EX-99.1 2 ewbc9918k6302025.htm EX-99.1

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

NEWS RELEASE |  |  |

EAST WEST BANCORP REPORTS EARNINGS FOR SECOND QUARTER OF 2025, WITH RECORD QUARTERLY REVENUE AND NET INTEREST INCOME
Pasadena, California – July 22, 2025 – East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial re sults for the second quarter of 2025. Second quarter 2025 net income was $310 million or $2.24 per diluted share. Total loans and deposits both reached new records as of June 30, 2025, at $55.0 billion and $65.0 billion respectively. Return on average common equity was 15.4% and the total stockholders’ equity to assets ratio was 10.5% for the second quarter. Book value per share and tangible book value per share 1 both grew $1.97 quarter-over-quarter.
“East West reported another strong quarter of balanced growth, with average loans and deposits growing by approximately $1.0 billion each,” said Dominic Ng, Chairman and Chief Executive Officer. “Our balance sheet growth drove a new record level of net interest income and we delivered another solid quarter of fee revenue, fueling a 16.7% adjusted return on average tangible common equity 1,” continued Ng.
“Credit trends were resilient, with criticized loans and nonperforming assets both declining quarter-over-quarter. Our capital levels increased during the quarter, with East West’s tangible common equity ratio growing to 10%. This position of strength will allow us to support our customers with confidence and to capitalize on market opportunities. I am also proud to report that East West was again ranked as the best performing bank above $50 billion in assets by Bank Director, marking our third consecutive year and fourth title in the past five years,” Ng concluded.
FINANCIAL HIGHLIGHTS

|  |  | Three Months Ended |  |  |  |  |  | Quarter-over-Quarter Change |
| ($ in millions, except per share data) |  | June 30, 2025 |  | March 31, 2025 |  |  |  |  |  |  |  |  |  | $ |  | % |
| Total Revenue |  | $703 |  | $692 |  |  |  |  |  |  |  |  |  | $11 |  | 2 | % |
| Total Revenue (FTE)2 |  | 705 |  | 693 |  |  |  |  |  |  |  |  |  | 12 |  | 2 |  |
| Pre-tax, Pre-provision Income 2 |  | 449 |  | 441 |  |  |  |  |  |  |  |  |  | 8 |  | 2 |  |
| Net Income |  | 310 |  | 290 |  |  |  |  |  |  |  |  |  | 20 |  | 7 |  |
| Adjusted Net Income 2 |  | 316 |  | 291 |  |  |  |  |  |  |  |  |  | 25 |  | 9 |  |
| Diluted Earnings per Share |  | $2.24 |  | $2.08 |  |  |  |  |  |  |  |  |  | $0.16 |  | 8 |  |
| Adjusted Diluted Earnings per Share 2 |  | $2.28 |  | $2.09 |  |  |  |  |  |  |  |  |  | $0.19 |  | 9 |  |
| Book Value per Share |  | $59.51 |  | $57.54 |  |  |  |  |  |  |  |  |  | $1.97 |  | 3 |  |
| Tangible Book Value per Share 1 |  | $56.10 |  | $54.13 |  |  |  |  |  |  |  |  |  | $1.97 |  | 4 | % |
| Return on Average Assets |  | 1.62% |  | 1.56% |  |  |  |  |  |  |  |  |  | — |  | 6 bps |
| Return on Average Common Equity |  | 15.42% |  | 14.96% |  |  |  |  |  |  |  |  |  | — |  | 46 bps |
| Return on Average Tangible Common Equity 1 |  | 16.39% |  | 15.92% |  |  |  |  |  |  |  |  |  | — |  | 47 bps |
| Adjusted Return on Average Tangible Common Equity 1 |  | 16.69% |  | 15.96% |  |  |  |  |  |  |  |  |  | — |  | 73 bps |
| Total Stockholders’ Equity to Assets Ratio |  | 10.49% |  | 10.41% |  |  |  |  |  |  |  |  |  | — |  | 8 bps |
| Tangible Common Equity Ratio 1 |  | 9.95% |  | 9.85% |  |  |  |  |  |  |  |  |  | — |  | 10 bps |
| Total Assets |  | $78,158 |  | $76,165 |  |  |  |  |  |  |  |  |  | $1,993 |  | 3 | % |

1 Tangible book value per share, return on average tangible common equity, adjusted return on average tangible common equity, and tangible common equity ratio are non-GAAP financial measures. Adjusted return on average tangible common equity represents return on tangible common equity adjusted for certain tax-effected items. See reconciliation of GAAP to non-GAAP measures in Table 14.
2 Total revenue (FTE), pre-tax, pre-provision income, adjusted net income, and adjusted diluted earnings per share are non-GAAP financial measures. Total revenue (FTE) represents total revenue adjusted for tax exempt interest on certain investment securities and loans. Adjusted net income and adjusted diluted earnings per share (“EPS”) represent net income and diluted EPS adjusted for certain tax-effected items. See reconciliation of GAAP to non-GAAP financial measures in Table 13.

1

BALANCE SHEET
•Assets – Total assets were $78.2 billion as of June 30, 2025, an increase of $2.0 billion, or 3% from $76.2 billion as of March 31, 2025. Year-over-year, total assets grew $5.7 billion, or 8%, from $72.5 billion as of June 30, 2024.
Second quarter 2025 average interest-earning assets of $73.9 billion were up $1.2 billion, or 2%, from $72.7 billion in the first quarter, primarily reflecting a $0.9 billion increase in average total loans outstanding and a $0.7 billion increase in average available-for-sale (“AFS”) debt securities, partly offset by a $0.4 billion decrease in average interest-bearing cash and deposits with banks.
•Loans – Total loans hit a record $55.0 billion as of June 30, 2025, an increase of $0.7 billion from $54.3 billion as of March 31, 2025. Year-over-year, total loans were up $2.2 billion, or 4%, from $52.8 billion as of June 30, 2024.
Second quarter 2025 average total loans grew by nearly $1.0 billion, or 2%, to nearly $54.3 billion, from $53.3 billion in the first quarter.
•Deposits – Total deposits hit a record $65.0 billion as of June 30, 2025, an increase of nearly $2.0 billion from $63.1 billion as of March 31, 2025, primarily reflecting growth in time, interest-bearing checking, money market, and noninterest-bearing demand deposits. Noninterest-bearing deposits made up 24% of total deposits as of June 30, 2025. Year-over-year, total deposits increased $5.0 billion, or 8%, from $60.0 billion as of June 30, 2024.
Second quarter 2025 total average deposits of $63.7 billion increased $1.0 billion from the first quarter of 2025, primarily reflecting growth in average time, money market, and noninterest-bearing demand deposits.
•Capital – As of June 30, 2025, stockholders’ equity was $8.2 billion, up 3% quarter-over-quarter. The total stockholders’ equity to assets ratio was 10.49% as of June 30, 2025, compared with 10.41% as of March 31, 2025.
Book value per share was $59.51 as of June 30, 2025, up $1.97, or 3% quarter-over-quarter. As of June 30, 2025, tangible book value per share 3 was $56.10, up $1.97, or 4% quarter-over-quarter.
East West’s regulatory capital ratios are well in excess of regulatory requirements for well-capitalized institutions, and well above regional bank averages.
CAPITAL STRENGTH
The following table presents capital metrics as of June 30, 2025, March 31, 2025 and June 30, 2024.

EWBC Capital |  |
($ in millions) |  | June 30, 2025 (a)(b) |  | March 31, 2025 (b) |  | June 30, 2024 (b) |  |  |  |  |  |
Risk-Weighted Assets (“RWA”) (c) |  | $56,280 |  | $55,366 |  | $53,967 |  |  |  |  |  |
Risk-based capital ratios: |  |  |  |  |  |  |  |  |  |  |  |
Total capital ratio |  | 15.82% |  | 15.63% |  | 15.05% |  |  |  |  |  |
CET1 capital ratio |  | 14.51% |  | 14.32% |  | 13.74% |  |  |  |  |  |
Tier 1 capital ratio |  | 14.51% |  | 14.32% |  | 13.74% |  |  |  |  |  |
Leverage ratio |  | 10.60% |  | 10.46% |  | 10.36% |  |  |  |  |  |
Total stockholders’ equity to assets ratio |  | 10.49% |  | 10.41% |  | 9.96% |  |  |  |  |  |
Tangible common equity ratio (d) |  | 9.95% |  | 9.85% |  | 9.37% |  |  |  |  |  |

(a)The Company’s June 30, 2025 regulatory capital ratios and RWA are preliminary.
(b)The Company applied the 2020 Current Expected Credit Losses (“CECL”) transition provision in the March 31, 2025 and June 30, 2024 regulatory capital ratio calculations. The CECL transition provision permitted certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the aggregate benefit was reduced by 25% in 2022, 50% in 2023 and 75% in 2024. The CECL transition is no longer in effect as of March 31, 2025.
(c)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.
(d)Tangible common equity ratio is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 14.

3 Tangible book value per share is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 14.

2

OPERATING RESULTS
Second Quarter Earnings – Second quarter 2025 revenue was a record $703 million, up $11 million, or 2% quarter-over-quarter, driven primarily by record quarterly net interest income. Pre-tax, pre-provision income 4 totaled $449 million in the second quarter, up $8 million or 2% quarter-over-quarter. Second quarter 2025 net income was $310 million or $2.24 per diluted share.
Second Quarter 2025 Compared to First Quarter 2025
Net Interest Income and Net Interest Margin
Net interest income totaled a record $617 million in the second quarter, an increase of $17 million, or 3%, from $600 million in the first quarter of 2025. Net interest margin was 3.35%, unchanged from the prior quarter.
•The average loan yield was 6.40%, up 1 basis point from the prior quarter. The average interest-earning asset yield was 5.75%, down 1 basis point from the prior quarter.
•The average cost of funds was 2.63%, down 1 basis point from the prior quarter. The average cost of interest-bearing deposits was 3.31%, a 3 basis point decrease from the prior quarter.
Noninterest Income
Noninterest income totaled $86 million in the second quarter, while f ee incom e 5 totaled $81 million.
•Other income increased $3 million quarter-over-quarter, primarily due to greater returns from bank-owned life insurance holdings.
•Commercial and consumer deposit-related fees remained stable quarter-over-quarter.
•Lending and loan servicing fees were down $1 million in the second quarter, primarily reflecting lower syndication activity.
•Foreign exchange income decreased $2 million in the second quarter, primarily reflecting an unfavorable change in mark-to-market adjustments on foreign exchange positions.
•Customer derivative income and wealth management income decreased a combined $5 million in total quarter-over-quarter, primarily reflecting lower customer activity from record levels set in the prior quarter.
Noninterest Expense
Total noninterest expense was $256 million in the second quarter, which included $26 million of amortization for tax credit and Community Reinvestment Act investments. Total operating noninterest expense was $230 million, a decrease of $7 million quarter-over-quarter.
•Compensation and employee benefits were $145 million, a decrease of approximately $2 million, primarily due to higher seasonal costs in the first quarter.
•Occupancy and equipment expense was $16 million, an increase of $1 million.
•Deposit insurance premiums and regulatory assessments were $9 million, a $1 million decrease reflecting a $1 million reversal of Federal Deposit Insurance Corporation (“FDIC”) Special Assessment-related expense in the current quarter.
•Other operating expense was $37 million, a decrease of $5 million, primarily reflecting $4 million of net other real estate owned write-downs in the prior quarter.
•The efficiency ratio was 36.4% in the second quarter, unchanged from the prior quarter.
TAX RELATED ITEMS
Second quarter 2025 income tax expense was $92 million and the effective tax rate was 22.9%. On June 30, 2025 California adopted the single sales factor apportionment method (“CA SSF”). The one-time impact of this adoption was $6 million of incremental tax expense. Excluding this impact, second quarter 2025 adjusted income tax expense 6 was $86 million, and the adjusted effective tax rate 6 was 21.3%, compared with income tax expense of $101 million and 25.8% in the first quarter of 2025, reflecting the timing of certain renewable energy tax credit investments that closed in the second quarter.

