East West Bancorp Annual Report 2022

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FY2022 Annual Report · East West Bancorp

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2022 Annual Report

CELEBRATING 50 YEARS
B U I L D I N G B R I D G E S O F O P P O R T U N I T Y

ABOUT EAST WEST BANK

Fifty years ago, East West Bank opened its doors 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. In the following

decades, the Bank grew significantly to meet the community’s growing needs. Today,

East West Bancorp, Inc.—the publicly traded parent of East West Bank—has total

assets of more than $64.1 billion. To commemorate the Bank’s milestone anniversary,

this year’s annual report highlights how the Bank has grown while showcasing clients

who began doing business with the Bank through each decade of our history.

Today, East West is a full-service bank with more than 120 locations in key cities in

the U.S. and Asia, even expanding our expertise to Singapore. The largest independent

bank headquartered in Southern California, East West Bank received a Lender of the

Year award from Export-Import Bank of the United States (EXIM) in 2022. This award

recognized the Bank’s work providing EXIM-backed financing to U.S. exporters.

In 2022, the Bank’s Chairman and CEO, Dominic Ng, also was appointed Chair of

the Asia-Pacific Economic Cooperation’s Business Advisory Council (APEC). In this

role, he uses his experience as CEO to advise APEC leaders on issues affecting the

continued growth of the Asia-Pacific economy. As one of the only banks operating in

both the U.S. and Asian markets, we continue to expand our extensive global network

of contacts and resources to better meet our customers’ diverse financial needs.

EAST WEST BANCORP 2022 ANNUAL REPORT2
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A MESSAGE FROM OUR CHAIRMAN & CEO

Against the backdrop of the global economic slowdown in 2022, East West achieved outstanding
financial results. We secured record loans and deposits, and our revenue and earnings were our
highest ever. Our profitability was industry-leading. Our annual earnings exceeded $1 billion. East
West’s financial performance in 2022 was characterized by strong loan growth and net interest
margin expansion in a rising interest rate environment, which drove a robust increase in revenue.
Our earnings were further bolstered by disciplined expense management and solid asset quality.

SALUTING THE BRIDGE-BUILDERS

In this report you can find financial data and narrative profiles that capture East West’s
50-year history of building bridges of opportunity for our customers, associates, and communities.
The numbers in this report—and our financial performance every year since our founding—
are the result of the extraordinary dedication of our associates: the bridge-builders who have
helped our customers and communities thrive in prosperity as well as get through hard times.
Commemorating our 50th-anniversary milestone in 2023, we celebrate the people who have been
the key to our success.

SUPPORTING THE BRIDGE

Like arches that provide the strongest support for bridges, East West’s people, mission, corporate
values and business model have served as the Bank’s structural support. They have guided our
team in anticipating and responding to our customers’ immediate and long-term financial needs.
This report highlights our customers’ deep satisfaction with East West’s banking services and our
community partners’ high appraisal of our partnerships. Crucially, our business and community
investments have helped forge a more prosperous, sustainable, and inclusive economic
ecosystem.

The five current customers profiled in this report began their East West journey in each of the five
operating decades since our Bank was founded in 1973. We begin with retired police detective
Ben Lee, who credits us with supporting his evolving banking needs from his college student

We entered 2023 in a position
of strength.

days to now as a retiree. Real estate property
developer Kam Sang Company values our
financing when going into project negotiations,
while Gaw Capital is grateful for its first East
West loan that helped launch its global portfolio
of companies. The world’s largest manufacturer
of electric vehicles, BYD, relies on our cross-
border financial expertise when bringing new
products to market globally. We support Scopely
in the expansion of its innovative mobile
gaming business.

Our community partner, Panda Cares, has
launched funding and programming initiatives
that uplift ethnically diverse communities.
Gold House is working alongside East West to
elevate, enhance and amplify the voices of
Asian Americans and Pacific Islanders across
the country.

