East West Bancorp Reports Net Income for First Quarter of 2024 of $285 Million and Diluted Earnings Per Share of $2.03
“This quarter we grew deposits by
FINANCIAL HIGHLIGHTS
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Three Months Ended |
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Quarter-over-Quarter Change |
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($ in millions, except per share data) |
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$ |
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% |
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Revenue |
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(2)% |
Pre-tax, Pre-provision Income4 |
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397 |
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364 |
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33 |
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9 |
Net Income |
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285 |
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239 |
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46 |
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19 |
Diluted Earnings per Share |
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20% |
Adjusted Diluted Earnings per Share2 |
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3% |
Book Value per Share |
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2% |
Tangible Book Value per Share3 |
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2% |
Return on Average Common Equity |
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16.40% |
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14.16% |
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224 bps |
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— |
Return on Average Tangible Common Equity3 |
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17.60% |
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15.26% |
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234 bps |
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— |
Total Assets |
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2% |
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1 |
In |
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2 |
Adjusted diluted earnings per share is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 12. |
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3 |
Return on average tangible common equity and tangible book value per share are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11. |
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4 |
Pre-tax, pre-provision income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP financial measures in Table 10. |
BALANCE SHEET
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Assets – Total assets were
$70.9 billion as ofMarch 31, 2024 , an increase of$1.3 billion from$69.6 billion as ofDecember 31, 2023 , primarily reflecting a$2.2 billion increase in AFS debt securities mainly funded by a$2.5 billion increase in deposits; partly offset by decreases in cash and cash equivalents, assets purchased under resale agreements, and other items. Year-over-year, total assets grew$3.6 billion , or 5%, from$67.2 billion as ofMarch 31, 2023 .
First quarter 2024 average interest-earning assets of$68.1 billion were up$2.6 billion , or 4%, from$65.5 billion in the fourth quarter of 2023, reflecting increases of$1.4 billion in average cash and deposits with banks,$0.7 billion in average loans outstanding, and$0.6 billion in average AFS debt securities holdings.
-
Loans – Total loans were
$52.0 billion as ofMarch 31, 2024 , a decrease of$0.2 billion from$52.2 billion as ofDecember 31, 2023 . Year-over-year, total loans were up$3.1 billion , or 6%, from$48.9 billion as ofMarch 31, 2023 .
First quarter 2024 average loans of$51.9 billion grew$0.7 billion , or 1%, from the fourth quarter of 2023. The increase was driven by growth across our single-family residential and C&I loan portfolios.
-
Deposits – Total deposits were
$58.6 billion as ofMarch 31, 2024 , an increase of$2.5 billion , or 4%, from$56.1 billion as ofDecember 31, 2023 , primarily reflecting an increase in customer deposits related to a successful branch-based CD campaign for theLunar New Year . Noninterest-bearing deposits made up 25% of our total deposits as ofMarch 31, 2024 , down from 28% as ofDecember 31, 2023 . Year-over-year, total deposits increased$3.8 billion from$54.7 billion as ofMarch 31, 2023 .
First quarter 2024 average deposits of$57.4 billion increased$2.0 billion from the fourth quarter of 2023, with growth in average time, money market, and interest-bearing checking deposits offset by declines in other categories.
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Borrowings – Total borrowings and long-term debt were
$3.6 billion as ofMarch 31, 2024 , a decrease of$1.1 billion , or 24%, from$4.7 billion as ofDecember 31, 2023 . The decrease was driven by the payoff of$4.5 billion in Bank Term Funding Program borrowings and a$117 million decrease in long-term debt and finance lease liabilities due to the redemption ofEast West Capital Trust securities, partially offset by a$3.5 billion increase inFederal Home Loan Bank advances.
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Capital – As of
March 31, 2024 , stockholders’ equity was$7.0 billion , up 1% quarter-over-quarter. The stockholders’ equity to asset ratio was 9.91% as ofMarch 31, 2024 , compared with 9.98% as ofDecember 31, 2023 .
Book value per share was$50.48 as ofMarch 31, 2024 , up 2% quarter-over-quarter and 13% year-over-year. As ofMarch 31, 2024 , tangible book value per share5 was$47.09 , up 2% quarter-over-quarter and 14% year-over-year. The tangible common equity ratio5 was 9.31%, compared with 9.37% as ofDecember 31, 2023 .
All of East West’s regulatory capital ratios are well in excess of regulatory requirements for well-capitalized institutions, and well above regional bank averages. The common equity tier 1 (“CET1”) capital ratio increased to 13.53%, and the total risk-based capital ratio increased by eight basis points to 14.84%, as ofMarch 31, 2024 .
OPERATING RESULTS
First Quarter Earnings – First quarter 2024 net income was
5 |
Tangible book value per share and the tangible common equity ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11. |
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6 |
Adjusted net income is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 12. |
First Quarter 2024 Compared to Fourth Quarter 2023
Net Interest Income and Net Interest Margin
Net interest income totaled
- NIM declined primarily due to a higher cost of interest-bearing deposits and continued deposit mix shift, partly offset by higher asset yields and balances.
- The average loan yield was 6.71%, up 10 basis points from the fourth quarter. The average interest-earning asset yield was 6.04%, up four basis points from the fourth quarter.
- The average cost of funds was 2.97%, up 23 basis points from the fourth quarter. The average cost of deposits was 2.84%, up 24 basis points from the fourth quarter.
Noninterest Income
Noninterest income totaled
-
Fee income7 of
$71 million was down$2 million , or 3%, from$73 million in the fourth quarter. -
Deposit fees, lending fees, and wealth management fees each increased by approximately
$1 million quarter-over-quarter. -
The above increases were offset by a
$3 million decrease in customer derivative revenue, reflecting lower customer activity. -
Foreign exchange income decreased
$2 million in the first quarter, primarily reflecting an unfavorable change in mark-to-market adjustments on FX positions.
Noninterest Expense
Noninterest expense totaled
-
Adjusted noninterest expense of
$223 million increased nearly$8 million , or 4%, from$215 million in the fourth quarter. This was driven primarily by a seasonal first quarter$11 million increase in compensation and employee benefits, reflecting higher payroll taxes and an increase in compensation, partly offset by a$5 million decrease in other operating expense, primarily reflecting lower legal expense and realized credit card fraud losses in the first quarter. -
Amortization of tax credit and other investments was
$13 million in the first quarter, up$9 million from the fourth quarter. The increase was due to the sale of a tax credit investment and the timing of certain renewable energy tax credit investments that were not placed into service in the fourth quarter. - The efficiency ratio was 38.3% in the first quarter, compared with 44.4% in the fourth quarter and the adjusted efficiency ratio8 was 34.7% in the first quarter, compared with 33.1% in the fourth quarter.
TAX RELATED ITEMS
First quarter 2024 income tax expense was
7 |
Fee income includes deposit account and lending fees, foreign exchange income, wealth management fees, and customer derivative revenue. Refer to Table 3 for additional fee and noninterest income information. |
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8 |
Adjusted noninterest expense and adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 10. |
ASSET QUALITY
As of
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The criticized loans ratio increased 43 basis points quarter-over-quarter to 2.30% of loans held-for-investment (“HFI”) as of
March 31, 2024 , compared with 1.87% as ofDecember 31, 2023 . Criticized loans increased$217 million quarter-over-quarter to$1.2 billion as ofMarch 31, 2024 . The special mention loans ratio increased 28 basis points quarter-over-quarter to 1.05% of loans HFI as ofMarch 31, 2024 , compared with 0.77% as ofDecember 31, 2023 , and the classified loans ratio increased 15 basis points to 1.25%. -
Nonperforming assets increased
$51 million to$165 million as ofMarch 31, 2024 , from$114 million as ofDecember 31, 2023 . The nonperforming assets ratio was 0.23% of total assets as ofMarch 31, 2024 , compared with 0.16% of total assets as ofDecember 31, 2023 . The quarter-over-quarter change reflects increases across commercial real estate, consumer, and C&I asset types. -
First quarter 2023 net charge-offs were
$23 million , or annualized 0.17% of average loans HFI, compared with$20 million , or annualized 0.15% of average loans HFI, for the fourth quarter of 2023. -
The allowance for loan losses increased to
$670 million , or 1.29% of loans HFI, as ofMarch 31, 2024 , compared with$669 million , or 1.28% of loans HFI, as ofDecember 31, 2023 . -
First quarter 2024 provision for credit losses was
$25 million , compared with$37 million in the fourth quarter of 2023.