4 Pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 13.
5 Fee income includes commercial and consumer deposit-related fees, lending and loan servicing fees, foreign exchange income, wealth management fees, and customer derivative income. Refer to Table 3 for additional fee and noninterest income information.
6 Adjusted income tax expense and adjusted effective tax rate are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 12.

3

ASSET QUALITY
As of June 30, 2025, the credit quality of our loan portfolio remained resilient.
•The criticized loans ratio decreased 14 basis points quarter-over-quarter to 2.15% of loans held-for-investment (“HFI”) as of June 30, 2025, compared with 2.29% as of March 31, 2025. Criticized loans decreased $62 million quarter-over-quarter to $1.2 billion as of June 30, 2025. The quarter-over-quarter change primarily reflects decreases related to C&I, multifamily, and residential mortgage loans.
•The special mention loans ratio decreased 10 basis points quarter-over-quarter to 0.81% of loans HFI as of June 30, 2025, compared with 0.91% as of March 31, 2025, while the classified loans ratio decreased 4 basis points to 1.34%.
•Nonperforming assets decreased nearly $11 million to $172 million as of June 30, 2025, from $182 million as of March 31, 2025. The nonperforming assets ratio was 0.22% of total assets as of June 30, 2025, down 2 basis points from the prior quarter.
•Second quarter 2025 net charge-offs were $15 million, or annualized 0.11% of average loans HFI, compared with $15 million, or annualized 0.12% of average loans HFI, for the first quarter of 2025.
•The allowance for loan losses increased to $760 million, or 1.38% of loans HFI, as of June 30, 2025, compared with $735 million, or 1.35% of loans HFI, as of March 31, 2025, primarily reflecting changes in our economic outlook.
•Second quarter 2025 provision for credit losses was $45 million, compared with $49 million in the first quarter of 2025.
DIVIDEND PAYOUT AND CAPITAL ACTIONS
East West’s Board of Directors has declared the third quarter 2025 dividend for the Company’s common stock. The common stock cash dividend of $0.60 per share is payable on August 15, 2025 to shareholders of record as of August 4, 2025.
East West repurchased approximately 26 thousand shares of common stock during the second quarter of 2025 for $2 million. $241 million of East West’s share repurchase authorization remains available.
Conference Call
East West will host a conference call to discuss second quarter 2025 earnings with the public on Tuesday, July 22, 2025, at 2:00 p.m. PT/5:00 p.m. ET. The public and investment community are invited to listen as management discusses second quarter 2025 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, a listen-only live broadcast of the call, and information to access a replay one hour after the call will all be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.
For Investor Inquiries, Contact:

Adrienne Atkinson
Director of Investor Relations
T: (626) 788-7536
E: adrienne.atkinson@eastwestbank.com

For Media Inquiries, Contact:

Angie Tang
SVP - Corporate Communications
T: (626) 768-6853
E: angie.tang@eastwestbank.com

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 $78.2 billion as of June 30, 2025. The Company’s wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 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. 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 known and unknown risks and uncertainties.
Factors that might cause future results to differ materially from historical performance and any forward-looking statements include, but are not limited to: changes in local, regional and global business, economic and political conditions and natural or geopolitical events; the soundness of other financial institutions and the impacts related to or resulting from bank failures and other industry volatility, including potential increased regulatory requirements, FDIC insurance premiums and assessments, and deposit withdrawals; changes in laws or the regulatory environment, including trade, monetary and fiscal policies and laws and current or potential disputes between the U.S. and the People’s Republic of China, Singapore, and other countries; changes in the commercial and consumer real estate markets; changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors; 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; changes in market interest rates, competition, regulatory requirements and product mix; changes in the Company’s costs of operation, compliance and expansion; 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 the disclosure or misuse of confidential information; the adequacy of the Company’s risk management framework; future credit quality and performance, including expectations regarding future credit losses and allowance levels; adverse changes to the Company’s credit ratings; legal proceedings, regulatory investigations and their resolution; 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; and any strategic acquisitions or divestitures and the introduction of new or expanded products and services 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, 2024 filed with the SEC on February 28, 2025 under the heading Item 1A. Risk Factors. 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, 2025 % or Basis Point Change |
|  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | Qtr-o-Qtr |  | Yr-o-Yr |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents, and deposits with banks |  | $ | 4,514,476 |  | $ | 3,481,072 |  | $ | 4,390,221 |  | 29.7 | % |  | 2.8 | % |  |
| Securities purchased under resale agreements (“resale agreements”) |  | 425,000 |  | 425,000 |  | 485,000 |  | — |  |  | (12.4) |  |  |
| Available-for-sale (“AFS”) debt securities (amortized cost of $13,035,258, $12,962,469 and $9,644,377) |  | 12,488,913 |  | 12,384,912 |  | 8,923,528 |  | 0.8 |  |  | 40.0 |  |  |
| Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,437,247, $2,435,292 and $2,405,227) |  | 2,892,982 |  | 2,905,341 |  | 2,938,250 |  | (0.4) |  |  | (1.5) |  |  |
| Total cash, resale agreements and debt securities |  | 20,321,371 |  | 19,196,325 |  | 16,736,999 |  | 5.9 |  |  | 21.4 |  |  |
| Loans held-for-sale (“HFS”) |  | 11,873 |  | — |  | 18,909 |  | 100.0 |  |  | (37.2) |  |  |
| Loans held-for-investment (“HFI”) (net of allowance for loan losses of $760,416, $734,856 and $683,794) |  | 54,200,768 |  | 53,517,878 |  | 52,084,115 |  | 1.3 |  |  | 4.1 |  |  |
| Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net |  | 968,389 |  | 930,058 |  | 956,428 |  | 4.1 |  |  | 1.3 |  |  |
| Goodwill |  | 465,697 |  | 465,697 |  | 465,697 |  | — |  |  | — |  |  |
| Operating lease right-of-use assets |  | 80,523 |  | 80,239 |  | 81,941 |  | 0.4 |  |  | (1.7) |  |  |
| Other assets |  | 2,109,446 |  | 1,974,816 |  | 2,124,183 |  | 6.8 |  |  | (0.7) |  |  |
| Total assets |  | $ | 78,158,067 |  | $ | 76,165,013 |  | $ | 72,468,272 |  | 2.6 | % |  | 7.9 | % |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
| Deposits |  | $ | 65,029,493 |  | $ | 63,052,105 |  | $ | 59,999,785 |  | 3.1 | % |  | 8.4 | % |  |
| Federal Home Loan Bank (“FHLB”) advances |  | 3,500,000 |  | 3,500,000 |  | 3,500,000 |  |  | — |  |  | — |  |  |
| Securities sold under repurchase agreements (“repurchase agreements”) |  | — |  | 270,111 |  | — |  | (100.0) |  |  | — |  |  |
| Long-term debt and finance lease liabilities |  | 35,789 |  | 35,880 |  | 36,141 |  | (0.3) |  |  | (1.0) |  |  |
| Operating lease liabilities |  | 86,987 |  | 87,157 |  | 89,644 |  | (0.2) |  |  | (3.0) |  |  |
| Accrued expenses and other liabilities |  | 1,304,031 |  | 1,290,295 |  | 1,627,588 |  | 1.1 |  |  | (19.9) |  |  |
| Total liabilities |  | 69,956,300 |  | 68,235,548 |  | 65,253,158 |  | 2.5 |  |  | 7.2 |  |  |
| Stockholders’ equity |  | 8,201,767 |  | 7,929,465 |  | 7,215,114 |  | 3.4 |  |  | 13.7 |  |  |
| Total liabilities and stockholders’ equity |  | $ | 78,158,067 |  | $ | 76,165,013 |  | $ | 72,468,272 |  | 2.6 | % |  | 7.9 | % |  |
| Total cash, resale agreements and debt securities/total assets |  | 26.00 | % |  | 25.20 | % |  | 23.10 | % |  | 80 |  | bps | 290 |  | bps |
| Total stockholders’ equity to assets ratio |  | 10.49 | % |  | 10.41 | % |  | 9.96 | % |  | 8 |  |  | 53 |  |  |
| Tangible common equity (“TCE”) ratio (1) |  | 9.95 | % |  | 9.85 | % |  | 9.37 | % |  | 10 |  | bps | 58 |  | bps |
| Book value per share |  | $ | 59.51 |  | $ | 57.54 |  | $ | 52.06 |  | 3.4 | % |  | 14.3 | % |  |
| Tangible book value (1) per share |  | $ | 56.10 |  | $ | 54.13 |  | $ | 48.65 |  | 3.6 |  |  | 15.3 |  |  |
| Number of common shares at period-end |  | 137,816 |  | 137,802 |  | 138,604 |  | 0.0 | % |  | (0.6) | % |  |

(1)The TCE ratio and the tangible book value are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 14.
6

EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
|  |  |  |  |  |  |  |  | June 30, 2025 % Change
|  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | Qtr-o-Qtr |  | Yr-o-Yr
Loans: |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |
| Commercial and industrial (“C&I”) |  | $ | 17,822,881 |  |  | $ | 17,460,744 |  |  | $ | 16,875,009 |  |  | 2.1 | % |  | 5.6 | %
| Commercial real estate (“CRE”): |  |  |  |  |  |  |  |  |  |
| CRE |  | 14,978,775 |  |  | 14,868,361 |  |  | 14,562,595 |  |  | 0.7 |  |  | 2.9 |
| Multifamily residential |  | 4,978,915 |  |  | 5,007,969 |  |  | 5,100,210 |  |  | (0.6) |  |  | (2.4) |
| Construction and land |  | 709,713 |  |  | 653,630 |  |  | 664,793 |  |  | 8.6 |  |  | 6.8 |
| Total CRE |  | 20,667,403 |  |  | 20,529,960 |  |  | 20,327,598 |  |  | 0.7 |  |  | 1.7 |
Consumer: |  |  |  |  |  |  |  |  |  |
| Residential mortgage: |  |  |  |  |  |  |  |  |  |
| Single-family residential |  | 14,569,997 |  |  | 14,383,562 |  |  | 13,747,769 |  |  | 1.3 |  |  | 6.0 |
| Home equity lines of credit (“HELOCs”) |  | 1,850,965 |  |  | 1,827,837 |  |  | 1,761,379 |  |  | 1.3 |  |  | 5.1 |
| Total residential mortgage |  | 16,420,962 |  |  | 16,211,399 |  |  | 15,509,148 |  |  | 1.3 |  |  | 5.9 |
| Other consumer |  | 49,938 |  |  | 50,631 |  |  | 56,154 |  |  | (1.4) |  |  | (11.1) |
Total loans HFI (1) |  | 54,961,184 |  |  | 54,252,734 |  |  | 52,767,909 |  |  | 1.3 |  |  | 4.2 |
Loans HFS |  | 11,873 |  |  | — |  |  | 18,909 |  |  | 100.0 |  |  | (37.2) |
| Total loans (1) |  | 54,973,057 |  |  | 54,252,734 |  |  | 52,786,818 |  |  | 1.3 |  |  | 4.1 |
Allowance for loan losses |  | (760,416) |  |  | (734,856) |  |  | (683,794) |  |  | 3.5 |  |  | 11.2 |
| Net loans (1) |  | $ | 54,212,641 |  |  | $ | 53,517,878 |  |  | $ | 52,103,024 |  |  | 1.3 | % |  | 4.0 | %
Deposits by product: |  |  |  |  |  |  |  |  |  |
| Noninterest-bearing demand |  | $ | 15,470,239 |  |  | $ | 15,169,775 |  |  | $ | 14,922,741 |  |  | 2.0 | % |  | 3.7 | %
| Interest-bearing checking |  | 8,143,893 |  |  | 7,591,847 |  |  | 7,758,081 |  |  | 7.3 |  |  | 5.0 |
| Money market |  | 15,420,318 |  |  | 14,885,732 |  |  | 13,775,908 |  |  | 3.6 |  |  | 11.9 |
| Savings |  | 1,683,703 |  |  | 1,740,044 |  |  | 1,772,368 |  |  | (3.2) |  |  | (5.0) |
| Time deposits |  | 24,311,340 |  |  | 23,664,707 |  |  | 21,770,687 |  |  | 2.7 |  |  | 11.7 |
| Total deposits |  | $ | 65,029,493 |  |  | $ | 63,052,105 |  |  | $ | 59,999,785 |  |  | 3.1 | % |  | 8.4 | %
Deposits by segment/region: |  |  |  |  |  |  |  |  |  |
| Consumer and Business Banking - U.S. (2) |  | $ | 33,407,064 |  |  | $ | 33,023,739 |  |  | $ | 31,108,589 |  |  | 1.2 | % |  | 7.4 | %
| Commercial Banking - U.S. (2) |  | 23,595,005 |  |  | 22,571,582 |  |  | 23,064,569 |  |  | 4.5 |  |  | 2.3 |
| International Branches (3) |  | 3,579,005 |  |  | 3,524,223 |  |  | 3,376,971 |  |  | 1.6 |  |  | 6.0 |
| Treasury and Other - U.S. (4) |  | 4,448,419 |  |  | 3,932,561 |  |  | 2,449,656 |  |  | 13.1 |  |  | 81.6 |
| Total deposits |  | $ | 65,029,493 |  |  | $ | 63,052,105 |  |  | $ | 59,999,785 |  |  | 3.1 | % |  | 8.4 | %

