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

EAST WEST BANCORP REPORTS RECORD QUARTERLY NET INCOME OF $368 MILLION AND DILUTED EARNINGS PER SHARE OF $2.65; RECORD FEES, LOANS, AND DEPOSITS

Pasadena, California – October 21, 2025 – East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported third quarter 2025 net income of $368 million, or $2.65 per diluted share. Return on average common equity was 17.4%, return on average tangible common equity1 was 18.5%, return on average assets was 1.84%, while book value per share and tangible book value per share1 both grew 5% quarter-over-quarter.

“I am proud to report East West’s record-breaking financial results for the third quarter,” said Dominic Ng, Chairman and Chief Executive Officer. “We earned record levels of revenue, net income, and earnings per share. Record net interest income was fueled by deposit-led growth, while higher fee income was driven by notable strength in wealth management, lending, and deposit account fees,” said Ng.

“Asset quality remained resilient. Nevertheless, given the uncertainty in the outlook for 2026, we further bolstered our allowance for loan losses,” continued Ng. “Our significant capital levels, ample liquidity, bolstered reserves, and strong earnings profile enable East West to operate from a position of strength, with the ability to capitalize on opportunities across market environments,” Ng concluded.

FINANCIAL HIGHLIGHTS

Three Months Ended
Quarter-over-Quarter Change
($ in millions, except per share data)September 30, 2025June 30, 2025$%
Total Revenue$778$703$7511 %
Net Income3683105819 
Pre-tax, Pre-provision Income2
5034495412 
Diluted Earnings per Share$2.65$2.24$0.4119 
Book Value per Share$62.39$59.51$2.885 
Tangible Book Value per Share1
$58.97$56.10$2.875 %
Return on Average Assets1.84%1.62%—22 bps
Return on Average Common Equity17.44%15.42%—202 bps
Return on Average Tangible Common Equity1
18.48%16.39%—209 bps
Total Stockholders’ Equity to Assets Ratio10.77%10.49%—28 bps
Tangible Common Equity Ratio1
10.24%9.95%—29 bps
Total Assets$79,670$78,158$1,5122 %

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 $79.7 billion as of September 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.
1 Return on average tangible common equity, tangible book value per share, and tangible common equity ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 16.
2 Pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 15.
1


BALANCE SHEET

•Assets – Total assets were $79.7 billion as of September 30, 2025, an increase of $1.5 billion, or 2%, from $78.2 billion as of June 30, 2025. Year-over-year, total assets grew $5.2 billion, or 7%, from $74.5 billion as of September 30, 2024.

Third quarter 2025 average interest-earning assets of $76.2 billion were up $2.3 billion, or 3%, from $73.9 billion in the second quarter, primarily reflecting a $1.2 billion increase in average interest-bearing cash and deposits with banks, a $0.9 billion increase in average total loans outstanding, and a $0.2 billion increase in average available-for-sale (“AFS”) debt securities.

•Loans – Total loans reached a record $55.8 billion as of September 30, 2025, an increase of $0.8 billion from $55.0 billion as of June 30, 2025. Year-over-year, total loans were up $2.5 billion, or 5%, from $53.3 billion as of September 30, 2024.

Third quarter 2025 average total loans grew by $0.9 billion, or 2%, to $55.2 billion, from $54.3 billion in the second quarter.

•Deposits – Total deposits reached a record $66.6 billion as of September 30, 2025, an increase of $1.6 billion from $65.0 billion as of June 30, 2025, primarily reflecting growth in time, noninterest-bearing demand, money market, and savings deposits. Noninterest-bearing deposits made up 24% of total deposits as of September 30, 2025. Year-over-year, total deposits increased $4.9 billion, or 8%, from $61.7 billion as of September 30, 2024.

Third quarter 2025 total average deposits of $66.2 billion increased $2.5 billion from the second quarter of 2025, primarily reflecting growth in average money market, time, and noninterest-bearing demand deposits.

•Capital – As of September 30, 2025, stockholders’ equity was $8.6 billion, up 5% quarter-over-quarter. The total stockholders’ equity to assets ratio was 10.77% as of September 30, 2025, compared with 10.49% as of June 30, 2025.

Book value per share was $62.39 as of September 30, 2025, up $2.88, or 5% quarter-over-quarter. As of September 30, 2025, tangible book value per share3 was $58.97, up $2.87, or 5% quarter-over-quarter.

East West’s regulatory capital ratios are well in excess of requirements for well-capitalized institutions, and well above regional bank averages.

CAPITAL STRENGTH
The following table presents capital metrics as of September 30, 2025, June 30, 2025, and September 30, 2024.
EWBC Capital
($ in millions)
September 30, 2025 (a)
June 30, 2025
September 30, 2024 (b)
Risk-Weighted Assets (“RWA”) (c)
$57,052$56,280$54,291
Risk-based capital ratios:
Total capital ratio16.15%15.82%15.39%
CET1 capital ratio14.83%14.51%14.08%
Tier 1 capital ratio14.83%14.51%14.08%
Leverage ratio10.66%10.60%10.40%
Total stockholders’ equity to assets ratio10.77%10.49%10.29%
Tangible common equity ratio (d)
10.24%9.95%9.72%
(a)The Company’s September 30, 2025 regulatory capital ratios and RWA are preliminary.
(b)The Company applied the 2020 Current Expected Credit Losses (“CECL”) transition provision in the September 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 was no longer in effect as of January 1, 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 16.
3 Tangible book value per share is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 16.
2

OPERATING RESULTS

Third Quarter Earnings – Third quarter 2025 revenue was a record $778 million, up $75 million, or 11% quarter-over-quarter, driven by record quarterly net interest income and noninterest income. Revenue in the third quarter included $32 million of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans. Noninterest expense was $277 million in the third quarter, up $21 million quarter-over-quarter, or 8%, which included $27 million of additional compensation expense from a change in equity award recognition for retirement eligible employees.

Third quarter 2025 net income was a record $368 million or $2.65 per diluted share, both up 19% from the second quarter of 2025. Pre-tax, pre-provision income4 totaled a record $503 million in the third quarter, up $54 million, or 12% quarter-over-quarter.

Third Quarter 2025 Compared to Second Quarter 2025

Net Interest Income and Net Interest Margin

Net interest income totaled a record $678 million in the third quarter, an increase of $60 million, or 10%, from $617 million.

•Net interest margin was 3.53%, up 18 basis points from the prior quarter. Excluding the benefit of $32 million in discount accretion and interest recoveries, net interest margin was 3.36%.
•The average loan yield was 6.61%, up 21 basis points from the prior quarter. The average interest-earning asset yield was 5.88%, up 13 basis points from the prior quarter.
•The average cost of funds was 2.58%, down 5 basis points from the prior quarter. The average cost of interest-bearing deposits was 3.26%, a 5 basis point decrease from the prior quarter.

Noninterest Income

Noninterest income totaled a record $101 million in the third quarter, an increase of $14 million, or 17% from $86 million in the second quarter. Record fee income5 of $92 million increased $11 million, or 14%, from $81 million in the prior quarter, with growth in all fee categories.

•Wealth management fees increased $4 million quarter-over-quarter, reflecting higher customer activity.
•Other income increased $3 million quarter-over-quarter, primarily due to the realization of a bank-owned life insurance-related event.
•Customer derivative income increased $3 million in the third quarter, reflecting higher customer activity.
•Lending and loan servicing fees were up $2 million in the third quarter, reflecting higher customer activity and greater syndication fees.
•Commercial and consumer deposit-related fees grew $2 million quarter-over-quarter, primarily reflecting higher treasury management and service-related fee income.
•Foreign exchange income was $14 million, an increase of $1 million.