CAPITAL STRENGTH
Capital levels for East West remained strong as of
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($ in millions) |
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Risk-Weighted Assets (“RWA”) (b) |
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Risk-based capital ratios: |
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CET1 capital ratio |
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13.53% |
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13.31% |
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13.06% |
Tier 1 capital ratio |
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13.53% |
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13.31% |
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13.06% |
Total capital ratio |
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14.84% |
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14.76% |
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14.50% |
Leverage ratio |
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10.05% |
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10.21% |
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10.02% |
Tangible common equity ratio (c) |
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9.31% |
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9.37% |
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8.74% |
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(a) |
The Company has elected to use the 2020 Current Expected Credit Losses (CECL) transition provision in the calculation of its |
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(b) |
Under regulatory guidelines, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories based on the nature of the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar value in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWA. |
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(c) |
Tangible common equity ratio is a non-GAAP financial measure. See reconciliation of GAAP to non-GAAP measures in Table 11. |
DIVIDEND PAYOUT AND CAPITAL ACTIONS
East West’s Board of Directors has declared second quarter 2024 dividends for the Company’s common stock. The common stock cash dividend of
East West repurchased 1.2 million shares of common stock during the first quarter of 2024 for approximately
Conference Call
East West will host a conference call to discuss first quarter 2024 earnings with the public on
-
The following dial-in information is provided for participation in the conference call: calls within the
U.S. – (877) 506-6399; calls withinCanada – (855) 669-9657; international calls – (412) 902-6699. - A presentation to accompany the earnings call, a listen-only live broadcast of the call, and information to access a replay one hour after the call will all be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.
About East West
East West provides financial services that help customers reach further and connect to new opportunities.
Forward-Looking Statements
Certain matters set forth herein (including any exhibits hereto) 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.
There are various important factors that could cause future results to differ materially from historical performance and any forward-looking statements. Factors that might cause such differences, include, but are not limited to: changes in the global economy, including an economic slowdown, capital or financial market disruption, supply chain disruption, level of inflation, interest rate environment, residential and commercial property prices, employment levels, rate of growth and general business conditions, which could result in, among other things, reduced demand for loans, reduced availability of funding or increased funding costs, declines in asset values and/or recognition of allowance for credit losses; changes in local, regional and global business, economic and political conditions and geopolitical events, such as political unrest, wars and acts of terrorism; the soundness of other financial institutions and the impacts related to or resulting from bank failures and other economic and industry volatility, including potential increased regulatory requirements,
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
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CONDENSED CONSOLIDATED BALANCE SHEET |
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($ and shares in thousands, except per share data) |
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(unaudited) |
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Table 1 |
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% or Basis Point Change |
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Qtr-o-Qtr |
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Yr-o-Yr |
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Assets |
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Cash and cash equivalents |
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$ |
4,210,801 |
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$ |
4,614,984 |
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$ |
5,934,194 |
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(8.8 |
)% |
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(29.0 |
)% |
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Interest-bearing deposits with banks |
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24,593 |
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10,498 |
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10,249 |
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134.3 |
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140.0 |
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Assets purchased under resale agreements (“resale agreements”) |
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485,000 |
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785,000 |
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654,288 |
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(38.2 |
) |
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(25.9 |
) |
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Available-for-sale (“AFS”) debt securities (amortized cost of |
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8,400,468 |
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6,188,337 |
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6,300,868 |
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35.7 |
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33.3 |
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Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of |
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2,948,642 |
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2,956,040 |
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2,993,421 |
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(0.3 |
) |
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(1.5 |
) |
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Loans held-for-sale (“HFS”) |
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13,280 |
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|
116 |
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|
6,861 |
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NM |
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93.6 |
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Loans held-for-investment (“HFI”) (net of allowance for loan losses of |
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51,322,224 |
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51,542,039 |