(1)Includes $74 million, $36 million and $53 million of net deferred loan fees and net unamortized premiums as of June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2)Excludes deposits presented under International Branches.
(3)Deposits of our Hong Kong branch and China subsidiary, primarily a subset of Commercial Banking segment deposits.
(4)Treasury and Other segment deposits reflect wholesale, public funds, and brokered deposits, primarily managed by the Company’s Treasury department.
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, 2025 % Change |  |
|  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | Qtr-o-Qtr |  | Yr-o-Yr |  |
Interest and dividend income |  | $ | 1,058,999 |  |  | $ | 1,031,802 |  |  | $ | 1,034,414 |  |  | 2.6% |  | 2.4% |  |
Interest expense |  | 441,925 |  |  | 431,601 |  |  | 481,185 |  |  | 2.4 |  | (8.2) |  |
Net interest income before provision for credit losses |  | 617,074 |  |  | 600,201 |  |  | 553,229 |  |  | 2.8 |  | 11.5 |  |
Provision for credit losses |  | 45,000 |  |  | 49,000 |  |  | 37,000 |  |  | (8.2) |  | 21.6 |  |
Net interest income after provision for credit losses |  | 572,074 |  |  | 551,201 |  |  | 516,229 |  |  | 3.8% |  | 10.8% |  |
Noninterest income: |  |  |  |  |  |  |  |  |  |  |  |
| Commercial and consumer deposit-related fees |  | 26,865 |  |  | 27,075 |  |  | 25,649 |  |  | (0.8) |  | 4.7 |  |
| Lending and loan servicing fees |  | 25,586 |  |  | 26,230 |  |  | 24,340 |  |  | (2.5) |  | 5.1 |  |
| Foreign exchange income |  | 13,715 |  |  | 15,837 |  |  | 12,924 |  |  | (13.4) |  | 6.1 |  |
| Wealth management fees |  | 10,725 |  |  | 13,679 |  |  | 9,478 |  |  | (21.6) |  | 13.2 |  |
| Customer derivative income |  | 3,645 |  |  | 5,539 |  |  | 4,230 |  |  | (34.2) |  | (13.8) |  |
| Total fee income | 80,536 |  |  | 88,360 |  |  | 76,621 |  |  | (8.9) |  | 5.1 |  |
| Derivative mark-to-market and credit valuation adjustments |  | (1,444) |  |  | (1,470) |  |  | 1,534 |  |  | (1.8) |  | NM |  |
| Net gains on AFS debt securities |  | 746 |  |  | 131 |  |  | 1,785 |  |  | 469.5 |  | (58.2) |  |
| Other investment income |  | 678 |  |  | 2,262 |  |  | 586 |  |  | (70.0) |  | 15.7 |  |
| Other income |  | 5,662 |  |  | 2,819 |  |  | 3,645 |  |  | 100.9 |  | 55.3 |  |
Total noninterest income |  | 86,178 |  |  | 92,102 |  |  | 84,171 |  |  | (6.4)% |  | 2.4% |  |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |
| Compensation and employee benefits |  | 144,841 |  |  | 146,435 |  |  | 133,588 |  |  | (1.1)% |  | 8.4% |  |
| Occupancy and equipment expense |  | 16,289 |  |  | 15,689 |  |  | 15,299 |  |  | 3.8 |  | 6.5 |  |
| Deposit account expense |  | 9,348 |  |  | 9,042 |  |  | 12,050 |  |  | 3.4 |  | (22.4) |  |
| Computer and software related expenses |  | 13,446 |  |  | 13,314 |  |  | 11,392 |  |  | 1.0 |  | 18.0 |  |
| Deposit insurance premiums and regulatory assessments (1) |  | 9,133 |  |  | 10,385 |  |  | 10,708 |  |  | (12.1) |  | (14.7) |  |
| Other operating expense |  | 36,727 |  |  | 41,541 |  |  | 36,843 |  |  | (11.6) |  | (0.3) |  |
| Total operating noninterest expense | 229,784 |  |  | 236,406 |  |  | 219,880 |  |  | (2.8) |  | 4.5 |  |
| Amortization of tax credit and CRA investments (2) |  | 26,236 |  |  | 15,742 |  |  | 16,052 |  |  | 66.7 |  | 63.4 |  |
Total noninterest expense |  | 256,020 |  |  | 252,148 |  |  | 235,932 |  |  | 1.5 |  | 8.5 |  |
Income before income taxes |  | 402,232 |  |  | 391,155 |  |  | 364,468 |  |  | 2.8 |  | 10.4 |  |
Income tax expense |  | 91,979 |  |  | 100,885 |  |  | 76,238 |  |  | (8.8) |  | 20.6 |  |
Net income |  | $ | 310,253 |  |  | $ | 290,270 |  |  | $ | 288,230 |  |  | 6.9% |  | 7.6% |  |
Earnings per share (“EPS”) |  |  |  |  |  |  |  |  |  |  |  |
- Basic |  | $ | 2.25 |  |  | $ | 2.10 |  |  | $ | 2.07 |  |  | 7.2% |  | 8.5% |  |
- Diluted |  | $ | 2.24 |  |  | $ | 2.08 |  |  | $ | 2.06 |  |  | 7.3 |  | 8.4 |  |
Weighted-average number of shares outstanding |  |  |  |  |  |  |  |  |  |
- Basic |  | 137,818 |  |  | 138,201 |  |  | 138,980 |  |  | (0.3)% |  | (0.8)% |  |
- Diluted |  | 138,789 |  |  | 139,291 |  |  | 139,801 |  |  | (0.4) |  | (0.7) |  |

NM - Not meaningful.
(1)Includes $833 thousand of FDIC special assessment reversal for the three months ended June 30, 2025. Includes $833 thousand and $2 million of FDIC special assessment charges for the three months ended March 31, 2025 and June 30, 2024, respectively.
(2)Includes $3 million of DC Solar recoveries for the three months ended June 30, 2024.
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, 2025 % Change
|  |  | June 30, 2025 |  | June 30, 2024 |  | Yr-o-Yr
Interest and dividend income |  | $ | 2,090,801 |  |  | $ | 2,058,031 |  |  |  | 1.6% |
Interest expense |  | 873,526 |  |  | 939,663 |  |  |  | (7.0) |
Net interest income before provision for credit losses |  | 1,217,275 |  |  | 1,118,368 |  |  |  | 8.8 |
Provision for credit losses |  | 94,000 |  |  | 62,000 |  |  |  | 51.6 |
Net interest income after provision for credit losses |  | 1,123,275 |  |  | 1,056,368 |  |  |  | 6.3% |
Noninterest income: |  |  |  |  |  |  |  |
| Commercial and consumer deposit-related fees |  | 53,940 |  |  | 50,597 |  |  |  | 6.6 |
| Lending and loan servicing fees |  | 51,816 |  |  | 47,265 |  |  |  | 9.6 |
| Foreign exchange income |  | 29,552 |  |  | 24,393 |  |  |  | 21.1 |
| Wealth management fees |  | 24,404 |  |  | 18,115 |  |  |  | 34.7 |
| Customer derivative income |  | 9,184 |  |  | 7,367 |  |  |  | 24.7 |
| Total fee income | 168,896 |  |  | 147,737 |  |  |  | 14.3 |
| Derivative mark-to-market and credit valuation adjustments |  | (2,914) |  |  | 2,147 |  |  |  | NM |
| Net gains on AFS debt securities |  | 877 |  |  | 1,834 |  |  |  | (52.2) |
| Other investment income |  | 2,940 |  |  | 3,401 |  |  |  | (13.6) |
| Other income |  | 8,481 |  |  | 7,539 |  |  |  | 12.5 |
Total noninterest income |  | 178,280 |  |  | 162,658 |  |  |  | 9.6% |
Noninterest expense: |  |  |  |  |  |  |  |
| Compensation and employee benefits |  | 291,276 |  |  | 275,400 |  |  |  | 5.8% |
| Occupancy and equipment expense |  | 31,978 |  |  | 31,015 |  |  |  | 3.1 |
| Deposit account expense |  | 18,390 |  |  | 24,238 |  |  |  | (24.1) |
| Computer and software related expenses |  | 26,760 |  |  | 22,736 |  |  |  | 17.7 |
| Deposit insurance premiums and regulatory assessments (1) |  | 19,518 |  |  | 30,357 |  |  |  | (35.7) |
| Other operating expense |  | 78,268 |  |  | 69,301 |  |  |  | 12.9 |
| Total operating noninterest expense | 466,190 |  |  | 453,047 |  |  |  | 2.9 |
| Amortization of tax credit and CRA investments (2) |  | 41,978 |  |  | 29,259 |  |  |  | 43.5 |
Total noninterest expense |  | 508,168 |  |  | 482,306 |  |  |  | 5.4 |
Income before income taxes |  | 793,387 |  |  | 736,720 |  |  |  | 7.7 |
Income tax expense |  | 192,864 |  |  | 163,415 |  |  |  | 18.0 |
Net income |  | $ | 600,523 |  |  | $ | 573,305 |  |  |  | 4.7% |
EPS |  |  |  |  |  |  |  |
- Basic |  | $ | 4.35 |  |  | $ | 4.12 |  |  |  | 5.6% |
- Diluted |  | $ | 4.32 |  |  | $ | 4.09 |  |  |  | 5.5 |
Weighted-average number of shares outstanding |  |  |  |  |  |  |  |
- Basic |  | 138,009 |  |  | 139,195 |  |  |  | (0.9)% |
- Diluted |  | 139,058 |  |  | 140,047 |  |  |  | (0.7) |

