.91		%				3.07		%				(48)						(64)
			Net interest margin						3.55		%				3.96		%				3.23		%				(41)						32
			Average loan yield						6.33		%				6.14		%				3.95		%				19						238
			Yield on average interest-earning assets						5.67		%				5.51		%				3.42		%				16						225
			Average cost of interest-bearing deposits						3.09		%				2.49		%				0.30		%				60						279
			Average cost of deposits						2.12		%				1.60		%				0.17		%				52						195
			Average cost of funds						2.31		%				1.69		%				0.20		%				62						211
			Adjusted pre-tax, pre-provision profitability ratio (4)						2.61		%				2.90		%				2.38		%				(29)						23
			Adjusted noninterest expense/average assets (4)						1.22		%				1.27		%				1.17		%				(5)						5
			Efficiency ratio						40.56		%				33.11		%				35.70		%				745						486
			Adjusted efficiency ratio (4)						31.83		%				30.46		%				32.90		%				137			bps			(107)			bps
									Six Months Ended (1)												June 30, 2023 Basis Point Change
									June 30, 2023						June 30, 2022						Yr-o-Yr
			Return on average assets						1.93		%				1.61		%				32			bps
			Adjusted return on average assets (2)						1.95		%				1.61		%				34
			Return on average common equity						20.27		%				17.36		%				291
			Adjusted return on average common equity (2)						20.49		%				17.36		%				313
			Return on average TCE (3)						21.95		%				18.96		%				299
			Adjusted return on average TCE (3)						22.19		%				18.96		%				323
			Interest rate spread						2.65		%				2.92		%				(27)
			Net interest margin						3.75		%				3.05		%				70
			Average loan yield						6.24		%				3.80		%				244
			Yield on average interest-earning assets						5.59		%				3.20		%				239
			Average cost of interest-bearing deposits						2.80		%				0.24		%				256
			Average cost of deposits						1.86		%				0.13		%				173
			Average cost of funds						2.01		%				0.16		%				185
			Adjusted pre-tax, pre-provision profitability ratio (4)						2.75		%				2.25		%				50
			Adjusted noninterest expense/average assets (4)						1.25		%				1.16		%				9
			Efficiency ratio						36.79		%				36.91		%				(12)
			Adjusted efficiency ratio (4)						31.13		%				34.05		%				(292)			bps

(1)Annualized except for efficiency ratio.

(2)Adjusted return on average assets and adjusted return on average common equity are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 14.

(3)Return on average TCE and adjusted return on average TCE are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 13.

(4)Adjusted pre-tax, pre-provision profitability ratio, adjusted noninterest expense/average assets and the adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 12.

14

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 10
									Three Months Ended June 30, 2023
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, March 31, 2023									$	376,325																				$	188,915														$	52,978					$	1,675					$	619,893
Provision for (reversal of) credit losses on loans			(a)						5,259																					16,076															3,057						(367)						24,025
Gross charge-offs									(7,335)																					(2,366)															(6)						(48)						(9,755)
Gross recoveries									2,065																					143															10						—						2,218
Total net (charge-offs) recoveries									(5,270)																					(2,223)															4						(48)						(7,537)
Foreign currency translation adjustment									(981)																					—															—						—						(981)
Allowance for loan losses, June 30, 2023									$	375,333																				$	202,768														$	56,039					$	1,260					$	635,400

									Three Months Ended March 31, 2023
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, December 31, 2022									$	371,700																				$	182,346														$	40,039					$	1,560					$	595,645
Impact of ASU 2022-02 adoption									5,683																					343															2						—						6,028
Allowance for loan losses, January 1, 2023									$	377,383																				$	182,689														$	40,041					$	1,560					$	601,673
(Reversal of) provision for credit losses on loans			(a)						(678)																					6,021															13,022						155						18,520
Gross charge-offs									(1,900)																					(6)															(91)						(40)						(2,037)
Gross recoveries									1,211																					211															6						—						1,428
Total net (charge-offs) recoveries									(689)																					205															(85)						(40)						(609)
Foreign currency translation adjustment									309																					—															—						—						309
Allowance for loan losses, March 31, 2023									$	376,325																				$	188,915														$	52,978					$	1,675					$	619,893

