Companies: 10,652     total market cap: $140.563 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
East West Bancorp
EWBC
#1399
Rank
$16.21 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$117.83
Share price
0.50%
Change (1 day)
22.23%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. East West Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q3

East West Bancorp - 10-Q quarterly report FY2024 Q3


Text size:
000106915712/312024Q3falsehttp://fasb.org/us-gaap/2024#AccountingStandardsUpdate202202Memberhttp://fasb.org/us-gaap/2024#AccountingStandardsUpdate202302Memberhttp://www.eastwestbank.com/20240930#Lendingfeeshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#AccruedLiabilitiesAndOtherLiabilitieshttp://fasb.org/us-gaap/2024#OtherAssetshttp://fasb.org/us-gaap/2024#AccruedLiabilitiesAndOtherLiabilitiesxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesewbc:trustxbrli:pureewbc:securityutr:Boeutr:MMBTUewbc:companyewbc:Contractutr:Qewbc:segment00010691572024-01-012024-09-3000010691572024-10-3100010691572024-09-3000010691572023-12-3100010691572024-07-012024-09-3000010691572023-07-012023-09-3000010691572023-01-012023-09-300001069157us-gaap:CommonStockMember2023-06-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-06-300001069157us-gaap:RetainedEarningsMember2023-06-300001069157us-gaap:TreasuryStockCommonMember2023-06-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-3000010691572023-06-300001069157us-gaap:RetainedEarningsMember2023-07-012023-09-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001069157us-gaap:CommonStockMember2023-07-012023-09-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-07-012023-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:CommonStockMember2023-07-012023-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:TreasuryStockCommonMember2023-07-012023-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMember2023-07-012023-09-300001069157us-gaap:CommonStockMember2023-09-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-09-300001069157us-gaap:RetainedEarningsMember2023-09-300001069157us-gaap:TreasuryStockCommonMember2023-09-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-3000010691572023-09-300001069157us-gaap:CommonStockMember2024-06-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-06-300001069157us-gaap:RetainedEarningsMember2024-06-300001069157us-gaap:TreasuryStockCommonMember2024-06-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-3000010691572024-06-300001069157us-gaap:RetainedEarningsMember2024-07-012024-09-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001069157us-gaap:CommonStockMember2024-07-012024-09-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-07-012024-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:CommonStockMember2024-07-012024-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:TreasuryStockCommonMember2024-07-012024-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMember2024-07-012024-09-300001069157us-gaap:CommonStockMember2024-09-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-09-300001069157us-gaap:RetainedEarningsMember2024-09-300001069157us-gaap:TreasuryStockCommonMember2024-09-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001069157us-gaap:CommonStockMember2022-12-310001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310001069157us-gaap:RetainedEarningsMember2022-12-310001069157us-gaap:TreasuryStockCommonMember2022-12-310001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-3100010691572022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-12-310001069157us-gaap:RetainedEarningsMember2023-01-012023-09-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300001069157us-gaap:CommonStockMember2023-01-012023-09-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:CommonStockMember2023-01-012023-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:TreasuryStockCommonMember2023-01-012023-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMember2023-01-012023-09-300001069157us-gaap:CommonStockMember2023-12-310001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310001069157us-gaap:RetainedEarningsMember2023-12-310001069157us-gaap:TreasuryStockCommonMember2023-12-310001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2023-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-12-310001069157us-gaap:RetainedEarningsMember2024-01-012024-09-300001069157us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300001069157us-gaap:CommonStockMember2024-01-012024-09-300001069157us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:CommonStockMember2024-01-012024-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMemberus-gaap:TreasuryStockCommonMember2024-01-012024-09-300001069157ewbc:StockCompensationPlansAndAgreementsVariousPlansAndAgreementsMember2024-01-012024-09-300001069157ewbc:StockRepurchasePlanMemberus-gaap:CommonStockMember2024-01-012024-09-300001069157ewbc:StockRepurchasePlanMemberus-gaap:TreasuryStockCommonMember2024-01-012024-09-300001069157ewbc:StockRepurchasePlanMember2024-01-012024-09-3000010691572022-01-012022-12-3100010691572023-01-012023-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate202302Member2023-12-310001069157us-gaap:CommonStockMemberewbc:VisaB1Member2024-04-080001069157us-gaap:CommonStockMemberewbc:VisaB2Member2024-04-080001069157us-gaap:CommonStockMemberewbc:VisaCMember2024-04-080001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:VisaCMember2024-09-300001069157ewbc:RayliantGlobalAdvisorsLimitedMember2023-09-300001069157ewbc:RayliantGlobalAdvisorsLimitedMember2023-07-012023-09-300001069157ewbc:RayliantGlobalAdvisorsLimitedMemberewbc:PerformanceBasedRestrictedStockUnitsMembersrt:MinimumMember2023-07-012023-09-300001069157ewbc:RayliantGlobalAdvisorsLimitedMemberewbc:PerformanceBasedRestrictedStockUnitsMembersrt:MaximumMember2023-07-012023-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasurySecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberewbc:ForeignGovernmentBondsMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AssetBackedSecuritiesMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedLoanObligationsMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:InterestRateContractMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ForeignExchangeContractMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CreditRiskContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CreditRiskContractMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquityContractMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommodityContractMember2023-12-310001069157us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember2024-09-300001069157us-gaap:GovernmentNationalMortgageAssociationGnmaInsuredLoansMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-06-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-07-012024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-07-012023-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-01-012023-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300001069157us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberewbc:BlackScholesOptionPricingModelMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberewbc:BlackScholesOptionPricingModelMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberewbc:BlackScholesOptionPricingModelMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberewbc:PayoutDesignatedBasedOnOperatingRevenueAndOperatingEBITDAOfInvesteeMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberewbc:PayoutDesignatedBasedOnOperatingRevenueAndOperatingEBITDAOfInvesteeMember2024-09-300001069157us-gaap:FairValueMeasurementsRecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberewbc:BlackScholesOptionPricingModelMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberewbc:BlackScholesOptionPricingModelMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputPriceVolatilityMemberewbc:BlackScholesOptionPricingModelMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:MeasurementInputDiscountForLackOfMarketabilityMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberus-gaap:FairValueMeasurementsRecurringMemberewbc:PayoutDesignatedBasedOnOperatingRevenueAndOperatingEBITDAOfInvesteeMember2023-12-310001069157us-gaap:FairValueMeasurementsRecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquityContractMemberewbc:PayoutDesignatedBasedOnOperatingRevenueAndOperatingEBITDAOfInvesteeMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstateMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:MultifamilyResidentialMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ConstructionAndLandLoanMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:TotalCommercialRealEstateMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:TotalCommercialRealEstateMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:TotalCommercialRealEstateMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:TotalCommercialRealEstateMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMembersrt:SingleFamilyMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:HomeEquityMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2024-07-012024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2023-07-012023-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2024-01-012024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:LoansReceivableMember2023-01-012023-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2024-07-012024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-07-012023-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2024-01-012024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-01-012023-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2024-07-012024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2023-07-012023-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2024-01-012024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMemberewbc:OtherRealEstateOwnedMember2023-01-012023-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfCollateralContractValueMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2024-09-300001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMemberewbc:OtherRealEstateOwnedMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberewbc:ValuationTechniqueFairValueOfCollateralDiscountMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfCollateralContractValueMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:MeasurementInputCostToSellMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2023-12-310001069157us-gaap:FairValueMeasurementsNonrecurringMembersrt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCostToSellMemberewbc:ValuationTechniqueFairValueOfValuationTechniqueFairValueOfPropertySellingCostMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberewbc:ValuationTechniqueIndividualAnalysisMemberewbc:AffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-12-310001069157us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001069157us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001069157us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001069157us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001069157us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001069157us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001069157us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001069157us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001069157us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001069157us-gaap:USTreasurySecuritiesMember2024-09-300001069157us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-09-300001069157ewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157ewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157us-gaap:USStatesAndPoliticalSubdivisionsMember2024-09-300001069157us-gaap:CommercialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:ResidentialMortgageBackedSecuritiesMember2024-09-300001069157us-gaap:CorporateDebtSecuritiesMember2024-09-300001069157ewbc:ForeignGovernmentBondsMember2024-09-300001069157us-gaap:AssetBackedSecuritiesMember2024-09-300001069157us-gaap:CollateralizedLoanObligationsMember2024-09-300001069157us-gaap:USTreasurySecuritiesMember2023-12-310001069157us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2023-12-310001069157ewbc:CommercialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157ewbc:ResidentialMortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310001069157us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310001069157us-gaap:CorporateDebtSecuritiesMember2023-12-310001069157ewbc:ForeignGovernmentBondsMember2023-12-310001069157us-gaap:AssetBackedSecuritiesMember2023-12-310001069157us-gaap:CollateralizedLoanObligationsMember2023-12-310001069157ewbc:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2024-09-300001069157ewbc:NonAgencyMortgageBackedSecuritiesMember2024-09-300001069157ewbc:MortgageBackedSecuritiesIssuedByUSGovernmentAgenciesAndGovernmentSponsoredEnterpriseMember2023-12-310001069157ewbc:NonAgencyMortgageBackedSecuritiesMember2023-12-3100010691572023-01-012023-03-310001069157us-gaap:AssetPledgedAsCollateralMember2024-09-300001069157us-gaap:AssetPledgedAsCollateralMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberewbc:LondonClearingHouseChicagoMercantileExchangeMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberewbc:LondonClearingHouseChicagoMercantileExchangeMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001069157us-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001069157us-gaap:DesignatedAsHedgingInstrumentMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:EquityContractMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:EquityContractMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:NondesignatedMember2024-09-300001069157us-gaap:NondesignatedMember2023-12-310001069157srt:CrudeOilMemberus-gaap:NondesignatedMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:NondesignatedMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:NondesignatedMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:NondesignatedMember2023-01-012023-12-310001069157ewbc:EquityPrivateCompaniesMemberus-gaap:NondesignatedMember2024-09-300001069157ewbc:EquityPublicCompaniesMemberus-gaap:NondesignatedMember2024-09-300001069157ewbc:EquityPrivateCompaniesMemberus-gaap:NondesignatedMember2023-12-310001069157ewbc:EquityPublicCompaniesMemberus-gaap:NondesignatedMember2023-12-310001069157ewbc:RayliantGlobalAdvisorsLimitedMemberus-gaap:NondesignatedMemberewbc:PerformanceBasedRestrictedStockSettledinStockMember2023-12-310001069157ewbc:RayliantGlobalAdvisorsLimitedMemberus-gaap:NondesignatedMemberewbc:PerformanceBasedRestrictedStockSettledinStockMember2024-09-300001069157ewbc:CommercialBankingMemberus-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2024-07-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2023-07-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2024-01-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2023-01-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMember2024-07-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMember2023-07-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMember2024-01-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestIncomeMember2023-01-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberewbc:NoninterestIncomeMember2024-07-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberewbc:NoninterestIncomeMember2023-07-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberewbc:NoninterestIncomeMember2024-01-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberewbc:NoninterestIncomeMember2023-01-012023-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMembersrt:MaximumMember2023-01-012023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMembersrt:MaximumMember2024-01-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:WrittenOptionMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:WrittenOptionMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsandCorridorsMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsandCorridorsMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:ForwardAndSpotMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:ForwardAndSpotMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:PurchasedOptionsMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:PurchasedOptionsMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310001069157us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-09-300001069157us-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:PurchasedOptionsMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:PurchasedOptionsMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsandCorridorsMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsandCorridorsMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:ForwardAndSpotMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:ForwardAndSpotMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:WrittenOptionMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:WrittenOptionMember2023-12-310001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001069157us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-09-300001069157us-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-01-012023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2023-01-012023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-01-012023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberus-gaap:SwapMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:CollarsMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:WrittenOptionMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:WrittenOptionMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:WrittenOptionMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMemberewbc:WrittenOptionMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310001069157us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2024-09-300001069157us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentTradingMember2023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2023-01-012023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2023-01-012023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-01-012024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-09-300001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001069157srt:CrudeOilMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberus-gaap:SwapMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:CollarsMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:PurchasedOptionsMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:PurchasedOptionsMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:PurchasedOptionsMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMemberewbc:PurchasedOptionsMember2023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-01-012024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-09-300001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-01-012023-12-310001069157srt:NaturalGasReservesMemberus-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001069157us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2024-09-300001069157us-gaap:CommodityContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2023-12-310001069157us-gaap:CreditRiskContractMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2024-01-012024-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2023-01-012023-12-310001069157us-gaap:CreditRiskContractMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:ShortMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:CreditRiskContractMemberus-gaap:LongMemberus-gaap:NondesignatedMember2024-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:LongMemberus-gaap:NondesignatedMember2023-12-310001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2024-07-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2023-07-012023-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2024-01-012024-09-300001069157us-gaap:InterestRateContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2023-01-012023-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2024-07-012024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2023-07-012023-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2024-01-012024-09-300001069157us-gaap:ForeignExchangeContractMemberus-gaap:NondesignatedMemberus-gaap:ForeignCurrencyGainLossMember2023-01-012023-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2024-07-012024-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2023-07-012023-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2024-01-012024-09-300001069157us-gaap:CreditRiskContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2023-01-012023-09-300001069157us-gaap:EquityContractMemberus-gaap:NondesignatedMemberewbc:LendingfeesMember2024-07-012024-09-300001069157us-gaap:EquityContractMemberus-gaap:NondesignatedMemberewbc:LendingfeesMember2023-07-012023-09-300001069157us-gaap:EquityContractMemberus-gaap:NondesignatedMemberewbc:LendingfeesMember2024-01-012024-09-300001069157us-gaap:EquityContractMemberus-gaap:NondesignatedMemberewbc:LendingfeesMember2023-01-012023-09-300001069157us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2024-07-012024-09-300001069157us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2023-07-012023-09-300001069157us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2024-01-012024-09-300001069157us-gaap:CommodityContractMemberus-gaap:NondesignatedMemberewbc:CustomerDerivativeIncomeMember2023-01-012023-09-300001069157us-gaap:NondesignatedMember2024-07-012024-09-300