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:
Christopher Del Moral-Niles, CFA			Adrienne Atkinson
Chief Financial Officer			Director of Investor Relations
T: (626) 768-6860			T: (626) 788-7536
E: chris.delmoralniles@eastwestbank.com			E: adrienne.atkinson@eastwestbank.com

EAST WEST BANCORP REPORTS NET INCOME FOR FULL YEAR 2023

OF $1.2 BILLION AND DILUTED EARNINGS PER SHARE OF $8.18; INCREASES DIVIDEND BY 15%

Pasadena, California – January 23, 2024 – 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 2023. Full year 2023 net income was $1.2 billion, or $8.18 per diluted share. Excluding $70 million pre-tax of FDIC Special Assessment-related expense (the “FDIC charge”) and $7 million of net losses on an AFS debt security, adjusted diluted earnings per share1 for the year were $8.56.

Fourth quarter 2023 net income was $239 million, or $1.69 per diluted share. Excluding the FDIC charge and a $3 million gain on the sale of an AFS debt security, adjusted earnings per diluted share were $2.02 for the fourth quarter. Return on average common equity was 18% in 2023, and book value per share grew 17% year-over-year.

“I am pleased to report that 2023 was another year of record revenue and earnings for East West,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “As I look back I am very proud of our strong performance, marked by an over 20% adjusted return on average tangible common equity and 18% growth in tangible book value per share. East West demonstrated the resilience of our business model and the loyalty of our customers through a tumultuous year.”2

“Thanks to the unwavering dedication of our colleagues to clients and the strength and diversification of our balance sheet, East West has emerged even stronger from the market disruption that characterized 2023. As we start a new year, we are pleased to announce a 15% increase in our common stock dividend. We remain committed to delivering top-tier shareholder returns, supported by prudent balance sheet growth, industry-leading efficiency, and sound risk management.”

FINANCIAL HIGHLIGHTS

									Twelve Months Ended December 31,																								Year-over-Year Change
			($ in millions, except per share data)						2023						2022																														$						%
			Revenue						$2,608						$2,345																														$263						11%
			Adjusted Pre-tax, Pre-provision Income3						1,788						1,600																														187						12
			Net Income						1,161						1,128																														33						3
			Diluted Earnings per Share						$8.18						$7.92																														$0.26						3%
			Adjusted Diluted Earnings per Share1						$8.56						$7.92																														$0.64						8%
			Book Value per Share						$49.64						$42.46																														$7.18						17%
			Tangible Book Value2 per Share						$46.27						$39.10																														$7.17						18%
			Return on Average Common Equity						17.91%						19.51%																														-160 bps						—
			Adjusted Return on Average Tangible Common Equity2						20.25%						21.29%																														-104 bps						—
			Total Assets						$69,613						$64,112																														$5,501						9%

1 Adjusted diluted earnings per share is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 15.

2 Adjusted return on average tangible common equity and tangible book value are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 14.

3 Adjusted pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 13.

1

BALANCE SHEET

•Total Assets – Total assets were $69.6 billion as of December 31, 2023, an increase of $1.3 billion from $68.3 billion as of September 30, 2023, primarily reflecting loan growth. Year-over-year, total assets grew $5.5 billion or 9% from $64.1 billion as of December 31, 2022.

Fourth quarter 2023 average interest-earning assets of $65.5 billion were up nearly $0.5 billion, or 1%, from $65.1 billion in the third quarter of 2023, primarily due to an increase of $1.4 billion in average loans outstanding, partly offset by a $0.9 billion decrease in interest-bearing cash and deposits with banks.

•Total Loans – Total loans reached a record $52.2 billion as of December 31, 2023, an increase of $1.3 billion, or 3%, from $50.9 billion as of September 30, 2023. Year-over-year, total loans were up $4.0 billion, or 8%, from $48.2 billion as of December 31, 2022.

Fourth quarter 2023 average loans of $51.3 billion grew $1.4 billion, or 3%, from the third quarter of 2023. The increase was driven by growth across all our major loan portfolios.

•Total Deposits – Total deposits were $56.1 billion as of December 31, 2023, an increase of $1.0 billion, or 2%, from $55.1 billion as of September 30, 2023, primarily reflecting an increase in customer deposits. Noninterest-bearing deposits made up 28% of our total deposits as of December 31, 2023, down from 29% as of September 30, 2023. Year-over-year, total deposits increased $125 million from $56.0 billion as of December 31, 2022.

Fourth quarter 2023 average deposits of $55.4 billion increased $208 million from the third quarter of 2023, with growth in average money market and time deposits offset by declines in other deposit categories.

•Strong Capital Levels – As of December 31, 2023, stockholders’ equity was $7.0 billion, up 5% quarter-over-quarter. The stockholders’ equity to asset ratio was 9.98% as of December 31, 2023, an increase of 32 basis points quarter-over-quarter.

As of December 31, 2023, tangible book value2 per share was $46.27, up 7% quarter-over-quarter and 18% year-over-year. The tangible common equity ratio2 was 9.37%, an increase of 34 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 13.31%, and the total risk-based capital ratio increased slightly by three basis points to 14.76%, as of December 31, 2023.

OPERATING RESULTS

Full Year Earnings - Full year 2023 net income was a record $1.2 billion or $8.18 per diluted share, both up 3% year-over-year. Full year revenue was a record $2.6 billion, an increase of $263 million, or 11% year-over-year, and full year adjusted pre-tax, pre-provision income was a record $1.8 billion, an increase of $187 million, or 12% year-over-year.

Fourth Quarter Earnings – Fourth quarter 2023 net income was $239 million, and diluted earnings per share (“EPS”) were $1.69.

2 Tangible book value and the tangible common equity ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 14.

2

Fourth Quarter 2023 Compared to Third Quarter 2023

Net Interest Income and Net Interest Margin

Net interest income totaled $575 million in the fourth quarter, an increase of 1% from $571 million in the third quarter. Net interest margin (“NIM”) was 3.48%, unchanged from the third quarter.

•NIM benefited from higher loan balances and a more favorable asset mix, offset by the higher cost of interest-bearing deposits and changes in the deposit mix in favor of higher-cost customer deposits.

•The average loan yield was 6.61%, up 10 basis points from the third quarter. The average interest-earning asset yield was 6.00%, up 13 basis points from the third quarter.

•The average cost of funds was 2.74%, up 15 basis points from the third quarter. The average cost of deposits was 2.60%, up 17 basis points from the third quarter.

Noninterest Income

Noninterest income totaled $80 million in the fourth quarter, an increase of $3 million, or 4%, from $77 million in the third quarter. Net gains on sales of loans were $4 million in the fourth quarter, primarily reflecting the sale of Small Business Administration loans within the quarter. Net gains on AFS debt securities were $3 million, representing a partial recovery against the $10 million pre-tax impairment loss taken in the first quarter of 2023 on a subordinated AFS debt security of a failed bank.

•Fee income4 of $73 million was up $6 million, or 9%, from $67 million in the third quarter.

