East West Bancorp
ANNUAL
REPORT
2021
A N C H O R E D I N G R O W T H
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ABO UT E AST WEST BANK
East West Bancorp, Inc., with total assets of more than $60 billion, is the publicly traded parent
company of East West Bank. The Bank opened its doors in 1973 in the heart of Chinatown in
Los Angeles, California, as the first federally chartered savings institution focused primarily on
serving the financial needs of Chinese Americans. Over the years, this market has grown and
flourished, and the Bank has grown and flourished right along with it.
Today, the Bank is a full-service commercial bank with more than 120 locations in key cities in
the U.S. and China, serving consumer and commercial interests. The largest independent bank
headquartered in Southern California, East West Bank was recognized with the “Best Board of
Directors” distinction in Bank Director’s 2022 RankingBanking study. The Bank was also recognized
as the “No. 1 Performing Bank” in the $50 billion and above asset category in Bank Director’s 2021
Bank Performance Scorecard.
East West Bank is the financial institution of choice for entrepreneurs and industry leaders around
the world. The Bank continues to innovate to meet our clients’ needs, including enhanced digital
solutions. We work every day alongside our clients to provide innovative solutions to complex global
challenges, from clean energy to e-commerce. As one of the few U.S. banks focused on the U.S. and
China markets, we are proud to do this important work, creating a better future for generations
to come.
EAST WEST BANCORP 2021 ANNUAL REPORT E A S T W E S T B A N CO R P 2 0 2 1 A N N U A L R E P O R T
A M E S S A G E F R O M O U R C H A I R M A N & C E O
In 2021, East West Bank came back together
continued to drive peer-leading financial
under a new normal, with new ways to
performance. Our Return-to-Office process
persevere through Year 2 of the pandemic
was implemented thoughtfully with utmost
and new ways of doing business. One thing
deliberation and care. We returned to a post-
remained the same: our unwavering focus
isolation business environment where we
to put our people first. Our
impressive
recognized that as a people-driven business,
financial outcomes
reflect
this people-
how we interact and collaborate in-person
centered commitment. Despite pandemic-
reinforces our sense of common purpose.
driven challenges, we concluded the year
with record revenue of $1.8 billion, assets of
$60.9 billion, record loans of $41.7 billion,
and record deposits of $53.4 billion. As I
predicted for the year, vaccine distribution
and government stimulus bolstered economic
recovery, enabling us to generate robust
net interest income and fee income growth,
industry-leading efficiency, and substantially
improved asset quality.
Our shared purpose of people empowerment
is anchored
in East West’s heritage and
founding philosophy. The past year has been
an exclamation point on my three decades at
the Bank, which began in 1991 when Sjamsul
and Itjih Nursalim purchased the East-West
Federal Savings Bank with a $40 million
capital investment. My vision for the new East
West was that we would expand beyond Los
Angeles’ Chinese immigrant community and
For our remarkable results, we were ranked the
support our customers to achieve financial
No. 1 performing bank among the 300 largest
inclusion and fully participate in America’s
publicly traded U.S. banks by the Bank Director
socioeconomic and civic progress. It was a
scorecard. East West’s operational excellence
bold aspiration for a small savings and loan
association to grow into a global bank that
serves as a bridge between East and West.
The Nursalims embraced
this direction
unequivocally and persuaded me to lead the
organization into this new vision. With their
seed capital, our small banking operation
soared 100x from $600 million in assets to
$60 billion in three decades. Reflecting on my
30-year tenure at East West Bank, I am grateful
to the Nursalims for their enduring legacy.
Our shared purpose of
people empowerment is
anchored in East West’s
heritage and founding
philosophy.
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E A S T W E S T B A N K I N 2 0 2 1
$1.8 billion record revenue
$41.7 billion record loans
$60.9 billion total assets
$53.4 billion record deposits
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In this report, you will read about East West’s bridge-building forte bringing positive impact to
our people and communities. The common thread is high satisfaction grounded in authentic
partnerships. Our team expertly anticipates, responds and guides the financial needs of our
customers and nonprofit partners. We assisted Simwon, a leader in electric vehicles in its
expansion and supported e-commerce pioneer Newegg’s going public. Madison Resource Funding
relied on our daily communication to coordinate backend services for their clients in the staffing
industry, while our financing for the Apple Tower Theatre helped catalyze the historic preservation
of Los Angeles’ Broadway Theatre District. 2021 also marked the commemoration of our 25-year
partnership with the United Way of Greater Los Angeles. Our steadfast community commitment
helped combat anti-Asian hate, honor first responders and build housing units for individuals and
families transitioning out of homelessness alongside other impact-driven charitable giving.
