East West Bancorp Q4 2023 Earnings Report

East West Bancorp reported net income of $239 million and diluted earnings per share of $1.69 for Q4 2023.

Key Takeaways

East West Bancorp reported a net income of $239 million, or $1.69 per diluted share, for the fourth quarter of 2023. Excluding the FDIC charge and a $3 million gain on the sale of an AFS debt security, adjusted earnings per diluted share were $2.02 for the fourth quarter. The company's total assets reached $69.6 billion as of December 31, 2023, reflecting loan growth.

Total assets were $69.6 billion as of December 31, 2023, an increase of $1.3 billion from September 30, 2023.

Total loans reached a record $52.2 billion as of December 31, 2023, an increase of $1.3 billion, or 3%, from September 30, 2023.

Total deposits were $56.1 billion as of December 31, 2023, an increase of $1.0 billion, or 2%, from September 30, 2023.

The Board of Directors has declared first quarter 2024 dividends for the Company’s common stock with a 15% increase.