ewbc-20230420


			Exhibit 99.1

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


NEWS RELEASE


FOR INVESTOR INQUIRIES, CONTACT:
Irene Oh
Chief Financial Officer
T: (626) 768-6360
E: [email protected]

EAST WEST BANCORP REPORTS NET INCOME FOR FIRST QUARTER OF 2023

OF $322 MILLION AND DILUTED EARNINGS PER SHARE OF $2.27, UP 37% YEAR-OVER-YEAR

Pasadena, California – April 20, 2023 – East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the first quarter of 2023. First quarter 2023 net income was $322.4 million, or $2.27 per diluted share, up from $237.7 million, or $1.66 per diluted share in the prior year period. Year-over-year, earnings per share increased 37%. Total loans reached a record $48.9 billion as of March 31, 2023.

“East West’s ability to consistently generate industry-leading profitability while maintaining above peer capital ratios are strengths in any business cycle. East West continued to deliver in the first quarter, despite the banking industry and market disruption that occurred in mid-March,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “For the first quarter of 2023, we earned industry-leading returns of 2.0% on average assets and 22.9% on average tangible common equity1. Net interest margin was a healthy 3.96%, asset quality continued to be excellent with net charge-offs of 0.01% annualized. With our strong earnings, all capital ratios expanded, and our total capital ratio increased to 14.5%.”

“Our balance sheet positions us to excel. Our loan portfolio is granular and well-diversified without significant concentration in any industry or sector. We have a strong, granular deposit franchise with over 550,000 deposit accounts spanning consumer, small business, non-profit and corporate customers. Our capital and liquidity are strong. We are steadfast in our positive outlook for East West’s performance,” concluded Ng.

FINANCIAL HIGHLIGHTS



	Quarter Ended	Quarter Ended	Year-over-Year Change

($ in millions, except per share data)	March 31, 2023	March 31, 2022		$	%

Total Loans	$48,925	$43,491		$5,434	12.5%
Total Deposits	54,737	54,938		(201)	(0.4)
Total Revenue	$660	$495		$164	33%
Adj. Pre-tax, Pre-provision Income2	466	320		145	45
Net Income	322	238		85	36
Adj. Net Income2	330	238		92	39
Diluted Earnings per Share	$2.27	$1.66		$0.61	37%
Adj. Diluted Earnings per Share2	$2.32	$1.66		$0.66	40%
Return on Average Assets	2.01%	1.56%		+45 bps
Return on Average Common Equity	21.15%	16.50%		+465 bps
Return on Avg. Tang. Common Equity1	22.94%	18.00%		+494 bps



1 Return on average-tangible common equity is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 11.
2 Adjusted pre-tax, pre-provision income, adjusted net income and adjusted diluted earnings per share are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP financial measures in Tables 10 and 12.

BALANCE SHEET

•Total Assets – Total assets reached a record $67.2 billion as of March 31, 2023, an increase of $3.1 billion, or 5%, from $64.1 billion as of December 31, 2022.

First quarter 2023 average interest-earning assets of $61.5 billion were up $1.1 billion, or 2%, from $60.4 billion in the fourth quarter of 2022. Quarter-over-quarter, average loans grew $542.7 million and average interest-bearing cash and deposits with banks increased $465.9 million.

•Strong Capital Levels – As of March 31, 2023, stockholders’ equity was $6.3 billion, or $44.62 per share, up 5% quarter-over-quarter. The stockholders’ equity to assets ratio was 9.38% as of March 31, 2023, an increase of five basis points quarter-over-quarter.

As of March 31, 2023, tangible book value3 per share was $41.28, up 6% quarter-over-quarter. The tangible common equity ratio3 was 8.74%, an increase of eight basis points quarter-over-quarter.

All of East West’s regulatory capital ratios are well in excess of regulatory requirements for well-capitalized institutions, as well as above regional and national bank averages. The common equity tier 1 (“CET1”) capital ratio increased to 13.06%, and the total risk-based capital ratio increased to 14.50%, as of March 31, 2023.

•Total Loans – Total loans reached a record $48.9 billion as of March 31, 2023, an increase of $696.8 million, or 1%, from $48.2 billion as of December 31, 2022. Year-over-year, total loans grew $5.4 billion, or 12%, from $43.5 billion as of March 31, 2022.

First quarter 2023 average loans of $48.1 billion grew $542.7 million, or 1%, from the fourth quarter of 2022. Average growth in residential mortgage and commercial real estate loans was partially offset by a modest decrease in average commercial & industrial loans.

•Total Deposits – Total deposits were $54.7 billion as of March 31, 2023, a decrease of $1.2 billion, or 2%, from $56.0 billion as of December 31, 2022. Year-over-year, deposits declined $201.0 million, or 0.4%, from $54.9 billion as of March 31, 2022. Noninterest-bearing deposits made up 33% of our total deposits as of March 31, 2023.

First quarter 2023 average deposits of $55.0 billion were essentially unchanged from the fourth quarter of 2022. During the first quarter, time deposits grew due to a successful branch-based CD campaign for the Lunar New Year. This was offset by declines in other deposit categories, which reflected customers seeking higher yields in a rising interest rate environment and the banking industry disruption in mid-March.

As of March 31, 2023, East West Bank’s domestic deposits were $52.5 billion, of which insured or otherwise collateralized deposits were estimated at $29.6 billion. East West Bank’s domestic uninsured deposit ratio improved to 44% as of March 31, 2023, compared to 50% as of December 31, 2022. Since the industry disruption in mid-March, the Company has worked with customers to expand their FDIC insurance coverage, primarily through the utilization of fully insured sweep programs. East West’s borrowing capacity, cash and cash equivalents well exceed our uninsured deposit balances.

•Conservative Liquidity Management – Cash and cash equivalents increased 70% to $5.9 billion as of March 31, 2023, up from $3.5 billion as of December 31, 2022. This increase in on-balance sheet liquidity was in response to the recent volatility in the banking industry and reflects East West’s conservative liquidity management practices. The increase in cash and cash equivalents was primarily funded with borrowings from the Bank Term Funding Program (“BTFP”) totaling $4.5 billion at a rate of 4.37% as of March 31, 2023.

As of March 31, 2023, East West Bank’s borrowing capacity, plus cash and cash equivalents was $30.6 billion, equivalent to 134% of total uninsured and uncollateralized deposits of $22.8 billion. As of December 31, 2022, borrowing capacity, plus cash and cash equivalents was $26.4 billion, equivalent to 99% of total uninsured and uncollateralized deposits.





3 Tangible book value and the tangible common equity ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11.

OPERATING RESULTS

First Quarter Earnings – First quarter 2023 net income was $322.4 million, a decrease of 4% from $336.8 million for the fourth quarter of 2022, and an increase of 36% from $237.7 million for the first quarter of 2022. First quarter 2023 diluted earnings per share (“EPS”) were $2.27, a decrease of 4% from $2.37 per diluted share for the fourth quarter of 2022, and an increase of 37% from $1.66 per diluted share for the year-ago quarter.

First quarter 2023 adjusted net income4 was $329.5 million, and adjusted diluted EPS4 was $2.32, a decrease of 2% quarter-over-quarter for both metrics. Noninterest income in the first quarter of 2023 included a $10.0 million (before tax) impairment loss on a subordinated debt security of a failed bank, which was $7.1 million after tax, or $0.05 per share.

First Quarter 2023 Compared to Fourth Quarter 2022

Net Interest Income and Net Interest Margin

Net interest income (“NII”) totaled $599.9 million, a decrease of 1% from $605.5 million. Net interest margin (“NIM”) of 3.96% declined two basis points from 3.98%.

•The change in NII reflects day count in the first quarter (90 days) compared with the fourth quarter (92 days). Equalizing for day count, the 2% of quarter-over-quarter average earning asset growth more than offsets the two basis points of NIM contraction.

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

•The average loan yield was 6.14%, up 55 basis points from the fourth quarter. The average interest-earning asset yield was 5.51%, up 51 basis points from the fourth quarter.

•The average cost of funds was 1.69%, up 58 basis points from the fourth quarter. The average cost of deposits was 1.60%, up 54 basis points.

•The changes in yields and rates reflected rising benchmark interest rates.

Noninterest Income

Noninterest income totaled $60.0 million in the first quarter, a decrease of $4.9 million, or 8%, from $64.9 million in the fourth quarter.

•Fee income and net gains on sales of loans were $66.3 million, up slightly from $66.0 million in the fourth quarter, reflecting higher lending and wealth management fees. The quarterly change in foreign exchange (“FX”) income reflected higher customer-driven FX fee income that was more than offset by an unfavorable change in mark-to-market adjustments on FX positions.

•Interest rate contracts and other derivative income was $2.6 million in the first quarter, compared with a loss of $0.6 million in the fourth quarter. The change reflected both growth in customer-driven revenue and a favorable change in mark-to-market adjustments.

Noninterest Expense

Noninterest expense totaled $218.4 million in the first quarter, compared with $257.1 million in the fourth quarter. First quarter noninterest expense consisted of $204.0 million of adjusted noninterest expense5, $10.1 million in amortization of tax credit and other investments, $0.4 million in amortization of core deposit intangibles, and $3.9 million in repurchase agreements’ extinguishment cost.

•Adjusted noninterest expense of $204.0 million increased $11.9 million, or 6%, from $192.1 million in the fourth quarter. The linked quarter change primarily reflected seasonal first quarter increase in compensation and employee benefits expense, and higher deposit insurance premiums and regulatory assessments.

•In the first quarter of 2023, the Company prepaid $300 million of repurchase agreement funding, which had carried a rate of 6.74%.

•Amortization of tax credit and other investments totaled $10.0 million in the first quarter, compared with $64.6 million in the fourth quarter. Quarter-over-quarter variability in the amortization of tax credits and other investments primarily reflects the impact of investments that close in a given period.

•The efficiency ratio was 33.1% in the first quarter, compared with 38.3% in the fourth quarter and the adjusted efficiency ratio4 was 30.5% in the first quarter, compared with 28.7% in the fourth quarter.



4 Adjusted net income and adjusted EPS are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 12.
5 Adjusted noninterest expense and the adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 10.

TAX RELATED ITEMS

First quarter 2023 income tax expense was $99.0 million, and the effective tax rate was 23.5%. The effective tax rate for the full year 2022 was 20.1%.