Since our founding in 1973, East West has consistently enriched the lives of the people we touch.
To chart our direction in the next three years, we mapped out a rigorous strategic plan to set goals
and explore growth through innovative products and processes. Our goals will remain balanced
between performing in the present and transforming into the future. To perform, we’ll continue
exceeding financial targets. To transform, we’ll incubate new growth, change ways of working,
and develop talent and skills. Key growth priorities will be centered in Commercial Banking, Bridge
Banking, Omni-channel Retail Banking and Wealth Management. Resembling the compass in our
corporate logo, this strategic plan will help our team pin a destination, set the course of navigation
and course-correct should we get slowed by headwinds.
East West is starting 2022 from a position of strength with another Bank Director top ranking for
the “Best Board.” Our broad-based, diversified loan growth momentum from 2021 is expected to
continue into the new year. We are also encouraged by the favorable credit environment with our
balance sheet well positioned to benefit from rising rates expectations. Further, the investments
we have made over the last several years in cash management and payment-related products and
services have helped strengthen our core deposit base.
Navigating with purpose as our true north and an experienced crew following a strategic plan
compass, East West is well equipped to sail through any rough passage to help our people reach
the shores of economic recovery and financial stability. As we secure near-term results for our
shareholders, we also create long-term value for all our stakeholders. In enriching the lives of
all our constituents, we leverage the financial system as a force for good and forge sustainable
solutions for the world’s most pressing challenges. Thank you for the opportunity to serve as
your partner.
Dominic Ng
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2 0 2 1 H I G H L I G H T S
On the following pages are examples of the Bank’s work to support renowned customers at the forefront
of their industries. The Bank looks forward to continuing this work in 2022, improving local communities,
diversifying its portfolio and providing excellent customer service to innovators around the world.
P R O F E S S I O N A L
S E R V I C E S
In 2021, East West Bank provided support
services, helping clients achieve unique goals,
including the restoration of the beautiful and
historic Apple Tower Theatre in Los Angeles.
C L E A N E N E R G Y
This year, East West Bank continued to support
clients across the clean energy space, helping
leading luxury electric vehicle company NIO.
M A N U FA C T U R I N G
East West Bank continued to build our
manufacturing portfolio, which includes
Simwon, a leading manufacturer
of electric vehicle parts.
H O S P I TA L I T Y
East West Bank helped many restaurants,
including the Paris-inspired bistro and
restaurant Bicyclette, flourish in the face
of unprecedented challenges.
T E C H N O L O G Y
As technology advances, East West Bank
supported e-commerce pioneer Newegg, helping
them expand third-party logistics.
S M A L L B U S I N E S S
East West Bank’s partner
Madison Resource Funding provides
critical backend support services to
staffing firms, which helped employers
work through unique labor challenges.
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A R T
Promoting the arts is essential for East West Bank,
and our support for Hauser & Wirth Gallery
and Lauren Halsey helped bring
immersive art experiences to the public.
1 ©Exterior view, Hauser & Wirth Los Angeles, 2016.
Photo: Joshua Targownik / targophoto.com
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Paving the Way for Electric Vehicles
S I M W O N
Electric vehicles (EVs) are revolutionizing the automotive industry, and Simwon is
helping to lead the charge. A leading producer of EV parts, the company is opening new
plants to keep up with skyrocketing demand.
Headquartered in Seoul, Republic of Korea, Simwon is a Tier One supplier and strategic
partner of a global Original Equipment Manufacturer (OEM). Its growth has been driven
by consumers integrating more clean transportation technologies into their lives.
In 2016, the company expanded to North America, opening a plant in Lathrop, California—
just east of the San Francisco Bay Area—in 2018. The plant employs more than 250 people.
They plan to open a similar plant near Austin, Texas in 2022.
East West Bank has helped Simwon navigate its growth as a strategic partner to an OEM.
Unrak Son, Chief Executive Officer at Simwon America Corporation, cites the bank’s attention
to detail and commitment to developing a good business relationship as instrumental.
East West Bank’s team
detects our financial
needs and meets them
on demand, helping us
with the expansion of
the company.
~Sung Ik Hur,
Simwon America
Corporation CFO
“East West Bank’s team detects our financial needs and
meets them on demand, helping us with the expansion of
the company,” said Sung Ik Hur, Chief Financial Officer at
Simwon America Corporation.