FORTIFYING OUR FOUNDATION

The stellar work ethic of our associates reflects
the core values that have supported our
customers and our Bank throughout the past five
decades, including periods of historic turbulence:
the 1990–1991 Savings & Loan crisis, the 1997–
1998 Asian financial crisis, the 2008–2009
global financial crisis and the recent COVID-19
pandemic. East West’s people-focused mission is
driven by our corporate culture and values. Our
associates have fully embodied our “Teamwork”
and “Customer-Centric” principles to navigate
through past crises. From our experience, we’ve
learned that the pathway to success is to stay
calm and focused on our priorities: managing
credit risk, protecting our customers’ deposits,
and executing our business model.

The stellar returns of 2022 reflect the strength
of East West’s business model. Our loan
portfolio is well-diversified between the major
loan categories of commercial, commercial real
estate and residential mortgage. Our deposit

base spans consumer, small business and
corporate commercial accounts. We have strong
capital ratios and ample liquidity to support
growth. In view of a challenging operating
environment in 2023 due to high interest rates
and inflation, we can leverage our strengths of
solid asset quality and a well-fortified balance
sheet. I trust that our foundation of people,
mission, values, and business model will
continue to drive optimal results.

BRIDGING PAST, PRESENT AND FUTURE

We entered 2023 in a position of strength.
We expect to deliver yet another year of
strong profitability. With the opening of our
representative office in Singapore, we expanded
our footprint in Asia in line with our purpose-
driven business strategy of fostering prosperity.
Here we present the excellent results of the last
year and reflect on the cumulative successes of
the past 50 years. We now advance to the next
chapter of our rich history of building bridges
of opportunity and creating value for all our
stakeholders and shareholders.

Thank you for choosing East West Bank as your
trusted partner.

Dominic Ng

ST W EST B A

A
E

K I N 2

$2.3
BILLION
record revenue

$48.2
BILLION
record loans

$64.1
BILLION
total assets

$56.0
BILLION
record deposits

EAST WEST BANCORP 2022 ANNUAL REPORT4

50 YEARS OF BANKING
RELATIONSHIPS

This year, East West Bank recognizes customers from the Bank’s five-decade history while also tracking our

progress from a single branch to a multinational bank. Our client profiles reflect the diversity of services the

Bank provides to customers, from individuals to electric vehicle and mobile gaming companies. As we continue

to grow, the Bank’s employees continue to provide quality and personalized customer service to our diverse

customer base.

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Mobile Gaming
Scopely’s interactive
mobile games connect
users across the globe.

Electric Vehicles
BYD charges forward, leading
global sales for EVs and
plug-in hybrids.

Private Equity
A world-leading private equity
firm, Gaw Capital has restored
numerous luxury hotels.

Individual
From his first car loan to his first
mortgage, retired police officer Ben Lee
has been a customer for 50 years.

Lifestyle Developer
From mixed-use to luxury hotels,
Kam Sang Company specializes in
community-focused developments.

EAST WEST BANCORP 2022 ANNUAL REPORT

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BEN LEE
A Retired Los Angeles Police Department Detective
and Loyal Customer

Do you remember when you got your first debit card? First saw an ATM?

What your first online purchase was?

Technology has fundamentally changed banking and how we do business.

East West Bank customer Ben Lee—who first opened a savings account in 1973 as

a college student—has seen the Bank evolve and pioneer innovation in the banking

industry. As a customer for 50 years, Lee has witnessed the opening of the Bank’s

second branch in Montebello and other milestones. He attributes the Bank’s

success to the continued integration of new technology into its operations.

“East West Bank started as a small, community financial institution,” Lee said.

“They were able to grow by investing in technology. A lot of smaller banks didn’t

do that and weren’t able to grow.”

Lee first noticed the Bank while

volunteer tutoring at Castelar

Elementary School, citing the

Bank’s prominent location within

Los Angeles’ Chinatown District as

what initially drew his attention. His

banking needs changed over time,

from graduating college to working

as a stunt double on the Kung Fu TV

series to a career in law enforcement.

He proudly served as a supervisory

I’ve never had a bad experience
at East West Bank. Their
employees are friendly, and
they’ve been working there a
long time. That says a lot.