Noninterest Expense

Total noninterest expense was $277 million in the third quarter, which included $16 million of amortization for tax credit and Community Reinvestment Act investments. Total operating noninterest expense was $261 million, an increase of $31 million quarter-over-quarter.
•Compensation and employee benefits were $176 million, an increase of $31 million, primarily reflecting $27 million of additional compensation expense from a change in equity award recognition for retirement eligible employees.
•Occupancy and equipment expense was $17 million, an increase of $1 million.
•Other operating expense was $38 million, an increase of $2 million, primarily reflecting an increase in net other real estate owned write-downs.
•The efficiency ratio was 35.6% in the third quarter, compared with 36.4% in the prior quarter.
4 Pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 15.
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.
3


TAX RELATED ITEMS

Third quarter 2025 income tax expense was $97 million and the effective tax rate was 20.8%, compared with income tax expense of $92 million and 22.9% in the second quarter of 2025, primarily reflecting greater pre-tax income in the third quarter.

ASSET QUALITY

As of September 30, 2025, the credit quality of our loan portfolio remained resilient.
•The criticized loans ratio decreased 1 basis point quarter-over-quarter to 2.14% of loans held-for-investment (“HFI”) as of September 30, 2025, compared with 2.15% as of June 30, 2025. Criticized loans increased $8 million quarter-over-quarter to $1.2 billion as of September 30, 2025.
•The special mention loans ratio decreased 5 basis points quarter-over-quarter to 0.76% of loans HFI as of September 30, 2025, compared with 0.81% as of June 30, 2025, while the classified loans ratio increased 4 basis points to 1.38%.
•Nonperforming assets increased $29 million to $201 million as of September 30, 2025, from $172 million as of June 30, 2025. The nonperforming assets ratio was 0.25% of total assets as of September 30, 2025, up 3 basis points from the prior quarter.
•Third quarter 2025 net charge-offs were $18 million, or annualized 0.13% of average loans HFI, compared with $15 million, or annualized 0.11% of average loans HFI, for the second quarter of 2025.
•The allowance for loan losses increased to $791 million, or 1.42% of loans HFI, as of September 30, 2025, compared with $760 million, or 1.38% of loans HFI, as of June 30, 2025, driven primarily by changes in the impact of the economic forecast.
•Third quarter 2025 provision for credit losses was $36 million, compared with $45 million in the second quarter of 2025.

DIVIDEND PAYOUT AND CAPITAL ACTIONS

East West’s Board of Directors has declared the fourth quarter 2025 dividend for the Company’s common stock. The common stock cash dividend of $0.60 per share is payable on November 17, 2025 to shareholders of record as of November 3, 2025.

East West repurchased approximately 258 thousand shares of common stock during the third quarter of 2025 for $25 million. $216 million of East West’s share repurchase authorization remains available.







4

Conference Call

East West will host a conference call to discuss third quarter 2025 earnings with the public on Tuesday, October 21, 2025, at 2:00 p.m. PT/5:00 p.m. ET. The public and investment community are invited to listen as management discusses third 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:
For Media Inquiries, Contact:
 Adrienne Atkinson
Angie Tang
 Director of Investor RelationsSVP - Corporate Communications
 T: (626) 788-7536
T: (626) 768-6853
 E: adrienne.atkinson@eastwestbank.comE: angie.tang@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 and its subsequent filings with the SEC. 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   
September 30, 2025
% or Basis Point Change
 September 30, 2025June 30, 2025September 30, 2024Qtr-o-QtrYr-o-Yr
Assets   
Cash and cash equivalents, and deposits with banks
$4,762,394$4,514,476$4,976,1745.5 %(4.3)%
 Securities purchased under resale agreements (“resale agreements”)425,000425,000425,000— — 
 
Available-for-sale (“AFS”) debt securities (amortized cost of $13,189,313, $13,035,258 and $10,667,293)
12,741,15212,488,91310,133,8772.0 25.7 
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,467,362, $2,437,247 and $2,510,352)
2,880,6822,892,9822,928,399(0.4)(1.6)
Total cash, resale agreements and debt securities20,809,22820,321,37118,463,4502.4 12.7 
 Loans held-for-sale (“HFS”)19,59611,873—65.0 100.0 
 
Loans held-for-investment (“HFI”) (net of allowance for loan losses of $790,520, $760,416 and $696,485)
54,976,25254,200,76852,556,6961.4 4.6 
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net982,247968,389924,4391.4 6.3 
 Goodwill465,697465,697465,697— — 
Operating lease right-of-use assets77,85580,52382,775(3.3)(5.9)
 Other assets 2,338,6562,109,4461,990,66310.9 17.5 
 Total assets $79,669,531$78,158,067$74,483,7201.9 %7.0 %
Liabilities and Stockholders’ Equity   
 Deposits$66,587,556$65,029,493$61,700,1152.4 %7.9 %
Short-term borrowings9,851—— 100.0 100.0 
Federal Home Loan Bank (“FHLB”) advances3,000,0003,500,0003,500,000 (14.3)(14.3)
Securities sold under repurchase agreements (“repurchase agreements”)
53,489——100.0 100.0 
 Long-term debt and finance lease liabilities35,70735,78936,055(0.2)(1.0)
Operating lease liabilities 83,99886,98790,369(3.4)(7.0)
 Accrued expenses and other liabilities1,316,1301,304,0311,492,6420.9 (11.8)
 Total liabilities71,086,73169,956,30066,819,1811.6 6.4 
 Stockholders’ equity8,582,8008,201,7677,664,5394.6 12.0 
 Total liabilities and stockholders’ equity $79,669,531$78,158,067$74,483,7201.9 %7.0 %
Total cash, resale agreements and debt securities/total assets
26.12%26.00%24.79%12 bps133 bps
Total stockholders’ equity to assets ratio10.77%10.49%10.29%28 48 
Tangible common equity (“TCE”) ratio (1)
10.24%9.95%9.72%29 bps52 bps
Book value per share $62.39$59.51$55.304.8 %12.8 %
Tangible book value (1) per share
$58.97$56.10$51.905.1 13.6 
Number of common shares at period-end137,568137,816138,609(0.2)%(0.8)%
(1)The TCE ratio and the tangible book value are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 16.
6

EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
September 30, 2025
% Change
  September 30, 2025June 30, 2025September 30, 2024Qtr-o-QtrYr-o-Yr
Loans:   
Commercial:
Commercial and industrial (“C&I”)$18,001,529 $17,822,881 $17,068,002 1.0 %5.5 %
Commercial real estate (“CRE”):
 CRE15,231,167 14,978,775 14,568,209 1.7 4.6 
 Multifamily residential5,037,284 4,978,915 5,141,481 1.2 (2.0)
 Construction and land776,587 709,713 693,775 9.4 11.9 
Total CRE21,045,038 20,667,403 20,403,465 1.8 3.1 
Consumer:
Residential mortgage:
 Single-family residential14,820,911 14,569,997 13,963,097 1.7 6.1 
 Home equity lines of credit (“HELOCs”)1,852,408 1,850,965 1,760,716 0.1 5.2 
Total residential mortgage16,673,319 16,420,962 15,723,813 1.5 6.0 
Other consumer46,886 49,938 57,901 (6.1)(19.0)
Total loans HFI (1)
55,766,772 