As the demand for EVs grows, Simwon continues to
manufacture these critical technologies.
“We work as a team and have teamwork,” Hur said. “The
Bank goes way beyond the simple relationship of lender
and borrower.”
With help from East West Bank, Simwon continues to
flourish. Through its manufacturing facilities, it provides
climate-friendly transportation solutions for customers
across the world.
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A Parisian Trésor in Los Angeles
B I C Y C L E T T E
When you dine at the new French bistro Bicyclette, Chef Walter Manzke recommends
caviar with soft scrambled eggs, escargot, onion tart, beef short ribs, baguette with butter
and cocktails or a bottle of wine from its expertly curated wine list.
Bicyclette is a homage to chefs Walter and Margarita Manzkes’ love of Parisian bistro
culture. To the Manzkes, who own Bicyclette and sister restaurants République, Petty
Cash Taqueria and the Sari Sari Store, their relationship with East West Bank has
been exceptional.
“East West Bank’s customer service is incredible. They are very good at prioritizing our
needs,” said Chef Walter Manzke. “East West Bank doesn’t feel like a big bank; it feels
like they are on our team.”
Bicyclette includes a downstairs bistro and an upstairs restaurant. Each features
different menus and inspirations, celebrating the rich diversity of Los Angeles’
food scene and drawing from Korean, Mexican, Japanese and Middle Eastern
culinary influences.
Both venues take advantage of California’s agricultural scene. They capitalize on
Southern and Northern California’s various microclimates for extended seasonal
availability of produce.
“Los Angeles is a special place
because it’s arguably one of the
best places for produce in the
world,” said Manzke. “You have
this really
incredible, eclectic
mix of everything. It’s really a
special place.”
East West Bank doesn’t
feel like a big bank, it feels
like they are on our team.
~Chef Walter Manzke
Bicyclette
Manzke’s menus are directly inspired by seasonality, and he works backward
to create the menu once he picks ingredients. With innovative menus,
the freshest ingredients and a stunning location, the dining experience at
Bicyclette is sure to impress. We’ll santé to that!
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An E-Commerce Pioneer Blazes a New Trail
N E W E G G
E-commerce company Newegg has been technophiles’ preferred online retailer
since the dawn of the industry. And after 20 years, in May 2021, the company had a
new milestone: going public.
“Going public helps us do more, and it’s a different type of growth,” said Anthony
Chow, CEO of Newegg. “It will strengthen our e-commerce marketplace platform and
strengthen our value chain. That’s very exciting.”
East West Bank has been Newegg’s financial partner for nearly a decade. Chow finds the
Bank’s understanding of the e-commerce industry unparalleled.
“East West Bank understands our business. They know what we are,” Chow said. “I haven’t
seen any company that knows our business better. They really understand the e-commerce
sector, which is why they give us such good support.”
Newegg specializes in high-quality technology products and electronics. Known for its
customer loyalty, the company’s EggPoints program recently received the highest ranking in
Newsweek’s home goods-consumer electronics category. EggPoints’ strong quality and fast
delivery have helped build a devoted customer base.
“We are market leaders. We are known around the world for high product quality and the variety
of products we sell,” Chow said. “We have excellent customer service and on-time deliveries, in
addition to various areas of support that we give our suppliers.”
East West Bank understands
our business. They really
understand the e-commerce
sector, which is why they
give us such good support.
~Anthony Chow, Newegg CEO
With a proprietary warehouse management
system, Newegg has been able to fulfill 99% of
its U.S. orders within the same day of purchase.
It now also support third-party vendors. When
customers of those vendors purchase products
on the company’s website or a third-party sales
channel, Newegg helps those vendors handle the
entire end-to-end order fulfillment and shipping
process all the way to their customers.
With exciting new services and a continued
commitment
to quality products, Newegg
continues to set the standard.
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Staffing Up in a New Labor Market
M A D I S O N R E S O U R C E F U N D I N G
Staffing agencies are a vital part of the American economy, and New Hampshire-based
Madison Resource Funding has the industry expertise and logistical know-how to help
its clients thrive.
Whether servicing a start-up, established or growing staffing firm, Madison Resource
Funding provides backend services like payroll processing, billing, collections, funding and
financial analytics. While it operates like a small business, it has immense capabilities and
serves the needs of very large agencies. Currently, it serves almost 200 staffing entities in the
United States and Canada. Its extensive day-to-day support and industry knowledge ensure its
clients can continue to operate smoothly with seamless backend logistics.