NM - Not meaningful.
(1)Includes $12 million of FDIC special assessment charges for the six months ended June 30, 2024.
(2)Includes $3 million of DC Solar recoveries for the six months ended June 30, 2024.
9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 5 |  |  |  |  |  |
|  |  | Three Months Ended |  | June 30, 2025 % Change |  | Six Months Ended |  | June 30, 2025 % Change
|  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | Qtr-o-Qtr |  | Yr-o-Yr |  | June 30, 2025 |  | June 30, 2024 |  | Yr-o-Yr
Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C&I |  | $ | 17,363,095 |  |  | $ | 16,865,399 |  |  | $ | 16,209,659 |  |  | 3.0% |  | 7.1% |  | $ | 17,115,622 |  |  | $ | 16,230,641 |  |  | 5.5%
| CRE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CRE |  | 14,864,277 |  |  | 14,731,881 |  |  | 14,561,886 |  |  | 0.9 |  | 2.1 |  | 14,798,445 |  |  | 14,643,663 |  |  | 1.1
| Multifamily residential |  | 4,981,155 |  |  | 4,965,448 |  |  | 5,039,249 |  |  | 0.3 |  | (1.2) |  | 4,973,345 |  |  | 5,036,196 |  |  | (1.2)
| Construction and land |  | 689,713 |  |  | 675,686 |  |  | 669,681 |  |  | 2.1 |  | 3.0 |  | 682,738 |  |  | 662,341 |  |  | 3.1
| Total CRE |  | 20,535,145 |  |  | 20,373,015 |  |  | 20,270,816 |  |  | 0.8 |  | 1.3 |  | 20,454,528 |  |  | 20,342,200 |  |  | 0.6
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Single-family residential |  | 14,477,173 |  |  | 14,238,697 |  |  | 13,636,389 |  |  | 1.7 |  | 6.2 |  | 14,358,594 |  |  | 13,556,723 |  |  | 5.9
| HELOCs |  | 1,858,881 |  |  | 1,811,022 |  |  | 1,750,469 |  |  | 2.6 |  | 6.2 |  | 1,835,084 |  |  | 1,737,878 |  |  | 5.6
| Total residential mortgage |  | 16,336,054 |  |  | 16,049,719 |  |  | 15,386,858 |  |  | 1.8 |  | 6.2 |  | 16,193,678 |  |  | 15,294,601 |  |  | 5.9
| Other consumer |  | 47,138 |  |  | 49,578 |  |  | 51,455 |  |  | (4.9) |  | (8.4) |  | 48,351 |  |  | 54,372 |  |  | (11.1)
| Total loans (1) |  | $ | 54,281,432 |  |  | $ | 53,337,711 |  |  | $ | 51,918,788 |  |  | 1.8% |  | 4.6% |  | $ | 53,812,179 |  |  | $ | 51,921,814 |  |  | 3.6%
Interest-earning assets |  | $ | 73,903,125 |  |  | $ | 72,690,586 |  |  | $ | 68,050,050 |  |  | 1.7% |  | 8.6% |  | $ | 73,314,428 |  |  | $ | 68,086,048 |  |  | 7.7%
Total assets |  | $ | 76,862,028 |  |  | $ | 75,624,952 |  |  | $ | 71,189,200 |  |  | 1.6% |  | 8.0% |  | $ | 76,246,907 |  |  | $ | 71,433,798 |  |  | 6.7%
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Noninterest-bearing demand |  | $ | 15,114,806 |  |  | $ | 15,104,028 |  |  | $ | 14,664,789 |  |  | 0.1% |  | 3.1% |  | $ | 15,109,447 |  |  | $ | 14,809,871 |  |  | 2.0%
| Interest-bearing checking |  | 7,597,103 |  |  | 7,749,665 |  |  | 7,467,801 |  |  | (2.0) |  | 1.7 |  | 7,672,963 |  |  | 7,581,615 |  |  | 1.2
| Money market |  | 15,325,928 |  |  | 14,833,615 |  |  | 13,724,230 |  |  | 3.3 |  | 11.7 |  | 15,081,131 |  |  | 13,680,220 |  |  | 10.2
| Savings |  | 1,745,220 |  |  | 1,752,946 |  |  | 1,795,242 |  |  | (0.4) |  | (2.8) |  | 1,749,062 |  |  | 1,802,405 |  |  | (3.0)
| Time deposits |  | 23,894,775 |  |  | 23,197,328 |  |  | 21,028,737 |  |  | 3.0 |  | 13.6 |  | 23,547,978 |  |  | 20,187,490 |  |  | 16.6
| Total deposits |  | $ | 63,677,832 |  |  | $ | 62,637,582 |  |  | $ | 58,680,799 |  |  | 1.7% |  | 8.5% |  | $ | 63,160,581 |  |  | $ | 58,061,601 |  |  | 8.8%

(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, 2025 |  | March 31, 2025 |  |
|  |  | Average Balance |  | Interest |  | Average Yield/Rate (1) |  | Average Balance |  | Interest |  | Average Yield/Rate (1) |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing cash and deposits with banks |  | $ | 3,699,036 |  |  | $ | 34,935 |  |  | 3.79 | % |  | $ | 4,087,664 |  |  | $ | 39,137 |  |  | 3.88 | % |  |
| Resale agreements |  | 425,000 |  |  | 1,624 |  |  | 1.53 | % |  | 425,000 |  |  | 1,610 |  |  | 1.54 | % |  |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFS |  | 12,435,531 |  |  | 141,496 |  |  | 4.56 | % |  | 11,766,446 |  |  | 135,519 |  |  | 4.67 | % |  |
| HTM |  | 2,896,410 |  |  | 12,292 |  |  | 1.70 | % |  | 2,908,402 |  |  | 12,265 |  |  | 1.71 | % |  |
| Total debt securities |  | 15,331,941 |  |  | 153,788 |  |  | 4.02 | % |  | 14,674,848 |  |  | 147,784 |  |  | 4.08 | % |  |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C&I |  | 17,363,095 |  |  | 303,791 |  |  | 7.02 | % |  | 16,865,399 |  |  | 293,414 |  |  | 7.06 | % |  |
| CRE |  | 20,535,145 |  |  | 319,666 |  |  | 6.24 | % |  | 20,373,015 |  |  | 311,386 |  |  | 6.20 | % |  |
| Residential mortgage |  | 16,336,054 |  |  | 241,666 |  |  | 5.93 | % |  | 16,049,719 |  |  | 234,891 |  |  | 5.94 | % |  |
| Other consumer |  | 47,138 |  |  | 572 |  |  | 4.87 | % |  | 49,578 |  |  | 721 |  |  | 5.90 | % |  |
| Total loans (2) |  | 54,281,432 |  |  | 865,695 |  |  | 6.40 | % |  | 53,337,711 |  |  | 840,412 |  |  | 6.39 | % |  |
| FHLB and FRB stock |  | 165,716 |  |  | 2,957 |  |  | 7.16 | % |  | 165,363 |  |  | 2,859 |  |  | 7.01 | % |  |
| Total interest-earning assets |  | $ | 73,903,125 |  |  | $ | 1,058,999 |  |  | 5.75 | % |  | $ | 72,690,586 |  |  | $ | 1,031,802 |  |  | 5.76 | % |  |
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and due from banks |  | 350,343 |  |  |  |  |  |  | 373,827 |  |  |  |  |  |  |
| Allowance for loan losses |  | (745,121) |  |  |  |  |  |  | (716,255) |  |  |  |  |  |  |
| Other assets |  | 3,353,681 |  |  |  |  |  |  | 3,276,794 |  |  |  |  |  |  |
| Total assets |  | $ | 76,862,028 |  |  |  |  |  |  | $ | 75,624,952 |  |  |  |  |  |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Checking deposits |  | $ | 7,597,103 |  |  | $ | 47,013 |  |  | 2.48 | % |  | $ | 7,749,665 |  |  | $ | 47,911 |  |  | 2.51 | % |  |
| Money market deposits |  | 15,325,928 |  |  | 124,282 |  |  | 3.25 | % |  | 14,833,615 |  |  | 116,018 |  |  | 3.17 | % |  |
| Savings deposits |  | 1,745,220 |  |  | 3,700 |  |  | 0.85 | % |  | 1,752,946 |  |  | 3,447 |  |  | 0.80 | % |  |
| Time deposits |  | 23,894,775 |  |  | 225,593 |  |  | 3.79 | % |  | 23,197,328 |  |  | 224,605 |  |  | 3.93 | % |  |
| Total interest-bearing deposits |  | 48,563,026 |  |  | 400,588 |  |  | 3.31 | % |  | 47,533,554 |  |  | 391,981 |  |  | 3.34 | % |  |
| Short-term borrowings and federal funds purchased |  | 659 |  |  | 1 |  |  | 0.61 | % |  | 428 |  |  | 6 |  |  | 5.69 | % |  |
| FHLB advances |  | 3,500,003 |  |  | 39,313 |  |  | 4.51 | % |  | 3,500,001 |  |  | 38,866 |  |  | 4.50 | % |  |
| Repurchase agreements |  | 119,061 |  |  | 1,352 |  |  | 4.55 | % |  | 6,684 |  |  | 77 |  |  | 4.67 | % |  |
| Long-term debt and finance lease liabilities |  | 35,811 |  |  | 671 |  |  | 7.52 | % |  | 35,919 |  |  | 671 |  |  | 7.58 | % |  |
| Total interest-bearing liabilities |  | $ | 52,218,560 |  |  | $ | 441,925 |  |  | 3.39 | % |  | $ | 51,076,586 |  |  | $ | 431,601 |  |  | 3.43 | % |  |
Noninterest-bearing liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
| Demand deposits |  | 15,114,806 |  |  |  |  |  |  | 15,104,028 |  |  |  |  |  |  |
| Accrued expenses and other liabilities |  | 1,458,680 |  |  |  |  |  |  | 1,575,264 |  |  |  |  |  |  |
| Stockholders’ equity |  | 8,069,982 |  |  |  |  |  |  | 7,869,074 |  |  |  |  |  |  |
| Total liabilities and stockholders’ equity |  | $ | 76,862,028 |  |  |  |  |  |  | $ | 75,624,952 |  |  |  |  |  |  |
| Total deposits |  | $ | 63,677,832 |  |  | $ | 400,588 |  |  | 2.52 | % |  | $ | 62,637,582 |  |  | $ | 391,981 |  |  | 2.54 | % |  |
Interest rate spread |  |  |  |  |  | 2.36 | % |  |  |  |  |  | 2.33 | % |  |
Net interest income and net interest margin |  |  |  | $ | 617,074 |  |  | 3.35 | % |  |  |  | $ | 600,201 |  |  | 3.35 | % |  |