54,961,184 

53,253,181 1.5 4.7 
Loans HFS19,596 11,873 — 65.0 100.0 
 
Total loans (1)
55,786,368 54,973,057 53,253,181 1.5 4.8 
Allowance for loan and lease losses (“ALLL”)
(790,520)(760,416)(696,485)4.0 13.5 
 
Net loans (1)
$54,995,848 $54,212,641 $52,556,696 1.4 %4.6 %
Deposits by product:
   
 Noninterest-bearing demand$16,141,954 $15,470,239 $14,690,864 4.3 %9.9 %
 Interest-bearing checking7,854,206 8,143,893 8,052,720 (3.6)(2.5)
 Money market15,609,931 15,420,318 14,021,042 1.2 11.3 
 Savings1,689,978 1,683,703 1,718,378 0.4 (1.7)
 Time deposits25,291,487 24,311,340 23,217,111 4.0 8.9 
 Total deposits$66,587,556 $65,029,493 $61,700,115 2.4 %7.9 %
Deposits by segment/region:
Consumer and Business Banking - U.S. (2)
$34,378,478 $33,407,064 $32,104,904 2.9 %7.1 %
Commercial Banking - U.S. (2)
24,126,028 23,595,005 23,212,616 2.3 3.9 
International Branches (3)
3,835,351 3,579,005 3,307,793 7.2 15.9 
Treasury and Other - U.S. (4)
4,247,699 4,448,419 3,074,802 (4.5)38.1 
Total deposits$66,587,556 $65,029,493 $61,700,115 2.4 %7.9 %
(1)Includes $24 million, $74 million and $52 million of net deferred loan fees and net unamortized premiums as of September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
(2)Excludes deposits presented under International Branches.
(3)Deposits of our Hong Kong branch and China subsidiary bank branches are 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
September 30, 2025
% Change
September 30, 2025June 30, 2025September 30, 2024Qtr-o-QtrYr-o-Yr
Interest and dividend income (1)
$1,129,732 $1,058,999 $1,075,899 6.7%5.0%
Interest expense452,202 441,925 503,177 2.3(10.1)
Net interest income before provision for credit losses677,530 617,074 572,722 9.818.3
Provision for credit losses36,000 45,000 42,000 (20.0)(14.3)
Net interest income after provision for credit losses641,530 572,074 530,722 12.1%20.9%
Noninterest income:
Commercial and consumer deposit-related fees
28,409 26,865 26,815 5.75.9
 Lending and loan servicing fees27,605 25,586 26,453 7.94.4
 Foreign exchange income14,491 13,715 13,569 5.76.8
 Wealth management fees14,562 10,725 10,683 35.836.3
Customer derivative income
6,442 3,645 3,774 76.770.7
Total fee income91,509 80,536 81,294 13.612.6
Derivative mark-to-market and credit valuation adjustments
(318)(1,444)(4,480)78.092.9
 Net gains on AFS debt securities57 746 145 (92.4)(60.7)
Other investment income
705 678 2,800 4.0(74.8)
Other income8,564 5,662 4,636 51.384.7
Total noninterest income100,517 86,178 84,395 16.6%19.1%
Noninterest expense:  
 
Compensation and employee benefits (2)
175,585 144,841 135,464 21.2%29.6%
 Occupancy and equipment expense16,970 16,289 17,001 4.2(0.2)
Deposit account expense8,851 9,348 12,229 (5.3)(27.6)
Computer and software related expenses12,949 13,446 11,436 (3.7)13.2
Deposit insurance premiums and regulatory assessments (3)
8,644 9,133 9,178 (5.4)(5.8)
 Other operating expense38,231 36,727 34,892 4.19.6
Total operating noninterest expense
261,230 229,784 220,200 13.718.6
Amortization of tax credit and CRA investments (4)
15,693 26,236 5,600 (40.2)180.2
Total noninterest expense276,923 256,020 225,800 8.222.6
Income before income taxes 465,124 402,232 389,317 15.619.5
Income tax expense96,730 91,979 90,151 5.27.3
Net income $368,394 $310,253 $299,166 18.7%23.1%
Earnings per share (“EPS”)   
- Basic$2.68 $2.25 $2.16 18.9%24.0%
- Diluted $2.65 $2.24 $2.14 18.623.8
Weighted-average number of shares outstanding
- Basic137,676 137,818 138,606 (0.1)%(0.7)%
- Diluted 138,942 138,789 139,648 0.1(0.5)
(1)Includes $32 million of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the three months ended September 30, 2025.
(2)Includes $27 million of additional compensation expense from the change in equity award expense recognition for retirement eligible employees for the three months ended September 30, 2025.
(3)Includes $2 million and $833 thousand of FDIC special assessment reversals for the three months ended September 30, 2025 and June 30, 2025, respectively.
(4)Includes $11 million in DC Solar recoveries for the three months ended September 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
 Nine Months Ended
September 30, 2025
% Change
  September 30, 2025September 30, 2024Yr-o-Yr
Interest and dividend income (1)
$3,220,533 $3,133,930 2.8%
Interest expense1,325,728 1,442,840 (8.1)
Net interest income before provision for credit losses1,894,805 1,691,090 12.0
Provision for credit losses130,000 104,000 25.0
Net interest income after provision for credit losses1,764,805 1,587,090 11.2%
Noninterest income:
Commercial and consumer deposit-related fees82,349 77,412 6.4
Lending and loan servicing fees79,421 73,718 7.7
Foreign exchange income44,043 37,962 16.0
Wealth management fees38,966 28,798 35.3
Customer derivative income15,626 11,141 40.3
Total fee income260,405 229,031 13.7
Derivative mark-to-market and credit valuation adjustments
(3,232)(2,333)(38.5)
Net gains on AFS debt securities
934 1,979 (52.8)
Other investment income3,645 6,201 (41.2)
Other income17,045 12,175 40.0
Total noninterest income278,797 247,053 12.8%
Noninterest expense:
 
Compensation and employee benefits (2)
466,861 410,864 13.6%
 Occupancy and equipment expense48,948 48,016 1.9
Deposit account expense27,241 36,467 (25.3)
Computer and software related expenses39,709 34,172 16.2
 
Deposit insurance premiums and regulatory assessments (3)
28,162 39,535 (28.8)
 Other operating expense116,499 104,193 11.8
Total operating noninterest expense727,420 673,247 8.0
Amortization of tax credit and CRA investments (4)
57,671 34,859 65.4
Total noninterest expense785,091 708,106 10.9
Income before income taxes 1,258,511 1,126,037 11.8
Income tax expense289,594 253,566 14.2
Net income $968,917 $872,471 11.1%
EPS  
- Basic$7.03 $6.28 11.9%
- Diluted $6.97 $6.23 11.7
Weighted-average number of shares outstanding
- Basic137,897 138,997 (0.8)%
- Diluted 139,090 139,939 (0.6)
(1)Includes $32 million of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the nine months ended September 30, 2025.
(2)Includes $27 million of additional compensation expense from the change in equity award expense recognition for retirement eligible employees for the three months ended September 30, 2025.
(3)Includes $2 million of FDIC special assessment reversals and $12 million of FDIC special assessment charges for the nine months ended September 30, 2025 and September 30, 2024, respectively.
(4)Includes $14 million of DC Solar recoveries for the nine months ended September 30, 2024.
9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 5
Three Months Ended
September 30, 2025
% Change
Nine Months Ended
September 30, 2025
% Change
  September 30, 2025June 30, 2025September 30, 2024Qtr-o-QtrYr-o-YrSeptember 30, 2025September 30, 2024Yr-o-Yr
Loans:     
Commercial:
 C&I$17,799,708 $17,363,095 $16,492,589 2.5%7.9%$17,346,156 $16,318,594 6.3%
CRE:
 CRE15,110,134 14,864,277 14,483,163 1.74.314,903,483 14,589,772 2.2
 Multifamily residential4,963,703 4,981,155 5,127,659 (0.4)(3.2)4,970,095 5,066,906 (1.9)
 Construction and land752,402 689,713 661,840 9.113.7706,215 662,173 6.7
Total CRE20,826,239 20,535,145 20,272,662 1.42.720,579,793 20,318,851 1.3
Consumer:
Residential mortgage:
 Single-family residential14,688,172 14,477,173 13,846,946 1.56.114,469,661 13,654,170 6.0
 HELOCs1,848,524 1,858,881 1,754,361 (0.6)5.41,839,613 1,743,413 5.5
Total residential mortgage16,536,696 16,336,054 15,601,307 1.26.016,309,274 15,397,583 5.9
Other consumer45,935 47,138 53,958 (2.6)(14.9)47,537 54,233 (12.3)
 
