Certain matters discussed in this Quarterly Report on Form 10-Q contain “forward-looking statements” that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “our” or “EWBC”) may make forward-looking statements in other documents that it files with, or furnishes to, the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Forward-looking statements may relate to various matters, including the Company’s financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to known and unknown risks and uncertainties.

Factors that might cause future results to differ materially from historical performance and any forward-looking statements include, but are not limited to:

•changes in local, regional and global business, economic and political conditions, and natural or geopolitical events;

•the soundness of other financial institutions and the impacts related to or resulting from bank failures and other industry volatility, including potential increased regulatory requirements, Federal Deposit Insurance Corporation insurance premiums and assessments, and deposit withdrawals;

•changes in trade, tariff, tax, monetary and fiscal policies;

•changes in immigration laws and enforcement practices, or travel and visa related policies;

•current or potential disputes between the U.S., the People’s Republic of China, Singapore and other countries;

•changes in the commercial and consumer real estate markets;

•changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors;

•the Company’s ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies;

•the success and timing of the Company’s business strategies;

•the Company’s ability to retain key officers and employees;

•changes in interest rates, competition, regulatory requirements and product mix;

•changes in the Company’s costs of operation, compliance and expansion;

•disruption, failure in, or breach of, the Company’s operational or security systems or infrastructure, or those of third-party vendors with which the Company does business, including as a result of cyber-attacks, and the disclosure or misuse of confidential information;

•the adequacy of the Company’s risk management framework;

•future credit quality and performance, including expectations regarding future credit losses and allowance levels;

•adverse changes to the Company’s credit ratings;

•legal proceedings, regulatory investigations and their resolution;

•the Company’s capital requirements and its ability to generate capital internally or raise capital on favorable terms;

•the impact on the Company’s liquidity due to changes in the Company’s ability to receive dividends from its subsidiaries; and

•any strategic acquisitions or divestitures, the introduction of new or expanded products and services or other events that may directly or indirectly result in a negative impact on the financial performance of the Company and its customers.

For a more detailed discussion of some of the factors that might cause such differences, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 under the heading Item 1A. Risk Factors. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.

PART I — FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in thousands, except shares)

(Unaudited)

June 30,
2025

December 31,
2024

ASSETS

Cash and due from banks

Interest-bearing cash with banks

Cash and cash equivalents

Interest-bearing deposits with banks

Securities purchased under resale agreements (“resale agreements”)

Debt securities:

Available-for-sale (“AFS”), at fair value (amortized cost of $ and $)

Held-to-maturity (“HTM”), at amortized cost (fair value of $ and $)

Loans held-for-sale

Loans held-for-investment (net of allowance for loan losses of $ and $)

Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net

Premises and equipment (net of accumulated depreciation of $ and $)

Operating lease right-of-use assets

Goodwill

Other assets

TOTAL

LIABILITIES

Deposits:

Noninterest-bearing

Interest-bearing

Total deposits

Federal Home Loan Bank (“FHLB”) advances

Long-term debt and finance lease liabilities

Operating lease liabilities

Accrued expenses and other liabilities

Total liabilities

COMMITMENTS AND CONTINGENCIES (Note 10)

STOCKHOLDERS’ EQUITY

Common stock, $ par value, shares authorized; and shares issued

Additional paid-in capital

Retained earnings

Treasury stock, at cost and shares

()

Accumulated other comprehensive loss (“AOCI”), net of tax

()

Total stockholders’ equity

TOTAL

See accompanying Notes to Consolidated Financial Statements.

EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

($ and shares in thousands, except per share data)

(Unaudited)

2025

2024

2025

2024

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

Securities sold under repurchase agreements (“Repurchase agreements”)

Long-term debt and finance lease liabilities

Total interest expense

Net interest income before provision for credit losses

Provision for credit losses

Net interest income after provision for credit losses

NONINTEREST INCOME

Commercial and consumer deposit-related fees

Lending and loan servicing fees

Foreign exchange income

Wealth management fees

Customer derivative income

Net gains on AFS debt securities

Other investment income

Other income

Total noninterest income

NONINTEREST EXPENSE

Compensation and employee benefits

Occupancy and equipment expense

Deposit account expense

Computer and software related expenses

Deposit insurance premiums and regulatory assessments

Other operating expense

Amortization of tax credit and CRA investments

Total noninterest expense

INCOME BEFORE INCOME TAXES

Income tax expense

NET INCOME

EARNINGS PER SHARE (“EPS”)

BASIC

DILUTED

WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING

BASIC

DILUTED

See accompanying Notes to Consolidated Financial Statements.

EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

($ in thousands)

(Unaudited)



	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Net income	$	$	$	$
Other comprehensive income (loss), net of tax:
Net changes in unrealized gains on AFS debt securities

Amortization of unrealized losses on debt securities transferred from AFS to HTM
Net changes in unrealized gains (losses) on cash flow hedges		()		()
Foreign currency translation adjustments	()	()	()
Other comprehensive income (loss)				()
COMPREHENSIVE INCOME	$	$	$	$

See accompanying Notes to Consolidated Financial Statements.

EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

($ in thousands, except shares and per share data)

(Unaudited)

Common Stock and Additional Paid-in Capital

Retained Earnings

Treasury Stock

AOCI, Net of Tax

Total Stockholders’ Equity

Amount

BALANCE, APRIL 1, 2024

()

Net income

—

Other comprehensive income

—

Issuance of common stock pursuant to various stock compensation plans and agreements

—

Repurchase of common stock pursuant to various stock compensation plans and agreements

()

—

()

—

()

Repurchase of common stock pursuant to the stock repurchase program

()

—

()

—

()

Cash dividends on common stock ($ per share)

—

()

—

()

BALANCE, JUNE 30, 2024

()

BALANCE, APRIL 1, 2025

()

See accompanying Notes to Consolidated Financial Statements.

EAST WEST BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 —

wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with the guidance in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trust has not been consolidated by the Company.

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting periods, and the related disclosures. Although our estimates consider current conditions and how we expect them to change in the future, it is reasonably possible that actual results could be materially different from those estimates. Hence, the current period’s results of operations are not necessarily indicative of results that may be expected for any future interim period or for the year as a whole. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current presentation. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements.

Note 2 —

% equity interest in an investee during the third quarter of 2023, the Company granted performance-based restricted stock units (“RSUs”) as part of its consideration, in addition to $ million in cash. The vesting of these equity contracts on September 1, 2028, is contingent on the investee meeting certain financial performance targets during the performance period. The fair value of liability-classified equity contracts varies based on the operating revenue and operating EBITDA of the investee to be achieved during the future performance period. These performance-based RSUs are expected to vest into a variable number of the Company’s common stock, ranging from % to % of the target performance-based RSUs granted. Due to the unobservable nature of the input assumptions, these equity contracts are classified as Level 3. For additional information on the equity contracts, refer to Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.

Commodity Contracts — Commodity contracts consist of swaps and options referencing commodity products. The fair value of the commodity option contracts is determined using the Black-Scholes model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized.

$ $ $ U.S. government agency and U.S. government-sponsored enterprise debt securities

U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):

Commercial mortgage-backed securities Residential mortgage-backed securities Municipal securities Non-agency mortgage-backed securities:Commercial mortgage-backed securities Residential mortgage-backed securities Corporate debt securities Foreign government bonds Asset-backed securities Collateralized loan obligations (“CLOs”) Total AFS debt securities$ $ $ $ Affordable housing partnership, tax credit and CRA investments, net:Equity securities$ $ $ $ Total affordable housing partnership, tax credit and CRA investments, net$ $ $ $

Other assets:

Equity securities

$ $ $ $ Total other assets$ $ $ $ Derivative assets:Interest rate contracts$ $ $ $ Foreign exchange contracts Credit contracts Equity contracts Commodity contracts Gross derivative assets$ $ $ $

Netting adjustments (2)

$ $()$ $()Net derivative assets$ $ $ $ Derivative liabilities:Interest rate contracts$ $ $ $ Foreign exchange contracts Credit contracts

Equity contracts (3)

Commodity contracts Gross derivative liabilities$ $ $ $

Netting adjustments (2)

$ $()$ $()Net derivative liabilities$ $ $ $

Refer to table footnotes on the following page.

$ $ $ U.S. government agency and U.S. government-sponsored enterprise debt securities

U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):

Commercial mortgage-backed securities Residential mortgage-backed securities Municipal securities Non-agency mortgage-backed securities:Commercial mortgage-backed securities Residential mortgage-backed securities Corporate debt securities Foreign government bonds Asset-backed securities CLOs Total AFS debt securities $ $ $ $ Affordable housing partnership, tax credit and CRA investments, net:Equity securities$ $ $ $

Total affordable housing partnership, tax credit and CRA investments, net

$ $ $ $

Other assets:

Equity securities

$ $ $ $ Total other assets$ $ $ $ Derivative assets:Interest rate contracts$ $ $ $ Foreign exchange contracts Credit contracts Equity contracts Commodity contracts Gross derivative assets$ $ $ $

Netting adjustments (2)

$ $()$ $()Net derivative assets$ $ $ $ Derivative liabilities:Interest rate contracts$ $ $ $ Foreign exchange contracts

Equity contracts (3)

Credit contracts Commodity contracts Gross derivative liabilities$ $ $ $

Netting adjustments (2)

$ $()$ $()Net derivative liabilities$ $ $ $

(1)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $ billion and $ billion of fair value as of June 30, 2025 and December 31, 2024, respectively.

(2)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.

change in the fair value of the liability classified contingently issuable shares during the three and six months ended June 30, 2025 and 2024. $ $ $

Total losses included in earnings (1)

()()()()

Issuances (2)

Ending balance$ $ $ $

(1)Includes unrealized losses recorded in Lending and loan servicing fees on the Consolidated Statement of Income.

(2)Included in Lending and loan servicing fees on the Consolidated Statement of Income.

Black-Scholes option pricing modelEquity volatility

% — %

(1)

Liquidity discount%%Derivative liabilities:

Equity contracts (2)

$ Internal model

Payout % based on operating revenue and operating EBITDA of investee

%%December 31, 2024Derivative assets:Equity contracts$ Black-Scholes option pricing modelEquity volatility

% — %

(1)

Liquidity discount%%Derivative liabilities:

Equity contracts (2)

$ Internal model

Payout % based on operating revenue and operating EBITDA of investee

(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of June 30, 2025 and December 31, 2024.

(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis include certain individually evaluated loans held-for-investment, loans held-for-sale, affordable housing partnership, tax credit and CRA investments, OREO, and other nonperforming assets. Nonrecurring fair value adjustments result from the impairment on certain individually evaluated loans held-for-investment and affordable housing partnership, tax credit and CRA investments, from the write-downs of OREO and other nonperforming assets, or from the application of lower of cost or fair value on loans held-for-sale.

$ $ $ Commercial real estate (“CRE”):CRE Total loans held-for-investment$ $ $ $

Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2024

($ in thousands)

Level 1

Level 2

Level 3

Fair Value Measurements

Loans held-for-investment:

Commercial:

C&I

CRE:

CRE

Construction and land

Total commercial

Consumer:

Residential mortgage:

Single-family residential

Total consumer

Total loans held-for-investment

Affordable housing partnership, tax credit and CRA investments, net

OREO (1)

(1)Represents the carrying value of OREO property that was written down after its initial classification as OREO and included in Other assets on the Consolidated Balance Sheet.

)$()$()$()CRE:CRE()()()()Construction and land () ()Total commercial()()()()Consumer:Residential mortgage:Single-family residential () ()Total consumer () ()Total loans held-for-investment$()$()$()$()OREO$ $()$ $()

Fair value of collateralDiscount

% — %

(1)

$ Fair value of collateralContract value

NM$ Fair value of propertySelling cost

% — %

(1)

December 31, 2024Loans held-for-investment$ Fair value of collateralDiscount

%$ Fair value of collateralContract valueNMNM$ Fair value of propertySelling cost

% — %

(1)

Affordable housing partnership, tax credit and CRA investments, net$ Individual analysis of each investmentExpected future tax benefits and distributionsNMNMOREO$ Fair value of propertySelling cost%%

NM — Not meaningful.

(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of June 30, 2025 and December 31, 2024.

$ $ $ $ Interest-bearing deposits with banks$ $ $ $ $ Resale agreements$ $ $ $ $ HTM debt securities$ $ $ $ $ Restricted equity securities, at cost$ $ $ $ $ Loans held-for-sale$ $ $ $ $ Loans held-for-investment, net$ $ $ $ $ Mortgage servicing rights$ $ $ $ $ Accrued interest receivable$ $ $ $ $ Financial liabilities:Demand, checking, savings and money market deposits$ $ $ $ $ Time deposits$ $ $ $ $ FHLB advances$ $ $ $ $ Long-term debt$ $ $ $ $ Accrued interest payable$ $ $ $ $

December 31, 2024

($ in thousands)

Carrying Amount

Level 1

Level 2

Level 3

Estimated Fair Value

Financial assets:

Cash and cash equivalents

Interest-bearing deposits with banks

Resale agreements

HTM debt securities

Restricted equity securities, at cost

Loans held-for-investment, net

Mortgage servicing rights

Accrued interest receivable

Financial liabilities:

Demand, checking, savings and money market deposits

Time deposits

FHLB advances

Gross Amounts of Recognized Assets

Gross Amounts Offset on the Consolidated Balance Sheet

Net Amounts of Assets Presented on the Consolidated Balance Sheet

Gross Amounts Not Offset on the Consolidated Balance Sheet

($ in thousands)

Collateral Received (1)

Net Amount

June 30, 2025

Resale agreements

()

December 31, 2024Resale agreements$ $ $ $()$ $()$

(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of June 30, 2025 and December 31, 2024, the accrued interest receivables were $ million and $ million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

(2)Includes GNMA AFS debt securities totaling $ billion of both amortized cost and fair value as of June 30, 2025, and $ billion of amortized cost and $ billion of fair value as of December 31, 2024.

(3)Includes GNMA HTM debt securities totaling $ million of amortized cost and $ million of fair value as of June 30, 2025, and $ million of amortized cost and $ million of fair value of as of December 31, 2024.

$ $ $()$

$()U.S. government agency and U.S. government sponsored enterprise debt securities () ()U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:Commercial mortgage-backed securities () () ()Residential mortgage-backed securities () () ()Municipal securities () () ()Non-agency mortgage-backed securities:Commercial mortgage-backed securities () () ()Residential mortgage-backed securities () ()Corporate debt securities () ()Foreign government bonds () ()Asset-backed securities () ()CLOs () ()Total AFS debt securities$ $()$ $()$ $()

$ $ $()$ $()U.S. government agency and U.S. government-sponsored enterprise debt securities () ()U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:Commercial mortgage-backed securities () () ()Residential mortgage-backed securities () () ()Municipal securities () () ()Non-agency mortgage-backed securities:Commercial mortgage-backed securities () () ()Residential mortgage-backed securities () ()Corporate debt securities () ()Foreign government bonds () ()Asset-backed securities () ()CLOs () ()Total AFS debt securities$ $()$ $()$ $()

As of June 30, 2025, the Company had AFS debt securities in a gross unrealized loss position with credit impairment, primarily consisting of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, corporate debt securities and non-agency mortgage-backed securities. In comparison, as of December 31, 2024, the Company had AFS debt securities in a gross unrealized loss position with credit impairment, primarily consisting of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, corporate debt securities, and non-agency mortgage-backed securities.

Allowance for Credit Losses on Available-for-Sale Debt Securities

The Company evaluates each AFS debt security where the fair value declines below amortized cost. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of June 30, 2025 were mainly comprised of the following:

•Corporate debt securities — The market value decline as of June 30, 2025 was primarily due to interest rate movement and spread widening. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. These securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“NRSROs”) and issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities.

allowance for credit losses provided against these securities as of both June 30, 2025 and December 31, 2024. In addition, there was provision for credit losses recognized for each of the three and six months ended June 30, 2025 and 2024.

Allowance for Credit Losses on Held-to-Maturity Debt Securities

The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of June 30, 2025, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and allowance for credit losses was recorded as of both June 30, 2025 and December 31, 2024. Overall, the Company believes that the credit support levels of the debt securities are strong, and based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received.