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48,298,155 |
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(0.4 |
) |
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6.3 |
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Affordable housing partnerships, tax credit and Community Reinvestment Act investments, net |
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933,187 |
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905,036 |
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|
741,354 |
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3.1 |
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25.9 |
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|
465,697 |
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|
465,697 |
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|
465,697 |
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— |
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— |
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Operating lease right-of-use assets |
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|
87,535 |
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94,024 |
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103,114 |
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(6.9 |
) |
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(15.1 |
) |
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Other assets |
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1,984,243 |
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2,051,113 |
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|
1,736,697 |
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(3.3 |
) |
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14.3 |
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Total assets |
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$ |
70,875,670 |
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$ |
69,612,884 |
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$ |
67,244,898 |
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1.8 |
% |
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5.4 |
% |
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Liabilities and Stockholders’ Equity |
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Deposits |
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$ |
58,560,624 |
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$ |
56,092,438 |
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$ |
54,737,402 |
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4.4 |
% |
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7.0 |
% |
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Short-term borrowings |
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19,173 |
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— |
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— |
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100.0 |
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100.0 |
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Bank Term Funding Program (“BTFP”) borrowings |
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— |
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4,500,000 |
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4,500,000 |
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(100.0 |
) |
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(100.0 |
) |
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3,500,000 |
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— |
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— |
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|
100.0 |
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|
100.0 |
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Long-term debt and finance lease liabilities |
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36,428 |
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|
153,011 |
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|
152,467 |
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(76.2 |
) |
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(76.1 |
) |
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Operating lease liabilities |
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95,643 |
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|
102,353 |
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|
112,676 |
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(6.6 |
) |
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(15.1 |
) |
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Accrued expenses and other liabilities |
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1,640,570 |
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1,814,248 |
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1,433,022 |
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(9.6 |
) |
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14.5 |
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Total liabilities |
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63,852,438 |
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62,662,050 |
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60,935,567 |
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1.9 |
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4.8 |
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Stockholders’ equity |
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7,023,232 |
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|
6,950,834 |
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|
|
6,309,331 |
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1.0 |
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|
11.3 |
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Total liabilities and stockholders’ equity |
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$ |
70,875,670 |
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$ |
69,612,884 |
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$ |
67,244,898 |
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1.8 |
% |
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5.4 |
% |
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Book value per share |
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$ |
50.48 |
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$ |
49.64 |
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$ |
44.62 |
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1.7 |
% |
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13.1 |
% |
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Tangible book value (1) per share |
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$ |
47.09 |
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$ |
46.27 |
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$ |
41.28 |
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1.8 |
|
|
14.1 |
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Number of common shares at period-end |
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139,121 |
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|
140,027 |
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|
141,396 |
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(0.6 |
) |
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(1.6 |
) |
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Total stockholders’ equity to assets ratio |
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9.91 |
% |
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9.98 |
% |
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|
9.38 |
% |