Total loans (1)
$55,208,578 $54,281,432 $52,420,516 1.7%5.3%$54,282,760 $52,089,261 4.2%
Interest-earning assets$76,206,138 $73,903,125 $70,263,495 3.1%8.5%$74,288,924 $68,902,563 7.8%
Total assets$79,310,698 $76,862,028 $73,268,158 3.2%8.2%$77,279,375 $72,049,714 7.3%
Deposits:     
Noninterest-bearing demand$15,767,292 $15,114,806 $14,606,511 4.3%7.9%$15,331,138 $14,741,590 4.0%
Interest-bearing checking7,501,315 7,597,103 7,762,719 (1.3)(3.4)7,621,067 7,642,423 (0.3)
Money market16,565,937 15,325,928 14,201,258 8.116.715,581,506 13,855,167 12.5
Savings1,705,332 1,745,220 1,744,644 (2.3)(2.3)1,734,325 1,783,011 (2.7)
Time deposits24,649,891 23,894,775 22,270,124 3.210.723,913,370 20,886,769 14.5
Total deposits$66,189,767 $63,677,832 $60,585,256 3.9%9.3%$64,181,406 $58,908,960 9.0%
(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
  September 30, 2025June 30, 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$4,873,674 $47,170 3.84%$3,699,036 $34,935 3.79%
 Resale agreements425,000 1,616 1.51%425,000 1,624 1.53%
Debt securities:
 AFS12,650,323 146,336 4.59%12,435,531 141,496 4.56%
HTM2,884,267 12,226 1.68%2,896,410 12,292 1.70%
Total debt securities15,534,590 158,562 4.05%15,331,941 153,788 4.02%
Loans:
C&I17,799,708 345,947 7.71%
(2)
17,363,095 303,791 7.02%
CRE20,826,239 327,168 6.23%20,535,145 319,666 6.24%
Residential mortgage16,536,696 245,728 5.90%16,336,054 241,666 5.93%
Other consumer45,935 675 5.83%47,138 572 4.87%
 
Total loans (3)
55,208,578 919,518 6.61%
(2)
54,281,432 865,695 6.40%
 FHLB and FRB stock164,296 2,866 6.92%165,716 2,957 7.16%
 Total interest-earning assets$76,206,138 $1,129,732 5.88%$73,903,125 $1,058,999 5.75%
Noninterest-earning assets:      
 Cash and due from banks410,446 350,343   
 
Allowance for loan, lease and securities’ losses
(789,195)(745,121)  
 Other assets 3,483,309 3,353,681   
 Total assets$79,310,698   $76,862,028   
Liabilities and Stockholders’ Equity     
Interest-bearing liabilities:      
 Checking deposits $7,501,315 $46,725 2.47%$7,597,103 $47,013 2.48%
 Money market deposits16,565,937 133,951 3.21%15,325,928 124,282 3.25%
 Savings deposits1,705,332 3,353 0.78%1,745,220 3,700 0.85%
 Time deposits24,649,891 230,608 3.71%23,894,775 225,593 3.79%
Total interest-bearing deposits
50,422,475 414,637 3.26%48,563,026 400,588 3.31%
 
Short-term borrowings and federal funds purchased
474 3 2.51%659 1 0.61%
 FHLB advances3,228,262 36,740 4.52%3,500,003 39,313 4.51%
Repurchase agreements
13,012 148 4.51%119,061 1,352 4.55%
 Long-term debt and finance lease liabilities35,732 674 7.48%35,811 671 7.52%
 Total interest-bearing liabilities$53,699,955 $452,202 3.34%$52,218,560 $441,925 3.39%
Noninterest-bearing liabilities and stockholders’ equity:    
 Demand deposits15,767,292 15,114,806 
 Accrued expenses and other liabilities1,462,237 1,458,680 
 Stockholders’ equity 8,381,214 8,069,982 
 Total liabilities and stockholders’ equity $79,310,698 $76,862,028 
Total deposits
$66,189,767 $414,637 2.49%$63,677,832 $400,588 2.52%
Interest rate spread 2.54%2.36%
Adjusted interest rate spread (4)
2.37%2.36%
Net interest income and net interest margin $677,530 3.53%$617,074 3.35%
Adjusted net interest income and adjusted net interest margin (4)
$645,234 3.36%$617,074 3.35%
(1)Annualized.
(2)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the three months ended September 30, 2025.
(3)Includes loans HFS.
(4)See reconciliation of GAAP to non-GAAP measures in Table 12.
11

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 7
 Three Months Ended
September 30, 2025September 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$4,873,674 $47,170 3.84%$4,987,191 $60,060 4.79%
 
Resale agreements
425,000 1,616 1.51%443,261 1,663 1.49%
Debt securities:
 AFS12,650,323 146,336 4.59%9,316,232 111,552 4.76%
HTM2,884,267 12,226 1.68%2,931,033 12,431 1.69%
Total debt securities15,534,590 158,562 4.05%12,247,265 123,983 4.03%
Loans:
C&I17,799,708 345,947 7.71%
(2)
16,492,589 328,619 7.93%
CRE20,826,239 327,168 6.23%20,272,662 328,254 6.44%
Residential mortgage16,536,696 245,728 5.90%15,601,307 229,727 5.86%
Other consumer45,935 675 5.83%53,958 753 5.55%
 
Total loans (3)
55,208,578 919,518 6.61%
(2)
52,420,516 887,353 6.73%
 FHLB and FRB stock164,296 2,866 6.92%165,262 2,840 6.84%
 Total interest-earning assets$76,206,138 $1,129,732 5.88%$70,263,495 $1,075,899 6.09%
Noninterest-earning assets:      
 Cash and due from banks410,446 341,856   
 