Realized Gains

$ $ $

Related tax expense

$ $ $ $

Interest Income

$ $ $ Nontaxable interest Total interest income on debt securities$ $ $ $

Net Investment Hedges — The Company entered into foreign currency forward contracts to hedge a portion of the Bank’s investment in East West Bank (China) Limited, a non-USD functional currency subsidiary in China. The hedging instruments designated as net investment hedges were used to hedge against the risk of adverse changes in the foreign currency exchange rate of the Chinese Renminbi (“RMB”). There was no active net investment hedge during the three and six months ended June 30, 2025.

$ $ $

Derivatives Not Designated as Hedging Instruments

Customer-Related Positions and Economic Hedge Derivatives — The Company enters into interest rate, commodity, and foreign exchange derivatives at the request of its customers and generally enters into offsetting derivative contracts with third-party financial institutions to mitigate the inherent market risk. The Company also utilizes foreign exchange contracts to mitigate the effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers, as well as to meet its funding needs in certain foreign currencies. A majority of the foreign exchange contracts had original maturities of or less as of both June 30, 2025 and December 31, 2024.

$ $ $ $ $ Written options Collars and corridors Subtotal Foreign exchange contracts:Forwards and spot Swaps

Written options

Subtotal Total$ $ $ $ $ $

Economic hedges and other:

Interest rate contracts:Swaps$ $ $ $ $ $ Purchased options Collars and corridors Subtotal Foreign exchange contracts:Forwards and spot Swaps

Purchased options

Subtotal Total$ $ $ $ $ $

Barrels$ $ Barrels$ $ Collars Barrels Barrels Subtotal Barrels Barrels Natural gas:Swaps MMBTUs MMBTUs Collars MMBTUs MMBTUs Written options MMBTUs MMBTUs Subtotal MMBTUs MMBTUs Total$ $ $ $ Economic hedges:Commodity contracts:Crude oil:Swaps Barrels$ $ Barrels$ $ Collars Barrels Barrels Subtotal Barrels Barrels Natural gas:Swaps MMBTUs MMBTUs Collars MMBTUs MMBTUs Purchased options MMBTUs MMBTUs Subtotal MMBTUs MMBTUs Total$ $ $ $

Credit Contracts — The Company periodically enters into credit RPAs with institutional counterparties to manage the credit exposure of the interest rate contracts associated with syndicated loans. Under the RPAs, a portion of the credit exposure is transferred from one party (the purchaser of credit protection) to another party (the seller of credit protection). The seller of credit protection is required to make payments to the purchaser of credit protection if the underlying borrower defaults on the related interest rate contract. The Company may enter into protection sold or protection purchased RPAs. Credit risk on RPAs is managed by monitoring the credit worthiness of the borrowers and the institutional counterparties, which is a part of the Company’s normal credit review and monitoring process. Assuming the underlying borrowers referenced in the interest rate contracts defaulted, the maximum exposure in the credit protection sold RPAs would be $ thousand and $ thousand as of June 30, 2025 and December 31, 2024, respectively.

$ $ $ $ $

RPAs — protection purchased

Total RPAs$ $ $ $ $ $

(1)All reference entities of the protection sold RPAs were investment grade. The weighted-average remaining maturities were years as of both June 30, 2025 and December 31, 2024.

Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase the preferred and/or common stock of its borrowers’ companies, which are mainly in the technology and life sciences sectors. Warrants grant the Company the right to buy a certain class of the underlying company’s equity at a certain price before expiration. In connection with the Company’s investment in an investee during the third quarter of 2023, the Company granted performance-based RSUs as part of its consideration. The vesting of these equity contracts is contingent on the investee meeting certain financial performance targets during the future performance period. For additional information on these equity contracts, refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q.

)$ $()$ Foreign exchange contractsForeign exchange income Credit contracts

Customer derivative (losses) income

() ()()Equity contracts - warrants

Lending and loan servicing fees

()() ()Commodity contracts

Customer derivative income

Net gains$ $ $ $

Credit-Risk-Related Contingent Features — Certain of the Company’s over-the-counter derivative contracts contain early termination provisions that require the Company to settle any outstanding balances upon the occurrence of a specified credit-risk-related event. Such an event primarily relates to a downgrade of the credit rating of East West Bank to below investment grade. As of June 30, 2025, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $ million, for which $ million collateral was posted to cover these positions. In comparison, as of December 31, 2024, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $ million, for which $ million collateral was posted to cover these positions. In the event that the credit rating of East West Bank had been downgraded to below investment grade, the Company would have been required to post $ million and minimal additional collateral as of June 30, 2025 and December 31, 2024, respectively.

$()$()$ $()$ Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet

Gross Amounts Recognized (2)

Master Netting Arrangements

Cash Collateral Pledged (4)

Security Collateral Pledged (5)

Net AmountDerivative liabilities$ $()$()$ $ $

($ in thousands)

As of December 31, 2024

$ $ $ $ $ $ $ $ Criticized (accrual)

Criticized (nonaccrual)

Total C&I

Gross write-offs (2)

CRE:Pass Criticized (accrual) Criticized (nonaccrual) Subtotal CRE

Gross write-offs (2)

Multifamily residential:

Pass Criticized (accrual) Criticized (nonaccrual) Subtotal multifamily residential

Gross write-offs

Construction and land:Pass Criticized (nonaccrual)

Subtotal construction and land

Gross write-offs

Total CRE

Total CRE gross write-offs (2)

Total commercial$ $ $ $ $ $ $ $ $

Total commercial gross write-offs (2)

$ $ $ $ $ $ $ $ $

$ $ $ $ $ $ $ $ Criticized (accrual)

Criticized (nonaccrual) (3)

Subtotal single-family residential mortgage

Gross write-offs (2)

HELOCs:Pass Criticized (accrual) Criticized (nonaccrual) Subtotal HELOCs

Gross write-offs

Total residential mortgage

Total residential mortgage gross write-offs (2)

Other consumer:Pass Criticized (nonaccrual) Total other consumer

Gross write-offs (2)

Total consumer$ $ $ $ $ $ $ $ $

Total consumer gross write-offs (2)

$ $ $ $ $ $ $ $ $

Total loans held-for-investment:

Pass$ $ $ $ $ $ $ $ $ Criticized (accrual)

Criticized (nonaccrual)

Foreclosed Assets

The Company acquires assets from borrowers through loan restructurings, workouts, or foreclosures. Assets acquired may include real properties (e.g., real estate, land, and buildings) and commercial and personal properties. The Company recognizes foreclosed assets upon receiving assets in satisfaction of a loan (e.g., taking legal title or physical possession).

Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $ million of foreclosed assets as of June 30, 2025, compared with $ million as of December 31, 2024. The Company commences the foreclosure process on consumer mortgage loans after a borrower becomes more than 120 days delinquent in accordance with the Consumer Financial Protection Bureau guidelines. The carrying value of the consumer real estate loans that were in an active or suspended foreclosure process was $ million and $ million as of June 30, 2025 and December 31, 2024, respectively.

% % %Consumer: % % % %

Total

Modification as a % of Loan Class

Commercial:

Consumer:

% % %Consumer:Residential mortgage: % % % %

Modification as a % of Loan Class

Commercial:

Consumer:

% % % %

A modified loan may become delinquent and may result in a payment default (generally 90 days past due) subsequent to modification.

Consumer: Payment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment Delay

Consumer:

Payment Delay

Combination: Rate Reduction/ Payment Delay

Combination: Term Extension/ Payment Delay

Commercial:

Consumer:

$ $ $ $ $ $

As of June 30, 2025 and December 31, 2024, commitments to lend additional funds to borrowers whose loans were modified totaled $ million and $ million, respectively.

Quantitative Component — Allowance for Loan Losses for the Commercial Loan Portfolio

The Company’s C&I lifetime loss rate model estimates the loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans quarters, thereafter, immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate.

To generate estimates of expected loss at the loan level for CRE, multifamily residential, and construction and land loans, projected probabilities of default (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan. The forecast of future economic conditions returns to long-run historical economic trends within the reasonable and supportable period. To estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience.

Quantitative Component — Allowance for Loan Losses for the Consumer Loan Portfolio

For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. The forecast of future economic conditions returns to long-run historical economic trends after the reasonable and supportable period. To estimate the life of a loan for the single-family residential and HELOC loan portfolios, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. For other consumer loans, the Company uses a loss rate approach.

Qualitative Component — The Company considers the following qualitative factors in the determination of the collectively evaluated allowance if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but are not limited to:

•loan growth trends;

•the volume and severity of past due financial assets, and criticized or adversely classified financial assets;

•the Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices;

•knowledge of a borrower’s operations;

•the quality of the Company’s credit review system;

•the experience, ability and depth of the Company’s management and associates;

•the effect of other external factors such as the regulatory and legal environments, or changes in technology;

•actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates; and

•risk factors in certain industry sectors not captured by the quantitative models.

As of June 30, 2025, collateral-dependent commercial and consumer loans totaled $ million and $ million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $ million and $ million, respectively, as of December 31, 2024. The Company's collateral-dependent loans were secured by real estate. As of both June 30, 2025 and December 31, 2024, the collateral value of the properties securing the collateral-dependent loans, net of selling costs, exceeded the recorded value of the majority of the loans.

$ $ $ $ $ $ $ Provision for (reversal of) credit losses on loans(a) () () Gross charge-offs()()() ()()Gross recoveries

Total net (charge-offs) recoveries

()() ()Foreign currency translation adjustment Allowance for loan losses, end of period$ $ $ $ $ $ $ $

$ $ $ $ $ $ $ Provision for (reversal of) credit losses on loans(a) ()() Gross charge-offs()() ()() ()()Gross recoveries Total net (charge-offs) recoveries ()() ()() ()()Foreign currency translation adjustment() ()Allowance for loan losses, end of period$ $ $ $ $ $ $ $

Six Months Ended June 30, 2025

Commercial

Consumer

CRE

Residential Mortgage

($ in thousands)

C&I

CRE

Multifamily Residential

Construction and Land

Single-Family Residential

HELOCs

Other Consumer

Total

Allowance for loan losses, beginning of period

Provision for (reversal of) credit losses on loans

(a)

()

Gross charge-offs

()

Gross recoveries

Total net (charge-offs) recoveries

()

Foreign currency translation adjustment

Allowance for loan losses, end of period

Six Months Ended June 30, 2024

Commercial

Consumer

CRE

Residential Mortgage

($ in thousands)

C&I

CRE

Multifamily Residential

Construction and Land

Single-Family Residential

HELOCs

Other Consumer

Total

Allowance for loan losses, beginning of period

Provision for (reversal of) credit losses on loans

(a)

()

Gross charge-offs

()

Gross recoveries

Total net (charge-offs) recoveries

()

Foreign currency translation adjustment

()

Allowance for loan losses, end of period

$ $ $ Provision for credit losses on unfunded credit commitments(b) Foreign currency translation adjustment() () Allowance for unfunded credit commitments, end of period$ $ $ $ Provision for credit losses(a) + (b)$ $ $ $

(1)Includes write-downs of $ million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the six months ended June 30, 2025, and $ million for each of the three and six months ended June 30, 2024. There were write-downs to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended June 30, 2025.

(2)Includes originated loans sold of $ million and $ million for the three and six months ended June 30, 2025, respectively, and $ million and $ million for the three and six months ended June 30, 2024, respectively. Originated loans sold were primarily comprised of C&I loans for each of the three and six months ended June 30, 2025 and 2024.

(3)Includes $ million of purchased loans sold in the secondary market for the six months ended June 30, 2025, and $ million and $ million for each of the three and six months ended June 30, 2024, respectively. There were purchased loans sold in the secondary market for the three months ended June 30, 2025.

(4)C&I loan purchases were comprised of syndicated C&I term loans.

Note 7 —

minimum compliance period. The Company also invests in small business investment companies and new markets tax credit projects that qualify for CRA consideration, as well as eligible projects that qualify for production, historic and renewable energy tax credits. Investments in new markets tax credits promote development in low-income communities; investments in production and renewable energy tax credits help promote the development of renewable energy sources; and investments in historic tax credits promote the rehabilitation of historic buildings and economic revitalization of the surrounding areas.

The majority of affordable housing partnership, tax credit and CRA investments discussed above are variable interest entities where the Company is a limited partner in these investments, and an unrelated third party is typically the general partner or managing member who has control over the significant activities of these investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these investments due to the general partner’s or managing member’s ability to manage the entity, which is indicative of the general partner’s or managing member’s power over the entity. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture.

The Company elects to account for its tax credit investments using the proportional amortization method (“PAM”) on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. For discussion on the Company’s impairment evaluation and monitoring process for tax credit investments, refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments — Affordable Housing Partnership, Tax Credit and CRA Investments, Net to the Consolidated Financial Statements in this Form 10-Q.

$ $ $ Tax credit and CRA investments Equity method of accounting and other:Tax credits and CRA investments

(2)

Total$ $ $ $

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

(2)Includes $ million and $ million of equity securities without readily determinable fair values as of June 30, 2025 and December 31, 2024, respectively.

$ $ $ Tax credit and CRA investments Equity method of accounting and other:Tax credit and CRA investments Total tax credits and benefits$ $ $ $ Amortization:

PAM (2):

Affordable housing partnership investments$ $ $ $ Tax credit and CRA investments Equity method of accounting and other:

Tax credit and CRA investments (3)

Total amortization$ $ $ $ Maturity DatesAmountAmount%% — %% — % $

(1)As of June 30, 2025, the outstanding junior subordinated debt was issued by MCBI Statutory Trust I and had a stated interest of 3-month CME Term Secured Overnight Financing Rate (“SOFR”) + %. The contractual interest rates for junior subordinated debt were % and % as of June 30, 2025 and December 31, 2024, respectively.

(2)The weighted-average interest rates for FHLB advances were % and % as of June 30, 2025 and December 31, 2024, respectively.

(3)Floating interest rates are based on the SOFR plus the established spread.

The Bank’s available borrowing capacity from FHLB advances totaled $ billion as of June 30, 2025. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of June 30, 2025, all advances were secured by real estate loans.

Note 10 —

$ $ $ $ $

Commercial letters of credit and standby letters of credit (“SBLCs”)

Total$ $ $ $ $ $

Loan commitments are agreements to lend to customers provided there are no violations of any conditions established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require commitment fees. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements.

Commercial letters of credit are issued to facilitate domestic and foreign trade transactions, while SBLCs are generally contingent upon the failure of the customers to perform according to the terms of the underlying contract with the third party. As a result, the total contractual amounts do not necessarily represent future funding requirements. The Company’s historical experience is that SBLCs typically expire without being funded. Additionally, in many cases, the Company holds collateral in various forms against these SBLCs. As part of its risk management activities, the Company monitors the creditworthiness of customers in conjunction with its SBLC exposure. Customers are obligated to reimburse the Company for any payment made on the customers’ behalf. If the customers fail to pay, the Company would, as applicable, liquidate the collateral and/or offset existing accounts. As of June 30, 2025, total letters of credit of $ billion consisted of SBLCs of $ billion and commercial letters of credit of $ million. In comparison, as of December 31, 2024, total letters of credit of $ billion consisted of SBLCs of $ billion and commercial letters of credit of $ million. As of both June 30, 2025 and December 31, 2024, substantially all letters of credit were graded “Pass” using the Bank’s internal credit risk rating system.

The Company applies the same credit underwriting criteria to extend loans, commitments, and conditional obligations to customers. Each customer’s creditworthiness is evaluated on a case-by-case basis. Collateral and financial guarantees may be obtained based on management’s assessment of a customer’s credit risk. Collateral may include cash, accounts receivable, inventory, personal property, plant and equipment, and real estate property.

Estimated exposure to loss from these commitments is included in the allowance for unfunded credit commitments and amounted to $ million and $ million as of June 30, 2025 and December 31, 2024, respectively.

$ $ $ $ $ $ $ $ $ $ $ $

(1)Represents the unpaid principal balance.

The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $ thousand and $ thousand as of June 30, 2025 and December 31, 2024, respectively. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. The Company continues to experience minimal losses from the single-family and multifamily residential loan portfolios sold or securitized with recourse.

Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more, than the amounts accrued.

Note 11 —

outstanding awards other than RSUs as of both June 30, 2025 and December 31, 2024.

$ $ $

Related net tax benefits for stock compensation plans

$ $ $ $ $ $ )) $ $

As of June 30, 2025, there was $ million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of years, and $ million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of years.