As the workforce continues to shift, Madison Resource Funding’s business has increased. In late
2020, the firm sought a new bank to meet its vast and complex needs. Because it processes
payroll for numerous staffing firms, its banking
needs are transactionally intensive, requiring
daily communication and coordination. It
was looking for a bank that could ensure a
smooth process across the board.
“Working with East West Bank is an
actual partnership as opposed to a
strict business relationship. We work
together to talk through what would
work best and come up with the
solutions from there,” said Michelle
McCowan, Corporate Controller at
Madison Resource Funding.
Working with East West
Bank is an actual partnership
as opposed to a sort of strict
business relationship.
~Michelle McCowan,
Madison Resource Funding
Corporate Controller
Madison Resource Funding’s team coordinates with East West Bank’s staff often to
ensure its clients’ thousands of employees are paid, their withholding taxes are paid
and filed, and other logistics. The company continues to enjoy the positive customer
service and support from the East West Bank team, going above and beyond to help
it meet its clients’ needs.
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Honoring Film History and New Technology
A P P L E T O W E R T H E AT R E
Have you ever bought a smartphone in an opera house? Thanks to the meticulous
restoration of the Tower Theatre in Los Angeles’ historic Broadway Theater District,
visitors are now stepping back in time while selecting their technology devices of
the future.
Built in 1927, the Baroque Revival-style Tower Theatre was inspired by the Paris Opera
House. The Delijani family, with support from East West Bank, returned the theater to
its former glory and it now serves as a flagship store for Apple, giving customers a one-
of-a-kind retail experience. Since re-opening in June 2021, it has been met with accolades
from customers and preservationists alike. Shahram Delijani credits East West Bank
with cultivating a personal relationship with the team, providing creative freedom and
needed support.
“It’s not every day that a client knows the Chairman and Chief Executive Officer of the bank and
has a respectful and dynamic relationship with them,” said Delijani.
The restoration included everything from environmental remediation to seismically retrofitting
the building. The Delijani family’s next project with East West Bank involves façade improvements
of several buildings—including two additional theaters—from the 1920s and 1930s that the family
owns in the neighborhood.
“Over the last three decades, our focus has
been on the interiors. Now, we’re bringing
our efforts to restoring the exteriors,”
Delijani said. “To take a whole block back to
what it looked like in the 1930s is exciting.”
For
lovers of architecture, technology
and film, these stunning preservations of
Los Angeles history are not to be missed.
It’s not every day that a client
knows the Chairman and
Chief Executive Officer of the
bank and has a respectful and
dynamic relationship with them.
~Shahram Delijani,
Apple Tower Theatre Owner
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East West Bank has been a valuable partner since our early
days in San Jose. Their support, professionalism and strong
customer service make them an integral part of the success
of our office.
~Ganesh V. Iyer, NIO Global CIO
Luxury Cars for a Cleaner Future
N I O
With luxury, state-of-the art electric vehicles (EVs) optimized for a fun driving experience,
NIO is proof that saving the planet is anything but boring.
NIO, whose Chinese name translates to “Blue Sky Coming,” specializes in premium EVs
with state-of-the-art technologies like autonomous driving and artificial intelligence (AI). By
focusing on the user experience, NIO’s beautiful designs match its name.
“Our mission is to shape a joyful lifestyle by offering premium smart electric vehicles,” said
Ganesh V. Iyer, Global CIO with NIO. “Improved smart electric car technologies, coupled
with a better car ownership experience, will increase electric car adoption, leading to a more
sustainable future.”
NIO’s focus on the driving experience is a paradigm shift, ensuring environmentalism via
EVs does not occur at the expense of the driving experience. A start-up, NIO’s relationship with
East West Bank helped implement its vision.
“All businesses must overcome challenges as they establish a business presence while
developing unique innovations, some of which are financial,” Iyer said. “East West Bank
always believed in us and our success and supported us throughout achieving our
current success.”
The company now has offices around the world. Its San Jose, California, Research and
Innovation Center has more than 200 people, ensuring NIO continues to innovate in
fields like AI, digital systems and autonomous driving hardware.
“East West Bank has been a valuable partner since our early days in San Jose,” Iyer
said. “Their support, professionalism and strong customer service make them an
integral part of the success of our office.”
With a solid banking relationship, an expanding global business and increased
demand, NIO’s blue sky looks endless.