ASSET QUALITY

The asset quality of our loan portfolio continues to be excellent. First quarter 2023 provision for credit losses was $20.0 million, compared with $25.0 million in fourth quarter 2022.

•The allowance for loan losses increased to $619.9 million, or 1.27% of loans held-for-investment (“HFI”), as of March 31, 2023, compared with $595.6 million, or 1.24% of loans HFI, as of December 31, 2022.

•First quarter 2023 net charge-offs were $0.6 million or annualized 0.01% of average loans HFI, down from net charge-offs of $10.1 million, or annualized 0.08% of average loans HFI, for the fourth quarter of 2022.

•The nonperforming assets ratio improved to 0.14% of total assets as of March 31, 2023, down from 0.16% as of December 31, 2022. Nonperforming assets decreased $6.4 million, or 6%, quarter-over-quarter to $93.4 million as of March 31, 2023, down from $99.8 million as of December 31, 2022.

•The criticized loans ratio increased one basis point quarter-over-quarter to 1.87% of loans HFI as of March 31, 2023, compared with 1.86% as of December 31, 2022. Criticized loans increased $18.1 million, or 2%, quarter-over-quarter to $914.1 million as of March 31, 2023, compared with $896.0 million as of December 31, 2022.

CAPITAL STRENGTH

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



EWBC Capital
($ in millions)	March 31, 2023 (a)	December 31, 2022 (a)	March 31, 2022 (a)

Risk-Weighted Assets (“RWA”) (b)	$50,227	$50,037	$45,432
Risk-based capital ratios:
CET1 capital ratio	13.06%	12.68%	12.55%
Tier 1 capital ratio	13.06%	12.68%	12.55%
Total capital ratio	14.50%	14.00%	13.88%
Leverage ratio	10.02%	9.80%	9.26%
Tangible common equity ratio (c)	8.74%	8.66%	8.47%

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

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

(c)Tangible common equity ratio is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 11.

DIVIDEND PAYOUT AND CAPITAL ACTIONS

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

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

Conference Call

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

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

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

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

•A replay of the conference call will be available on April 20, 2023, at 11:30 a.m. PT/2:30 p.m. ET through May 20, 2023. The replay numbers are: within the U.S. – (877) 344-7529; within Canada – (855) 669-9658; international calls – (412) 317-0088; and the replay access code is: 6046956.

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 $67.2 billion. The Company’s wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 120 locations in the United States and Asia. The Bank’s markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit www.eastwestbank.com.

Forward-Looking Statements

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

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

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


EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ and shares in thousands, except per share data)
(unaudited)
Table 1

											March 31, 2023 % or Basis Point Change
		March 31, 2023			December 31, 2022			March 31, 2022			Qtr-o-Qtr			Yr-o-Yr
Assets
	Cash and due from banks	$	760,317		$	534,980		$	571,571		42.1	%		33.0	%
	Interest-bearing cash with banks	5,173,877			2,946,804			3,277,129			75.6			57.9
	Cash and cash equivalents	5,934,194			3,481,784			3,848,700			70.4			54.2
	Interest-bearing deposits with banks	10,249			139,021			816,125			(92.6)			(98.7)
	Assets purchased under resale agreements (“resale agreements”)	654,288			792,192			1,956,822			(17.4)			(66.6)
	Available-for-sale (“AFS”) debt securities (amortized cost of $7,072,240, $6,879,225 and $7,091,581)	6,300,868			6,034,993			6,729,431			4.4			(6.4)
	Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of 2,502,674, $2,455,171 and $2,815,968)	2,993,421			3,001,868			2,997,702			(0.3)			(0.1)

	Loans held-for-sale (“HFS”)	6,861			25,644			631			(73.2)			NM
	Loans held-for-investment (''HFI'') (net of allowance for loan losses of $619,893, $595,645 and $545,685)	48,298,155			47,606,785			42,944,997			1.5			12.5

	Investments in qualified affordable housing partnerships, tax credit and other investments, net	741,354			763,256			607,985			(2.9)			21.9
	Goodwill	465,697			465,697			465,697			—			—
	Operating lease right-of-use assets	103,114			103,681			102,491			(0.5)			0.6
	Other assets	1,736,697			1,697,229			1,770,875			2.3			(1.9)
	Total assets	$	67,244,898		$	64,112,150		$	62,241,456		4.9	%		8.0	%

Liabilities and Stockholders’ Equity
	Deposits	$	54,737,402		$	55,967,849		$	54,938,361		(2.2)	%		(0.4)	%

	Short-term borrowings	4,500,000			—			—			100.0			100.0

	FHLB advances	—			—			74,619			—			(100.0)
	Assets sold under repurchase agreements (“repurchase agreements”)	—			300,000			300,000			(100.0)			(100.0)
	Long-term debt and finance lease liabilities	152,467			152,400			152,227			0.0			0.2
	Operating lease liabilities	112,676			111,931			109,656			0.7			2.8
	Accrued expenses and other liabilities	1,433,022			1,595,358			963,137			(10.2)			48.8
	Total liabilities	60,935,567			58,127,538			56,538,000			4.8			7.8
	Stockholders’ equity	6,309,331			5,984,612			5,703,456			5.4			10.6
	Total liabilities and stockholders’ equity	$	67,244,898		$	64,112,150		$	62,241,456		4.9	%		8.0	%

	Book value per share	$	44.62		$	42.46		$	40.09		5.1	%		11.3	%
	Tangible book value (1) per share	$	41.28		$	39.10		$	36.76		5.6			12.3
	Number of common shares at period-end	141,396			140,948			142,257			0.3			(0.6)
	Total stockholders’ equity to assets ratio	9.38		%	9.33		%	9.16		%	5		bps	22		bps
	Tangible common equity (“TCE”) ratio (1)	8.74		%	8.66		%	8.47		%	8		bps	27		bps

NM - Not meaningful.

(1)Tangible book value and the TCE ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2

								March 31, 2023 % Change
		March 31, 2023		December 31, 2022		March 31, 2022		Qtr-o-Qtr		Yr-o-Yr
Loans:
Commercial:
	Commercial and industrial (“C&I”)	$	15,641,840	$	15,711,095	$	14,838,134	(0.4)	%	5.4	%
	Commercial real estate (“CRE”):
	CRE	14,019,136		13,857,870		12,636,787		1.2		10.9
	Multifamily residential	4,682,280		4,573,068		3,894,463		2.4		20.2
	Construction and land	731,394		638,420		443,836		14.6		64.8
	Total CRE	19,432,810		19,069,358		16,975,086		1.9		14.5
Consumer:
	Residential mortgage:
	Single-family residential	11,786,998		11,223,027		9,283,429		5.0		27.0
	Home equity lines of credit (“HELOCs”)	1,988,881		2,122,655		2,266,634		(6.3)		(12.3)
	Total residential mortgage	13,775,879		13,345,682		11,550,063		3.2		19.3
	Other consumer	67,519		76,295		127,399		(11.5)		(47.0)
Total loans HFI (1)		48,918,048		48,202,430		43,490,682		1.5		12.5
Loans HFS		6,861		25,644		631		(73.2)		NM
	Total loans (1)	48,924,909		48,228,074		43,491,313		1.4		12.5
Allowance for loan losses		(619,893)		(595,645)		(545,685)		4.1		13.6
	Net loans (1)	$	48,305,016	$	47,632,429	$	42,945,628	1.4		12.5

Deposits:
	Noninterest-bearing demand	$	18,327,320	$	21,051,090	$	24,927,768	(12.9)	%	(26.5)	%
	Interest-bearing checking	8,742,580		6,672,165		6,774,826		31.0		29.0
	Money market	9,293,114		12,265,024		12,108,432		(24.2)		(23.3)
	Savings	2,280,562		2,649,037		2,897,248		(13.9)		(21.3)

	Time deposits	16,093,826		13,330,533		8,230,087		20.7		95.5

	Total deposits	$	54,737,402	$	55,967,849	$	54,938,361	(2.2)	%	(0.4)	%

NM - Not meaningful.

(1)Includes $(75.4) million, $(70.4) million and $(42.7) million of net deferred loan fees and net unamortized premiums as of March 31, 2023, December 31, 2022 and March 31, 2022, respectively.


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						March 31, 2023 % Change
		March 31, 2023		December 31, 2022		March 31, 2022		Qtr-o-Qtr	Yr-o-Yr
Interest and dividend income		$	835,506	$	761,212	$	432,029	9.8%	93.4%
Interest expense		235,645		155,705		16,416		51.3	NM
Net interest income before provision for credit losses		599,861		605,507		415,613		(0.9)	44.3
Provision for credit losses		20,000		25,000		8,000		(20.0)	150.0
Net interest income after provision for credit losses		579,861		580,507		407,613		(0.1)	42.3
Noninterest income		59,978		64,927		79,743		(7.6)	(24.8)
Noninterest expense		218,447		257,110		189,450		(15.0)	15.3
Income before income taxes		421,392		388,324		297,906		8.5	41.5
Income tax expense		98,953		51,561		60,254		91.9	64.2
Net income		$	322,439	$	336,763	$	237,652	(4.3)%	35.7%
Earnings per share (“EPS”)
- Basic		$	2.28	$	2.39	$	1.67	(4.4)%	36.6%
- Diluted		$	2.27	$	2.37	$	1.66	(4.1)	36.9
Weighted-average number of shares outstanding
- Basic		141,112		140,947		142,025		0.1%	(0.6)%
- Diluted		141,913		142,138		143,223		(0.2)	(0.9)

		Three Months Ended						March 31, 2023 % Change
		March 31, 2023		December 31, 2022		March 31, 2022		Qtr-o-Qtr	Yr-o-Yr
Noninterest income:
	Lending fees	$	20,586	$	19,339	$	19,438	6.4%	5.9%
	Deposit account fees	21,703		22,112		20,315		(1.8)	6.8
	Interest rate contracts and other derivative income (loss)	2,564		(638)		11,133		NM	(77.0)
	Foreign exchange income	12,660		14,015		12,699		(9.7)	(0.3)
	Wealth management fees	6,304		6,071		6,052		3.8	4.2
	Net (losses) gains on sales of loans	(22)		443		2,922		NM	NM
	Net realized (losses) gains on AFS debt securities	(10,000)		—		1,278		NM	NM