Allowance for loan, lease and securities’ losses
(789,195)(691,399)  
 Other assets 3,483,309 3,354,206   
 Total assets$79,310,698   $73,268,158   
Liabilities and Stockholders’ Equity     
Interest-bearing liabilities:      
 Checking deposits $7,501,315 $46,725 2.47%$7,762,719 $58,226 2.98%
 Money market deposits 16,565,937 133,951 3.21%14,201,258 136,384 3.82%
 Savings deposits 1,705,332 3,353 0.78%1,744,644 4,811 1.10%
 Time deposits 24,649,891 230,608 3.71%22,270,124 254,650 4.55%
Total interest-bearing deposits
50,422,475 414,637 3.26%45,978,745 454,071 3.93%
 Short-term borrowings and federal funds purchased474 3 2.51%1,170 16 5.44%
 FHLB advances3,228,262 36,740 4.52%3,440,219 48,261 5.58%
Repurchase agreements13,012 148 4.51%3,455 49 5.64%
 Long-term debt and finance lease liabilities35,732 674 7.48%36,084 780 8.60%
 Total interest-bearing liabilities$53,699,955 $452,202 3.34%$49,459,673 $503,177 4.05%
Noninterest-bearing liabilities and stockholders’ equity:     
 Demand deposits 15,767,292 14,606,511 
 Accrued expenses and other liabilities1,462,237 1,758,641 
 Stockholders’ equity 8,381,214 7,443,333 
 Total liabilities and stockholders’ equity $79,310,698 $73,268,158 
Total deposits
$66,189,767 $414,637 2.49%$60,585,256 $454,071 2.98%
Interest rate spread 2.54%2.04%
Adjusted interest rate spread (4)
2.37%2.04%
Net interest income and net interest margin $677,530 3.53%$572,722 3.24%
Adjusted net interest income and adjusted net interest margin (4)
$645,234 3.36%$572,722 3.24%
(1)Annualized.
(2)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the three months ended September 30, 2025.
(3)Includes loans HFS.
(4)See reconciliation of GAAP to non-GAAP measures in Table 12.
12

EAST WEST BANCORP, INC. AND SUBSIDIARIES
YEAR-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 8
 Nine Months Ended
September 30, 2025September 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$4,232,434 $121,242 3.83%$5,054,542 $183,848 4.86%
 
Resale agreements
425,000 4,850 1.53%550,913 9,663 2.34%
Debt securities:
 AFS12,287,338 423,351 4.61%8,125,876 273,652 4.50%
HTM2,896,271 36,783 1.70%2,940,920 37,455 1.70%
Total debt securities15,183,609 460,134 4.05%11,066,796 311,107 3.76%
Loans:
C&I17,346,156 943,152 7.27%
(2)
16,318,594 977,077 8.00%
CRE20,579,793 958,220 6.23%20,318,851 975,447 6.41%
Residential mortgage16,309,274 722,285 5.92%15,397,583 667,367 5.79%
Other consumer47,537 1,968 5.54%54,233 2,292 5.65%
 
Total loans (3)
54,282,760 2,625,625 6.47%
(2)
52,089,261 2,622,183 6.72%
 FHLB and FRB stock165,121 8,682 7.03%141,051 7,129 6.75%
 Total interest-earning assets$74,288,924 $3,220,533 5.80%$68,902,563 $3,133,930 6.08%
Noninterest-earning assets:      
 Cash and due from banks368,909 332,983   
 
Allowance for loan, lease and securities’ losses
(750,458)(681,988)  
 Other assets 3,372,000 3,496,156   
 Total assets$77,279,375 $72,049,714   
Liabilities and Stockholders’ Equity     
Interest-bearing liabilities:      
 Checking deposits$7,621,067 $141,649 2.49%$7,642,423 $164,727 2.88%
 Money market deposits15,581,506 374,251 3.21%13,855,167 406,450 3.92%
 Savings deposits1,734,325 10,500 0.81%1,783,011 13,935 1.04%
 Time deposits23,913,370 680,806 3.81%20,886,769 706,640 4.52%
Total interest-bearing deposits
48,850,268 1,207,206 3.30%44,167,370 1,291,752 3.91%
 
BTFP, short-term borrowings and federal funds purchased
520 10 2.57%1,284,826 42,154 4.38%
 FHLB advances3,408,426 114,919 4.51%2,501,826 104,840 5.60%
 Repurchase agreements46,275 1,577 4.56%3,370 142 5.63%
Long-term debt and finance lease liabilities35,820 2,016 7.52%65,969 3,952 8.00%
 Total interest-bearing liabilities$52,341,309 $1,325,728 3.39%$48,023,361 $1,442,840 4.01%
Noninterest-bearing liabilities and stockholders’ equity:
 Demand deposits15,331,138 14,741,590 
 Accrued expenses and other liabilities1,498,313 2,109,318 
 Stockholders’ equity 8,108,615 7,175,445 
 Total liabilities and stockholders’ equity $77,279,375 $72,049,714 
Total deposits
$64,181,406 $1,207,206 2.51%$58,908,960 $1,291,752 2.93%
Interest rate spread 2.41%2.07%
Adjusted interest rate spread (4)
2.35%2.07%
Net interest income and net interest margin $1,894,805 3.41%$1,691,090 3.28%
Adjusted net interest income and adjusted net interest margin (4)
$1,862,509 3.35%$1,691,090 3.28%
(1)Annualized.
(2)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the nine months ended September 30, 2025.
(3)Includes loans HFS.
(4)See reconciliation of GAAP to non-GAAP measures in Table 12.

13

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 9
Three Months Ended (1)
September 30, 2025
Basis Point Change
  September 30, 2025June 30,
2025		September 30,
2024		Qtr-o-QtrYr-o-Yr
 Return on average assets1.84%1.62%1.62%22 bps22 bps
Adjusted return on average assets (2)
1.82%1.65%1.58%17 24 
 Return on average common equity 17.44%15.42%15.99%202 145 
Adjusted return on average common equity (2)
17.20%15.71%15.57%149 163 
Return on average TCE (3)
18.48%16.39%17.08%209 140 
Adjusted return on average TCE (3)
18.23%16.69%16.63%154 160 
 Interest rate spread2.54%2.36%2.04%18 50 
Adjusted interest rate spread (4)
2.37%2.36%2.04%1 33 
 Net interest margin3.53%3.35%3.24%18 29 
Adjusted net interest margin (4)
3.36%3.35%3.24%1 12 
Average loan yield6.61%6.40%6.73%21 (12)
Adjusted average loan yield (4)
6.38%6.40%6.73%(2)(35)
 Yield on average interest-earning assets5.88%5.75%6.09%13 (21)
Adjusted yield on average interest-earning assets (4)
5.71%5.75%6.09%(4)(38)
Average cost of interest-bearing deposits3.26%3.31%3.93%(5)(67)
 Average cost of deposits2.49%2.52%2.98%(3)(49)
 Average cost of funds2.58%2.63%3.12%(5)(54)
Operating noninterest expense/average assets1.31%1.20%1.20%11 11 
Efficiency ratio35.59%36.41%34.36%(82)123 
Adjusted efficiency ratio (5)
33.75%36.52%36.07%(277)(232)
Efficiency ratio (fully taxable equivalent) (“FTE”) (5)
35.51%36.32%34.34%(81)117 
Adjusted efficiency ratio (FTE) (5)
33.67%36.44%36.04%(277)(237)
Effective tax rate20.80%22.87%23.16%(207)(236)
Adjusted effective tax rate (6)
20.80%21.28%23.16%(48)bps(236)bps
Refer to table footnotes on the following page.


