East West Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>East West Bancorp, Inc. has submitted its 2023 annual report on Form 10-K, detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

EAST WEST BANCORP INC (EWBC) filed a Annual Report (10-K) with the SEC on February 29, 2024. East West Bancorp, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 135 N. Los Robles Ave., 7th Floor, Pasadena, CA 91101. The company's fiscal year ends on December 31st. The filing was made on February 29, 2024.

Why It Matters

For investors and stakeholders tracking EAST WEST BANCORP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of East West Bancorp's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed financial information and disclosures within the 10-K are essential for investors, analysts, and regulators to understand the company's financial position, profitability, and compliance with securities laws.

Risk Assessment

Risk Level: medium — EAST WEST BANCORP INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative developments beyond the routine disclosure of the company's performance and position.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand East West Bancorp's performance and strategic direction for 2023.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240229 — Filing Date (Filed as of Date)
• 2023-01-01 — Reporting Period Start (2023 Fiscal Year)
• 2023-12-31 — Reporting Period End (2023 Fiscal Year)

Key Players & Entities

• EAST WEST BANCORP INC (company) — Filer name
• 0001069157 (company) — Central Index Key
• 6022 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 135 N. LOS ROBLES AVE. 7TH FLOOR (company) — Business Address Street 1
• PASADENA (company) — Business Address City
• CA (company) — Business Address State
• 91101 (company) — Business Address ZIP

FAQ

Industry Context

East West Bancorp, Inc. operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, East West Bancorp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the company's performance metrics and compare them to industry benchmarks.
3. Assess the risk factors disclosed by the company to understand potential challenges.

Key Dates

• 2024-02-29: 10-K Filing — Submission of the annual report for the fiscal year ended December 31, 2023.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023. Previous filings would have covered prior periods.

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share EWBC Nasdaq Global Select Mar
• $52.79 — , 2023 closing price of Common Stock of $52.79 per share). As of January 31, 2024, 140
• $69.6 billion — s of December 31, 2023, the Company had $69.6 billion in total assets, $51.5 billion in total
• $51.5 billion — pany had $69.6 billion in total assets, $51.5 billion in total net loans, $56.1 billion in to
• $56.1 billion — sets, $51.5 billion in total net loans, $56.1 billion in total deposits, and $7.0 billion in
• $7.0 billion — s, $56.1 billion in total deposits, and $7.0 billion in total stockholders' equity. The Co
• $509 million — ation and employee benefits expense was $509 million and $478 million, or 50% and 56% of tot
• $478 m — e benefits expense was $509 million and $478 million, or 50% and 56% of total noninter
• $50 billion — "No. 1 Performing Bank" ranking in the $50 billion and above asset category in Bank Direct

Filing Documents

• ewbc-20231231.htm (10-K) — 7399KB
• ewbc103610k12312023.htm (EX-10.3 6) — 6KB
• ewbc104210k12312023.htm (EX-10.4 2) — 6KB
• ewbc21110k12312023.htm (EX-21.1) — 5KB
• ewbc23110k12312023.htm (EX-23.1) — 5KB
• ewbc2410k12312023.htm (EX-24) — 15KB
• ewbc31110k12312023.htm (EX-31.1) — 12KB
• ewbc31210k12312023.htm (EX-31.2) — 12KB
• ewbc32110k12312023.htm (EX-32.1) — 6KB
• ewbc32210k12312023.htm (EX-32.2) — 6KB
• ewbc9710k12312023.htm (EX-97) — 32KB
• ewbc-20231231_g1.jpg (GRAPHIC) — 103KB
• ewbc-20231231_g2.jpg (GRAPHIC) — 56KB
• ewbc-20231231_g3.jpg (GRAPHIC) — 48KB
• ewbc-20231231_g4.jpg (GRAPHIC) — 52KB
• ewbc-20231231_g5.jpg (GRAPHIC) — 14KB
• ewbc-20231231_g6.jpg (GRAPHIC) — 44KB
• ewbc-20231231_g7.jpg (GRAPHIC) — 31KB
• 0001069157-24-000020.txt (&nbsp;) — 34923KB
• ewbc-20231231.xsd (EX-101.SCH) — 127KB
• ewbc-20231231_cal.xml (EX-101.CAL) — 191KB
• ewbc-20231231_def.xml (EX-101.DEF) — 862KB
• ewbc-20231231_lab.xml (EX-101.LAB) — 1585KB
• ewbc-20231231_pre.xml (EX-101.PRE) — 1241KB
• ewbc-20231231_htm.xml (XML) — 8865KB

Forward-Looking Statements

Forward-Looking Statements 3 Item 1.

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II 34 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6. [Reserved] 34 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 77 Item 8.

Financial Statements

Financial Statements 78 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 153 Item 9A.

Controls and Procedures

Controls and Procedures 153 Item 9B. Other Information 155 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 155 PART III 155 Item 10. Directors, Executive Officers and Corporate Governance 155 Item 11.

Executive Compensation

Executive Compensation 155 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 155 Item 13. Certain Relationships and Related Transactions and Director Independence 156 Item 14. Principal Accountant Fees and Services 156 PART IV 157 Item 15. Exhibits and Financial Statement Schedules 157 Item 16. Form 10-K Summary 159 GLOSSARY OF ACRONYMS 160

SIGNATURES

SIGNATURES 161 2 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K ("this Form 10-K") contains " 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", "us", "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 risks and uncertainties, including, but not limited to, those described below. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. There are various important factors that could cause future re

BUSINESS

ITEM 1. BUSINESS Organization 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 ("BHC Act"). The Company commenced business on December 30, 1998 when, pursuant to a reorganization, it acquired all of the voting stock of East West Bank ("East West Bank" or the "Bank"), which became its principal asset. East West's principal business is to serve as a holding company for the Bank and other banking or banking-related subsidiaries that East West may establish or acquire. As of December 31, 2023, the Company had $69.6 billion in total assets, $51.5 billion in total net loans, $56.1 billion in total deposits, and $7.0 billion in total stockholders' equity. The Company operates in over 120 locations in the U.S. and Asia. In the U.S., the Bank's corporate headquarters and main administrative offices are located in California; its U.S. branches and offices are located in California, Texas, New York, Washington, Georgia, Massachusetts, Illinois and Nevada. In Asia, the Bank has four full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen; five representative offices in Beijing, Chongqing, Guangzhou, Xiamen and Singapore; and administrative support offices in Beijing and Shanghai. Strategy We are committed to enhancing long-term stockholder 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. Our strategy focuses on seeking out and deepening client relationships that meet our risk/return parameters. This guides our decision-making across every aspect of our operations: the products and services we develop, the expertise we cultivate, and the infrastructure we build to help

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View this 10-K filing on SEC EDGAR