•Customer derivative income (loss) was a loss of $1 million in the fourth quarter, compared with income of $11 million in the third quarter. The quarter-over-quarter decrease of close to $12 million was due to an unfavorable change in mark-to-market adjustments. The mark-to-market and credit valuation adjustments on customer and other derivatives was a loss of $7 million in the fourth quarter, compared with a gain of $5 million in the third quarter. Customer-driven derivative revenue of $6 million in the fourth quarter was essentially unchanged from the third quarter.

•Foreign exchange income, wealth management fees, and lending fees each increased by $2 million, reflecting higher customer activity.

Noninterest Expense

Noninterest expense totaled $290 million in the fourth quarter, an increase of $38 million, or 15% from $252 million in the third quarter, including $70 million for the FDIC charge5. Fourth quarter noninterest expense consisted of $215 million of adjusted noninterest expense6, and $5 million in amortization expenses related to tax credit and other investments and core deposit intangibles.

•Adjusted noninterest expense of $215 million increased nearly $14 million, or 7%, from $202 million in the third quarter. This was driven primarily by an $8 million increase in compensation and employee benefits, reflecting higher commissions and incentive accruals, and a $6 million increase in other operating expense, primarily reflecting increases in legal expense, realized credit card fraud losses, and advertising.

•Amortization of tax credit and other investments was $5 million in the fourth quarter, down from $50 million in the third quarter. The decrease was due to the sale of a tax credit investment and timing of certain renewable energy tax credit investments that were not placed into service in the fourth quarter.

•The efficiency ratio was 44.4% in the fourth quarter, compared with 38.9% in the third quarter and the adjusted efficiency ratio6 was 33.1% in the fourth quarter, compared with 31.2% in the third quarter.

4 Fee income includes lending, deposit account and wealth management fees, foreign exchange income, and customer derivative revenue. Refer to Table 5 for additional fee and noninterest income information.

5 In November 2023, the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule to implement a special deposit insurance assessment to recover losses to the Deposit Insurance Fund arising from the protection of uninsured depositors following the receiverships of failed institutions in the spring of 2023. Under the final rule, the assessment base for the special assessment is equal to an insured depository institution’s estimated uninsured deposits, reported for the quarter ended December 31, 2022, minus the first $5 billion in estimated uninsured deposits. The FDIC will collect the special assessment over eight quarterly assessment periods starting with the first quarter of 2024, at a quarterly rate of 3.36 bps.

6 Adjusted noninterest expense and adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 13.

3

TAX RELATED ITEMS

Full year 2023 income tax expense was $299 million, and the effective tax rate was 20.5%, compared with income tax expense of $284 million and an effective tax rate of 20.1% for the full year 2022. Fourth quarter 2023 income tax expense was $88 million, and the effective tax rate was 27.0%, compared with income tax expense of $66 million and 18.6% for the third quarter of 2023. The higher effective tax rate in the fourth quarter was mainly due to the sale of a tax credit investment and timing of certain renewable energy tax credit investments that were not placed into service in the fourth quarter.

ASSET QUALITY

As of December 31, 2023, the credit quality of our loan portfolio remained solid.

•The criticized loans ratio decreased 14 basis points quarter-over-quarter to 1.87% of loans held-for-investment (“HFI”) as of December 31, 2023, compared with 2.01% as of September 30, 2023. Criticized loans decreased $43 million, or 4%, quarter-over-quarter to $1.0 billion as of December 31, 2023. The special mention loans ratio decreased 18 basis points quarter-over-quarter to 0.77% of loans HFI as of December 31, 2023, compared with 0.95% as of September 30, 2023, and the classified loans ratio increased four basis points to 1.10%.

•The nonperforming assets ratio was 0.16% of total assets as of December 31, 2023, compared with 0.15% of total assets as of September 30, 2023. Nonperforming assets increased $10 million to $114 million as of December 31, 2023, from $104 million as of September 30, 2023.

•Fourth quarter 2023 net charge-offs were $20 million, or annualized 0.15% of average loans HFI, compared with $18 million, or annualized 0.14% of average loans HFI, for the third quarter of 2023.

•The allowance for loan losses increased to $669 million, or 1.28% of loans HFI, as of December 31, 2023, compared with $656 million, or 1.29% of loans HFI, as of September 30, 2023, primarily reflective of net loan growth.

•Fourth quarter 2023 provision for credit losses was $37 million, compared with $42 million in the third quarter of 2023.

CAPITAL STRENGTH

Capital levels for East West remained strong. The following table presents capital metrics as of December 31, 2023, September 30, 2023 and December 31, 2022.

EWBC Capital
($ in millions)												December 31, 2023 (a)						September 30, 2023 (a)						December 31, 2022 (a)
Risk-Weighted Assets (“RWA”) (b)												$53,663						$52,951						$50,037
Risk-based capital ratios:
CET1 capital ratio												13.31%						13.30%						12.68%
Tier 1 capital ratio												13.31%						13.30%						12.68%
Total capital ratio												14.76%						14.73%						14.00%
Leverage ratio												10.21%						10.15%						9.80%
Tangible common equity ratio (c)												9.37%						9.03%						8.66%

(a)The Company has elected to use the 2020 Current Expected Credit Losses (CECL) transition provision in the calculation of its December 31, 2023, September 30, 2023 and December 31, 2022 regulatory capital ratios. The Company’s December 31, 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 14.

4

DIVIDEND PAYOUT AND CAPITAL ACTIONS

East West’s Board of Directors has declared first quarter 2024 dividends for the Company’s common stock. The common stock cash dividend of $0.55 per share is payable on February 15, 2024, to stockholders of record on February 2, 2024. This represents a 15% increase, or seven cents per share, to the quarterly common stock dividend, up from $0.48 per share previously. The new annual dividend equivalent is $2.20 per share, compared with $1.92 per share previously.

East West repurchased 1.5 million shares of common stock during the fourth quarter of 2023 for approximately $82 million. $172 million of East West’s share repurchase authorization remains available.

Conference Call

East West will host a conference call to discuss fourth quarter 2023 earnings with the public on Tuesday, January 23, 2024, at 2:00 p.m. PT/5:00 p.m. ET. The public and investment community are invited to listen as management discusses fourth 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.

•Information to access a replay of the call will be available one hour after the call on the Investor Relations site at www.eastwestbank.com/investors.

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 $69.6 billion as of December 31, 2023. 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.

5

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 provisions for such statements provided by the Private Securities Litigation Reform Act of 1995. East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “us,” “our” or “EWBC”) may make forward-looking statements in other documents that it files with, or furnishes to, the United States (“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, residential and commercial property 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 political unrest, wars and acts of terrorism; the soundness of other financial institutions and the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements, Federal Deposit Insurance Corporation (“FDIC”) insurance premiums and assessments, losses in the value of our investment portfolio, deposit withdrawals, or other adverse consequences of negative market perceptions of the banking industry or us; 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 (“DFPI”) — Division of Financial Institutions, the People’s Bank of China (“PBOC”), China’s National Administration of Financial Regulation (“NAFR”), the Hong Kong Monetary Authority (“HKMA”), the Hong Kong Securities and Futures Commission (“HKSFC”), and the Monetary Authority of Singapore (“MAS”); 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 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 initiatives or technologies into its business in a strategic manner; 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 proprietary, or personally identifiable 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 and other proceedings; the impact of 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 on the Company and its customers; 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, regulatory agreements, supervisory criticisms, 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 operations of the Company and 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 financial performance of the Company and its customers.

