East West Bancorp Annual Report 2023

FY2023 Annual Report · East West Bancorp

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ANNUAL REPORT

20
23

FOUNDATIONS
for the Future

About
East West Bank

With total assets of more than $69.6 billion, East West Bancorp, Inc. is the publicly
traded parent company of East West Bank. The Bank was founded in 1973 in Los
Angeles, California as a savings and loan focused on serving the Chinese American
community. Today, the Bank operates as a full-service commercial bank with over
120 locations in key cities in the U.S. and Asia.

With more than 3,000 dedicated associates worldwide, East West Bank builds bridges
of opportunity to empower people and communities. In 2023, East West’s performance
earned it the #1 performing bank rankings from S&P Global Market Intelligence, Forbes,
and Bank Director. Additionally, East West Bank was ranked #3 in American Banker’s
annual survey of the most reputable large U.S. banks.

As the leading financial and cultural bridge between the U.S. and Asia, East West Bank
aims to provide a prosperous financial future for all our customers. Underscoring
the Bank’s role in facilitating Asia-Pacific economic development, East West Bank
Chairman and CEO Dominic Ng chaired the Asia-Pacific Economic Cooperation (APEC)
Business Advisory Council (ABAC) in 2023 during the United States’ APEC host year.
Mr. Ng led ABAC in providing concrete recommendations to APEC leaders on issues
impacting the economic growth of the region, which represents 62 percent of global
gross domestic product.

East West Bank is the largest independent bank headquartered in Southern California.
We continue to grow and expand our services and relationships to support dynamic
customers around the world. East West is proud to work every day to support the
needs of the people and communities we serve and establish strong foundations to
help our customers reach further.

East West Bancorp 2023 Annual Report /A Message from our
Chairman & CEO

Dear Fellow Shareholders,

Despite geopolitical tensions, economic
uncertainty, and turmoil within the regional
banking industry in 2023, East West Bank
delivered an outstanding financial performance
with new record levels for revenue, net interest
income, net income, loans, deposits, and assets.
I am proud of what we have achieved in the face
of such unprecedented challenges.

In 2023, the Bank earned the #1 performing bank
rankings from S&P Global Market Intelligence
and Bank Director. While many regional banks
saw their reputations decline, East West Bank
dramatically strengthened its reputation. Our
reputational surge speaks volumes about East
West’s collective character and corporate values.
As other financial institutions suffered significant
setbacks during this disruption, our bank
emerged as a beacon of trust and reliability.

We have set a strong foundation for future
growth because of the deep trust forged by our
dedicated associates, our loyal customers, and
our resilient business model.

Foundations for Growth

Since our founding in 1973, East West has
consistently enriched the lives of the people
we touch by combining shared purpose, people
empowerment, and bridge-building expertise.
As a financial bridge between East and West,
we are guided by the wisdom that—just like the
world’s most robust bridges—our success starts
with a solid base. Strong foundations are vital to
securing continued growth, serving customers,
and overcoming instability.

This report highlights narrative profiles that
capture East West’s long history of building
bridges of opportunity for our customers and
communities. Our 3,200+ associates are the
hard-working bridgebuilders whose people-
focused values power our success.

East West is starting 2024 from
a position of strength and
unwavering commitment to
continue building bridges
that enrich the lives of those
who place their trust in us.

A Bridge Built on Trust

The seven customers profiled here have
one thing in common: Their deep trust in
East West’s relationship banking.

Our customers speak about the additive
values of East West’s banking services
while our partners celebrate the Bank’s
community impact. Together, our business and
community investments have helped foster a
more prosperous, sustainable, and inclusive
environment—in the United States and abroad.

Affordable housing developer Standard
Communities praises East West’s
responsiveness, creativity, and execution
speed. Equilibrium, a global leader in
sustainability-driven asset management,
extols East West’s customized banking
solutions that helped them increase their
agility. Personalized service is also a key
marker of success in East West’s partnership
with The Langham Huntington, Pasadena.
A-SHA Foods USA has tapped our cross-
border financial know-how to bridge its journey
from one local market into the international
marketplace. Atosa leaned on East West’s deep
cultural knowledge to navigate operational
challenges in the U.S. market. Channel
Factory credits our unique understanding
of the entrepreneurial spirit for its rise to a
global leadership position in digital media
advertising. East West has employed our risk
management expertise to provide strategic
advice that advanced the business model of Call
the Car, a pioneer in non-emergency medical
transportation.

Like our customers, golf sensation Rose Zhang,
our Brand and Cultural Ambassador, embraced
East West’s community-focused leadership. As
we do well, East West never stops searching for
opportunities to do good—from housing families
and funding women-owned businesses to
educating youth and promoting arts and culture.
Our support for San Gabriel Valley Habitat
for Humanity, Financial Beginnings, Grameen
America, Asian Art Museum, and Perelman
Performing Arts Center further underscores
East West’s commitment to building bridges in
our communities.