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(7 |
) |
bps |
53 |
|
bps |
|
Tangible common equity (“TCE”) ratio (1) |
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|
9.31 |
% |
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|
9.37 |
% |
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|
8.74 |
% |
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(6 |
) |
bps |
57 |
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bps |
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NM - Not meaningful. |
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(1) |
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Tangible book value and the TCE ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11. |
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TOTAL LOANS AND DEPOSITS DETAIL |
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($ in thousands) |
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(unaudited) |
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Table 2 |
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% Change |
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Qtr-o-Qtr |
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Yr-o-Yr |
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Loans: |
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Commercial: |
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Commercial and industrial (“C&I”) |
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$ |
16,350,191 |
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$ |
16,581,079 |
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$ |
15,641,840 |
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(1.4 |
) |
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4.5 |
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Commercial real estate (“CRE”): |
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CRE |
|
|
14,609,655 |
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|
14,777,081 |
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|
14,019,136 |
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(1.1 |
) |
|
4.2 |
|
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Multifamily residential |
|
|
5,010,245 |
|
|
|
5,023,163 |
|
|
|
4,682,280 |
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(0.3 |
) |
|
7.0 |
|
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Construction and land |
|
|
673,939 |
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|
663,868 |
|
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|
731,394 |
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1.5 |
|
|
(7.9 |
) |
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Total CRE |
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|
20,293,839 |
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|
20,464,112 |
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|
19,432,810 |
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(0.8 |
) |
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4.4 |
|
Consumer: |
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Residential mortgage: |
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Single-family residential |
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|
13,563,738 |
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|
13,383,060 |
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|
11,786,998 |
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|
1.4 |
|
|
15.1 |
|
|
Home equity lines of credit (“HELOCs”) |
|
|
1,731,233 |
|
|
|
1,722,204 |
|
|
|
1,988,881 |
|
|
0.5 |
|
|
(13.0 |
) |
|
Total residential mortgage |
|
|
15,294,971 |
|
|
|
15,105,264 |
|
|
|
13,775,879 |
|
|
1.3 |
|
|
11.0 |
|
|
Other consumer |
|
|
53,503 |
|
|
|
60,327 |
|
|
|
67,519 |
|
|
(11.3 |
) |
|
(20.8 |
) |
Total loans HFI (1) |
|
|
51,992,504 |
|
|
|
52,210,782 |
|
|
|
48,918,048 |
|
|
(0.4 |
) |
|
6.3 |
|
|
Loans HFS |
|
|
13,280 |
|
|
|
116 |
|
|
|
6,861 |
|
|
NM |
|
|
93.6 |
|
|
|
Total loans (1) |
|
|
52,005,784 |
|
|
|
52,210,898 |
|
|
|
48,924,909 |
|
|
(0.4 |
) |
|
6.3 |
|
Allowance for loan losses |
|
|
(670,280 |
) |
|
|
(668,743 |
) |
|
|
(619,893 |
) |
|
0.2 |
|
|
8.1 |
|
|
|
Net loans (1) |
|
$ |
51,335,504 |
|
|
$ |
51,542,155 |
|
|
$ |
48,305,016 |
|
|
(0.4 |
)% |
|
6.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Noninterest-bearing demand |
|
$ |
14,798,927 |
|
|
$ |
15,539,872 |
|
|
$ |
18,327,320 |
|
|
(4.8 |
)% |
|
(19.3 |
)% |
|
Interest-bearing checking |
|
|
7,570,427 |
|
|
|
7,558,908 |
|
|
|
8,742,580 |
|
|
0.2 |
|
|
(13.4 |
) |
|
Money market |
|
|
13,585,597 |
|
|
|
13,108,727 |
|
|
|
9,293,114 |
|
|
3.6 |
|
|
46.2 |
|
|
Savings |
|
|
1,834,393 |
|
|
|
1,841,467 |
|
|
|
2,280,562 |
|
|
(0.4 |
) |
|
(19.6 |
) |
|
Time deposits |
|
|
20,771,280 |
|
|
|
18,043,464 |
|
|
|
16,093,826 |
|
|
15.1 |
|
|
29.1 |
|
|
Total deposits |
|
$ |
58,560,624 |
|
|
$ |
56,092,438 |
|
|
$ |
54,737,402 |
|
|
4.4 |
% |
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits by type: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Commercial and business banking |
|
$ |
32,690,771 |
|
|
$ |
32,109,643 |
|
|
$ |
30,041,135 |
|
|
1.8 |
% |
|
8.8 |
% |
|
Consumer and private banking |
|
|
20,543,473 |
|
|
|
18,861,092 |
|
|
|
18,021,116 |
|
|
8.9 |
|
|
14.0 |
|
|
|
|
|
3,282,218 |
|
|
|
3,172,222 |
|
|
|
3,008,457 |
|
|
3.5 |
|
|
9.1 |
|
|
Wholesale |
|
|
2,044,162 |
|
|
|
1,949,481 |
|
|
|
3,666,694 |
|
|
4.9 |
|
|
(44.3 |
) |
|
Total deposits |
|
$ |
58,560,624 |
|
|
$ |
56,092,438 |
|
|
$ |
54,737,402 |
|
|
4.4 |
% |
|
7.0 |
% |
|
NM - Not meaningful. |
||
(1) |
|
Includes |
(2) |
|
Includes deposits booked at the Bank’s |
|
|||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF INCOME |
|||||||||||||||||||
($ and shares in thousands, except per share data) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
Table 3 |
|||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
Three Months Ended |
|
% Change |
||||||||||||||
|
|
|
|
|
|
|
|
|
Qtr-o-Qtr |
|
Yr-o-Yr |
||||||||
Interest and dividend income |
|
$ |
1,023,617 |
|
|
$ |
990,378 |
|
|
$ |
835,506 |
|
|
3.4 |
% |
|
22.5 |
% |
|
Interest expense |
|
|
458,478 |
|
|
|
415,544 |
|
|
|
235,645 |
|
|
10.3 |
|
|
94.6 |
|
|
Net interest income before provision for credit losses |
|
|
565,139 |
|
|
|
574,834 |
|
|
|
599,861 |
|
|
(1.7 |
) |
|
(5.8 |
) |
|
Provision for credit losses |
|
|
25,000 |
|
|
|
37,000 |
|
|
|
20,000 |
|
|
(32.4 |
) |
|
25.0 |
|
|
Net interest income after provision for credit losses |
|
|
540,139 |
|
|
|
537,834 |
|
|
|
579,861 |
|
|
0.4 |
|
|
(6.9 |
) |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Deposit account fees |
|
|
24,139 |
|
|
|
22,996 |
|
|
|
21,703 |
|
|
5.0 |
% |
|
11.2 |
% |
|
Lending fees |
|
|
22,925 |
|
|
|
22,077 |
|
|
|
20,586 |
|
|
3.8 |
|
|
11.4 |
|
|
Foreign exchange income |
|
|
12,278 |
|
|
|
14,236 |
|
|
|
12,660 |
|
|
(13.8 |
) |
|
(3.0 |
) |
|
Wealth management fees |
|
|
8,592 |
|
|
|
7,735 |
|
|
|
6,304 |
|
|
11.1 |
|
|
36.3 |
|
|
Customer derivative revenue |
|
|
3,137 |
|
|
|
6,296 |
|
|
|
5,046 |
|
|
(50.2 |
) |
|
(37.8 |
) |
|
Total fee income |
|
71,071 |
|
|
|
73,341 |
|
|
|
66,299 |
|
|
(3.1 |
) |
|
7.2 |
|
|
|
Mark-to-market and credit valuation adjustments |
|
|
613 |
|
|
|
(7,241 |
) |
|
|
(2,482 |
) |
|
NM |
|
|
NM |
|
|
Net (losses) gains on sales of loans |
|
|
(41 |
) |
|
|
3,675 |
|
|
|
(22 |
) |
|
NM |
|
|
(86.4 |
) |
|
Net gains (losses) on AFS debt securities |
|
|
49 |
|
|
|
3,138 |
|
|
|
(10,000 |
) |
|
(98.4 |
) |
|
NM |
|
|
Other investment income |
|
|
2,815 |
|
|
|
1,673 |
|
|
|
1,921 |
|
|
68.3 |
|
|
46.5 |
|
|
Other income |
|
|
4,481 |
|
|
|
5,318 |
|
|
|
4,262 |
|
|
(15.7 |