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.

6

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ and shares in thousands, except per share data)
(unaudited)
Table 1
																											December 31, 2023 % or Basis Point Change
									December 31, 2023						September 30, 2023						December 31, 2022						Qtr-o-Qtr						Yr-o-Yr
Assets
			Cash and cash equivalents						$	4,614,984					$	4,561,178					$	3,481,784					1.2		%				32.5		%
			Interest-bearing deposits with banks						10,498						17,213						139,021						(39.0)						(92.4)
			Assets purchased under resale agreements (“resale agreements”)						785,000						785,000						792,192						—						(0.9)
			Available-for-sale (“AFS”) debt securities (amortized cost of $6,916,491, $6,976,331 and $6,879,225)						6,188,337						6,039,837						6,034,993						2.5						2.5
			Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,453,971, $2,308,048 and $2,455,171)						2,956,040						2,964,235						3,001,868						(0.3)						(1.5)
			Loans held-for-sale (“HFS”)						116						4,762						25,644						(97.6)						(99.5)
			Loans held-for-investment (“HFI”) (net of allowance for loan losses of $668,743, $655,523 and $595,645)						51,542,039						50,251,661						47,606,785						2.6						8.3
			Investments in qualified affordable housing partnerships, tax credit and other investments, net						905,036						901,559						763,256						0.4						18.6
			Goodwill						465,697						465,697						465,697						—						—
			Operating lease right-of-use assets						94,024						97,782						103,681						(3.8)						(9.3)
			Other assets						2,051,113						2,200,534						1,697,229						(6.8)						20.9
			Total assets						$	69,612,884					$	68,289,458					$	64,112,150					1.9		%				8.6		%
Liabilities and Stockholders’ Equity
			Deposits						$	56,092,438					$	55,087,031					$	55,967,849					1.8		%				0.2		%
			Short-term borrowings						4,500,000						4,500,000						—						—						100.0
			Assets sold under repurchase agreements (“repurchase agreements”)						—						—						300,000						—						(100.0)
			Long-term debt and finance lease liabilities						153,011						153,087						152,400						(0.0)						0.4
			Operating lease liabilities						102,353						107,695						111,931						(5.0)						(8.6)
			Accrued expenses and other liabilities						1,814,248						1,844,939						1,595,358						(1.7)						13.7
			Total liabilities						62,662,050						61,692,752						58,127,538						1.6						7.8
			Stockholders’ equity						6,950,834						6,596,706						5,984,612						5.4						16.1
			Total liabilities and stockholders’ equity						$	69,612,884					$	68,289,458					$	64,112,150					1.9		%				8.6		%
			Book value per share						$	49.64					$	46.62					$	42.46					6.5		%				16.9		%
			Tangible book value (1) per share						$	46.27					$	43.29					$	39.10					6.9						18.3
			Number of common shares at period-end						140,027						141,486						140,948						(1.0)						(0.7)
			Total stockholders’ equity to assets ratio						9.98		%				9.66		%				9.33		%				32			bps			65			bps
			Tangible common equity (“TCE”) ratio (1)						9.37		%				9.03		%				8.66		%				34			bps			71			bps

(1)Tangible book value and the TCE ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 14.

7

EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
																											December 31, 2023 % Change
									December 31, 2023						September 30, 2023						December 31, 2022						Qtr-o-Qtr						Yr-o-Yr
Loans:
Commercial:
			Commercial and industrial (“C&I”)						$	16,581,079					$	15,864,042					$	15,711,095					4.5		%				5.5		%
			Commercial real estate (“CRE”):
			CRE						14,777,081						14,667,378						13,857,870						0.7						6.6
			Multifamily residential						5,023,163						4,900,097						4,573,068						2.5						9.8
			Construction and land						663,868						798,190						638,420						(16.8)						4.0
			Total CRE						20,464,112						20,365,665						19,069,358						0.5						7.3
Consumer:
			Residential mortgage:
			Single-family residential						13,383,060						12,836,558						11,223,027						4.3						19.2
			Home equity lines of credit (“HELOCs”)						1,722,204						1,776,665						2,122,655						(3.1)						(18.9)
			Total residential mortgage						15,105,264						14,613,223						13,345,682						3.4						13.2
			Other consumer						60,327						64,254						76,295						(6.1)						(20.9)
Total loans HFI (1)									52,210,782						50,907,184						48,202,430						2.6						8.3
Loans HFS									116						4,762						25,644						(97.6)						(99.5)
			Total loans (1)						52,210,898						50,911,946						48,228,074						2.6						8.3
Allowance for loan losses									(668,743)						(655,523)						(595,645)						2.0						12.3
			Net loans (1)						$	51,542,155					$	50,256,423					$	47,632,429					2.6		%				8.2		%
Deposits:
			Noninterest-bearing demand						$	15,539,872					$	16,169,072					$	21,051,090					(3.9)		%				(26.2)		%
			Interest-bearing checking						7,558,908						7,689,289						6,672,165						(1.7)						13.3
			Money market						13,108,727						12,613,827						12,265,024						3.9						6.9
			Savings						1,841,467						1,963,766						2,649,037						(6.2)						(30.5)
			Time deposits						18,043,464						16,651,077						13,330,533						8.4						35.4
			Total deposits						$	56,092,438					$	55,087,031					$	55,967,849					1.8		%				0.2		%

(1)Includes $71.2 million, $72.0 million and $70.4 million of net deferred loan fees and net unamortized premiums as of December 31, 2023, September 30, 2023 and December 31, 2022, respectively.