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EAST WEST BANCORP 2021 ANNUAL REPORTEAST WEST BANCORP 2021 ANNUAL REPORT An Immersive Art Experience
H A U S E R & W I R T H G A L L E R Y
Named Time Out L.A.’s “Best Gallery in Los Angeles” in 2021, Hauser & Wirth’s Los Angeles gallery
reflects the city’s vibrant culture and diversity.
“Hauser & Wirth opened its Los Angeles location in 2016 in the Arts District,” said Marc Payot,
Hauser & Wirth’s Partner and President. “The art gallery creates a vibrant communal space that links
art and architecture with a dynamic events program.”
To inspire and engage the city’s diverse populations, the gallery collaborates with numerous
cultural organizations on programs. In addition, the property’s components provide an immersive
art experience, including The Gallery Shop, the bookstore ARTBOOK and the onsite restaurant
Manuela, which features art the gallery curates. The
Hauser & Wirth team lauds East West Bank’s industry
knowledge, which has helped the Bank provide
support quickly.
“East West Bank’s team is nimble and takes the time to
understand the business while acting swiftly,” Payot
said. “Their customer service is second to none.”
The gallery looks forward to a continued relationship
with the Bank, helping the company provide
memorable, art-infused experiences.
East West Bank’s team is
nimble and takes the time
to understand the business
while acting swiftly.
~Marc Payot, Hauser & Wirth’s
Partner and President
© Hauser & Wirth Los Angeles, 2019. Photo: Elon Schoenholz
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© Glen Wilson / @dubarts
Using Art to Empower the Community
L A U R E N H A L S E Y
Los Angeles-based artist Lauren Halsey is celebrated world-wide for her authentic depictions of
people and places from within her community. Her influences include architecture, afrofuturism,
Parliament Funkadelic’s funk operas and Ancient Egypt, among others. As a 2021 recipient of the
Gwendolyn Knight and Jacob Lawrence Prize for outstanding contemporary artists, Halsey will be
featured in a solo exhibition at the Seattle Art Museum in 2022.
“[The Seattle Art Museum exhibit] remixes what we think we know of Ancient Egypt. They’re
tableaux that are permanent records of people, narratives and communities,” Halsey said. “I’ve
turned this on its head to archive my neighborhood in a visual way.”
Halsey is as passionate about creating art as she is about empowering youth in her neighborhood.
With support from East West Bank, Halsey opened the Summaeverythang Community Center
adjacent to her art studio, which provides food distribution, homework help, basketball and art
programs for youth in the South Los Angeles neighborhood her family has lived in since the 1920s.
“[Working with East West Bank] has been
empowering, especially as a young Black
woman with very large, ambitious, rigorous
and intense goals,” said Halsey. “Working
alongside the community with folks that can
go there with me, that’s the most special
partnership I’ve had.”
Halsey’s team at the Summaeverythang
Community Center comprises childhood
friends and neighbors, working to help
local youth succeed while facilitating their
creative expression.
[Working with East West Bank]
has been empowering, especially
as a young Black woman with
very large, ambitious, rigorous
and intense goals.
~Lauren Halsey, Artist
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C O M M U N I T Y
S P O T L I G H T
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Bringing The Oscars Experience to the People
A C A D E M Y M U S E U M O F M O T I O N P I C T U R E S
Film brings people together, connecting with
East West Bank is a natural fit for the Museum.
our senses and emotions to teach us about the
The Bank sponsors The Oscars Experience in the
universal human condition.
East West Bank Gallery, which allows visitors to
The Academy Museum of Motion Pictures
(Academy Museum) immerses the public into
film, connecting museumgoers from around
the world to other generations, cultures and
accept an Oscar as if they were onstage at the
Academy Awards. In addition, Bank Chairman
& CEO Dominic Ng has a leadership role on
the Academy Museum Board of Trustees. He
currently chairs the Collections and Exhibitions
viewpoints. Since opening in 2021, the museum
has had an overwhelmingly positive response
Committee.
from the public.
“People are blown away,” said Bill Kramer,
Director and President of the Academy Museum.
“East West Bank’s involvement at the leadership
level has helped us attract diverse partners from
around the world,” said Kramer. “We’re so proud
of, and grateful for, our partnership with East
“Guests are staying for hours longer than we
anticipated. We’re reminding people why movies
West Bank.”
are so important to us.”
The museum’s inclusive philosophy is reflected
A financial institution dedicated to connecting
communities and amplifying diverse voices,
in
its programming with
Japan’s Hayao
Miyazaki’s work in its first temporary exhibition.