) |
|
5.1 |
|
Total noninterest income |
|
|
78,988 |
|
|
|
79,903 |
|
|
|
59,978 |
|
|
(1.1 |
)% |
|
31.7 |
% |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Compensation and employee benefits |
|
|
141,812 |
|
|
|
130,794 |
|
|
|
129,654 |
|
|
8.4 |
% |
|
9.4 |
% |
|
Occupancy and equipment expense |
|
|
15,230 |
|
|
|
15,735 |
|
|
|
15,587 |
|
|
(3.2 |
) |
|
(2.3 |
) |
|
Deposit insurance premiums and regulatory assessments |
|
|
19,649 |
|
|
|
78,553 |
|
|
|
7,910 |
|
|
(75.0 |
) |
|
148.4 |
|
|
Deposit account expense |
|
|
12,188 |
|
|
|
11,390 |
|
|
|
9,609 |
|
|
7.0 |
|
|
26.8 |
|
|
Computer software and data processing expenses |
|
|
11,344 |
|
|
|
11,315 |
|
|
|
10,707 |
|
|
0.3 |
|
|
5.9 |
|
|
Other operating expense (1) |
|
|
33,445 |
|
|
|
38,130 |
|
|
|
34,870 |
|
|
(12.3 |
) |
|
(4.1 |
) |
|
Amortization of tax credit and other investments |
|
|
13,207 |
|
|
|
4,581 |
|
|
|
10,110 |
|
|
188.3 |
|
|
30.6 |
|
Total noninterest expense |
|
|
246,875 |
|
|
|
290,498 |
|
|
|
218,447 |
|
|
(15.0 |
)% |
|
13.0 |
% |
|
Income before income taxes |
|
|
372,252 |
|
|
|
327,239 |
|
|
|
421,392 |
|
|
13.8 |
|
|
(11.7 |
) |
|
Income tax expense |
|
|
87,177 |
|
|
|
88,286 |
|
|
|
98,953 |
|
|
(1.3 |
) |
|
(11.9 |
) |
|
Net income |
|
$ |
285,075 |
|
|
$ |
238,953 |
|
|
$ |
322,439 |
|
|
19.3 |
% |
|
(11.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share (“EPS”) |
|
|
|
|
|
|
|
|
|
|
|||||||||
- Basic |
|
$ |
2.04 |
|
|
$ |
1.70 |
|
|
$ |
2.28 |
|
|
20.3 |
% |
|
(10.5 |
)% |
|
- Diluted |
|
$ |
2.03 |
|
|
$ |
1.69 |
|
|
$ |
2.27 |
|
|
20.3 |
|
|
(10.5 |
) |
|
Weighted-average number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|||||||||
- Basic |
|
|
139,409 |
|
|
|
140,595 |
|
|
|
141,112 |
|
|
(0.8 |
)% |
|
(1.2 |
)% |
|
- Diluted |
|
|
140,261 |
|
|
|
141,409 |
|
|
|
141,913 |
|
|
(0.8 |
) |
|
(1.2 |
) |
|
|
NM - Not meaningful. |
||
(1) |
|
Includes |
|
|||||||||||||||||||
SELECTED AVERAGE BALANCES |
|||||||||||||||||||
($ in thousands) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
Table 4 |
|||||||||||||||||||
|
|||||||||||||||||||
|
|
Three Months Ended |
|
% Change |
|||||||||||||||
|
|
|
|
|
|
|
|
|
Qtr-o-Qtr |
|
Yr-o-Yr |
||||||||
Loans: |
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
C&I |
|
$ |
16,251,622 |
|
$ |
15,948,678 |
|
$ |
15,400,996 |
|
1.9 |
% |
|
5.5 |
% |
|||
|
CRE: |
|
|
|
|
|
|
|
|
|
|
||||||||
|
CRE |
|
|
14,725,440 |
|
|
|
14,723,027 |
|
|
|
13,932,758 |
|
|
0.0 |
|
|
5.7 |
|
|
Multifamily residential |
|
|
5,033,143 |
|
|
|
4,939,119 |
|
|
|
4,600,094 |
|
|
1.9 |
|
|
9.4 |
|
|
Construction and land |
|
|
655,002 |
|
|
|
752,783 |
|
|
|
675,047 |
|
|
(13.0 |
) |
|
(3.0 |
) |
|
Total CRE |
|
|
20,413,585 |
|
|
|
20,414,929 |
|
|
|
19,207,899 |
|
|
0.0 |
|
|
6.3 |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Residential mortgage: |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Single-family residential |
|
|
13,477,057 |
|
|
|
13,097,056 |
|
|
|
11,417,477 |
|
|
2.9 |
|
|
18.0 |
|
|
HELOCs |
|
|
1,725,287 |
|
|
|
1,732,348 |
|
|
|
2,050,778 |
|
|
(0.4 |
) |
|
(15.9 |
) |
|
Total residential mortgage |
|
|
15,202,344 |
|
|
|
14,829,404 |
|
|
|
13,468,255 |
|
|
2.5 |
|
|
12.9 |
|
|
Other consumer |
|
|
57,289 |
|
|
|
59,245 |
|
|
|
72,687 |
|
|
(3.3 |
) |
|
(21.2 |
) |
|
Total loans (1) |
|
$ |
51,924,840 |
|
|
$ |
51,252,256 |
|
|
$ |
48,149,837 |
|
|
1.3 |
% |
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-earning assets |
|
$ |
68,122,045 |
|
|
$ |
65,505,724 |
|
|
$ |
61,483,533 |
|
|
4.0 |
% |
|
10.8 |
% |
|
Total assets |
|
$ |
71,678,396 |
|
|
$ |
69,421,959 |
|
|
$ |
65,113,604 |
|
|
3.3 |
% |
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Noninterest-bearing demand |
|
$ |
14,954,953 |
|
|
$ |
15,884,525 |
|
|
$ |
19,709,980 |
|
|
(5.9 |
)% |
|
(24.1 |
)% |
|
Interest-bearing checking |
|
|
7,695,429 |
|
|
|
7,608,234 |
|
|
|
6,493,865 |
|
|
1.1 |
|
|
18.5 |
|
|
Money market |
|
|
13,636,210 |
|
|
|
12,824,121 |
|
|
|
11,260,715 |
|
|
6.3 |
|
|
21.1 |
|
|
Savings |
|
|
1,809,568 |
|
|
|
1,873,276 |
|
|
|
2,436,587 |
|
|
(3.4 |
) |
|
(25.7 |
) |
|
Time deposits |
|
|
19,346,243 |
|
|
|
17,216,367 |
|
|
|
15,052,762 |
|
|
12.4 |
|
|
28.5 |
|
|
Total deposits |
|
$ |
57,442,403 |
|
|
$ |
55,406,523 |
|
|
$ |
54,953,909 |
|
|
3.7 |
% |
|
4.5 |
% |
|
(1) |
|
Includes loans HFS. |
|
|
|
|
|||||||||||||||||||||||
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES |
|||||||||||||||||||||||
($ in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Table 5 |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
||||||||||
|
|
|
Balance |
|
Interest |
|
Yield/Rate (1) |
|
Balance |
|
Interest |
|
Yield/Rate (1) |
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Interest-bearing cash and deposits with banks |
|
$ |
5,861,517 |
|
$ |
74,382 |
|
5.10 |
% |
|
$ |
4,445,115 |
|
$ |
56,250 |
|
5.02 |
% |
||||
|
Resale agreements |
|
|
725,659 |
|
|
|
6,115 |
|
|
3.39 |
% |
|
|
785,000 |
|
|
|
7,232 |
|
|
3.66 |
% |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AFS debt securities |
|
|
6,566,368 |
|
|
|
62,858 |
|
|
3.85 |
% |
|
|
5,985,361 |
|
|
|
58,926 |
|
|
3.91 |
% |
|
HTM debt securities |
|
|
2,950,686 |
|
|
|
12,534 |
|
|
1.71 |
% |
|
|
2,958,294 |
|
|
|
12,585 |
|
|
1.69 |
% |
|
Total debt securities |
|
|
9,517,054 |
|
|
|
75,392 |
|
|
3.19 |
% |
|
|
8,943,655 |
|
|
|
71,511 |
|
|
3.17 |
% |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
C&I |
|
|
16,251,622 |
|
|
|
325,810 |
|
|
8.06 |
% |
|
|
15,948,678 |
|
|
|
321,026 |
|
|
7.99 |
% |
|
CRE |
|
|
20,413,584 |
|
|
|
324,087 |
|
|
6.39 |
% |
|
|
20,414,929 |
|
|
|
327,194 |
|
|
6.36 |
% |
|
Residential mortgage |
|
|
15,202,345 |
|
|
|
215,674 |
|
|
5.71 |
% |
|
|
14,829,404 |
|
|
|
205,371 |
|
|
5.49 |
% |
|
Other consumer |
|
|
57,289 |
|
|
|
818 |
|
|
5.74 |
% |
|
|
59,245 |
|
|
|
786 |
|
|
5.26 |
% |
|
Total loans (2) |
|
|
51,924,840 |
|
|
|
866,389 |
|
|
6.71 |
% |
|
|
51,252,256 |
|
|
|
854,377 |
|
|
6.61 |
% |
|
FHLB and FRB stock |
|
|
92,975 |
|
|
|
1,339 |
|
|
5.79 |
% |
|
|
79,698 |
|
|
|
1,008 |
|
|
5.02 |
% |
|
Total interest-earning assets |
|
$ |
68,122,045 |
|
|
$ |
1,023,617 |
|
|
6.04 |
% |
|
$ |
65,505,724 |
|
|
$ |
990,378 |
|
|
6.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and due from banks |
|
|
445,767 |
|
|
|
|
|
|
|
489,055 |
|
|
|
|
|
||||||
|
Allowance for loan losses |
|
|
(679,116 |
) |
|
|
|
|
|
|
(650,724 |
) |
|
|
|
|
||||||
|
Other assets |
|
|
3,789,700 |
|
|
|
|
|
|
|
4,077,904 |
|
|
|
|
|
||||||
|
Total assets |
|
$ |
71,678,396 |
|
|
|
|
|
|
$ |
69,421,959 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Checking deposits |
|
$ |
7,695,429 |
|
|
$ |
53,821 |
|
|
2.81 |
% |
|
$ |
7,608,234 |
|
|
$ |
52,170 |
|
|
2.72 |
% |
|
Money market deposits |
|
|
13,636,210 |
|
|
|
134,661 |
|
|
3.97 |
% |
|
|
12,824,121 |
|
|
|
123,744 |
|
|
3.83 |
% |
|
Savings deposits |
|
|
1,809,568 |
|
|
|
4,120 |
|
|
0.92 |
% |
|
|
1,873,276 |
|
|
|
3,894 |
|
|
0.82 |
% |
|
Time deposits |
|
|
19,346,243 |
|
|
|
213,597 |
|
|
4.44 |
% |
|
|
17,216,367 |
|
|
|
183,175 |
|
|
4.22 |
% |
|
Short-term and BTFP borrowings, and federal funds purchased |
|
|
3,864,525 |
|
|
|
42,106 |
|
|
4.38 |
% |
|
|
4,500,475 |
|
|
|
49,570 |
|
|
4.37 |
% |
|
Assets sold under repurchase agreements (“repurchase agreements”) |
|
|
2,549 |
|
|
|
35 |
|
|
5.52 |
% |
|
|
2,876 |
|
|
|
41 |
|
|
5.66 |
% |
|
FHLB advances |
|
|
554,946 |
|
|
|
7,739 |
|
|
5.61 |
% |
|
|
1 |
|
|
|
— |
|
|
— |
% |
|
Long-term debt and finance lease liabilities |
|
|
125,818 |
|
|
|
2,399 |
|
|
7.67 |
% |
|
|
153,010 |
|
|
|
2,950 |
|
|
7.65 |
% |
|
Total interest-bearing liabilities |
|