Note 12 —

$ $ $ Weighted-average number of shares outstanding Basic EPS$ $ $ $ Diluted:Net income$ $ $ $ Weighted-average number of shares outstanding Add: Dilutive impact of unvested RSUs Diluted weighted-average number of shares outstanding Diluted EPS$ $ $ $

Approximately thousand and thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and six months ended June 30, 2025, respectively. For both the three and six months ended June 30, 2024, approximately thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations.

Stock Repurchase Program — On January 22, 2025, the Company’s Board of Directors authorized a stock repurchase of $ million of the Company’s common stock. The Company repurchased $ million and $ million of common stock for the three and six months ended June 30, 2025, respectively, and $ million and $ million of common stock for the three and six months ended June 30, 2024, respectively.

Note 13 —

)$()$()$()Net unrealized gains (losses) arising during the period ()()()Amounts reclassified from AOCI Changes, net of tax ()()

Balance, June 30, 2024

$()$()$()$()Balance, April 1, 2025$()$ $()$()Net unrealized gains (losses) arising during the period () Amounts reclassified from AOCI Changes, net of tax ()

Balance, June 30, 2025

$()

$ $()$()

Refer to table footnotes on the following page.

)$ $()$()Net unrealized gains (losses) arising during the period () ()Amounts reclassified from AOCI Changes, net of tax () ()

Balance, June 30, 2024

$()$()$()$()

(1)Pre-tax amounts were reported in Net gains on AFS debt securities on the Consolidated Statement of Income.

(2)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio in 2022.

(3)Pre-tax amounts related to cash flow hedges on variable rate loans were reported in Interest and dividend income on the Consolidated Statement of Income.

Note 14 —

reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined based on customer type, the channels where customers are served, and the products and services provided. The chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer of the Company. The CODM regularly reviews the Company’s operating results to allocate resources and assess performance. Operating segment results are also based on the Company’s internal management reporting process, which reflects the allocations of certain balance sheet and income statement line items. The CODM uses certain performance measures such as segment net income and considers variances of actual results from forecast results on a quarterly basis when making decisions on resource allocations between segments. The segment information presented is not indicative of how the segments would perform if they operated as independent entities.

The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platforms. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small- and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, private banking, treasury management, interest rate risk hedging and foreign exchange services.

The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services and interest rate and commodity risk hedging.

operating segments within the Company. The Company’s internal reporting process consists of certain allocation methodologies for revenues and expenses, and the internal funds transfer pricing (“FTP”) process. The FTP process is formulated with the goal of encouraging loan and deposit growth that is consistent with the Company’s overall profitability objectives, as well as providing a reasonable and consistent basis for the measurement of business segment net interest margins and profitability. The FTP process charges a cost to fund loans (“FTP charges for loans”) and allocates credits for funds provided from deposits (“FTP credits for deposits”) using internal FTP rates. FTP charges for loans are determined based on a matched cost of funds, which is tied to the pricing and term characteristics of the loans. FTP credits for deposits are based on matched funding credit rates, which are tied to the implied or stated maturity of the deposits. FTP credits for deposits reflect the long-term value generated by the deposits. The net spread between the total internal FTP charges and credits is recorded as part of net interest income in the Treasury and Other segment. The corporate treasury function within the Treasury and Other segment is responsible for the Company’s liquidity and interest rate management and manages the corporate interest rate risk exposure. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions.

Each segment’s net interest income represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s FTP process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Loan charge-offs and provision for credit losses are recorded to the segments, where the loans are recorded. Significant corporate overhead expenses incurred by centralized support areas in the Treasury and Other segment are allocated to the Consumer and Business Banking and Commercial Banking segments based on the segment’s estimated usage factors including, but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Amortization of tax credit and CRA investments and certain types of administrative expenses are generally not allocated to segments.

During the third quarter of 2024, the Company refined its segment allocation methodology and reclassified certain deposits and their related income or expenses from the “Consumer and Business Banking” segment to the “Commercial Banking” or “Treasury and Other” segments, and certain loan balances and their related income or expenses from the “Commercial Banking” segment to the “Treasury and Other” segment. The impacted 2024 balances have been reclassified for comparability.

$ $ $ Noninterest income Total revenue before provision for credit losses

Provision for (reversal of) credit losses

() Compensation and employee benefits

Other noninterest expense (1)

Total noninterest expense

Segment income before income taxes

Segment net income$ $ $ $ Average balances:Loans$ $ $ $ Deposits$ $ $ $ As of June 30, 2025Segment assets$ $ $ $

($ in thousands)

Consumer and Business Banking

Commercial Banking

Treasury and Other

Total

Three Months Ended June 30, 2024

Net interest income (loss) before provision for credit losses

()

Noninterest income

Total revenue (loss) before provision for credit losses

()

(Reversal of) provision for credit losses

()

Compensation and employee benefits

Other noninterest expense (1)

Total noninterest expense

Segment income (loss) before income taxes

()

Segment net income

Average balances:

Loans

Deposits

As of June 30, 2024

Segment assets

$ $ $ Noninterest income Total revenue before provision for credit losses

Provision for credit losses

Compensation and employee benefits

Other noninterest expense (1)

Total noninterest expense

Segment income before income taxes

Segment net income$ $ $ $ Average balances:Loans$ $ $ $ Deposits$ $ $ $ As of June 30, 2025Segment assets$ $ $ $

($ in thousands)

Consumer and Business Banking

Commercial Banking

Treasury and Other

Total

Six Months Ended June 30, 2024

Net interest income (loss) before provision for credit losses

()

Noninterest income

Total revenue (loss) before provision for credit losses

()

(Reversal of) provision for credit losses

()

Compensation and employee benefits

Other noninterest expense (1)

Total noninterest expense

Segment income (loss) before income taxes

()

Segment net income (loss)

()

Average balances:

Loans

Deposits

As of June 30, 2024

Segment assets

(1)The Consumer and Business Banking segment's other noninterest expense is primarily comprised of corporate overhead allocated expenses, occupancy and equipment expense, and other operating expenses. The Commercial Banking segment’s other noninterest expense is primarily comprised of corporate overhead allocated expenses, deposit account expense, and other operating expenses. The Treasury and Other segment's other noninterest expense is primarily comprised of amortization of tax credit and CRA investments, and other operating expenses, net of any corporate overhead expenses allocated to other segments.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

The following discussion provides information about the results of operations, financial condition, liquidity and capital resources of East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “our” or “EWBC”) and its subsidiaries, including its subsidiary bank, East West Bank and its subsidiaries (referred to herein as “East West Bank” or the “Bank”). This information is intended to facilitate the understanding and assessment of significant changes and trends related to the Company’s results of operations and financial condition. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the accompanying notes presented elsewhere in this Quarterly Report on Form 10-Q (this “Form 10-Q”), and the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 28, 2025 (the “Company’s 2024 Form 10-K”).

Organization and Strategy

East West is a bank holding company incorporated in Delaware on August 26, 1998, and is registered under the Bank Holding Company Act of 1956, as amended. The Company commenced business on December 30, 1998 when, pursuant to a reorganization, it acquired all of the voting stock of the Bank, which became its principal asset. The Bank is an independent commercial bank headquartered in California that focuses on the financial service needs of individuals and businesses that operate in both the U.S. and Asia. Through over 110 locations in the U.S. and Asia, the Company provides a full range of consumer and commercial products and services through the following three business segments: (1) Consumer and Business Banking and (2) Commercial Banking, with the remaining operations recorded in (3) Treasury and Other. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. We are committed to enhancing long-term shareholder value by growing loans, deposits and revenue, improving profitability, and investing for the future while managing risks, expenses and capital. Our business model is built on customer loyalty and engagement, understanding our customers’ financial goals, and meeting our customers’ financial needs through our diverse products and services. We expect our relationship-focused business model to continue generating organic growth from existing customers and to expand our targeted customer bases. As of June 30, 2025, the Company had $78.2 billion in total assets and approximately 3,100 full-time equivalent employees. For additional information on our strategy, and the products and services provided by the Bank, see Item 1. Business — Organization and Banking Services in the Company’s 2024 Form 10-K.

Current Developments

Economic Developments

The higher tariffs introduced throughout 2025 by the current U.S federal administration, coupled with its tax and immigration policies, have prompted concerns about a slowdown in economic growth, increased inflationary pressures, market volatility and a potential recession. The Federal Reserve held rates steady in the second quarter of 2025 and is expected to move cautiously with respect to interest rate cuts as it monitors the pass-through effect of elevated tariffs. Meanwhile, mortgage rates and home prices remain high, creating affordability challenges for many consumers. The economic uncertainty caused by these factors could result in decreased consumer spending and curb business investments, which could affect both the demand and performance of loans. However, the current administration’s focus on deregulation and capital reform could promote growth for banks. Deregulation could lead to increased access to capital for businesses and consumers as fewer restrictions would encourage banks to extend credit. The Company monitors changes in economic and industry conditions and their impacts on the Company’s business, customers, employees, communities and markets.

Further discussion of the potential impacts on the Company’s business due to the economic environment has been provided in Item 1A. — Risk Factors — Risks Related to Geopolitical Uncertainties and — Risks Related to Financial Matters in the Company’s 2024 Form 10-K.

Climate Accountability

In October 2023, California Senate Bill No. 253, the Climate Corporate Data Accountability Act (“SB 253”) and Senate Bill No. 261, the Climate-Related Financial Risk Act (“SB 261”) were signed into law. SB 253 requires companies with annual revenues exceeding $1 billion that conduct business in California to report their Scope 1 and 2 greenhouse gas (“GHG”) emissions annually starting in 2026; and Scope 3 GHG emissions starting in 2027. SB 261 applies to companies with annual revenues over $500 million that operate in California, and requires disclosure of climate-related financial risks and mitigation measures taken to address such risks with the first report due on January 1, 2026, and biennially thereafter.

On December 5, 2024, the California Air Resources Board (“CARB”) issued an Enforcement Notice for SB 253, stating that it will exercise enforcement discretion for the first reporting cycle in 2026 covering Scope 1 and Scope 2 GHG emissions disclosures. CARB stated that companies making a good-faith effort to comply with SB 253 will not face penalties for incomplete Scope 1 and Scope 2 GHG emissions disclosures, and may submit initial disclosures in 2026 based on the data they currently possess, or in the process of collecting at the time the notice was issued. On May 29, 2025, CARB announced that it intends to issue SB 253 implementing regulations by the end of 2025, and reaffirmed that the SB 253 Scope 1 and 2 disclosures for fiscal year 2025 will be required in 2026.

The Company is a reporting entity under both SB 253 and SB 261 and has been monitoring the developments of CARB’s implementing regulations. The Company has engaged a third-party firm to facilitate its implementation of CARB’s regulations. The Company believes it is well-positioned to meet the requirements of the applicable regulations.

Resolution Planning

On June 20, 2024, the Federal Deposit Insurance Corporation (“FDIC”) released a final rule that requires covered insured depository institutions (“IDIs”) to develop and submit detailed plans demonstrating how they could be resolved in an orderly and timely manner in the event of receivership. IDIs with total assets of $100 billion or more are required to submit full resolution plans, and IDIs with total assets between $50 billion and $100 billion, including the Bank, are required to submit more limited informational filings. Under the final rule, if the FDIC deemed a resolution plan or informational filing not credible and the IDI failed to resubmit a credible plan, the IDI could become subject to an enforcement action. The Company has established a management-level working group to address the requirements under the final rule and is on schedule to meet the October 1, 2025 submission deadline. Going forward, the Bank will be required to submit informational filings every three years and interim supplements annually.

Regulatory Updates

On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule to implement Section 1033 of the Dodd-Frank Act. Under the final rule, financial institutions are required, upon request, to make available to a consumer or third party authorized by the consumer, certain information the Bank has concerning a consumer financial product or service covered by the rule, such as a credit card or a deposit account. Industry organizations challenged the final rule in court. On May 30, 2025, the CFPB filed a motion for summary judgment in the litigation, in which the CFPB stated that it had concluded that the final rule exceeded the agency’s statutory authority and is arbitrary and capricious. The CFPB requested that the court vacate the final rule. On July 29, 2025, the CFPB filed a motion to stay the proceedings, announcing its plans to issue an advanced notice of proposed rulemaking that will serve as the starting point of an accelerated rulemaking process for a new final rule. The same day, the court granted the CFPB’s motion to stay and denied the CFPB’s summary judgment motion without prejudice.

On October 24, 2023, the federal banking agencies issued a final rule amending their regulations implementing the Community Reinvestment Act (“CRA”) to substantially revise how they evaluate an insured depository institution’s record of satisfying the credit needs of its entire communities, including low- and moderate-income individuals and neighborhoods. On July 16, 2025, the agencies issued a notice of proposed rulemaking to rescind the October 2023 final rule and restore the CRA framework that existed previously, which has remained in effect due to a preliminary injunction that stayed implementation of the October 2023 rule. The Bank received a rating of “Satisfactory” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.

Other Legislative Updates

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, introducing significant tax changes. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of this year. The OBBBA features modified versions of individual and business tax relief proposals, and other new tax relief measures. In addition, it includes various revenue-raising measures, including changes to certain Inflation Reduction Act clean energy tax credits and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation. The Company is currently evaluating the impact of the OBBBA on its business and consolidated financial statements.

In July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the “GENIUS Act,” was signed into law, establishing a federal licensing and supervisory framework for payment stablecoins and their issuers. The GENIUS Act may accelerate and increase the competition that non-traditional financial institutions pose to banks’ payment services, but may also create opportunities for banks to hold stablecoin reserve assets, custody stablecoins, or issue stablecoins. Several key provisions of the GENIUS Act require federal regulatory agencies to adopt implementing regulations, and the Act will take effect the earlier of 18 months after its enactment or 120 days after the agencies issue final implementing regulations.

In June 2025, California enacted Senate Bill No. 132 (“SB 132”), requiring banks and financial institutions to adopt a single sales factor for income apportionment, effective for tax years beginning on or after January 1, 2025. Prior to SB 132, financial institutions had been required to use an equally weighted three-factor apportionment formula, which considered property, payroll and sales equally in apportioning income for California tax purposes. Refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) — Income Taxes for more details.

Financial Review



				Three Months Ended June 30,					Six Months Ended June 30,
	2025				2024
Summary of operations:
553,229			$	1,217,275			$	1,118,368
		178,280				162,658
		1,395,555				1,281,026
		94,000				62,000


		508,168				482,306
		793,387				736,720
		192,864				163,415

288,230			$	600,523			$	573,305

Per share:
2.07			$	4.35			$	4.12
2.06			$	4.32			$	4.09

0.55			$	1.20			$	1.10



Weighted-average number of shares outstanding:
		138,009				139,195
		139,058				140,047


Performance metrics:
%		1.59		%		1.61		%
%		15.19		%		16.38		%
%		16.16		%		17.57		%


%		27.95		%		27.11		%
%		3.35		%		3.30		%
%		36.41		%		37.65		%


At period end:	June 30, 2025		December 31, 2024
Total assets	$	78,158,067	$	75,976,475
Total loans	$	54,973,057	$	53,726,637
Total deposits	$	65,029,493	$	63,175,023
Common shares outstanding at period-end	137,816		138,437
Book value per share	$	59.51	$	55.79
Tangible book value per share (1)	$	56.10	$	52.39

(1)For additional information regarding the reconciliation of these non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, refer to Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.

(2)Efficiency ratio is calculated as noninterest expense divided by total revenue.

The Company’s net income for the second quarter and first half of 2025 net income was $310 million and $601 million, respectively, which increased $22 million or 8%, and $27 million or 5%, respectively, from the same prior year periods. The year-over-year increases were primarily due to higher net interest income before provision for credit losses and noninterest income, partially offset by increases in provision for credit losses and income tax expenses, and higher noninterest expenses. Noteworthy aspects of the Company’s performance for the second quarter and first half of 2025 included:

•Net interest income and net interest margin. Second quarter 2025 net interest income before provision for credit losses was $617 million, an increase of $64 million or 12% from the second quarter of 2024. Second quarter 2025 net interest margin of 3.35% increased 8 basis points (“bps”) year-over-year. For the first half of 2025, net interest income before provision for credit losses was $1.2 billion, an increase of $99 million or 9%, year-over-year. The net interest margin for the first half of 2025 was 3.35%, up 5 bps year-over-year.