									Three Months Ended June 30, 2022
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, March 31, 2022									$	339,446																				$	182,296														$	21,958					$	1,985					$	545,685
Provision for (reversal of) credit losses on loans			(a)						19,030																					(9,181)															3,122						(502)						12,469
Gross charge-offs									(240)																					(679)															(193)						(34)						(1,146)
Gross recoveries									6,514																					1,043															173						—						7,730
Total net recoveries (charge-offs)									6,274																					364															(20)						(34)						6,584
Foreign currency translation adjustment									(1,468)																					—															—						—						(1,468)
Allowance for loan losses, June 30, 2022									$	363,282																				$	173,479														$	25,060					$	1,449					$	563,270

15

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE-SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 10 (continued)
									Six Months Ended June 30, 2023
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, December 31, 2022									$	371,700																				$	182,346														$	40,039					$	1,560					$	595,645
Impact of ASU 2022-02 adoption									5,683																					343															2						—						6,028
Allowance for loan losses, January 1, 2023									$	377,383																				$	182,689														$	40,041					$	1,560					$	601,673
Provision for (reversal of) credit losses on loans			(a)						4,581																					22,097															16,079						(212)						42,545
Gross charge-offs									(9,235)																					(2,372)															(97)						(88)						(11,792)
Gross recoveries									3,276																					354															16						—						3,646
Total net charge-offs									(5,959)																					(2,018)															(81)						(88)						(8,146)
Foreign currency translation adjustment									(672)																					—															—						—						(672)
Allowance for loan losses, June 30, 2023									$	375,333																				$	202,768														$	56,039					$	1,260					$	635,400

									Six Months Ended June 30, 2022
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, December 31, 2021									$	338,252																				$	180,808														$	20,595					$	1,924					$	541,579
Provision for (reversal of) credit losses on loans			(a)						28,292																					(7,523)															4,347						(395)						24,721
Gross charge-offs									(11,428)																					(1,078)															(193)						(80)						(12,779)
Gross recoveries									9,516																					1,272															311						—						11,099
Total net (charge-offs) recoveries									(1,912)																					194															118						(80)						(1,680)
Foreign currency translation adjustment									(1,350)																					—															—						—						(1,350)
Allowance for loan losses, June 30, 2022									$	363,282																				$	173,479														$	25,060					$	1,449					$	563,270

									Three Months Ended																		Six Months Ended
									June 30, 2023						March 31, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Unfunded Credit Facilities
Allowance for unfunded credit commitments, beginning of period (1)									$	27,741					$	26,264					$	23,262					$	26,264					$	27,514
Provision for (reversal of) credit losses on unfunded credit commitments			(b)						1,975						1,480						1,031						3,455						(3,221)
Foreign currency translation adjustment									12						(3)						11						9						11
Allowance for unfunded credit commitments, end of period (1)									$	29,728					$	27,741					$	24,304					$	29,728					$	24,304
Provision for credit losses			(a)+(b)						$	26,000					$	20,000					$	13,500					$	46,000					$	21,500

(1)Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

16

			EAST WEST BANCORP, INC. AND SUBSIDIARIES
			CRITICIZED LOANS, NONPERFORMING ASSETS AND CREDIT QUALITY RATIOS
			($ in thousands)
			(unaudited)
Table 11
Criticized Loans									June 30, 2023						March 31, 2023						June 30, 2022
Special mention loans									$	330,741					$	461,356					$	590,227
Classified loans									481,051						452,715						432,414
Total criticized loans (1)									$	811,792					$	914,071					$	1,022,641
Nonperforming Assets									June 30, 2023						March 31, 2023						June 30, 2022
Nonaccrual loans:
Commercial:
			C&I						$	61,879					$	43,747					$	40,053
			Total CRE						20,598						19,427						12,742
Consumer:
			Total residential mortgage						33,032						29,585						37,129
			Other consumer						24						366						11
			Total nonaccrual loans						115,533						93,125						89,935
Other real estate owned, net									—						270						—
			Total nonperforming assets						$	115,533					$	93,395					$	89,935
Credit Quality Ratios									June 30, 2023						March 31, 2023						June 30, 2022
Annualized quarterly net charge-offs (recoveries) to average loans HFI									0.06		%				0.01		%				(0.06)		%
Special mention loans to loans HFI									0.66		%				0.94		%				1.27		%
Classified loans to loans HFI									0.97		%				0.93		%				0.93		%
Criticized loans to loans HFI									1.63		%				1.87		%				2.20		%
Nonperforming assets to total assets									0.17		%				0.14		%				0.14		%
Nonaccrual loans to loans HFI									0.23		%				0.19		%				0.19		%
Allowance for loan losses to loans HFI									1.28		%				1.27		%				1.21		%

(1)Excludes loans HFS.