$2.6

BILLION

R
e

even u e

d Tota l

$52.2
BILLION
a ns
$56.1
osit

BILLION

L o

d Total D e

$69.6

BILLION
e ts

d Total A s

East West Bank in 2023

Always Reaching Further

At East West, our customer relationships are the
underpinnings for the future. Our track record
speaks for itself. From the 1990-1991 savings
& loan crisis to the COVID-19 pandemic and
the 2023 regional banking crisis, East West
has weathered every storm and helped our
customers reach the shores of financial security.
We are the top-performing bank in the U.S.
because we are guided by our people-focused
mission to deliver strong financial results—
year after year—for shareholders and other
stakeholders. Our mission guides us to stay
focused on our constituents, manage credit
risk, protect deposits, and execute our
business model.

East West is starting 2024 from a position
of strength and unwavering commitment to
continue building bridges that enrich the lives of
those who place their trust in us. This foundation
has equipped us to drive future growth and make
a difference worldwide. Thank you for being
our partners in this continued journey to reach
further alongside our people and communities.

Dominic Ng

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual Report

2023 Highlights

This year’s annual report showcases how the Bank continues to help our valued
customers and community partners reach further by laying strong foundations
for the future. From our diverse clients’ pioneering technologies redefining our
future to the discipline demonstrated by our Brand and Cultural Ambassador,
Rose Zhang, we are the financial institution of choice for some of the world’s
most successful entities. Within the following pages you’ll find examples of
our work to support our renowned customers and partners at the forefront of
their industries.

AFFORDABLE HOUSING

Affordable housing developer Standard Communities identifies creative
solutions to help solve the housing crisis and contribute broad societal benefits.

CONSUMER GOODS

A-SHA Foods USA offers consumers healthier, more sustainable non-perishables
using a 100-year-old recipe that doesn’t just fuel us, but also our futures.

DIGITAL ADVERTISING

Channel Factory builds more inclusive digital spaces as part of its journey to
global leadership in conscious digital media advertising.

4 HEALTHCARE SOLUTIONS

Call the Car provides critical transportation services, ensuring medical care
is accessible for those in need.

HOSPITALITY

The Langham Huntington, Pasadena revitalizes historic elements and adds
exciting amenities.

MANUFACTURING

Pioneering manufacturer Atosa spearheads robotic solutions to revolutionize
food service as we know it.

SUSTAINABILITY

Promoting healthy, environmentally conscious solutions across the globe,
Equilibrium pioneers sustainable investments.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportSTANDARD COMMUNITIES

Building Pathways
to Prosperity

Imagine a community that is more than just a
home, where the services and amenities are built to
maximize your well-being and produce pathways
for upward economic mobility. Standard
Communities (Standard) provides this and more for
its residents, seeking to identify creative solutions
to help solve the housing crisis and contribute broad
societal benefits.

Through partnerships with public agencies and
community stakeholders, Standard and its principals
have spearheaded innovative solutions to preserve
and create affordable, high-quality housing. For
almost seven years, their partnership with East
West Bank has helped lay the foundation for
stronger, more inclusive communities nationwide,
allowing Standard to react to the market with speed
and agility.

“East West Bank’s team shows responsiveness,
creativity, and remarkable speed of execution,
mirroring the values upheld by Standard,” said
Scott Alter, Standard Communities Co-Founder and
Principal. “Our shared commitment to excellence
and community underscores an alignment that
drives impactful solutions for our residents,” said
Jeffrey Jaeger, Standard Communities Co-Founder
and Principal.

With a portfolio of almost 20,000 apartment
units and three distinct and diversified business
lines—Acquisitions and Redevelopment, Essential
Housing and New Construction—Standard provides
high-quality, dignified housing that is not only
affordable, but also offers tools for personal growth.
Properties feature free, onsite community services
to foster self-worth and a sense of pride, including
financial literacy training, job placement services,
food distribution, and more. With the support of its
partners, Standard transformed a high-end rental

building into an unhoused shelter in Midtown
Manhattan, converted Class A apartments in
California to middle-income housing, and
revitalized and preserved Section 8 housing in
Los Angeles County.

The first national affordable housing developer to
receive B Corp certification, Standard has a team
made up of passionate and dedicated professionals
who believe in their mission of enhancing
residents’ quality of life. The team upholds
a purpose-driven movement, supporting
sustainability, transparency, and a commitment
to responsible business practices.