Ben Lee
Retired LAPD Detective and
loyal customer for 50 years

detective for the Los Angeles Police Department for decades before retiring in

2009. East West Bank supported him through every milestone, helping set up his

first credit card, giving Lee his first car loan and approving his first mortgage.

Lee says he still sees employees he has worked with for decades. Despite the

Bank’s staggering growth, it still retains that friendly atmosphere—in all of its

branches—it had in its early days as a single location in LA’s Chinatown.

“I’ve never had a bad experience at East West Bank. Their employees are friendly,

and they’ve been working there a long time. That says a lot,” Lee said.

Lee has visited branches from San Francisco to Irvine. He says the Bank’s consistent

customer service, knowledgeable staff and friendly environment at all locations has

kept him a customer for more than 50 years.

DECADE
MILESTONES
(1973-1983)

1973

East West Federal
Savings opens its doors
to serve the needs of
Chinese Americans in
Los Angeles.

1979

East West Bank expands
into Montebello, South
Pasadena, and other
cities to service the
growing Chinese-
American community.

EAST WEST BANCORP 2022 ANNUAL REPORT
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KAM SANG COMPANY
Quality Developments for All Lifestyles

Luxury hotels, mixed-use projects with high-end restaurants, retail and

multifamily housing are all a part of Kam Sang Company’s (Kam Sang)

development portfolio. They have a diverse range of projects across Southern

California and beyond.

The developer’s eye for quality can be seen not only in the smallest details in

their properties, but also in their chosen banking relationships. Kam Sang has

been a Bank customer for decades. Their President and CEO, Ronnie Lam, cites

East West Bank’s reliability as one of the best things about their 30-year

business partnership.

“Everyone at East West Bank is really helpful,” Lam said. “It gives us confidence to

know we have East West Bank’s support, and we work with them regularly to see

our projects to fruition.”

At their core, Kam Sang’s developments are carefully designed, built and

managed to accommodate the interests and needs of a community, ensuring

their seamless integration into residents’ daily lives. Lam’s favorite project from

2022 was the complete renovation of the Waldorf Astoria Hotel in Las Vegas,

which included renovations of all hotel rooms, a tea room and a 23rd story SkyBar,

among other amenities at the luxury property.

Looking ahead in 2023, Kam Sang will

begin developing a 112-unit property in

Orange County with support from East

West Bank. The project, which is part

of a much larger plan, will help bring

needed housing to California and provide

accommodations residents are proud to

call home.

It gives us confidence to
know we have East West
Bank’s support, and we
work with them regularly to
see our projects to fruition.

Ronnie Lam
President and CEO of
Kam Sang Company

DECADE
MILESTONES
(1983-1993)

1984

East West Bank moves
its headquarters
from Los Angeles’
Chinatown to San
Marino, California.

1991

The Nursalim Family of
Indonesia purchases
East West Bank and
expands its services
to San Francisco.

EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT
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GAW CAPITAL
Private Equity Fund Management with Global Appeal

With properties like the legendary Hollywood Roosevelt Hotel, the Regent Hong

Kong and the Four Seasons Resort Bora Bora in their portfolio, Downtown Properties

and Gaw Capital leverage their private equity fund management services to provide

unique and luxurious improvements through strategic global investments.

A long-standing customer of East West Bank, Gaw Capital specializes in focusing

private equity fund management services on projects in specific Asia-Pacific

markets. This includes properties like the stunning Regent Hong Kong.

“East West Bank has supported us for decades. They understand our global

vision for strategic investments and are helping us get there,” said Goodwin Gaw,

Chairman, Managing Principal and Co-Founder of Gaw Capital.

East West Bank has supported the company’s renovation of various luxury

properties across the globe. East West Bank provided the loan that made their

dream of renovating the Hollywood Roosevelt Hotel a reality. Downtown Properties,

an associate of Gaw Capital, restored the property to its former glory, and it has

enjoyed success as a preferred destination for Los Angeles tourists and locals alike

ever since.

In addition to its private equity fund management, Gaw Capital manages value-

add/opportunistic funds in the U.S., a pan-Asia Hospitality Fund, a European

Hospitality Fund, a Growth Equity Fund, as well as credit and separate account

direct investment services globally.