14

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 9 (continued)
Nine Months Ended
September 30, 2025
Basis Point Change
September 30, 2025September 30, 2024Yr-o-Yr
Return on average assets1.68%1.62%6 bps
Adjusted return on average assets (2)
1.68%1.61%7 
Return on average common equity 15.98%16.24%(26)
Adjusted return on average common equity (2)
16.00%16.21%(21)
Return on average TCE (3)
16.97%17.40%(43)
Adjusted return on average TCE (3)
16.99%17.37%(38)
Interest rate spread2.41%2.07%34 
Adjusted interest rate spread (4)
2.35%2.07%28 
Net interest margin3.41%3.28%13 
Adjusted net interest margin (4)
3.35%3.28%7 
Average loan yield6.47%6.72%(25)
Adjusted average loan yield (4)
6.39%6.72%(33)
Yield on average interest-earning assets5.80%6.08%(28)
Adjusted yield on average interest-earning assets (4)
5.74%6.08%(34)
Average cost of interest-bearing deposits3.30%3.91%(61)
Average cost of deposits2.51%2.93%(42)
Average cost of funds2.62%3.07%(45)
Operating noninterest expense/average assets1.26%1.25%1 
Efficiency ratio36.12%36.54%(42)
Adjusted efficiency ratio (5)
35.49%36.65%(116)
Efficiency ratio (FTE) (5)
36.04%36.47%(43)
Adjusted efficiency ratio (FTE) (5)
35.41%36.58%(117)
Effective tax rate23.01%22.52%49 
Adjusted effective tax rate (6)
22.50%22.52%(2)bps
September 30, 2025
Basis Point Change
September 30, 2025June 30, 2025September 30, 2024Qtr-o-QtrYr-o-Yr
Loan-to-deposit ratio83.78%84.54%86.31%(76)(253)
(1)Annualized except for efficiency ratio and effective tax rate.
(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 financial measures in Table 14.
(3)Return on average TCE and adjusted return on average TCE are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 16.
(4)Adjusted interest rate spread, adjusted net interest margin, adjusted average loan yield and adjusted yield on average interest-earning assets are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 12.
(5)Adjusted efficiency ratio, efficiency ratio (FTE) and adjusted efficiency ratio (FTE) are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 15.
(6)Adjusted effective tax rate is a non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Table 13.



15

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR CREDIT LOSSES
($ in thousands)
(unaudited)
Table 10
Three Months Ended September 30, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, June 30, 2025
$442,291 $212,618 $29,073 $17,856 $51,997 $5,256 $1,325 $760,416 
ALLL recognized on purchased credit-deteriorated (“PCD”) loans
18,175 — — — — — — 18,175 
(Reversal of) provision for credit losses on loans
(a)(992)14,552 6,101 671 8,873 854 (143)29,916 
Gross charge-offs(25,325)(5)— — — — (73)(25,403)
Gross recoveries7,236 2 13 3 6 3 — 7,263 
Total net (charge-offs) recoveries
(18,089)(3)13 3 6 3 (73)(18,140)
Foreign currency translation adjustment153 — — — — — — 153 
ALLL, September 30, 2025
$441,538 $227,167 $35,187 $18,530 $60,876 $6,113 $1,109 $790,520 


Three Months Ended June 30, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, 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 recoveries1,504 18 26 3 4 8 250 1,813 
Total net recoveries (charge-offs)(6,647)(8,288)23 3 4 8 246 (14,651)
Foreign currency translation adjustment55 — — — — — — 55 
ALLL, June 30, 2025
$442,291 $212,618 $29,073 $17,856 $51,997 $5,256 $1,325 $760,416 


Three Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, June 30, 2024
$379,984 $194,794 $40,254 $14,322 $49,523 $3,340 $1,577 $683,794 
Provision for (reversal of) credit losses on loans(a)26,416 27,123 (8,493)(1,975)(1,293)(128)67 41,717 
Gross charge-offs(29,260)(734)— (145)— (10)(149)(30,298)
Gross recoveries838 61 21 6 1 8 — 935 
Total net (charge-offs) recoveries (28,422)(673)21 (139)1 (2)(149)(29,363)
Foreign currency translation adjustment337 — — — — — — 337 
ALLL, September 30, 2024
$378,315 $221,244 $31,782 $12,208 $48,231 $3,210 $1,495 $696,485 
16

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR CREDIT LOSSES
($ in thousands)
(unaudited)
Table 10 (continued)
Nine Months Ended September 30, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, December 31, 2024
$384,319 $218,677 $32,117 $17,497 $44,816 $3,132 $1,494 $702,052 
ALLL recognized on PCD loans
18,175 — — — — — — 18,175 
Provision for (reversal of) credit losses on loans(a)62,973 30,664 3,028 3,020 16,009 2,962 (522)118,134 
Gross charge-offs(34,464)(22,248)(7)(1,996)(9)— (126)(58,850)
Gross recoveries10,304 74 49 9 60 19 263 10,778 
Total net (charge-offs) recoveries(24,160)(22,174)42 (1,987)51 19 137 (48,072)
Foreign currency translation adjustment231 — — — — — — 231 
ALLL, September 30, 2025
$441,538 $227,167 $35,187 $18,530 $60,876 $6,113 $1,109 $790,520 
Nine Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, December 31, 2023
$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)44,473 64,542 (2,833)3,828 (6,760)(792)175 102,633 
Gross charge-offs(63,392)(14,235)(6)(2,289)(35)(10)(337)(80,304)
Gross recoveries4,365 345 246 200 8 65 — 5,229 
Total net (charge-offs) recoveries(59,027)(13,890)240 (2,089)(27)55 (337)(75,075)
Foreign currency translation adjustment184 — — — — — — 184 
ALLL, September 30, 2024
$378,315 $221,244 $31,782 $12,208 $48,231 $3,210 $1,495 $696,485 

Three Months EndedNine Months Ended
($ in thousands)September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Unfunded Credit Facilities
Allowance for unfunded credit commitments, beginning of period (1)
$45,307 $40,464 $38,783 $39,526 $37,698 
Provision for credit losses on unfunded credit commitments
(b)
3,084 4,844 283 8,866 1,367 
Foreign currency translation adjustment(1)(1)(4)(2)(3)
Allowance for unfunded credit commitments, end of period (1)
$48,390 $45,307 $39,062 $48,390 $39,062 
Provision for credit losses:
Provision for credit losses on loans and unfunded credit commitments
(a)+(b)
$33,000 $45,000 $42,000 $127,000 $104,000 
Provision for credit losses on AFS debt securities
(c)
3,000 — — 3,000 — 
Total provision for credit losses
(a)+(b)+(c)
$36,000 $45,000 $42,000 $130,000 $104,000 
(1)Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet.

17

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 LoansSeptember 30, 2025June 30, 2025September 30, 2024
Special mention loans$422,751 $446,665 $468,593 
Classified loans768,568 736,228 641,642 
Total criticized loans (1)
$1,191,319 $1,182,893 $1,110,235 
(1)Excludes loans HFS.