As
film evolves, the Academy Museum’s
exhibits will too, creating a memorable archive
for generations.
East West Bank’s involvement at the leadership level has helped
us attract diverse partners from around the world. We’re so
proud of, and grateful for, our partnership with East West Bank.
~Bill Kramer, Academy Museum Director and President
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C O M M I T T E D T O
O U R C O M M U N I T I E S
In many respects, 2021 was a year with as much uncertainty as 2020. As COVID-19 vaccines rolled out,
communities faced fluctuating public health protocols in the wake of new variants, creating an uncertain
financial climate rivaled only by 2020. These public health issues were compounded by continued supply chain
challenges worldwide. In the face of these uncertainties, East West Bank remained steadfast in supporting the
communities we serve through charitable giving and supporting our nonprofit partners. Here’s a look at some
of the ways we remained nimble in supporting the community during another unpredictable year.
T H E U N I T E D WAY O F G R E AT E R L O S A N G E L E S
Commemorating 25 years of collaboration
East West Bank is proud to have a 25-year partnership with The
United Way of Greater Los Angeles. Since 1996, the Bank has worked
together with United Way, supporting its mission to advance health,
education and financial stability around the world. This spirit of
giving and volunteerism aligns with the Bank’s work. Over the
25-year partnership, the Bank has raised more than $13.6 million for
The United Way. Bank team members also fundraise and participate
annually in WalkUnitedLA, a 5k walk/run hosted by The United Way
of Greater Los Angeles and the Los Angeles Rams to support housing
stability, access to education and economic mobility. It is a privilege
to be a trusted—and longstanding—philanthropic partner.
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S A N G A B R I E L VA L L E Y H A B I TAT
F O R H U M A N I T Y
Building Pasadena’s First Accessory Dwelling Unit
East West Bank team members partnered with the
San Gabriel Valley Habitat for Humanity, the City
of Pasadena, Pasadena Community Foundation
and Union Station Homeless Services to help
construct the City of Pasadena’s first accessory
dwelling unit (ADU), a separate living area
adjacent to an existing home. This unit will serve
as a supportive housing unit for those coming
out of homelessness, providing individuals with
support services and assistance to break the
cycle of homelessness.
P R O M O T I N G T O L E R A N C E B Y
F I G H T I N G H AT E
Combatting Racism and Intolerance Against
Asian Americans and Pacific Islanders
In 2021, Asian American and Pacific Islander (AAPI)
communities experienced an
increase
in anti-Asian
sentiment and violence. East West Bank has a long-
standing commitment to supporting anti-discrimination
and organizations
leading
the
fight against AAPI
intolerance. The East West Bank Foundation contributed
nearly $500,000 to organizations such as Stop AAPI Hate,
Asian Americans Advancing Justice and the Asian Pacific
American Leadership Foundation, among others. In addition
to direct contributions, the Bank played a leadership role
in bringing national awareness on how to address and
respond to hate in our communities.
S U P P O R T I N G F I R S T
R E S P O N D E R S
Honoring Those Who Keep Us Safe
East West Bank honored the City of
Pasadena’s first responders at a Public
Safety and Community Engagement
function at the Bank’s headquarters. In
addition to contributing to the Pasadena
Police Foundation and the Pasadena Fire
Department’s designated charity, 809 Fight
4 Awareness, East West Bank celebrated the
hard-working men and women who make our
communities safe.
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B O A R D O F D I R E C T O R S
Dominic Ng
Chairman and Chief Executive Officer
Rudolph I. Estrada
Lead Director
Chief Executive Officer
Estradagy Business Advisors, LLC
Molly Campbell
Former Director
Port Department
Port Authority of New York & New Jersey
Archana Deskus
Senior Vice President and
Chief Information Officer
Intel Corporation
Jack C. Liu, Esq.
Senior Attorney
Alliance International
Law Offices
Manuel P. Alvarez
Founding Principal
BridgeCounsel
Strategies LLC
Iris S. Chan
Chief Executive Officer
Ameriway Inc.