17

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 12
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision profitability ratio represents total adjusted revenue less adjusted noninterest expense, divided by average total assets. Adjusted revenue excludes the write-off of an AFS debt security (where applicable). Adjusted noninterest expense excludes the amortization of tax credit and other investments, the amortization of core deposit intangibles and the repurchase agreements’ extinguishment cost (where applicable). Management believes that the measures and ratios presented below provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods.
												Three Months Ended																		Six Months Ended
												June 30, 2023						March 31, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Net interest income before provision for credit losses						(a)						$	566,746					$	599,861					$	472,952					$	1,166,607					$	888,565
Total noninterest income												78,631						59,978						78,444						138,609						158,187
Total revenue						(b)						$	645,377					$	659,839					$	551,396					$	1,305,216					$	1,046,752
Noninterest income												78,631						59,978						78,444						138,609						158,187
Add: Write-off of AFS debt security												—						10,000						—						10,000						—
Adjusted noninterest income						(c)						78,631						69,978						78,444						148,609						158,187
Adjusted revenue						(a)+(c) = (d)						$	645,377					$	669,839					$	551,396					$	1,315,216					$	1,046,752
Total noninterest expense						(e)						$	261,789					$	218,447					$	196,860					$	480,236					$	386,310
Less: Amortization of tax credit and other investments												(55,914)						(10,110)						(14,979)						(66,024)						(28,879)
Amortization of core deposit intangibles												(440)						(441)						(488)						(881)						(999)
Repurchase agreements’ extinguishment cost												—						(3,872)						—						(3,872)						—
Adjusted noninterest expense						(f)						$	205,435					$	204,024					$	181,393					$	409,459					$	356,432
Efficiency ratio						(e)/(b)						40.56		%				33.11		%				35.70		%				36.79		%				36.91		%
Adjusted efficiency ratio						(f)/(d)						31.83		%				30.46		%				32.90		%				31.13		%				34.05		%
Adjusted pre-tax, pre-provision income						(d)-(f) = (g)						$	439,942					$	465,815					$	370,003					$	905,757					$	690,320
Average total assets						(h)						$	67,497,367					$	65,113,604					$	62,232,841					$	66,312,070					$	61,996,756
Adjusted pre-tax, pre-provision profitability ratio (1)						(g)/(h)						2.61		%				2.90		%				2.38		%				2.75		%				2.25		%
Adjusted noninterest expense/average assets (1)						(f)/(h)						1.22		%				1.27		%				1.17		%				1.25		%				1.16		%

(1)Annualized.

18

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 13
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible book value, tangible book value per share and TCE ratio are non-GAAP financial measures. Tangible book value and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
												June 30, 2023						March 31, 2023						June 30, 2022
Stockholders’ equity						(a)						$	6,461,697					$	6,309,331					$	5,609,482
Less: Goodwill												(465,697)						(465,697)						(465,697)
Other intangible assets (1)												(6,418)						(7,201)						(8,537)
Tangible book value						(b)						$	5,989,582					$	5,836,433					$	5,135,248
Number of common shares at period-end						(c)						141,484						141,396						140,917
Book value per share						(a)/(c)						$	45.67					$	44.62					$	39.81
Tangible book value per share						(b)/(c)						$	42.33					$	41.28					$	36.44
Total assets						(d)						$	68,532,681					$	67,244,898					$	62,394,283
Less: Goodwill												(465,697)						(465,697)						(465,697)
Other intangible assets (1)												(6,418)						(7,201)						(8,537)
Tangible assets						(e)						$	68,060,566					$	66,772,000					$	61,920,049
Total stockholders’ equity to assets ratio						(a)/(d)						9.43		%				9.38		%				8.99		%
TCE ratio						(b)/(e)						8.80		%				8.74		%				8.29		%