$ |
47,035,288 |
|
|
$ |
458,478 |
|
|
3.92 |
% |
|
$ |
44,178,360 |
|
|
$ |
415,544 |
|
|
3.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Demand deposits |
|
|
14,954,953 |
|
|
|
|
|
|
|
15,884,525 |
|
|
|
|
|
||||||
|
Accrued expenses and other liabilities |
|
|
2,695,597 |
|
|
|
|
|
|
|
2,663,222 |
|
|
|
|
|
||||||
|
Stockholders’ equity |
|
|
6,992,558 |
|
|
|
|
|
|
|
6,695,852 |
|
|
|
|
|
||||||
|
Total liabilities and stockholders’ equity |
|
$ |
71,678,396 |
|
|
|
|
|
|
$ |
69,421,959 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread |
|
|
|
|
|
2.12 |
% |
|
|
|
|
|
2.27 |
% |
|||||||||
Net interest income and net interest margin |
|
|
|
$ |
565,139 |
|
|
3.34 |
% |
|
|
|
$ |
574,834 |
|
|
3.48 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Annualized. |
(2) |
|
Includes loans HFS. |
|
|||||||||||||||||||||||
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES |
|||||||||||||||||||||||
($ in thousands) |
|||||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||||
Table 6 |
|||||||||||||||||||||||
|
|||||||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||||
|
|
|
|
||||||||||||||||||||
|
Average |
|
|
|
Average |
|
Average |
|
|
|
Average |
||||||||||||
|
Balance |
|
Interest |
|
Yield/Rate (1) |
|
Balance |
|
Interest |
|
Yield/Rate (1) |
||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Interest-bearing cash and deposits with banks |
|
$ |
5,861,517 |
|
$ |
74,382 |
|
5.10 |
% |
|
$ |
3,449,626 |
|
$ |
35,647 |
|
4.19 |
% |
||||
|
Resale agreements |
|
|
725,659 |
|
|
|
6,115 |
|
|
3.39 |
% |
|
|
688,778 |
|
|
|
4,503 |
|
|
2.65 |
% |
|
Debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AFS debt securities |
|
|
6,566,368 |
|
|
|
62,858 |
|
|
3.85 |
% |
|
|
6,108,825 |
|
|
|
53,197 |
|
|
3.53 |
% |
|
HTM debt securities |
|
|
2,950,686 |
|
|
|
12,534 |
|
|
1.71 |
% |
|
|
2,995,677 |
|
|
|
12,734 |
|
|
1.72 |
% |
|
Total debt securities |
|
|
9,517,054 |
|
|
|
75,392 |
|
|
3.19 |
% |
|
|
9,104,502 |
|
|
|
65,931 |
|
|
2.94 |
% |
|
Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
C&I |
|
|
16,251,622 |
|
|
|
325,810 |
|
|
8.06 |
% |
|
|
15,400,996 |
|
|
|
275,573 |
|
|
7.26 |
% |
|
CRE |
|
|
20,413,584 |
|
|
|
324,087 |
|
|
6.39 |
% |
|
|
19,207,899 |
|
|
|
282,464 |
|
|
5.96 |
% |
|
Residential mortgage |
|
|
15,202,345 |
|
|
|
215,674 |
|
|
5.71 |
% |
|
|
13,468,255 |
|
|
|
169,494 |
|
|
5.10 |
% |
|
Other consumer |
|
|
57,289 |
|
|
|
818 |
|
|
5.74 |
% |
|
|
72,687 |
|
|
|
855 |
|
|
4.77 |
% |
|
Total loans (2) |
|
|
51,924,840 |
|
|
|
866,389 |
|
|
6.71 |
% |
|
|
48,149,837 |
|
|
|
728,386 |
|
|
6.14 |
% |
|
FHLB and FRB stock |
|
|
92,975 |
|
|
|
1,339 |
|
|
5.79 |
% |
|
|
90,790 |
|
|
|
1,039 |
|
|
4.64 |
% |
|
Total interest-earning assets |
|
$ |
68,122,045 |
|
|
$ |
1,023,617 |
|
|
6.04 |
% |
|
$ |
61,483,533 |
|
|
$ |
835,506 |
|
|
5.51 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Cash and due from banks |
|
|
445,767 |
|
|
|
|
|
|
|
621,104 |
|
|
|
|
|
||||||
|
Allowance for loan losses |
|
|
(679,116 |
) |
|
|
|
|
|
|
(602,754 |
) |
|
|
|
|
||||||
|
Other assets |
|
|
3,789,700 |
|
|
|
|
|
|
|
3,611,721 |
|
|
|
|
|
||||||
|
Total assets |
|
$ |
71,678,396 |
|
|
|
|
|
|
$ |
65,113,604 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Checking deposits |
|
$ |
7,695,429 |
|
|
$ |
53,821 |
|
|
2.81 |
% |
|
$ |
6,493,865 |
|
|
$ |
23,174 |
|
|
1.45 |
% |
|
Money market deposits |
|
|
13,636,210 |
|
|
|
134,661 |
|
|
3.97 |
% |
|
|
11,260,715 |
|
|
|
76,102 |
|
|
2.74 |
% |
|
Savings deposits |
|
|
1,809,568 |
|
|
|
4,120 |
|
|
0.92 |
% |
|
|
2,436,587 |
|
|
|
3,669 |
|
|
0.61 |
% |
|
Time deposits |
|
|
19,346,243 |
|
|
|
213,597 |
|
|
4.44 |
% |
|
|
15,052,762 |
|
|
|
113,849 |
|
|
3.07 |
% |
|
Short-term and BTFP borrowings |
|
|
3,864,525 |
|
|
|
42,106 |
|
|
4.38 |
% |
|
|
811,551 |
|
|
|
8,825 |
|
|
4.41 |
% |
|
Repurchase agreements |
|
|
2,549 |
|
|
|
35 |
|
|
5.52 |
% |
|
|
106,785 |
|
|
|
1,052 |
|
|
4.00 |
% |
|
FHLB advances |
|
|
554,946 |
|
|
|
7,739 |
|
|
5.61 |
% |
|
|
500,000 |
|
|
|
6,430 |
|
|
5.22 |
% |
|
Long-term debt and finance lease liabilities |
|
|
125,818 |
|
|
|
2,399 |
|
|
7.67 |
% |
|
|
152,420 |
|
|
|
2,544 |
|
|
6.77 |
% |
|
Total interest-bearing liabilities |
|
$ |
47,035,288 |
|
|
$ |
458,478 |
|
|
3.92 |
% |
|
$ |
36,814,685 |
|
|
$ |
235,645 |
|
|
2.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities and stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Demand deposits |
|
|
14,954,953 |
|
|
|
|
|
|
|
19,709,980 |
|
|
|
|
|
||||||
|
Accrued expenses and other liabilities |
|
|
2,695,597 |
|
|
|
|
|
|
|
2,405,615 |
|
|
|
|
|
||||||
|
Stockholders’ equity |
|
|
6,992,558 |
|
|
|
|
|
|
|
6,183,324 |
|
|
|
|
|
||||||
|
Total liabilities and stockholders’ equity |
|
$ |
71,678,396 |
|
|
|
|
|
|
$ |
65,113,604 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate spread |
|
|
|
|
|
2.12 |
% |
|
|
|
|
|
2.91 |
% |
|||||||||
Net interest income and net interest margin |
|
|
|
$ |
565,139 |
|
|
3.34 |
% |
|
|
|
$ |
599,861 |
|
|
3.96 |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Annualized. |
(2) |
|
Includes loans HFS. |
|
|||||||||||||||||
SELECTED RATIOS |
|||||||||||||||||
(unaudited) |
|||||||||||||||||
Table 7 |
|||||||||||||||||
|
|||||||||||||||||
|
|
Three Months Ended (1) |
|
Basis Point Change |
|||||||||||||
|
|
|
2 024 |
|
2 023 |
|
2 023 |
|
Qtr-o-Qtr |
|
Yr-o-Yr |
|
|||||
|
Return on average assets |
|
1.60 |
% |
|
1.37 |
% |
|
2.01 |
% |
|
23 |
|
bps |
(41 |
) |
bps |
|
Adjusted return on average assets (2) |
|
1.64 |
% |
|
1.63 |
% |
|
2.05 |
% |
|
1 |
|
|
(41 |
) |
|
|
Return on average common equity |
|
16.40 |
% |
|
14.16 |
% |
|
21.15 |
% |
|
224 |
|
|
(475 |
) |
|
|
Adjusted return on average common equity (2) |
|
16.81 |
% |
|
16.95 |
% |
|
21.61 |
% |
|
(14 |
) |
|
(480 |
) |
|
|
Return on average TCE (3) |
|
17.60 |
% |
|
15.26 |
% |
|
22.94 |
% |
|
234 |
|
|
(534 |
) |
|
|
Adjusted return on average TCE (3) |
|
18.05 |
% |
|
18.26 |
% |
|
23.44 |
% |
|
(21 |
) |
|
(539 |
) |
|
|
Interest rate spread |
|
2.12 |
% |
|
2.27 |
% |
|
2.91 |
% |
|
(15 |
) |
|
(79 |
) |
|
|
Net interest margin |
|
3.34 |
% |
|
3.48 |
% |
|
3.96 |
% |
|
(14 |
) |
|
(62 |
) |
|
|
Average loan yield |
|
6.71 |
% |
|
6.61 |
% |
|
6.14 |
% |
|
10 |
|
|
57 |
|
|
|
Yield on average interest-earning assets |
|
6.04 |
% |
|
6.00 |
% |
|
5.51 |
% |
|
4 |
|
|
53 |
|
|
|
Average cost of interest-bearing deposits |
|
3.85 |
% |
|
3.64 |
% |
|
2.49 |
% |
|
21 |
|
|
136 |
|
|
|
Average cost of deposits |
|
2.84 |
% |
|
2.60 |
% |
|
1.60 |
% |
|
24 |
|
|
124 |
|
|
|
Average cost of funds |
|
2.97 |
% |
|
2.74 |
% |
|
1.69 |
% |
|
23 |
|
|
128 |
|
|
|
Adjusted noninterest expense/average assets (4) |
|
1.25 |
% |
|
1.23 |
% |
|
1.27 |
% |
|
2 |
|
|
(2 |
) |
|
|
Efficiency ratio |
|
38.33 |
% |
|
44.37 |
% |
|
33.11 |
% |
|
(604 |
) |
|
522 |
|
|
|
Adjusted efficiency ratio (4) |
|
34.68 |
% |
|
33.07 |
% |
|
30.46 |
% |
|
161 |
|
bps |
422 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Annualized except for efficiency ratio and adjusted efficiency ratio. |
(2) |
|
Adjusted return on average assets and adjusted return on average common equity are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 12. |
(3) |
|
Return on average TCE and adjusted return on average TCE are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 11. |
(4) |
|
Adjusted noninterest expense/average assets and adjusted efficiency ratio are non-GAAP financial measures. See reconciliation of GAAP to non-GAAP measures in Table 10. |
|
|||||||||||||||||||||
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE SHEET CREDIT EXPOSURES |
|||||||||||||||||||||