	Other investment income	1,921		1,127		1,627		70.5	18.1
	Other income	4,262		2,458		4,279		73.4	(0.4)
Total noninterest income		$	59,978	$	64,927	$	79,743	(7.6)%	(24.8)%
Noninterest expense:
	Compensation and employee benefits	$	129,654	$	120,422	$	116,269	7.7%	11.5%
	Occupancy and equipment expense	15,587		15,648		15,464		(0.4)	0.8
	Deposit insurance premiums and regulatory assessments	7,910		4,930		4,717		60.4	67.7
	Deposit account expense	9,609		8,437		4,693		13.9	104.8
	Data processing	3,347		3,641		3,665		(8.1)	(8.7)
	Computer software expense	7,360		7,504		7,294		(1.9)	0.9



	Other operating expense	30,998		31,923		23,448		(2.9)	32.2
	Amortization of tax credit and other investments	10,110		64,605		13,900		(84.4)	(27.3)
	Repurchase agreements’ extinguishment cost	3,872		—		—		100.0	100.0

Total noninterest expense		$	218,447	$	257,110	$	189,450	(15.0)%	15.3%

NM - Not meaningful.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 4

		Three Months Ended						March 31, 2023 % Change
		March 31, 2023		December 31, 2022		March 31, 2022		Qtr-o-Qtr	Yr-o-Yr
Loans:
Commercial:
	C&I	$	15,400,996	$	15,496,386	$	14,271,902	(0.6)%	7.9%
	CRE:
	CRE	13,932,758		13,699,042		12,279,365		1.7	13.5
	Multifamily residential	4,600,094		4,604,628		3,749,571		(0.1)	22.7
	Construction and land	675,047		591,962		392,923		14.0	71.8
	Total CRE	19,207,899		18,895,632		16,421,859		1.7	17.0
Consumer:
	Residential mortgage:
	Single-family residential	11,417,477		10,988,102		9,111,188		3.9	25.3
	HELOCs	2,050,778		2,145,416		2,183,080		(4.4)	(6.1)
	Total residential mortgage	13,468,255		13,133,518		11,294,268		2.5	19.2
	Other consumer	72,687		81,596		124,389		(10.9)	(41.6)
	Total loans (1)	$	48,149,837	$	47,607,132	$	42,112,418	1.1%	14.3%



Interest-earning assets		$	61,483,533	$	60,376,151	$	58,692,366	1.8%	4.8%
Total assets		$	65,113,604	$	64,252,730	$	61,758,048	1.3%	5.4%

Deposits:
	Noninterest-bearing demand	$	19,709,980	$	21,419,290	$	23,432,746	(8.0)%	(15.9)%
	Interest-bearing checking	6,493,865		6,543,349		6,648,065		(0.8)	(2.3)
	Money market	11,260,715		12,197,782		12,913,336		(7.7)	(12.8)
	Savings	2,436,587		2,747,166		2,930,309		(11.3)	(16.8)

	Time deposits	15,052,762		12,076,193		8,100,890		24.6	85.8
	Total deposits	$	54,953,909	$	54,983,780	$	54,025,346	(0.1)%	1.7%

Interest-bearing liabilities		$	36,814,685	$	34,372,853	$	31,218,479	7.1%	17.9%
Stockholders’ equity		$	6,183,324	$	5,834,623	$	5,842,615	6.0%	5.8%

(1)Includes loans HFS.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 5

		Three Months Ended
		March 31, 2023						December 31, 2022
		Average				Average		Average				Average
		Balance		Interest		Yield/Rate (1)		Balance		Interest		Yield/Rate (1)
Assets
Interest-earning assets:
	Interest-bearing cash and deposits with banks	$	3,449,626	$	35,647	4.19	%	$	2,983,726	$	23,986	3.19	%
	Resale agreements	688,778		4,503		2.65	%	833,170		6,062		2.89	%
	AFS debt securities	6,108,825		53,197		3.53	%	5,869,336		46,224		3.12	%
	HTM debt securities	2,995,677		12,734		1.72	%	3,004,412		12,747		1.68	%
	Loans (2)	48,149,837		728,386		6.14	%	47,607,132		671,323		5.59	%




	FHLB and FRB stock	90,790		1,039		4.64	%	78,375		870		4.40	%
	Total interest-earning assets	61,483,533		835,506		5.51	%	60,376,151		761,212		5.00	%

Noninterest-earning assets:
	Cash and due from banks	621,104						640,509
	Allowance for loan losses	(602,754)						(583,271)
	Other assets	3,611,721						3,819,341
	Total assets	$	65,113,604					$	64,252,730

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
	Checking deposits	$	6,493,865	$	23,174	1.45	%	$	6,543,349	$	16,735	1.01	%
	Money market deposits	11,260,715		76,102		2.74	%	12,197,782		62,246		2.02	%
	Savings deposits	2,436,587		3,669		0.61	%	2,747,166		2,714		0.39	%
	Time deposits	15,052,762		113,849		3.07	%	12,076,193		65,772		2.16	%
	Federal funds purchased and other short-term borrowings	811,551		8,825		4.41	%	47,142		374		3.15	%
	FHLB advances	500,000		6,430		5.22	%	40,178		225		2.22	%
	Repurchase agreements	106,785		1,052		4.00	%	568,520		5,507		3.84	%
	Long-term debt and finance lease liabilities	152,420		2,544		6.77	%	152,523		2,132		5.55	%
	Total interest-bearing liabilities	36,814,685		235,645		2.60	%	34,372,853		155,705		1.80	%

Noninterest-bearing liabilities and stockholders’ equity:
	Demand deposits	19,709,980						21,419,290
	Accrued expenses and other liabilities	2,405,615						2,625,964
	Stockholders’ equity	6,183,324						5,834,623
	Total liabilities and stockholders’ equity	$	65,113,604					$	64,252,730

Interest rate spread						2.91	%					3.20	%
Net interest income and net interest margin				$	599,861	3.96	%			$	605,507	3.98	%

(1)Annualized.

(2)Includes loans HFS.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 6

		Three Months Ended
		March 31, 2023						March 31, 2022
		Average				Average		Average				Average
		Balance		Interest		Yield/Rate (1)		Balance		Interest		Yield/Rate (1)
Assets
Interest-earning assets:
	Interest-bearing cash and deposits with banks	$	3,449,626	$	35,647	4.19	%	$	4,466,012	$	3,260	0.30	%
	Resale agreements	688,778		4,503		2.65	%	2,097,998		8,383		1.62	%
	AFS debt securities	6,108,825		53,197		3.53	%	7,969,795		34,469		1.75	%
	HTM debt securities	2,995,677		12,734		1.72	%	1,968,568		8,198		1.69	%
	Loans (2)	48,149,837		728,386		6.14	%	42,112,418		377,110		3.63	%




	FHLB and FRB stock	90,790		1,039		4.64	%	77,575		609		3.18	%
	Total interest-earning assets	61,483,533		835,506		5.51	%	58,692,366		432,029		2.99	%

Noninterest-earning assets:
	Cash and due from banks	621,104						641,882
	Allowance for loan losses	(602,754)						(543,345)
	Other assets	3,611,721						2,967,145
	Total assets	$	65,113,604					$	61,758,048

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
	Checking deposits	$	6,493,865	$	23,174	1.45	%	$	6,648,065	$	1,402	0.09	%
	Money market deposits	11,260,715		76,102		2.74	%	12,913,336		3,203		0.10	%
	Savings deposits	2,436,587		3,669		0.61	%	2,930,309		1,704		0.24	%
	Time deposits	15,052,762		113,849		3.07	%	8,100,890		6,680		0.33	%
	Federal funds purchased and other short-term borrowings	811,551		8,825		4.41	%	1,866		9		1.96	%
	FHLB advances	500,000		6,430		5.22	%	160,018		578		1.46	%
	Repurchase agreements	106,785		1,052		4.00	%	311,984		2,016		2.62	%
	Long-term debt and finance lease liabilities	152,420		2,544		6.77	%	152,011		824		2.20	%
	Total interest-bearing liabilities	36,814,685		235,645		2.60	%	31,218,479		16,416		0.21	%

Noninterest-bearing liabilities and stockholders’ equity:
	Demand deposits	19,709,980						23,432,746
	Accrued expenses and other liabilities	2,405,615						1,264,208
	Stockholders’ equity	6,183,324						5,842,615
	Total liabilities and stockholders’ equity	$	65,113,604					$	61,758,048

Interest rate spread						2.91	%					2.78	%
Net interest income and net interest margin				$	599,861	3.96	%			$	415,613	2.87	%

(1)Annualized.

(2)Includes loans HFS.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 7

		Three Months Ended (1)						March 31, 2023 Basis Point Change
		March 31, 2023		December 31, 2022		March 31, 2022		Qtr-o-Qtr		Yr-o-Yr
	Return on average assets	2.01	%	2.08	%	1.56	%	(7)	bps	45	bps
	Adjusted return on average assets (2)	2.05	%	2.08	%	1.56	%	(3)		49
	Return on average common equity	21.15	%	22.90	%	16.50	%	(175)		465
	Adjusted return on average common equity (2)	21.61	%	22.90	%	16.50	%	(129)		511
	Return on average TCE (3)	22.94	%	24.96	%	18.00	%	(202)		494
	Adjusted return on average TCE (3)	23.44	%	24.96	%	18.00	%	(152)		544
	Interest rate spread	2.91	%	3.20	%	2.78	%	(29)		13
	Net interest margin	3.96	%	3.98	%	2.87	%	(2)		109

	Average loan yield	6.14	%	5.59	%	3.63	%	55		251

	Yield on average interest-earning assets	5.51	%	5.00	%	2.99	%	51		252
	Average cost of interest-bearing deposits	2.49	%	1.74	%	0.17	%	75		232
	Average cost of deposits	1.60	%	1.06	%	0.10	%	54		150
	Average cost of funds	1.69	%	1.11	%	0.12	%	58		157
	Adjusted pre-tax, pre-provision profitability ratio (4)	2.90	%	2.95	%	2.10	%	(5)		80
	Adjusted noninterest expense/average assets (4)	1.27	%	1.19	%	1.15	%	8		12
	Efficiency ratio	33.11	%	38.35	%	38.25	%	(524)		(514)
	Adjusted efficiency ratio (4)	30.46	%	28.66	%	35.34	%	180	bps	(488)	bps

(1)Annualized except for efficiency ratio.