Return on average TCE represents tangible net income divided by average tangible book value. Adjusted return on average TCE represents adjusted tangible net income divided by average tangible book value. Tangible net income excludes the after-tax impacts of the amortization of core deposit intangibles and mortgage servicing assets. Adjusted tangible net income excludes the after-tax impacts of the tangible net income adjustments and the write-off of an AFS debt security. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
												Three Months Ended																		Six Months Ended
												June 30, 2023						March 31, 2023						June 30, 2022						June 30, 2023						June 30, 2022
Net income						(e)						$	312,031					$	322,439					$	258,329					$	634,470					$	495,981
Add: Amortization of core deposit intangibles												440						441						488						881						999
Amortization of mortgage servicing assets												342						356						364						698						756
Tax effect of amortization adjustments (2)												(230)						(233)						(245)						(463)						(505)
Tangible net income						(f)						$	312,583					$	323,003					$	258,936					$	635,586					$	497,231
Add: Write-off of AFS debt security												—						10,000						—						10,000						—
Tax effect of write-off (2)												—						(2,929)						—						(2,929)						—
Adjusted tangible net income						(g)						$	312,583					$	330,074					$	258,936					$	642,657					$	497,231
Average stockholders’ equity						(h)						$	6,440,996					$	6,183,324					$	5,682,427					$	6,312,872					$	5,762,078
Less: Average goodwill												(465,697)						(465,697)						(465,697)						(465,697)						(465,697)
Average other intangible assets (1)												(6,921)						(7,696)						(8,827)						(7,306)						(9,016)
Average tangible book value						(i)						$	5,968,378					$	5,709,931					$	5,207,903					$	5,839,869					$	5,287,365
Return on average common equity (3)						(e)/(h)						19.43		%				21.15		%				18.23		%				20.27		%				17.36		%
Return on average TCE (3)						(f)/(i)						21.01		%				22.94		%				19.94		%				21.95		%				18.96		%
Adjusted return on average TCE (3)						(g)/(i)						21.01		%				23.44		%				19.94		%				22.19		%				18.96		%

(1)Includes core deposit intangibles and mortgage servicing assets.

(2)Applied statutory tax rate of 29.29% for the three and six months ended June 30, 2023, and the three months ended March 31, 2023. Applied statutory tax rate of 28.77% for the three and six months ended June 30, 2022.

(3)Annualized.

19

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ and shares in thousands, except for per share data)
(unaudited)
Table 14
During the first quarter of 2023, the Company recorded a $10.0 million pre-tax impairment write-off of an AFS debt security. Management believes that presenting the computations of the adjusted net income, adjusted diluted earnings per common share, adjusted return on average assets and adjusted return on average common equity that adjust for the above discussed non-recurring item provide clarity to financial statement users regarding the ongoing performance of the Company and allows comparability to prior periods.
												Three Months Ended
												June 30, 2023						March 31, 2023						June 30, 2022
Net income						(a)						$	312,031					$	322,439					$	258,329
Add: Write-off of AFS debt security												—						10,000						—
Tax effect of write-off (1)												—						(2,929)						—
Adjusted net income						(b)						$	312,031					$	329,510					$	258,329
Diluted weighted-average number of shares outstanding												141,876						141,913						142,372
Diluted EPS												$	2.20					$	2.27					$	1.81
Add: Write-off of AFS debt security												—						0.05						—
Adjusted diluted EPS												$	2.20					$	2.32					$	1.81
Average total assets						(c)						$	67,497,367					$	65,113,604					$	62,232,841
Average stockholders’ equity						(d)						$	6,440,996					$	6,183,324					$	5,682,427
Return on average assets (2)						(a)/(c)						1.85		%				2.01		%				1.66		%
Adjusted return on average assets (2)						(b)/(c)						1.85		%				2.05		%				1.66		%
Return on average common equity (2)						(a)/(d)						19.43		%				21.15		%				18.23		%
Adjusted return on average common equity (2)						(b)/(d)						19.43		%				21.61		%				18.23		%
												Six Months Ended
												June 30, 2023						June 30, 2022
Net income						(e)						634,470						$	495,981
Add: Write-off of AFS debt security												10,000						—
Tax effect of write-off (1)												(2,929)						—
Adjusted net income						(f)						$	641,541					$	495,981
Diluted weighted-average number of shares outstanding												141,910						142,838
Diluted EPS												$	4.47					$	3.47
Add: Write-off of AFS debt security												0.05						—
Adjusted diluted EPS												$	4.52					$	3.47
Average total assets						(g)						$	66,312,070					$	61,996,756
Average stockholders’ equity						(h)						$	6,312,872					$	5,762,078
Return on average assets (2)						(e)/(g)						1.93		%				1.61		%
Adjusted return on average assets (2)						(f)/(g)						1.95		%				1.61		%
Return on average common equity (2)						(e)/(h)						20.27		%				17.36		%
Adjusted return on average common equity (2)						(f)/(h)						20.49		%				17.36		%

(1)Applied statutory tax rate of 29.29% for the three months ended March 31, 2023 and the six months ended June 30, 2023.

(2)Annualized.

20