8

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																		December 31, 2023 % Change
									December 31, 2023						September 30, 2023						December 31, 2022						Qtr-o-Qtr						Yr-o-Yr
Interest and dividend income									$	990,378					$	961,787					$	761,212					3.0%						30.1%
Interest expense									415,544						390,974						155,705						6.3						166.9
Net interest income before provision for credit losses									574,834						570,813						605,507						0.7						(5.1)
Provision for credit losses									37,000						42,000						25,000						(11.9)						48.0
Net interest income after provision for credit losses									537,834						528,813						580,507						1.7						(7.4)
Noninterest income									79,903						76,752						64,927						4.1						23.1
Noninterest expense									290,498						252,014						257,110						15.3						13.0
Income before income taxes									327,239						353,551						388,324						(7.4)						(15.7)
Income tax expense									88,286						65,813						51,561						34.1						71.2
Net income									$	238,953					$	287,738					$	336,763					(17.0)%						(29.0)%
Earnings per share (“EPS”)
- Basic									$	1.70					$	2.03					$	2.39					(16.4)%						(28.9)%
- Diluted									$	1.69					$	2.02					$	2.37					(16.5)						(28.7)
Weighted-average number of shares outstanding
- Basic									140,595						141,485						140,947						(0.6)%						(0.2)%
- Diluted									141,409						142,122						142,138						(0.5)						(0.5)
									Three Months Ended																		December 31, 2023 % Change
									December 31, 2023						September 30, 2023						December 31, 2022						Qtr-o-Qtr						Yr-o-Yr
Noninterest income:
			Lending fees						$	22,077					$	20,312					$	19,339					8.7%						14.2%
			Deposit account fees						22,996						22,622						22,112						1.7						4.0
			Customer derivative (loss) income						(945)						11,208						(638)						NM						(48.1)
			Foreign exchange income						14,236						12,334						14,015						15.4						1.6
			Wealth management fees						7,735						5,877						6,071						31.6						27.4
			Net gains (losses) on sales of loans						3,675						(12)						443						NM						NM
			Net gain on AFS debt security						3,138						—						—						100.0						100.0
			Other investment income						1,673						1,751						1,127						(4.5)						48.4
			Other income						5,318						2,660						2,458						99.9						116.4
Total noninterest income									$	79,903					$	76,752					$	64,927					4.1%						23.1%
Noninterest expense:
			Compensation and employee benefits						$	130,794					$	123,153					$	120,422					6.2%						8.6%
			Occupancy and equipment expense						15,735						15,353						15,648						2.5						0.6
			Deposit insurance premiums and regulatory assessments						78,553						8,583						4,930						NM						NM
			Deposit account expense						11,390						11,585						8,437						(1.7)						35.0
			Computer software and data processing expenses						11,315						11,761						11,145						(3.8)						1.5
			Other operating expense						38,130						31,885						31,923						19.6						19.4
			Amortization of tax credit and other investments						4,581						49,694						64,605						(90.8)						(92.9)
Total noninterest expense									$	290,498					$	252,014					$	257,110					15.3%						13.0%

NM - Not meaningful.

9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 4
									Year Ended												December 31, 2023 % Change
									December 31, 2023						December 31, 2022						Yr-o-Yr
Interest and dividend income									$	3,693,805					$	2,321,231					59.1%
Interest expense									1,381,551						275,350						401.7
Net interest income before provision for credit losses									2,312,254						2,045,881						13.0
Provision for credit losses									125,000						73,500						70.1
Net interest income after provision for credit losses									2,187,254						1,972,381						10.9
Noninterest income									295,264						298,666						(1.1)
Noninterest expense									1,022,748						859,393						19.0
Income before income taxes									1,459,770						1,411,654						3.4
Income tax expense									298,609						283,571						5.3
Net income									$	1,161,161					$	1,128,083					2.9%
EPS
- Basic									$	8.23					$	7.98					3.0%
- Diluted									$	8.18					$	7.92					3.4
Weighted-average number of shares outstanding
- Basic									141,164						141,326						(0.1)%
- Diluted									141,902						142,492						(0.4)
									Year Ended												December 31, 2023 % Change
									December 31, 2023						December 31, 2022						Yr-o-Yr
Noninterest income:
			Lending fees						$	83,876					$	79,208					5.9%
			Deposit account fees						89,606						88,435						1.3
			Customer derivative income						20,200						29,057						(30.5)
			Foreign exchange income						52,481						48,158						9.0
			Wealth management fees						26,805						27,565						(2.8)
			Net gains on sales of loans						3,634						6,411						(43.3)
			Net (losses) gains on AFS debt securities						(6,862)						1,306						NM
			Other investment income						9,348						7,037						32.8
			Other income						16,176						11,489						40.8
Total noninterest income									$	295,264					$	298,666					(1.1)%
Noninterest expense:
			Compensation and employee benefits						$	508,538					$	477,635					6.5%
			Occupancy and equipment expense						62,763						62,501						0.4
			Deposit insurance premiums and regulatory assessments						103,308						19,449						431.2
			Deposit account expense						43,143						25,508						69.1
			Computer software and data processing expenses						44,475						42,776						4.0
			Other operating expense (1)						140,222						118,166						18.7
			Amortization of tax credit and other investments						120,299						113,358						6.1
Total noninterest expense									$	1,022,748					$	859,393					19.0%

NM - Not meaningful.

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

10

			EAST WEST BANCORP, INC. AND SUBSIDIARIES
			FEE AND OTHER NONINTEREST INCOME
			($ in thousands)
			(unaudited)
Table 5
															Three Months Ended																		Year Ended
															December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Customer derivative (loss) income:
			Customer derivative revenue												$	6,297					$	5,894					$	3,984					$	23,216					$	14,986
			Mark-to-market and credit valuation adjustments (“CVA”)												(7,242)						5,314						(4,622)						(3,016)						14,071
			Total customer derivative (loss) income									$	(945)					$	11,208					$	(638)					$	20,200					$	29,057
															Three Months Ended																		Year Ended
															December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Fee income:
			Lending fees												$	22,077					$	20,312					$	19,339					$	83,876					$	79,208
			Deposit account fees												22,996						22,622						22,112						89,606						88,435
			Foreign exchange income												14,236						12,334						14,015						52,481						48,158
			Wealth management fees												7,735						5,877						6,071						26,805						27,565
			Customer derivative revenue												6,297						5,894						3,984						23,216						14,986
			Total fee income									73,341						67,039						65,521						275,984						258,352
			Mark-to-market and CVA												(7,242)						5,314						(4,622)						(3,016)						14,071
			Net gains (losses) on sale of loans												3,675						(12)						443						3,634						6,411
			Net gains (losses) on AFS debt securities												3,138						—						—						(6,862)						1,306
			Other investment income												1,673						1,751						1,127						9,348						7,037
			Other income												5,318						2,660						2,458						16,176						11,489
			Total noninterest income									$	79,903					$	76,752					$	64,927					$	295,264					$	298,666