Paul H. Irving
Senior Fellow
Milken Institute
Lester M. Sussman
Retired Partner
Deloitte & Touche
24
($ in millions, except per share data)
Summary of operations
2017
2018
2019
2020
2021
Net interest income
Net income
Diluted earnings per share
Dividends per share
Summary balance sheet
Total assets
Total loans
Total deposits*
Stockholders’ equity
Financial ratios
Net interest margin
Return on average assets
Return on average equity
$1,185
$506
$3.47
$0.80
$37,122
$29,054
$32,220
$3,842
3.48%
1.41%
13.7%
$1,387
$704
$4.81
$0.86
$41,042
$32,385
$35,440
$4,424
3.78%
1.83%
17.0%
$1,468
$674
$4.61
$1.06
$44,196
$34,779
$37,324
$5,018
3.64%
1.59%
14.2%
$1,377
$568
$3.97
$1.10
$52,157
$38,393
$44,863
$5,269
2.98%
1.16%
11.2%
$1,532
$873
$6.10
$1.32
$60,871
$41,695
$53,350
$5,838
2.72%
1.47%
15.7%
*Includes held-for-sale as of December 31, 2017.
Total Loans ($ in billions)
Total Deposits ($ in billions)
Total Assets ($ in billions)
7 % C A G R *
$34.8
$32.4
$29.1
$41.7
$38.4
1 % C A G R *
1
$53.4
$44.9
$35.4
$37.3
$32.2
1 0 % C A G R *
$52.2
$60.9
$44.2
$41.0
$37.1
2017
2018
2019 2020 2021
2017
2018
2019 2020 2021
2017
2018
2019 2020 2021
*CAGR = 5-year compound annual growth rate, December 31, 2016 to December 31, 2021.
Capital Strength
EWBC 5-Year Stock Performance
Basel III Fully Phased-in Minimum Regulatory Requirements
High
Year-end
Low
EWBC 12.31.21
12.8%
12.8%
14.1%
$100
$87.77
$79.02
$50.49
$73.98
$43.53
$40.05
$63.92
$60.83
$48.07
$56.09
$48.70
$37.69
$51.88
$50.66
$22.55
10.5%
9.0%
8.5%
7.0%
4.0%
$80
$60
$40
$20
Tier 1
leverage
capital ratio
CET1
capital
ratio
Tier 1
risk-based
capital ratio
Total
risk-based
capital ratio
2017
2018
2019
2020
2021
EAST WEST BANCORP 2021 ANNUAL REPORTEAST WEST BANCORP 2021 ANNUAL REPORT 2 0 2 1 F I N A N C I A L O V E R V I E W
C O N S O L I D AT E D S TAT E M E N T O F I N C O M E
C O N S O L I D AT E D B A L A N C E S H E E T
As of December 31
($ in millions, except shares)
ASSETS
Cash and cash equivalents
Interest-bearing deposits with banks
Assets purchased under resale agreements (“resale agreements”)
Securities:
Available-for-sale (“AFS”) debt securities, at fair value
Restricted equity securities, at cost
Loans held-for-sale
Loans held-for-investment (net of allowance for loan losses of
$542 in 2021 and $620 in 2020)
Investments in qualified affordable housing partnerships, net
Investments in tax credit and other investments, net
Premises and equipment, net
Goodwill
Operating lease right-of-use assets
Other assets
TOTAL ASSETS
LIABILITIES
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
Short-term borrowings
Federal Home Loan Bank (“FHLB”) advances
Assets sold under repurchase agreements (“repurchase agreements”)
Long-term debt and finance lease liabilities
Operating lease liabilities
Accrued expenses and other liabilities
Total liabilities
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized;
167,790,645 and 167,240,600 shares issued in 2021 and 2020, respectively
Additional paid-in capital
Retained earnings
Treasury stock, at cost - 25,882,691 shares in 2021 and 25,675,371 shares in 2020
Accumulated other comprehensive (loss) income net of tax
Total stockholders’ equity
2021
2020
$3,913
736
2,354
9,965
77
1
41,152
290
339
97
466
99
$4,018
810
1,460
5,545
83
2
37,771
214
266
103
466
95
1,382
$60,871
1,324
$52,157
$22,845
30,505
53,350
$16,298
28,565
44,863
—
249
300
152
106
876
21
652
300
152
103
797
55,033
46,888
—
1,894
4,684
(650)
(90)
5,838
—
1,858
4,001
(634)
44
5,269
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$60,871
$52,157
26
Year ended December 31
($ in millions, except per share data)
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees
AFS debt securities
Resale agreements
Restricted equity securities
Interest-bearing cash and deposits with banks
Total interest and dividend income
INTEREST EXPENSE
Deposits
Short-term borrowings
FHLB advances
Repurchase agreements
Long-term debt and finance lease liabilities
Total interest expense
Net interest income before (reversal of) provision for credit losses
(Reversal of) provision for credit losses
Net interest income after (reversal of) provision for credit losses