(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, 2025 |  | June 30, 2024 |  |  |
| Average Balance |  | Interest |  | Average Yield/Rate (1) |  | Average Balance |  | Interest |  | Average Yield/Rate (1) |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing cash and deposits with banks |  | $ | 3,699,036 |  |  | $ | 34,935 |  |  | 3.79 | % |  | $ | 4,058,515 |  |  | $ | 49,406 |  |  | 4.90 | % |  |  |
| Resale agreements |  | 425,000 |  |  | 1,624 |  |  | 1.53 | % |  | 485,000 |  |  | 1,885 |  |  | 1.56 | % |  |  |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFS |  | 12,435,531 |  |  | 141,496 |  |  | 4.56 | % |  | 8,481,948 |  |  | 99,242 |  |  | 4.71 | % |  |  |
| HTM |  | 2,896,410 |  |  | 12,292 |  |  | 1.70 | % |  | 2,941,150 |  |  | 12,490 |  |  | 1.71 | % |  |  |
| Total debt securities |  | 15,331,941 |  |  | 153,788 |  |  | 4.02 | % |  | 11,423,098 |  |  | 111,732 |  |  | 3.93 | % |  |  |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C&I |  | 17,363,095 |  |  | 303,791 |  |  | 7.02 | % |  | 16,209,659 |  |  | 322,648 |  |  | 8.01 | % |  |  |
| CRE |  | 20,535,145 |  |  | 319,666 |  |  | 6.24 | % |  | 20,270,816 |  |  | 323,106 |  |  | 6.41 | % |  |  |
| Residential mortgage |  | 16,336,054 |  |  | 241,666 |  |  | 5.93 | % |  | 15,386,858 |  |  | 221,966 |  |  | 5.80 | % |  |  |
| Other consumer |  | 47,138 |  |  | 572 |  |  | 4.87 | % |  | 51,455 |  |  | 721 |  |  | 5.64 | % |  |  |
| Total loans (2) |  | 54,281,432 |  |  | 865,695 |  |  | 6.40 | % |  | 51,918,788 |  |  | 868,441 |  |  | 6.73 | % |  |  |
| FHLB and FRB stock |  | 165,716 |  |  | 2,957 |  |  | 7.16 | % |  | 164,649 |  |  | 2,950 |  |  | 7.21 | % |  |  |
| Total interest-earning assets |  | $ | 73,903,125 |  |  | $ | 1,058,999 |  |  | 5.75 | % |  | $ | 68,050,050 |  |  | $ | 1,034,414 |  |  | 6.11 | % |  |  |
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and due from banks |  | 350,343 |  |  |  |  |  |  | 468,374 |  |  |  |  |  |  |  |
| Allowance for loan losses |  | (745,121) |  |  |  |  |  |  | (675,346) |  |  |  |  |  |  |  |
| Other assets |  | 3,353,681 |  |  |  |  |  |  | 3,346,122 |  |  |  |  |  |  |  |
| Total assets |  | $ | 76,862,028 |  |  |  |  |  |  | $ | 71,189,200 |  |  |  |  |  |  |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Checking deposits |  | $ | 7,597,103 |  |  | $ | 47,013 |  |  | 2.48 | % |  | $ | 7,467,801 |  |  | $ | 52,680 |  |  | 2.84 | % |  |  |
| Money market deposits |  | 15,325,928 |  |  | 124,282 |  |  | 3.25 | % |  | 13,724,230 |  |  | 135,405 |  |  | 3.97 | % |  |  |
| Savings deposits |  | 1,745,220 |  |  | 3,700 |  |  | 0.85 | % |  | 1,795,242 |  |  | 5,004 |  |  | 1.12 | % |  |  |
| Time deposits |  | 23,894,775 |  |  | 225,593 |  |  | 3.79 | % |  | 21,028,737 |  |  | 238,393 |  |  | 4.56 | % |  |  |
| Total interest-bearing deposits |  | 48,563,026 |  |  | 400,588 |  |  | 3.31 | % |  | 44,016,010 |  |  | 431,482 |  |  | 3.94 | % |  |  |
| Short-term borrowings and federal funds purchased |  | 659 |  |  | 1 |  |  | 0.61 | % |  | 2,889 |  |  | 32 |  |  | 4.45 | % |  |  |
| FHLB advances |  | 3,500,003 |  |  | 39,313 |  |  | 4.51 | % |  | 3,500,001 |  |  | 48,840 |  |  | 5.61 | % |  |  |
| Repurchase agreements |  | 119,061 |  |  | 1,352 |  |  | 4.55 | % |  | 4,104 |  |  | 58 |  |  | 5.68 | % |  |  |
| Long-term debt and finance lease liabilities |  | 35,811 |  |  | 671 |  |  | 7.52 | % |  | 36,335 |  |  | 773 |  |  | 8.56 | % |  |  |
| Total interest-bearing liabilities |  | $ | 52,218,560 |  |  | $ | 441,925 |  |  | 3.39 | % |  | $ | 47,559,339 |  |  | $ | 481,185 |  |  | 4.07 | % |  |  |
Noninterest-bearing liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |
| Demand deposits |  | 15,114,806 |  |  |  |  |  |  | 14,664,789 |  |  |  |  |  |  |  |
| Accrued expenses and other liabilities |  | 1,458,680 |  |  |  |  |  |  | 1,877,572 |  |  |  |  |  |  |  |
| Stockholders’ equity |  | 8,069,982 |  |  |  |  |  |  | 7,087,500 |  |  |  |  |  |  |  |
| Total liabilities and stockholders’ equity |  | $ | 76,862,028 |  |  |  |  |  |  | $ | 71,189,200 |  |  |  |  |  |  |  |
| Total deposits |  | $ | 63,677,832 |  |  | $ | 400,588 |  |  | 2.52 | % |  | $ | 58,680,799 |  |  | $ | 431,482 |  |  | 2.96 | % |  |  |
Interest rate spread |  |  |  |  |  | 2.36 | % |  |  |  |  |  | 2.04 | % |  |  |
Net interest income and net interest margin |  |  |  | $ | 617,074 |  |  | 3.35 | % |  |  |  | $ | 553,229 |  |  | 3.27 | % |  |  |

(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, 2025 |  | June 30, 2024 |  |
Average Balance |  | Interest |  | Average Yield/Rate (1) |  | Average Balance |  | Interest |  | Average Yield/Rate (1) |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest-bearing cash and deposits with banks |  | $ | 3,906,499 |  |  | $ | 74,072 |  |  | 3.82 | % |  | $ | 4,960,016 |  |  | $ | 123,788 |  |  | 5.02 | % |  |
| Resale agreements |  | 425,000 |  |  | 3,234 |  |  | 1.53 | % |  | 605,330 |  |  | 8,000 |  |  | 2.66 | % |  |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| AFS |  | 12,102,837 |  |  | 277,015 |  |  | 4.62 | % |  | 7,524,158 |  |  | 162,100 |  |  | 4.33 | % |  |
| HTM |  | 2,902,373 |  |  | 24,557 |  |  | 1.71 | % |  | 2,945,918 |  |  | 25,024 |  |  | 1.71 | % |  |
| Total debt securities |  | 15,005,210 |  |  | 301,572 |  |  | 4.05 | % |  | 10,470,076 |  |  | 187,124 |  |  | 3.59 | % |  |
| Loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| C&I |  | 17,115,622 |  |  | 597,205 |  |  | 7.04 | % |  | 16,230,641 |  |  | 648,458 |  |  | 8.03 | % |  |
| CRE |  | 20,454,528 |  |  | 631,052 |  |  | 6.22 | % |  | 20,342,200 |  |  | 647,193 |  |  | 6.40 | % |  |
| Residential mortgage |  | 16,193,678 |  |  | 476,557 |  |  | 5.93 | % |  | 15,294,601 |  |  | 437,640 |  |  | 5.75 | % |  |
| Other consumer |  | 48,351 |  |  | 1,293 |  |  | 5.39 | % |  | 54,372 |  |  | 1,539 |  |  | 5.69 | % |  |
| Total loans (2) |  | 53,812,179 |  |  | 1,706,107 |  |  | 6.39 | % |  | 51,921,814 |  |  | 1,734,830 |  |  | 6.72 | % |  |
| FHLB and FRB stock |  | 165,540 |  |  | 5,816 |  |  | 7.08 | % |  | 128,812 |  |  | 4,289 |  |  | 6.70 | % |  |
| Total interest-earning assets |  | $ | 73,314,428 |  |  | $ | 2,090,801 |  |  | 5.75 | % |  | $ | 68,086,048 |  |  | $ | 2,058,031 |  |  | 6.08 | % |  |
Noninterest-earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and due from banks |  | 347,797 |  |  |  |  |  |  | 457,070 |  |  |  |  |  |  |
| Allowance for loan losses |  | (730,768) |  |  |  |  |  |  | (677,231) |  |  |  |  |  |  |
| Other assets |  | 3,315,450 |  |  |  |  |  |  | 3,567,911 |  |  |  |  |  |  |
| Total assets |  | $ | 76,246,907 |  |  |  |  |  |  | $ | 71,433,798 |  |  |  |  |  |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Checking deposits |  | $ | 7,672,963 |  |  | $ | 94,924 |  |  | 2.49 | % |  | $ | 7,581,615 |  |  | $ | 106,501 |  |  | 2.82 | % |  |
| Money market deposits |  | 15,081,131 |  |  | 240,300 |  |  | 3.21 | % |  | 13,680,220 |  |  | 270,066 |  |  | 3.97 | % |  |
| Savings deposits |  | 1,749,062 |  |  | 7,147 |  |  | 0.82 | % |  | 1,802,405 |  |  | 9,124 |  |  | 1.02 | % |  |
| Time deposits |  | 23,547,978 |  |  | 450,198 |  |  | 3.86 | % |  | 20,187,490 |  |  | 451,990 |  |  | 4.50 | % |  |
| Total interest-bearing deposits |  | 48,051,134 |  |  | 792,569 |  |  | 3.33 | % |  | 43,251,730 |  |  | 837,681 |  |  | 3.89 | % |  |
| BTFP, short-term borrowings and federal funds purchased |  | 544 |  |  | 7 |  |  | 2.59 | % |  | 1,933,707 |  |  | 42,138 |  |  | 4.38 | % |  |
| FHLB advances |  | 3,500,002 |  |  | 78,179 |  |  | 4.50 | % |  | 2,027,474 |  |  | 56,579 |  |  | 5.61 | % |  |
| Repurchase agreements |  | 63,183 |  |  | 1,429 |  |  | 4.56 | % |  | 3,327 |  |  | 93 |  |  | 5.62 | % |  |
| Long-term debt and finance lease liabilities |  | 35,864 |  |  | 1,342 |  |  | 7.55 | % |  | 81,076 |  |  | 3,172 |  |  | 7.87 | % |  |
| Total interest-bearing liabilities |  | $ | 51,650,727 |  |  | $ | 873,526 |  |  | 3.41 | % |  | $ | 47,297,314 |  |  | $ | 939,663 |  |  | 4.00 | % |  |
Noninterest-bearing liabilities and stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
| Demand deposits |  | 15,109,447 |  |  |  |  |  |  | 14,809,871 |  |  |  |  |  |  |
| Accrued expenses and other liabilities |  | 1,516,650 |  |  |  |  |  |  | 2,286,584 |  |  |  |  |  |  |
| Stockholders’ equity |  | 7,970,083 |  |  |  |  |  |  | 7,040,029 |  |  |  |  |  |  |
| Total liabilities and stockholders’ equity |  | $ | 76,246,907 |  |  |  |  |  |  | $ | 71,433,798 |  |  |  |  |  |  |
| Total deposits |  | $ | 63,160,581 |  |  | $ | 792,569 |  |  | 2.53 | % |  | $ | 58,061,601 |  |  | $ | 837,681 |  |  | 2.90 | % |  |
Interest rate spread |  |  |  |  |  | 2.34 | % |  |  |  |  |  | 2.08 | % |  |
Net interest income and net interest margin |  |  |  | $ | 1,217,275 |  |  | 3.35 | % |  |  |  | $ | 1,118,368 |  |  | 3.30 | % |  |