Looking forward, Standard is thrilled to carry on
its shared journey with East West Bank, which
includes the development of a new affordable senior
community in San Ramon, California. This is the
next step toward its goal to have more than 50,000
units under ownership by 2030. Standard continues
to pursue a deeply meaningful mission to support
foundational building blocks to brighter futures for
thousands of residents.

East West Bank’s team
shows responsiveness,
creativity, and remarkable
speed of execution,
mirroring the values
upheld by Standard.
Scott Alter
Co-Founder and Principal, Standard Communities

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportA-SHA FOODS USA

Honoring Legacy While
Looking Ahead

Known for an authentic 100-year-old recipe and
mouthwatering noodles from Tainan, Taiwan,
manufacturer A-SHA Foods USA (A-SHA) has
struck the perfect balance between health and
sustainability, while honoring a longstanding legacy.

American and Pacific Islander initiatives. Much of
this growth, including the leasing of its head office,
has been supported by East West Bank’s trusted
partnership and deep understanding of A-SHA’s
business and vision.

The manufacturer provides healthier, more
sustainable non-perishables, striving to create food
that doesn’t just fuel people, but also the future. To
honor the legacy of the A-SHA brand, the company
uses the same century-old recipe and 18-hour
noodle drying technique while incorporating new
innovations and flavors, creating a cult-favorite dish
that went from being sold at one local market in Los
Angeles to nearly every major retailer in the U.S.

“With our partnership with East West Bank, we
feel there is nothing we cannot do,” said Young
Chang, A-SHA Foods USA President and CEO.
“From a start-up company to where we are today,
East West Bank has been able to meet our needs
every step of the way, with the same high quality
and personal touch.”

Like East West Bank, A-SHA never lost sight
of its roots as it journeyed to the international
marketplace. Paralleling the immigrant story,
A-SHA found its place in a new environment
and culture and stood firm in its founding
principles, emphasizing transparency, innovation,
sustainability, and quality in every product.

Over the past four years, A-SHA has been featured
as one of the fastest growing private companies by
Inc. magazine and the Los Angeles Business Journal.
Collaborations with well-known entities like Hello
Kitty, Momofuku, and NBA player Duncan Robinson
have propelled growth and allowed the company to
give back through donations and outreach for Asian

With our partnership
with East West Bank, we
feel there is nothing we
cannot do.
Young Chang
President and CEO, A-SHA Foods USA

“A-SHA Foods strives to be a beacon of hope
for Asian culture and set an example for future
businesses and entrepreneurs that if we can make
it, they can too,” said Chang. “East West Bank will
continue to help write future chapters of our Noodle
Story.”

In an industry where speed and volume are often
the focus, A-SHA set itself apart by prioritizing
efficiency over speed, quality over shortcuts and
responsibility of its products. Using research and
technology, A-SHA has created new products such
as the A-SHA Vegan Egg and intends to pursue
future endeavors like an A-SHA-themed noodle bar.

In 2024, A-SHA Foods USA continues a strong
partnership with East West Bank and plans to
continue its path of rapid growth, building on its
legacy and passion for innovation and sustainability.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportAudience

Content

CHANNEL FACTORY

How Aligning With Good
Just Works Better

“Do good business while doing good” is the
philosophical differentiation that sets Channel
Factory apart from its competitors. Founded by
first-generation immigrant Tony Chen, Channel
Factory was originally created to make it easier
for marketers to advertise effectively on YouTube,
but along this journey the team recognized that
ease was not the only barrier facing brands.
Despite the industry’s well-intentioned efforts,
it became apparent that there were underlying
systemic challenges hindering diverse creators
and responsible journalism—that is, until Channel
Factory stepped in to make the digital space more
effective, inclusive, sustainable, and accountable.

Put simply, Channel Factory’s mission is to constrain
negativity and amplify positivity, categorizing
content and activating video ads that are inclusive,
safe, and contextually relevant. These actions have
enabled the company to align with the values of
East West Bank, promoting unique creators and
allowing its communities to be seen, heard, and
monetized, in turn leading to more customers and
more sales for advertisers—a win, win.

Helping brands like Starbucks and Disney and
agencies successfully advertise on social media,
Channel Factory supplies advertisers with the tools
to navigate complex digital ecosystems. Building
on the initial Conscious Advertising Project, the
team has added the pillars of sustainability and
civic society to deliver intentional inclusion lists to
advertisers and brands worldwide.

“Channel Factory has grown substantially since
partnering with East West Bank in 2017. The Bank’s
support encouraged our growth and provided
affordable funding,” said Chen, Channel Factory

Channel Factory has
grown substantially
since partnering with
East West Bank in 2017.
Tony Chen
Founder, Channel Factory

Founder. “East West Bank is unique because they
really understand the entrepreneurial spirit.”

