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East West Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $74,483,720, an increase from $69,612,884 as of December 31, 2023.
Total deposits increased to $61,700,115 from $56,092,438 at the end of the previous year.
Net income for the quarter was $299,166, compared to $287,738 in the same quarter the previous year.
The company reported a net interest income of $572,722 for the quarter, slightly up from $570,813 in the same period last year.
Provision for credit losses was $42,000, consistent with the same quarter of the previous year.
Total noninterest income was $84,761, compared to $76,752 in the same quarter last year.
Noninterest expense for the quarter was $226,166, down from $252,014 in the same period the previous year.
The company reported basic earnings per share of $2.16 and diluted earnings per share of $2.14 for the quarter.
East West Bancorp's allowance for loan losses was $696,485, up from $668,743 at the end of 2023.
The company reported total loans held-for-investment of $53,253,181, with an increase in commercial loans to $37,471,467 from $37,045,191 at the end of the previous year.
East West Bancorp's total stockholders' equity was $7,664,539, up from $6,950,834 at the end of 2023.
The filing also details the company's adoption of ASU 2023-02 for tax credit investments, which decreased opening retained earnings by $9 million.
The company continues to focus on its core banking activities, including commercial and residential lending, and managing its investment portfolio.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the East West Bancorp Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.