11

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 6
									Three Months Ended																		December 31, 2023 % Change												Year Ended												December 31, 2023 % Change
									December 31, 2023						September 30, 2023						December 31, 2022						Qtr-o-Qtr						Yr-o-Yr						December 31, 2023						December 31, 2022						Yr-o-Yr
Loans:
Commercial:
			C&I						$	15,948,678					$	15,400,172					$	15,496,386					3.6%						2.9%						$	15,499,899					$	15,013,560					3.2%
			CRE:
			CRE						14,723,027						14,453,014						13,699,042						1.9						7.5						14,312,459						13,145,204						8.9
			Multifamily residential						4,939,119						4,798,360						4,604,628						2.9						7.3						4,756,885						4,252,605						11.9
			Construction and land						752,783						807,906						591,962						(6.8)						27.2						754,928						499,044						51.3
			Total CRE						20,414,929						20,059,280						18,895,632						1.8						8.0						19,824,272						17,896,853						10.8
Consumer:
			Residential mortgage:
			Single-family residential						13,097,056						12,548,593						10,988,102						4.4						19.2						12,274,776						10,106,609						21.5
			HELOCs						1,732,348						1,816,900						2,145,416						(4.7)						(19.3)						1,881,008						2,208,725						(14.8)
			Total residential mortgage						14,829,404						14,365,493						13,133,518						3.2						12.9						14,155,784						12,315,334						14.9
			Other consumer						59,245						63,917						81,596						(7.3)						(27.4)						65,181						93,711						(30.4)
			Total loans (1)						$	51,252,256					$	49,888,862					$	47,607,132					2.7%						7.7%						$	49,545,136					$	45,319,458					9.3%
Interest-earning assets									$	65,505,724					$	65,051,461					$	60,376,151					0.7%						8.5%						$	64,039,402					$	59,309,062					8.0%
Total assets									$	69,421,959					$	68,936,786					$	64,252,730					0.7%						8.0%						$	67,757,505					$	62,838,282					7.8%
Deposits:
			Noninterest-bearing demand						$	15,884,525					$	16,302,296					$	21,419,290					(2.6)%						(25.8)%						$	17,192,978					$	22,784,258					(24.5)%
			Interest-bearing checking						7,608,234						8,080,025						6,543,349						(5.8)						16.3						7,658,414						6,696,200						14.4
			Money market						12,824,121						12,180,806						12,197,782						5.3						5.1						11,680,540						12,443,437						(6.1)
			Savings						1,873,276						2,013,246						2,747,166						(7.0)						(31.8)						2,128,943						2,901,940						(26.6)
			Time deposits						17,216,367						16,621,683						12,076,193						3.6						42.6						16,301,856						9,473,744						72.1
			Total deposits						$	55,406,523					$	55,198,056					$	54,983,780					0.4%						0.8%						$	54,962,731					$	54,299,579					1.2%
Interest-bearing liabilities									$	44,178,360					$	43,563,947					$	34,372,853					1.4%						28.5%						$	41,671,388					$	32,322,744					28.9%
Stockholders’ equity									$	6,695,852					$	6,604,798					$	5,834,623					1.4%						14.8%						$	6,482,985					$	5,783,025					12.1%

(1)Includes loans HFS.

12

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 7
									Three Months Ended
									December 31, 2023																		September 30, 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						$	4,445,115					$	56,250					5.02		%				$	5,392,795					$	67,751					4.98		%
			Resale agreements						785,000						7,232						3.66		%				648,587						4,460						2.73		%
			AFS debt securities						5,985,361						58,926						3.91		%				6,074,119						57,177						3.73		%
			HTM debt securities						2,958,294						12,585						1.69		%				2,967,703						12,601						1.68		%
			Loans:
			C&I						15,948,678						321,026						7.99		%				15,400,172						306,542						7.90		%
			CRE						20,414,929						327,194						6.36		%				20,059,280						317,416						6.28		%
			Residential mortgage						14,829,404						205,371						5.49		%				14,365,493						193,913						5.36		%
			Other consumer						59,245						786						5.26		%				63,917						848						5.26		%
			Total loans (2)						51,252,256						854,377						6.61		%				49,888,862						818,719						6.51		%
			FHLB and FRB stock						79,698						1,008						5.02		%				79,395						1,079						5.39		%
			Total interest-earning assets						$	65,505,724					$	990,378					6.00		%				$	65,051,461					$	961,787					5.87		%
Noninterest-earning assets:
			Cash and due from banks						489,055																		544,939
			Allowance for loan losses						(650,724)																		(629,229)
			Other assets						4,077,904																		3,969,615
			Total assets						$	69,421,959																	$	68,936,786
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
			Checking deposits						$	7,608,234					$	52,170					2.72		%				$	8,080,025					$	54,285					2.67		%
			Money market deposits						12,824,121						123,744						3.83		%				12,180,806						113,217						3.69		%
			Savings deposits						1,873,276						3,894						0.82		%				2,013,246						4,047						0.80		%
			Time deposits						17,216,367						183,175						4.22		%				16,621,683						166,747						3.98		%
			Federal funds purchased and other short-term borrowings						4,500,475						49,570						4.37		%				4,501,327						49,575						4.37		%
			FHLB advances						1						—						—		%				1						—						—		%
			Repurchase agreements						2,876						41						5.66		%				13,897						193						5.51		%
			Long-term debt and finance lease liabilities						153,010						2,950						7.65		%				152,962						2,910						7.55		%
			Total interest-bearing liabilities						$	44,178,360					$	415,544					3.73		%				$	43,563,947					$	390,974					3.56		%
Noninterest-bearing liabilities and stockholders’ equity:
			Demand deposits						15,884,525																		16,302,296
			Accrued expenses and other liabilities						2,663,222																		2,465,745
			Stockholders’ equity						6,695,852																		6,604,798
			Total liabilities and stockholders’ equity						$	69,421,959																	$	68,936,786
Interest rate spread																					2.27		%																2.31		%
Net interest income and net interest margin															$	574,834					3.48		%										$	570,813					3.48		%

(1)Annualized.

(2)Includes loans HFS.

13

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 8
									Three Months Ended
									December 31, 2023																		December 31, 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						$	4,445,115					$	56,250					5.02		%				$	2,983,726					$	23,986					3.19		%
			Resale agreements						785,000						7,232						3.66		%				833,170						6,062						2.89		%
			AFS debt securities						5,985,361						58,926						3.91		%				5,869,336						46,224						3.12		%
			HTM debt securities						2,958,294						12,585						1.69		%				3,004,412						12,747						1.68		%
			Loans:
			C&I						15,948,678						321,026						7.99		%				15,496,386						250,451						6.41		%
			CRE						20,414,929						327,194						6.36		%				18,895,632						262,327						5.51		%
			Residential mortgage						14,829,404						205,371						5.49		%				13,133,518						157,696						4.76		%
			Other consumer						59,245						786						5.26		%				81,596						849						4.13		%
			Total loans (2)						51,252,256						854,377						6.61		%				47,607,132						671,323						5.59		%
			FHLB and FRB stock						79,698						1,008						5.02		%				78,375						870						4.40		%
			Total interest-earning assets						$	65,505,724					$	990,378					6.00		%				$	60,376,151					$	761,212					5.00		%
Noninterest-earning assets:
			Cash and due from banks						489,055																		640,509
			Allowance for loan losses						(650,724)																		(583,271)
			Other assets						4,077,904																		3,819,341
			Total assets						$	69,421,959																	$	64,252,730
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
			Checking deposits						$	7,608,234					$	52,170					2.72		%				$	6,543,349					$	16,735					1.01		%
			Money market deposits						12,824,121						123,744						3.83		%				12,197,782						62,246						2.02		%
			Savings deposits						1,873,276						3,894						0.82		%				2,747,166						2,714						0.39		%
			Time deposits						17,216,367						183,175						4.22		%				12,076,193						65,772						2.16		%
			Federal funds purchased and other short-term borrowings						4,500,475						49,570						4.37		%				47,142						374						3.15		%
			FHLB advances						1						—						—		%				40,178						225						2.22		%
			Repurchase agreements						2,876						41						5.66		%				568,520						5,507						3.84		%
			Long-term debt and finance lease liabilities						153,010						2,950						7.65		%				152,523						2,132						5.55		%
			Total interest-bearing liabilities						$	44,178,360					$	415,544					3.73		%				$	34,372,853					$	155,705					1.80		%
Noninterest-bearing liabilities and stockholders’ equity:
			Demand deposits						15,884,525																		21,419,290
			Accrued expenses and other liabilities						2,663,222																		2,625,964
			Stockholders’ equity						6,695,852																		5,834,623
			Total liabilities and stockholders’ equity						$	69,421,959																	$	64,252,730
Interest rate spread																					2.27		%																3.20		%
Net interest income and net interest margin															$	574,834					3.48		%										$	605,507					3.98		%

(1)Annualized.