(2)Adjusted return on average assets and adjusted return on average equity are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 12.

(3)Return on average TCE and adjusted return on average TCE are non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 11.

(4)Adjusted pre-tax, pre-provision profitability ratio, adjusted noninterest expense/average assets and the adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 10.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 8



		Three Months Ended March 31, 2023
		Commercial		Consumer

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



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








		Three Months Ended March 31, 2022
		Commercial		Consumer

		C&I		Total CRE		Total Residential Mortgage		Other Consumer		Total
Allowance for loan losses, December 31, 2021		$	338,252	$	180,808	$	20,595	$	1,924	$	541,579
Provision for credit losses on loans	(a)	9,262		1,658		1,225		107		12,252
Gross charge-offs		(11,188)		(399)		—		(46)		(11,633)
Gross recoveries		3,002		229		138		—		3,369
Total net (charge-offs) recoveries		(8,186)		(170)		138		(46)		(8,264)
Foreign currency translation adjustment		118		—		—		—		118
Allowance for loan losses, March 31, 2022		$	339,446	$	182,296	$	21,958	$	1,985	$	545,685


EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE-SHEET CREDIT EXPOSURES
($ in thousands)
(unaudited)
Table 8 (continued)

		Three Months Ended
		March 31, 2023		December 31, 2022		March 31, 2022
Unfunded Credit Facilities
Allowance for unfunded credit commitments, beginning of period (1)		$	26,264	$	24,041	$	27,514

Provision for (reversal of) credit losses on unfunded credit commitments	(b)	1,480		2,228		(4,252)
Foreign currency translation adjustment		(3)		(5)		—
Allowance for unfunded credit commitments, end of period (1)		$	27,741	$	26,264	$	23,262

Provision for credit losses	(a)+(b)	$	20,000	$	25,000	$	8,000

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


	EAST WEST BANCORP, INC. AND SUBSIDIARIES
	CRITICIZED LOANS, NONPERFORMING ASSETS AND CREDIT QUALITY RATIOS
	($ in thousands)
	(unaudited)
Table 9


Criticized Loans		March 31, 2023			December 31, 2022			March 31, 2022
Special mention loans		$	461,356		$	468,471		$	402,704
Classified loans		452,715			427,509			430,633
Total criticized loans (1)		$	914,071		$	895,980		$	833,337



Nonperforming Assets		March 31, 2023			December 31, 2022			March 31, 2022
Nonaccrual loans:
Commercial:
	C&I	$	43,747		$	50,428		$	51,773




	Total CRE	19,427			23,413			9,827
Consumer:



	Total residential mortgage	29,585			25,586			23,197
	Other consumer	366			99			37
	Total nonaccrual loans	93,125			99,526			84,834
Other real estate owned, net		270			270			—
Other nonperforming assets		—			—			9,548

	Total nonperforming assets	$	93,395		$	99,796		$	94,382



Credit Quality Ratios		March 31, 2023			December 31, 2022			March 31, 2022
Annualized quarterly net charge-offs to average loans HFI		0.01		%	0.08		%	0.08		%

Special mention loans to loans HFI		0.94		%	0.97		%	0.93		%
Classified loans to loans HFI		0.93		%	0.89		%	0.99		%
Criticized loans to loans HFI		1.87		%	1.86		%	1.92		%
Nonperforming assets to total assets		0.14		%	0.16		%	0.15		%
Nonaccrual loans to loans HFI		0.19		%	0.21		%	0.20		%
Allowance for loan losses to loans HFI		1.27		%	1.24		%	1.25		%

(1)Excludes loans HFS.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 10
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision profitability ratio represents total adjusted revenue less adjusted noninterest expense, divided by average total assets. Adjusted revenue excludes the write-off of an AFS debt security. Adjusted noninterest expense excludes the amortization of tax credit and other investments, the amortization of core deposit intangibles and the repurchase agreements’ extinguishment cost. Management believes that the measures and ratios presented below provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods.

		Three Months Ended
		March 31, 2023			December 31, 2022			March 31, 2022
Net interest income before provision for credit losses	(a)	$	599,861		$	605,507		$	415,613
Total noninterest income		59,978			64,927			79,743

Total revenue	(b)	$	659,839		$	670,434		$	495,356
Noninterest income		59,978			64,927			79,743
Add: Write-off of AFS debt security		10,000			—			—

Adjusted noninterest income	(c)	69,978			64,927			79,743
Adjusted revenue	(a)+(c) = (d)	$	669,839		$	670,434		$	495,356

Total noninterest expense	(e)	$	218,447		$	257,110		$	189,450
Less: Amortization of tax credit and other investments		(10,110)			(64,605)			(13,900)
Amortization of core deposit intangibles		(441)			(381)			(511)
Repurchase agreements’ extinguishment cost		(3,872)			—			—
Adjusted noninterest expense	(f)	$	204,024		$	192,124		$	175,039
Efficiency ratio	(e)/(b)	33.11		%	38.35		%	38.25		%
Adjusted efficiency ratio	(f)/(d)	30.46		%	28.66		%	35.34		%
Adjusted pre-tax, pre-provision income	(d)-(f) = (g)	$	465,815		$	478,310		$	320,317
Average total assets	(h)	$	65,113,604		$	64,252,730		$	61,758,048
Adjusted pre-tax, pre-provision profitability ratio (1)	(g)/(h)	2.90		%	2.95		%	2.10		%
Adjusted noninterest expense/average assets (1)	(f)/(h)	1.27		%	1.19		%	1.15		%

(1)Annualized.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 11
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. TCE and TCE ratio are non-GAAP financial measures. TCE and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.

		March 31, 2023			December 31, 2022			March 31, 2022
Stockholders’ equity	(a)	$	6,309,331		$	5,984,612		$	5,703,456
Less: Goodwill		(465,697)			(465,697)			(465,697)
Other intangible assets (1)		(7,201)			(7,998)			(9,044)
TCE	(b)	$	5,836,433		$	5,510,917		$	5,228,715

Total assets	(c)	$	67,244,898		$	64,112,150		$	62,241,456
Less: Goodwill		(465,697)			(465,697)			(465,697)
Other intangible assets (1)		(7,201)			(7,998)			(9,044)
Tangible assets	(d)	$	66,772,000		$	63,638,455		$	61,766,715
Total stockholders’ equity to assets ratio	(a)/(c)	9.38		%	9.33		%	9.16		%
TCE ratio	(b)/(d)	8.74		%	8.66		%	8.47		%


Return on average TCE represents tangible net income divided by average TCE. Adjusted return on average TCE represents adjusted tangible net income divided by average TCE. Tangible net income excludes the after-tax impacts of the amortization of core deposit intangibles and mortgage servicing assets. Adjusted tangible net income excludes the after-tax impacts of the tangible net income adjustments and the write-off of an AFS debt security. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.

		Three Months Ended
		March 31, 2023			December 31, 2022			March 31, 2022
Net income	(e)	$	322,439		$	336,763		$	237,652
Add: Amortization of core deposit intangibles		441			381			511
Amortization of mortgage servicing assets		356			329			392
Tax effect of amortization adjustments (2)		(233)			(209)			(260)
Tangible net income	(f)	$	323,003		$	337,264		$	238,295

Add: Write-off of AFS debt security		10,000			—			—
Tax effect of write-off (2)		(2,929)			—			—


Adjusted tangible net income	(g)	$	330,074		$	337,264		$	238,295

Average stockholders’ equity	(h)	$	6,183,324		$	5,834,623		$	5,842,615
Less: Average goodwill		(465,697)			(465,697)			(465,697)
Average other intangible assets (1)		(7,696)			(8,378)			(9,207)
Average TCE	(i)	$	5,709,931		$	5,360,548		$	5,367,711
Return on average common equity (3)	(e)/(h)	21.15		%	22.90		%	16.50		%
Return on average TCE (3)	(f)/(i)	22.94		%	24.96		%	18.00		%
Adjusted return on average TCE (3)	(g)/(i)	23.44		%	24.96		%	18.00		%

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

(2)Applied statutory tax rate of 29.29%, 29.37% and 28.77% for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

(3)Annualized.


EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ and shares in thousands, except for per share data)
(unaudited)
Table 12
During the first quarter of 2023, the Company recorded a $10.0 million pre-tax impairment write-off of an AFS debt security. Management believes that presenting the computations of the adjusted net income, adjusted diluted earnings per common share, adjusted return on average assets and adjusted return on average common equity that adjust for the above discussed non-recurring items provide clarity to financial statement users regarding the ongoing performance of the Company and allows comparability to prior periods.

		Three Months Ended
		March 31, 2023			December 31, 2022			March 31, 2022
Net income	(a)	$	322,439		$	336,763		$	237,652
Add: Write-off of AFS debt security		10,000			—			—

Tax effect of write-off (1)		(2,929)			—			—

Adjusted net income	(b)	$	329,510		$	336,763		$	237,652

Diluted weighted-average number of shares outstanding		141,913			142,138			143,223
Diluted EPS		$	2.27		$	2.37		$	1.66
Add: Write-off of AFS debt security		0.05			—			—



Adjusted diluted EPS		$	2.32		$	2.37		$	1.66

Average total assets	(c)	$	65,113,604		$	64,252,730		$	61,758,048
Average stockholders’ equity	(d)	$	6,183,324		$	5,834,623		$	5,842,615
Return on average assets (2)	(a)/(c)	2.01		%	2.08		%	1.56		%
Adjusted return on average assets (2)	(b)/(c)	2.05		%	2.08		%	1.56		%
Return on average common equity (2)	(a)/(d)	21.15		%	22.90		%	16.50		%
Adjusted return on average common equity (2)	(b)/(d)	21.61		%	22.90		%	16.50		%

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

(2)Annualized.