Since 2005, the company has

raised more than $22 billion in

equity. With the help of East West

Bank, Gaw Capital has continued

to successfully serve various

highly specialized markets

around the world.

East West Bank has supported
us for decades. They understand
our global vision for strategic
investments and are helping us
get there.

Goodwin Gaw
Chairman, Managing Principal and
Co-Founder of Gaw Capital

DECADE
MILESTONES
(1993-2003)

1995

East West Bank
converts its charter
into a full-service
commercial bank and
adopts its current logo.

1999

East West Bank
begins trading on
the Nasdaq under
the symbol EWBC.

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BYD
The World’s Largest Electric Vehicle Firm Powers Forward

Imagine a future where electric vehicles (EVs) can power your grocery run and

after-school pickups and even build other EVs for consumers. BYD is making that

dream a reality, integrating EVs into daily life through innovation and massive sales.

With support from East West Bank, BYD has experienced global success and

became the largest EV manufacturer in the world last year in sales of fully electric

and plug-in hybrids. BYD—short for Building Your Dreams—has introduced EVs into

communities rapidly, selling nearly 2.68 million new electric passenger vehicles

worldwide as of late 2022. The firm’s commitment to transformative EV products

has contributed to their success worldwide.

“Cultural and financial bridges between the East and the West are more than an

abstract concept. With East West Bank’s support, BYD bridges cultures to bring

new products to market with global appeal,” said Stella Li, CEO of BYD USA.

BYD’s EVs are known for their high-performing Blade Battery, which can charge

from 30% to 80% in 30 minutes, has a range of 375 miles and is the only battery

to pass the nail penetration test. In the U.S., BYD manufactures these batteries and

products like buses and forklifts. At their 550,000-square-foot facility in Lancaster,

California, BYD’s production of high-quality EV products brings immense employee

satisfaction and pride in their work.

“In addition to making automobiles, trucks and forklifts, BYD is the largest

manufacturer of battery-electric buses in the world—including transit, coach and

school buses. You see a camaraderie at the Lancaster plant because we know our

work is changing the world,” said Frank Girardot, Sr. Communications Director

of BYD.

Looking ahead, BYD expects continued

growth in the U.S., particularly with

EV school buses. Just as East West Bank

helped make BYD’s dreams a reality,

BYD drives future generations forward.

With East West Bank’s
support, BYD bridges cultures
to bring new products to
market with global appeal.

Stella Li
CEO of BYD USA

DECADE
MILESTONES
(2003-2013)

2003

East West Bank
expands its
international
footprint, opening
its first China
location in Beijing.

2009

East West Bank acquires
United Commercial
Bank, making it one of
the largest independent
commercial banks
headquartered in
California.

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EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT
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SCOPELY
Advancing Mobile Gaming, Connecting People Through Play

What’s better than playing games like “Stumble Guys,” the party battle royale game

“MARVEL Strike Force” and “Yahtzee® With Buddies” on your phone? Knowing they

were all created by a cutting-edge video game developer.

For Scopely, innovation and depth of experience go hand-in-hand with ensuring an

inclusive and highly social gaming environment. With more than five billion people

using smartphones across the planet, mobile gaming provides a platform that

connects communities globally.

An East West Bank customer since 2017, Scopely continues to innovate and expand

their gaming repertoire. East West Bank has helped support Scopely’s vision along

the way, allowing them to expand their gaming offerings. This includes launching

“Star Trek® Fleet Command” on PC and expanding the iconic SCRABBLE® brand

with mobile “Scrabble GO.”

“East West Bank has been an excellent partner for many years,” said Walter Driver,

Scopely Co-Founder, Co-CEO and Chairman. “The team regularly ensures that we

have the support needed to continue expanding our business.”

Scopely’s success has also been recognized repeatedly in the business world.

This includes accolades like Fast Company listing it as one of the “World’s Most

Innovative Companies” several times. They are a multi-billion-dollar business, due

to the company’s ability to create long-lasting gaming experiences. In 2022, they

were recognized for the seventh year in a row as a Top Mobile Game Maker.

As gaming continues to grow and evolve,

cementing its position as a dominant

form of entertainment, Scopely plans

to continue collaborating with

East West Bank, building bridges

and connecting communities around

the world through play.

East West Bank has been an
excellent partner for many
years. The team regularly
ensures that we have the
support needed to continue
expanding our business.

Walter Driver
Co-Founder, Co-CEO and
Chairman of Scopely

DECADE
MILESTONES
(2013-2023)

2021

East West Bank receives the
“Best Board of Directors”
distinction from Bank Director.

East West Bank is named “No. 1
Performing Bank” in the $50 billion and
above asset category by Bank Director.

2023

East West Bank
celebrates 50 years
of building bridges
of opportunity for
customers and
communities.

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EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT
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Habitat for Humanity and East West Bank join forces to build better
communities, starting with making a child’s playhouse wish come true.

Committed To Our
COMMUNITIES
COMMUNITIES

For 50 years, East West Bank has committed to the communities we serve through charitable donations. Giving

back is a way of life, and the Bank makes it a priority to support financial inclusion through charitable giving and

other resources for a variety of nonprofits. East West Bank takes great pride in the generous volunteerism of

our associates and leaders, who dedicate their time to support a variety of causes. From financial literacy and

support for the Asian American and Pacific Islander (AAPI) community to the arts and support services for the

unhoused, the Bank has been and will continue to be a consistent philanthropic partner for decades to come.

East West Bank associates teach financial literacy to
deliver a message of empowerment and responsibility.

East West Bank teams up with the Los Angeles Lakers to provide food,
offer assistance and spread joy during the holiday season.

East West Bank proudly supports the National Bankers Association, the premier
voice of Minority Depository Institutions, at its annual conference.

East West Bank associates stand in solidarity with the AAPI community at a public demonstration.

East West Bank supports senior athletes at the Pasadena Senior Games.

East West Bank has a long-standing commitment to bring awareness to
organizations leading the fight against AAPI intolerance.

EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORTCommunity

SPOTLIGHT

Uplifting AAPI Communities

PANDA CARES INSPIRES THE SPIRIT OF GIVING

Panda Restaurant Group (Panda), the parent company of Panda Express, is celebrating its 50th anniversary this

year. Today, Panda’s iconic American Chinese dishes are known around the world for bridging East and West

cultures. Co-founders and Co-CEOs Andrew and Peggy Cherng believe their greatest impact is more than the

famous Orange Chicken; it is their commitment to giving. Panda’s philanthropic arm, Panda Cares, works to

brighten lives and futures via in-restaurant fundraising for the health and education needs of underserved youth.

$329 million for youth and disaster relief since its founding.

“Like East West Bank, giving back is a core value of our company. We are proud to empower and celebrate the

communities that have supported us for so long through our charitable giving,” said Andrew Cherng.

Panda’s dedication to its mission statement is exemplified in its health and education

contributions. Most recently, Panda Cares launched the Panda Cares Center of

Hope initiative at Children’s Miracle Network Hospitals and Boys & Girls

Clubs nationwide. They have committed to opening 480 centers,

creating safe spaces with resources to learn, play and grow.

Panda’s giving philosophy also extends to fostering greater

societal belonging. In 2021, they launched the Panda

CommUnity Fund, a five-year, $10 million pledge

to diversity, equity and inclusion by supporting

nonprofits that uplift Black, Indigenous, and

people of color (BIPOC) communities and

other underserved communities. Like

the East West Bank Foundation, one of

Panda CommUnity Fund’s focuses is

amplifying AAPI voices, donating

more than $1.5 million to

promote cultural understanding

and appreciation. Together,

Panda and East West Bank

continue to improve lives

with strategic charitable

giving to benefit the

diverse communities

they serve.

GOLD HOUSE

Authentic socioeconomic equity matters, and Gold House is an innovative platform and leadership network

that powers Asian and Pacific Islander (API) creatives and companies across the globe.

From films like Crazy Rich Asians to Everything Everywhere All At Once, Gold House is a leader in cultural

change in partnership with every major media company. The platform conducts research and narrative change

alignment across the community and provides expert cultural consultation, cast and crew recommendations,

product placement and more to major media projects for film studios, advertisers and video game publishers.

They also invest in the next generation of leading artists through Gold House Futures’ transformative creative

accelerators, mentorship and skill-building support and grants with partners like Netflix and Spotify. Gold

House promotes the very best of the community to ensure authentic, affirming cultural representation in

front of and behind the camera and has become a dominant marketing reason why more than 20 films—

including Everything Everywhere All At Once and Parasite—debuted at No. 1 in their respective categories

opening weekend.

Further, to complement its creative work, Gold House shatters the glass ceiling and powers economic mobility

by empowering founders to build their own companies. Through Futures, the largest premier API founder

network; Gold Rush, the leading API founder accelerator whose alumni have raised more than $600 million; and

Gold House Ventures, the first and premier API founder-focused fund whose investors include some of the most

pioneering CEOs and founders of the last decade, Gold House sustains positive socioeconomic opportunities.

Through the organization’s significant and groundbreaking promotion of API creatives and companies,

Gold House’s mission aligns with East West Bank’s via comprehensive cultural change. Like the Bank, they

seamlessly, impactfully and aspirationally connect East and West, allowing audiences the opportunity to enjoy

meaningful, culturally inclusive creativity and companies from the top API leaders around the world.

EAST WEST BANCORP 2022 ANNUAL REPORT20

BOARD OF DIRECTORS

From left to right:

Serge Dumont
Co-founder & Vice Chairman

Impactwayv, Inc.

Paul H. Irving
Senior Advisor

Milken Institute

Lester M. Sussman
Retired Partner

Deloitte & Touche

Sabrina Kay

Chief Executive Officer

Dominic Ng
Chairman & Chief Executive Officer

Archana Deskus
Executive Vice President & Chief Information Officer

Rudolph I. Estrada
Chief Executive Officer

East West Bank

Manuel P. Alvarez
Founding Principal

PayPal

Jack C. Liu, Esq.
Senior Attorney

Estradagy Business Advisors, LLC

Molly Campbell
Infrastructure Advisor

Fremont Private Investments

BridgeCounsel Strategies LLC

Alliance International Law Offices

Department of the Treasury, Office of Technical Assistance

EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT22

SUMMARY OF SELECTED FINANCIAL INFORMATION

EWBC 5-YEAR STOCK PERFORMANCE

($ in millions, except per share data)

2018

2019

2020

2021

2022

High

Year-end

Low

EWBC 5-Year Stock Performance

Summary of operations

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

$1,387

$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

$2,046

$873

$6.10

$1.32

$60,871

$41,695

$53,350

$5,838

2.72%

1.47%

15.7%

$1,128

$7.92

$1.60

$64,112

$48,228

$55,968

$5,985

3.45%

1.80%

19.5%

FINANCIAL HIGHLIGHTS

9 % C

$60.9

$64.1

R *

% C

1 0

$53.4

$56.0

$52.2

$44.9

$44.2

$41.0

8 % C

$48.2

$41.7

$38.4

$34.8

$32.4

$37.3

$35.4

$87.77

$79.02

$50.49

$93.51

$65.90

$61.65

$73.98

$43.53

$40.05

$56.09

$48.70

$37.69

$51.88

$50.66

$22.55

$100

$80

$60

$40

$20

2018

2019

2020

2021

2022

CAPITAL STRENGTH

Basel III Minimum Regulatory Requirements

EWBC 12.31.22

12.7%

14.0%

10.5%

9.8%

8.5%

7.0%

4.0%

2018

2019 2020 2021

2022

2018

2019 2020 2021

2022

2018

2019 2020 2021

2022

Total Loans ($ in billions)

Total Deposits ($ in billions)

Total Assets ($ in billions)

*CAGR = 5-year compound annual growth rate, December 31, 2017 to December 31, 2022.

CET1
capital ratio

Tier 1 risk-based
capital ratio

Total risk-based
capital ratio

Tier 1 leverage
capital ratio

EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT24

2022 FINANCIAL OVERVIEW

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED BALANCE SHEET

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
Held-to-maturity debt securities, at amortized cost

Loans held-for-sale
Loans held-for-investment (net of allowance for loan losses of $596 and $542)
Investments in qualified affordable housing partnerships, 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

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;

168,459,045 and 167,790,645 shares issued

Additional paid-in capital
Retained earnings
Treasury stock, at cost 27,511,199 and 25,882,691 shares
Accumulated other comprehensive loss, net of tax

Total stockholders’ equity

2022

2021

$3,482
139
792

6,035
3,002

25
47,607

763

89
466
104
1,608
$64,112

$21,051
34,917
55,968
—
300
152
112
1,595
58,127

—
1,936
5,583
(769)
(765)
5,985

$3,913
736
2,354

9,965
-

1
41,152

628

97
466
99
1,460
$60,871

$22,845
30,505
53,350
249
300
152
106
876
55,033

—
1,894
4,684
(650)
(90)
5,838

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$64,112

$60,871

Year ended December 31
($ in millions, except per share data)

INTEREST AND DIVIDEND INCOME
Loans receivable, including fees
Debt securities
Resale agreements
Restricted equity securities
Interest-bearing cash and deposits with banks

Total interest and dividend income

INTEREST EXPENSE
Deposits
Federal funds purchased and other short-term borrowings
FHLB advances
Repurchase agreements
Long-term debt and finance lease liabilities

Total interest expense

Net interest income before provision for (reversal of) credit losses
Provision for (reversal of) credit losses

Net interest income after provision for (reversal of) 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
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
Other operating expense
Amortization of tax credit and other investments

Total noninterest expense

Income before income taxes
Income tax expense
NET INCOME

EARNINGS PER SHARE
Basic
Diluted

2022

2021

$2,048
199
30
3
41
2,321

252
2
2
14
5
275
2,046
74
1,972

79
89
29
48
28
6
1
7
12
299

478
62
19
26
15
28
118
113
859
1,412
284
$1,128

$7.98
$7.92

$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
97
122
797
1,056
183
$873

$6.16
$6.10

EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT
26

INVESTOR INFORMATION

Transfer Agent and Registrar

Stockholders with inquiries about accounts,
lost stock certificates or changes of address
may contact the Computershare customer
service department:

Computershare
150 Royall St., Suite 101
Canton, MA 02021

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 2023 Annual Meeting of Stockholders
will be held on May 23, 2023.

Formal notice of the meeting with a proxy card
and proxy statement is being mailed to all
stockholders of record as of March 31, 2023.

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, 2022
140,947,846

Exchange
NASDAQ: EWBC

C O V E R A R T C O N C E P T

真 金 不 怕 火 煉
True gold fears no fire.

For East West Bank’s 50th anniversary, the 2022 Annual Report cover design features gold accents to

highlight the Bank’s strength and celebrate our transformation from a small financial institution into a

cutting-edge, multinational bank with more than $64 billion in assets. There’s no alchemy to finance. Instead,

it takes grit, determination, resilience and the ability to withstand pressure. Red and gold together hold a

special place in Asian cultures. As the colors associated with Lunar New Year and other celebrations, they

symbolize prosperity, good fortune, happiness and power.

The arches supporting the bridge on the cover and throughout the design also reflect the Bank’s strength,

as arches are the strongest architectural structure. These arches convey movement and fluidity while

invoking the report theme—Building Bridges of Opportunity. Bridges also connect communities, and they

provide secure passage over obstacles. This mirrors East West Bank’s goal of connecting clients in the global

economy and the Bank’s demonstrated support for clients through various challenges, transcending cultures

with dedicated customer support and expertise.

It is an honor to have served the community for 50 years. We hope you will join us in celebration as we

recognize our history, continue building bridges and forge a global path forward.

EAST WEST BANCORP 2022 ANNUAL REPORTEAST WEST BANCORP 2022 ANNUAL REPORT
CORPORATE HEADQUARTERS
135 N. Los Robles Ave.
Pasadena, CA 91101

626.768.6000

eastwestbank.com