(2)Includes loans HFS.

14

EAST WEST BANCORP, INC. AND SUBSIDIARIES
YEAR-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 9
									Year Ended
									December 31, 2023																		December 31, 2022
									Average												Average						Average												Average
									Balance						Interest						Yield/Rate						Balance						Interest						Yield/Rate
Assets
Interest-earning assets:
			Interest-bearing cash and deposits with banks						$	4,638,630					$	220,643					4.76		%				$	3,127,234					$	41,113					1.31		%
			Resale agreements						691,223						20,164						2.92		%				1,398,080						29,767						2.13		%
			AFS debt securities						6,105,999						225,592						3.69		%				6,629,945						152,514						2.30		%
			HTM debt securities						2,976,237						50,598						1.70		%				2,756,382						46,392						1.68		%
			Loans:
			C&I						15,499,899						1,190,940						7.68		%				15,013,560						715,778						4.77		%
			CRE						19,824,272						1,227,795						6.19		%				17,896,853						791,839						4.42		%
			Residential mortgage						14,155,784						750,813						5.30		%				12,315,334						538,255						4.37		%
			Other consumer						65,181						3,198						4.91		%				93,711						2,429						2.59		%
			Total loans (1)						49,545,136						3,172,746						6.40		%				45,319,458						2,048,301						4.52		%
			FHLB and FRB stock						82,177						4,062						4.94		%				77,963						3,144						4.03		%
			Total interest-earning assets						$	64,039,402					$	3,693,805					5.77		%				$	59,309,062					$	2,321,231					3.91		%
Noninterest-earning assets:
			Cash and due from banks						555,689																		652,673
			Allowance for loan losses						(625,785)																		(559,746)
			Other assets						3,788,199																		3,436,293
			Total assets						$	67,757,505																	$	62,838,282
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
			Checking deposits						$	7,658,414					$	179,200					2.34		%				$	6,696,200					$	29,808					0.45		%
			Money market deposits						11,680,540						399,482						3.42		%				12,443,437						107,442						0.86		%
			Savings deposits						2,128,943						15,573						0.73		%				2,901,940						8,550						0.29		%
			Time deposits						16,301,856						611,295						3.75		%				9,473,744						106,038						1.12		%
			Federal funds purchased and other short-term borrowings						3,591,114						157,002						4.37		%				81,719						1,801						2.20		%
			FHLB advances						123,288						6,430						5.22		%				105,966						1,754						1.66		%
			Repurchase agreements						34,443						1,497						4.35		%				467,413						14,362						3.07		%
			Long-term debt and finance lease liabilities						152,790						11,072						7.25		%				152,325						5,595						3.67		%
			Total interest-bearing liabilities						$	41,671,388					$	1,381,551					3.32		%				$	32,322,744					$	275,350					0.85		%
Noninterest-bearing liabilities and stockholders’ equity:
			Demand deposits						17,192,978																		22,784,258
			Accrued expenses and other liabilities						2,410,154																		1,948,255
			Stockholders’ equity						6,482,985																		5,783,025
			Total liabilities and stockholders’ equity						$	67,757,505																	$	62,838,282
Interest rate spread																					2.45		%																3.06		%
Net interest income and net interest margin															$	2,312,254					3.61		%										$	2,045,881					3.45		%

(1)Includes loans HFS.

15

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 10
									Three Months Ended (1)																		December 31, 2023 Basis Point Change
									December 31, 2023						September 30, 2023						December 31, 2022						Qtr-o-Qtr						Yr-o-Yr
			Return on average assets						1.37		%				1.66		%				2.08		%				(29)			bps			(71)			bps
			Adjusted return on average assets (2)						1.63		%				1.66		%				2.08		%				(3)						(45)
			Return on average common equity						14.16		%				17.28		%				22.90		%				(312)						(874)
			Adjusted return on average common equity (2)						16.95		%				17.28		%				22.90		%				(33)						(595)
			Return on average TCE (3)						15.26		%				18.65		%				24.96		%				(339)						(970)
			Adjusted return on average TCE (3)						18.26		%				18.65		%				24.96		%				(39)						(670)
			Interest rate spread						2.27		%				2.31		%				3.20		%				(4)						(93)
			Net interest margin						3.48		%				3.48		%				3.98		%				—						(50)
			Average loan yield						6.61		%				6.51		%				5.59		%				10						102
			Yield on average interest-earning assets						6.00		%				5.87		%				5.00		%				13						100
			Average cost of interest-bearing deposits						3.64		%				3.45		%				1.74		%				19						190
			Average cost of deposits						2.60		%				2.43		%				1.06		%				17						154
			Average cost of funds						2.74		%				2.59		%				1.11		%				15						163
			Adjusted pre-tax, pre-provision profitability ratio (4)						2.49		%				2.56		%				2.95		%				(7)						(46)
			Adjusted noninterest expense/average assets (4)						1.23		%				1.16		%				1.19		%				7						4
			Efficiency ratio						44.37		%				38.92		%				38.35		%				545						602
			Adjusted efficiency ratio (4)						33.07		%				31.18		%				28.66		%				189			bps			441			bps
									Year Ended												December 31, 2023 Basis Point Change
									December 31, 2023						December 31, 2022						Yr-o-Yr
			Return on average assets						1.71		%				1.80		%				(9)			bps
			Adjusted return on average assets (2)						1.79		%				1.80		%				(1)
			Return on average common equity						17.91		%				19.51		%				(160)
			Adjusted return on average common equity (2)						18.75		%				19.51		%				(76)
			Return on average TCE (3)						19.35		%				21.29		%				(194)
			Adjusted return on average TCE (3)						20.25		%				21.29		%				(104)
			Interest rate spread						2.45		%				3.06		%				(61)
			Net interest margin						3.61		%				3.45		%				16
			Average loan yield						6.40		%				4.52		%				188
			Yield on average interest-earning assets						5.77		%				3.91		%				186
			Average cost of interest-bearing deposits						3.19		%				0.80		%				239
			Average cost of deposits						2.19		%				0.46		%				173
			Average cost of funds						2.35		%				0.50		%				185
			Adjusted pre-tax, pre-provision profitability ratio (4)						2.64		%				2.55		%				9
			Adjusted noninterest expense/average assets (4)						1.22		%				1.18		%				4
			Efficiency ratio						39.22		%				36.65		%				257
			Adjusted efficiency ratio (4)						31.63		%				31.74		%				(11)			bps

(1)Annualized except for efficiency ratio and adjusted 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 15.

(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 14.

(4)Adjusted pre-tax, pre-provision profitability ratio, adjusted noninterest expense/average assets and adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 13.