EWBC Earnings Results First Quarter 2023 April 20, 2023

Forward-Looking Statements 2 Forward-Looking Statements This presentation contains 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. These statements are based on the current beliefs and expectations of the management of East West Bancorp, Inc. (the “Company”) and are subject to significant risks and uncertainties. You should not place undue reliance on these statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include, among others, changes in the U.S. economy or local, regional and global business, economic and political conditions and geopolitical events; the impacts of the ongoing COVID-19 pandemic; changes in laws or the regulatory environment, including trade, monetary and fiscal policies and laws; and changes in the commercial and consumer real estate markets and in consumer spending and savings habits. These factors also consist of those contained in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. These statements speak only as of the date they are made and are based only on information then actually known to the Company. The Company does not undertake to update any forward-looking statements except as required by law. Non-GAAP Financial Measures Certain financial information in this presentation has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors should refer to the reconciliations included in this presentation and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or superior to, measures prepared in accordance with GAAP. These measures may not be comparable to similarly titled measures used by other companies.

1.56% 2.08% 2.05% 1Q22 4Q22 1Q23* Adj. ROAA 1Q23 Net Income $322.4 million 1Q23 Adj. Net Income* $329.5 million 1Q23 Diluted EPS $2.27 1Q23 Adj. Diluted EPS* $2.32 1Q23 Revenue $659.8 million Record Loans $48.9 billion Total Deposits $54.7 billion Tangible Book Value*/Share $41.28 Highlights of First Quarter 2023 3 Return on Average Assets Adjusted Pre-Tax, Pre-Provision Income* & Profitability Ratio* Return on Average Tangible Common Equity* Return on Average Common Equity Adj. PTPP income* Adj. PTPP profitability ratio* $ i n m ill io n s * See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases. GAAP ROA: 2.01% GAAP ROTCE: 22.9% GAAP ROE: 21.1% $320 $478 $466 2.10% 2.95% 2.90% $100 $180 $260 $340 $420 $500 1Q22 4Q22 1Q23 16.5% 22.9% 21.6% 1Q22 4Q22 1Q23* Adj. ROE 18.0% 25.0% 23.4% 1Q22 4Q22 1Q23* Adj. ROTCE

4 03.31.23: Strong, Well-Diversified Balance Sheet Record Loans as of 03.31.23: $48.9 billion ($ in billions) C&I Resi. mortgage & other consumerTotal CRE IB Checking & SavingsMMDADDA Time Total Deposits as of 03.31.23: $54.7 billion ($ in billions) * See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases. $15.6 32% $19.4 40% $13.9 28% $18.3 33% $9.3 17% $11.0 21% $16.1 29% $ in millions, except per share data 03.31.23 12.31.22 Cash and cash equivalents & ST investments $ 5,944 $ 3,621 $ 2,323 Repo assets 654 792 (138) AFS debt securities 6,301 6,035 266 HTM debt securities 2,993 3,002 (9) Total Loans $ 48,925 $ 48,228 $ 697 Allowance for loan losses (ALLL) (620) (596) (24) Net Loans $ 48,305 $ 47,632 $ 673 Other assets 3,048 3,030 18 Total Assets $ 67,245 $ 64,112 $ 3,133 Customer deposits $ 54,737 $ 55,968 $ (1,231) Borrowings & repo funding 4,500 300 4,200 Long-term debt & finance lease liab. 152 152 - Other liabilities 1,547 1,708 (161) Total Liabilities $ 60,936 $ 58,128 $ 2,808 Total Stockholders' Equity $ 6,309 $ 5,985 $ 324 Book value per share $ 44.62 $ 42.46 $ 2.16 Tangible book value* per share $ 41.28 $ 39.10 $ 2.18 Tangible common equity ratio* 8.74% 8.66% 8 bps Loans to deposits ratio 89.4% 86.2% 321 bps Q-o-Q Change

EWBC 12.31.22 EWBC 03.31.23 Add: ALLL Adjust: AOCI Proforma 03.31.23* EWBC 12.31.22 EWBC 03.31.23 Add: ALLL Adjust: AOCI Proforma 03.31.23* EWBC 12.31.22 EWBC 03.31.23 Add: ALLL Adjust: AOCI Proforma 03.31.23* EWBC 12.31.22 EWBC 03.31.23 Add: ALLL Adjust: AOCI Proforma 03.31.23* 03.31.23: Strong Capital Ratios All capital ratios increased Q-o-Q. Regulatory capital ratios are well in excess of requirements for well- capitalized institutions. ▪ EWBC’s capital ratios are some of the highest among regional banks. ▪ Book value/share as of 03.31.23: $44.62, and stockholders’ equity to assets: 9.38%. ▪ Tangible book value**/share as of 03.31.23: $41.28, +6% Q-o-Q. ▪ Tangible common equity ratio** as of 03.31.23: 8.74%, +8 bps Q-o-Q. Pro-forma capital very strong. Hypothetical adjustments for AFS + HTM security marks and on- and off- balance sheet allowance not otherwise already reflected in equity, still results in very strong capital ratios. Capital return in 2Q23: quarterly common stock dividend of $0.48/share, equivalent to $1.92 per share annualized. No buybacks during 1Q23. 5 ** See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases. CET1 Capital Ratio Tangible Common Equity Ratio** Total Capital Ratio Leverage Ratio Well-cap. Req.: 6.5% +129 bps -177 bps +97 bps +15 bps +99 bps -37 bps -177 bps -136 bpsWell-cap. Req.: 10.0% Well-cap. Req.: 5.0% * Pro-forma ratios as of 03.31.23 reflect (a) inclusion of on- and off-balance sheet allowance not already in capital; (b) treatment of HTM securities as if they were AFS, with unrealized losses in AOCI; and (c) removal of the AOCI opt-out in calculating regulatory capital. Note: the Company has elected to use the 2020 CECL transition provision in the calculation of its March 31, 2023 regulatory capital ratios. The Company’s March 31, 2023 regulatory capital ratios are preliminary. 12.68% 13.06% 14.00% 14.50% 12.58% 12.88% 9.80% 10.02% 9.65% 8.66% 8.74% 9.34%

Total CRE 40% Total Resi. Mortgage & Other Consumer 28% C&I 32% 6 03.31.23: Diversified Commercial Loan Portfolio ▪ C&I loans: $15.6bn loans O/S plus $7.4bn undisbursed commitments: $23.1bn total commitments as of 03.31.23. ▪ Portfolio well-diversified by industry. ▪ Utilization: 68% as of 03.31.23, vs. 69% as of 12.31.22. ▪ Growth: total commitments: +1% Q-o-Q & +10% Y-o-Y. ▪ Change: loans outstanding: -0.4% Q-o-Q & +5% Y-o-Y. ▪ China loans O/S (mainland + Hong Kong): $2.16bn as of 03.31.23, up +1% from $2.14bn as of 12.31.22. Portfolio primarily consists of C&I loans, well-diversified by industry. Total Loans: C&I Loans by Industry as % of Total Loans Outstanding $15.6bn$48.9 billion Total Loans 5% 11% Private Equity Food Production & Distribution: 1%; Tech & Telecom: 1%; Hospitality & Leisure:1% Oil & Gas: 1%; Consumer Nondurable Goods: 1% All Other C&I } 4% 3% 2% 2% Media & Entertainment Infrastructure & Clean Energy General Manufacturing & Wholesale Real Estate Investment & Management

C&I 32% MFR, 10% Retail, 8% Industrial, 7% Office, 5% Hotel, 4% Healthcare, 2% All other CRE, 2.5% Constr. & Land, 1.5% Total Resi. Mortgage & Other Consumer 28% Total CRE 40% SoCal 50% NorCal 20% TX 8% NY 5% WA 3% Other 14% 03.31.23: Diversified Commercial Real Estate Portfolio 7 Total Loans: Total CRE Loans by Property Type as % of Total Loans Outstanding ▪ Total CRE loans: $19.4bn loans O/S as of 03.31.23. ▪ Portfolio well-diversified by property type. ▪ Geographic distribution reflects EWBC’s branch footprint. ▪ Growth: +2% Q-o-Q and +14.5% Y-o-Y. ▪ Construction & land loans: $731mm, or 1.5% of total loans. Total construction & land exposure of $1.40bn: loans O/S plus $670mm in undisbursed commitments. $19.4 billion Total CRE Loans Total CRE: Distribution by Geography $19.4bn $48.9 billion Total Loans

($ in millions) Total Portfolio Size Weighted Avg. LTV1 Average Loan Size Multifamily 4,682$ 52% 1.7$ Retail 4,145$ 48% 2.4$ Industrial 3,661$ 48% 3.1$ Office 2,377$ 52% 4.1$ Hotel 2,152$ 53% 9.2$ Healthcare 837$ 57% 4.3$ Construction & Land* 731$ 54% 13.7$ Other 848$ 49% 3.1$ Total CRE 19,433$ 51% 2.8$ <=50% 42% >50% to 55% 16% >55% to 60% 16% >60% to 65% 16% >65% to 70% 6% >70% 4% 03.31.23: Low LTV Commercial Real Estate Portfolio Total CRE: Distribution by LTV1 8 CRE Size & LTV by Property Type * Construction & Land avg. size based on total commitment. ▪ High percentage of CRE loans have full recourse & personal guarantees from individuals or guarantors with substantial net worth. ▪ Many of our customers have long-term relationships with East West Bank. $2.8 million Avg. size of loan outstanding 51% Avg. LTV 1Weighted average LTV is based on most recent LTV, using most recent available appraisal and current loan commitment.