($ in thousands) |
|||||||||||||||||||||
(unaudited) |
|||||||||||||||||||||
Table 8 |
|||||||||||||||||||||
|
|||||||||||||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||
|
|
|
Commercial |
|
Consumer |
|
|
||||||||||||||
|
|
|
C&I |
|
Total CRE |
|
Total Residential Mortgage |
|
Other Consumer |
|
Total |
||||||||||
Allowance for loan losses, |
|
|
$ |
392,685 |
|
|
$ |
215,436 |
|
|
$ |
58,965 |
|
$ |
1,657 |
|
|
$ |
668,743 |
|
|
(Reversal of) provision for credit losses on loans |
(a) |
|
|
(500 |
) |
|
|
23,985 |
|
|
|
801 |
|
|
|
(131 |
) |
|
|
24,155 |
|
Gross charge-offs |
|
|
|
(20,998 |
) |
|
|
(3,628 |
) |
|
|
— |
|
|
|
(58 |
) |
|
|
(24,684 |
) |
Gross recoveries |
|
|
|
1,710 |
|
|
|
344 |
|
|
|
53 |
|
|
|
— |
|
|
|
2,107 |
|
Total net (charge-offs) recoveries |
|
|
|
(19,288 |
) |
|
|
(3,284 |
) |
|
|
53 |
|
|
|
(58 |
) |
|
|
(22,577 |
) |
Foreign currency translation adjustment |
|
|
|
(41 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41 |
) |
Allowance for loan losses, |
|
|
$ |
372,856 |
|
|
$ |
236,137 |
|
|
$ |
59,819 |
|
|
$ |
1,468 |
|
|
$ |
670,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||
|
|
|
Commercial |
|
Consumer |
|
|
||||||||||||||
|
|
|
C&I |
|
Total CRE |
|
Total Residential Mortgage |
|
Other Consumer |
|
Total |
||||||||||
Allowance for loan losses, |
|
|
$ |
383,677 |
|
|
$ |
211,418 |
|
|
$ |
58,725 |
|
$ |
1,703 |
|
|
$ |
655,523 |
|
|
Provision for credit losses on loans |
(a) |
|
|
27,732 |
|
|
|
4,875 |
|
|
|
233 |
|
|
|
50 |
|
|
|
32,890 |
|
Gross charge-offs |
|
|
|
(20,264 |
) |
|
|
(1,213 |
) |
|
|
— |
|
|
|
(96 |
) |
|
|
(21,573 |
) |
Gross recoveries |
|
|
|
1,248 |
|
|
|
356 |
|
|
|
7 |
|
|
|
— |
|
|
|
1,611 |
|
Total net (charge-offs) recoveries |
|
|
|
(19,016 |
) |
|
|
(857 |
) |
|
|
7 |
|
|
|
(96 |
) |
|
|
(19,962 |
) |
Foreign currency translation adjustment |
|
|
|
292 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
292 |
|
Allowance for loan losses, |
|
|
$ |
392,685 |
|
|
$ |
215,436 |
|
|
$ |
58,965 |
|
|
$ |
1,657 |
|
|
$ |
668,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Three Months Ended |
||||||||||||||||||
|
|
|
Commercial |
|
Consumer |
|
|
||||||||||||||
|
|
|
C&I |
|
Total CRE |
|
Total Residential Mortgage |
|
Other Consumer |
|
Total |
||||||||||
Allowance for loan losses, |
|
|
$ |
371,700 |
|
|
$ |
182,346 |
|
|
$ |
40,039 |
|
|
$ |
1,560 |
|
|
$ |
595,645 |
|
Impact of ASU 2022-02 adoption |
|
|
|
5,683 |
|
|
|
343 |
|
|
|
2 |
|
|
|
— |
|
|
|
6,028 |
|
Allowance for loan losses, |
|
|
$ |
377,383 |
|
|
$ |
182,689 |
|
|
$ |
40,041 |
|
|
$ |
1,560 |
|
|
$ |
601,673 |
|
(Reversal of) provision for credit losses on loans |
(a) |
|
|
(678 |
) |
|
|
6,021 |
|
|
|
13,022 |
|
|
|
155 |
|
|
|
18,520 |
|
Gross charge-offs |
|
|
|
(1,900 |
) |
|
|
(6 |
) |
|
|
(91 |
) |
|
|
(40 |
) |
|
|
(2,037 |
) |
Gross recoveries |
|
|
|
1,211 |
|
|
|
211 |
|
|
|
6 |
|
|
|
— |
|
|
|
1,428 |
|
Total net (charge-offs) recoveries |
|
|
|
(689 |
) |
|
|
205 |
|
|
|
(85 |
) |
|
|
(40 |
) |
|
|
(609 |
) |
Foreign currency translation adjustment |
|
|
|
309 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
309 |
|
Allowance for loan losses, |
|
|
$ |
376,325 |
|
|
$ |
188,915 |
|
|
$ |
52,978 |
|
|
$ |
1,675 |
|
|
$ |
619,893 |
|
|
|||||||||||||||||||||
|
|||||||||||||
ALLOWANCE FOR LOAN LOSSES & OFF-BALANCE-SHEET CREDIT EXPOSURES |
|||||||||||||
($ in thousands) |
|||||||||||||
(unaudited) |
|||||||||||||
Table 8 (continued) |
|||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
Three Months Ended |
||||||||||
|
|
|
|
|
|
|
|
||||||
Unfunded Credit Facilities |
|
|
|
|
|
|
|
||||||
Allowance for unfunded credit commitments, beginning of period (1) |
|
|
$ |
37,699 |
|
$ |
33,589 |
|
$ |
26,264 |
|||
Provision for credit losses on unfunded credit commitments |
(b) |
|
|
845 |
|
|
|
4,110 |
|
|
|
1,480 |
|
Foreign currency translation adjustment |
|
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
Allowance for unfunded credit commitments, end of period (1) |
|
|
$ |
38,544 |
|
|
$ |
37,699 |
|
|
$ |
27,741 |
|
|
|
|
|
|
|
|
|
||||||
Provision for credit losses |
(a)+(b) |
|
$ |
25,000 |
|
|
$ |
37,000 |
|
|
$ |
20,000 |
|
|
|
|
|
|
|
|
|
(1) |
|
Included in Accrued expenses and other liabilities on the Condensed Consolidated Balance Sheet. |
|
|
||||||||||||
|
CRITICIZED LOANS, NONPERFORMING ASSETS AND CREDIT QUALITY RATIOS |
||||||||||||
|
($ in thousands) |
||||||||||||
|
(unaudited) |
||||||||||||
Table 9 |
|||||||||||||
|
|||||||||||||
Criticized Loans |
|
|
|
|
|
|
|||||||
Special mention loans |
|
$ |
543,573 |
|
|
$ |
404,241 |
|
|
$ |
461,356 |
|
|
Classified loans |
|
|
651,485 |
|
|
|
573,969 |
|
|
|
452,715 |
|
|
Total criticized loans (1) |
|
$ |
1,195,058 |
|
|
$ |
978,210 |
|
|
$ |
914,071 |
|
|
|
|||||||||||||
|
|||||||||||||
|
|||||||||||||
Nonperforming Assets |
|
|
|
|
|
|
|||||||
Nonaccrual loans: |
|
|
|
|
|
|
|||||||
Commercial: |
|
|
|
|
|
|
|||||||
|
C&I |
|
$ |
48,962 |
|
|
$ |
37,036 |
|
|
$ |
43,747 |
|
|
Total CRE |
|
|
51,888 |
|
|
|
27,918 |
|
|
|
19,427 |
|
Consumer: |
|
|
|
|
|
|
|||||||
|
Total residential mortgage |
|
|
47,167 |
|
|
|
37,788 |
|
|
|
29,585 |
|
|
Other consumer |
|
|
162 |
|
|
|
132 |
|
|
|
366 |
|
|
Total nonaccrual loans |
|
|
148,179 |
|
|
|
102,874 |
|
|
|
93,125 |
|
Other real estate owned, net |
|
|
16,692 |
|
|
|
11,141 |
|
|
|
270 |
|
|
|
Total nonperforming assets |
|
$ |
164,871 |
|
|
$ |
114,015 |
|
|
$ |
93,395 |
|
|
|||||||||||||
|
|||||||||||||
|
|||||||||||||
Credit Quality Ratios |
|
|
|
|
|
|
|||||||
Annualized quarterly net charge-offs to average loans HFI |
|
|
0.17 |
% |
|
|
0.15 |
% |
|
|
0.01 |
% |
|
Special mention loans to loans HFI |
|
|
1.05 |
% |
|
|
0.77 |
% |
|
|
0.94 |
% |
|
Classified loans to loans HFI |
|
|
1.25 |
% |
|
|
1.10 |
% |
|
|
0.93 |
% |
|
Criticized loans to loans HFI |
|
|
2.30 |
% |
|
|
1.87 |
% |
|
|
1.87 |
% |
|
Nonperforming assets to total assets |
|
|
0.23 |
% |
|
|
0.16 |
% |
|
|
0.14 |
% |
|
Nonaccrual loans to loans HFI |
|
|
0.29 |
% |
|
|
0.20 |
% |
|
|
0.19 |
% |
|
Allowance for loan losses to loans HFI |
|
|
1.29 |
% |
|
|
1.28 |
% |
|
|
1.27 |
% |
|
|
(1) |
|
Excludes loans HFS. |
|
||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION |
||||||||||||||||
($ in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
Table 10 | ||||||||||||||||
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision income represents total adjusted revenue less adjusted noninterest expense. Adjusted revenue excludes the net gain/loss related to an AFS debt security that was written-off in the first quarter of 2023 and subsequently sold during the fourth quarter of 2023. Adjusted noninterest expense excludes the amortization of tax credit and other investments, the amortization of core deposit intangibles, the |
||||||||||||||||
|
||||||||||||||||
|
|
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net interest income before provision for credit losses |
|
(a) |
|
$ |
565,139 |
|
|
$ |
574,834 |
|
|
$ |
599,861 |
|
||
Total noninterest income |
|
|
|
|
78,988 |
|
|
|
79,903 |
|
|
|
59,978 |
|
||
Total revenue |
|
(b) |
|
$ |
644,127 |
|
|
$ |
654,737 |
|
|
$ |
659,839 |
|
||
Noninterest income |
|
|
|
|
78,988 |
|
|
|
79,903 |
|
|
|
59,978 |
|
||
Less/add: |
Net (gains)/losses on AFS debt securities |
|
|
|
|
— |
|
|
|
(3,138 |
) |
|
|
10,000 |
|
|
Adjusted noninterest income |
|
(c) |
|
|
78,988 |
|
|
|
76,765 |
|
|
|
69,978 |
|
||
Adjusted revenue |
|
(a)+(c) = (d) |
|
$ |
644,127 |
|
|
$ |
651,599 |
|
|
$ |
669,839 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Total noninterest expense |
|
(e) |
|
$ |
246,875 |
|
|
$ |
290,498 |