16

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 11
									Three Months Ended December 31, 2023
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, September 30, 2023									$	383,677																				$	211,418														$	58,725					$	1,703					$	655,523
Provision for credit losses on loans			(a)						27,732																					4,875															233						50						32,890
Gross charge-offs									(20,264)																					(1,213)															—						(96)						(21,573)
Gross recoveries									1,248																					356															7						—						1,611
Total net (charge-offs) recoveries									(19,016)																					(857)															7						(96)						(19,962)
Foreign currency translation adjustment									292																					—															—						—						292
Allowance for loan losses, December 31, 2023									$	392,685																				$	215,436														$	58,965					$	1,657					$	668,743

									Three Months Ended September 30, 2023
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, June 30, 2023									$	375,333																				$	202,768														$	56,039					$	1,260					$	635,400
Provision for credit losses on loans			(a)						13,006																					22,026															2,648						456						38,136
Gross charge-offs									(7,074)																					(13,879)															(41)						(13)						(21,007)
Gross recoveries									2,279																					503															79						—						2,861
Total net (charge-offs) recoveries									(4,795)																					(13,376)															38						(13)						(18,146)
Foreign currency translation adjustment									133																					—															—						—						133
Allowance for loan losses, September 30, 2023									$	383,677																				$	211,418														$	58,725					$	1,703					$	655,523

									Three Months Ended December 31, 2022
									Commercial																					Consumer
									C&I																					Total CRE															Total Residential Mortgage						Other Consumer						Total
Allowance for loan losses, September 30, 2022									$	371,749																				$	178,487														$	30,587					$	1,694					$	582,517
(Reversal of) provision for credit losses on loans			(a)						(263)																					13,790															9,363						(118)						22,772
Gross charge-offs									(416)																					(10,804)															—						(16)						(11,236)
Gross recoveries									136																					873															89						—						1,098
Total net (charge-offs) recoveries									(280)																					(9,931)															89						(16)						(10,138)
Foreign currency translation adjustment									494																					—															—						—						494
Allowance for loan losses, December 31, 2022									$	371,700																				$	182,346														$	40,039					$	1,560					$	595,645

17

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE-SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 11 (continued)
									Year Ended December 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
Provision for credit losses on loans			(a)						45,319																					48,998															18,960						294						113,571
Gross charge-offs									(36,573)																					(17,464)															(138)						(197)						(54,372)
Gross recoveries									6,803																					1,213															102						—						8,118
Total net charge-offs									(29,770)																					(16,251)															(36)						(197)						(46,254)
Foreign currency translation adjustment									(247)																					—															—						—						(247)
Allowance for loan losses, December 31, 2023									$	392,685																				$	215,436														$	58,965					$	1,657					$	668,743

									Year Ended December 31, 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)						37,604																					17,430															19,991						(258)						74,767
Gross charge-offs									(18,738)																					(18,108)															(968)						(106)						(37,920)
Gross recoveries									16,824																					2,216															421						—						19,461
Total net charge-offs									(1,914)																					(15,892)															(547)						(106)						(18,459)
Foreign currency translation adjustment									(2,242)																					—															—						—						(2,242)
Allowance for loan losses, December 31, 2022									$	371,700																				$	182,346														$	40,039					$	1,560					$	595,645

									Three Months Ended																		Year Ended
									December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Unfunded Credit Facilities
Allowance for unfunded credit commitments, beginning of period (1)									$	33,589					$	29,728					$	24,041					$	26,264					$	27,514
Provision for (reversal of) credit losses on unfunded credit commitments			(b)						4,110						3,864						2,228						11,429						(1,267)
Foreign currency translation adjustment									—						(3)						(5)						6						17
Allowance for unfunded credit commitments, end of period (1)									$	37,699					$	33,589					$	26,264					$	37,699					$	26,264
Provision for credit losses			(a)+(b)						$	37,000					$	42,000					$	25,000					$	125,000					$	73,500

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

18

			EAST WEST BANCORP, INC. AND SUBSIDIARIES
			CRITICIZED LOANS, NONPERFORMING ASSETS AND CREDIT QUALITY RATIOS
			($ in thousands)
			(unaudited)
Table 12
Criticized Loans									December 31, 2023						September 30, 2023						December 31, 2022
Special mention loans									$	404,241					$	483,428					$	468,471
Classified loans									573,969						538,258						427,509
Total criticized loans (1)									$	978,210					$	1,021,686					$	895,980
Nonperforming Assets									December 31, 2023						September 30, 2023						December 31, 2022
Nonaccrual loans:
Commercial:
			C&I						$	37,036					$	49,147					$	50,428
			Total CRE						27,918						16,431						23,413
Consumer:
			Total residential mortgage						37,788						37,986						25,586
			Other consumer						132						136						99
			Total nonaccrual loans						102,874						103,700						99,526
Other real estate owned, net									11,141						—						270
			Total nonperforming assets						$	114,015					$	103,700					$	99,796
Credit Quality Ratios									December 31, 2023						September 30, 2023						December 31, 2022
Annualized quarterly net charge-offs to average loans HFI									0.15		%				0.14		%				0.08		%
Annual net charge-offs to average loans HFI									0.09		%				N/A						0.04		%
Special mention loans to loans HFI									0.77		%				0.95		%				0.97		%
Classified loans to loans HFI									1.10		%				1.06		%				0.89		%
Criticized loans to loans HFI									1.87		%				2.01		%				1.86		%
Nonperforming assets to total assets									0.16		%				0.15		%				0.16		%
Nonaccrual loans to loans HFI									0.20		%				0.20		%				0.21		%
Allowance for loan losses to loans HFI									1.28		%				1.29		%				1.24		%

(1)Excludes loans HFS.

19

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. 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 net gain/loss related to an AFS debt security that was written-off in the first quarter of 2023 and subsequently sold during the fourth quarter of 2023. Adjusted noninterest expense excludes the amortization of tax credit and other investments, the amortization of core deposit intangibles, the FDIC special assessment charge (included in deposit insurance premiums and regulatory assessments) 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																		Year Ended
												December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Net interest income before provision for credit losses						(a)						$	574,834					$	570,813					$	605,507					$	2,312,254					$	2,045,881
Total noninterest income												79,903						76,752						64,927						295,264						298,666
Total revenue						(b)						$	654,737					$	647,565					$	670,434					$	2,607,518					$	2,344,547
Noninterest income												79,903						76,752						64,927						295,264						298,666
Less/add: Net gain/loss on AFS debt security												(3,138)						—						—						6,862						—
Adjusted noninterest income						(c)						76,765						76,752						64,927						302,126						298,666
Adjusted revenue						(a)+(c) = (d)						$	651,599					$	647,565					$	670,434					$	2,614,380					$	2,344,547
Total noninterest expense						(e)						$	290,498					$	252,014					$	257,110					$	1,022,748					$	859,393
Less: Amortization of tax credit and other investments												(4,581)						(49,694)						(64,605)						(120,299)						(113,358)
Amortization of core deposit intangibles												(441)						(441)						(381)						(1,763)						(1,865)
FDIC special assessment charge												(69,986)						—						—						(69,986)						—
Repurchase agreements’ extinguishment cost												—						—						—						(3,872)						—
Adjusted noninterest expense						(f)						$	215,490					$	201,879					$	192,124					$	826,828					$	744,170
Efficiency ratio						(e)/(b)						44.37		%				38.92		%				38.35		%				39.22		%				36.65		%
Adjusted efficiency ratio						(f)/(d)						33.07		%				31.18		%				28.66		%				31.63		%				31.74		%
Adjusted pre-tax, pre-provision income						(d)-(f) = (g)						$	436,109					$	445,686					$	478,310					$	1,787,552					$	1,600,377
Average total assets						(h)						$	69,421,959					$	68,936,786					$	64,252,730					$	67,757,505					$	62,838,282
Adjusted pre-tax, pre-provision profitability ratio						(g)/(h)						2.49		%	(1)			2.56		%	(1)			2.95		%	(1)			2.64		%				2.55		%
Adjusted noninterest expense/average assets						(f)/(h)						1.23		%	(1)			1.16		%	(1)			1.19		%	(1)			1.22		%				1.18		%

(1)Annualized.