03.31.23: CRE Office – Additional Information 9 CRE Office by Size Segment CRE Office: Geographic Mix by Metro Area ($ in millions) Loan size Balance ($ in mm) No. of Loans Avg. loan size ($ in mm) LTV >$30mm $ 271 7 $ 38.8 57% $20mm - $30mm $ 405 16 $ 25.3 51% $10mm - $20mm $ 643 44 $ 14.6 57% $5mm - $10mm $ 463 62 $ 7.5 52% <$5mm $ 595 452 $ 1.3 46% Total $ 2,377 581 $ 4.1 52% SoCal TexasNorCal New York & New Jersey Washington Other Regions Other Los Angeles County Downtown Los Angeles Other SoCal Other Bay Area San Francisco Other CA: $48 Dallas Houston New Jersey: $55 Manhattan: $45 Other NY: $26 Other Regions $2.4 billion CRE Office Portfolio $149 $789 $102 $332 $274 $192 Washington Other TX

03.31.23: CRE Retail – Additional Information 10 CRE Retail by Size Segment CRE Retail: Geographic Mix by Metro Area ($ in millions) Loan size Balance ($ in mm) No. of Loans Avg. loan size ($ in mm) LTV >$30mm $ 268 7 $ 38.3 41% $20mm - $30mm $ 395 16 $ 24.7 54% $10mm - $20mm $ 783 57 $ 13.7 53% $5mm - $10mm $ 755 109 $ 6.9 50% <$5mm $ 1,944 1,507 $ 1.3 46% Total $ 4,145 1,696 $ 2.4 48% Other Los Angeles County Downtown Los Angeles Other SoCal Other Bay Area San Francisco Other CA Dallas: $60 Houston New Jersey: $52 Manhattan Other NY Other Regions $4.1 billion CRE Retail Portfolio $376 $1,317 $779 $422 Other TX: $66 Washington SoCal TexasNorCal New York & New Jersey Washington Other Regions

<=50% 42% >50% to 55% 13% >55% to 60% 37% >60% 8% 03.31.23: Low LTV Residential Mortgage Portfolio 11 Resi. Mortgage: Distribution by Geography Resi. Mortgage: Distribution by LTV $13.8 billion Resi. Mortgage Loans Outstanding $434,000 Avg. loan size* 51% Avg. LTV* ▪ Residential mortgage (SFR + HELOC): $13.8bn loans O/S as of 03.31.23. ▪ Primarily originated through East West Bank branches. ▪ 1Q23 origination volume: $0.8bn, +16% Q-o-Q and -26% Y-o-Y. ▪ Resi. loans O/S growth: +3% Q-o-Q and +19% Y-o-Y. ▪ SFR: $11.8bn loans O/S as of 03.31.23. ▪ HELOC: $2.0bn loans O/S + $3.5bn in undisbursed commitments: $5.5bn total as of 03.31.23. ▪ Utilization: 36% as of 03.31.23, vs. 39% as of 12.31.22. ▪ 82% of commitments in first lien position as of 03.31.23. * Combined LTV for 1st and 2nd liens; based on commitment. Avg. size based on loan O/S for SFR and commitment for HELOC. * Geographic distribution based on commitment size of residential mortgage. SoCal 40% NorCal 16% NY 27% WA 7% TX 2% Other 8%

Consumer $18.0 bn 33% State & Public Agency $4.5 bn 8% Brokered $3.7 bn 7% China $1.6 bn 3% Hong Kong $1.4 bn 3% Commercial $25.5 bn 46% 03.31.23: Granular, Diversified Deposit Base 12 ▪ Total deposits: $54.7bn as of 03.31.23, -2% Q-o-Q & -0.4% Y-o-Y. ▪ Granular deposits, diversified by segment. ▪ Over 550,000 deposit accounts. ▪ Average commercial deposit account size: approx. $375,000. ▪ Average consumer deposit account size: approx. $40,000. ▪ Domestic deposits: $52.5bn as of 03.31.23. ▪ Insured or otherwise collateralized: $29.6bn (56%). ▪ Domestic uninsured deposit ratio improved to 44% as of 03.31.23, down from 50% as of 12.31.22. ▪ Expanded customer FDIC insurance coverage in 1Q23 through utilization of fully insured sweep programs. Real Estate Property Investment & Management Private Equity Hospitality & Hotels Other Commercial Deposit Industries & Segments General Manufacturing & Wholesale, 2%; Healthcare Services, 2%; Consumer Nondurable Goods, 2%; Media & Entertainment, 2%; Tech & Telecom, 2%; Freight Transport, Distribution & Logistics, 2%; Food Production & Distribution, 2%; Bankruptcy & Fiduciary, 2%. Deposits as of 03.31.23: by Segment or Industry as % of Total Deposits Real Estate Transaction Services 7% 3% 2% 2% 2% 14% $54.7 bn Total Deposits as of 03.31.23 Durable Goods & Electronics

$13.1 $8.8 $1.8 $1.0 $5.9 AFS debt securities: fair value of $6.3bn as of 03.31.23, up by 4% from $6.0 billion as of 12.31.22. ▪ Gross unrealized losses: $771mm, or 11% of amortized cost, as of 03.31.23. Already reflected in equity ($543mm net of tax) via AOCI. ▪ Duration as of 03.31.23: 4 years. ▪ Yield: weighted avg. yield: 3.25% as of 03.31.23. 70% fixed-rate. ▪ 1Q23 purchases: primarily short-term commercial paper and U.S. Treasuries, at a blended yield of 4.6%. HTM debt securities: amortized cost of $3.0bn as of 03.31.23, essentially unchanged Q-o-Q. Transferred to HTM from AFS in 1Q22. The Company has the intent and ability to hold these until maturity. ▪ Gross unrealized losses: $491mm, or 16% of amortized cost, for fair value of $2.5bn. Portion of these already included in AOCI and reflected in equity, due to transfer from AFS. ▪ Duration as of 03.31.23: 8 years. ▪ Yield: weighted avg. yield: 1.73% as of 03.31.23. 99% fixed-rate. 03.31.23: Securities Portfolio & Liquidity Management 13 ▪ Cash & cash equivalents increased 70% to $5.9bn as of 03.31.23, up from $3.5 billion as of 12.31.22. Increase was in response to recent volatility in banking industry; reflects East West’s conservative liquidity management practices. Primarily funded with $4.5bn of borrowings from the Bank Term Funding Program, which cost 4.37%. Positive carry and contribution to net interest income. ▪ Borrowing capacity, cash and cash equivalents increased to $30.6bn (134% of total uninsured deposits) as of 03.31.23, up from $26.4bn (99% of total uninsured deposits) as of 12.31.22. Borrowing Capacity, Cash & Cash Equivalents as of 03.31.23 ($ in billions) $30.6 billion Fed funds facilities Federal Home Loan Bank capacity Unpledged debt securities AFS Cash & cash equivalents Federal Reserve Board capacity

2.7% 2.4% 0.3% C&I CRE Resi. mortgage & consumer 0.3% 0.1% 0.2% C&I CRE Resi. mortgage & consumer 03.31.23: Solid & Stable Asset Quality Metrics 14 Nonaccrual loans OREO & other NPAs Classified loans HFI Special Mention loans HFI Classified loans HFI Special Mention loans HFI Nonaccrual Ratio by Loans HFI Portfolio (subset of Classified) (as of 03.31.23) NPAs / Total Assets Criticized Ratio by Loans HFI Portfolio (as of 03.31.23) Criticized Loans / Loans HFI ▪ Nonperforming assets: decreased 6% Q-o-Q to $93mm as of 03.31.23 (0.14% of assets), down from $100mm (0.16% of assets) as of 12.31.22. ▪ Criticized loans ratio: up 1 bp Q-o-Q to 1.87% of loans HFI as of 03.31.23, vs. 1.86% of loans HFI as of 12.31.22. ▪ Accruing loans 30-89 days past due: $55mm as of 03.31.23 (0.11% of loans HFI) decreased from $62mm as of 12.31.22 (0.13% of loans HFI) & 0.15% as of 03.31.22. 0.15% 0.14% 0.16% 0.16% 0.14% 03.31.22 06.30.22 09.30.22 12.31.22 03.31.23 1.0% 0.9% 0.9% 0.9% 0.9% 0.9% 1.3% 1.0% 1.0% 1.0% 1.9% 2.2% 1.9% 1.9% 1.9% 03.31.22 06.30.22 09.30.22 12.31.22 03.31.23

$8 $13.5 $27 $25 $20 $8 $(7) $7 $10 $1 -0.09% $(25) $ i n m ill io n s 0.08% -0.06% 0.06% 0.08% 0.01% -0.09% $(25) 1Q22 2Q22 3Q22 4Q22 3Q22 1Q23: Allowance for Loan Losses & Credit Costs 15 Allowance for Loan Losses Coverage Ratio $ i n m ill io n s Provision for Credit Losses & Net Charge-offs HFI represents Held-for-Investment. Composition of ALLL by Portfolio: $ i n m ill io n s ; ra ti o i s a llo w a n c e c o v e ra g e b y p o rt fo lio ALLL by Loan Portfolio: C&I (ex. PPP) Total CRE Resi. mortgage & consumer Total: $596 Total:1.24%Total: $620 Total:1.27% ▪ ALLL coverage of loans: 1.27% as of 03.31.23, vs. 1.24% as of 12.31.22. ▪ ALLL coverage reflects current macroeconomic outlook and credit model drivers. ▪ On 01.01.23 adopted the ASU 2022-02, which eliminated TDR accounting, resulting in a $6mm addition to the ALLL. ▪ Net charge-offs in 1Q23 of $1mm, or annualized 0.01% of avg. loans, vs. 0.08% annualized in 4Q22. ▪ Provision for credit losses in 1Q23: $20mm, vs. $25mm in 4Q22. $546 $563 $583 $596 $620 1.25% 1.21% 1.23% 1.24% 1.27% 1.00% $400 03.31.22 06.30.22 09.30.22 12.31.22 03.31.23 ALLL ALLL/Loans HFI 372 376 2.38% 2.42% 182 189 0.96% 0.97% 42 55 0.31% 0.39% 12.31.22 03.31.23 12.31.22 03.31.23 Provision for credit losses Net charge-offs NCO ratio (ann.)