Nonperforming Assets
September 30, 2025June 30, 2025September 30, 2024
Nonaccrual loans:
Commercial:
C&I$70,065 $71,894 $75,272 
Total CRE29,772 9,420 19,175 
Consumer:
Total residential mortgage57,024 58,003 52,311 
Other consumer73 137 102 
Total nonaccrual loans156,934 139,454 146,860 
Other real estate owned, net24,208 32,224 41,248 
Other nonperforming assets— — 7,358 
Nonperforming loans HFS19,596 — — 
Total nonperforming assets$200,738 $171,678 $195,466 
Credit Quality RatiosSeptember 30, 2025June 30, 2025September 30, 2024
Annualized quarterly net charge-offs to average loans HFI 0.13 %0.11 %0.22 %
Annualized YTD net charge-offs to YTD average loans HFI
0.12 %0.11 %0.19 %
Special mention loans to loans HFI0.76 %0.81 %0.88 %
Classified loans to loans HFI1.38 %1.34 %1.20 %
Criticized loans to loans HFI2.14 %2.15 %2.08 %
Nonperforming assets to total assets0.25 %0.22 %0.26 %
Nonaccrual loans to loans HFI0.28 %0.25 %0.28 %
ALLL to loans HFI
1.42 %1.38 %1.31 %

Composition of ALLL by Portfolio
September 30, 2025June 30, 2025September 30, 2024
Loan CategoryALLLALLL/
Loans HFI		ALLLALLL/
Loans HFI		ALLLALLL/
Loans HFI
C&I$441,538 2.45 %$442,291 2.48 %$378,315 2.22 %
Total CRE280,884 1.33 259,547 1.26 265,234 1.30 
Multifamily35,187 0.70 29,073 0.58 31,782 0.62 
Office64,211 2.93 60,354 2.78 66,614 3.11 
All other CRE181,486 1.31 170,120 1.26 166,838 1.27 
Residential mortgage & consumer68,098 0.41 58,578 0.36 52,936 0.34 
Total loans$790,520 1.42 %$760,416 1.38 %$696,485 1.31 %

18

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 12
Management believes that presenting the adjusted average C&I and loan yields, adjusted yield on average interest-earning assets, adjusted interest rate spread, and adjusted net interest margin that exclude the impact of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans provide clarity to financial statement users regarding the changes in yields and margins, and allows comparability to prior periods.
Three Months EndedNine Months Ended
Average C&I loan yieldSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest income on C&I loans(a)$345,947 $303,791 $328,619 $943,152 $977,077 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Adjusted interest income on loans(b)$313,651 $303,791 $328,619 $910,856 $977,077 
Average C&I loans(c)$17,799,708 $17,363,095 $16,492,589 $17,346,156 $16,318,594 
Average C&I loan yield (1)
(a)/(c)7.71 %7.02 %7.93 %7.27 %8.00 %
Adjusted average C&I loan yield (1)
(b)/(c)6.99 %7.02 %7.93 %7.02 %8.00 %
Average loan yield
Interest income on loans(d)$919,518 $865,695 $887,353 $2,625,625 $2,622,183 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Adjusted interest income on loans(e)$887,222 $865,695 $887,353 $2,593,329 $2,622,183 
Average loans(f)$55,208,578 $54,281,432 $52,420,516 $54,282,760 $52,089,261 
Average loan yield (1)
(d)/(f)6.61 %6.40 %6.73 %6.47 %6.72 %
Adjusted average loan yield (1)
(e)/(f)6.38 %6.40 %6.73 %6.39 %6.72 %
Yield on average interest-earning assets
Interest and dividend income(g)$1,129,732 $1,058,999 $1,075,899 $3,220,533 $3,133,930 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Adjusted interest and dividend income(h)$1,097,436 $1,058,999 $1,075,899 $3,188,237 $3,133,930 
Average interest-earning assets(i)$76,206,138 $73,903,125 $70,263,495 $74,288,924 $68,902,563 
Yield on average interest-earning assets (1)
(j)=(g)/(i)5.88 %5.75 %6.09 %5.80 %6.08 %
Adjusted yield on average interest-earning assets (1)
(k)=(h)/(i)5.71 %5.75 %6.09 %5.74 %6.08 %
Interest rate spread
Interest on average interest-bearing liabilities (1)
(l)3.34 %3.39 %4.05 %3.39 %4.01 %
Interest rate spread(j)-(l)2.54 %2.36 %2.04 %2.41 %2.07 %
Adjusted interest rate spread(k)-(l)2.37 %2.36 %2.04 %2.35 %2.07 %
Net interest margin
Net interest income(m)$677,530 $617,074 $572,722 $1,894,805 $1,691,090 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Adjusted net interest income(n)$645,234 $617,074 $572,722 $1,862,509 $1,691,090 
Average interest-earning assets(o)$76,206,138 $73,903,125 $70,263,495 $74,288,924 $68,902,563 
Net interest margin (1)
(m)/(o)3.53 %3.35 %3.24 %3.41 %3.28 %
Adjusted net interest margin (1)
(n)/(o)3.36 %3.35 %3.24 %3.35 %3.28 %
(1)Annualized.
19

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 13
On June 30, 2025, California approved the single sales factor apportionment method (“CA SSF”) for financial institutions for 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 EndedNine Months Ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Income tax expense
(a)$96,730 $91,979 $90,151 $289,594 $253,566 
Less: Impact of the CA SSF
(b)— (6,391)— (6,391)— 
Adjusted income tax expense
(c)=(a)+(b)$96,730 $85,588 $90,151 $283,203 $253,566 
Income before income taxes
(d)
465,124 402,232 389,317 1,258,511 1,126,037 
Effective tax rate
(a)/(d)
20.80 %22.87 %23.16 %23.01 %22.52 %
Less: Impact of the CA SSF
(b)/(d)
— %(1.59)%— %(0.51)%— %
Adjusted effective tax rate
(c)/(d)
20.80 %21.28 %23.16 %22.50 %22.52 %





































20

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 14
Adjusted net income and adjusted diluted EPS represent net income and diluted EPS adjusted for the following tax-effected impacts: discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans, change in equity award expense recognition for retirement eligible employees, 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 diluted EPS, adjusted return on average assets and adjusted return on average common 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.
•Discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans are included in Interest and dividend income on the Condensed Consolidated Statement of Income.
•During the third quarter and first nine months of 2025, the Company recorded $27 million of additional compensation due to the change in equity award expense recognition for retirement eligible employees (included in Compensation and employee benefits on the Condensed Consolidated Statement of Income).
•FDIC special assessment reversals/charges are included in Deposit insurance premiums and regulatory assessments on the Condensed Consolidated Statement of Income.
•DC Solar recoveries related to the Company’s investment in DC Solar are included in Amortization of Tax Credit and CRA Investments on the Condensed Consolidated Statement of Income.

Three Months EndedNine Months Ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net income(a)$368,394 $310,253 $299,166 $968,917 $872,471 
Less: Loan payoff discount accretion and interest recoveries(b)(32,296)— — (32,296)— 
Add: Change in equity award expense recognition for retirement eligible employees(b)27,141 — — 27,141 — 
Less/Add: FDIC special assessment (reversal) charge (b)(1,927)(833)— (1,927)12,185 
Less: DC Solar recovery(b)— — (11,201)— (14,347)
Tax effects adjustments (1)
(b)1,996 235 3,311 1,996 639 
Add: Impact of the CA SSF(b)— 6,391 — 6,391 — 
Adjusted net income(c)=(a)+∑(b)$363,308 $316,046 $291,276 $970,222 $870,948 
Diluted weighted-average number of shares outstanding(d)138,942 138,789 139,648 139,090 139,939 
Diluted EPS(e)$2.65 $2.24 $2.14 $6.97 $6.23 
Less: Loan payoff discount accretion and interest recoveries(f)(0.23)— — (0.23)— 
Add: Change in equity award expense recognition for retirement eligible employees(f)0.20 — — 0.20 — 
Less/Add: FDIC special assessment (reversal) charge(f)(0.01)(0.01)— (0.01)0.09 
Less: DC Solar recovery(f)— — (0.08)— (0.10)
Tax effects of adjustments (1)
(f)0.01 — 0.03 0.01 — 
Add: Impact of the CA SSF(f)— 0.05 — 0.05 — 
Adjusted diluted EPS(g)=(e)+∑(f)$2.62 $2.28 $2.09 $6.99 $6.22 
Average total assets(h)$79,310,698 $76,862,028 $73,268,158 $77,279,375 $72,049,714 
Average stockholders’ equity(i)$8,381,214 $8,069,982 $7,443,333 $8,108,615 $7,175,445 
Return on average assets(a)/(h)1.84%1.62%1.62%1.68%1.62%
Adjusted return on average assets (2)
(c)/(h)1.82%1.65%1.58%1.68%1.61%
Return on average common equity (2)
(a)/(i)17.44%15.42%15.99%15.98%16.24%
Adjusted return on average common equity (2)
(c)/(i)17.20%15.71%15.57%16.00%16.21%
(1)Applied statutory tax rate of 28.18% for the three and nine months ended September 30, 2025, and the three months ended June 30, 2025. Applied statutory tax rate of 29.56% for the three and nine months ended September 30, 2024.
(2)Annualized.
21