(1)Annualized.
(2)Includes loans HFS.
13

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 9
|  | Three Months Ended (1) |  | June 30, 2025 Basis Point Change
|  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | Qtr-o-Qtr |  | Yr-o-Yr |
| Return on average assets |  | 1.62 | % |  | 1.56 | % |  | 1.63 | % |  | 6 |  | bps | (1) |  | bps
| Adjusted return on average assets (2) |  | 1.65 | % |  | 1.56 | % |  | 1.62 | % |  | 9 |  |  | 3 |  |
| Return on average common equity |  | 15.42 | % |  | 14.96 | % |  | 16.36 | % |  | 46 |  |  | (94) |  |
| Adjusted return on average common equity (2) |  | 15.71 | % |  | 14.99 | % |  | 16.31 | % |  | 72 |  |  | (60) |  |
| Return on average TCE (3) |  | 16.39 | % |  | 15.92 | % |  | 17.54 | % |  | 47 |  |  | (115) |  |
| Adjusted return on average TCE (3) |  | 16.69 | % |  | 15.96 | % |  | 17.48 | % |  | 73 |  |  | (79) |  |
| Interest rate spread |  | 2.36 | % |  | 2.33 | % |  | 2.04 | % |  | 3 |  |  | 32 |  |
| Net interest margin |  | 3.35 | % |  | 3.35 | % |  | 3.27 | % |  | — |  |  | 8 |  |
| Average loan yield |  | 6.40 | % |  | 6.39 | % |  | 6.73 | % |  | 1 |  |  | (33) |  |
| Yield on average interest-earning assets |  | 5.75 | % |  | 5.76 | % |  | 6.11 | % |  | (1) |  |  | (36) |  |
| Average cost of interest-bearing deposits |  | 3.31 | % |  | 3.34 | % |  | 3.94 | % |  | (3) |  |  | (63) |  |
| Average cost of deposits |  | 2.52 | % |  | 2.54 | % |  | 2.96 | % |  | (2) |  |  | (44) |  |
| Average cost of funds |  | 2.63 | % |  | 2.64 | % |  | 3.11 | % |  | (1) |  |  | (48) |  |
| Operating noninterest expense/average assets |  | 1.20 | % |  | 1.27 | % |  | 1.24 | % |  | (7) |  |  | (4) |  |
| Efficiency ratio |  | 36.41 | % |  | 36.42 | % |  | 37.01 | % |  | (1) |  |  | (60) |  |
| Efficiency ratio (fully taxable equivalent) (“FTE”) (4) |  | 36.32 | % |  | 36.36 | % |  | 36.93 | % |  | (4) |  |  | (61) |  |
| Effective tax rate |  | 22.87 | % |  | 25.79 | % |  | 20.92 | % |  | (292) |  |  | 195 |  |
| Adjusted effective tax rate (2) |  | 21.28 | % |  | 25.79 | % |  | 20.92 | % |  | (451) |  | bps | 36 |  | bps
|  |  | Six Months Ended |  | June 30, 2025 Basis Point Change |  |  |  |  |
|  |  | June 30, 2025 |  | June 30, 2024 |  | Yr-o-Yr |  |  |  |  |
| Return on average assets |  | 1.59 | % |  | 1.61 | % |  | (2) |  | bps |  |  |
| Adjusted return on average assets (2) |  | 1.61 | % |  | 1.63 | % |  | (2) |  |  |  |  |  |
| Return on average common equity |  | 15.19 | % |  | 16.38 | % |  | (119) |  |  |  |  |  |
| Adjusted return on average common equity (2) |  | 15.36 | % |  | 16.56 | % |  | (120) |  |  |  |  |  |
| Return on average TCE (3) |  | 16.16 | % |  | 17.57 | % |  | (141) |  |  |  |  |  |
| Adjusted return on average TCE (3) |  | 16.33 | % |  | 17.76 | % |  | (143) |  |  |  |  |  |
| Interest rate spread |  | 2.34 | % |  | 2.08 | % |  | 26 |  |  |  |  |  |
| Net interest margin |  | 3.35 | % |  | 3.30 | % |  | 5 |  |  |  |  |  |
| Average loan yield |  | 6.39 | % |  | 6.72 | % |  | (33) |  |  |  |  |  |
| Yield on average interest-earning assets |  | 5.75 | % |  | 6.08 | % |  | (33) |  |  |  |  |  |
| Average cost of interest-bearing deposits |  | 3.33 | % |  | 3.89 | % |  | (56) |  |  |  |  |  |
| Average cost of deposits |  | 2.53 | % |  | 2.90 | % |  | (37) |  |  |  |  |  |
| Average cost of funds |  | 2.64 | % |  | 3.04 | % |  | (40) |  |  |  |  |  |
| Operating noninterest expense/average assets |  | 1.23 | % |  | 1.28 | % |  | (5) |  |  |  |  |  |
| Efficiency ratio |  | 36.41 | % |  | 37.65 | % |  | (124) |  |  |  |  |  |
| Efficiency ratio (FTE) (4) |  | 36.34 | % |  | 37.56 | % |  | (122) |  |  |  |  |  |
| Effective tax rate |  | 24.31 | % |  | 22.18 | % |  | 213 |  |  |  |  |  |
| Adjusted effective tax rate (2) |  | 23.50 | % |  | 22.18 | % |  | 132 |  | bps |  |  |
|  |  |  |  |  |  |  |  | June 30, 2025 Basis Point Change
|  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | Qtr-o-Qtr |  | Yr-o-Yr |
| Loan-to-deposit ratio |  | 84.54 | % |  | 86.04 | % |  | 87.98 | % |  | (150) |  |  | (344) |  |

(1)Annualized except for efficiency ratio and effective tax rate.
(2)Adjusted return on average assets, adjusted return on average common equity and the adjusted effective tax rate are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 12.
(3)Return on average TCE and adjusted return on average TCE are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 14.
(4)Efficiency ratio (FTE) is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 13.
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, 2025
|  |  | Commercial |  | Consumer |  |
|  |  |  |  | CRE |  |  | Residential Mortgage |  |  |  |  |
($ in thousands) |  |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  |  | Single-Family Residential |  | HELOCs |  |  | Other Consumer |  | Total
Allowance for loan losses, March 31, 2025 |  |  | $ | 421,288 |  |  | $ | 212,899 |  |  | $ | 32,324 |  |  | $ | 15,199 |  |  |  | $ | 46,929 |  |  | $ | 4,879 |  |  |  | $ | 1,338 |  |  | $ | 734,856 |
Provision for (reversal of) credit losses on loans | (a) |  | 27,595 |  |  | 8,007 |  |  | (3,274) |  |  | 2,654 |  |  |  | 5,064 |  |  | 369 |  |  |  | (259) |  |  | 40,156 |
Gross charge-offs |  |  | (8,151) |  |  | (8,306) |  |  | (3) |  |  | — |  |  |  | — |  |  | — |  |  |  | (4) |  |  | (16,464) |
Gross recoveries |  |  | 1,504 |  |  | 18 |  |  | 26 |  |  | 3 |  |  |  | 4 |  |  | 8 |  |  |  | 250 |  |  | 1,813 |
Total net (charge-offs) recoveries |  |  | (6,647) |  |  | (8,288) |  |  | 23 |  |  | 3 |  |  |  | 4 |  |  | 8 |  |  |  | 246 |  |  | (14,651) |
Foreign currency translation adjustment |  |  | 55 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | 55 |
Allowance for loan losses, June 30, 2025 |  |  | $ | 442,291 |  |  | $ | 212,618 |  |  | $ | 29,073 |  |  | $ | 17,856 |  |  |  | $ | 51,997 |  |  | $ | 5,256 |  |  |  | $ | 1,325 |  |  | $ | 760,416 |

|  |  | Three Months Ended March 31, 2025 |  |
|  |  | Commercial |  | Consumer |  |  |  |  |
|  |  |  |  | CRE |  |  | Residential Mortgage |  |  |  |  |  |  |  |
($ in thousands) |  |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  |  | Single-Family Residential |  | HELOCs |  |  | Other Consumer |  | Total |  |  |
Allowance for loan losses, December 31, 2024 |  |  | $ | 384,319 |  |  | $ | 218,677 |  |  | $ | 32,117 |  |  | $ | 17,497 |  |  |  | $ | 44,816 |  |  | $ | 3,132 |  |  |  | $ | 1,494 |  |  | $ | 702,052 |  |  |  |
Provision for (reversal of) credit losses on loans | (a) |  | 36,370 |  |  | 8,105 |  |  | 201 |  |  | (305) |  |  |  | 2,072 |  |  | 1,739 |  |  |  | (120) |  |  | 48,062 |  |  |  |
Gross charge-offs |  |  | (988) |  |  | (13,937) |  |  | (4) |  |  | (1,996) |  |  |  | (9) |  |  | — |  |  |  | (49) |  |  | (16,983) |  |  |  |
Gross recoveries |  |  | 1,564 |  |  | 54 |  |  | 10 |  |  | 3 |  |  |  | 50 |  |  | 8 |  |  |  | 13 |  |  | 1,702 |  |  |  |
Total net recoveries (charge-offs) |  |  | 576 |  |  | (13,883) |  |  | 6 |  |  | (1,993) |  |  |  | 41 |  |  | 8 |  |  |  | (36) |  |  | (15,281) |  |  |  |
Foreign currency translation adjustment |  |  | 23 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | 23 |  |  |  |
Allowance for loan losses, March 31, 2025 |  |  | $ | 421,288 |  |  | $ | 212,899 |  |  | $ | 32,324 |  |  | $ | 15,199 |  |  |  | $ | 46,929 |  |  | $ | 4,879 |  |  |  | $ | 1,338 |  |  | $ | 734,856 |  |  |  |

|  |  | Three Months Ended June 30, 2024
|  |  | Commercial |  | Consumer |  |  |
|  |  |  |  | CRE |  |  | Residential Mortgage |  |  |  |  |  |
($ in thousands) |  |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  |  | Single-Family Residential |  | HELOCs |  |  | Other Consumer |  | Total |
Allowance for loan losses, March 31, 2024 |  |  | $ | 373,631 |  |  | $ | 187,460 |  |  | $ | 37,418 |  |  | $ | 10,819 |  |  |  | $ | 55,922 |  |  | $ | 3,563 |  |  |  | $ | 1,467 |  |  | $ | 670,280 |  |
Provision for (reversal of) credit losses on loans | (a) |  | 17,783 |  |  | 18,287 |  |  | 2,628 |  |  | 4,422 |  |  |  | (6,366) |  |  | (232) |  |  |  | 240 |  |  | 36,762 |  |
Gross charge-offs |  |  | (13,134) |  |  | (11,103) |  |  | — |  |  | (920) |  |  |  | (35) |  |  | — |  |  |  | (130) |  |  | (25,322) |  |
Gross recoveries |  |  | 1,817 |  |  | 150 |  |  | 208 |  |  | 1 |  |  |  | 2 |  |  | 9 |  |  |  | — |  |  | 2,187 |  |
Total net (charge-offs) recoveries |  |  | (11,317) |  |  | (10,953) |  |  | 208 |  |  | (919) |  |  |  | (33) |  |  | 9 |  |  |  | (130) |  |  | (23,135) |  |
Foreign currency translation adjustment |  |  | (113) |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | (113) |  |
Allowance for loan losses, June 30, 2024 |  |  | $ | 379,984 |  |  | $ | 194,794 |  |  | $ | 40,254 |  |  | $ | 14,322 |  |  |  | $ | 49,523 |  |  | $ | 3,340 |  |  |  | $ | 1,577 |  |  | $ | 683,794 |  |