Most recently, Channel Factory has reimagined its
portfolio of solutions to ensure seamless delivery
of high-performing ad campaigns. This holistic
approach ensures that advertisers can avoid
negative content that is unsafe, unsuitable, or
untrue, and can align with positive content that is
contextually relevant, responsive, and inclusive, all
operated on one platform.

Today, Channel Factory operates in 30 countries,
is YouTube Measurement-Program certified, and
is a Meta Business Partner. Further showcasing
its positive reputation, Channel Factory is Federal
Trade Commission Children’s Online Privacy
Protection Rule-compliant, National Minority
Supplier Development Council-certified, and a
Racial Justice Institute partner building safer
networks online. The team continues to create
change, spearheading the charge to challenge
the status quo and out-of-touch thinking to bring
inclusivity and positivity to digital spaces.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportCALL THE CAR

Opening Doors to
Better Care

For Call the Car, access to medical care is a top
priority and deeply personal. Envisioned by a doctor
and a firefighter, Call the Car was founded on
the belief that access to non-emergency medical
transportation is an essential extension of an
individual’s health care. A certified woman- and
minority-owned business, Call the Car contracts
with major health care plans and insurance
providers all over the nation to provide this
critical service.

Call the Car has expanded its reach for reliable
non-medical transportation to more than five million
residents throughout California at a pace of tens of
thousands of rides a week. Through advancements
in technology, an innovative approach with
rideshare companies, and strong partnerships with
subcontractors such as ambulance companies,
Call the Car helped improve the quality of service
and pioneer advancements in the areas of ride
reliability, flexibility, and no-show reduction.

“We are dedicated to serving as a compassionate
care partner for our customers,” said Michelle
Tyson, M.D., Call the Car Founder. “Our partnership
with East West Bank, including its highly
personalized service, has allowed our team to
scale up and innovate to meet demands, while
simultaneously maintaining our own personalized
approach, which, like East West Bank, sets us apart.”

The rapidly growing company’s relationship with
East West Bank recently enabled the team to move
into a new headquarters building in Diamond Bar,
California, where its vast, innovative command
center allows the company to deliver round-the-
clock dispatch support, provider relations, case
monitoring, quality customer service, and beyond.
With East West Bank, Call the Car was able to give
its employees a place to come together to solve
problems for its clients, allowing more people to
thrive under a customer-first approach.

The Tyson family has been banking with East
West Bank for more than 30 years. “Our unique,
longstanding relationship has evolved over time,
creating a continued sense of security,” said
Dr. Tyson. “Over the course of our journey, East
West Bank has used expert knowledge of real risk
versus perceived risk to strategically push our
business forward.”

Over the course of
our journey, East West
Bank has used expert
knowledge of real risk
versus perceived risk
to strategically push
our business forward.
Michelle Tyson, M.D.
Founder, Call the Car

For customers and their families, Call the Car isn’t
just a ride but a lifeline to care that they desperately
need. Thanks to East West Bank, Call the Car
continues to support the most vulnerable people in
our communities, providing a foundation for future
well-being, with a vision to eventually not only
bring patients to care, but also bring care directly to
patients in their communities and homes.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportTHE LANGHAM HUNTINGTON, PASADENA

Pasadena Landmark
Embodies History and
Grace with Modern Luxury

Nestled at the base of the San Gabriel Mountains, The Langham Hotels and Resorts’ Langham
Huntington, Pasadena hotel is beyond a place to rest. Among U.S. News & World Report’s top
50 hotels in California and a Forbes Four Star property, this more than 100-year-old landmark is an
elegant full-service resort at the center of the Pasadena community. This exquisite property is steeped in
a century of heritage and architectural significance, exudes modern luxury, and attracts industry-leading
accolades for sustainability.

For nearly two decades, The Langham and East West Bank have fostered a trusted and valued relationship
founded on a shared commitment to unmatched personalized service. The Bank’s financial support
has served as a catalyst for growth of this iconic establishment by helping with the completion of key
improvements, including the addition of marble flooring throughout the main hallways in 2019 and the
renovation of the historic picture bridge in 2020. Most recently, The Langham completed plans for a
highly anticipated new resort pool and the renovation of the Chef’s Garden and Wentworth Garden event
space expected to be completed later this year.

“The longevity of our partnership with East West Bank can be attributed to its consistent reliability and
unique personal approach,” said Sapar Mustafin, The Langham Director of Finance. “We strive to connect
with all of our guests on an emotional level, and working with a bank that understands this philosophy
makes it all the more possible.”

Like East West Bank, The Langham aims to honor heritage, while constantly evolving and innovating
to provide guests with unforgettable experiences. Located on 23 acres with grand historic ballrooms
and lush gardens, the property offers world-class dining, the award-winning Chuan Spa, and America’s
only covered picture bridge, dating back to 1932. The Langham also offers a myriad of fine experiences,
including the signature Royce Steakhouse, the
beloved tradition of Afternoon Tea, and historic
spaces like the Horseshoe Garden and original
gilded Viennese and Georgian ballrooms.