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 15
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. Adjusted total revenue and adjusted total revenue (FTE) reflect the adjustments related to the discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans. Adjusted noninterest expense reflects the change in equity award expense recognition for retirement eligible employees, and the FDIC special assessment and DC Solar adjustments (as applicable).

Efficiency ratio (FTE) represents noninterest expense divided by total revenue (FTE). Adjusted efficiency ratio and adjusted efficiency ratio (FTE) reflect the impacts of the aforementioned adjustments. Pre-tax, pre-provision income represents total revenue (FTE) less noninterest expense. Adjusted pre-tax, pre-provision income represents adjusted total revenue (FTE) less adjusted noninterest expense.
Three Months EndedNine Months Ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net interest income before provision for credit losses(a)$677,530 $617,074 $572,722 $1,894,805 $1,691,090 
FTE adjustment(b)1,887 1,603 411 4,636 3,491 
FTE net interest income before provision for credit losses(c)=(a)+(b)679,417 618,677 573,133 1,899,441 1,694,581 
Total noninterest income(d)100,517 86,178 84,395 278,797 247,053 
Total revenue(e)=(a)+(d)778,047 703,252 657,117 2,173,602 1,938,143 
Total revenue (FTE)(f)=(c)+(d)$779,934 $704,855 $657,528 $2,178,238 $1,941,634 
Less: Loan payoff discount accretion and interest recoveries(g)(32,296)— — (32,296)— 
Adjusted total revenue(h)=(e)+(g)745,751 703,252 657,117 2,141,306 1,938,143 
Adjusted total revenue (FTE)(i)=(f)+(g)$747,638 $704,855 $657,528 $2,145,942 $1,941,634 
Total noninterest expense(j)$276,923 $256,020 $225,800 $785,091 $708,106 
Less: Change in equity award expense recognition for retirement eligible employees(k)(27,141)— — (27,141)— 
Add/less: FDIC special assessment reversal (charge)(k)1,927 833 — 1,927 (12,185)
Less: DC Solar recovery(k)— — 11,201 — 14,347 
Adjusted noninterest expense(l)=(j)+∑(k)$251,709 $256,853 $237,001 $759,877 $710,268 
Efficiency ratio(j)/(e)35.59 %36.41 %34.36 %36.12 %36.54 %
Adjusted efficiency ratio(l)/(h)33.75 %36.52 %36.07 %35.49 %36.65 %
Efficiency ratio (FTE)(j)/(f)35.51 %36.32 %34.34 %36.04 %36.47 %
Adjusted efficiency ratio (FTE)(l)/(i)33.67 %36.44 %36.04 %35.41 %36.58 %
Pre-tax, pre-provision income(f)-(j)$503,011 $448,835 $431,728 $1,393,147 $1,233,528 
Adjusted pre-tax, pre-provision income(i)-(l)$495,929 $448,002 $420,527 $1,386,065 $1,231,366 








22

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 16   
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.
 September 30, 2025June 30, 2025September 30, 2024
Common stock
$170 $170 $170 
Additional paid-in capital
2,096,227 2,060,115 2,018,105 
Retained earnings
8,028,882 7,744,221 7,095,587 
Treasury stock
(1,166,922)(1,140,359)(1,012,019)
Accumulated other comprehensive income:
AFS debt securities net unrealized losses(383,621)(466,568)(456,493)
Cash flow hedges net unrealized gains (losses)30,425 28,622 39,143 
Foreign currency translation adjustments(22,361)(24,434)(19,954)
Total accumulated other comprehensive loss(375,557)(462,380)(437,304)
Stockholders’ equity (a)$8,582,800 $8,201,767 $7,664,539 
Less: Goodwill(465,697)(465,697)(465,697)
Mortgage servicing assets(4,362)(4,628)(5,563)
Tangible book value(b)$8,112,741 $7,731,442 $7,193,279 
Number of common shares at period-end(c)137,568 137,816 138,609 
Book value per share(a)/(c)$62.39 $59.51 $55.30 
Tangible book value per share (b)/(c)$58.97 $56.10 $51.90 
Total assets(d)$79,669,531 $78,158,067 $74,483,720 
Less: Goodwill(465,697)(465,697)(465,697)
Mortgage servicing assets(4,362)(4,628)(5,563)
Tangible assets (e)$79,199,472 $77,687,742 $74,012,460 
Total stockholders’ equity to assets ratio(a)/(d)10.77%10.49%10.29%
TCE ratio (b)/(e)10.24%9.95%9.72%

23

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 16 (continued)
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 following tax-effected impacts: discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans, change in equity award expense recognition for retirement eligible employees, 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 EndedNine Months Ended
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net income
(f)
$368,394 $310,253 $299,166 $968,917 $872,471 
Add: Amortization of mortgage servicing assets266 316 348 875 988 
Tax effect of amortization adjustment (1)
(75)(89)(103)(247)(292)
Tangible net income(g)$368,585 $310,480 $299,411 $969,545 $873,167 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Add: Change in equity award expense recognition for retirement eligible employees27,141 — — 27,141 — 
Less/Add: FDIC special assessment (reversal) charge
(1,927)(833)— (1,927)12,185 
Less: DC Solar recovery— — (11,201)— (14,347)
Tax effects of adjustments (1)
1,996 235 3,311 1,996 639 
Add: Impact of the CA SSF
— 6,391 — 6,391 — 
Adjusted tangible net income
(h)
$363,499 $316,273 $291,521 $970,850 $871,644 
Average stockholders’ equity
(i)
$8,381,214 $8,069,982 $7,443,333 $8,108,615 $7,175,445 
Less: Average goodwill(465,697)(465,697)(465,697)(465,697)(465,697)
Average mortgage servicing assets(4,534)(4,825)(5,790)(4,824)(6,123)
Average tangible book value
(j)
$7,910,983 $7,599,460 $6,971,846 $7,638,094 $6,703,625 
Return on average common equity (2)
(f)/(i)17.44%15.42%15.99%15.98%16.24%
Return on average TCE (2)
(g)/(j)18.48%16.39%17.08%16.97%17.40%
Adjusted return on average TCE (2)
(h)/(j)18.23%16.69%16.63%16.99%17.37%
(1)Applied statutory tax rate of 28.18% for the three and nine months ended September 30, 2025, and the three months ended June 30, 2025. Applied statutory tax rate of 29.56% for the three and nine months ended September 30, 2024.
(2)Annualized.
24