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, 2025
|  |  | Commercial |  | Consumer |  |
|  |  |  |  | CRE |  |  | Residential Mortgage |  |  |  |  |
($ in thousands) |  |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  |  | Single-Family Residential |  | HELOCs |  |  | Other Consumer |  | Total
Allowance for loan losses, January 1, 2025 |  |  | $ | 384,319 |  |  | $ | 218,677 |  |  | $ | 32,117 |  |  | $ | 17,497 |  |  |  | $ | 44,816 |  |  | $ | 3,132 |  |  |  | $ | 1,494 |  |  | $ | 702,052 |
Provision for (reversal of) credit losses on loans | (a) |  | 63,965 |  |  | 16,112 |  |  | (3,073) |  |  | 2,349 |  |  |  | 7,136 |  |  | 2,108 |  |  |  | (379) |  |  | 88,218 |
Gross charge-offs |  |  | (9,139) |  |  | (22,243) |  |  | (7) |  |  | (1,996) |  |  |  | (9) |  |  | — |  |  |  | (53) |  |  | (33,447) |
Gross recoveries |  |  | 3,068 |  |  | 72 |  |  | 36 |  |  | 6 |  |  |  | 54 |  |  | 16 |  |  |  | 263 |  |  | 3,515 |
Total net (charge-offs) recoveries |  |  | (6,071) |  |  | (22,171) |  |  | 29 |  |  | (1,990) |  |  |  | 45 |  |  | 16 |  |  |  | 210 |  |  | (29,932) |
Foreign currency translation adjustment |  |  | 78 |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | 78 |
Allowance for loan losses, June 30, 2025 |  |  | $ | 442,291 |  |  | $ | 212,618 |  |  | $ | 29,073 |  |  | $ | 17,856 |  |  |  | $ | 51,997 |  |  | $ | 5,256 |  |  |  | $ | 1,325 |  |  | $ | 760,416 |

|  |  | Six Months Ended June 30, 2024 |  |  |
|  |  | Commercial |  | Consumer |  |  |  |  |
|  |  |  |  | CRE |  |  | Residential Mortgage |  |  |  |  |  |  |  |
($ in thousands) |  |  | C&I |  | CRE |  | Multifamily Residential |  | Construction and Land |  |  | Single-Family Residential |  | HELOCs |  |  | Other Consumer |  | Total |  |  |
Allowance for loan losses, January 1, 2024 |  |  | $ | 392,685 |  |  | 170,592 |  |  | 34,375 |  |  | 10,469 |  |  |  | 55,018 |  |  | 3,947 |  |  |  | $ | 1,657 |  |  | $ | 668,743 |  |  |  |
Provision for (reversal of) credit losses on loans | (a) |  | 18,057 |  |  | 37,419 |  |  | 5,660 |  |  | 5,803 |  |  |  | (5,467) |  |  | (664) |  |  |  | 108 |  |  | 60,916 |  |  |  |
Gross charge-offs |  |  | (34,132) |  |  | (13,501) |  |  | (6) |  |  | (2,144) |  |  |  | (35) |  |  | — |  |  |  | (188) |  |  | (50,006) |  |  |  |
Gross recoveries |  |  | 3,527 |  |  | 284 |  |  | 225 |  |  | 194 |  |  |  | 7 |  |  | 57 |  |  |  | — |  |  | 4,294 |  |  |  |
Total net (charge-offs) recoveries |  |  | (30,605) |  |  | (13,217) |  |  | 219 |  |  | (1,950) |  |  |  | (28) |  |  | 57 |  |  |  | (188) |  |  | (45,712) |  |  |  |
Foreign currency translation adjustment |  |  | (153) |  |  | — |  |  | — |  |  | — |  |  |  | — |  |  | — |  |  |  | — |  |  | (153) |  |  |  |
Allowance for loan losses, June 30, 2024 |  |  | $ | 379,984 |  |  | $ | 194,794 |  |  | $ | 40,254 |  |  | $ | 14,322 |  |  |  | $ | 49,523 |  |  | $ | 3,340 |  |  |  | $ | 1,577 |  |  | $ | 683,794 |  |  |  |

|  |  | Three Months Ended |  | Six Months Ended
($ in thousands) |  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Unfunded Credit Facilities |  |  |  |  |  |  |  |  |  |  |
Allowance for unfunded credit commitments, beginning of period (1) |  |  | $ | 40,464 |  |  | $ | 39,526 |  |  | $ | 38,544 |  |  | $ | 39,526 |  |  | $ | 37,698 |
Provision for credit losses on unfunded credit commitments | (b) |  | 4,844 |  |  | 938 |  |  | 238 |  |  | 5,782 |  |  | 1,084 |
Foreign currency translation adjustment |  |  | (1) |  |  | — |  |  | 1 |  |  | (1) |  |  | 1 |
Allowance for unfunded credit commitments, end of period (1) |  |  | $ | 45,307 |  |  | $ | 40,464 |  |  | $ | 38,783 |  |  | $ | 45,307 |  |  | $ | 38,783 |
Provision for credit losses | (a)+(b) |  | $ | 45,000 |  |  | $ | 49,000 |  |  | $ | 37,000 |  |  | $ | 94,000 |  |  | $ | 62,000 |

(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, CREDIT QUALITY RATIOS AND |
COMPOSITION OF ALLOWANCE BY PORTFOLIO |
($ in thousands) |
(unaudited) |
Table 11 |
Criticized Loans |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |
Special mention loans |  | $ | 446,665 |  |  | $ | 494,444 |  |  | $ | 435,679 |  |
Classified loans |  | 736,228 |  |  | 750,570 |  |  | 644,564 |  |
Total criticized loans (1) |  | $ | 1,182,893 |  |  | $ | 1,245,014 |  |  | $ | 1,080,243 |  |

(1)Excludes loans HFS.

Nonperforming Assets |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |
Nonaccrual loans: |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |
| C&I |  | $ | 71,894 |  |  | $ | 75,579 |  |  | $ | 66,960 |  |
| Total CRE |  | 9,420 |  |  | 10,108 |  |  | 47,203 |  |
Consumer: |  |  |  |  |  |  |
| Total residential mortgage |  | 58,003 |  |  | 67,416 |  |  | 51,514 |  |
| Other consumer |  | 137 |  |  | 97 |  |  | 205 |  |
| Total nonaccrual loans |  | 139,454 |  |  | 153,200 |  |  | 165,882 |  |
Other real estate owned, net |  | 32,224 |  |  | 29,003 |  |  | 30,400 |  |
| Total nonperforming assets |  | $ | 171,678 |  |  | $ | 182,203 |  |  | $ | 196,282 |  |
Credit Quality Ratios |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |
Annualized quarterly net charge-offs to average loans HFI |  | 0.11 | % |  | 0.12 | % |  | 0.18 | % |
Special mention loans to loans HFI |  | 0.81 | % |  | 0.91 | % |  | 0.83 | % |
Classified loans to loans HFI |  | 1.34 | % |  | 1.38 | % |  | 1.22 | % |
Criticized loans to loans HFI |  | 2.15 | % |  | 2.29 | % |  | 2.05 | % |
Nonperforming assets to total assets |  | 0.22 | % |  | 0.24 | % |  | 0.27 | % |
Nonaccrual loans to loans HFI |  | 0.25 | % |  | 0.28 | % |  | 0.31 | % |
Allowance for loan losses to loans HFI |  | 1.38 | % |  | 1.35 | % |  | 1.30 | % |

Composition of Allowance (“ALLL”) by Portfolio |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |
Loan Category |  | ALLL |  | ALLL/ Loans HFI |  | ALLL |  | ALLL/ Loans HFI |  | ALLL |  | ALLL/ Loans HFI |
| C&I |  | $ | 442,291 |  |  | 2.48 | % |  | $ | 421,288 |  |  | 2.41 | % |  | $ | 379,984 |  |  | 2.25 | % |
| Total CRE |  | 259,547 |  |  | 1.26 |  |  | 260,422 |  |  | 1.27 |  |  | 249,370 |  |  | 1.23 |  |
| Multifamily |  | 29,073 |  |  | 0.58 |  |  | 32,324 |  |  | 0.65 |  |  | 40,254 |  |  | 0.79 |  |
| Office |  | 60,354 |  |  | 2.78 |  |  | 62,265 |  |  | 2.90 |  |  | 67,772 |  |  | 3.10 |  |
| All other CRE |  | 170,120 |  |  | 1.26 |  |  | 165,833 |  |  | 1.24 |  |  | 141,344 |  |  | 1.08 |  |
| Residential mortgage & consumer |  | 58,578 |  |  | 0.36 |  |  | 53,146 |  |  | 0.33 |  |  | 54,440 |  |  | 0.35 |  |
Total loans |  | $ | 760,416 |  |  | 1.38 | % |  | $ | 734,856 |  |  | 1.35 | % |  | $ | 683,794 |  |  | 1.30 | % |

17

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 12 |  |  |  |  |  |  |  |  |  |  |  |
On June 30, 2025, the California single sales factor apportionment method (“CA SSF”) was approved for financial institutions in the 2025 tax year, which resulted in $6 million of additional income tax expense recorded in the second quarter of 2025. The table below provides the computation of the Company’s effective tax rate and adjusted effective tax rate excluding the impact of the CA SSF. Management believes that presenting the adjusted effective tax rate computation allows comparability to prior periods.
|  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Income tax expense |  | (a) |  | $ | 91,979 |  |  | $ | 100,885 |  |  | $ | 76,238 |  |  | $ | 192,864 |  |  | $ | 163,415 |
Less: Impact of the CA SSF |  | (b) |  | (6,391) |  |  | — |  |  | — |  |  | (6,391) |  |  | — |
Adjusted income tax expense |  | (c)=(a)+(b) |  | $ | 85,588 |  |  | $ | 100,885 |  |  | $ | 76,238 |  |  | $ | 186,473 |  |  | $ | 163,415 |
Income before income taxes |  | (d) |  | 402,232 |  |  | 391,155 |  |  | 364,468 |  |  | 793,387 |  |  | 736,720 |
Effective tax rate |  | (a)/(d) |  | 22.87 | % |  | 25.79 | % |  | 20.92 | % |  | 24.31 | % |  | 22.18 | %
Less: Impact of the CA SSF |  | (b)/(d) |  | (1.59) | % |  | — | % |  | — | % |  | (0.81) | % |  | — | %
Adjusted effective tax rate |  | (c)/(d) |  | 21.28 | % |  | 25.79 | % |  | 20.92 | % |  | 23.50 | % |  | 22.18 | %

Adjusted net income represents net income adjusted for the tax-effected FDIC special assessment and DC Solar adjustments and the impact of the CA SSF. Management believes that presenting the computations of the adjusted net income, adjusted return on average assets and adjusted return on average equity that exclude the aforementioned tax-effected adjustments and the impact of the CA SSF provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods. •During the first and second quarters of 2024, the Company recorded $10 million, and $2 million, respectively, of pre-tax FDIC special assessment charges. During the first quarter of 2025, the Company recorded an $833 thousand FDIC special assessment charge that was subsequently reversed during the second quarter of 2025. Pre-tax FDIC special assessment reversals/charges are included in Deposit insurance premiums and regulatory assessments on the Condensed Consolidated Statement of Income. •During the second quarter of 2024, the Company recorded $3 million in pre-tax DC Solar recoveries (included in Amortization of Tax Credit and CRA Investments on the Condensed Consolidated Statement of Income) related to the Company’s investment in DC Solar. •During the second quarter of 2025, the Company recorded $6 million of additional income tax expense due to the impact of the CA SSF.
|  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Net income |  | (a) |  | $ | 310,253 |  |  | $ | 290,270 |  |  | $ | 288,230 |  |  | $ | 600,523 |  |  | $ | 573,305 |
Less/Add: FDIC special assessment (reversal) charge |  | (b) |  | (833) |  |  | 833 |  |  | 1,880 |  |  | — |  |  | 12,185 |
Less: DC Solar recovery |  | (b) |  | — |  |  | — |  |  | (3,146) |  |  | — |  |  | (3,146) |
Tax effects of FDIC special assessment and DC Solar adjustments (1) |  | (b) |  | 235 |  |  | (248) |  |  | 374 |  |  | — |  |  | (2,672) |
Add: Impact of the CA SSF |  | (b) |  | 6,391 |  |  | — |  |  | — |  |  | 6,391 |  |  | — |
Adjusted net income |  | (c)=(a)+∑(b) |  | $ | 316,046 |  |  | $ | 290,855 |  |  | $ | 287,338 |  |  | $ | 606,914 |  |  | $ | 579,672 |
Average total assets |  | (d) |  | $ | 76,862,028 |  |  | $ | 75,624,952 |  |  | $ | 71,189,200 |  |  | $ | 76,246,907 |  |  | $ | 71,433,798 |
Average stockholders’ equity |  | (e) |  | $ | 8,069,982 |  |  | $ | 7,869,074 |  |  | $ | 7,087,500 |  |  | $ | 7,970,083 |  |  | $ | 7,040,029 |
Return on average assets (2) |  | (a)/(d) |  | 1.62 | % |  | 1.56 | % |  | 1.63 | % |  | 1.59 | % |  | 1.61 | %
Adjusted return on average assets (2) |  | (c)/(d) |  | 1.65 | % |  | 1.56 | % |  | 1.62 | % |  | 1.61 | % |  | 1.63 | %
Return on average common equity (2) |  | (a)/(e) |  | 15.42 | % |  | 14.96 | % |  | 16.36 | % |  | 15.19 | % |  | 16.38 | %
Adjusted return on average common equity (2) |  | (c)/(e) |  | 15.71 | % |  | 14.99 | % |  | 16.31 | % |  | 15.36 | % |  | 16.56 | %