1Q23: Summary Income Statement 16 * See slide 21 for noninterest income detail by category. ** See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases. *** Income tax expense adjusted for the write-off of an AFS debt security. Comments ▪ Reported vs. adjusted EPS: -$0.05 of EPS from impairment loss on subordinated debt of a failed bank: $10mm (before tax) or $7.1mm (after tax). ▪ Net interest income: $600mm, -1% Q-o-Q. ▪ Customer-driven fee income: $66.3mm, up from $66.0mm Q-o-Q. ▪ Debt extinguishment cost: in 1Q23, prepaid $300mm of repurchase agreements that carried a rate of 6.74%. ▪ Amortization of tax credit & other investments: $10mm in 1Q23, vs. $65mm in 4Q22: Q-o-Q variability reflects the impact of investments that close in a given period. ▪ Estimating tax credit amortization of $25mm for 2Q23 and $145mm for FY 2023, based on $150mm of tax credit investments closing and going into service by year-end. ▪ Tax rate: 1Q23 effective tax rate was 23.5%. The effective tax rate for FY 2022 was 20%. ▪ For FY 2023, anticipating effective tax rate of approx. 20%. 1Q23 vs. 4Q22 $ in millions, except per share data 1Q23 4Q22 $ Change % Change Total net interest income $ 599.9 $ 605.5 $ (5.6) -1% Fee income & net GOS of loans* 66.3 66.0 0.3 0.5% Other noninterest income 3.7 (1.1) 4.8 236% Total adj. noninterest income** $ 70.0 $ 64.9 $ 5.1 8% Total adjusted revenue** $ 669.9 $ 670.4 $ (0.5) 0% Adjusted noninterest expense** $ 204.0 $ 192.1 $ 11.9 6% Debt extinguishment cost 3.9 - 3.9 NM Amortization of tax credit & other investments + core deposit intangibles 10.6 65.0 (54.4) -84% Total noninterest expense $ 218.4 $ 257.1 $ (38.7) -15% Provision for credit losses $ 20.0 $ 25.0 $ (5.0) -20% Adj. income tax expense*** 102.0 51.6 50.4 98% Adjusted net income** $ 329.5 $ 336.8 $ (7.3) -2% Adjusted diluted EPS** $ 2.32 $ 2.37 $ (0.05) -2% Write-off of AFS debt security, after tax (7.1) - (7.1) NM Reported GAAP net income $ 322.4 $ 336.8 $ (14.4) -4% Reported GAAP diluted EPS $ 2.27 $ 2.37 $ (0.10) -4% Effective tax rate (GAAP) 23.5% 13.3% 10.2%

14.3 15.0 15.3 15.5 15.4 16.4 17.6 18.6 18.9 19.2 11.4 12.0 13.0 13.2 13.5 $42.1 $44.6 $46.9 $47.6 $48.1 1Q22 2Q22 3Q22 4Q22 1Q23 23.4 23.9 22.4 21.4 19.7 12.9 12.3 12.4 12.2 11.3 9.6 9.7 9.9 9.3 8.9 8.1 8.2 9.4 12.1 15.1 $54.0 $54.1 $54.1 $55.0 $55.0 1Q22 2Q22 3Q22 4Q22 1Q23 1Q23: Average Balance Sheet: Growth & Mix 17 ▪ 1Q23 avg. loan growth: +1% Q-o-Q (+$543mm). Change by portfolio: residential mortgage (+$335mm), CRE (+$312mm), C&I (-$95mm). ▪ 1Q23 AEA growth: +2% Q-o-Q, reflecting loan growth and increase in cash & cash equivalents. Loans made up 78% of AEA in 1Q23, vs. 79% in 4Q22. ▪ 1Q23 avg. deposits were essentially unchanged Q-o-Q. ▪ Growth in CDs (+$3.0bn) reflected successful branch-based CD campaign for Lunar New Year. ▪ Declines in other deposit categories reflected customers seeking higher yields in a rising interest rate environment, as well as the banking industry disruption in mid-March. ▪ Avg. DDA: 36% of avg. deposits in 1Q23, vs. 39% of avg. deposits in 4Q22. $ i n b ill io n s Average Loans & Q-o-Q Change +5% +24% +6% LQA avg. total loan growth C&I Total CRE Residential mortgage & other consumer Average Deposits & Q-o-Q Change Avg. Earning Asset (“AEA”) Mix & Loan-to-Deposit Ratio LQA avg. total deposit growthDDA MMDA IB Checking & Savings Time $ i n b ill io n s -1% 0%+1% +7% +20% 20% 19% 17% 16% 16% 8% 5% 4% 5% 6% L/D: 78% L/D: 82% L/D: 87% L/D: 87% L/D: 88% 1Q22 2Q22 3Q22 4Q22 1Q23 Loans / AEA Securities & other / AEA IB Cash & equivalent / AEA Avg. Loan / Deposit Ratio

1Q23: Net Interest Income & Net Interest Margin 18 ▪ 1Q23 NII: $600mm, -1% Q-o-Q. NIM: 3.96%, -2 bps Q-o-Q. ▪ Change in NII reflects 1Q day count (90 days) vs. 4Q (92 days). Equalizing for day count, the +2% Q-o-Q AEA growth more than offsets the 2 bps of NIM contraction. ▪ Change in NIM driven by higher cost of IB funds and funding mix shift, partially offset by expanding asset yields. Changes in yields and rates reflected rising benchmark interest rates in the quarter, asset sensitivity of variable-rate loan portfolio, and customer preferences for higher deposit rates. ▪ Balance sheet hedging to preserve NII when interest rates decrease: None added in 1Q23. Added $0.5bn in Apr-2023. In 2022, added $3.25bn of swaps and collars. Maturities ranging from 2025 through 2027. Impact to NIM from Q-o-Q Change in Yields, Rates & Balance Sheet Mix $ i n m ill io n s Net Interest Income (“NII”) & Net Interest Margin (“NIM”) 4Q22 NIM 1Q23 NIM +0.42% +0.10% 4Q22 NIM: 3.98% Higher loan yields 1Q23 NIM: 3.96% Higher other AEA yields -0.45% Higher IB funding cost -0.09% Funding mix shift $416 $473 $552 $605.5 $600 2.87% 3.23% 3.68% 3.98% 3.96% 0.29% 0.93% 2.35% 3.82% 4.68% 1Q22 2Q22 3Q22 4Q22 1Q23 NII NIM Avg. Fed Funds Rate

3.42% 4.11% 5.07% 5.93%6.27% Total CRE 3.63% 3.95% 4.75% 5.59% 6.14% 0.22% 0.98% 2.46% 3.90% 4.61% 1Q22 2Q22 3Q22 4Q22 1Q23 Avg. loan yield Avg. 1M LIBOR 21% 18% 27% 28% 6% 1Q23: Loan Yields: Average & Spot 19 Loan Coupon Spot Rate by Portfolio * C&I spot rate excludes PPP, credit cards, deposit overdraft & micro-finance. Avg. Loan Yield Relative to LIBOR 03.31.22 06.30.22 Total fixed rate and hybrid in fixed period: 39%. Variable: LIBOR or SOFR rates Hybrid in fixed rate period Fixed rate Variable: Prime rate Variable: all other rates Loan Portfolio by Index Rate (03.31.23) 09.30.22 C&I: 87% variable rate. Total CRE: 64%* variable rate SFR: 44% hybrid in fixed-rate period & 41% fixed rate. HELOC: 100% Prime- based, variable rate portfolio. Avg. Loan Yield: Avg. yield in 1Q23: 6.14%, comprising 6.11% in avg. coupon rate plus 0.03% in other yield adjustments. Coupon spot rate was 6.21% as of 03.31.23. 12.31.22 03.31.23 *Of which 43% had customer-level interest rate derivative contracts in place. Customers’ debt service is protected and EWBC retains benefits of variable rate loans on its balance sheet. 3.36% 4.27% 5.59% 6.76% 7.15% C&I* 4.03% 4.04%4.16%4.31% 4.49% SFR 4.22% 5.20% 6.68% 8.18% 8.72% HELOC

1/1/2022 4/1/2022 7/1/2022 10/1/2022 1/1/2023 0.10% 0.17% 0.51% 1.06% 1.60% 0.17% 0.30% 0.86% 1.74% 2.49% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 1Q22 2Q22 3Q22 4Q22 1Q23 Target Fed Funds rate 1Q23: Cost of Deposits: Average & Spot 20 Average Cost of Deposits Relative to Target Fed Funds Rate Deposit Spot Rate vs. Loan Coupon Spot Rate & Cumulative Beta* DDA MMDA IB Checking & Savings Time Cumulative beta* as of 03.31.23 vs. Fed Funds target rate: 39% since 12.31.21. Cumulative beta* as of 03.31.23 vs. Fed Funds target rate: 57% since 12.31.21. Cumulative beta* as of 03.31.23 vs. Fed Funds target rate: 58% since 12.31.21. * Beta represents change in metric between 03.31.23 and 12.31.21, divided by change in target Fed Funds rate between 03.31.23 and 12.31.21. 03.31.22 06.30.22 09.30.22 Avg. cost of total deposits Avg. cost of IB deposits 1Q23 Average Deposits: $55.0 billion ($ in billions) 12.31.22 $19.7 36% $11.3 20% $8.9 17% $15.1 27% 03.31.23 0.11% 0.32% 0.74% 1.34% 1.93% Total Deposits Spot Rate 0.20% 0.55% 1.24% 2.15% 2.85% IB Deposits Spot Rate 3.55% 4.19% 5.10% 5.92% 6.21% Total Loan Coupon Spot Rate

1Q23: Noninterest Income Detail ▪ Total noninterest income: $60mm in 1Q23. Excluding the debt security write-off ($10mm), adjusted noninterest income** was $70mm in 1Q23, up from $65mm in 4Q22. ▪ Fee income and net gains on sales of loans: $66.3mm in 1Q23, up from $66.0mm Q-o-Q. ▪ Q-o-Q increase in lending fees and wealth management. ▪ Q-o-Q growth in customer-driven FX income offset by unfavorable MTM change. ▪ Interest rate contracts and other derivative income was $2.6mm, vs a loss of $0.6mm in 4Q22. The Q-o-Q increase of $3.2mm was due to growth in customer-driven revenue and a favorable change in mark-to-market adjustments. 21 Interest Rate Contracts (“IRC”) and Other Derivative Income Detail ($ in millions) 1Q22 4Q22 1Q23 Revenue $ 3.5 $ 4.0 $ 5.0 MTM 7.6 (4.6) (2.4) Total $ 11.1 $ (0.6) $ 2.6 * Fee income excludes MTM adjustments related to IRC and other derivatives; net gains on sales of securities; other investment income and other income. Fee Income* & Net Gains on Sales of Loans $ i n m ill io n s 20.3 22.1 21.7 19.4 19.3 20.6 12.7 14.0 12.7 6.1 6.1 6.3 3.5 4.0 5.03.0 0.5 65.0 66.0 $66.3 1Q22 4Q22 1Q23 Gains on Sales of Loans IRC Revenue Wealth Mgmt. Fees FX Income Lending Fees Deposit Acct. Fees ** See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases.