20

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 14
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.
												December 31, 2023						September 30, 2023						December 31, 2022
Stockholders’ equity						(a)						$	6,950,834					$	6,596,706					$	5,984,612
Less: Goodwill												(465,697)						(465,697)						(465,697)
Other intangible assets (1)												(6,602)						(5,649)						(7,998)
Tangible book value						(b)						$	6,478,535					$	6,125,360					$	5,510,917
Number of common shares at period-end						(c)						140,027						141,486						140,948
Book value per share						(a)/(c)						$	49.64					$	46.62					$	42.46
Tangible book value per share						(b)/(c)						$	46.27					$	43.29					$	39.10
Total assets						(d)						$	69,612,884					$	68,289,458					$	64,112,150
Less: Goodwill												(465,697)						(465,697)						(465,697)
Other intangible assets (1)												(6,602)						(5,649)						(7,998)
Tangible assets						(e)						$	69,140,585					$	67,818,112					$	63,638,455
Total stockholders’ equity to assets ratio						(a)/(d)						9.98		%				9.66		%				9.33		%
TCE ratio						(b)/(e)						9.37		%				9.03		%				8.66		%

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, the FDIC special assessment charge (included in Deposit insurance premiums and regulatory assessments on the Consolidated Statement of Income), and the net gain/loss related to an AFS debt security that was written-off in the first quarter of 2023 and subsequently sold during the fourth quarter of 2023. 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																		Year Ended
												December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Net income						(e)						$	238,953					$	287,738					$	336,763					$	1,161,161					$	1,128,083
Add: Amortization of core deposit intangibles												441						441						381						1,763						1,865
Amortization of mortgage servicing assets												302						328						329						1,328						1,425
Tax effect of amortization adjustments (2)												(220)						(225)						(209)						(914)						(966)
Tangible net income						(f)						$	239,476					$	288,282					$	337,264					$	1,163,338					$	1,130,407
Add: FDIC special assessment charge												69,986						—						—						69,986						—
Less/add: Net gain/loss on AFS debt security												(3,138)						—						—						6,862						—
Tax effect of adjustments (2)												(19,760)						—						—						(22,716)						—
Adjusted tangible net income						(g)						$	286,564					$	288,282					$	337,264					$	1,217,470					$	1,130,407
Average stockholders’ equity						(h)						$	6,695,852					$	6,604,798					$	5,834,623					$	6,482,985					$	5,783,025
Less: Average goodwill												(465,697)						(465,697)						(465,697)						(465,697)						(465,697)
Average other intangible assets (1)												(5,434)						(6,148)						(8,378)						(6,542)						(8,695)
Average tangible book value						(i)						$	6,224,721					$	6,132,953					$	5,360,548					$	6,010,746					$	5,308,633
Return on average common equity						(e)/(h)						14.16		%	(3)			17.28		%	(3)			22.90		%	(3)			17.91		%				19.51		%
Return on average TCE						(f)/(i)						15.26		%	(3)			18.65		%	(3)			24.96		%	(3)			19.35		%				21.29		%
Adjusted return on average TCE						(g)/(i)						18.26		%	(3)			18.65		%	(3)			24.96		%	(3)			20.25		%				21.29		%

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

(2)Applied statutory tax rate of 29.56% for the three and twelve months ended December 31, 2023, and 29.29% for the three months ended September 30, 2023. Applied statutory tax rate of 29.37% for the three and twelve months ended December 31, 2022.

(3)Annualized.

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EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ and shares in thousands, except for per share data)
(unaudited)
Table 15
During the fourth quarter of 2023, the Company recorded a $70.0 million pre-tax FDIC special assessment charge (included in Deposit insurance premiums and regulatory assessments on the Consolidated Statement of Income) and recognized a $3.1 million pre-tax gain on sale for an AFS debt security that was previously written-off. 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 items provide clarity to financial statement users regarding the ongoing performance of the Company and allows comparability to prior periods.
												Three Months Ended																		Year Ended
												December 31, 2023						September 30, 2023						December 31, 2022						December 31, 2023						December 31, 2022
Net income						(a)						$	238,953					$	287,738					$	336,763					$	1,161,161					$	1,128,083
Add: FDIC special assessment charge												69,986						—						—						69,986						—
Less/add: Net gain/loss on AFS debt security												(3,138)						—						—						6,862						—
Tax effect of adjustments (1)												(19,760)						—						—						(22,716)						—
Adjusted net income						(b)						$	286,041					$	287,738					$	336,763					$	1,215,293					$	1,128,083
Diluted weighted-average number of shares outstanding												141,409						142,122						142,138						141,902						142,492
Diluted EPS												$	1.69					$	2.02					$	2.37					$	8.18					$	7.92
Add: FDIC special assessment charge												0.35						—						—						0.35						—
Less/add: Net gain/loss on AFS debt security												(0.02)						—						—						0.03						—
Adjusted diluted EPS												$	2.02					$	2.02					$	2.37					$	8.56					$	7.92
Average total assets						(c)						$	69,421,959					$	68,936,786					$	64,252,730					$	67,757,505					$	62,838,282
Average stockholders’ equity						(d)						$	6,695,852					$	6,604,798					$	5,834,623					$	6,482,985					$	5,783,025
Return on average assets						(a)/(c)						1.37		%	(2)			1.66		%	(2)			2.08		%	(2)			1.71		%				1.80		%
Adjusted return on average assets						(b)/(c)						1.63		%	(2)			1.66		%	(2)			2.08		%	(2)			1.79		%				1.80		%
Return on average common equity						(a)/(d)						14.16		%	(2)			17.28		%	(2)			22.90		%	(2)			17.91		%				19.51		%
Adjusted return on average common equity						(b)/(d)						16.95		%	(2)			17.28		%	(2)			22.90		%	(2)			18.75		%				19.51		%
Return on average TCE (3)												15.26		%				18.65		%				24.96		%				19.35		%				21.29		%
Adjusted return on average TCE (3)												18.26		%				18.65		%				24.96		%				20.25		%				21.29		%

(1)Applied statutory tax rate of 29.56% for the three and the twelve months ended December 31, 2023.

(2)Annualized.

(3)Refer to Table 14 for the calculation of the return on average TCE and adjusted return on average TCE ratios.

22