NONINTEREST INCOME
Lending fees
Deposit account fees
Interest rate contracts and other derivative income
Foreign exchange income
Wealth management fees
Net gains on sales of loans
Net gains on sales of AFS debt securities
Other investment income
Other income
Total noninterest income
NONINTEREST EXPENSE
Compensation and employee benefits
Occupancy and equipment expense
Deposit insurance premiums and regulatory assessments
Deposit account expense
Data processing
Computer software expense
Consulting expense
Legal expense
Other operating expense
Amortization of tax credit and other investments
Repurchase agreements’ extinguishment cost
Total noninterest expense
Income before income taxes
Income tax expense
NET INCOME
EARNINGS PER SHARE
Basic
Diluted
27
2021
2020
$1,425
144
32
2
16
1,619
69
—
7
8
3
87
1,532
(35)
1,567
78
71
23
49
26
9
1
17
12
286
434
63
18
16
16
31
7
8
82
122
—
797
1,056
183
$873
$6.16
$6.10
$1,464
83
21
2
25
1,595
185
1
14
12
6
218
1,377
210
1,167
75
48
32
22
17
4
12
11
14
235
404
66
15
14
17
29
5
8
79
70
9
716
686
118
$568
$3.99
$3.97
EAST WEST BANCORP 2021 ANNUAL REPORTEAST WEST BANCORP 2021 ANNUAL REPORT I N V E S T O R I N F O R M AT I O N
C O V E R A R T C O N C E P T
29
Water is the fundamental life force of civilization, and whether calm or rough, it is always awe-
inspiring. The 2021 Annual Report cover design builds on the duality of water as a metaphor for
the year’s unpredictability. Like the cover’s visual depiction of water’s ebb and flow, 2021 brought
numerous unforeseen challenges to communities the Bank serves.
These waves of uncertainty rippled throughout 2021. Despite this, East West Bank remained a
steadfast, anchoring force for clients, helping them rise above challenges and thrive. The placement
of the Bank’s logo in the cover design is anchored in strength, demonstrating the Bank’s unyielding
commitment to helping clients through the year’s unprecedented storms.
The undulating wave motif in the design represents the Bank’s ability to stay flexible—yet ultimately
remain powerful. Like a wave, we leveraged our strength and fluidity to provide support for clients
and helped many clients achieve economic success. The cover design further underscores the
Bank’s adaptability and resilience during a challenging year through movement, abstract dot
patterns and subtle gradients of blue.
In many Asian cultures, gratitude can be expressed by paying tribute to the life-giving water
source. This is encapsulated by the Chinese characters:
or “Think of the Source When You
Drink.” The Bank expresses gratitude to staff and customers through this design.
飮水思源
Transfer Agent and Registrar
Stockholders with inquiries about accounts,
lost stock certificates or changes of address
may contact the Computershare customer
service department:
Computershare
462 South 4th St., Suite 1600
Louisville, KY 40202
Toll-free within the U.S: 877.254.8651
International callers: 201.680.6578
(available 24 hours a day)
Financial Information and Mailings
The company’s annual reports on Form
10-K, quarterly financial results and other
financial information may be obtained by
writing or calling:
East West Bancorp, Inc.
Investor Relations
135 N. Los Robles Ave., 7th Floor
Pasadena, CA 91101
626.768.6000
To receive company news releases via email,
please contact Investor Relations at the
telephone number or address above or
sign up at www.eastwestbank.com/investors.
Annual Meeting
The 2022 Annual Meeting of Stockholders
will be held virtually at 2 p.m. Pacific Time
on May 26, 2022.
Formal notice of the meeting with a proxy card
and proxy statement is being mailed to all
stockholders of record as of April 1, 2022.
The proxy statement, annual report on
Form 10-K and proxy card are available
at www.eastwestbank.com/annual.
Independent Registered Public
Accounting Firm
KPMG LLP
Number of Shares Outstanding at
December 31, 2021
141,907,954
Exchange
NASDAQ: EWBC
28
EAST WEST BANCORP 2021 ANNUAL REPORTEAST WEST BANCORP 2021 ANNUAL REPORT 30
Corporate Headquarters
135 N. Los Robles Ave., Pasadena, CA 91101
626.768.6000
eastwestbank.com
Back Cover
EAST WEST BANCORP 2021 ANNUAL REPORT