1Q23: Operating Expense & Efficiency 22 Adjusted Noninterest Expense* $ i n m ill io n s Total Revenue & Adjusted Efficiency Ratio* ▪ 1Q23 noninterest expense: $218mm. ▪ 1Q23 adj. noninterest expense*: $204mm, up 6% Q-o-Q, largely driven by seasonally higher comp. & employee benefits expense. ▪ 1Q23 adj. efficiency ratio* was 30.5%, vs. 28.7% in 4Q22. ▪ Consistently achieving industry-leading operating efficiency. ▪ Expecting to deliver positive operating leverage on a full-year basis. * See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases. $ i n m ill io n s $495 $670 $660 35.3% 28.7% 30.5% 1Q22 4Q22 1Q23 Total Revenue Adj. efficiency ratio* 116 120 130 15 16 16 11 11 11 9 13 18 24 32 29 $175 $192 $204 1Q22 4Q22 1Q23 All other Deposit related expenses Computer software & Data processing Occupancy & Equipment Comp and employee benefits

Management Outlook: Full Year 2023 23 * PPP loans were $99.0 million as of 12.31.22. Income related to PPP loans was $7.3 million in FY2022. ** See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s Earnings Press Releases. Earnings drivers FY 2023 expectations compared with FY 2022 results Prior Outlook 2022 actual End of Period Loans ▪ Increase in the range of 5% to 7% Y-o-Y. PPP impact immaterial. ▪ Increase at a percentage rate in the high single- digits. $48.1 billion (ex. PPP*) +17% Y-o-Y (ex. PPP*) Net Interest Income ▪ Increase in the range of 16% to 18% Y-o-Y. PPP impact immaterial. ▪ Increase at a percentage rate in the low 20s percent range Y-o-Y. $2.0 billion (ex. PPP*) +38% Y-o-Y (ex. PPP*) Adj. Noninterest Expense** (ex. tax credit investment & core deposit intangible amortization; ex. debt extinguishment cost) ▪ Increase in the range of 8% to 9% Y-o-Y. ▪ Increase in the range of 10% to 11% Y-o-Y. $744 million +11% Y-o-Y Credit Items ▪ Provision for credit losses in the range of $100 million to $120 million. ▪ Gross charge-offs in line with recent gross charge-off experience, if macroeconomic conditions stay stable. ▪ Gross charge-offs in line with recent gross charge- off experience. Gross charge-off ratio of 0.08% for FY 2022. Net charge-off ratio of 0.04% for FY 2022. Tax Items (tax credit investments & amortization referenced in this outlook exclude low-income housing tax credits) ▪ Expecting approx. $150mm of tax credit investments to close and go into service in 2023; tax credit amortization of approx. $145mm for FY 2023, including approx. $25mm in 2Q23. ▪ GAAP effective tax rate: approx. 20%. ▪ Expecting approx. $150mm of tax credit investments to close and go into service in 2023. FY effective tax rate: 20% Tax credit investments: $129mm Tax credit amortization: $113mm Interest Rates ▪ Two Fed Funds rate cuts of 25-bps each, in Aug. & Nov., for a 4.50% Fed Funds target rate by year-end. ▪ Forward interest rate curve as of 03.31.23. ▪ Peak Fed Funds target rate of 5.00% by Apr-23. One Fed Funds rate cut of 25-bps in 4Q23. Fed Funds target rate increased to 4.50% as of 12.31.22, up from 0.25% as of 12.31.21.

APPENDIX

Appendix: GAAP to Non-GAAP Reconciliation 25 EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision profitability ratio represents total adjusted revenue less adjusted noninterest expense, divided by average total assets. Adjusted revenue excludes the write- off of an AFS debt security. Adjusted noninterest expense excludes the amortization of tax credit and other investments, the amortization of core deposit intangibles and the repurchase agreements' extinguishment cost. Management believes that the measures and ratios presented below provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods. (1) Annualized Three Months Ended March 31, 2023 December 31, 2022 March 31, 2022 Net interest income before provision for credit losses (a) $ 599,861 $ 605,507 $ 415,613 Total noninterest income 59,978 64,927 79,743 Total revenue (b) $ 659,839 $ 670,434 $ 495,356 Noninterest income 59,978 64,927 79,743 Add: Write-off of AFS debt security 10,000 — — Adjusted noninterest income (c) 69,978 64,927 79,743 Adjusted revenue (a)+(c) = (d) $ 669,839 $ 670,434 $ 495,356 Total noninterest expense (e) $ 218,447 $ 257,110 $ 189,450 Less: Amortization of tax credit and other investments (10,110) (64,605) (13,900) Amortization of core deposit intangibles (441) (381) (511) Repurchase agreements’ extinguishment cost (3,872) — — Adjusted noninterest expense (f) $ 204,024 $ 192,124 $ 175,039 Efficiency ratio (e)/(b) 33.11% 38.35% 38.25% Adjusted efficiency ratio (f)/(d) 30.46% 28.66% 35.34% Adjusted pre-tax, pre-provision income (d)-(f) = (g) $ 465,815 $ 478,310 $ 320,317 Average total assets (h) $ 65,113,604 $ 64,252,730 $ 61,758,048 Adjusted pre-tax, pre-provision profitability ratio (1) (g)/(h) 2.90% 2.95% 2.10% Adjusted noninterest expense/average assets (1) (f)/(h) 1.27% 1.19% 1.15%

Appendix: GAAP to Non-GAAP Reconciliation 26 EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. TCE and TCE ratio are non-GAAP financial measures. TCE and tangible assets represent stockholders' equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. TCE and TCE ratio are non-GAAP financial measures. TCE and tangible assets represent stockholders' equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion. (1) Includes core deposit intangibles and mortgage servicing assets. March 31, 2023 December 31, 2022 March 31, 2022 Stockholders’ equity (a) $ 6,309,331 $ 5,984,612 $ 5,703,456 Less: Goodwill (465,697) (465,697) (465,697) Other intangible assets (1) (7,201) (7,998) (9,044) TCE (b) $ 5,836,433 $ 5,510,917 $ 5,228,715 Total assets (c) $ 67,244,898 $ 64,112,150 $ 62,241,456 Less: Goodwill (465,697) (465,697) (465,697) Other intangible assets (1) (7,201) (7,998) (9,044) Tangible assets (d) $ 66,772,000 $ 63,638,455 $ 61,766,715 Total stockholders’ equity to assets ratio (a)/(c) 9.38% 9.33% 9.16% TCE ratio (b)/(d) 8.74% 8.66% 8.47%

Appendix: GAAP to Non-GAAP Reconciliation 27 EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) Return on average TCE represents tangible net income divided by average TCE. Adjusted return on average TCE represents adjusted tangible net income divided by average TCE. Tangible net income excludes the after-tax impacts of the amortization of core deposit intangibles and mortgage servicing assets. Adjusted tangible net income excludes the after-tax impacts of the tangible net income adjustments and the write- off of an AFS debt security. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion. (1) Includes core deposit intangibles and mortgage servicing assets. (2) Applied statutory tax rate of 29.29%, 29.37% and 28.77% for the three months ended March 31, 2023, December 31, 2022 and March 31, 2022, respectively. (3) Annualized. Three Months Ended March 31, 2023 December 31, 2022 March 31, 2022 Net income (e) $ 322,439 $ 336,763 $ 237,652 Add: Amortization of core deposit intangibles 441 381 511 Amortization of mortgage servicing assets 356 329 392 Tax effect of amortization adjustments (2) (233) (209) (260) Tangible net income (f) $ 323,003 $ 337,264 $ 238,295 Add: Write-off of AFS debt security 10,000 — — Tax effect of write-off (2) (2,929) — — Adjusted tangible net income (g) $ 330,074 $ 337,264 $ 238,295 Average stockholders’ equity (h) $ 6,183,324 $ 5,834,623 $ 5,842,615 Less: Average goodwill (465,697) (465,697) (465,697) Average other intangible assets (1) (7,696) (8,378) (9,207) Average TCE (i) $ 5,709,931 $ 5,360,548 $ 5,367,711 Return on average common equity (3) (e)/(h) 21.15% 22.90% 16.50% Return on average TCE (3) (f)/(i) 22.94% 24.96% 18.00% Adjusted return on average TCE (3) (g)/(i) 23.44% 24.96% 18.00%

Appendix: GAAP to Non-GAAP Reconciliation 28 EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) During the first quarter of 2023, the Company recorded a $10.0 million pre-tax impairment write-off of an AFS debt security. Management believes that presenting the computations of the adjusted net income, adjusted diluted earnings per common share, adjusted return on average assets and adjusted return on average common equity that adjust for the above discussed non-recurring items provide clarity to financial statement users regarding the ongoing performance of the Company and allows comparability to prior periods. (1) Applied statutory tax rate of 29.29 for the three months ended March 31, 2023. (2) Annualized. Three Months Ended March 31, 2023 December 31, 2022 March 31, 2022 Net income (a) $ 322,439 $ 336,763 $ 237,652 Add: Write-off of AFS debt security 10,000 — — Tax effect of write-off (1) (2,929) — — Adjusted net income (b) $ 329,510 $ 336,763 $ 237,652 Diluted weighted-average number of shares outstanding 141,913 142,138 143,223 Diluted EPS $ 2.27 $ 2.37 $ 1.66 Add: Write-off of AFS debt security 0.05 — — Adjusted diluted EPS $ 2.32 $ 2.37 $ 1.66 Average total assets (c) $ 65,113,604 $ 64,252,730 $ 61,758,048 Average stockholders’ equity (d) $ 6,183,324 $ 5,834,623 $ 5,842,615 Return on average assets (2) (a)/(c) 2.01% 2.08% 1.56% Adjusted return on average assets (2) (b)/(c) 2.05% 2.08% 1.56% Return on average common equity (2) (a)/(d) 21.15% 22.90% 16.50% Adjusted return on average common equity (2) (b)/(d) 21.61% 22.90% 16.50%


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99.1			Press Release, dated April 20, 2023.
99.2			Presentation Materials, dated April 20, 2023.
104			Cover Page Interactive Data (formatted in Inline XBRL).


	EAST WEST BANCORP, INC.

Date: April 20, 2023	By:	/s/ Irene H. Oh
		Irene H. Oh
		Executive Vice President and Chief Financial Officer