•Noninterest income. Second quarter 2025 noninterest income increased $2 million or 2% year-over-year to $86 million. First half of 2025 noninterest income increased $16 million or 10% year-over-year to $178 million. These increases were primarily due to higher fee-related income.

•Earnings per share growth. Second quarter 2025 basic earnings per share (“EPS”) increased 9% to $2.25, and diluted EPS increased 8% to $2.24, from the second quarter of 2024. First half of 2025 basic EPS increased 6% to $4.35, and diluted EPS increased 5% to $4.32, from the first half of 2024.

•Efficiency ratio improvement. Second quarter 2025 efficiency ratio of 36.41% improved 60 bps from 37.01% for the same period in 2024. First half of 2025 efficiency ratio of 36.41% improved 124 bps from 37.65% for the same period in 2024. The improvement in the efficiency ratios primarily reflected an increase in total revenue.

•Asset growth. Total assets reached $78.2 billion as of June 30, 2025, an increase of $2.2 billion, from December 31, 2024, primarily driven by a $1.6 billion or 15% increase in available-for-sale (“AFS”) debt securities, a $1.2 billion or 2% increase in net loans held-for-investment, and a $351 million or 97% increase in cash and due from banks. These increases were partially offset by a $1.2 billion or 24% decrease in interest-bearing cash with banks.

•Deposit growth. Total deposits were $65.0 billion as of June 30, 2025, an increase of $1.9 billion or 3% from December 31, 2024. The increase is primarily due to increases in time deposits and money market deposits.

•Strong capital levels. Stockholders’ equity was $8.2 billion as of June 30, 2025, up $479 million or 6%, from December 31, 2024. Book value per share of $59.51 as of June 30, 2025, increased $3.73 or 7%, compared with December 31, 2024. Tangible book value per share of $56.10 as of June 30, 2025, increased $3.71 or 7%, compared with December 31, 2024. Tangible book value per share is a non-GAAP financial measure. For additional details, see the reconciliation of non-GAAP financial measures presented under Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.

Results of Operations

Net Interest Income

The Company’s primary source of revenue is net interest income, which is the interest income earned on interest-earning assets less interest expense paid on interest-bearing liabilities. Net interest margin is the ratio of net interest income to average interest-earning assets. Net interest income and net interest margin are impacted by several factors, including changes in average balances and the composition of interest-earning assets and funding sources, market interest rate fluctuations and the slope of the yield curve, repricing characteristics and maturity of interest-earning assets and interest-bearing liabilities, the volume of noninterest-bearing sources of funds and asset quality.

Net interest income and net interest margin for the second quarter and first half of 2025 increased year-over-year. These year-over-year increases primarily reflected the increase in AFS debt securities and lower deposit funding costs, partially offset by lower yields on loans and interest-bearing cash and deposits with banks. The increases in the net interest income and net interest margin for the first half of 2025, compared with the same prior year period, were also supported by a decrease in Bank Term Funding Program (“BTFP”) and short-term borrowings, partially offset by an increase in Federal Home Loan Bank (“FHLB”) advances.

Average interest-earning assets were $73.9 billion for the second quarter of 2025, an increase of $5.9 billion or 9% from the second quarter of 2024. For the first half of 2025, average interest-earning assets were $73.3 billion, an increase of $5.2 billion or 8% from the first half of 2024. The year-over-year increases in average interest-earning assets primarily reflected increases in AFS debt securities and loan growth, partially offset by a decrease in interest-bearing cash and deposits with banks.

The yield on average interest-earning assets for the second quarter of 2025 was 5.75%, a decrease of 36 bps from the second quarter of 2024. The yield on average interest-earning assets for the first half of 2025 was 5.75%, a decrease of 33 bps from the first half of 2024. The year-over-year decrease in the yield on average interest-earning assets primarily reflected the impact of lower benchmark interest rates on the loan portfolio.

Average loan yields were 6.40% and 6.39% for the second quarter and first half of 2025, respectively, representing a 33 bps decrease from both prior year periods. The year-over-year decreases in the average loan yields reflected the loan portfolio’s sensitivity to lower benchmark interest rates. Approximately 58% of loans held-for-investment were variable rate as of June 30, 2025 and 2024.

Deposits are an important source of funding for the Company. Average deposits were $63.7 billion for the second quarter of 2025, which increased $5.0 billion or 9%, from the second quarter of 2024. Average deposits were $63.2 billion for the first half of 2025, which increased $5.1 billion or 9%, from the first half of 2024.

Average noninterest-bearing deposits were $15.1 billion for the second quarter of 2025, an increase of $450 million or 3% from the second quarter of 2024. For the first half of 2025, average noninterest-bearing deposits were $15.1 billion, an increase of $300 million or 2% from the first half of 2024. Average noninterest-bearing deposits made up 24% and 25% of average deposits for the second quarters of 2025 and 2024, respectively, and 24% and 26% for the first halves of 2025 and 2024, respectively.

The average cost of deposits of 2.52% for the second quarter and 2.53% for the first half of 2025, decreased 44 bps and 37 bps, respectively, compared with the prior year periods. The average cost of interest-bearing deposits of 3.31% for the second quarter and 3.33% for the first half of 2025, decreased 63 bps and 56 bps, respectively, compared with the prior year periods. These year-over-year decreases primarily reflected the impacts of lower benchmark interest rates and the Company’s efforts to reduce deposit costs.

The average cost of funds calculation includes deposits, short-term borrowings, FHLB advances, securities sold under repurchase agreements (“repurchase agreements”), and long-term debt. The average cost of funds of 2.63% for the second quarter and 2.64% for the first half of 2025, decreased 48 bps and 40 bps during the second quarter and first half of 2025, respectively, compared with the prior year periods. The year-over-year decreases were mainly driven by the decrease in the cost of deposits as discussed above.

The Company utilizes various tools to manage interest rate risk. Refer to the Interest Rate Risk Management section of Item 2. MD&A — Risk Management — Market Risk Management in this Form 10-Q.

The following table presents the interest spread, net interest margin, average balances, interest income and expense, and the average yield/rate by asset and liability component for the second quarters of 2025 and 2024:



	Three Months Ended June 30,
	2025						2024
($ in thousands)	Average Balance		Interest		Average Yield/Rate (1)		Average Balance		Interest		Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks	$	3,699,036	$	34,935	3.79	%	$	4,058,515	$	49,406	4.90	%
Securities purchased under resale agreements (“resale agreements”)	425,000		1,624		1.53	%	485,000		1,885		1.56	%
Debt securities:
AFS (2)(3)	12,435,531		141,496		4.56	%	8,481,948		99,242		4.71	%
Held-to-maturity (“HTM”) (2)	2,896,410		12,292		1.70	%	2,941,150		12,490		1.71	%
Total debt securities (2)	15,331,941		153,788		4.02	%	11,423,098		111,732		3.93	%
Loans:
Commercial and industrial (“C&I”) (2)	17,363,095		303,791		7.02	%	16,209,659		322,648		8.01	%
Commercial real estate (“CRE”) (2)	20,535,145		319,666		6.24	%	20,270,816		323,106		6.41	%
Residential mortgage	16,336,054		241,666		5.93	%	15,386,858		221,966		5.80	%
Other consumer	47,138		572		4.87	%	51,455		721		5.64	%
Total loans (2)(4)(5)	54,281,432		865,695		6.40	%	51,918,788		868,441		6.73	%







Restricted equity securities	165,716		2,957		7.16	%	164,649		2,950		7.21	%
Total interest-earning assets	$	73,903,125	$	1,058,999	5.75	%	$	68,050,050	$	1,034,414	6.11	%

Noninterest-earning assets:
Cash and due from banks	350,343						468,374
Allowance for loan losses	(745,121)						(675,346)
Other assets	3,353,681						3,346,122
Total assets	$	76,862,028					$	71,189,200

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits	$	7,597,103	$	47,013	2.48	%	$	7,467,801	$	52,680	2.84	%
Money market deposits	15,325,928		124,282		3.25	%	13,724,230		135,405		3.97	%
Savings deposits	1,745,220		3,700		0.85	%	1,795,242		5,004		1.12	%
Time deposits	23,894,775		225,593		3.79	%	21,028,737		238,393		4.56	%
Total interest-bearing deposits	48,563,026		400,588		3.31	%	44,016,010		431,482		3.94	%
Short-term borrowings and federal funds purchased	659		1		0.61	%	2,889		32		4.45	%
FHLB advances	3,500,003		39,313		4.51	%	3,500,001		48,840		5.61	%
Repurchase agreements	119,061		1,352		4.55	%	4,104		58		5.68	%
Long-term debt and finance lease liabilities	35,811		671		7.52	%	36,335		773		8.56	%
Total interest-bearing liabilities	$	52,218,560	$	441,925	3.39	%	$	47,559,339	$	481,185	4.07	%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits	15,114,806						14,664,789
Accrued expenses and other liabilities	1,458,680						1,877,572
Stockholders’ equity	8,069,982						7,087,500
Total liabilities and stockholders’ equity	$	76,862,028					$	71,189,200



Interest rate spread					2.36	%					2.04	%
Net interest income and net interest margin			$	617,074	3.35	%			$	553,229	3.27	%

(1)Annualized.

(2)Yields on tax-exempt securities and loans are not presented on a tax-equivalent basis.

(3)Includes the amortization of net premiums on AFS debt securities of $10 million for the second quarters of 2025 and 2024.

(4)Average balances include nonperforming loans and loans held-for-sale.

(5)Loans include the accretion of net deferred loan fees and amortization of net premiums, which totaled $13 million and $14 million for the second quarters of 2025 and 2024, respectively.



	Six Months Ended June 30,
	2025						2024
($ in thousands)	Average Balance		Interest		Average Yield/Rate (1)		Average Balance		Interest		Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks	$	3,906,499	$	74,072	3.82	%	$	4,960,016	$	123,788	5.02	%
Resale agreements	425,000		3,234		1.53	%	605,330		8,000		2.66	%
Debt securities:
AFS (2)(3)	12,102,837		277,015		4.62	%	7,524,158		162,100		4.33	%
HTM (2)	2,902,373		24,557		1.71	%	2,945,918		25,024		1.71	%
Total debt securities (2)	15,005,210		301,572		4.05	%	10,470,076		187,124		3.59	%
Loans:
C&I (2)	17,115,622		597,205		7.04	%	16,230,641		648,458		8.03	%
CRE (2)	20,454,528		631,052		6.22	%	20,342,200		647,193		6.40	%
Residential mortgage	16,193,678		476,557		5.93	%	15,294,601		437,640		5.75	%



Other consumer	48,351		1,293		5.39	%	54,372		1,539		5.69	%
Total loans (2)(4)(5)	53,812,179		1,706,107		6.39	%	51,921,814		1,734,830		6.72	%
Restricted equity securities	165,540		5,816		7.08	%	128,812		4,289		6.70	%
Total interest-earning assets	$	73,314,428	$	2,090,801	5.75	%	$	68,086,048	$	2,058,031	6.08	%

Noninterest-earning assets:
Cash and due from banks	347,797						457,070
Allowance for loan losses	(730,768)						(677,231)
Other assets	3,315,450						3,567,911
Total assets	$	76,246,907					$	71,433,798

LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits	$	7,672,963	$	94,924	2.49	%	$	7,581,615	$	106,501	2.82	%
Money market deposits	15,081,131		240,300		3.21	%	13,680,220		270,066		3.97	%
Savings deposits	1,749,062		7,147		0.82	%	1,802,405		9,124		1.02	%
Time deposits	23,547,978		450,198		3.86	%	20,187,490		451,990		4.50	%
Total interest-bearing deposits	48,051,134		792,569		3.33	%	43,251,730		837,681		3.89	%
BTFP, short-term borrowings and federal funds purchased	544		7		2.59	%	1,933,707		42,138		4.38	%
FHLB advances	3,500,002		78,179		4.50	%	2,027,474		56,579		5.61	%
Repurchase agreements	63,183		1,429		4.56	%	3,327		93		5.62	%
Long-term debt and finance lease liabilities	35,864		1,342		7.55	%	81,076		3,172		7.87	%
Total interest-bearing liabilities	$	51,650,727	$	873,526	3.41	%	$	47,297,314	$	939,663	4.00	%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits	15,109,447						14,809,871
Accrued expenses and other liabilities	1,516,650						2,286,584
Stockholders’ equity	7,970,083						7,040,029
Total liabilities and stockholders’ equity	$	76,246,907					$	71,433,798



Interest rate spread					2.34	%					2.08	%
Net interest income and net interest margin			$	1,217,275	3.35	%			$	1,118,368	3.30	%

(1)Annualized.

(2)Yields on tax-exempt securities and loans are not presented on a tax-equivalent basis.

(3)Includes the amortization of net premiums of AFS debt securities of $17 million for the first halves of 2025 and 2024.

(4)Average balances include nonperforming loans and loans held-for-sale.

(5)Loans include the accretion of net deferred loan fees and amortization of net premiums, which totaled $26 million and $28 million for the first halves of 2025 and 2024, respectively.

The following table summarizes the extent to which changes in (1) interest rates, and (2) volume of average interest-earning assets and average interest-bearing liabilities affected the Company’s net interest income for the periods presented. The total change for each category of interest-earning assets and interest-bearing liabilities is segmented into changes attributable to variations in volume and yield/rate. Changes that are not solely due to either volume or yield/rate are allocated proportionally based on the absolute value of the change related to average volume and average yield/rate.




	Volume				Yield/Rate
Interest-earning assets:
(49,716)			$	(23,438)			$	(26,278)
		(1,971)				(2,795)
Debt securities:
		103,770				11,145
		(433)				(34)
		103,337				11,111
Loans:
		33,375				(84,628)
		3,249				(19,390)
		25,388				13,529
		(167)				(79)
		61,845				(90,568)
		1,269				258
32,770			$	141,042			$	(108,272)
Interest-bearing liabilities:
(11,577)			$	1,238			$	(12,815)
		25,481				(55,247)
		(266)				(1,711)
		68,572				(70,364)
		95,025				(140,137)
		(42,097)				(34)
		34,496				(12,896)
		1,357				(21)
		(1,705)				(125)
(66,137)			$	87,076			$	(153,213)
98,907			$	53,966			$	44,941

Noninterest Income

The following table presents the components of noninterest income for the second quarters and first halves of 2025 and 2024:



				Three Months Ended June 30,							Six Months Ended June 30,

	2025				2024			% Change


%		$	53,940			$	50,597		7	%
%		51,816				47,265			10	%
%		29,552				24,393			21	%
%		24,404				18,115			35	%
Customer derivative income:
%		9,184				7,367			25	%
	(2,914)				2,147			NM

%		6,270				9,514			(34)	%
%		877				1,834			(52)	%


%		2,940				3,401			(14)	%
%		8,481				7,539			12	%
%		$	178,280			$	162,658		10	%

	13%

NM — Not meaningful.

Noninterest income for the second quarter of 2025 was $86 million, an increase of $2 million or 2%, compared with the same prior year period. The year-over-year increase was primarily due to increases in other income, wealth management, lending and loan servicing, and commercial and consumer deposit-related fees, partially offset by lower customer derivative income. Noninterest income for the first half of 2025 was $178 million, an increase of $16 million or 10%, compared with the first half of 2024. The year-over-year increase was primarily due to higher wealth management fees, foreign exchange income, lending and loan servicing fees, and commercial and consumer deposit-related fees, partially offset by lower customer derivative income.

Commercial and consumer deposit-related fees were $27 million for the second quarter of 2025, an increase of $1 million or 5%, compared with the second quarter of 2024. For the first half of 2025, commercial and consumer deposit-related fees were $54 million, an increase of $3 million or 7%, compared with the first half of 2024. The year-over-year increases were primarily due to an increase in analysis service fees due to higher commercial customer activity.

Lending and loan servicing fees were $26 million for the second quarter of 2025, an increase of $1 million or 5%, compared with the second quarter of 2024. For the first half of 2025, lending and loan servicing fees were $52 million, an increase of $5 million or 10%, compared with the first half of 2024. The year-over-year increases were primarily due to higher credit enhancement and trade finance fees driven by increased customer activity.

Foreign exchange income was $14 million for the second quarter of 2025, an increase of approximately $1 million or 6%, compared with the second quarter of 2024. For the first half of 2025, foreign exchange income was $30 million, an increase of $5 million or 21%, compared with the first half of 2024. The year-over-year increases primarily reflected the favorable valuation of certain foreign currency denominated balance sheet items.

Wealth management fees were $11 million for the second quarter of 2025, an increase of $1 million or 13%, compared with the second quarter of 2024. For the first half of 2025, wealth management fees were $24 million, an increase of $6 million or 35%, compared with the first half of 2024. The year-over-year increases primarily reflected higher customer demand for wealth management products such as fixed-rate bonds and fixed income annuities.

Customer derivative income was $2 million for the second quarter of 2025, a decrease of $4 million or 62%, compared with the second quarter of 2024. For the first half of 2025, customer derivative income was $6 million, a decrease of $3 million or 34%, compared with the first half of 2024. The year-over-year decreases primarily reflected unfavorable credit valuation adjustments.

Other income was $6 million for the second quarter of 2025, an increase of $2 million or 55%, compared with the second quarter of 2024. This increase primarily reflected higher returns from bank-owned life insurance. For the first half of 2025, other income was $8 million, an increase of approximately $1 million or 12%, compared with the first half of 2024. This increase primarily reflected an increase in advisory fees from the Company’s broker-dealer subsidiary and greater returns from bank-owned life insurance.

Noninterest Expense

The following table presents the components of noninterest expense for the second quarters and first halves of 2025 and 2024:



				Three Months Ended June 30,							Six Months Ended June 30,

	2025				2024			% Change
%		$	291,276			$	275,400		6	%
%		31,978				31,015			3	%
%		18,390				24,238			(24)	%
%		26,760				22,736			18	%
%		19,518				30,357			(36)	%


%		78,268				69,301			13	%
%		41,978				29,259			43	%


%		$	508,168			$	482,306		5	%

Noninterest expense was $256 million for the second quarter of 2025, an increase of $20 million or 9%, compared with the second quarter of 2024. The year-over-year increase was primarily due to increases in compensation and employee benefits, amortization of tax credit and CRA investments, and computer and software related expenses, partially offset by a decrease in deposit account expense. For the first half of 2025, noninterest expense was $508 million, an increase of $26 million or 5%, compared with the first half of 2024. The year-over-year increase was primarily due to increases in compensation and employee benefits, amortization of tax credit and CRA investments, other operating expense, and computer and software related expenses, partially offset by decreases in deposit insurance premiums and regulatory assessments, and deposit account expense.

Compensation and employee benefits were $145 million for the second quarter of 2025, an increase of $11 million or 8%, compared with the second quarter of 2024. For the first half of 2025, compensation and employee benefits were $291 million, an increase of $16 million or 6%, compared with the first half of 2024. The increases were primarily driven by merit increases and staffing growth.

Deposit account expense was $9 million for the second quarter of 2025, a decrease of $3 million or 22%, compared with the second quarter of 2024. For the first half of 2025, deposit account expense was $18 million, a decrease of $6 million or 24%, compared with the first half of 2024. The decreases were driven primarily by lower balances and referral rates paid on certain deposit accounts.

Computer and software related expenses were $13 million for the second quarter of 2025, an increase of $2 million or 18%, compared with the second quarter of 2024. For the first half of 2025, computer and software expenses were $27 million, an increase of $4 million or 18%, compared with the first half of 2024. These increases primarily reflected higher software expenses and data processing costs.

Deposit insurance premiums and regulatory assessments were $9 million for the second quarter of 2025, a decrease of $2 million or 15%, compared with the second quarter of 2024. For the first half of 2025, deposit insurance premiums and regulatory assessments were $20 million, a decrease of $11 million or 36%, compared with the first half of 2024. The decreases were primarily due to additional FDIC special assessment charges (“FDIC charges”) of $2 million and $12 million recorded during the second quarter and first half of 2024, respectively. Adjustments to the FDIC charge pertain primarily to changes in the FDIC’s estimated losses to the Deposit Insurance Fund. For additional information on the FDIC charge, refer to Item 1. Business — Supervision and Regulation — FDIC Deposit Insurance Assessments in the Company’s 2024 Form 10-K.

Other operating expense of $37 million for the second quarter of 2025 was essentially flat compared with the second quarter of 2024. For the first half of 2025, the $9 million or 13% increase in other operating expense to $78 million, compared with the first half of 2024 was primarily due to problem loan related expenses and higher consulting expenses for various Company initiatives.

Amortization of tax credit and CRA investments was $26 million for the second quarter of 2025, an increase of $10 million or 63%, compared with the second quarter of 2024. For the first half of 2025, amortization of tax credit and CRA investments was $42 million, an increase of $13 million or 43%, compared with the first half of 2024. The year-over-year increases were primarily due to the timing of tax credit investments that closed in a given period.

Income Taxes



	Three Months Ended June 30,								Six Months Ended June 30,
($ in thousands)	2025			2024			% Change		2025			2024			% Change
Income before income taxes	$	402,232		$	364,468		10	%	$	793,387		$	736,720		8	%
Income tax expense	$	91,979		$	76,238		21	%	$	192,864		$	163,415		18	%
Effective tax rate	22.9		%	20.9		%			24.3		%	22.2		%

Commercial — Total Commercial Real Estate Loans. The total CRE portfolio consists of CRE, multifamily residential, and construction and land loans. The Company’s underwriting parameters for CRE loans are established in compliance with supervisory guidance, including property type, geography and loan-to-value (“LTV”).

The Company’s total CRE loan portfolio is well-diversified by property type with an average CRE loan size of $3 million as of both June 30, 2025 and December 31, 2024. The following table summarizes the Company’s total CRE loans by property type as of June 30, 2025 and December 31, 2024:



	June 30, 2025						December 31, 2024
($ in thousands)	Amount		%		Weighted Avg. LTV (%) (1)		Amount		%		Weighted Avg. LTV (%) (1)
Property types:
Multifamily	$	4,978,915	24	%	50	%	$	4,953,442	24	%	51	%
Retail	4,459,930		22	%	47	%	4,347,032		21	%	48	%
Industrial	4,101,875		20	%	47	%	3,972,389		20	%	46	%
Hotel	2,382,772		12	%	51	%	2,404,385		12	%	52	%
Office	2,167,449		10	%	52	%	2,125,210		11	%	54	%
Healthcare	819,732		4	%	51	%	788,806		4	%	52	%
Construction and land	709,713		3	%	49	%	666,162		3	%	49	%
Other	1,047,017		5	%	49	%	1,017,518		5	%	50	%
Total CRE loans	$	20,667,403	100	%	49	%	$	20,274,944	100	%	50	%

(1)Weighted average LTV is based on most recent LTV, using the most recent available appraisal and current loan commitment.

The following tables provide a summary of the Company’s CRE, multifamily residential, and construction and land loans by geography as of June 30, 2025 and December 31, 2024. The distribution of the total CRE loan portfolio largely reflects the Company’s geographical branch footprint, which is primarily concentrated in California.



	June 30, 2025
($ in thousands)	CRE		%		Multifamily Residential		%		Construction and Land		%		Total CRE		%
Geographic markets:
Southern California	$	7,703,705	52	%	$	2,290,651	46	%	$	258,867	36	%	$	10,253,223	49	%
Northern California	2,754,840		18	%	957,478		19	%	176,235		25	%	3,888,553		19	%
California	10,458,545		70	%	3,248,129		65	%	435,102		61	%	14,141,776		68	%
Texas	1,184,273		8	%	498,873		10	%	134,590		19	%	1,817,736		9	%
New York	746,077		5	%	263,918		5	%	28,769		4	%	1,038,764		5	%
Washington	501,843		3	%	158,780		3	%	9,927		2	%	670,550		3	%
Arizona	313,649		2	%	174,533		4	%	34,696		5	%	522,878		3	%
Nevada	293,000		2	%	150,182		3	%	—		—	%	443,182		2	%
Other markets	1,481,388		10	%	484,500		10	%	66,629		9	%	2,032,517		10	%
Total loans	$	14,978,775	100	%	$	4,978,915	100	%	$	709,713	100	%	$	20,667,403	100	%



	December 31, 2024
($ in thousands)	CRE		%		Multifamily Residential		%		Construction and Land		%		Total CRE		%
Geographic markets:
Southern California	$	7,516,638	51	%	$	2,316,404	47	%	$	230,297	35	%	$	10,063,339	50	%
Northern California	2,693,768		19	%	992,406		20	%	163,633		24	%	3,849,807		19	%
California	10,210,406		70	%	3,308,810		67	%	393,930		59	%	13,913,146		69	%
Texas	1,091,626		8	%	467,796		9	%	131,963		20	%	1,691,385		8	%
New York	732,694		5	%	249,357		5	%	44,597		7	%	1,026,648		5	%
Washington	493,972		3	%	155,022		3	%	10,401		1	%	659,395		3	%
Arizona	348,877		2	%	182,955		4	%	23,903		4	%	555,735		3	%
Nevada	293,927		2	%	139,292		3	%	—		—	%	433,219		2	%
Other markets	1,483,838		10	%	450,210		9	%	61,368		9	%	1,995,416		10	%
Total loans	$	14,655,340	100	%	$	4,953,442	100	%	$	666,162	100	%	$	20,274,944	100	%

The percentage of total CRE loans located in California was 68% and 69%, as of June 30, 2025 and December 31, 2024, respectively. Changes in California’s economy and real estate values could have a significant impact on the collectability of these loans and the required level of allowance for loan losses. For additional information related to the higher degree of risk from a downturn in the California economic and real estate markets, see Item 1A. Risk Factors — Risks Related to Geopolitical Uncertainties and Risks Related to Financial Matters in the Company’s 2024 Form 10-K.

Commercial — Commercial Real Estate Loans. The Company focuses on providing financing to experienced real estate investors and developers who have moderate levels of leverage, many of whom are long-time customers of the Bank. The Company seeks to underwrite loans with conservative standards for cash flows, debt service coverage and LTV. Owner-occupied properties comprised 20% of the CRE loans as of both June 30, 2025 and December 31, 2024. The remainder were non-owner-occupied properties, where 50% or more of the debt service for the loan is typically provided by rental income from an unaffiliated third party.

Interest rates on CRE loans may be fixed, variable or hybrid. The Company offers derivative hedging products to our customers to manage their interest rate risks. As of June 30, 2025, of the 57% of our CRE portfolio that had variable rates, 53% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 57% of our CRE portfolio that had variable rates, 54% had customer-level interest rate derivative contracts in place.

Commercial — Multifamily Residential Loans. The multifamily residential loan portfolio is largely comprised of loans secured by residential properties with five or more units. The Company offers a variety of first lien mortgages, including fixed- and variable-rate loans, as well as hybrid loans with interest rates that adjust annually after an initial fixed rate period of three to ten years. The Company also offers hedging products to our customers to manage their interest rate risks. As of June 30, 2025, of the 48% of our multifamily residential portfolio that had variable rates, 52% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 50% of our multifamily residential portfolio that had variable rates, 50% had customer-level interest rate derivative contracts in place.

Commercial — Construction and Land Loans. Construction and land loans provide financing for a portfolio of projects diversified by real estate property type. Construction loan exposure was comprised of $541 million in loans outstanding, and $405 million in unfunded commitments as of June 30, 2025, compared with $506 million in loans outstanding, and $391 million in unfunded commitments as of December 31, 2024. Land loans totaled $169 million and $160 million as of June 30, 2025 and December 31, 2024, respectively.

Consumer

Residential mortgage loans are primarily originated through the Bank’s branch network. The average total residential mortgage loan size was $438 thousand and $437 thousand as of June 30, 2025 and December 31, 2024, respectively. The following tables summarize the Company’s single-family residential and HELOC loan portfolios by geography as of June 30, 2025 and December 31, 2024:



	June 30, 2025
($ in thousands)	Single-Family Residential		%		HELOCs		%		Total Residential Mortgage		%
Geographic markets:
Southern California	$	5,760,644	40	%	$	856,098	46	%	$	6,616,742	40	%
Northern California	1,919,265		13	%	389,595		21	%	2,308,860		14	%
California	7,679,909		53	%	1,245,693		67	%	8,925,602		54	%
New York	4,188,356		29	%	285,076		15	%	4,473,432		27	%
Washington	731,831		5	%	192,798		11	%	924,629		6	%
Massachusetts	493,667		3	%	63,756		4	%	557,423		4	%
Georgia	491,093		3	%	22,174		1	%	513,267		3	%
Nevada	474,807		3	%	35,942		2	%	510,749		3	%
Texas	497,550		4	%	—		—	%	497,550		3	%
Other markets	12,784		0	%	5,526		0	%	18,310		0	%
Total	$	14,569,997	100	%	$	1,850,965	100	%	$	16,420,962	100	%
Lien priority:
First mortgage	$	14,569,997	100	%	$	1,326,720	72	%	$	15,896,717	97	%
Junior lien mortgage	—		—	%	524,245		28	%	524,245		3	%
Total	$	14,569,997	100	%	$	1,850,965	100	%	$	16,420,962	100	%



	December 31, 2024
($ in thousands)	Single-Family Residential		%		HELOCs		%		Total Residential Mortgage		%
Geographic markets:
Southern California	$	5,475,929	39	%	$	853,858	47	%	$	6,329,787	39	%
Northern California	1,825,462		13	%	379,692		21	%	2,205,154		14	%
California	7,301,391		52	%	1,233,550		68	%	8,534,941		53	%
New York	4,303,815		31	%	266,529		15	%	4,570,344		29	%
Washington	715,968		5	%	187,220		10	%	903,188		6	%
Massachusetts	457,147		3	%	66,181		4	%	523,328		3	%
Georgia	466,790		3	%	20,040		1	%	486,830		3	%
Nevada	447,097		3	%	32,578		2	%	479,675		3	%
Texas	468,461		3	%	—		—	%	468,461		3	%
Other markets	14,777		0	%	5,530		0	%	20,307		0	%
Total	$	14,175,446	100	%	$	1,811,628	100	%	$	15,987,074	100	%
Lien priority:
First mortgage	$	14,175,446	100	%	$	1,322,957	73	%	$	15,498,403	97	%
Junior lien mortgage	—		—	%	488,671		27	%	488,671		3	%
Total	$	14,175,446	100	%	$	1,811,628	100	%	$	15,987,074	100	%

Consumer — Single-Family Residential Loans. The Company offers a variety of single-family residential mortgage loan programs, including fixed- and variable-rate loans, as well as hybrid loans with interest rates that adjust on a regular basis, typically annually, after an initial fixed rate period. The Company was in a first lien position in all of its single-family residential loans as of both June 30, 2025 and December 31, 2024. Many of these loans are reduced documentation loans, for which a substantial down payment is required, resulting in a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 52% as of both June 30, 2025 and December 31, 2024. These loans have historically experienced low delinquency and loss rates.

Consumer — Home Equity Lines of Credit. Total HELOC commitments were $5.4 billion and $5.3 billion as of June 30, 2025 and December 31, 2024, respectively, with a utilization rate of 34% as of both dates. Substantially all of the Company’s unfunded HELOC commitments are unconditionally cancellable. The Company was in a first lien position for 72% and 73% of total outstanding HELOCs as of June 30, 2025 and December 31, 2024, respectively. Many of these loans are reduced documentation loans, which have a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 46% as of both June 30, 2025 and December 31, 2024. As a result, these loans have historically experienced low delinquency and loss rates. Substantially all of the Company’s HELOCs were variable-rate as of both June 30, 2025 and December 31, 2024.

All originated commercial and consumer loans are subject to the Company’s conservative underwriting guidelines and loan origination standards. Management believes that the Company’s underwriting criteria and procedures adequately consider the unique risks associated with these products. The Company conducts quality control procedures and periodic audits, including the review of lending and legal requirements, to ensure that the Company is in compliance with these requirements.

Foreign Outstandings

The Company’s international branches, which include the branch in Hong Kong and the subsidiary bank’s branches in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties, and foreign currency exchange rate risks. The following table presents the major financial assets held in the Company’s international branches as of June 30, 2025 and December 31, 2024:



	June 30, 2025				December 31, 2024
($ in thousands)	Amount		% of Total Consolidated Assets		Amount		% of Total Consolidated Assets
Hong Kong branch:
Cash and cash equivalents	$	960,724	1	%	$	730,227	1	%

AFS debt securities (1)	$	718,823	1	%	$	752,840	1	%
Loans held-for-investment (2)	$	1,053,095	1	%	$	968,973	1	%
Total assets	$	2,737,676	4	%	$	2,474,447	3	%
China subsidiary bank branches:
Cash and cash equivalents	$	621,719	1	%	$	656,971	1	%

AFS debt securities (3)	$	126,855	0	%	$	127,582	0	%
Loans held-for-investment (2)	$	1,197,582	2	%	$	1,141,444	2	%
Total assets	$	2,035,424	3	%	$	1,971,922	3	%

(1)Comprised of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, U.S. Treasury securities, and foreign government bonds as of June 30, 2025 and December 31, 2024.

(2)Comprised primarily of C&I loans as of both June 30, 2025 and December 31, 2024.

(3)Comprised of foreign government bonds as of both June 30, 2025 and December 31, 2024.

The following table presents the total revenue generated by the Company’s international branches for the second quarters and first halves of 2025 and 2024:



	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
($ in thousands)	Amount		% of Total Consolidated Revenue		Amount		% of Total Consolidated Revenue		Amount		% of Total Consolidated Revenue		Amount		% of Total Consolidated Revenue
Hong Kong branch:
Total revenue	$	17,791	3	%	$	15,420	2	%	$	35,604	3	%	$	33,513	3	%
China subsidiary bank branches:
Total revenue	$	6,740	1	%	$	7,320	1	%	$	14,492	1	%	$	14,764	1	%

Deposits

Deposits are the Company’s primary source of funding, the cost of which has a significant impact on the Company’s net interest income and net interest margin. The following table summarizes the Company’s deposits by product type as of June 30, 2025 and December 31, 2024:



	June 30, 2025				December 31, 2024				Change
($ in thousands)	Amount		%		Amount		%		$		%
Deposits by product:

Noninterest-bearing demand	$	15,470,239	24	%	$	15,450,428	24	%	$	19,811	0	%
Interest-bearing checking	8,143,893		12	%	7,940,692		13	%	203,201		3	%
Money market	15,420,318		24	%	14,816,511		23	%	603,807		4	%
Savings	1,683,703		3	%	1,751,620		3	%	(67,917)		(4)	%




Time deposits	24,311,340		37	%	23,215,772		37	%	1,095,568		5	%
Total deposits	$	65,029,493	100	%	$	63,175,023	100	%	$	1,854,470	3	%

(1)Uninsured deposits, per regulatory requirements, represent the portion of deposit accounts in U.S. branches that exceed the FDIC insurance limit as reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report.

Additional information regarding the impact of deposits on net interest income, with a comparison of average deposit balances and rates, is provided in Item 2. MD&A — Results of Operations — Net Interest Income in this Form 10-Q. See also the discussion of the impact of deposits on liquidity in Item 2. MD&A — Liquidity Risk Management in this Form 10-Q.

Capital

The Company maintains a strong capital base to support its anticipated asset growth, operating needs, and credit risk exposures, and to ensure that the Company and the Bank are in compliance with all regulatory capital guidelines. The Company engages in regular capital planning processes on at least an annual basis to optimize the use of available capital and to appropriately plan for future capital needs, allocating capital to existing and future business activities. Furthermore, the Company conducts capital stress tests as part of its capital planning process. The stress tests enable the Company to assess the impact of adverse changes in the economy and interest rates on its capital base.

The Company’s stockholders’ equity as of June 30, 2025 increased $479 million or 6% to $8.2 billion from December 31, 2024. The increase was primarily due to $601 million of net income and $123 million of other comprehensive income, partially offset by $168 million of cash dividends declared and $106 million of common stock repurchases from the open market and also in the form of tax withholding on vested restricted stock units. For other factors that contributed to the changes in stockholders’ equity, refer to Item 1. Consolidated Financial Statements — Consolidated Statement of Changes in Stockholders’ Equity in this Form 10-Q.

On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to an additional $300 million of East West common stock, which will remain valid until December 31, 2026. The Company repurchased $3 million and $41 million of its common stock during the second quarters of 2025 and 2024, respectively, and $88 million and $123 million of common stock in the first halves of 2025 and 2024, respectively.

The Company paid a quarterly common stock cash dividend of $0.60 and $0.55 per share during the second quarters of 2025 and 2024, respectively. In July 2025, the Company’s Board of Directors declared a third quarter 2025 cash dividend of $0.60 per share. The dividend is payable on August 15, 2025, to stockholders of record as of August 4, 2025.

Regulatory Capital and Ratios

The federal banking agencies have risk-based capital adequacy requirements intended to ensure that banking organizations maintain capital that is commensurate with the degree of risk associated with their operations. The Company and the Bank are each subject to these regulatory capital adequacy requirements. See Item 1. Business — Supervision and Regulation — Regulatory Capital Requirements and Regulatory Capital-Related Development in the Company’s 2024 Form 10-K for additional details.

The following table presents the Company’s and the Bank’s capital ratios as of June 30, 2025 and December 31, 2024 under the Basel III Capital Rules, and those required by regulatory agencies for capital adequacy and well-capitalized classification purposes:



	Basel III Capital Rules
	June 30, 2025				December 31, 2024 (1)
	Company		Bank		Company		Bank		Minimum Regulatory Requirements		Minimum Regulatory Requirements including Capital Conservation Buffer		Well-Capitalized Requirements
Risk-based capital ratios:
Common Equity Tier 1 (“CET1”) capital (2)	14.5	%	13.6	%	14.3	%	13.4	%	4.5	%	7.0	%	6.5	%
Tier 1 capital (3)	14.5	%	13.6	%	14.3	%	13.4	%	6.0	%	8.5	%	8.0	%
Total capital	15.8	%	14.9	%	15.6	%	14.7	%	8.0	%	10.5	%	10.0	%
Tier 1 leverage (2)	10.6	%	10.0	%	10.4	%	9.8	%	4.0	%	4.0	%	5.0	%

(1)The Current Expected Credit Losses (“CECL”) transition provision permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the aggregate benefit is reduced by 25% in 2022, 50% in 2023 and 75% in 2024. Our capital ratios as of December 31, 2024 include a delay of 25% of the estimated impact of CECL on regulatory capital. The CECL transition was no longer in effect as of June 30, 2025.

(2)CET1 capital and Tier 1 leverage well-capitalized requirements apply to the Bank only. There are no well-capitalized requirements on CET1 capital ratio or Tier 1 leverage ratio for bank holding companies.

(3)Well-capitalized Tier 1 capital ratio requirements for the Company and the Bank are 6.0% and 8.0%, respectively.

The Company is committed to maintaining strong capital levels to assure its investors, customers and regulators that the Company and the Bank are financially sound. As of both June 30, 2025 and December 31, 2024, the Company and the Bank continued to exceed all “well-capitalized” capital requirements and the minimum capital requirements under the Basel III Capital Rules. Total risk-weighted assets increased $1.3 billion to $56.3 billion from December 31, 2024. The increase in the risk-weighted assets was mainly due to loan growth.

Risk Management

Overview

In the normal course of business, the Company is exposed to a variety of risks, some of which are inherent to the financial services industry and others, which are more specific to the Company’s business. The Company operates under a Board-approved enterprise risk management (“ERM”) program. The Company’s ERM program outlines the company-wide approach to risk management and oversight, and describes the structures and practices employed to manage current and emerging risks inherent to the Company. The Company’s ERM program incorporates risk management throughout the organization in identifying, managing, monitoring, and reporting risks. It identifies the Company’s major risk categories as: credit, liquidity, market, operational, reputational, legal, compliance, Bank Secrecy Act/Anti-Money Laundering & Office of Foreign Assets Control, strategic, and technology risk.

The Risk Oversight Committee (“ROC”) of the Board of Directors monitors the ERM program through such identified enterprise risk categories and provides oversight of the Company’s risk appetite and control environment. The ROC provides focused oversight of the Company’s identified enterprise risk categories on behalf of the full Board of Directors. Under the authority of the ROC, management committees apply targeted strategies to manage the risks to which the Company’s operations are exposed.

The Company’s ERM program is executed along the three lines of defense model, which provides for a consistent and standardized risk management control environment across the enterprise. The first line of defense is comprised of revenue generating, operational and support units. The second line of defense is comprised of risk management and control functions that provide independent risk oversight of first line activities and report to the Chief Risk Officer. The Chief Risk Officer reports to both the ROC and the Chief Executive Officer. The third line of defense is comprised of the Internal Audit and Independent Asset Review (“IAR”) functions. Internal Audit reports to the Chief Audit Executive (“CAE”), who reports to the Board’s Audit Committee. Internal Audit provides assurance and evaluates the effectiveness of risk management, control, and governance processes as established by the Company. IAR serves as an internal loan review and independent credit risk monitoring function within the Bank that works under the direction of the CAE and reports to the Audit Committee. IAR provides management and the Audit Committee with an objective and independent assessment of the Bank’s credit profile and credit risk management processes. Further discussion and analysis of selected primary risk areas are discussed in the following subsections of Risk Management.

Credit Risk Management

Credit risk is the risk that a borrower or a counterparty will fail to perform according to the terms and conditions of a loan, investment or derivative and expose the Company to loss. Credit risk exists with many of the Company’s assets and exposures such as loans, debt securities and certain derivatives. The majority of the Company’s credit risk is associated with lending activities.

The ROC has primary oversight responsibility for the identified enterprise risk categories including credit risk. The ROC monitors management’s assessment of asset quality, credit risk trends, credit quality administration, underwriting standards, and portfolio credit risk management strategies and processes, such as diversification and liquidity, all of which enable management to control credit risk. At the management level, the Credit Risk Management Committee has primary oversight responsibility for credit risk. The Senior Credit Supervision function manages credit policy for the line of business transactional credit risk, assuring that all exposure is risk-rated according to the requirements of the credit risk rating policy. The Senior Credit Supervision function, in connection with the ERM function, also evaluates and reports the overall credit risk exposure to senior management and the ROC, including concentration limits and key risk indicators. Reporting directly to the Board’s Audit Committee, the IAR function provides additional validation support to the Company’s robust credit risk management culture by performing an independent and objective assessment of underwriting and documentation quality, and serves as an assurance function for the risk rating of the Company’s loan portfolios. A key focus of our credit risk management is adherence to a well-controlled underwriting and loan monitoring process.

The Company assesses the overall performance and credit quality of the loans held-for-investment portfolio through an integrated analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: Credit Quality, Nonperforming Assets and Allowance for Credit Losses.

Credit Quality

The Company utilizes a credit risk rating system to assist in monitoring credit quality. Loans are evaluated using the Company’s internal credit risk rating of 1 through 10. For more information on the Company’s credit quality indicators and internal credit risk ratings, refer to Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

The following table presents the Company’s criticized loans as of June 30, 2025 and December 31, 2024:



							Change
($ in thousands)	June 30, 2025			December 31, 2024			$		%
Criticized loans:
Special mention loans	$	446,665		$	447,290		$	(625)	0	%
Classified loans (1)	736,228			725,863			10,365		1	%
Total criticized loans	$	1,182,893		$	1,173,153		$	9,740	1	%

Special mention loans to loans held-for-investment	0.81		%	0.83		%
Classified loans to loans held-for-investment	1.34		%	1.35		%
Criticized loans to loans held-for-investment	2.15		%	2.18		%

(1)Consists of substandard, doubtful and loss categories.

Criticized loans increased $10 million or 1%, to $1.2 billion during the first half of 2025, primarily driven by higher criticized CRE loans, partially offset by lower criticized C&I loans and multifamily residential loans.

Nonperforming Assets

Nonperforming assets are comprised of nonaccrual loans, OREO and other nonperforming assets. Other nonperforming assets and OREO are repossessed assets and properties, respectively, acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment.

The following table presents nonperforming assets information as of June 30, 2025 and December 31, 2024:



										Change
($ in thousands)		June 30, 2025				December 31, 2024				$			%
Commercial:
C&I		$	71,894			$	86,165			$	(14,271)		(17)		%
CRE:
CRE		9,093				2,430				6,663			274		%
Multifamily residential		327				4,572				(4,245)			(93)		%
Construction and land		—				11,316				(11,316)			(100)		%
Total CRE		9,420				18,318				(8,898)			(49)		%
Consumer:
Residential mortgage:
Single-family residential		33,247				32,423				824			3		%
HELOCs		24,756				22,046				2,710			12		%
Total residential mortgage		58,003				54,469				3,534			6		%
Other consumer		137				66				71			108		%
Total nonaccrual loans		139,454				159,018				(19,564)			(12)		%
OREO, net		32,224				35,077				(2,853)			(8)		%


Total nonperforming assets		$	171,678			$	194,095			$	(22,417)		(12)		%
Nonperforming assets to total assets		0.22		%		0.26		%
Nonaccrual loans to loans held-for-investment		0.25		%		0.30		%
Allowance for loan losses to nonaccrual loans		545.28		%		441.49		%


151,451	$	104,761			$	46,690			45		%	0.28		%		0.19	%

NM — Not meaningful.

(1)There were no accruing loans past due 90 days or more as of both June 30, 2025 and December 31, 2024.

Allowance for Credit Losses

The Company maintains its allowance for credit losses at a level it believes is sufficient to provide appropriate reserves to absorb estimated future credit losses in accordance with GAAP. For additional information on the policies, methodologies and judgments used to determine the allowance for credit losses, see Item 7. MD&A — Critical Accounting Estimates and Item 8. Financial Statements — Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Company’s 2024 Form 10-K, and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

The following table presents an allocation of the allowance for loan losses by loan portfolio segments and unfunded credit commitments as of June 30, 2025 and December 31, 2024:



	June 30, 2025						December 31, 2024
($ in thousands)	Allowance Allocation			% of Loan Type to Total Loans			Allowance Allocation			% of Loan Type to Total Loans
Allowance for loan losses
Commercial:
C&I	$	442,291		33		%	$	384,319		32		%
CRE:
CRE	212,618			27		%	218,677			28		%
Multifamily residential	29,073			9		%	32,117			9		%
Construction and land	17,856			1		%	17,497			1		%
Total CRE	259,547			37		%	268,291			38		%
Total commercial	701,838			70		%	652,610			70		%
Consumer:
Residential mortgage:
Single-family residential	51,997			27		%	44,816			27		%
HELOCs	5,256			3		%	3,132			3		%
Total residential mortgage	57,253			30		%	47,948			30		%
Other consumer	1,325			0		%	1,494			0		%
Total consumer	58,578			30		%	49,442			30		%
Total allowance for loan losses	$	760,416		100		%	$	702,052		100		%
Allowance for unfunded credit commitments	$	45,307					$	39,526
Total allowance for credit losses	$	805,723					$	741,578

Loans held-for-investment	$	54,961,184					$	53,726,637
Allowance for loan losses to loans held-for-investment	1.38		%				1.31		%

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Average loans held-for-investment	$	54,281,289		$	51,916,328		$	53,812,106		$	51,920,323
Net charge-offs	$	14,651		$	23,135		$	29,932		$	45,712
Annualized net charge-offs to average loans held-for-investment	0.11		%	0.18		%	0.11		%	0.18		%

Liquidity Risk Management

Liquidity. Liquidity risk arises from the Company’s inability to meet its customer deposit withdrawals and obligations to other counterparties as they come due, or to obtain adequate funding at a reasonable cost to meet those obligations. Liquidity risk also considers the stability of deposits. The objective of liquidity management is to manage the potential mismatch of asset and liability cash flows. Maintaining an adequate level of liquidity depends on the institution’s ability to efficiently meet both expected and unexpected cash flow and collateral needs without adversely affecting daily operations or the financial condition of the institution. To achieve this objective, the Company analyzes its liquidity risk, maintains readily available liquid assets, and utilizes diverse funding sources including its stable core deposit base.

The ROC has primary oversight responsibility over liquidity risk management. At the management level, the Company’s Asset/Liability Committee (“ALCO”) establishes the liquidity guidelines that govern the day-to-day active management of the Company’s liquidity position by requiring sufficient asset-based liquidity to cover potential funding requirements and avoid over-dependence on volatile, less reliable funding markets. These guidelines are established and monitored for both the Bank and East West on a stand-alone basis to ensure that East West can serve as a source of strength for its subsidiaries. The ALCO regularly monitors the Company’s liquidity status and related management processes, and provides regular reports on the Company’s liquidity position relative to policy limits and guidelines to the Board of Directors. The Company believes its liquidity management practices have been effective under normal operating and stressed market conditions.

The Company also maintains a Contingency Funding Plan that utilizes early-warning indicators that are monitored to provide timely detection of adverse liquidity situations and enable management to promptly respond. The Contingency Funding Plan describes the procedures, roles and responsibilities, and communication protocols for managing any identified emerging liquidity problem. Management monitors the early-warning indicators defined in the Contingency Funding Plan, which include metrics for measuring the Company’s internal liquidity status as well as company-specific and market-wide external factors. When early warning indicators are triggered, management will evaluate the severity of the emerging liquidity problem and exercise appropriate management actions to address any liquidity and funding shortfalls.

Liquidity Sources — Deposits. The Company’s primary source of funding is from deposits, generated by its banking business, which we believe is a relatively stable and low-cost source of funding. Our loans are funded by deposits, which amounted to $65.0 billion as of June 30, 2025, compared with $63.2 billion as of December 31, 2024. The Company’s loan-to-deposit ratio was 85% as of both June 30, 2025 and December 31, 2024. See Item 2. — MD&A — Balance Sheet Analysis — Deposits in this Form 10-Q for further details related to the Company’s deposits.

Other Liquidity Sources. In addition to deposits, the Company has access to various sources of wholesale financing, including borrowing capacity with the FHLB and Federal Reserve Bank (“FRB”), and several master repurchase agreements with major brokerage companies to sustain an adequate liquid asset portfolio, meet daily cash demands and allow management flexibility to execute its business strategy. However, general financial market and economic conditions could impact our access and cost of external funding. Additionally, the Company’s access to capital markets is affected by the ratings received from various credit rating agencies.

Sources of funding included $3.5 billion of FHLB advances as of both June 30, 2025 and December 31, 2024. FHLB advances as of June 30, 2025 had fixed and floating interest rates ranging from 3.87% to 4.64% with remaining maturities between two months and 1.5 years. The Company also held long-term debt of $32 million in the form of junior subordinated debt as of both June 30, 2025 and December 31, 2024, which qualifies as Tier 2 capital for regulatory capital purposes. Refer to Note 9 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q for additional information on the junior subordinated debt.

Unencumbered loans and/or debt securities are pledged to the FHLB and the FRB discount window as collateral. The Company has established operational procedures to enable borrowing against these assets, including regular monitoring of the total pool of loans and debt securities eligible as collateral. Eligibility of collateral is defined in guidelines from the FHLB and FRB and is subject to change at their discretion. The Company operated below its established risk limits for liquidity measures as of June 30, 2025. Accordingly, the Company believes the cash and cash equivalents, and available collateralized borrowing capacity described below provide sufficient liquidity above its expected cash needs.

The Company maintains its liquidity in the form of cash and cash equivalents and borrowing capacity with eligible loans and debt securities pledged as collateral. The following table presents the Company’s total available liquidity as of June 30, 2025 and December 31, 2024:



					Change
($ in thousands)	June 30, 2025		December 31, 2024		$		%
Cash and cash equivalents	$	4,409,941	$	5,250,742	$	(840,801)	(16)	%
Interest-bearing deposits with banks	104,535		48,198		56,337		117	%
Unused secured borrowing capacity from:
FHLB	10,493,425		9,928,152		565,273		6	%
FRB (1)	13,068,514		12,383,005		685,509		6	%
Unpledged securities	9,516,274		7,819,531		1,696,743		22	%
Total available liquidity	$	37,592,689	$	35,429,628	$	2,163,061	6	%

(1)The Company had no outstanding borrowings with the FRB as of June 30, 2025 and December 31, 2024.

The Company’s total available liquidity increased to $37.6 billion as of June 30, 2025, compared with $35.4 billion as of December 31, 2024. The increase in borrowing capacity was primarily due to an increase in securities available to be pledged and loans pledged.

Cash Requirements. In the ordinary course of business, the Company enters into contractual obligations that require future cash payments, including funding for customer deposit withdrawals, repayments for short- and long-term borrowings, and other cash commitments. For additional information on these obligations, see Note 9 — Deposits to the Consolidated Financial Statements in the Company’s 2024 Form 10-K, and Note 7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net and Note 9 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q.

The Company also has off-balance sheet arrangements which represent transactions that are not recorded on the Consolidated Balance Sheet. The Company’s off-balance sheet arrangements include (1) commitments to extend credit, such as loan commitments, commercial letters of credit for foreign and domestic trade, standby letters of credit (“SBLCs”), and financial guarantees, to meet the financing needs of its customers, (2) future interest obligations related to customer deposits and the Company’s borrowings, and (3) transactions with unconsolidated entities that provide financing, liquidity, market risk or credit risk support to the Company, or engage in leasing, hedging or research and development services with the Company. A portion of these commitments are expected to expire unused or only partially used, therefore the total commitment amounts do not necessarily represent future cash requirements. The Company does not expect the total commitment amounts as of June 30, 2025 to have a material current or future impact on the Company’s financial conditions or results of operations. Additional information about the Company’s loan commitments, commercial letters of credit and SBLCs is provided in Note 10 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q.

The Consolidated Statement of Cash Flows summarizes the Company’s sources and uses of cash by type of activity for the first halves of 2025 and 2024. Excess cash generated by operating and investing activities may be used to repay outstanding debt or invest in liquid assets.

Liquidity for East West. In addition to bank level liquidity management, the Company manages liquidity at the parent company level for various operating needs including payment of dividends, repurchases of common stock, principal and interest payments on its borrowings, acquisitions and additional investments in its subsidiaries. East West’s primary source of liquidity is from cash dividends distributed by its subsidiary, East West Bank. The Bank is subject to various statutory and regulatory restrictions on its ability to pay dividends as discussed in Item 1. Business — Supervision and Regulation — Dividends and Other Transfers of Funds in the Company’s 2024 Form 10-K. East West held $427 million and $395 million in on-hand liquidity as of June 30, 2025 and December 31, 2024, respectively. On-hand liquidity generally comprises cash and cash equivalents due from banks, and short-term AFS securities that mature within 30 days. Management believes that East West has sufficient liquidity to meet the projected cash obligations for the coming year.

Liquidity Stress Testing. The Company utilizes liquidity stress analysis to determine the appropriate amounts of liquidity to maintain at the Company, foreign subsidiary and foreign branch to meet contractual and contingent cash outflows under a range of scenarios. Scenario analyses include assumptions about significant changes in key funding sources, market triggers, potential uses of funding and economic conditions in certain countries. In addition, Company specific events are incorporated into the stress testing. Liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over various time horizons and under a variety of stressed conditions. Given the range of potential stresses, the Company maintains contingency funding plans on a consolidated basis and for individual entities.

As of June 30, 2025, the Company believes it has adequate liquidity resources to conduct operations and meet other needs in the ordinary course of business, and is not aware of any events that are reasonably likely to have a material adverse effect on its liquidity, capital resources or operations. Given the changing market and economic conditions, the Company will continue to actively evaluate the impact on its business and financial position. For more details on how economic conditions may impact our liquidity, see Item 1A. Risk Factors in the Company’s 2024 Form 10-K.

Market Risk Management

Market risk refers to the risk of potential loss due to adverse movements in market risk factors, including interest rates, foreign exchange rates, commodity prices, and credit spreads. The Company is primarily exposed to interest rate risk through its core business activities of extending loans and acquiring deposits. There have been no significant changes in our risk management practices as described in Item 7. MD&A — Market Risk Management in the Company’s 2024 Form 10-K.

Interest Rate Risk Management

Interest rate risk is the risk that market fluctuations in interest rates can have a negative impact on the Company’s earnings and capital stemming from mismatches in the Company’s asset and liability cash flows primarily arising from customer-related activities such as lending and deposit-taking. The Company is subject to interest rate risk because:

•Assets and liabilities may mature or reprice at different times. If assets reprice faster than liabilities and interest rates are generally rising, earnings will initially increase;

•Assets and liabilities may reprice at the same time but by different amounts;

•Short- and long-term market interest rates may change by different amounts. For example, the shape of the yield curve may affect the yield of new loans and funding costs differently;

•The remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change. For example, if long-term mortgage interest rates increase sharply, mortgage-related products may pay down at a slower rate than anticipated, which could impact portfolio income and valuation; or

•Interest rates may have a direct or indirect effect on loan demand, collateral values, mortgage origination volume, and the fair value of other financial instruments.

The ALCO coordinates the overall management of the Company’s interest rate risk, meets regularly to review the Company’s open market positions and establishes policies to monitor and limit exposure to market risk. Interest rate risk management is carried out primarily through strategies involving the Company’s loan portfolio, debt securities portfolio, available funding channels and capital market activities. In addition, the Company’s policies permit the use of derivative instruments to assist in managing interest rate risk.

The Company measures and monitors interest rate risk exposure through various risk management tools, which include a simulation model that performs monthly interest rate sensitivity analyses under multiple interest rate scenarios against a baseline. The simulation model incorporates the market’s forward rate expectations and the Company’s earning assets and liabilities. The Company uses a dynamic balance sheet, incorporating expected forward growth and/or deposit product mix shift to perform the interest rate sensitivity analyses. The simulated interest rate scenarios include an instantaneous parallel shift in the yield curve and a gradual parallel shift in the yield curve (“linear rate ramp”). In addition, the Company also performs simulations using other alternative interest rate scenarios, including various permutations of the yield curve flattening, steepening or inverting. The Company uses the results of these simulations to formulate and gauge strategies to achieve a desired risk profile within its capital and liquidity guidelines.

The Company’s net interest income volatility simulations are based on a dynamic balance sheet approach and market forward rates to better reflect the interest rate risk on the Company’s financial statements. The Company’s simulation scenarios use parallel shocks for both instantaneous and gradual net interest income simulations, as well as economic value of equity (“EVE”) simulations. These simulations conform with industry-standard scenario definitions and enhance interpretability and comparability.

The net interest income simulation model is based on the maturity and repricing characteristics of the Company’s interest rate sensitive assets, liabilities, and related derivative contracts. This model also incorporates various assumptions, which management believes to be reasonable but may have a significant impact on the results. These key assumptions include the timing and magnitude of changes in interest rates, the yield curve evolution and shape, the correlation between various interest rate indices, financial instruments’ future repricing characteristics and spread relative to benchmark rates, and the effect of interest rate floors and caps. The modeled results are highly sensitive to deposit mix and deposit beta assumptions, which are derived from a regression analysis of the Company’s historical deposit data.

Simulation results are highly dependent on modeled behaviors and input assumptions. To the extent that actual behaviors are different from the assumptions used in the models, there could be material changes to the interest rate sensitivity results. The key behavioral models impacting interest rate sensitivity simulations include deposit repricing, deposit balance forecasts, and mortgage prepayments. These models and assumptions are documented, supported, and periodically back-tested to assess the reasonableness and effectiveness. The Company also regularly monitors the sensitivity of the other important modeling assumptions, such as loan and security prepayments and early withdrawal on fixed-rate customer liabilities. The Company makes appropriate calibrations to the model as needed and continually validates the model, methodology and results. Changes to key model assumptions are reviewed by the Technical ALCO, a subcommittee of ALCO. Scenario results do not reflect strategies that the management could employ to limit the impact of changing interest rate expectations. The simulation does not represent a forecast of the Company’s net interest income but is a tool utilized to assess the risk of the impact of changing market interest rates across a range of interest rate environments.

The Company employs a variety of quantitative and qualitative approaches to capture historical deposit repricing and balance behaviors. These historical observations are performed at a granular level based on key product characteristics, including distinctions for brokered, public, and large commercial deposits, which are then combined with forward-looking market expectations and the competitive landscape to generate the deposit repricing and balance forecasting models. The Company uses these deposit repricing models to forecast deposit interest expense. The repricing models provide sufficient granularity to reflect key behavioral differences across product and customer types. The deposit beta, which defines the sensitivity of deposit rates to changes in the effective federal funds rate, is a key parameter of the deposit rate forecast. For the six months ended June 30, 2025, the Company assumed a weighted-average beta of 56%, an increase of approximately 1% from December 31, 2024. The increase was primarily due to deposit product mix changes.

As loan and debt security prepayment assumptions are key components of the Company’s model, the Company incorporates third-party vendor models to forecast prepayment behavior on mortgage loans and securities, which have mortgage loans as underlying collateral. These third-party vendor models have access to more comprehensive industry-level data that captures specific borrower and collateral characteristics over a variety of interest rate cycles. The Company will periodically assess and adjust the vendor models when appropriate to include its own available observations and expectations.

Twelve-Month Net Interest Income Simulation

Net interest income simulation modeling measures interest rate risk through earnings volatility. The simulation projects the cash flow changes in interest rate sensitive assets and liabilities, expressed in terms of net interest income, over a specified time horizon for defined interest rate scenarios. Net interest income simulations provide insight into the impact of market rate changes on earnings, which help guide risk management decisions. The Company assesses interest rate risk by comparing the changes of net interest income in different interest rate scenarios.

100

The following table presents the Company’s net interest income sensitivity related to an instantaneous and sustained parallel shift in market interest rates by 100 and 200 bps as of June 30, 2025 and December 31, 2024, on a balance sheet assuming market implied forward rates and a dynamic balance sheet with forecasted loan and deposit growth on the date of analysis.



	Net Interest Income Volatility (1)
Change in Interest Rates (in bps)	June 30, 2025		December 31, 2024
+200	5.3	%	4.7	%
+100	3.6	%	3.5	%
-100	(4.0)	%	(4.0)	%
-200	(7.0)	%	(7.4)	%

(1)The percentage change represents net interest income change over a 12-month period under market implied forward rates and expected balance sheet growth as of the analysis date versus various interest rate scenarios.

The composition of the Company’s loan portfolio creates sensitivity to interest rate movements due to a mismatch of repricing behavior between the floating-rate loan portfolio and deposit products. In the table above, the net interest income volatility expressed in relation to base-case net interest income increased slightly under rising rate scenarios and decreased modestly under falling rate scenarios as of June 30, 2025. These changes reflect deposit product mix assumptions, which assume noninterest-bearing deposits decrease in higher interest rate environments and are replaced with term deposit products.

The Company also models scenarios based on gradual shifts in interest rates and assesses the corresponding impacts. These interest rate scenarios provide additional information to estimate the Company’s underlying interest rate risk. The rate ramp table below shows the net interest income volatility under a gradual parallel shift of the market implied forward rates, in even monthly increments over the first 12 months, with the full shift passed through to the forward rates thereafter. The results are based on a dynamic balance sheet with expected loan and deposit growth as of the date of the analysis.



	Net Interest Income Volatility
Change in Interest Rates (in bps)	June 30, 2025		December 31, 2024
+200 Rate ramp	3.8	%	4.3	%
+100 Rate ramp	1.9	%	2.3	%
-100 Rate ramp	(1.9)	%	(2.4)	%
-200 Rate ramp	(3.5)	%	(4.6)	%

As of June 30, 2025, the Company’s net interest income profile reflects an asset sensitive position, where assets reprice faster or more significantly than liabilities. Net interest income is expected to increase when interest rates rise as the Company has a large population of variable rate loans, primarily tied to Prime and Term Secured Overnight Financing Rate (“SOFR”) indices. The Company’s interest income is sensitive to changes in short-term interest rates. As of June 30, 2025, the Company designated interest rate contracts with a notional amount of $4.3 billion as cash flow hedges, which reduced net interest income volatility by approximately 1.47% of the base net interest income for every 100 bp change in interest rate.

A portion of the Company’s interest-bearing deposit portfolio is composed of non-maturity deposits, which are not directly tied to short-term interest rate indices, but are, nevertheless, sensitive to changes in short-term interest rates. The modeled results are highly sensitive to modeled behavior and assumptions. Actual net interest income results may deviate from the model’s net interest income due to earning asset growth variation and deposit mix changes based on customer preferences relative to the interest rate environment. During a period of declining interest rates, balance sheet growth could offset headwinds to net interest income from yield compression.

Economic Value of Equity at Risk

EVE is a cash flow calculation that takes the present value of all asset cash flows and subtracts the present value of all liability cash flows. This calculation is used for asset/liability management and measures changes in the present value of the bank’s assets and liabilities due to changes in interest rates.

101

The economic value approach provides a comparatively broader scope than the net interest income volatility approach since it represents the discounted present value of cash flows over the expected life of the instruments. Due to this longer horizon, EVE is useful to identify risks arising from repricing, prepayment and maturity gaps between assets and liabilities on the balance sheet, as well as from off-balance sheet derivative exposures, over their lifetime. This long-term economic perspective into the Company’s interest rate risk profile allows the Company to identify anticipated negative effects of interest rate fluctuations. However, the difference in time horizons can cause the EVE analysis to diverge from the shorter-term net interest income analysis presented above. Given the uncertainty of the magnitude, timing and direction of future interest rate movements, the shape of the yield curve, and potential changes to the balance sheet, actual results may vary from those predicted by the Company’s model.

The following table presents the Company’s EVE sensitivity related to an instantaneous parallel shift in market interest rates by 100 and 200 bps as of June 30, 2025 and December 31, 2024.



	Economic Value of Equity Volatility (1)
Change in Interest Rates (in bps)	June 30, 2025		December 31, 2024
+200	(13.4)	%	(12.5)	%
+100	(6.2)	%	(5.2)	%
-100	4.9	%	4.6	%
-200	9.5	%	9.5	%

(1)The percentage change represents net present value change of the balance sheet as of the analysis date versus various interest rate scenarios.

As of June 30, 2025, the Company’s EVE is expected to decrease when interest rates rise. The EVE sensitivity represents a duration mismatch between fixed-rate assets versus fixed-rate liabilities where more fixed-rate assets are expected to produce more stable net interest income in the short term but may lead to decreases in net present value of future cash flows.

Derivatives

It is the Company’s policy not to speculate on the future direction of interest rates, foreign currency exchange rates and commodity prices. However, the Company periodically enters into derivative transactions in order to manage its exposure to market risk, primarily interest rate risk and foreign currency risk. The Company believes these derivative transactions, when properly structured and managed, provide a hedge against inherent risk in certain assets and liabilities or against risk in specific transactions. Hedging transactions may be implemented using a variety of derivative instruments such as swaps, forwards, options, and collars. The Company uses interest rate contracts to hedge the variability in interest received on certain floating-rate commercial loans. Foreign exchange derivatives are used in net investment hedging strategies to mitigate the risk of changes in the U.S. dollar equivalent value of a designated monetary amount of the Company’s net investment in East West Bank (China) Limited. Prior to entering any hedge accounting activity, the Company analyzes the costs and benefits of the hedge in comparison to alternative strategies. The Company also repositions its hedging derivatives portfolio based on the current assessment of economic and financial conditions, including the interest rate and foreign currency environments, balance sheet composition and trends, and the relative mix of its cash and derivative positions.

In addition, the Company enters into derivative transactions in order to accommodate its customers with their business needs or to assist customers with their risk management objectives, such as managing exposure to fluctuations in interest rates, foreign currencies and commodity prices. To economically hedge against the derivative contracts entered into with the Company’s customers, the Company enters into offsetting derivative contracts with third-party financial institutions, some of which are cleared through central clearing organizations. The exposures from derivative transactions are collateralized by cash and/or eligible securities based on limits as set forth in the respective agreements between the Company and counterparty financial institutions. The fair value changes of the derivative contracts traded with third-party financial institutions are expected to be largely comparable to the fair value changes of the derivative transactions executed with customers throughout the terms of these contracts, except for the credit valuation adjustment component of the contracts and the spread variances between the customer derivatives and the offsetting financial counterparty positions. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities and to meet funding needs in certain foreign currencies.

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The Company is subject to credit risk associated with the counterparties to the derivative contracts. This counterparty credit risk is a multi-dimensional form of risk, affected by both the exposure and credit quality of the counterparty, both of which are sensitive to market-induced changes. The Company’s Credit Risk Management Committee provides oversight of credit risk, and the Company has guidelines in place to manage counterparty concentration, tenor limits, and collateral. The Company manages the credit risk of its derivative positions by diversifying its positions among various counterparties, by entering into legally enforceable master netting agreements, and by requiring collateral arrangements, where possible. The Company may also transfer counterparty credit risk related to interest rate swaps to third-party financial institutions through the use of credit risk participation agreements. Certain derivative contracts are required to be cleared through central clearing organizations to further mitigate counterparty credit risk, where variation margin is applied daily as settlement to the fair value of the derivative contracts. In addition, the Company incorporates credit valuation adjustments and other market standard methodologies to appropriately reflect the counterparty’s and the Company’s own nonperformance risk in the fair value measurement of its derivatives. As of June 30, 2025, the Company anticipates performance by all of its counterparties and has not incurred any related credit losses.

The following tables summarize certain information on derivative instruments designated as accounting hedges and utilized by the Company in its management of interest rate risk as of June 30, 2025 and December 31, 2024:



	June 30, 2025
							Weighted Average
($ in thousands)	Notional Amount		Fair Value Assets		Fair Value Liabilities		Fixed Rate		Floating Rate		(1)	Remaining Term (In months)
Cash flow hedges
Derivative Contracts Hedging Loans:
Interest rate swaps - Receive fixed pay floating	$	3,000,000	$	15,975	$	3,131	6.24	%	6.97	%		25.6
Interest rate swaps - Receive fixed pay floating - Forward starting	1,000,000		25,235		—		3.90	%	N/A		(2)	61.8
Interest rate collars - Buy floor sell cap	250,000		10		—		Cap: 4.58% Floor: 1.50%		4.32	%		11.0
Total cash flow hedges	$	4,250,000	$	41,220	$	3,131


















	December 31, 2024
							Weighted Average
($ in thousands)	Notional Amount		Fair Value Assets		Fair Value Liabilities		Fixed Rate		Floating Rate		(1)	Remaining Term (In months)
Cash flow hedges
Derivative Contracts Hedging Loans:
Interest rate swaps - Receive fixed pay floating	$	4,000,000	$	1,808	$	29,102	4.95	%	6.47	%		23.8
Interest rate swaps - Receive fixed pay floating - Forward starting	1,000,000		3,839		5,893		3.90	%	N/A		(2)	67.8
Interest rate collars - Buy floor sell cap	250,000		—		216		Cap: 4.58% Floor: 1.50%		4.55	%		17.0

Total cash flow hedges	$	5,250,000	$	5,647	$	35,211

(1)Floating rates are indexed to SOFR or Prime.

(2)Forward starting swaps are effective starting from July 2025 through October 2025.

Additional information on the Company’s derivatives is presented in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements in the Company’s 2024 Form 10-K, Note 2 — Fair Value Measurement and Fair Value of Financial Instruments, and Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.

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Critical Accounting Policies and Estimates

The Company’s significant accounting policies are described in Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. Certain of these policies include critical accounting estimates, which are subject to valuation assumptions, subjective or complex judgments about matters that are inherently uncertain, and it is likely that materially different amounts could be reported under different assumptions and conditions. The Company has procedures and processes in place to facilitate making these judgments. The following accounting policies are critical to the Company’s Consolidated Financial Statements:

•allowance for credit losses;

•fair value estimates;

•goodwill impairment; and

•income taxes.

For additional information on the Company’s critical accounting estimates involving significant judgments, see Item 7. MD&A — Critical Accounting Estimates in the Company’s 2024 Form 10-K.

Reconciliation of GAAP to Non-GAAP Financial Measures

To supplement the Company’s unaudited interim Consolidated Financial Statements presented in accordance with U.S. GAAP, the Company uses certain non-GAAP measures of financial performance. Non-GAAP financial measures are not prepared in accordance with, or as an alternative to U.S. GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts, or is subject to adjustments that have such an effect, that are not normally excluded or included in the most directly comparable financial measure that is calculated and presented in accordance with U.S. GAAP. The non-GAAP financial measures discussed in this Form 10-Q are ROATCE and tangible book value per share. Certain additional non-GAAP financial measures that are components of the foregoing non-GAAP financial measures are also set forth and reconciled in the table below. The Company believes these non-GAAP financial measures, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding its performance, and allow comparability to prior periods. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

The following tables present the reconciliations of U.S. GAAP to non-GAAP financial measures for the periods presented:



		Three Months Ended June 30,						Six Months Ended June 30,
($ in thousands)		2025			2024			2025			2024
Net income	(a)	$	310,253		$	288,230		$	600,523		$	573,305

Add: Amortization of mortgage servicing assets		316			332			609			640
Tax effect of amortization adjustment (1)		(89)			(98)			(172)			(189)
Tangible net income (non-GAAP)	(b)	$	310,480		$	288,464		$	600,960		$	573,756


Average stockholders’ equity	(c)	$	8,069,982		$	7,087,500		$	7,970,083		$	7,040,029
Less: Average goodwill		(465,697)			(465,697)			(465,697)			(465,697)
Average mortgage servicing assets		(4,825)			(6,110)			(4,971)			(6,292)
Average tangible book value (non-GAAP)	(d)	$	7,599,460		$	6,615,693		$	7,499,415		$	6,568,040

ROAE (2)	(a)/(c)	15.42		%	16.36		%	15.19		%	16.38		%
ROATCE (2) (non-GAAP)	(b)/(d)	16.39		%	17.54		%	16.16		%	17.57		%

(1)Applied statutory tax rate of 28.18% for the three and six months ended June 30, 2025, and 29.56% for the three and six months ended June 30, 2024.

(2)Annualized.

104



($ and shares in thousands, except per share data)		June 30, 2025		December 31, 2024
Stockholders’ equity	(a)	$	8,201,767	$	7,723,054
Less: Goodwill		(465,697)		(465,697)
Mortgage servicing assets		(4,628)		(5,234)
Tangible book value (non-GAAP)	(b)	$	7,731,442	$	7,252,123









Number of common shares at period-end	(c)	137,816		138,437
Book value per share	(a)/(c)	$	59.51	$	55.79
Tangible book value per share (non-GAAP)	(b)/(c)	$	56.10	$	52.39

105

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For quantitative and qualitative disclosures regarding market risk in the Company’s portfolio, see Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q and Item 2. MD&A — Risk Management — Market Risk Management in this Form 10-Q.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of June 30, 2025, pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company conducted an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.

The Company’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC. The Company’s disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that the Company files under the Exchange Act is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Change in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended June 30, 2025, that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

106

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 10 — Commitments and Contingencies — Litigation to the Consolidated Financial Statements in Part I of this Form 10-Q, incorporated herein by reference.

ITEM 1A. RISK FACTORS

The Company’s 2024 Form 10-K contains disclosure regarding the risks and uncertainties related to the Company’s business under the heading Item 1A. Risk Factors. There have been no material changes to the Company’s risk factors as presented in the Company’s 2024 Form 10-K.

107

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Repurchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the Company’s common stock repurchase activity during the second quarter of 2025:



Calendar Month	Total Number of Shares Purchased (1)	Average Price Paid per Share of Common Stock (2)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (2) (3)
April	—	$	—	—	$	244
May	25,087	$	89.62	25,087	$	242
June	900	$	89.82	900	$	241
Second quarter	25,987	$	89.63	25,987

(1)Excludes the repurchase of common stock pursuant to various stock compensation plans and agreements.

(2)Excludes excise taxes and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023.

(3)On January 22, 2025, the Company’s Board of Directors authorized the additional repurchase of $300 million of its common stock, which will remain valid until December 31, 2026.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2025, none of the Company’s directors or Section 16 reporting officers or any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of the SEC’s Regulation S-K).

108

ITEM 6. EXHIBITS

The following exhibit index lists Exhibits filed, or in the case of Exhibits 32.1 and 32.2 furnished, with this report:


Exhibit No.						Exhibit Description

3.1						Certificate of Incorporation of the Registrant [Incorporated by reference to Exhibit 3(i) from Registrant’s Registration Statement on Form S-4 filed with the Commission on September 17, 1998 (File No. 333-63605).]

3.1.1						Certificate of Amendment to Certificate of Incorporation of the Registrant [Incorporated by reference to Exhibit 3(i).1 from Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002 filed with the Commission on March 28, 2003 (File No. 000-24939).]

3.1.2						Amendment to Certificate of Incorporation to Increase Authorized Shares of the Registrant [Incorporated by reference from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 15, 2005 (File No. 000-24939).]

3.1.3						Certificate of Amendment to Certificate of Incorporation of the Registrant [Incorporated by reference to Exhibit A from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 23, 2008 (File No. 000-24939).]

3.1.4						Certificate of Designations of 8.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series A of the Registrant [Incorporated by reference to Exhibit 3.1 from Registrant’s Current Report on Form 8-K, filed with the Commission on April 30, 2008 (File No. 000-24939).]

3.1.5						Certificate of Designations of Fixed Rate Cumulative Perpetual Preferred Stock, Series B of the Registrant [Incorporated by reference to Exhibit 3.1, 4.1 from Registrant’s Current Report on Form 8-K filed with the Commission on December 9, 2008 (File No. 000-24939).]

3.1.6						Certificate of Designations of Mandatorily Convertible Cumulative Non-Voting Perpetual Preferred Stock, Series C of the Registrant [Incorporated by reference to Exhibit 3.1, 4.1 from Registrant’s Current Report on Form 8-K filed with the Commission on November 12, 2009 (File No. 000-24939).]

3.2						Amended and Restated Bylaws of the Registrant dated March 14, 2023 [Incorporated by reference to Exhibit 3.1 from Registrant’s Current Report on Form 8-K filed with the Commission on Ma rch 1 7, 202 3 (File No. 000-24939).]

31.1						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

31.2						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

32.1						Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

32.2						Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

101.INS						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

101.SCH						Inline XBRL Taxonomy Extension Schema Document. Filed herewith.

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith.

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.

104						Cover Page Interactive Data (formatted as Inline XBRL and contained in Exhibit 101 filed herewith). Filed herewith.

109

GLOSSARY OF ACRONYMS


AFS	Available-for-sale	HELOC	Home equity lines of credit
ALCO	Asset/Liability Committee	HTM	Held-to-maturity
AOCI	Accumulated other comprehensive (loss) income	IAR	Independent Asset Review
ASC	Accounting Standards Codification	IDI	Insured deposit institution
ASU	Accounting Standards Update	LCH	London Clearing House
BTFP	Bank Term Funding Program	LGD	Loss given default
C&I	Commercial and industrial	LTV	Loan-to-value
CARB	California Air Resources Board	MBS	Mortgage-backed securities
CECL	Current expected credit Losses	MD&A	Management’s Discussion and Analysis of Financial Condition and Results of Operations
CET1	Common Equity Tier 1	MMBTU	Million British thermal unit
CFPB	Consumer Financial Protection Bureau	NAV	Net asset value
CLO	Collateralized loan obligation	NRSRO	Nationally recognized statistical rating organizations
CME	Chicago Mercantile Exchange	OBBBA	The One Big Beautiful Bill Act
CODM	Chief operating decision maker	OREO	Other real estate owned
CRA	Community Reinvestment Act	PAM	Proportional amortization method
CRE	Commercial real estate	PD	Probability of default
EPS	Earnings per share	RMB	Chinese Renminbi
ERM	Enterprise risk management	ROAE	Return on average common equity
EVE	Economic value of equity	ROATCE	Return on average tangible common equity
FDIC	Federal Deposit Insurance Corporation	ROC	Risk Oversight Committee
FHLB	Federal Home Loan Bank	RPA	Credit risk participation agreement
FRB	Federal Reserve Bank	RSU	Restricted stock unit
FTP	Funds transfer pricing	SBLC	Standby letter of credit
GAAP	Generally accepted accounting principles	SEC	U.S. Securities and Exchange Commission
GDP	Gross Domestic Product	SOFR	Secured Overnight Financing Rate
GHG	Greenhouse gas	U.S.	United States
GNMA	Government National Mortgage Association	USD	U.S. dollar
GSE	Government-sponsored entities

110

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:

August 7, 2025

EAST WEST BANCORP, INC.
(Registrant)

/s/ Christopher J. Del Moral-Niles

Christopher J. Del Moral-Niles

Executive Vice President and
Chief Financial Officer

111


		Page
Overview		65
Financial Review		67
Results of Operations		69
	Net Interest Income	69
	Noninterest Income	75
	Noninterest Expense	76
	Income Taxes	77
	Operating Segment Results	77
Balance Sheet Analysis		82
	Debt Securities	82
	Loan Portfolio	84
	Foreign Outstandings	89
	Deposits	90
	Capital	91
	Regulatory Capital and Ratios	92
Risk Management		92
	Credit Risk Management	93
	Liquidity Risk Management	96
	Market Risk Management	99
Critical Accounting Policies and Estimates		104
Reconciliation of GAAP to Non-GAAP Financial Measures		104

EAST WEST BANCORP INC - Quarter Report: 2025 June (Form 10-Q)

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