(1)Applied statutory tax rate of 28.18% for the three and six months ended June 30, 2025, and 29.73% for the three months ended March 31, 2025. Applied statutory tax rate of 29.56% for the three and six months ended June 30, 2024.
(2)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. Non-GAAP measures used consist of FTE net interest income and total revenue. The FTE adjustment relates to tax exempt interest on certain investment securities and loans. Efficiency ratio (FTE) represents noninterest expenses divided by total revenue (FTE). Pre-tax, pre-provision income represents total revenue (FTE) less noninterest expense.
|  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Net interest income before provision for credit losses |  | (a) |  | $ | 617,074 |  |  | $ | 600,201 |  |  | $ | 553,229 |  |  | $ | 1,217,275 |  |  | $ | 1,118,368 |
FTE adjustment |  | (b) |  | 1,603 |  |  | 1,146 |  |  | 1,504 |  |  | 2,749 |  |  | 3,080 |
FTE net interest income before provision for credit losses |  | (c)=(a)+(b) |  | 618,677 |  |  | 601,347 |  |  | 554,733 |  |  | 1,220,024 |  |  | 1,121,448 |
Total noninterest income |  | (d) |  | 86,178 |  |  | 92,102 |  |  | 84,171 |  |  | 178,280 |  |  | 162,658 |
Total revenue |  | (e)=(a)+(d) |  | 703,252 |  |  | 692,303 |  |  | 637,400 |  |  | 1,395,555 |  |  | 1,281,026 |
Total revenue (FTE) |  | (f)=(c)+(d) |  | $ | 704,855 |  |  | $ | 693,449 |  |  | $ | 638,904 |  |  | $ | 1,398,304 |  |  | $ | 1,284,106 |
Total noninterest expense |  | (g) |  | $ | 256,020 |  |  | $ | 252,148 |  |  | $ | 235,932 |  |  | $ | 508,168 |  |  | $ | 482,306 |
Efficiency ratio |  | (g)/(e) |  | 36.41 | % |  | 36.42 | % |  | 37.01 | % |  | 36.41 | % |  | 37.65 | %
Efficiency ratio (FTE) |  | (g)/(f) |  | 36.32 | % |  | 36.36 | % |  | 36.93 | % |  | 36.34 | % |  | 37.56 | %
Pre-tax, pre-provision income |  | (f)-(g) |  | $ | 448,835 |  |  | $ | 441,301 |  |  | $ | 402,972 |  |  | $ | 890,136 |  |  | $ | 801,800 |

Adjusted net income represents net income adjusted for the tax-effected FDIC special assessment and DC Solar adjustments and the impact of the CA SSF. (Refer to Table 12 for additional information on the tax-effected FDIC special assessment and DC Solar adjustments, and the CA SSF.) Adjusted diluted EPS represents diluted EPS adjusted for the tax-effected adjustments and the impact of the CA SSF. Management believes that the measures and ratios presented in the table 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, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Net income |  | (a) |  |  |  | $ | 310,253 |  |  | $ | 290,270 |  |  | $ | 288,230 |  |  | $ | 600,523 |  |  | $ | 573,305 |
Less/Add: FDIC special assessment (reversal) charge |  | (b) |  |  |  | (833) |  |  | 833 |  |  | 1,880 |  |  | — |  |  | 12,185 |
Less: DC Solar recovery |  | (b) |  |  |  | — |  |  | — |  |  | (3,146) |  |  | — |  |  | (3,146) |
Tax effects of FDIC special assessment and DC Solar adjustments (1) |  | (b) |  |  |  | 235 |  |  | (248) |  |  | 374 |  |  | — |  |  | (2,672) |
Add: Impact of the CA SSF |  | (b) |  |  |  | 6,391 |  |  | — |  |  | — |  |  | 6,391 |  |  | — |
Adjusted net income |  | (c)=(a)+∑(b) |  |  |  | $ | 316,046 |  |  | $ | 290,855 |  |  | $ | 287,338 |  |  | $ | 606,914 |  |  | $ | 579,672 |
Diluted weighted-average number of shares outstanding |  | (d) |  |  |  | 138,789 |  |  | 139,291 |  |  | 139,801 |  |  | 139,058 |  |  | 140,047 |
Diluted EPS |  | (e) |  |  |  | $ | 2.24 |  |  | $ | 2.08 |  |  | $ | 2.06 |  |  | $ | 4.32 |  |  | $ | 4.09 |
Less/Add: FDIC special assessment (reversal) charge |  | (f) |  |  |  | (0.01) |  |  | 0.01 |  |  | 0.02 |  |  | — |  |  | 0.09 |
Less: DC Solar recovery |  | (f) |  |  |  | — |  |  | — |  |  | (0.02) |  |  | — |  |  | (0.02) |
Tax effects of FDIC special assessment and DC Solar adjustments (1) |  | (f) |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.02) |
Add: Impact of the CA SSF |  | (f) |  |  |  | 0.05 |  |  | — |  |  | — |  |  | 0.05 |  |  | — |
Adjusted diluted EPS |  | (g)=(e)+∑(f) |  |  |  | $ | 2.28 |  |  | $ | 2.09 |  |  | $ | 2.06 |  |  | $ | 4.37 |  |  | $ | 4.14 |

(1)Applied statutory tax rate of 28.18% for the three and six months ended June 30, 2025, and 29.73% for the three months ended March 31, 2025. Applied statutory tax rate of 29.56% for the three and six months ended June 30, 2024.
19

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 mortgage servicing assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and are used by banking regulators and analysts, the Company has included them below for discussion.
|  |  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024
Common Stock |  |  |  | $ | 170 |  |  | $ | 170 |  |  | $ | 170 |
Additional paid-in capital |  |  |  | 2,060,115 |  |  | 2,043,898 |  |  | 2,007,388 |
Retained earnings |  |  |  | 7,744,221 |  |  | 7,517,711 |  |  | 6,873,653 |
Treasury stock |  |  |  | (1,140,359) |  |  | (1,137,299) |  |  | (1,011,924) |
Accumulated other comprehensive income: |  |  |  |  |  |  |  |
AFS debt securities net unrealized losses |  |  |  | (466,568) |  |  | (482,175) |  |  | (591,286) |
Cash flow hedges net unrealized gains (losses) |  |  |  | 28,622 |  |  | 10,493 |  |  | (44,059) |
Foreign currency translation adjustments |  |  |  | (24,434) |  |  | (23,333) |  |  | (18,828) |
Total accumulated other comprehensive loss |  |  |  | (462,380) |  |  | (495,015) |  |  | (654,173) |
Stockholders’ equity |  | (a) |  | $ | 8,201,767 |  |  | $ | 7,929,465 |  |  | $ | 7,215,114 |
Less: Goodwill |  |  |  | (465,697) |  |  | (465,697) |  |  | (465,697) |
Mortgage servicing assets |  |  |  | (4,628) |  |  | (4,940) |  |  | (5,903) |
Tangible book value |  | (b) |  | $ | 7,731,442 |  |  | $ | 7,458,828 |  |  | $ | 6,743,514 |
Number of common shares at period-end |  | (c) |  | 137,816 |  |  | 137,802 |  |  | 138,604 |
Book value per share |  | (a)/(c) |  | $ | 59.51 |  |  | $ | 57.54 |  |  | $ | 52.06 |
Tangible book value per share |  | (b)/(c) |  | $ | 56.10 |  |  | $ | 54.13 |  |  | $ | 48.65 |
Total assets |  | (d) |  | $ | 78,158,067 |  |  | $ | 76,165,013 |  |  | $ | 72,468,272 |
Less: Goodwill |  |  |  | (465,697) |  |  | (465,697) |  |  | (465,697) |
Mortgage servicing assets |  |  |  | (4,628) |  |  | (4,940) |  |  | (5,903) |
Tangible assets |  | (e) |  | $ | 77,687,742 |  |  | $ | 75,694,376 |  |  | $ | 71,996,672 |
Total stockholders’ equity to assets ratio |  | (a)/(d) |  | 10.49 | % |  | 10.41 | % |  | 9.96 | %
TCE ratio |  | (b)/(e) |  | 9.95 | % |  | 9.85 | % |  | 9.37 | %

Return on average TCE represents tangible net income divided by average tangible book value. Tangible net income excludes the after-tax impacts of the amortization of mortgage servicing assets. Adjusted return on average TCE represents adjusted tangible net income divided by average tangible book value. Adjusted tangible net income is tangible net income excluding the tax-effected FDIC special assessment and DC Solar adjustments and the impact of the CA SSF. Given that the use of such measures and ratios is more prevalent in the banking industry, and are used by banking regulators and analysts, the Company has included them below for discussion.
|  |  |  | Three Months Ended |  | Six Months Ended
|  |  |  | June 30, 2025 |  | March 31, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Net income |  | (f) |  | $ | 310,253 |  |  | $ | 290,270 |  |  | $ | 288,230 |  |  | $ | 600,523 |  |  | $ | 573,305 |
Add: Amortization of mortgage servicing assets |  |  |  | 316 |  |  | 293 |  |  | 332 |  |  | 609 |  |  | 640 |
Tax effect of amortization adjustment (1) |  |  |  | (89) |  |  | (87) |  |  | (98) |  |  | (172) |  |  | (189) |
Tangible net income |  | (g) |  | $ | 310,480 |  |  | $ | 290,476 |  |  | $ | 288,464 |  |  | $ | 600,960 |  |  | $ | 573,756 |
Less/Add: FDIC special assessment (reversal) charge |  |  |  | (833) |  |  | 833 |  |  | 1,880 |  |  | — |  |  | 12,185 |
Less: DC Solar recovery |  |  |  | — |  |  | — |  |  | (3,146) |  |  | — |  |  | (3,146) |
Tax effects of FDIC special assessment and DC Solar adjustments (1) |  |  |  | 235 |  |  | (248) |  |  | 374 |  |  | — |  |  | (2,672) |
Add: Impact of the CA SSF |  |  |  | 6,391 |  |  | — |  |  | — |  |  | 6,391 |  |  | — |
Adjusted tangible net income |  | (h) |  | $ | 316,273 |  |  | $ | 291,061 |  |  | $ | 287,572 |  |  | $ | 607,351 |  |  | $ | 580,123 |
Average stockholders’ equity |  | (i) |  | $ | 8,069,982 |  |  | $ | 7,869,074 |  |  | $ | 7,087,500 |  |  | $ | 7,970,083 |  |  | $ | 7,040,029 |
Less: Average goodwill |  |  |  | (465,697) |  |  | (465,697) |  |  | (465,697) |  |  | (465,697) |  |  | (465,697) |
Average mortgage servicing assets |  |  |  | (4,825) |  |  | (5,120) |  |  | (6,110) |  |  | (4,971) |  |  | (6,292) |
Average tangible book value |  | (j) |  | $ | 7,599,460 |  |  | $ | 7,398,257 |  |  | $ | 6,615,693 |  |  | $ | 7,499,415 |  |  | $ | 6,568,040 |
Return on average common equity (2) |  | (f)/(i) |  | 15.42 | % |  | 14.96 | % |  | 16.36 | % |  | 15.19 | % |  | 16.38 | %
Return on average TCE (2) |  | (g)/(j) |  | 16.39 | % |  | 15.92 | % |  | 17.54 | % |  | 16.16 | % |  | 17.57 | %
Adjusted return on average TCE (2) |  | (h)/(j) |  | 16.69 | % |  | 15.96 | % |  | 17.48 | % |  | 16.33 | % |  | 17.76 | %

(1)Applied statutory tax rate of 28.18% for the three and six months ended June 30, 2025, and 29.73% for the three months ended March 31, 2025. Applied statutory tax rate of 29.56% for the three and six months ended June 30, 2024.
(2)Annualized.
20