The heart of its community, The Langham is
committed to providing guests with impeccable
service and ample opportunities to create lifelong
memories with loved ones. Through its partnership
with East West Bank, the historic property has
continued to preserve its rich history while
securing its place as a cherished destination for
future generations to enjoy.

The longevity of our
partnership with East West
Bank can be attributed to
its consistent reliability and
unique personal approach.
Sapar Mustafin
Director of Finance, The Langham

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportATOSA

Pioneering Innovative
Solutions for Premier
Service

When you dine at a restaurant, order room service
at a hotel, or pick up fast food, you may not think
of the technology that supports the day-to-day
operations of the fast-paced foodservice industry.
That’s where Atosa steps in—creating solutions so
your favorite brands can provide premier service.

The team’s commitment to innovation extends
beyond its products. The company makes a positive
impact on the communities it serves through its
Atosa Charitable Foundation and “Show Us How You
Atosa” promotion, which showcases customers and
donates Atosa units to local food banks.

With strategically placed warehouses across the
country, Atosa puts its customers first, providing
a meticulous in-house manufacturing process for
high-quality commercial kitchen equipment. Its
commitment to quality and ability to adapt in the
ever-changing industry has propelled partnerships
with some of the nation’s leading brands, including
Wendy’s, DoorDash, and Crumbl Cookies.
East West Bank has been there for Atosa since
the manufacturer opened its doors in 2003.

“Setting up roots in a new country is inherently
challenging,” said Michael Shao, Atosa President.
“In the midst of uncertainties, East West Bank
provided a familiar and reliable presence. As a
recognized name, they became a bridge between
the East and West, helping us navigate the cultural
nuances and complexities of operating in the
U.S. market.”

Atosa believes that innovation, especially in
robotics, plays a pivotal role in shaping the future of
kitchen operations. Atosa is a two-time consecutive
awardee of the National Restaurant Show’s annual
Kitchen Innovations Award, awarded in 2023 for
its cutting-edge Intelligent French Fry Robotic
Solution and in 2024 for its Auto Seasoning and
Auto Packaging Solution. This recognition reaffirms
Atosa’s dedication to continuous improvement,
quality, and innovation.

As the restaurant industry evolves, Atosa looks
forward to working with East West Bank to expand
its global footprint and maintain its position
at the forefront of technical advancements.
New innovations are on the horizon as Atosa
remains dedicated to pushing the boundaries of
what is possible.

As a recognized name,
they [East West Bank]
became a bridge
between the East and
West, helping us navigate
the cultural nuances and
complexities of operating
in the U.S. market.
Michael Shao
President, Atosa

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportEQUILIBRIUM

Investing in a Sustainable
Future Through Land, Sea,
and Air

It’s complex to invest in transformational projects
that have a significant positive impact on our
environment, food supply, and future. As a leading
global sustainability-driven asset management firm,
Equilibrium sets out to confront these important
issues and transform the world through capital
markets. Equilibrium’s focus on sustainable foods,
agriculture, and infrastructure helps industries
transition from fossil fuels and has moved the
needle through first-to-market innovations
that change the way we eat, breathe, and enjoy
our world.

“This is not easy work; often we are blazing new
business models while competing in commodity
sectors,” said Dave Chen, Equilibrium’s Founder and
Chief Executive Officer. “Our partnership with East
West Bank has allowed us to respond quickly to the
needs of our portfolio and institutional investors.”

As part of its portfolio, Equilibrium has invested,
built, and operated some of the largest waste-to-
bio-fuel facilities in the U.S., producing enough
natural gas from renewables to power several
thousand homes each year and sequestering
600,000 metric tons of carbon dioxide/methane
each year. It has processed approximately 110
million gallons of industrial wastewater into clean
water annually. The company is also building
climate adaptation and resilience infrastructure
for the food industry as a solution to the threat of
climate change volatility.

Equilibrium’s partnership with East West Bank has
paved the way for groundbreaking investments
that combine investment management with sector-
specific operations expertise. The company’s
Controlled Environment Foods strategies allow the
team to build and maintain a diverse portfolio of
advanced indoor and greenhouse growing facilities,

East West Bank is
instrumental in helping our
projects become reality.
Dave Chen
Founder and Chief Executive Officer,
Equilibrium

ensuring year-round fresh produce, improved food
safety, and predictability.

“East West Bank is instrumental in helping our
projects become reality,” said Chen. “In entering
new sectors like Controlled Environment
Food and Aquaculture, East West Bank and
Equilibrium together will continue to make an
intentional positive impact on our environment
and community.”

Operating for over 15 years, Equilibrium is a leader
in sustainability and investment. It’s been ranked
a top agricultural fund and was among the first
100 Certified B Corps, signifying it as a leader in
the global movement for an inclusive, equitable,
and regenerative economy. Equilibrium also
inspires the next generation of professionals in
its field through its work with leading graduate
schools and its sustainable finance and impact
investing curriculum.

With offices in California, Oregon, and London,
England, Equilibrium’s efforts have been supported
by East West Bank’s flexible credit product
offerings, personal service, and solutions-focused
responsiveness, providing tailored banking to fit
agile company needs.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportEast West Bank
CHAMPION

Brand and Cultural Ambassador Rose Zhang is
Breaking Records and Bridging Worlds

Greatness doesn’t happen overnight or in
a vacuum. It takes dedication, resiliency,
and passion. For East West Bank Brand and
Cultural Ambassador Rose Zhang, this passion
ignited before she was 10 years old and has
catapulted her to the top of the golf world. An
undeniable force, 20-year-old Zhang attributes
her success to hard work, determination,
and help from family, friends, coaches, and
organizations like East West Bank that have
supported her dream.

“I am lucky to have a great team around me to
help push me to be the best person and player
I can be, on and off the golf course. East West
Bank is a pillar of the community, and I am so
honored that they have supported me along
my journey as a golfer,” said Zhang.

Zhang was drawn to the competitive quality of
the sport at an early age, becoming a fixture at
the driving range with her dad. A fundamental
part of Zhang’s philosophy is focusing on
preparation within one’s control, as opposed
to the result. Her list of accomplishments is
unmatched. Zhang was on the gold medal
team at the 2019 Pan American Games, she
won the 2020 U.S. Women’s Amateur tour,
and surpassed Tiger Woods for the most wins
in Stanford University history. Ascending
from the most-decorated amateur career in
women’s golf history, Zhang turned pro in
spring 2023; two weeks later she became the
first player to win in her professional debut
on the LPGA Tour since 1951. Zhang also
solidified her place in history by becoming
the first woman to win the NCAA Division
Championships twice, in 2022 and 2023.

Similar to East West Bank, Zhang embodies
a bridge for the sport of golf, closing the gap
between generations and cultures. It’s this

unique quality that will continue to help her reach
further to fresh, young, diverse audiences. In the way
Zhang looks up to her role models, including Michelle
Wie West and Stephen Curry, many people now look
to Zhang.

“Being able to represent the Asian American
community and a renowned institution that has
helped people build better lives for themselves is
meaningful and inspiring to me,” said Zhang.

While Zhang attributes her ascent to hard work,
perseverance, and unwavering focus, she recognizes
her values and community as grounding forces. The
pride Zhang has in her heritage creates a powerful
synergy for her partnership as the Bank’s Brand and
Cultural Ambassador. Born and raised in Southern
California, Zhang is a first-generation Chinese
American who found her way in a diverse community.
Zhang embraced her Chinese American cultural
identity and traditions to help shape who she is today,
on and off the course. Zhang encourages other young
athletes to be confident in their background and find
places where they are comfortable to be themselves.

Much like her dedication to golf, Zhang didn’t abandon
her educational pursuits despite turning pro. She
values her college experience and the opportunity
to develop herself outside sports, interacting with
top minds at Stanford University, where she’s
currently completing her undergraduate degree in
communications. Moving forward, Zhang is excited
to continue partnering with East West Bank to spark
inspiration and confidence, help people build
strong foundations, and create brighter futures with
every swing.

East West Bank
is a pillar of the
community, and
I am so honored
that they have
supported me
along my journey
as a golfer.
Rose Zhang

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportCommitted to Our
Communities

Focusing on Pressing Needs to Make the Biggest Impacts

East West Bank is dedicated to building the foundation for bright futures by focusing on the most pressing
needs of our communities. In 2023, the Bank contributed to numerous non-profit organizations, and our
dedicated associates volunteered their time to give back to those in need. These efforts helped house
families, fund women-owned businesses, educate youth, and promote arts and culture.

Improving Quality of Life
Opening New Doors with San Gabriel Valley
Habitat For Humanity

Homeownership improves quality of life and has a
lasting impact on families in our communities. East
West Bank was proud to partner with San Gabriel
Valley Habitat for Humanity to help provide affordable
housing and increase homeownership for families in
Altadena, California. Through this work, East West
Bank helped the Lopez family receive a down payment
assistance grant for home ownership. East West Bank
associates were proud to help build, finance, and
turn a dream into reality for the Lopez family, from
the hammer and nails of construction to the pen and
paper of the loan signature.

Artist Ala Ebtekar with “Luminous Ground,” a contemporary art
installation at the Asian Art Museum’s East West Bank Art
Terrace in San Francisco. Photo: Ian Chin Photography

Expanding Ways to
Connect and Inspire
Fostering Arts and Culture from Coast to Coast

Art celebrates the unique while uniting us in our shared
humanity. It is the ultimate expression of diversity and
simultaneously connects us all. The Bank’s deep commitment
to supporting diversity and inclusion through the arts was
echoed at recent openings of the Asian Art Museum of
San Francisco’s East West Bank Art Terrace and New York’s
Perelman Performing Arts Center (PAC NYC).

The Asian Art Museum opened its East West Bank Art Terrace
with an October 2023 ribbon-cutting ceremony. The capstone
of the museum’s multiyear transformation, the East West
Bank Art Terrace was brought to life with a $5 million gift
from East West Bank. As the new 7,500-square-foot central
gathering space of the museum, the Terrace boasts cityscape
views accompanied by sculptures from emerging and world-
renowned Asian and Asian American artists and supplies
fresh air and fresh perspectives, breathing new life into the
museum, Asian art, and the collective art world.

On the opposite coast, PAC NYC held its grand opening in
New York City in September 2023, attracting a crowd of more
than 600 dignitaries and prestigious guests. As an inaugural
sponsor, East West Bank helped cap a 20-year vision to rebuild
the World Trade Center and establish Lower Manhattan as a
cultural destination. Perelman Performing Arts Center is the
cultural cornerstone and final public element of the World
Trade Center site, delivering a unique venue for theater, dance,
music, chamber opera, film, and media. The Bank’s support of
this inspiring effort reiterates our commitment to providing
foundations that bring hope and new beginnings.

East West Bank supports the arts, including Perelman
Performing Arts Center in Lower Manhattan, which
glows at night.

An East West Bank associate teaches financial literacy
to students as part of a partnership with organization
Financial Beginnings.

Supporting Small Businesses
Expanding Opportunities for Women
Entrepreneurs with Grameen America

For more than five years, East West Bank has partnered
with Grameen America to support microloan branches
that cater to small, lower-income, minority, women-
owned businesses. East West Bank and Grameen’s
partnership has served more than 112,000 women
entrepreneurs with $2.49 billion in microloans. In 2023,
East West Bank supported the launch of Grameen’s
second Houston location, providing $9.07 million in
microloans to roughly 1,200 entrepreneurs. The Bank
is proud of this collaboration, providing a nexus for
passion and prosperity and facilitating upward mobility
for women, their families, and their communities.

The Lopez family stands in front of their new home, which
was built and financed with support from East West Bank in
collaboration with Habitat for Humanity.

Promoting Financial Literacy
Providing Education for the Future with
Financial Beginnings

Establishing responsible financial habits and making
informed money management decisions is important
for ensuring bright futures. In partnership with Financial
Beginnings, a national non-profit financial literacy
education organization, the Bank works to teach the value
of money at Roy Romer Middle School, A Place Called
Home in Los Angeles, California, and Victoria Avenue
Elementary in South Gate, California. Important life
skills like establishing bank accounts, check writing, and
understanding debit vs. credit help lay the groundwork for
a financially capable future. East West Bank is committed
to empowering youth and providing pathways to success
by helping communities establish healthy financial habits
to take control of their financial futures.

East West Bank and Grameen America helped Aurora grow
her business in Houston, Texas.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportBoard of
Directors

Manuel P. Alvarez
Founding Principal
BridgeCounsel Strategies, LLC

Molly Campbell
Infrastructure Advisor
Department of Treasury, Office of Technical Assistance

Archana Deskus
Executive Vice President & Chief Technology Officer
PayPal

Serge Dumont
Co-founder & Vice Chairman
ImpactWayv, Inc.

Rudolph I. Estrada
Chief Executive Officer
Estradagy Business Advisors, LLC

Mark Hutchins
Retired Partner
KPMG, LLP

Paul H. Irving
Senior Advisor
Milken Institute

Sabrina Kay
Chief Executive Officer
Fremont Private Investments

Jack C. Liu, Esq.
Senior Attorney
Alliance International Law Offices

Dominic Ng
Chairman & Chief Executive Officer
East West Bank

Lester M. Sussman
Retired Partner
Deloitte & Touche

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual Report2023

2022

Total interest expense

Net interest income before provision for credit losses

$4,615

$3,482

Provision for credit losses

2023
Financial Overview

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

785

6,188
2,956

—

139

792

6,035
3,002

Loans held-for-investment (net of allowance for loan losses of $669 and $596)
Investments in qualified affordable housing partnerships, tax credit and other

51,542

47,607

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

Assets sold under repurchase agreements (“repurchase agreements”)

Long-term debt and finance lease liabilities

Operating lease liabilities

Accrued expenses and other liabilities

TOTAL LIABILITIES

TOTAL STOCKHOLDERS’ EQUITY

905

86
466

763

89
466

104

1,965

1,608

$69,613

$64,112

$15,540

40,553

56,093

4,500

—

153

102

1,814

62,662

6,951

$21,051

34,917

55,968

—

300

152

112

1,595

58,127

5,985

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$69,613

$64,112

CONSOLIDATED STATEMENT OF INCOME

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

Federal Home Loan Bank advances

Repurchase agreements

Long-term debt and finance lease liabilities

Net interest income after provision for credit losses

NONINTEREST INCOME

Lending fees

Deposit account fees

Customer derivative income

Foreign exchange income

Wealth management fees

Net gains on sales of loans

Net (losses) gains on 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

Computer software expense and data processing

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

2023

2022

$3,173

$2,048

276

221

199

3,694

2,321

1,206

157

1,382

2,312

125

2,187

(7)

295

509

103

140

120

1,022

1,460

299

$1,161

$8.23

$8.18

252

275

2,046

1,972

299

478

118

113

859

1,412

284

$1,128

$7.98

$7.92

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportSUMMARY OF SELECTED FINANCIAL INFORMATION

EWBC 5-YEAR STOCK PERFORMANCE

($ in millions, except per share data)

2019

2020

2021

2022

2023

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 common equity

$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

$2,312

$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%

$1,161

$8.18

$1.92

$69,613

$52,211

$56,093

$6,951

3.61%

1.71%

17.9%

EWBC 5-Year Stock Performance

High

Year-end

Low

$56.09

$48.70

$37.69

$51.88

$50.66

$22.55

$100

$80

$60

$40

$20

$87.77

$79.02

$50.49

$93.51

$65.90

$61.65

$80.98

$71.95

$33.86

BALANCE SHEET HIGHLIGHTS

2019

2020

2021

2022

2023

1 % C

$53.4

$56.0 $56.1

$52.2

$44.9

$44.2

1 % C A G R

$48.2

$52.2

$41.7

$38.4

$34.8

$37.3

$69.6

R *

1 2 % C

$60.9

$64.1

CAPITAL STRENGTH

Basel III Minimum Regulatory Requirements

EWBC 12.31.23

13.3%

14.8%

8.5%

7.0%

10.5%

10.2%

4.0%

2019 2020 2021

2022 2023

2019 2020 2021

2022 2023

2019 2020 2021

2022 2023

Total Loans ($ in billions)

Total Deposits ($ in billions)

Total Assets ($ in billions)

CET1
capital ratio

Tier 1 risk-based
capital ratio

Total risk-based
capital ratio

Tier 1 leverage
capital ratio

*CAGR = 4-year compound annual growth rate, December 31, 2019 to December 31, 2023.

East West Bancorp 2023 Annual Report // East West Bancorp 2023 Annual ReportInvestor 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 2024 Annual Meeting of Stockholders
will be held on May 24, 2024.

Formal notice of the meeting with a proxy card and
proxy statement is being mailed to all stockholders
of record as of April 1, 2024.

The proxy statement, annual report, and Form 10-K
are available at www.eastwestbank.com/annual-report.

Independent Registered Public
Accounting Firm
KPMG LLP

Number of Shares Outstanding at
December 31, 2023
140,027,367

Exchange
NASDAQ: EWBC

Cover Art Concept

2023 was another milestone year for East West Bank, marking
the first chapter of the next 50 years of our success. As we
continue to serve as a financial bridge between the East and
West, we are guided by the wisdom that, just like the strongest
bridges, our success starts with a solid foundation. The 2023
East West Bank Annual Report cover design embodies the idea
that strong foundations enable bright futures. A solid foundation
is paramount to withstanding instabilities and achieving
continued growth. The cover art highlights the synergy between
stability and growth using bold, oversized geometric shapes
to solidly ground the artistic design. The unique arrangement
of distinct shapes and color generates an abstract expression
of fundamental building blocks, alluding to a consistent and
steadfast commitment to growth. Thoughtful placement of
color and figures draws the eye up and down in a nod to the
importance of our foundation and growth. Our future and the
future of our customers shines bright as we focus on innovative
ways to deliver a brighter future for our global community.

Evolving from humble beginnings across five decades and
with a commitment to quality, East West Bank has emerged
as a sophisticated, multinational pillar of the global financial
industry. This year’s annual report reflects on that success and
looks ahead as we remain dedicated, committed, and available
for our customers and communities for decades to come.

/ East West Bancorp 2023 Annual ReportCORPORATE HEADQUARTERS

135 N. Los Robles Ave.
Pasadena, CA 91101

626.768.6000 | eastwestbank.com