|
|
$ |
218,447 |
|
||
Less: |
Amortization of tax credit and other investments |
|
|
|
|
(13,207 |
) |
|
|
(4,581 |
) |
|
|
(10,110 |
) |
|
Amortization of core deposit intangibles |
|
|
|
|
— |
|
|
|
(441 |
) |
|
|
(441 |
) |
||
|
|
|
|
|
(10,305 |
) |
|
|
(69,986 |
) |
|
|
— |
|
||
Repurchase agreements’ extinguishment cost |
|
|
|
|
— |
|
|
|
— |
|
|
|
(3,872 |
) |
||
Adjusted noninterest expense |
|
(f) |
|
$ |
223,363 |
|
|
$ |
215,490 |
|
|
$ |
204,024 |
|
||
Efficiency ratio |
|
(e)/(b) |
|
|
38.33 |
% |
|
|
44.37 |
% |
|
|
33.11 |
% |
||
Adjusted efficiency ratio |
|
(f)/(d) |
|
|
34.68 |
% |
|
|
33.07 |
% |
|
|
30.46 |
% |
||
Pre-tax, pre-provision income |
|
(b)-(e) = (g) |
|
$ |
397,252 |
|
|
$ |
364,239 |
|
|
$ |
441,392 |
|
||
Adjusted pre-tax, pre-provision income |
|
(d)-(f) = (h) |
|
$ |
420,764 |
|
|
$ |
436,109 |
|
|
$ |
465,815 |
|
||
Average total assets |
|
(i) |
|
$ |
71,678,396 |
|
|
$ |
69,421,959 |
|
|
$ |
65,113,604 |
|
||
Adjusted noninterest expense/average assets (1) |
|
(f)/(i) |
|
|
1.25 |
% |
|
|
1.23 |
% |
|
|
1.27 |
% |
||
|
|
|
|
|
|
|
|
(1) |
|
Annualized. |
|
||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION |
||||||||||||||||
($ in thousands) |
||||||||||||||||
(unaudited) |
||||||||||||||||
Table 11 | ||||||||||||||||
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible book value, tangible book value per share and TCE ratio are non-GAAP financial measures. Tangible book value and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion. | ||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Stockholders’ equity |
|
(a) |
|
$ |
7,023,232 |
|
|
$ |
6,950,834 |
|
|
$ |
6,309,331 |
|
||
Less: |
|
|
|
|
|
(465,697 |
) |
|
|
(465,697 |
) |
|
|
(465,697 |
) |
|
Other intangible assets (1) |
|
|
|
|
(6,234 |
) |
|
|
(6,602 |
) |
|
|
(7,201 |
) |
||
Tangible book value |
|
(b) |
|
$ |
6,551,301 |
|
|
$ |
6,478,535 |
|
|
$ |
5,836,433 |
|
||
|
|
|
|
|
|
|
|
|||||||||
Number of common shares at period-end |
|
(c) |
|
|
139,121 |
|
|
|
140,027 |
|
|
|
141,396 |
|
||
Book value per share |
|
(a)/(c) |
|
$ |
50.48 |
|
|
$ |
49.64 |
|
|
$ |
44.62 |
|
||
Tangible book value per share |
|
(b)/(c) |
|
$ |
47.09 |
|
|
$ |
46.27 |
|
|
$ |
41.28 |
|
||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
|
(d) |
|
$ |
70,875,670 |
|
|
$ |
69,612,884 |
|
|
$ |
67,244,898 |
|
||
Less: |
|
|
|
|
|
(465,697 |
) |
|
|
(465,697 |
) |
|
|
(465,697 |
) |
|
Other intangible assets (1) |
|
|
|
|
(6,234 |
) |
|
|
(6,602 |
) |
|
|
(7,201 |
) |
||
Tangible assets |
|
(e) |
|
$ |
70,403,739 |
|
|
$ |
69,140,585 |
|
|
$ |
66,772,000 |
|
||
Total stockholders’ equity to assets ratio |
|
(a)/(d) |
|
|
9.91 |
% |
|
|
9.98 |
% |
|
|
9.38 |
% |
||
TCE ratio |
|
(b)/(e) |
|
|
9.31 |
% |
|
|
9.37 |
% |
|
|
8.74 |
% |
||
Return on average TCE represents tangible net income divided by average tangible book value. Adjusted return on average TCE represents adjusted tangible net income divided by average tangible book value. Tangible net income excludes the after-tax impacts of the amortization of core deposit intangibles and mortgage servicing assets. Adjusted tangible net income excludes the after-tax impacts of the tangible net income adjustments, the |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Three Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
(e) |
|
$ |
285,075 |
|
|
$ |
238,953 |
|
|
$ |
322,439 |
|
||
Add: |
Amortization of core deposit intangibles |
|
|
|
|
— |
|
|
|
441 |
|
|
|
441 |
|
|
Amortization of mortgage servicing assets |
|
|
|
|
308 |
|
|
|
302 |
|
|
|
356 |
|
||
Tax effect of amortization adjustments (2) |
|
|
|
|
(91 |
) |
|
|
(220 |
) |
|
|
(233 |
) |
||
Tangible net income |
|
(f) |
|
$ |
285,292 |
|
|
$ |
239,476 |
|
|
$ |
323,003 |
|
||
Add: |
|
|
|
|
|
10,305 |
|
|
|
69,986 |
|
|
|
— |
|
|
Less/add: |
Net (gains)/losses on AFS debt securities |
|
|
|
|
— |
|
|
|
(3,138 |
) |
|
|
10,000 |
|
|
Tax effect of adjustments (2) |
|
|
|
|
(3,046 |
) |
|
|
(19,760 |
) |
|
|
(2,929 |
) |
||
Adjusted tangible net income |
|
(g) |
|
$ |
292,551 |
|
|
$ |
286,564 |
|
|
$ |
330,074 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Average stockholders’ equity |
|
(h) |
|
$ |
6,992,558 |
|
|
$ |
6,695,852 |
|
|
$ |
6,183,324 |
|
||
Less: |
Average goodwill |
|
|
|
|
(465,697 |
) |
|
|
(465,697 |
) |
|
|
(465,697 |
) |
|
Average other intangible assets (1) |
|
|
|
|
(6,473 |
) |
|
|
(5,434 |
) |
|
|
(7,696 |
) |
||
Average tangible book value |
|
(i) |
|
$ |
6,520,388 |
|
|
$ |
6,224,721 |
|
|
$ |
5,709,931 |
|
||
Return on average common equity (3) |
|
(e)/(h) |
|
|
16.40 |
% |
|
|
14.16 |
% |
|
|
21.15 |
% |
||
Return on average TCE (3) |
|
(f)/(i) |
|
|
17.60 |
% |
|
|
15.26 |
% |
|
|
22.94 |
% |
||
Adjusted return on average TCE (3) |
|
(g)/(i) |
|
|
18.05 |
% |
|
|
18.26 |
% |
|
|
23.44 |
% |
||
(1) |
|
Includes core deposit intangibles and mortgage servicing assets. |
(2) |
|
Applied statutory tax rate of 29.56% for the three months ended |
(3) |
|
Annualized. |
|
||||||||||||||||||||
GAAP TO NON-GAAP RECONCILIATION |
||||||||||||||||||||
($ and shares in thousands, except for per share data) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
Table 12 | ||||||||||||||||||||
During the first quarter of 2024 and fourth quarter of 2023, the Company recorded |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
|
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Net income |
|
(a) |
|
$ |
285,075 |
|
|
$ |
238,953 |
|
|
$ |
322,439 |
|
||||||
Add: |
|
|
|
|
|
10,305 |
|
|
|
69,986 |
|
|
|
— |
|
|||||
Less/add: |
Net (gains)/losses on AFS debt securities |
|
|
|
|
— |
|
|
|
(3,138 |
) |
|
|
10,000 |
|
|||||
Tax effect of adjustments (1) |
|
|
|
|
(3,046 |
) |
|
|
(19,760 |
) |
|
|
(2,929 |
) |
||||||
Adjusted net income |
|
(b) |
|
$ |
292,334 |
|
|
$ |
286,041 |
|
|
$ |
329,510 |
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Diluted weighted-average number of shares outstanding |
|
|
|
|
140,261 |
|
|
|
141,409 |
|
|
|
141,913 |
|
||||||
Diluted EPS |
|
|
|
$ |
2.03 |
|
|
$ |
1.69 |
|
|
$ |
2.27 |
|
||||||
Add: |
|
|
|
|
|
0.05 |
|
|
|
0.35 |
|
|
|
— |
|
|||||
Less/add: |
Net (gains)/losses on AFS debt securities |
|
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
0.05 |
|
|||||
Adjusted diluted EPS |
|
|
|
$ |
2.08 |
|
|
$ |
2.02 |
|
|
$ |
2.32 |
|
||||||
|
|
|
|
|
|
|
|
|
||||||||||||
Average total assets |
|
(c) |
|
$ |
71,678,396 |
|
|
$ |
69,421,959 |
|
|
$ |
65,113,604 |
|
||||||
Average stockholders’ equity |
|
(d) |
|
$ |
6,992,558 |
|
|
$ |
6,695,852 |
|
|
$ |
6,183,324 |
|
||||||
Return on average assets (2) |
|
(a)/(c) |
|
|
1.60 |
% |
|
|
1.37 |
% |
|
|
2.01 |
% |
||||||
Adjusted return on average assets (2) |
|
(b)/(c) |
|
|
1.64 |
% |
|
|
1.63 |
% |
|
|
2.05 |
% |
||||||
Return on average common equity (2) |
|
(a)/(d) |
|
|
16.40 |
% |
|
|
14.16 |
% |
|
|
21.15 |
% |
||||||
Adjusted return on average common equity (2) |
|
(b)/(d) |
|
|
16.81 |
% |
|
|
16.95 |
% |
|
|
21.61 |
% |
||||||
Return on average TCE (2) (3) |
|
|
|
|
17.60 |
% |
|
|
15.26 |
% |
|
|
22.94 |
% |
||||||
Adjusted return on average TCE (2)(3) |
|
|
|
|
18.05 |
% |
|
|
18.26 |
% |
|
|
23.44 |
% |
||||||
(1) |
|
Applied statutory tax rate of 29.56% for the three months ended |
(2) |
|
Annualized. |
(3) |
|
Refer to Table 11 for the calculation of the return on average TCE and adjusted return on average TCE ratios. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240423508415/en/
FOR INVESTOR INQUIRIES, CONTACT:
Chief Financial Officer
T: (626) 768-6860
E: chris.delmoralniles@eastwestbank.com
Director of Investor Relations
T: (626) 788-7536
E: adrienne.atkinson@eastwestbank.com
Source: