"First quarter 2024 net income was $285 million or $2.03 per diluted share. Excluding the FDIC charge, first quarter adjusted earnings per share was $2.08, up 3% from the fourth quarter."
— Dominic Ng
03Detailed Report
EWBC
Company EWBC
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
East West Bancorp, Inc. delivered a solid QQ1 2024 performance characterized by robust deposit generation, ongoing lending activity, and a disciplined balance sheet. GAAP net income reached $285 million ($2.03 per diluted share), with adjusted EPS of $2.08 excluding the FDIC charge, up 3% quarter-over-quarter. The results reflect a diversified business model that supported loan growth in certain segments (notably residential mortgages and C&I) while managing funding costs in a higher-for-longer rate backdrop. The company also accelerated liquidity management and capital returns, repaying BTFP borrowings, redeeming trust preferred securities, and executing a measured buyback. Management signaled a raised net interest income (NII) outlook for 2024, driven by pipeline-driven loan growth and a more favorable balance sheet mix, albeit acknowledging ongoing NIM compression from deposit-cost dynamics. Asset quality remained solid, with first-quarter net charge-offs of 17 bps and a modest rise in non-performing assets to 23 bps.
Key Performance Indicators
Revenue
Increasing
1.09B
QoQ: 2.93% | YoY: 23.03%
Gross Profit
Decreasing
606.44M
55.64% margin
QoQ: 0.02% | YoY: -3.78%
Operating Income
Decreasing
372.25M
QoQ: 13.76% | YoY: -11.66%
Net Income
Decreasing
285.08M
QoQ: 19.30% | YoY: -11.59%
EPS
Decreasing
2.04
QoQ: 20.00% | YoY: -10.92%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $1.0899B in Q1 2024, up 23.03% YoY and 2.93% QoQ. - Gross margin: 55.64% (gross profit $606.4M). - Operating income: $372.3M (-11.66% YoY; +13.76% QoQ). - Net income: $285.1M (-11.59% YoY; +19.30% QoQ). - Diluted EPS: $2.03; Adjusted EPS (ex FDIC): $2.08, up 3% QoQ. - NIM: 3.34% in Q1 2024. - Average loans: up 1% QoQ; deposits: up roughly $2B to a record level. - Cash flow from operations: $266.2M; free cash flow: $266.2M. - Balance sheet: total assets $70.9B; CET1 13.5%; tangible common equity (TCE) 9.3%. - Credit: NCOs 17 bps; NPA 23 bps; allowance for loan losses up $1M QoQ, CRE reserve +$21M. - Shareholder return: repurchased 1.2M shares (~$82M) at ~$70; redeemed $117M of trust preferred; dividend payable May 17, 2024.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
1.09B
23.03%
2.93%
Gross Profit
606.44M
-3.78%
0.02%
Operating Income
372.25M
-11.66%
13.76%
Net Income
285.08M
-11.59%
19.30%
EPS
2.04
-10.92%
20.00%
Key Financial Ratios
Gross Profit Margin
Good
55.70%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
36.10%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
26.20%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.40%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
4.06%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.17
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Moderate
0.52
Debt-to-equity indicates balanced capital structure with manageable debt
P/E Ratio
Value
9.54x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Fair Value
1.55x
Price-to-book ratio reasonable for profitable companies
Management Insights Available for Members
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