001069157us-gaap:NondesignatedMember2023-07-012023-09-300001069157us-gaap:NondesignatedMember2024-01-012024-09-300001069157us-gaap:NondesignatedMember2023-01-012023-09-300001069157ewbc:CreditRiskRelatedContingentFeaturesMember2024-09-300001069157ewbc:CreditRiskRelatedContingentFeaturesMember2023-12-310001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157ewbc:TotalCommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157ewbc:TotalCommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMember2023-12-310001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157ewbc:TotalResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157ewbc:TotalResidentialMortgageMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedAccrualMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberewbc:CommercialAndIndustrialLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedAccrualMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberus-gaap:CommercialRealEstateMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMembersrt:MultifamilyMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedAccrualMembersrt:MultifamilyMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMembersrt:MultifamilyMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMembersrt:MultifamilyMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberewbc:ConstructionAndLandLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberewbc:ConstructionAndLandLoanMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:ConstructionAndLandLoanMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:TotalCommercialRealEstateMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedAccrualMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedNonaccrualMembersrt:SingleFamilyMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMembersrt:SingleFamilyMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMemberus-gaap:HomeEquityMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedAccrualMemberus-gaap:HomeEquityMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberus-gaap:HomeEquityMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:TotalResidentialMortgageMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMemberewbc:OtherConsumerMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedAccrualMemberewbc:OtherConsumerMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberewbc:OtherConsumerMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:OtherConsumerMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMember2024-01-012024-09-300001069157us-gaap:PassMember2024-09-300001069157ewbc:CriticizedAccrualMember2024-09-300001069157ewbc:CriticizedNonaccrualMember2024-09-300001069157ewbc:GrossWriteoffMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedAccrualMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberewbc:CommercialAndIndustrialLoanMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedAccrualMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberus-gaap:CommercialRealEstateMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberus-gaap:CommercialRealEstateMember2023-01-012023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMembersrt:MultifamilyMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedAccrualMembersrt:MultifamilyMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CriticizedNonaccrualMembersrt:MultifamilyMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMembersrt:MultifamilyMember2023-01-012023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMemberewbc:ConstructionAndLandLoanMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:TotalCommercialRealEstateMember2023-01-012023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:GrossWriteoffMember2023-01-012023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMembersrt:SingleFamilyMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedAccrualMembersrt:SingleFamilyMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedNonaccrualMembersrt:SingleFamilyMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedAccrualMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberus-gaap:HomeEquityMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMemberus-gaap:HomeEquityMember2023-01-012023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMemberewbc:TotalResidentialMortgageMember2023-01-012023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMemberewbc:OtherConsumerMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:CriticizedNonaccrualMemberewbc:OtherConsumerMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:GrossWriteoffMember2023-01-012023-12-310001069157us-gaap:PassMember2023-12-310001069157ewbc:CriticizedAccrualMember2023-12-310001069157ewbc:CriticizedNonaccrualMember2023-12-310001069157ewbc:GrossWriteoffMember2023-01-012023-12-310001069157us-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ConsumerLoanMember2024-07-012024-09-300001069157us-gaap:ConsumerLoanMember2024-01-012024-09-300001069157us-gaap:ConsumerLoanMember2023-07-012023-09-300001069157us-gaap:ConsumerLoanMember2023-01-012023-09-300001069157us-gaap:FederalHousingAdministrationLoanMemberus-gaap:PassMember2023-12-310001069157us-gaap:FederalHousingAdministrationLoanMemberus-gaap:PassMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:FinancialAssetNotPastDueMember2024-09-300001069157us-gaap:FinancingReceivables30To59DaysPastDueMember2024-09-300001069157us-gaap:FinancingReceivables60To89DaysPastDueMember2024-09-300001069157us-gaap:FinancialAssetPastDueMember2024-09-300001069157us-gaap:NonperformingFinancingReceivableMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:CommercialPortfolioSegmentMemberewbc:TotalCommercialRealEstateMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:FinancialAssetPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:NonperformingFinancingReceivableMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:TotalResidentialMortgageMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:FinancialAssetPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:NonperformingFinancingReceivableMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310001069157us-gaap:FinancialAssetNotPastDueMember2023-12-310001069157us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310001069157us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310001069157us-gaap:FinancialAssetPastDueMember2023-12-310001069157us-gaap:NonperformingFinancingReceivableMember2023-12-310001069157us-gaap:ResidentialRealEstateMember2024-09-300001069157us-gaap:ResidentialRealEstateMember2023-12-310001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-07-012024-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-07-012024-09-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-07-012024-09-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMember2024-07-012024-09-300001069157us-gaap:PaymentDeferralMember2024-07-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMember2024-07-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMember2024-07-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-07-012023-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-07-012023-09-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-07-012023-09-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-07-012023-09-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMember2023-07-012023-09-300001069157us-gaap:PaymentDeferralMember2023-07-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMember2023-07-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMember2023-07-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-01-012024-09-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2024-01-012024-09-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMember2024-01-012024-09-300001069157us-gaap:PaymentDeferralMember2024-01-012024-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMember2024-01-012024-09-300001069157ewbc:RateReductionAndPaymentDelayMember2024-01-012024-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMember2023-01-012023-09-300001069157ewbc:ExtendedMaturityAndPaymentDeferralMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityAndInterestRateReductionMember2023-01-012023-09-300001069157ewbc:RateReductionAndPaymentDelayMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-07-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-07-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-07-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-07-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-07-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2024-01-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-01-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2024-01-012024-09-300001069157us-gaap:PrincipalForgivenessMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2023-01-012023-09-300001069157us-gaap:InterestRateBelowMarketReductionMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2023-01-012023-09-300001069157us-gaap:ExtendedMaturityMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2023-01-012023-09-300001069157us-gaap:PaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2023-01-012023-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-07-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-07-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMember2024-07-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2024-01-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2024-01-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:CombinationTermExtensionAndPaymentDelayMember2024-01-012024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberewbc:FinancingReceivables30To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberewbc:FinancingReceivables30To89DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001069157ewbc:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberewbc:FinancingReceivables30To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberewbc:FinancingReceivables30To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberewbc:FinancingReceivables30To89DaysPastDueMember2024-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001069157ewbc:FinancingReceivables30To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-09-300001069157ewbc:FinancingReceivables30To89DaysPastDueMember2024-09-300001069157us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberewbc:FinancingReceivables30To89DaysPastDueMember2023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberewbc:FinancingReceivables30To89DaysPastDueMember2023-09-300001069157us-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157ewbc:FinancingReceivables30To89DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157us-gaap:CommercialPortfolioSegmentMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberewbc:FinancingReceivables30To89DaysPastDueMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberewbc:FinancingReceivables30To89DaysPastDueMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157ewbc:FinancingReceivables30To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157us-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157us-gaap:FinancialAssetNotPastDueMember2023-09-300001069157ewbc:FinancingReceivables30To89DaysPastDueMember2023-09-300001069157us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-06-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2024-06-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2024-07-012024-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-06-300001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-06-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-07-012023-09-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-07-012023-09-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-09-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-09-300001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2024-01-012024-09-300001069157ewbc:CommercialAndIndustrialLoanMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001069157us-gaap:CommercialRealEstateMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2022-12-310001069157srt:SingleFamilyMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001069157us-gaap:HomeEquityMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AccountingStandardsUpdate202202Member2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommercialPortfolioSegmentMemberewbc:CommercialAndIndustrialLoanMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:CommercialRealEstateMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommercialPortfolioSegmentMembersrt:MultifamilyMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommercialPortfolioSegmentMemberewbc:ConstructionAndLandLoanMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ConsumerPortfolioSegmentMembersrt:SingleFamilyMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:HomeEquityMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:ConsumerPortfolioSegmentMemberewbc:OtherConsumerMember2022-12-310001069157srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2022-12-310001069157srt:MultifamilyMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157ewbc:ConstructionAndLandLoanMemberus-gaap:CommercialPortfolioSegmentMember2023-01-012023-09-300001069157ewbc:OtherConsumerMemberus-gaap:ConsumerPortfolioSegmentMember2023-01-012023-09-300001069157us-gaap:UnfundedLoanCommitmentMember2024-06-300001069157us-gaap:UnfundedLoanCommitmentMember2023-06-300001069157us-gaap:UnfundedLoanCommitmentMember2023-12-310001069157us-gaap:UnfundedLoanCommitmentMember2022-12-310001069157us-gaap:UnfundedLoanCommitmentMember2024-07-012024-09-300001069157us-gaap:UnfundedLoanCommitmentMember2023-07-012023-09-300001069157us-gaap:UnfundedLoanCommitmentMember2024-01-012024-09-300001069157us-gaap:UnfundedLoanCommitmentMember2023-01-012023-09-300001069157us-gaap:UnfundedLoanCommitmentMember2024-09-300001069157us-gaap:UnfundedLoanCommitmentMember2023-09-300001069157ewbc:LoansReceivableOriginatedMember2024-07-012024-09-300001069157ewbc:LoansReceivableOriginatedMember2024-01-012024-09-300001069157ewbc:LoansReceivableOriginatedMember2023-07-012023-09-300001069157ewbc:LoansReceivableOriginatedMember2023-01-012023-09-300001069157ewbc:LoansSoldInSecondaryMarketMemberewbc:LoansReceivablePurchasedMember2024-07-012024-09-300001069157ewbc:LoansSoldInSecondaryMarketMemberewbc:LoansReceivablePurchasedMember2024-01-012024-09-300001069157ewbc:LoansSoldInSecondaryMarketMemberewbc:LoansReceivablePurchasedMember2023-07-012023-09-300001069157ewbc:LoansSoldInSecondaryMarketMemberewbc:LoansReceivablePurchasedMember2023-01-012023-09-300001069157ewbc:AffordableHousingPartnershipMember2024-09-300001069157ewbc:AffordableHousingPartnershipMember2023-12-310001069157ewbc:TaxCreditAndCRAInvestmentsMember2024-09-300001069157ewbc:TaxCreditAndCRAInvestmentsMember2023-12-310001069157ewbc:AffordableHousingPartnershipMember2024-07-012024-09-300001069157ewbc:AffordableHousingPartnershipMember2023-07-012023-09-300001069157ewbc:AffordableHousingPartnershipMember2024-01-012024-09-300001069157ewbc:AffordableHousingPartnershipMember2023-01-012023-09-300001069157ewbc:TaxCreditAndCRAInvestmentsMember2024-07-012024-09-300001069157ewbc:TaxCreditAndCRAInvestmentsMember2023-07-012023-09-300001069157ewbc:TaxCreditAndCRAInvestmentsMember2024-01-012024-09-300001069157ewbc:TaxCreditAndCRAInvestmentsMember2023-01-012023-09-300001069157ewbc:HistoricTaxCreditInvestmentMember2023-07-012023-09-300001069157ewbc:HistoricTaxCreditInvestmentMember2023-01-012023-09-300001069157ewbc:OtherAssetsAndAffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2024-09-300001069157ewbc:OtherAssetsAndAffordableHousingPartnershipTaxCreditAndCRAInvestmentsNetMember2023-12-310001069157ewbc:RayliantGlobalAdvisorsLimitedMember2024-09-300001069157srt:ParentCompanyMemberus-gaap:JuniorSubordinatedDebtMember2024-09-300001069157srt:ParentCompanyMemberus-gaap:JuniorSubordinatedDebtMember2023-12-310001069157ewbc:BankTermFundingProgramMember2024-09-300001069157ewbc:BankTermFundingProgramMember2023-12-310001069157ewbc:FloatingMembersrt:MinimumMember2024-09-300001069157ewbc:FloatingMembersrt:MaximumMember2024-09-300001069157ewbc:FloatingMember2024-09-300001069157ewbc:FloatingMember2023-12-310001069157ewbc:FixedMembersrt:MinimumMember2024-09-300001069157ewbc:FixedMembersrt:MaximumMember2024-09-300001069157ewbc:FixedMember2024-09-300001069157ewbc:FixedMember2023-12-310001069157us-gaap:JuniorSubordinatedDebtMember2024-01-012024-03-3100010691572024-01-012024-03-310001069157us-gaap:LoanOriginationCommitmentsMember2024-09-300001069157us-gaap:LoanOriginationCommitmentsMember2023-12-310001069157us-gaap:LetterOfCreditMember2024-09-300001069157us-gaap:LetterOfCreditMember2023-12-310001069157us-gaap:CommitmentsToExtendCreditMember2024-09-300001069157us-gaap:CommitmentsToExtendCreditMember2023-12-310001069157us-gaap:StandbyLettersOfCreditMember2024-09-300001069157ewbc:CommercialLettersOfCreditMember2024-09-300001069157us-gaap:StandbyLettersOfCreditMember2023-12-310001069157ewbc:CommercialLettersOfCreditMember2023-12-310001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMemberewbc:SingleFamilyResidentialMember2024-09-300001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMemberewbc:SingleFamilyResidentialMember2023-12-310001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMemberewbc:MultifamilyResidentialMember2024-09-300001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMemberewbc:MultifamilyResidentialMember2023-12-310001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMember2024-09-300001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMember2023-12-310001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMemberewbc:SingleFamilyResidentialAndMultiFamilyResidentialMember2024-09-300001069157us-gaap:GuaranteeObligationsMemberewbc:LoansSoldorSecuritizedWithRecourseMemberewbc:SingleFamilyResidentialAndMultiFamilyResidentialMember2023-12-310001069157ewbc:A2021StockIncentivePlanMember2024-09-300001069157ewbc:A2021StockIncentivePlanMember2023-12-310001069157us-gaap:RestrictedStockUnitsRSUMemberewbc:CliffVestingMember2024-01-012024-09-300001069157ewbc:PerformanceBasedRestrictedStockSettledinStockMembersrt:MinimumMember2024-01-012024-09-300001069157ewbc:PerformanceBasedRestrictedStockSettledinStockMembersrt:MaximumMember2024-01-012024-09-300001069157ewbc:PerformanceBasedRestrictedStockSettledinStockMemberewbc:CliffVestingMember2024-01-012024-09-300001069157ewbc:TimeBasedRestrictedStockSettledinStockMember2023-12-310001069157ewbc:PerformanceBasedRestrictedStockSettledinStockMember2023-12-310001069157ewbc:TimeBasedRestrictedStockSettledinStockMember2024-01-012024-09-300001069157ewbc:PerformanceBasedRestrictedStockSettledinStockMember2024-01-012024-09-300001069157ewbc:TimeBasedRestrictedStockSettledinStockMember2024-09-300001069157ewbc:PerformanceBasedRestrictedStockSettledinStockMember2024-09-300001069157us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001069157us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001069157us-gaap:RestrictedStockUnitsRSUMember2023-07-012023-09-300001069157us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-09-3000010691572020-12-310001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-06-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2023-06-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-07-012023-09-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2023-07-012023-09-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-09-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2023-09-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2024-06-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-07-012024-09-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-07-012024-09-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2024-07-012024-09-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-09-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310001069157us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-09-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-09-300001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310001069157us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310001069157us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-09-300001069157us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300001069157us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300001069157ewbc:ConsumerandBusinessBankingMember2024-07-012024-09-300001069157ewbc:CommercialBankingMember2024-07-012024-09-300001069157ewbc:TreasuryAndOtherMember2024-07-012024-09-300001069157ewbc:ConsumerandBusinessBankingMember2024-09-300001069157ewbc:CommercialBankingMember2024-09-300001069157ewbc:TreasuryAndOtherMember2024-09-300001069157ewbc:ConsumerandBusinessBankingMember2023-07-012023-09-300001069157ewbc:CommercialBankingMember2023-07-012023-09-300001069157ewbc:TreasuryAndOtherMember2023-07-012023-09-300001069157ewbc:ConsumerandBusinessBankingMember2023-09-300001069157ewbc:CommercialBankingMember2023-09-300001069157ewbc:TreasuryAndOtherMember2023-09-300001069157ewbc:ConsumerandBusinessBankingMember2024-01-012024-09-300001069157ewbc:CommercialBankingMember2024-01-012024-09-300001069157ewbc:TreasuryAndOtherMember2024-01-012024-09-300001069157ewbc:ConsumerandBusinessBankingMember2023-01-012023-09-300001069157ewbc:CommercialBankingMember2023-01-012023-09-300001069157ewbc:TreasuryAndOtherMember2023-01-012023-09-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-24939

EAST WEST BANCORP, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

95-4703316
(I.R.S. Employer Identification No.)

135 North Los Robles Ave., 7th Floor, Pasadena, California 91101
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:
(626) 768-6000

Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading
Symbol(s)		Name of each exchange
 on which registered
Common Stock, par value $0.001 per shareEWBCThe Nasdaq Global Select Market

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company
☐
Emerging growth company
☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
    Number of shares outstanding of the issuer’s common stock on the latest practicable date: 138,629,143 shares as of October 31, 2024.


TABLE OF CONTENTS
Page
3
5
5
Consolidated Balance Sheets (Unaudited)
5
Consolidated Statement of Income (Unaudited)
6
Consolidated Statement of Comprehensive Income (Unaudited)
7
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
8
Consolidated Statement of Cash Flows (Unaudited)
9
11
  1 — Basis of Presentation
11
  2 — Current Accounting Developments and Summary of Significant Accounting Policies
11
  3 — Fair Value Measurement and Fair Value of Financial Instruments
12
  4 — Securities Purchased under Resale Agreements
22
  5 — Securities
24
  6 — Derivatives
30
  7 — Loans Receivable and Allowance for Credit Losses
37
  8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net
53
  9 — Goodwill
55
10 — Short-Term Borrowings and Long-Term Debt
56
11 — Commitments and Contingencies
56
12 — Stock Compensation Plans
58
13 — Stockholders’ Equity and Earnings Per Share
59
14 — Accumulated Other Comprehensive (Loss) Income
60
15 — Business Segments
62
65
110
110
111
111
111
112
112
113
114
115
2

Forward-Looking Statements

Certain matters discussed in this Quarterly Report on Form 10-Q (this “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,” “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.

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 laws or the regulatory environment, including trade, monetary and fiscal policies and laws and current or potential disputes between the U.S. and the People’s Republic of China;
•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 key variable market 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 and 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.

3

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, 2023, filed with the SEC on February 29, 2024 (the “Company’s 2023 Form 10-K”) 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.
4

PART I — FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands, except shares)
(Unaudited)
September 30,
2024		December 31,
2023
ASSETS
Cash and due from banks$362,167 $444,793 
Interest-bearing cash with banks4,497,906 4,170,191 
Cash and cash equivalents4,860,073 4,614,984 
Interest-bearing deposits with banks116,101 10,498 
Securities purchased under resale agreements (“resale agreements”)425,000 785,000 
Debt securities:
Available-for-sale (“AFS”), at fair value (amortized cost of $10,667,293 and $6,916,491)
10,133,877 6,188,337 
Held-to-maturity (“HTM”), at amortized cost (fair value of $2,510,352 and $2,453,971)
2,928,399 2,956,040 
Loans held-for-sale— 116 
Loans held-for-investment (net of allowance for loan losses of $696,485 and $668,743)
52,556,696 51,542,039 
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net924,439 905,036 
Premises and equipment (net of accumulated depreciation of $164,032 and $157,622)
80,698 86,370 
Operating lease right-of-use assets82,775 94,024 
Goodwill465,697 465,697 
Other assets1,909,965 1,964,743 
TOTAL$74,483,720 $69,612,884 
LIABILITIES
Deposits:
Noninterest-bearing$14,690,864 $15,539,872 
Interest-bearing47,009,251 40,552,566 
Total deposits61,700,115 56,092,438 
Bank Term Funding Program (“BTFP”) borrowings— 4,500,000 
Federal Home Loan Bank (“FHLB”) advances3,500,000 — 
Long-term debt and finance lease liabilities36,055 153,011 
Operating lease liabilities90,369 102,353 
Accrued expenses and other liabilities1,492,642 1,814,248 
Total liabilities66,819,181 62,662,050 
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 169,888,355 and 169,372,230 shares issued
170 169 
Additional paid-in capital2,018,105 1,980,818 
Retained earnings7,095,587 6,465,230 
Treasury stock, at cost 31,279,102 and 29,344,863 shares
(1,012,019)(874,787)
Accumulated other comprehensive loss (“AOCI”), net of tax(437,304)(620,596)
Total stockholders’ equity7,664,539 6,950,834 
TOTAL$74,483,720 $69,612,884 
See accompanying Notes to Consolidated Financial Statements.

5

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(Unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees$887,353 $818,719 $2,622,183 $2,318,369 
Debt securities123,983 69,778 311,107 204,679 
Resale agreements1,663 4,460 9,663 12,932 
Restricted equity securities2,840 1,079 7,129 3,054 
Interest-bearing cash and deposits with banks60,060 67,751 183,848 164,393 
Total interest and dividend income1,075,899 961,787 3,133,930 2,703,427 
INTEREST EXPENSE
Deposits454,071 338,296 1,291,752 842,567 
Federal funds purchased and other short-term borrowings16 49,575 42,154 107,432 
FHLB advances48,261 — 104,840 6,430 
Securities sold under repurchase agreements (“repurchase agreements”)49 193 142 1,456 
Long-term debt and finance lease liabilities780 2,910 3,952 8,122 
Total interest expense503,177 390,974 1,442,840 966,007 
Net interest income before provision for credit losses572,722 570,813 1,691,090 1,737,420 
Provision for credit losses42,000 42,000 104,000 88,000 
Net interest income after provision for credit losses530,722 528,813 1,587,090 1,649,420 
NONINTEREST INCOME
Deposit account fees26,815 23,560 77,412 69,983 
Lending fees26,453 20,312 73,718 61,799 
Foreign exchange income13,569 11,396 37,962 34,872 
Wealth management fees10,683 5,922 28,798 19,213 
Customer derivative (losses) income
(706)11,208 8,808 21,145 
Net gains (losses) on sales of loans21 (12)36 (41)
Net gains (losses) on AFS debt securities145 — 1,979 (10,000)
Other investment income2,800 1,751 6,201 7,675 
Other income4,981 2,615 13,508 10,715 
Total noninterest income84,761 76,752 248,422 215,361 
NONINTEREST EXPENSE
Compensation and employee benefits135,464 123,153 410,864 377,744 
Occupancy and equipment expense16,238 15,353 46,499 47,028 
Deposit account expense12,229 11,585 36,467 31,753 
Computer and software related expenses11,436 11,761 34,172 33,160 
Deposit insurance premiums and regulatory assessments9,178 8,583 39,535 24,755 
Other operating expense36,021 31,885 107,079 102,092 
Amortization of tax credit and CRA investments5,600 49,694 34,859 115,718 
Total noninterest expense226,166 252,014 709,475 732,250 
INCOME BEFORE INCOME TAXES389,317 353,551 1,126,037 1,132,531 
Income tax expense
90,151 65,813 253,566 210,323 
NET INCOME$299,166 $287,738 $872,471 $922,208 
EARNINGS PER SHARE (“EPS”)
BASIC$2.16 $2.03 $6.28 $6.52 
DILUTED$2.14 $2.02 $6.23 $6.49 
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC138,606 141,485 138,997 141,356 
DILUTED139,648 142,122 139,939 142,044 
See accompanying Notes to Consolidated Financial Statements.

6

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
($ in thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net income$299,166 $287,738 $872,471 $922,208 
Other comprehensive income (loss), net of tax:
Net changes in unrealized gains (losses) on AFS debt securities132,028 (72,691)137,227 (64,990)
Amortization of unrealized losses on debt securities transferred from AFS to HTM2,765 2,870 8,161 8,448 
Net changes in unrealized gains (losses) on cash flow hedges
83,202 (27,334)36,519 (52,608)
Foreign currency translation adjustments(1,126)3,710 1,385 (598)
Other comprehensive income (loss)216,869 (93,445)183,292 (109,748)
COMPREHENSIVE INCOME$516,035 $194,293 $1,055,763 $812,460 
See accompanying Notes to Consolidated Financial Statements.

7

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 CapitalRetained EarningsTreasury StockAOCI, Net of TaxTotal Stockholders’ Equity
SharesAmount
BALANCE, JULY 1, 2023141,483,668 $1,959,784 $6,075,735 $(791,890)$(781,932)$6,461,697 
Net income— — 287,738 — — 287,738 
Other comprehensive loss— — — — (93,445)(93,445)
Issuance of common stock pursuant to various stock compensation plans and agreements5,682 9,624 — — — 9,624 
Repurchase of common stock pursuant to various stock compensation plans and agreements(3,401)— — (186)— (186)
Cash dividends on common stock ($0.48 per share)
— — (68,722)— — (68,722)
BALANCE, SEPTEMBER 30, 2023141,485,949 $1,969,408 $6,294,751 $(792,076)$(875,377)$6,596,706 
BALANCE, JULY 1, 2024138,604,437 $2,007,558 $6,873,653 $(1,011,924)$(654,173)$7,215,114 
Net income— — 299,166 — — 299,166 
Other comprehensive income— — — — 216,869 216,869 
Issuance of common stock pursuant to various stock compensation plans and agreements5,948 10,717 — — — 10,717 
Repurchase of common stock pursuant to various stock compensation plans and agreements(1,132)— — (95)— (95)
Cash dividends on common stock ($0.55 per share)
— — (77,232)— — (77,232)
BALANCE, SEPTEMBER 30, 2024138,609,253 $2,018,275 $7,095,587 $(1,012,019)$(437,304)$7,664,539 
Common Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAOCI, Net of TaxTotal Stockholders’ Equity
SharesAmount
BALANCE, JANUARY 1, 2023140,947,846 $1,936,557 $5,582,546 $(768,862)$(765,629)$5,984,612 
Cumulative-effect of change in accounting principle (1)
— — (4,262)— — (4,262)
Net income— — 922,208 — — 922,208 
Other comprehensive loss— — — — (109,748)(109,748)
Issuance of common stock pursuant to various stock compensation plans and agreements857,501 32,851 — — — 32,851 
Repurchase of common stock pursuant to various stock compensation plans and agreements(319,398)— — (23,214)— (23,214)
Cash dividends on common stock ($1.44 per share)
— — (205,741)— — (205,741)
BALANCE, SEPTEMBER 30, 2023
141,485,949 $1,969,408 $6,294,751 $(792,076)$(875,377)$6,596,706 
BALANCE, JANUARY 1, 2024140,027,367 $1,980,987 $6,465,230 $(874,787)$(620,596)$6,950,834 
Cumulative-effect of change in accounting principle (2)
— — (9,482)— — (9,482)
Net income— — 872,471 — — 872,471 
Other comprehensive income
— — — — 183,292 183,292 
Issuance of common stock pursuant to various stock compensation plans and agreements516,125 37,288 — — — 37,288 
Repurchase of common stock pursuant to various stock compensation plans and agreements(191,743)— — (14,011)— (14,011)
Repurchase of common stock pursuant to the stock repurchase program(1,742,496)— — (123,221)— (123,221)
Cash dividends on common stock ($1.65 per share)
— — (232,632)— — (232,632)
BALANCE, SEPTEMBER 30, 2024
138,609,253 $2,018,275 $7,095,587 $(1,012,019)$(437,304)$7,664,539 
(1)Represents the change in the Company’s allowance for loan losses as a result of the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures on January 1, 2023.
(2)Represents the impact of the adoption of ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on January 1, 2024. Refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies in this Form 10-Q for additional information.
See accompanying Notes to Consolidated Financial Statements.

8

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Unaudited)
Nine Months Ended September 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $872,471 $922,208 
Adjustments to reconcile net income to net cash provided by operating activities:  
Provision for credit losses104,000 88,000 
Depreciation and amortization 139,736 174,856 
Amortization of premiums (accretion of discount), net10,732 (15,740)
Stock compensation costs34,371 29,934 
Deferred income tax (benefit) expense(12,780)1,083 
Net (gains) losses on sales of loans(36)41 
Net (gains) losses on AFS debt securities(1,979)10,000 
Impairment on other real estate owned (“OREO”) and other foreclosed assets2,576 — 
Net gains on sales of OREO and other foreclosed assets(326)(3,071)
Loans held-for-sale:
Originations and purchases(2,491)— 
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale2,629 — 
Distributions received from equity method investees4,617 3,727 
Net change in accrued interest receivable and other assets 58,797 (361,324)
Net change in accrued expenses and other liabilities(295,554)11,641 
Other operating activities, net(5,229)1,867 
Total adjustments 39,063 (58,986)
Net cash provided by operating activities911,534 863,222 
CASH FLOWS FROM INVESTING ACTIVITIES  
Net (increase) decrease in:  
Affordable housing partnership, tax credit and CRA investments(224,828)(154,309)
Interest-bearing deposits with banks(105,275)121,730 
Assets purchased under resale agreements:
Proceeds from paydowns and maturities360,000 219,917 
Purchases— (212,725)
AFS debt securities:
Proceeds from sales1,361,386 — 
Proceeds from repayments, maturities and redemptions1,073,539 877,377 
Purchases(6,158,520)(1,011,326)
HTM debt securities:
Proceeds from repayments, maturities and redemptions39,401 49,649 
Loans held-for-investment:
Proceeds from sales of loans originally classified as held-for-investment702,564 528,056 
Purchases(741,188)(433,228)
Other changes in loans held-for-investment, net(1,038,818)(2,794,119)
Redemption of trust preferred securities 3,558 — 
Proceeds from sales of OREO and other foreclosed assets24,550 3,341 
Distributions received from equity method investees20,054 16,614 
Purchases of FHLB stock, net
(84,050)— 
Other investing activities, net(11,925)(108,599)
Net cash used in investing activities(4,779,552)(2,897,622)
See accompanying Notes to Consolidated Financial Statements.

9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Unaudited)
(Continued)

Nine Months Ended September 30,
20242023
CASH FLOWS FROM FINANCING ACTIVITIES  
Net change in deposits5,591,371 (840,367)
Net change in short-term borrowings(4,500,000)4,500,017 
FHLB advances:
Proceeds 4,000,000 6,000,000 
Repayment(500,000)(6,000,000)
Repurchase agreements:
Repayment— (300,000)
Extinguishment cost— (3,872)
Long-term debt and lease liabilities:
Repayment of junior subordinated debt and lease liabilities(117,226)(637)
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements1,580 1,563 
Stock tendered for payment of withholding taxes(14,011)(23,214)
Repurchase of common stocks pursuant to the stock repurchase program(123,221)— 
Cash dividends paid(232,132)(206,848)
Net cash provided by financing activities4,106,361 3,126,642 
Effect of exchange rate changes on cash and cash equivalents6,746 (12,848)
NET INCREASE IN CASH AND CASH EQUIVALENTS
245,089 1,079,394 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD4,614,984 3,481,784 
CASH AND CASH EQUIVALENTS, END OF PERIOD$4,860,073 $4,561,178 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$1,584,127 $852,315 
Income taxes, net$241,491 $284,347 
Noncash investing and financing activities:
Loans transferred from held-for-investment to held-for-sale$646,797 $507,215 
Loans transferred to OREO or other foreclosed assets
$67,379 $— 

See accompanying Notes to Consolidated Financial Statements.

10

EAST WEST BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — Basis of Presentation

East West Bancorp, Inc. is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Quarterly Report on Form 10-Q (this “Form 10-Q”) include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of September 30, 2024, East West also has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trust is not included on the Consolidated Financial Statements.

The unaudited interim Consolidated Financial Statements are presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the Company’s 2023 Form 10-K, and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K.

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 — Current Accounting Developments and Summary of Significant Accounting Policies

Accounting Pronouncements Adopted in 2024
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

January 1, 2024ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply PAM to all equity investments meeting the criteria in ASC 323-740-25-1.

The amendments in this guidance must be applied on a modified retrospective or a retrospective basis.
The Company adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million.

The following standards were also adopted on January 1, 2024, but they did not have a material impact on the Company’s Consolidated Financial Statements:

•ASU 2023-01, Leases (Topic 842): Common Control Arrangements
•ASU 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

11

Significant Accounting Policies Update

Income Taxes — The Company has elected to apply PAM to qualifying affordable housing partnership, new markets, historic, production and renewable energy tax credit investments. Under PAM, the Company amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income.

Note 3 — Fair Value Measurement and Fair Value of Financial Instruments

Under applicable accounting standards, the Company measures a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly recorded at fair value on a recurring basis. From time to time, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are subject to fair value adjustments only as required through the application of an accounting method such as lower of cost or fair value or write-down of individual assets. The Company categorizes its assets and liabilities into three levels based on the established fair value hierarchy and conducts a review of fair value hierarchy classifications on a quarterly basis. For more information regarding the fair value hierarchy and how the Company measures fair value, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Fair Value to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities on a recurring basis, as well as the general classification of these instruments within the fair value hierarchy.

Available-for-Sale Debt Securities — The fair value of AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectations and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include newly issued data, monthly payment information, whole loan collateral performance, tranche evaluation and “to be announced” prices. In valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices. The valuations provided by the brokers incorporate information from their trading desks, research and other market data.

On a monthly basis, the Company validates the valuations provided by third-party pricing service providers to ensure that the fair value determination is consistent with the applicable accounting guidance and the financial instruments are properly classified in the fair value hierarchy. To perform this validation, the Company evaluates the fair values of securities by comparing the fair values provided by the third-party pricing service providers to prices from other available independent sources for the same securities. When significant variances in prices are identified, the Company further compares the inputs used by different sources to ascertain the reliability of these sources. On a quarterly basis, the Company reviews the valuation inputs and methodology furnished by third-party pricing service providers for each security category. On an annual basis, the Company assesses the reasonableness of broker pricing by reviewing the related pricing methodologies. This review includes corroborating pricing with market data, performing pricing input reviews under current market-related conditions, and investigating security pricing by instrument as needed.

When a quoted price in an active market exists for the identical security, this price is used to determine the fair value and the AFS debt security is classified as Level 1. Level 1 AFS debt securities consist of U.S. Treasury securities. When pricing is unavailable from third-party pricing service providers for certain securities, the Company requests market quotes from various independent external brokers and utilizes the average quoted market prices. In addition, the Company obtains market quotes from other official published sources. As these valuations are based on observable inputs in the current marketplace, they are classified as Level 2.

12

Equity Securities — Equity securities consist of mutual funds and exchange-traded equity securities. The Company invested in these mutual funds for CRA purposes. The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be put back to the transfer agents at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically, but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2.

Exchange-traded equity securities are measured based on quoted prices on an active exchange market, and classified as Level 1. Effective January 24, 2024, all of the outstanding shares of Visa B common stock (“Visa B shares”) were redenominated to Visa Class B-1 common stock (“Visa B-1 shares”). On April 8, 2024, Visa commenced an initial exchange offer for any and all outstanding Visa B-1 shares. In exchange for the Company’s 2,266 Visa B-1 shares, the Company received 1,133 Visa Class B-2 common stock (“Visa B-2 shares”) and 449 Visa Class C common stock (“Visa C shares”). The Visa B-2 shares remain subject to transfer restrictions and will continue to be held at cost. As the Visa C shares are convertible into Visa’s publicly traded Class A common stock (“Visa A shares”), the Company recognized the Visa C shares at fair value of $494 thousand based on the closing price of the Visa A shares as of September 30, 2024.

Interest Rate Contracts — Interest rate contracts consist of interest rate swaps and options. The fair value of the interest rate 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). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that will occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement, the Company incorporates credit valuation adjustments to appropriately reflect both its own and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. Considering the observable nature of all other significant inputs utilized, the Company classifies these derivative instruments as Level 2.

Foreign Exchange Contracts — The fair value of foreign exchange contracts is determined at each reporting period based on changes in the applicable foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts is classified as Level 2. In addition, the Bank managed its foreign currency exposure in the net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary, with foreign currency non-deliverable forward contracts. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency non-deliverable forward contracts is determined by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include the spot and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2.

Credit Contracts — Credit contracts utilized by the Company are comprised of credit risk participation agreements (“RPAs”) entered into by the Company with institutional counterparties. The fair value of the RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. Due to the observable nature of all other significant inputs used in deriving the estimated fair value, credit contracts are classified as Level 2.

13

Equity Contracts — Equity contracts consist of warrants to purchase common or preferred stock of public and private companies, and any liability-classified contingently issuable shares of the Company. The fair value of the warrants is based on the Black-Scholes option pricing model. For warrants from public companies, the model uses the underlying stock price, stated strike price, warrant expiration date, risk-free interest rate based on a duration-matched U.S. Treasury rate, and market-observable company-specific equity volatility as inputs to value the warrants. Due to the observable nature of the inputs used in deriving the estimated fair value, warrants from public companies are classified as Level 2. For warrants from private companies, the model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and equity volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Since both equity volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private company warrants. Due to the unobservable nature of the equity volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement of uncertainty analysis on the equity volatility and liquidity discount assumptions is performed.

In connection with the Company’s acquisition of a 49.99% equity interest in Rayliant Global Advisors Limited (“Rayliant”) during the third quarter of 2023, the Company granted 349,138 performance-based restricted stock units (“RSUs”) as part of its consideration, in addition to $95 million in cash. The vesting of these equity contracts on September 1, 2028, is contingent on Rayliant 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 Rayliant to be achieved during the future performance period, and these performance-based RSUs are expected to vest into a variable number of the Company’s common stock, ranging from 20% to 200% 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 6 — 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.

14

The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of September 30, 2024
($ in thousands)Level 1Level 2Level 3Total
Fair Value
AFS debt securities:
U.S. Treasury securities$641,573 $— $— $641,573 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 272,448 — 272,448 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 444,877 — 444,877 
Residential mortgage-backed securities— 6,867,924 — 6,867,924 
Municipal securities— 260,298 — 260,298 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 316,513 — 316,513 
Residential mortgage-backed securities— 479,327 — 479,327 
Corporate debt securities— 531,819 — 531,819 
Foreign government bonds— 238,869 — 238,869 
Asset-backed securities— 35,735 — 35,735 
Collateralized loan obligations (“CLOs”)— 44,494 — 44,494 
Total AFS debt securities$641,573 $9,492,304 $— $10,133,877 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$21,345 $4,244 $— $25,589 
Total affordable housing partnership, tax credit and CRA investments, net$21,345 $4,244 $— $25,589 
Other assets:
Equity securities (2)
$7,852 $— $— $7,852 
Total other assets$7,852 $— $— $7,852 
Derivative assets:
Interest rate contracts$— $391,410 $— $391,410 
Foreign exchange contracts— 33,966 — 33,966 
Equity contracts— — 232 232 
Commodity contracts— 64,980 — 64,980 
Gross derivative assets$— $490,356 $232 $490,588 
Netting adjustments (3)
$— $(345,608)$— $(345,608)
Net derivative assets$— $144,748 $232 $144,980 
Derivative liabilities:
Interest rate contracts$— $327,038 $— $327,038 
Foreign exchange contracts— 33,651 — 33,651 
Equity contracts (4)
— — 15,119 15,119 
Credit contracts— 32 — 32 
Commodity contracts— 90,002 — 90,002 
Gross derivative liabilities$— $450,723 $15,119 $465,842 
Netting adjustments (3)
$— $(95,347)$— $(95,347)
Net derivative liabilities$— $355,376 $15,119 $370,495 
Refer to footnotes on the following page.
15

Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2023
($ in thousands)Level 1Level 2Level 3Total
Fair Value
AFS debt securities:
U.S. Treasury securities$1,060,375 $— $— $1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 364,446 — 364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 468,259 — 468,259 
Residential mortgage-backed securities— 1,727,594 — 1,727,594 
Municipal securities— 261,016 — 261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 367,516 — 367,516 
Residential mortgage-backed securities— 553,671 — 553,671 
Corporate debt securities— 502,425 — 502,425 
Foreign government bonds— 227,874 — 227,874 
Asset-backed securities— 42,300 — 42,300 
CLOs— 612,861 — 612,861 
Total AFS debt securities $1,060,375 $5,127,962 $— $6,188,337 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$20,509 $4,150 $— $24,659 
Total affordable housing partnership, tax credit and CRA investments, net
$20,509 $4,150 $— $24,659 
Derivative assets:
Interest rate contracts$— $473,907 $— $473,907 
Foreign exchange contracts— 57,072 — 57,072 
Credit contracts— 1 — 1 
Equity contracts— — 336 336 
Commodity contracts— 79,604 — 79,604 
Gross derivative assets$— $610,584 $336 $610,920 
Netting adjustments (3)
$— $(312,792)$— $(312,792)
Net derivative assets$— $297,792 $336 $298,128 
Derivative liabilities:
Interest rate contracts$— $433,936 $— $433,936 
Foreign exchange contracts— 42,564 — 42,564 
Equity contracts (4)
— — 15,119 15,119 
Credit contracts— 25 — 25 
Commodity contracts— 121,670 — 121,670 
Gross derivative liabilities$— $598,195 $15,119 $613,314 
Netting adjustments (3)
$— $(76,170)$— $(76,170)
Net derivative liabilities$— $522,025 $15,119 $537,144 
(1)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $6.3 billion and $1.2 billion of fair value as of September 30, 2024 and December 31, 2023, respectively.
(2)Consists of exchange-traded equity securities. For additional information, see Assets and Liabilities Measured at Fair Value on a Recurring Basis — Equity Securities in Note 3 — Fair Value Measurement and Fair Value of Financial Instruments in this Form 10-Q.
(3)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
(4)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
16

For the three and nine months ended September 30, 2024 and 2023, Level 3 fair value measurements that were measured on a recurring basis consisted of warrant equity contracts issued by private companies and liability-classified contingently issuable shares of the Company. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Derivative assets:
Equity contracts
Beginning balance$240 $263 $336 $323 
Total losses included in earnings (1)
(8)(3)(104)(63)
Issuances— 92 — 92 
Ending balance$232 $352 $232 $352 
Derivative liabilities:
Equity contracts (2)
Beginning balance$15,119 $— $15,119 $— 
Issuances— 15,119 — 15,119 
Ending balance$15,119 $15,119 $15,119 $15,119 
(1)Includes unrealized losses recorded in Lending fees on the Consolidated Statement of Income.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of September 30, 2024 and December 31, 2023. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniqueUnobservable InputsRange of InputsWeighted-Average of Inputs
September 30, 2024
Derivative assets:
Equity contracts$232 Black-Scholes option pricing modelEquity volatility
36% — 53%
47 %
 (1)
Liquidity discount47%47 %
Derivative liabilities:
Equity contracts (2)
$15,119 Internal modelPayout % designated based on operating revenue and operating EBITDA of investee84%84 %
December 31, 2023
Derivative assets:
Equity contracts$336 Black-Scholes option pricing modelEquity volatility
37% — 48%
45 %
 (1)
Liquidity discount47%47 %
Derivative liabilities:
Equity contracts (2)
$15,119 Internal modelPayout % designated based on operating revenue and operating EBITDA of investee84%84 %
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of both September 30, 2024 and December 31, 2023.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

17

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, affordable housing partnership, tax credit and CRA investments, OREO, loans held-for-sale, 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.

Individually Evaluated Loans Held-for-Investment — Individually evaluated loans held-for-investment are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment:

•Discounted cash flow valuation techniques consist of developing an expected stream of cash flows over the life of the loans, and then calculating the present value of the loans by discounting the expected cash flows at a designated discount rate.
•When the repayment of an individually evaluated loan is dependent on the sale of the collateral, the fair value of the loan is determined based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal valuation if a third-party appraisal is not required by regulations, or is unavailable. An internal valuation utilizes one or more valuation techniques such as the income, market and/or cost approaches.

Loans Held-for-Sale — Loans held-for-investment subsequently transferred to held-for-sale are recorded at the lower of cost or fair value upon transfer. Loans held-for-sale may be measured at fair value on a nonrecurring basis when fair value is less than cost. Fair value is generally determined based on available market data for similar loans and therefore, loans held-for-sale are classified as Level 2.

Affordable Housing Partnership, Tax Credit and CRA Investments, Net — The Company conducts due diligence and secures applicable internal and external approval on its affordable housing partnership, tax credit and CRA investments prior to the closing date and initial funding date and through the placed-in-service date. Subsequent to closing, the Company continues its periodic monitoring process to ensure book values are realizable and that there is no material risk of tax credit recapture. This monitoring process includes reviewing the investment entity’s financial statements, production reports and annual tax returns, the annual financial statements of the guarantor (if any) and a comparison of the actual performance of the investment against the financial projections prepared at the time the investment was made. The Company assesses its tax credit and other investments for possible other-than-temporary impairment on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors:

•expected future cash flows that are less than the carrying amount of the investment;
•changes in the economic, market or technological environment that could adversely affect the investee’s operations;
•the potential for tax credit recapture; and
•other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment.

All available information is considered in assessing whether a decline in value is other-than-temporary. Generally, none of the aforementioned factors are individually conclusive and the relative importance placed on individual facts may vary depending on the situation. In accordance with ASC 323-10-35-32, Investments — Equity Method and Joint Ventures, an impairment charge would only be recognized in earnings for a decline in value that is determined to be other-than-temporary.

18

Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment such as an acceptance of a deed-in-lieu of foreclosure. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure or at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3.

Other Nonperforming Assets — Other nonperforming assets are recorded at fair value upon transfer from loans to foreclosed assets. Subsequently, foreclosed assets are recorded at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised values of the collateral or management’s estimated recovery of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. The fair value measurement of other nonperforming assets is classified within one of the three levels in a valuation hierarchy based upon the observability of inputs to the valuation as of the measurement date.

The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of September 30, 2024 and December 31, 2023:
Assets Measured at Fair Value on a Nonrecurring Basis
as of September 30, 2024
($ in thousands)Level 1Level 2Level 3Fair Value Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”)$— $— $40,767 $40,767 
Commercial real estate (“CRE”):
CRE— — 1,773 1,773 
Multifamily residential— — 4,161 4,161 
Construction and land— — 11,316 11,316 
Total commercial— — 58,017 58,017 
Consumer:
Residential mortgage:
Single-family residential— — 109 109 
Total consumer— — 109 109 
Total loans held-for-investment$— $— $58,126 $58,126 
OREO (1)
$— $— $8,565 $8,565 
(1)Represents the carrying value of OREO property that was written down subsequent to its initial classification as OREO and is included in Other assets on the Consolidated Balance Sheet.

19

Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2023
($ in thousands)Level 1Level 2Level 3Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $22,035 $22,035 
CRE:
CRE— — 22,653 22,653 
Total commercial— — 44,688 44,688 
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”)— — 1,204 1,204 
Total consumer— — 1,204 1,204 
Total loans held-for-investment$— $— $45,892 $45,892 
Affordable housing partnership, tax credit and CRA investments, net$— $— $868 $868 

The following table presents the change in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Loans held-for-investment:
Commercial:
C&I$(266)$366 $(16,025)$(4,437)
CRE:
CRE89 — — — 
Multifamily residential(49)— (49)— 
Construction and land(145)(10,413)(2,289)(10,413)
Total CRE(105)(10,413)(2,338)(10,413)
Total commercial(371)(10,047)(18,363)(14,850)
Consumer:
Residential mortgage:
Single-family residential10 — (1,396)— 
HELOCs— (41)— (41)
Total consumer10 (41)(1,396)(41)
Total loans held-for-investment$(361)$(10,088)$(19,759)$(14,891)
Affordable housing partnership, tax credit and CRA investments, net$— $(790)$— $(1,577)
OREO$— $— $(2,576)$— 

20

The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of September 30, 2024 and December 31, 2023:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of InputsWeighted-Average of Inputs
September 30, 2024
Loans held-for-investment$6,484 Fair value of collateralDiscount
20% — 55%
45 %
(1)
$8,099 Fair value of collateralContract value
NM
NM
$43,543 Fair value of propertySelling cost
8% — 20%
10 %
(1)
OREO$8,565 Fair value of propertySelling cost8%8 %
December 31, 2023
Loans held-for-investment$16,328 Fair value of collateralDiscount
15% — 75%
45 %
(1)
$3,009 Fair value of collateralContract valueNMNM
$26,555 Fair value of propertySelling cost
8%
8 %
Affordable housing partnership, tax credit and CRA investments, net$868 Individual analysis of each investmentExpected future tax benefits and distributionsNMNM
NM — Not meaningful.
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of September 30, 2024 and December 31, 2023.

Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of September 30, 2024 and December 31, 2023, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial instruments are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
September 30, 2024
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,860,073 $4,860,073 $— $— $4,860,073 
Interest-bearing deposits with banks$116,101 $— $116,101 $— $116,101 
Resale agreements$425,000 $— $350,151 $— $350,151 
HTM debt securities$2,928,399 $505,144 $2,005,208 $— $2,510,352 
Restricted equity securities, at cost$164,908 $— $164,908 $— $164,908 
Loans held-for-investment, net$52,556,696 $— $— $51,255,590 $51,255,590 
Mortgage servicing rights$5,563 $— $— $9,416 $9,416 
Accrued interest receivable$323,788 $— $323,788 $— $323,788 
Financial liabilities:
Demand, checking, savings and money market deposits$38,483,004 $— $38,483,004 $— $38,483,004 
Time deposits$23,217,111 $— $23,220,896 $— $23,220,896 
FHLB advances$3,500,000 $— $3,504,340 $— $3,504,340 
Long-term debt$31,923 $— $30,334 $— $30,334 
Accrued interest payable$64,151 $— $64,151 $— $64,151 
21

December 31, 2023
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,614,984 $4,614,984 $— $— $4,614,984 
Interest-bearing deposits with banks$10,498 $— $10,498 $— $10,498 
Resale agreements$785,000 $— $699,056 $— $699,056 
HTM debt securities$2,956,040 $488,551 $1,965,420 $— $2,453,971 
Restricted equity securities, at cost$79,811 $— $79,811 $— $79,811 
Loans held-for-sale$116 $— $116 $— $116 
Loans held-for-investment, net$51,542,039 $— $— $50,256,565 $50,256,565 
Mortgage servicing rights$6,602 $— $— $9,470 $9,470 
Accrued interest receivable$331,490 $— $331,490 $— $331,490 
Financial liabilities:
Demand, checking, savings and money market deposits$38,048,974 $— $38,048,974 $— $38,048,974 
Time deposits$18,043,464 $— $18,004,951 $— $18,004,951 
BTFP borrowings$4,500,000 $— $4,500,000 $— $4,500,000 
Long-term debt$148,249 $— $150,896 $— $150,896 
Accrued interest payable$205,430 $— $205,430 $— $205,430 

Note 4 — Securities Purchased under Resale Agreements

The Company’s resale agreements expose it to credit risk from both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for an efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of both September 30, 2024 and December 31, 2023.

Total securities purchased under resale agreements were $425 million and $785 million as of September 30, 2024 and December 31, 2023, respectively. The weighted-average yields were 1.49% and 2.73% for the three months ended September 30, 2024 and 2023, respectively; and 2.34% and 2.55% for the nine months ended September 30, 2024 and 2023, respectively.

Balance Sheet Offsetting

The Company’s resale and repurchase agreements are transacted under legally enforceable master netting agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by third-party trustees.

22

The following table presents the resale agreements included on the Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023:
Gross Amounts of Recognized AssetsGross Amounts Offset on the Consolidated Balance SheetNet Amounts of Assets Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
($ in thousands)
Collateral Received (1)
Net Amount
Resale agreements as of September 30, 2024
$425,000 $— $425,000 $(350,183)$74,817 
Resale agreements as of December 31, 2023
$785,000 $— $785,000 $(715,358)$69,642 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.

In addition to the amounts included in the table above, the Company also has balance sheet netting related to derivatives. Refer to Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

23

Note 5 — Securities

The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of September 30, 2024 and December 31, 2023:
September 30, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,294 $— $(34,721)$641,573 
U.S. government agency and U.S. government-sponsored enterprise debt securities309,277 — (36,829)272,448 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities482,291 770 (38,184)444,877 
Residential mortgage-backed securities7,028,428 35,106 (195,610)6,867,924 
Municipal securities292,041 97 (31,840)260,298 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities348,749 — (32,236)316,513 
Residential mortgage-backed securities548,110 — (68,783)479,327 
Corporate debt securities653,501 — (121,682)531,819 
Foreign government bonds247,907 1,671 (10,709)238,869 
Asset-backed securities36,195 — (460)35,735 
CLOs44,500 — (6)44,494 
Total AFS debt securities10,667,293 37,644 (571,060)10,133,877 
HTM debt securities:
U.S. Treasury securities533,683 — (28,539)505,144 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,003,947 — (155,147)848,800 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities489,133 — (69,765)419,368 
Residential mortgage-backed securities713,634 — (124,829)588,805 
Municipal securities188,002 — (39,767)148,235 
Total HTM debt securities2,928,399 — (418,047)2,510,352 
Total debt securities$13,595,692 $37,644 $(989,107)$12,644,229 

24

December 31, 2023
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,112,587 $101 $(52,313)$1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities412,086 — (47,640)364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities531,377 158 (63,276)468,259 
Residential mortgage-backed securities1,956,927 380 (229,713)1,727,594 
Municipal securities297,283 75 (36,342)261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities409,578 — (42,062)367,516 
Residential mortgage-backed securities643,335 — (89,664)553,671 
Corporate debt securities653,501 — (151,076)502,425 
Foreign government bonds239,333 69 (11,528)227,874 
Asset-backed securities43,234 — (934)42,300 
CLOs617,250 — (4,389)612,861 
Total AFS debt securities 6,916,491 783 (728,937)6,188,337 
HTM debt securities:
U.S. Treasury securities529,548 — (40,997)488,551 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,001,836 — (186,904)814,932 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities493,348 — (88,968)404,380 
Residential mortgage-backed securities742,436 — (142,119)600,317 
Municipal securities188,872 — (43,081)145,791 
Total HTM debt securities2,956,040 — (502,069)2,453,971 
Total debt securities$9,872,531 $783 $(1,231,006)$8,642,308 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of September 30, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 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 2023 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $6.4 billion of amortized cost and $6.3 billion of fair value as of September 30, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023.
(3)Includes GNMA HTM debt securities totaling $88 million of amortized cost and $72 million of fair value as of September 30, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023.
25

Unrealized Losses of Available-for-Sale Debt Securities

The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023.
September 30, 2024
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $641,573 $(34,721)$641,573 $(34,721)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 272,448 (36,829)272,448 (36,829)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 403,937 (38,184)403,937 (38,184)
Residential mortgage-backed securities605,736 (665)1,588,241 (194,945)2,193,977 (195,610)
Municipal securities— — 255,356 (31,840)255,356 (31,840)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 309,524 (32,236)309,524 (32,236)
Residential mortgage-backed securities— — 479,327 (68,783)479,327 (68,783)
Corporate debt securities— — 531,819 (121,682)531,819 (121,682)
Foreign government bonds— — 89,291 (10,709)89,291 (10,709)
Asset-backed securities— — 35,735 (460)35,735 (460)
CLOs— — 44,494 (6)44,494 (6)
Total AFS debt securities$605,736 $(665)$4,651,745 $(570,395)$5,257,481 $(571,060)
26

December 31, 2023
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $623,978 $(52,313)$623,978 $(52,313)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 364,446 (47,640)364,446 (47,640)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 463,572 (63,276)463,572 (63,276)
Residential mortgage-backed securities9,402 (558)1,661,112 (229,155)1,670,514 (229,713)
Municipal securities2,825 (15)254,773 (36,327)257,598 (36,342)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities2,742 (4)364,774 (42,058)367,516 (42,062)
Residential mortgage-backed securities— — 553,671 (89,664)553,671 (89,664)
Corporate debt securities— — 502,425 (151,076)502,425 (151,076)
Foreign government bonds110,955 (144)88,616 (11,384)199,571 (11,528)
Asset-backed securities— — 42,300 (934)42,300 (934)
CLOs— — 612,861 (4,389)612,861 (4,389)
Total AFS debt securities$125,924 $(721)$5,532,528 $(728,216)$5,658,452 $(728,937)

As of September 30, 2024, the Company had 481 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 240 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 54 corporate debt securities and 88 non-agency mortgage-backed securities. In comparison, as of December 31, 2023, the Company had 547 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 255 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 99 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 2023 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 September 30, 2024 were mainly comprised of the following:

•Corporate debt securities — The market value decline as of September 30, 2024 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. Despite the reduction of the market value of these securities after the banking sector disruption in 2023, 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.
27

•Non-agency mortgage-backed securities — The market value decline as of September 30, 2024 was primarily due to interest rate movement and spread widening. Since these securities are rated investment grade by NRSROs, or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time, the Company believes the risk of credit losses on these securities is low.

As of both September 30, 2024 and December 31, 2023, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would not have to sell these securities before the recovery of their amortized cost. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the entire amortized cost basis of these securities. Accordingly, there was no allowance for credit losses provided against these securities as of both September 30, 2024 and December 31, 2023. In addition, there was no provision for credit losses recognized for the three and nine months ended September 30, 2024 and 2023.

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 2023 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of September 30, 2024, 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 no allowance for credit losses was recorded as of both September 30, 2024 and December 31, 2023. 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 and Losses

The following table presents the gross realized gains from the sales and impairment write-off of AFS debt securities and the related tax expense (benefit) included in earnings for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Gross realized gains from sales$145 $— $1,979 $— 
Impairment write-off (1)
$— $— $— $(10,000)
Related tax expense (benefit) $43 $— $585 $(2,956)
(1)During the first quarter of 2023, the Company recognized a $10 million impairment write-off on a subordinated debt security as a component of Noninterest income in the Company’s Consolidated Statement of Income.

Interest Income

The following table presents the composition of interest income on debt securities for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Taxable interest$118,985 $63,877 $296,003 $189,065 
Nontaxable interest4,998 5,901 15,104 15,614 
Total interest income on debt securities$123,983 $69,778 $311,107 $204,679 

28

Contractual Maturities of Available-for-Sale and Held-to-Maturity Debt Securities

The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of September 30, 2024. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten Years After Ten Years Total
AFS debt securities:
U.S. Treasury securities
Amortized cost$59,430 $616,864 $— $— $676,294 
Fair value58,770 582,803 — — 641,573 
Weighted-average yield (1)
2.15 %1.12 %— %— %1.21 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost17,972 27,030 176,548 87,727 309,277 
Fair value17,459 25,738 154,620 74,631 272,448 
Weighted-average yield (1)
1.06 %1.13 %1.92 %2.17 %1.88 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost3,537 46,592 133,018 7,327,572 7,510,719 
Fair value3,494 45,121 124,704 7,139,482 7,312,801 
Weighted-average yield (1) (2)
2.72 %2.91 %2.80 %5.49 %5.42 %
Municipal securities
Amortized cost3,140 32,928 8,116 247,857 292,041 
Fair value3,077 31,538 7,728 217,955 260,298 
Weighted-average yield (1) (2)
0.88 %2.37 %3.38 %2.23 %2.26 %
Non-agency mortgage-backed securities
Amortized cost74,825 16,834 9,347 795,853 896,859 
Fair value74,153 16,669 9,304 695,714 795,840 
Weighted-average yield (1)
4.44 %3.60 %6.04 %2.46 %2.68 %
Corporate debt securities
Amortized cost— — 349,501 304,000 653,501 
Fair value— — 307,110 224,709 531,819 
Weighted-average yield (1)
— %— %3.50 %1.97 %2.79 %
Foreign government bonds
Amortized cost26,238 121,669 50,000 50,000 247,907 
Fair value26,303 123,275 49,744 39,547 238,869 
Weighted-average yield (1)
3.23 %2.22 %5.74 %1.50 %2.90 %
Asset-backed securities
Amortized cost— — — 36,195 36,195 
Fair value— — — 35,735 35,735 
Weighted-average yield (1)
— %— %— %6.01 %6.01 %
CLOs
Amortized cost— — 44,500 — 44,500 
Fair value— — 44,494 — 44,494 
Weighted-average yield (1)
— %— %6.74 %— %6.74 %
Total AFS debt securities
Amortized cost$185,142 $861,917 $771,030 $8,849,204 $10,667,293 
Fair value$183,256 $825,144 $697,704 $8,427,773 $10,133,877 
Weighted-average yield (1)
3.11 %1.47 %3.38 %4.95 %4.52 %
29

($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten YearsAfter Ten YearsTotal
HTM debt securities:
U.S. Treasury securities
Amortized cost$—$533,683$—$—$533,683
Fair value—505,144——505,144
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——368,217635,7301,003,947
Fair value——326,454522,346848,800
Weighted-average yield (1)
— %— %1.89 %1.90 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—4,70394,4651,103,5991,202,767
Fair value—4,40283,151920,6201,008,173
Weighted-average yield (1) (2)
— %1.43 %1.61 %1.70 %1.69 %
Municipal securities
Amortized cost———188,002188,002
Fair value———148,235148,235
Weighted-average yield (1) (2)
— %— %— %2.00 %2.00 %
Total HTM debt securities
Amortized cost$—$538,386$462,682$1,927,331$2,928,399
Fair value$—$509,546$409,605$1,591,201$2,510,352
Weighted-average yield (1)
— %1.05 %1.83 %1.79 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.

As of September 30, 2024 and December 31, 2023, AFS and HTM debt securities with carrying values of $5.8 billion and $7.0 billion, respectively, were pledged to secure borrowings, public deposits and for other purposes required or permitted by law.

Restricted Equity Securities

The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023:
($ in thousands)September 30, 2024December 31, 2023
Federal Reserve Bank (“FRB”) of San Francisco stock
$63,608 $62,561 
FHLB stock101,300 17,250 
Total restricted equity securities$164,908 $79,811 

Note 6 — Derivatives

The Company uses derivative instruments to manage exposure to market risk, primarily interest rate and foreign currency risks, as well as to assist customers with their risk management objectives. The Company’s goal is to manage interest rate sensitivity and volatility to mitigate the effect of interest rate changes on earnings or capital. The Company also uses foreign exchange contracts to manage the foreign exchange rate risk associated with certain foreign currency-denominated assets and liabilities, as well as the Bank’s investment in East West Bank (China) Limited. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value. While the Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, other derivatives serve as economic hedges. For additional information on the Company’s derivatives and hedging activities, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements of the Company’s 2023 Form 10-K.
30

The following table presents the notional amounts and fair values of the Company’s derivatives as of September 30, 2024 and December 31, 2023. Certain derivative contracts are cleared through central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Applying variation margin payments as settlement to the fair values of derivative contracts cleared through the London Clearing House (“LCH”) and the Chicago Mercantile Exchange (“CME”) resulted in reductions in the derivative asset and liability fair values of $31 million and $17 million, respectively, as of September 30, 2024. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in both the derivative asset and liability fair values of $43 million as of December 31, 2023. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
September 30, 2024December 31, 2023
Fair ValueFair Value
($ in thousands)Notional AmountAssets Liabilities Notional AmountAssets Liabilities 
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts$5,250,000 $63,465 $252 $5,250,000 $50,421 $13,124 
Net investment hedges:
Foreign exchange contracts— — — 81,480 3,394 — 
Total derivatives designated as hedging instruments$5,250,000 $63,465 $252 $5,331,480 $53,815 $13,124 
Derivatives not designated as hedging instruments:
Interest rate contracts$16,999,592 $327,945 $326,786 $17,387,909 $423,486 $420,812 
Commodity contracts (1)
— 64,980 90,002 — 79,604 121,670 
Foreign exchange contracts4,327,999 33,966 33,651 5,827,149 53,678 42,564 
Credit contracts (2)
158,736 — 32 118,391 1 25 
Equity contracts— 232 (3)15,119 (4)— 336 (3)15,119 (4)
Total derivatives not designated as hedging instruments$21,486,327 $427,123 $465,590 $23,333,449 $557,105 $600,190 
Gross derivative assets/liabilities$490,588 $465,842 $610,920 $613,314 
Less: Master netting agreements(84,214)(84,214)(75,534)(75,534)
Less: Cash collateral received(261,394)(11,133)(237,258)(636)
Net derivative assets/liabilities$144,980 $370,495 $298,128 $537,144 
(1)The notional amount of the Company’s commodity contracts totaled 17,186 thousand barrels of crude oil and 447,674 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of September 30, 2024. In comparison, the notional amount of the Company’s commodity contracts totaled 18,631 thousand barrels of crude oil and 328,844 thousand MMBTUs of natural gas as of December 31, 2023.
(2)The notional amount of the credit contracts reflects the Company’s pro-rata share of the underlying derivative instruments’ notional amount in RPAs.
(3)The Company held warrant equity contracts in nine private companies and one public company as of September 30, 2024, and 11 private companies and one public company as of December 31, 2023.
(4)Equity contracts classified as derivative liabilities consist of 349,138 performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

31

Derivatives Designated as Hedging Instruments

Cash Flow Hedges — The Company uses interest rate swaps to hedge the variability in the interest amount received on certain floating-rate commercial loans, or paid on certain floating-rate borrowings due to changes in contractually specified interest rates. As of September 30, 2024, interest rate contracts in notional amounts of $5.3 billion were designated as cash flow hedges to convert certain variable-rate loans from floating-rate payments to fixed-rate payments. Gains and losses on the hedging derivative instruments are recognized in AOCI and reclassified to earnings in the same period the hedged cash flows impact earnings and within the same income statement line item as the hedged cash flows. Considering the interest rates, yield curve and notional amount as of September 30, 2024, the Company expects to reclassify an estimated $10 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months.

The following table presents the pre-tax changes in AOCI from cash flow hedges for the three and nine months ended September 30, 2024 and 2023. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive (Loss) Income to the Consolidated Financial Statements in this Form 10-Q.
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Gains (losses) recognized in AOCI:
Interest rate contracts$93,842 $(62,715)$(21,629)$(129,329)
Gains (losses) reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)$— $— $— $696 
Interest and dividend income (for cash flow hedges on loans)(24,272)(24,059)(73,471)(57,265)
Noninterest income— — — 1,614 
(1)
Total$(24,272)$(24,059)$(73,471)$(54,955)
(1)Represents the amounts in AOCI reclassified into earnings where the forecasted cash flows were no longer probable to occur.

Net Investment Hedges — The Company enters 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”). The net investment hedge in place as of December 31, 2023 expired during the three months ended March 31, 2024. No new net investment hedge was entered since March 31, 2024. The following table presents the pre-tax gains recognized in AOCI on net investment hedges for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Gains recognized in AOCI$— $63 $586 $2,886 

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. A majority of the foreign exchange contracts had original maturities of one year or less as of both September 30, 2024 and December 31, 2023.

32

The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives entered into with customers and with third-party financial institutions as economic hedges to customers’ positions as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,867,025 $49,900 $270,699 $6,835,822 $25,649 $377,388 
Written options1,451,899 — 5,016 1,522,531 — 12,756 
Collars and corridors171,955 462 463 322,732 440 4,481 
Subtotal8,490,879 50,362 276,178 8,681,085 26,089 394,625 
Foreign exchange contracts:
Forwards and spot844,984 14,642 2,936 956,618 9,466 6,756 
Swaps1,213,126 9,345 5,514 1,588,491 5,801 18,118 
Purchased options20,000 31 — 136,000 1,839 — 
Subtotal2,078,110 24,018 8,450 2,681,109 17,106 24,874 
Total$10,568,989 $74,380 $284,628 $11,362,194 $43,195 $419,499 
Economic hedges:
Interest rate contracts:
Swaps$6,884,859 $272,079 $50,132 $6,861,561 $380,123 $25,731 
Purchased options1,451,899 5,039 — 1,522,531 12,783 — 
Collars and corridors171,955 465 476 322,732 4,491 456 
Subtotal8,508,713 277,583 50,608 8,706,824 397,397 26,187 
Foreign exchange contracts:
Forwards and spot21,023 128 60 148,003 292 94 
Swaps2,208,866 9,820 25,110 2,862,037 36,280 15,757 
Written options20,000 — 31 136,000 — 1,839 
Subtotal2,249,889 9,948 25,201 3,146,040 36,572 17,690 
Total$10,758,602 $287,531 $75,809 $11,852,864 $433,969 $43,877 

33

The Company enters into energy commodity contracts with its customers in the oil and gas sector, which allow them to hedge against the risk of fluctuation in energy commodity prices. Offsetting contracts entered with third-party financial institutions are used as economic hedges to manage the Company’s exposure on its customer-related positions. The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and economic hedges as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
Fair ValueFair Value
($ and unit in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps3,407 Barrels$1,680 $15,382 3,277 Barrels$3,735 $15,445 
Collars5,186 Barrels46 9,593 5,966 Barrels1,820 5,103 
Subtotal8,593 Barrels1,726 24,975 9,243 Barrels5,555 20,548 
Natural gas:
Swaps155,871 MMBTUs3,559 45,602 118,325 MMBTUs438 73,793 
Collars68,630 MMBTUs755 14,565 45,854 MMBTUs21 20,400 
Written options1,456 MMBTUs142 — 1,874 MMBTUs— 233 
Subtotal225,957 MMBTUs4,456 60,167 166,053 MMBTUs459 94,426 
Total$6,182 $85,142 $6,014 $114,974 
Economic hedges:
Commodity contracts:
Crude oil:
Swaps3,407 Barrels$10,630 $1,670 3,422 Barrels$9,166 $4,924 
Collars5,186 Barrels4,417 — 5,966 Barrels1,685 1,467 
Subtotal8,593 Barrels15,047 1,670 9,388 Barrels10,851 6,391 
Natural gas:
Swaps153,199 MMBTUs35,173 2,343 116,463 MMBTUs49,941 305 
Collars67,060 MMBTUs8,578 722 44,454 MMBTUs12,565 — 
Purchased options1,456 MMBTUs— 125 1,874 MMBTUs233 — 
Subtotal221,715 MMBTUs43,751 3,190 162,791 MMBTUs62,739 305 
Total$58,798 $4,860 $73,590 $6,696 

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. All referenced entities of the protection sold RPAs were investment grade and the weighted-average remaining maturity was 1.9 years and 2.8 years as of September 30, 2024 and December 31, 2023, respectively. Assuming the underlying borrowers referenced in the interest rate contracts defaulted, the maximum exposure in the protection sold RPAs would be $494 thousand and $177 thousand as of September 30, 2024 and December 31, 2023, respectively.

As of both September 30, 2024 and December 31, 2023, the Company had one outstanding protection purchased RPA with a notional amount of $25 million and minimal fair value.

34

Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase the preferred and/or common stock of the 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 Rayliant 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 Rayliant meeting certain financial performance targets during the future performance period. For additional information on these equity contracts, refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q.

The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)Classification on Consolidated Statement of Income2024202320242023
Derivatives not designated as hedging instruments:
Interest rate contracts
Customer derivative (losses) income
$(4,577)$5,283 $(2,994)$4,022 
Foreign exchange contractsForeign exchange income6,075 7,267 33,204 37,607 
Credit contracts
Customer derivative (losses) income
(17)4 (20)11 
Equity contracts - warrantsLending fees(8)89 (104)29 
Commodity contractsCustomer derivative income114 27 681 193 
Net gains$1,587 $12,670 $30,767 $41,862 

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 September 30, 2024, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $3 million, for which $3 million collateral was posted to cover these positions. In comparison, as of December 31, 2023, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $9 thousand, for which no 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 minimal additional collateral as of both September 30, 2024 and December 31, 2023.

35

Offsetting of Derivatives

The following tables present the gross derivative fair values, the balance sheet netting adjustments, and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross fair values of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown:
($ in thousands)As of September 30, 2024
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 (1)
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral Received (5)
Net Amount
Derivative assets$490,588 $(84,214)$(261,394)$144,980 $(61,543)$83,437 
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 Amount
Derivative liabilities$465,842 $(84,214)$(11,133)$370,495 $— $370,495 
($ in thousands)As of December 31, 2023
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 (1)
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral Received (5)
Net Amount
Derivative assets$610,920 $(75,534)$(237,258)$298,128 $(246,259)$51,869 
Gross Amounts Offset on the Consolidated Balance SheetNet 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 Amount
Derivative liabilities$613,314 $(75,534)$(636)$537,144 $— $537,144 
(1)Includes $7 million and $3 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of September 30, 2024 and December 31, 2023, respectively.
(2)Includes $16 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of both September 30, 2024 and December 31, 2023.
(3)Gross cash collateral received under master netting arrangements or similar agreements was $269 million and $244 million as of September 30, 2024 and December 31, 2023, respectively. Of the gross cash collateral received, $261 million and $237 million were used to offset derivative assets as of September 30, 2024 and December 31, 2023, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $13 million and $1 million as of September 30, 2024 and December 31, 2023, respectively. Of the gross cash collateral pledged, $11 million and $1 million were used to offset derivative liabilities as of September 30, 2024 and December 31, 2023, respectively.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts.

In addition to the amounts included in the tables above, the Company has balance sheet netting related to resale agreements. Refer to Note 4 — Securities Purchased under Resale Agreements to the Consolidated Financial Statements in this Form 10-Q for additional information. Refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for fair value measurement disclosures on derivatives.
36

Note 7 — Loans Receivable and Allowance for Credit Losses

The following table presents the composition of the Company’s loans held-for-investment outstanding as of September 30, 2024 and December 31, 2023:
($ in thousands)September 30, 2024December 31, 2023
Commercial:
C&I$17,068,002 $16,581,079 
CRE:
CRE14,568,209 14,777,081 
Multifamily residential5,141,481 5,023,163 
Construction and land693,775 663,868 
Total CRE20,403,465 20,464,112 
Total commercial37,471,467 37,045,191 
Consumer:
Residential mortgage:
Single-family residential13,963,097 13,383,060 
HELOCs1,760,716 1,722,204 
Total residential mortgage15,723,813 15,105,264 
Other consumer57,901 60,327 
Total consumer15,781,714 15,165,591 
Total loans held-for-investment (1)
$53,253,181 $52,210,782 
Allowance for loan losses(696,485)(668,743)
Loans held-for-investment, net (1)
$52,556,696 $51,542,039 
(1)Includes $52 million and $71 million of net deferred loan fees and net unamortized premiums as of September 30, 2024 and December 31, 2023, respectively.

Accrued interest receivable on loans held-for-investment was $262 million and $267 million as of September 30, 2024 and December 31, 2023, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income reversed was insignificant for both the three and nine months ended September 30, 2024 and 2023. For the Company’s accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements of the Company’s 2023 Form 10-K. The Company also has loans held-for-sale. For the Company’s accounting policy on loans held-for-sale, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.

The Company’s FRB and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $37.4 billion and $37.2 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of September 30, 2024 and December 31, 2023.

Credit Quality Indicators

All loans are subject to the Company’s credit review and monitoring process. For the commercial loan portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the consumer loan portfolio, payment performance or delinquency is typically the driving indicator for risk ratings.

The Company utilizes internal credit risk ratings to assign each individual loan a risk rating of 1 through 10:
•Pass — loans risk rated 1 through 5 are assigned an internal risk rating category of “Pass.” Loans risk rated 1 are typically loans fully secured by cash. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions.
•Special mention — loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating category of “Special Mention.”
37

•Substandard — loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating category of “Substandard.”
•Doubtful — loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating category of “Doubtful.”
•Loss — loans assigned a risk rating of 10 are uncollectible and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating category of “Loss.”

Loan exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans.
38

The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Gross write-offs in the following tables are for the nine months ended September 30, 2024, and year ended December 31, 2023. Revolving loans that are converted to term loans presented in the tables below are excluded from the term loans by vintage year columns.
September 30, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$1,946,732 $1,801,612 $1,114,871 $769,040 $273,186 $325,092 $10,315,519 $23,293 $16,569,345 
Criticized (accrual)21,119 28,030 77,472 102,837 10,538 46,264 137,125 — 423,385 
Criticized (nonaccrual)
3,798 25,150 21,639 10,010 3,278 10,325 1,072 — 75,272 
Total C&I1,971,649 1,854,792 1,213,982 881,887 287,002 381,681 10,453,716 23,293 17,068,002 
Gross write-offs (2)
— 13,852 16,197 13,671 1,212 3,012 9,812 — 57,756 
CRE:
Pass1,189,109 2,315,579 3,772,545 1,979,487 1,353,082 3,382,589 81,109 49,591 14,123,091 
Criticized (accrual)10,981 44,631 50,011 50,984 67,643 202,811 — 14,784 441,845 
Criticized (nonaccrual)
— — — — 1,773 1,500 — — 3,273 
Subtotal CRE1,200,090 2,360,210 3,822,556 2,030,471 1,422,498 3,586,900 81,109 64,375 14,568,209 
Gross write-offs (2)
— — — — — 2 — — 2 
Multifamily residential:
Pass275,321 668,357 1,448,005 756,812 619,627 1,279,498 18,063 1,261 5,066,944 
Criticized (accrual)— — 34,984 32,032 — 2,935 — — 69,951 
Criticized (nonaccrual)
— — — — — 4,586 — — 4,586 
Subtotal multifamily residential275,321 668,357 1,482,989 788,844 619,627 1,287,019 18,063 1,261 5,141,481 
Gross write-offs
— — — — — 6 — — 6 
Construction and land:
Pass68,565 335,119 197,019 75,503 — 6,253 — — 682,459 
Criticized (nonaccrual)
— — 11,316 — — — — — 11,316 
Subtotal construction and land68,565 335,119 208,335 75,503 — 6,253 — — 693,775 
Gross write-offs
— — 2,289 — — — — — 2,289 
Total CRE1,543,976 3,363,686 5,513,880 2,894,818 2,042,125 4,880,172 99,172 65,636 20,403,465 
Total CRE gross write-offs (2)
— — 2,289 — — 8 — — 2,297 
Total commercial$3,515,625 $5,218,478 $6,727,862 $3,776,705 $2,329,127 $5,261,853 $10,552,888 $88,929 $37,471,467 
Total commercial gross write-offs (2)
$— $13,852 $18,486 $13,671 $1,212 $3,020 $9,812 $— $60,053 
39

September 30, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)
$1,754,930 $2,864,585 $3,149,135 $2,128,715 $1,457,386 $2,554,887 $— $— $13,909,638 
Criticized (accrual)1,158 4,416 5,476 520 692 6,220 — — 18,482 
Criticized (nonaccrual) (3)
2,375 10,968 1,721 3,011 3,236 13,666 — — 34,977 
Subtotal single-family residential mortgage1,758,463 2,879,969 3,156,332 2,132,246 1,461,314 2,574,773 — — 13,963,097 
Gross write-offs (2)
9 — — — — — — — 9 
HELOCs:
Pass5,486 3,599 5,338 2,338 4,102 9,369 1,593,145 113,294 1,736,671 
Criticized (accrual)1,794 1,679 1,158 680 — 293 769 1,096 7,469 
Criticized (nonaccrual)
517 1,905 3,444 — 476 5,839 — 4,395 16,576 
Subtotal HELOCs7,797 7,183 9,940 3,018 4,578 15,501 1,593,914 118,785 1,760,716 
Gross write-offs
— 10 — — — — — — 10 
Total residential mortgage1,766,260 2,887,152 3,166,272 2,135,264 1,465,892 2,590,274 1,593,914 118,785 15,723,813 
Total residential mortgage gross write-offs (2)
9 10 — — — — — — 19 
Other consumer:
Pass3,616 36 22,982 132 — 6,804 21,228 — 54,798 
Criticized (accrual)1 — — — — — 3,000 — 3,001 
Criticized (nonaccrual)
— — — — — — 102 — 102 
Total other consumer3,617 36 22,982 132 — 6,804 24,330 — 57,901 
Gross write-offs (2)
— — — — — — 25 — 25 
Total consumer$1,769,877 $2,887,188 $3,189,254 $2,135,396 $1,465,892 $2,597,078 $1,618,244 $118,785 $15,781,714 
Total consumer gross write-offs(2)
$9$10$—$—$—$—$25$—$44
Total loans held-for-investment:
Pass$5,243,759 $7,988,887 $9,709,895 $5,712,027 $3,707,383 $7,564,492 $12,029,064 $187,439 $52,142,946 
Criticized (accrual)35,053 78,756 169,101 187,053 78,873 258,523 140,894 15,880 964,133 
Criticized (nonaccrual)
6,690 38,023 38,120 13,021 8,763 35,916 1,174 4,395 146,102 
Total$5,285,502 $8,105,666 $9,917,116 $5,912,101 $3,795,019 $7,858,931 $12,171,132 $207,714 $53,253,181 
Total loans held-for-investment gross write-offs (2)
$9 $13,862 $18,486 $13,671 $1,212 $3,020 $9,837 $— $60,097 
40

December 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$2,314,463 $1,628,560 $1,296,936 $331,982 $245,173 $164,159 $10,053,757 $20,143 $16,055,173 
Criticized (accrual)105,119 67,899 120,574 15,064 40,920 22,098 117,196 — 488,870 
Criticized (nonaccrual)
2,104 7,916 131 4,819 2,979 18,137 950 — 37,036 
Total C&I2,421,686 1,704,375 1,417,641 351,865 289,072 204,394 10,171,903 20,143 16,581,079 
Gross write-offs (2)
350 10,454 424 3,758 9,748 2,648 1,593 — 28,975 
CRE:
Pass2,492,915 4,086,385 2,216,257 1,428,724 1,600,844 2,494,382 92,851 62,771 14,475,129 
Criticized (accrual)36,855 34,485 30,336 48,250 24,437 104,340 — — 278,703 
Criticized (nonaccrual)— — — — 444 22,805 — — 23,249 
Subtotal CRE2,529,770 4,120,870 2,246,593 1,476,974 1,625,725 2,621,527 92,851 62,771 14,777,081 
Gross write-offs (2)
— — — — — 1,329 — — 1,329 
Multifamily residential:
Pass665,780 1,481,161 808,333 612,408 498,491 857,713 8,690 1,281 4,933,857 
Criticized (accrual)— 3,356 54,614 — 693 25,974 — — 84,637 
Criticized (nonaccrual)— — — — — 4,669 — — 4,669 
Subtotal multifamily residential665,780 1,484,517 862,947 612,408 499,184 888,356 8,690 1,281 5,023,163 
Gross write-offs
— — — — — 3 — — 3 
Construction and land:
Pass209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 
Subtotal construction and land
209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 
Total CRE3,405,325 5,885,538 3,230,264 2,129,310 2,125,717 3,515,384 108,522 64,052 20,464,112 
Total CRE gross write-offs (2)
— — — — — 1,332 — — 1,332 
Total commercial$5,827,011 $7,589,913 $4,647,905 $2,481,175 $2,414,789 $3,719,778 $10,280,425 $84,195 $37,045,191 
Total commercial gross write-offs (2)
$350 $10,454 $424 $3,758 $9,748 $3,980 $1,593 $— $30,307 
41

December 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (4)
$3,188,830 $3,340,789 $2,279,802 $1,594,525 $980,686 $1,959,974 $— $— $13,344,606 
Criticized (accrual)2,680 4,471 566 1,440 1,503 4,167 — — 14,827 
Criticized (nonaccrual) (3)
4,466 837 3,902 2,081 3,626 8,715 — — 23,627 
Subtotal single-family residential mortgage3,195,976 3,346,097 2,284,270 1,598,046 985,815 1,972,856 — — 13,383,060 
HELOCs:
Pass3,641 3,882 1,734 3,153 729 9,251 1,551,074 126,280 1,699,744 
Criticized (accrual)565 1,219 1,872 101 185 1,470 2,548 1,089 9,049 
Criticized (nonaccrual)815 856 413 72 584 6,863 279 3,529 13,411 
Subtotal HELOCs5,021 5,957 4,019 3,326 1,498 17,584 1,553,901 130,898 1,722,204 
Gross write-offs (2)
— — — — — 41 — 6 47 
Total residential mortgage3,200,997 3,352,054 2,288,289 1,601,372 987,313 1,990,440 1,553,901 130,898 15,105,264 
Total residential mortgage gross write-offs (2)
— — — — — 41 — 6 47 
Other consumer:
Pass2,286 18,098 135 — — 13,244 26,432 — 60,195 
Criticized (nonaccrual)— — — — — — 132 — 132 
Total other consumer2,286 18,098 135 — — 13,244 26,564 — 60,327 
Total consumer$3,203,283 $3,370,152 $2,288,424 $1,601,372 $987,313 $2,003,684 $1,580,465 $130,898 $15,165,591 
Total consumer gross write-offs (2)
$— $— $— $— $— $41 $— $6 $47 
Total by Risk Rating:
Pass$8,877,690 $10,839,026 $6,723,921 $4,010,720 $3,326,731 $5,504,224 $11,739,785 $210,475 $51,232,572 
Criticized (accrual)145,219 111,430 207,962 64,855 67,738 158,049 119,744 1,089 876,086 
Criticized (nonaccrual)
7,385 9,609 4,446 6,972 7,633 61,189 1,361 3,529 102,124 
Total$9,030,294 $10,960,065 $6,936,329 $4,082,547 $3,402,102 $5,723,462 $11,860,890 $215,093 $52,210,782 
Total loans held-for-investment gross write-offs (2)
$350 $10,454 $424 $3,758 $9,748 $4,021 $1,593 $6 $30,354 
(1)No revolving commercial loans were converted to term loans during the three months ended September 30, 2024. $8 million of total commercial loans, comprised of C&I and CRE revolving loans, were converted to term loans during the nine months ended September 30, 2024. In comparison, $11 million and $25 million of total commercial loans, primarily comprised of CRE revolving loans were converted to term loans during the three and nine months ended September 30, 2023, respectively. $2 million and $26 million of total consumer loans, comprised of HELOCs, were converted to term loans during the three and nine months ended September 30, 2024, respectively. In comparison, $21 million and $28 million of total consumer loans, comprised of HELOCs, were converted to term loans during the three and nine months ended September 30, 2023, respectively.
(2)Excludes gross write-offs associated with loans the Company sold or settled.
(3)As of both September 30, 2024 and December 31, 2023, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
42

Nonaccrual and Past Due Loans

Loans that are 90 or more days past due are generally placed on nonaccrual status unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following tables present the aging analysis of loans held-for-investment as of September 30, 2024 and December 31, 2023:
September 30, 2024
($ in thousands)Current Accruing LoansAccruing Loans 30-59 Days Past DueAccruing Loans 60-89 Days Past DueTotal Accruing Past Due LoansTotal Nonaccrual LoansTotal Loans
Commercial:
C&I$16,978,259 $10,974 $3,497 $14,471 $75,272 $17,068,002 
CRE:
CRE14,562,360 1,751 825 2,576 3,273 14,568,209 
Multifamily residential5,133,784 2,620 491 3,111 4,586 5,141,481 
Construction and land682,459 — — — 11,316 693,775 
Total CRE20,378,603 4,371 1,316 5,687 19,175 20,403,465 
Total commercial37,356,862 15,345 4,813 20,158 94,447 37,471,467 
Consumer:
Residential mortgage:
Single-family residential13,883,243 24,890 19,229 44,119 35,735 13,963,097 
HELOCs1,717,377 19,309 7,454 26,763 16,576 1,760,716 
Total residential mortgage15,600,620 44,199 26,683 70,882 52,311 15,723,813 
Other consumer54,697 78 3,024 3,102 102 57,901 
Total consumer15,655,317 44,277 29,707 73,984 52,413 15,781,714 
Total$53,012,179 $59,622 $34,520 $94,142 $146,860 $53,253,181 
December 31, 2023
($ in thousands)Current Accruing LoansAccruing Loans 30-59 Days Past DueAccruing Loans 60-89 Days Past DueTotal Accruing Past Due LoansTotal Nonaccrual LoansTotal Loans
Commercial:
C&I$16,508,394 $28,550 $7,099 $35,649 $37,036 $16,581,079 
CRE:
CRE14,750,315 1,719 1,798 3,517 23,249 14,777,081 
Multifamily residential5,017,897 597 — 597 4,669 5,023,163 
Construction and land650,617 13,251 — 13,251 — 663,868 
Total CRE20,418,829 15,567 1,798 17,365 27,918 20,464,112 
Total commercial36,927,223 44,117 8,897 53,014 64,954 37,045,191 
Consumer:
Residential mortgage:
Single-family residential13,313,455 29,285 15,943 45,228 24,377 13,383,060 
HELOCs1,687,301 12,266 9,226 21,492 13,411 1,722,204 
Total residential mortgage
15,000,756 41,551 25,169 66,720 37,788 15,105,264 
Other consumer56,930 3,123 142 3,265 132 60,327 
Total consumer15,057,686 44,674 25,311 69,985 37,920 15,165,591 
Total$51,984,909 $88,791 $34,208 $122,999 $102,874 $52,210,782 

43

The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both September 30, 2024 and December 31, 2023. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.
($ in thousands)September 30, 2024December 31, 2023
Commercial:
C&I$67,821 $33,089 
CRE2,591 22,653 
Multifamily residential— 4,235 
Construction and land11,316 — 
Total commercial81,728 59,977 
Consumer:
Single-family residential6,520 4,852 
HELOCs10,085 7,256 
Total consumer16,605 12,108 
Total nonaccrual loans with no related allowance for loan losses$98,333 $72,085 

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 $49 million of foreclosed assets as of September 30, 2024, compared with $11 million as of December 31, 2023. 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 $14 million and $8 million as of September 30, 2024 and December 31, 2023, respectively.

Loan Modifications to Borrowers Experiencing Financial Difficulty

As part of the Company’s loss mitigation efforts, the Company may agree to modify the contractual terms of a loan to assist borrowers experiencing financial difficulty. The Company negotiates loan modifications on a case-by-case basis to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. The Company considers various factors to identify borrowers experiencing financial difficulty. The primary factor for consumer borrowers is delinquency status. For commercial loan borrowers, these factors include credit risk ratings, the probability of loan risk rating downgrades, and overall risk profile changes. The modification may include, but is not limited to, payment deferrals, interest rate reductions, term extensions, principal forgiveness, or a combination of such modifications. Commercial loan borrowers that require immaterial modifications such as insignificant interest rate changes, short-term extensions (90 days or less) from the original maturity date, or temporary waivers or extensions of financial covenants which would not constitute material credit actions, are generally not considered to be experiencing financial difficulty and are not included in the disclosure. Insignificant payment deferrals (three months or less in the last 12 months) are also not included in the disclosure.

44

The following tables present the amortized cost of loans that were modified during the three and nine months ended September 30, 2024 and 2023 by loan class and modification type:
Three Months Ended September 30, 2024
Modification Type
($ in thousands)Term ExtensionPayment DelayCombination: Term Extension/ Payment DelayCombination: Rate Reduction/ Payment DelayTotalModification as a % of Loan Class
Commercial:
C&I$15,848 $— $— $— $15,848 0.09 %
CRE23,735 — — — 23,735 0.16 %
Total commercial39,583 — — — 39,583 
Consumer:
Single-family residential— 4,718 219 141 5,078 0.04 %
HELOCs— 3,763 — — 3,763 0.21 %
Total consumer— 8,481 219 141 8,841 
Total$39,583 $8,481 $219 $141 $48,424 
Three Months Ended September 30, 2023
Modification Type
($ in thousands)Term ExtensionPayment DelayCombination: Term Extension/ Payment Delay
Combination: Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$1,682 $11,603 $— $— $13,285 0.08 %
CRE13,469 — — — 13,469 0.07 %
Total commercial15,151 11,603 — — 26,754 
Consumer:
Single-family residential— 2,944 1,260 — 4,204 0.03 %
HELOCs— — 334 183 517 0.03 %
Total consumer— 2,944 1,594 183 4,721 
Total$15,151 $14,547 $1,594 $183 $31,475 
Nine Months Ended September 30, 2024
Modification Type
($ in thousands)Term ExtensionPayment DelayCombination: Term Extension/ Payment DelayCombination: Rate Reduction/ Payment DelayTotalModification as a % of Loan Class
Commercial:
C&I$26,191 $24,768 $— $— $50,959 0.30 %
CRE47,969 — — — 47,969 0.33 %
Total commercial74,160 24,768 — — 98,928 
Consumer:
Single-family residential— 13,278 219 141 13,638 0.10 %
HELOCs— 10,708 — 517 11,225 0.64 %
Other consumer3,000 — — — 3,000 5.18 %
Total consumer3,000 23,986 219 658 27,863 
Total$77,160 $48,754 $219 $658 $126,791 
45

Nine Months Ended September 30, 2023
Modification Type
($ in thousands)Term ExtensionPayment DelayCombination: Term Extension/ Payment DelayCombination: Rate Reduction/ Term Extension
Combination: Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$44,120 $20,793 $— $— $— $64,913 0.41 %
CRE13,979 — — 32,724 — 46,703 0.23 %
Total commercial58,099 20,793 — 32,724 — 111,616 
Consumer:
Single-family residential— 7,276 1,809 — — 9,085 0.07 %
HELOCs— 741 1,053 — 183 1,977 0.11 %
Total consumer— 8,017 2,862 — 183 11,062 
Total$58,099 $28,810 $2,862 $32,724 $183 $122,678 

The following tables present the financial effects of the loan modifications for the three and nine months ended September 30, 2024 and 2023 by loan class and modification type:
Financial Effects of Loan Modifications for the Three Months Ended September 30,
20242023
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay
(in years)		Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)
Weighted-Average Payment Delay
(in years)
Commercial:
C&I— %0.80.0$26 
(1)
— %
(1)
3.01.5
CRE— %3.30.0— — %1.10.0
Consumer:
Single-family residential1.63 %10.02.6— — %10.01.0
HELOCs— %0.00.6— 0.50 %16.70.7
Financial Effects of Loan Modifications for the Nine Months Ended September 30,
20242023
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay
(in years)		Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay (in years)
Commercial:
C&I— %1.61.6$371 
(1)
— %
(1)
1.41.2
CRE— %2.40.0— 3.00 %2.10.0
Consumer:
Single-family residential1.63 %10.01.4— — %9.91.0
HELOCs0.25 %0.02.0— 0.50 %15.40.5
Other consumer— %0.80.0— — %0.00.0
(1)Comprised of a C&I loan modified during the three and nine months ended September 30, 2023 where the interest was waived in addition to principal forgiveness.

A modified loan may become delinquent and result in a payment default (generally 90 days past due) subsequent to modification. The following tables present information on loans that defaulted during the three and nine months ended September 30, 2024 that received modifications during the 12 months preceding payment default. There were no loans that received modifications and subsequently defaulted during both the three and nine months ended September 30, 2023.
46

Loans Modified Subsequently Defaulted During the Three Months Ended September 30, 2024
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Consumer:
Single-family residential$— $573 $— $— $573 
HELOCs— 2,762 — — 2,762 
Total consumer— 3,335 — — 3,335 
Total$— $3,335 $— $— $3,335 
Loans Modified Subsequently Defaulted During the Nine Months Ended September 30, 2024
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Commercial:
C&I$7,829 $5,280 $— $— $13,109 
Total commercial7,829 5,280 — — 13,109 
Consumer:
Single-family residential— 7,995 141 2,828 10,964 
HELOCs— 3,240 1,149 — 4,389 
Total consumer— 11,235 1,290 2,828 15,353 
Total$7,829 $16,515 $1,290 $2,828 $28,462 

The Company monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified in the twelve months ended September 30, 2024. For the comparative period, the amounts represent the performance of loans that were modified in the first nine months ended September 30, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023:
Payment Performance as of September 30, 2024
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$62,107 $8,848 $7,828 $78,783 
CRE47,969 — — 47,969 
Total commercial110,076 8,848 7,828 126,752 
Consumer:
Single-family residential9,610 3,237 6,686 19,533 
HELOCs8,922 3,736 1,270 13,928 
Other consumer— 3,000 — 3,000 
Total consumer18,532 9,973 7,956 36,461 
Total$128,608 $18,821 $15,784 $163,213 
47

Payment Performance as of September 30, 2023
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$58,481 $— $6,432 $64,913 
CRE46,703 — — 46,703 
Total commercial105,184 — 6,432 111,616 
Consumer:
Single-family residential7,430 1,190 465 9,085 
HELOCs1,236 741 — 1,977 
Total consumer8,666 1,931 465 11,062 
Total$113,850 $1,931 $6,897 $122,678 

Commitments outstanding to lend additional funds to borrowers experiencing financial difficulty whose loans were modified were $4 million as of both September 30, 2024 and December 31, 2023.

Allowance for Credit Losses

The Company has a current expected credit losses framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The Company’s allowance for credit losses, which includes both the allowance for loan losses and the allowance for unfunded credit commitments, is calculated with the objective of maintaining a reserve sufficient to absorb losses inherent in our credit portfolios. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses, periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors.

The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred fees and costs, and escrow advances. Subsequent changes in expected credit losses are recognized in net income as a provision for, or a reversal of, credit loss expense.

The allowance for credit losses estimation involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures that share risk characteristics with other similar exposures are collectively evaluated. The collectively evaluated loans include performing loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis.

Allowance for Collectively Evaluated Loans

The allowance for collectively evaluated loans consists of a quantitative component that assesses the different risk factors considered in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below.

Quantitative Component — The Company applies quantitative methods to estimate loan losses by considering a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios which include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted, multiple-scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside or upside scenarios reflecting possible worsening or improving economic conditions. The quantitative models incorporate a probability-weighted calculation of these macroeconomic scenarios over a reasonable and supportable forecast period. If the life of the loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining life of the loans to estimate the allowance for loan losses.

48

There were no changes to the reasonable and supportable forecast period and reversion to the historical loss experience method for the three and nine months ended September 30, 2024 and 2023.

The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&IAge percentage, size at origination, delinquency status, sector and risk rating
Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
CRE, multifamily residential, and construction and land
Delinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, GDP, and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and Home Price Indices
Other consumerLoss rate approach
Immaterial - Macroeconomic variables are included in the qualitative estimate.

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 eight 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;
49

•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.

The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent to which changes in these factors diverge from period to period.

While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk.

Allowance for Individually Evaluated Loans

When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; or (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan.

•Collateral-Dependent Loans — The allowance of a collateral-dependent loan is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale. As of September 30, 2024, collateral-dependent commercial and consumer loans totaled $45 million and $18 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $30 million and $12 million, respectively, as of December 31, 2023. The Company's collateral-dependent loans were secured by real estate. As of both September 30, 2024 and December 31, 2023, 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.

The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily Residential
Construction and Land
Single-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$379,984 $194,794 $40,254 $14,322 $49,523 $3,340 $1,577 $683,794 
Provision for (reversal of) credit losses on loans(a)26,416 27,123 (8,493)(1,975)(1,293)(128)67 41,717 
Gross charge-offs(29,260)(734)— (145)— (10)(149)(30,298)
Gross recoveries838 61 21 6 1 8 — 935 
Total net (charge-offs) recoveries(28,422)(673)21 (139)1 (2)(149)(29,363)
Foreign currency translation adjustment337 — — — — — — 337 
Allowance for loan losses, end of period$378,315 $221,244 $31,782 $12,208 $48,231 $3,210 $1,495 $696,485 
50

Three Months Ended September 30, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$375,333 $168,505 $22,938 $11,325 $51,513 $4,526 $1,260 $635,400 
Provision for (reversal of) credit losses on loans(a)13,006 12,952 772 8,302 3,353 (705)456 38,136 
Gross charge-offs(7,074)(3,466)— (10,413)— (41)(13)(21,007)
Gross recoveries2,279 49 452 2 64 15 — 2,861 
Total net (charge-offs) recoveries (4,795)(3,417)452 (10,411)64 (26)(13)(18,146)
Foreign currency translation adjustment133 — — — — — — 133 
Allowance for loan losses, end of period$383,677 $178,040 $24,162 $9,216 $54,930 $3,795 $1,703 $655,523 
Nine Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$392,685 $170,592 $34,375 $10,469 $55,018 $3,947 $1,657 $668,743 
Provision for (reversal of) credit losses on loans(a)44,473 64,542 (2,833)3,828 (6,760)(792)175 102,633 
Gross charge-offs(63,392)(14,235)(6)(2,289)(35)(10)(337)(80,304)
Gross recoveries4,365 345 246 200 8 65 — 5,229 
Total net (charge-offs) recoveries(59,027)(13,890)240 (2,089)(27)55 (337)(75,075)
Foreign currency translation adjustment184 — — — — — — 184 
Allowance for loan losses, end of period$378,315 $221,244 $31,782 $12,208 $48,231 $3,210 $1,495 $696,485 
Nine Months Ended September 30, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, December 31, 2022$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
Impact of ASU 2022-02 adoption5,683 337 6 — 1 1 — 6,028 
Allowance for loan losses, beginning of period377,383 150,201 23,379 9,109 35,565 4,476 1,560 601,673 
Provision for (reversal of) credit losses on loans(a)17,587 33,313 303 10,507 19,296 (569)244 80,681 
Gross charge-offs(16,309)(5,838)— (10,413)— (138)(101)(32,799)
Gross recoveries5,555 364 480 13 69 26 — 6,507 
Total net (charge-offs) recoveries(10,754)(5,474)480 (10,400)69 (112)(101)(26,292)
Foreign currency translation adjustment(539)— — — — — — (539)
Allowance for loan losses, end of period$383,677 $178,040 $24,162 $9,216 $54,930 $3,795 $1,703 $655,523 

51

In addition to the allowance for loan losses, the Company maintains an allowance for unfunded credit commitments. The Company has three general areas for which it provides the allowance for unfunded credit commitments: (1) recourse obligations for loans sold, (2) letters of credit, and (3) unfunded lending commitments. The allowance for unfunded credit commitments is maintained at a level that management believes to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. See Note 11 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q for additional information related to unfunded credit commitments. The following table summarizes the activity in the allowance for unfunded credit commitments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$38,783 $29,728 $37,698 $26,264 
Provision for credit losses on unfunded credit commitments(b)283 3,864 1,367 7,319 
Foreign currency translation adjustment(4)(3)(3)6 
Allowance for unfunded credit commitments, end of period$39,062 $33,589 $39,062 $33,589 
Provision for credit losses(a) + (b)$42,000 $42,000 $104,000 $88,000 

The allowance for credit losses was $736 million as of September 30, 2024, an increase of $30 million, compared with $706 million as of December 31, 2023. The increase in the allowance for credit losses was primarily driven by the Company’s net loan growth, qualitative risk assessment and economic outlook that reflected continued caution regarding inflation, the high-interest rate environment and certain CRE markets.

The Company considers multiple economic scenarios to develop the estimate of the allowance for loan losses. The scenarios may consist of a baseline forecast representing management's view of the most likely outcome, and downside or upside scenarios that reflect possible worsening or improving economic conditions. As of September 30, 2024, the Company assigned the same weightings to its baseline, upside and downside scenarios as compared with December 31, 2023. The current baseline economic forecast continues to reflect key risks such as still-elevated interest rates, inflation, concerns over global conflicts and oil prices. Compared to December 2023, the September 2024 baseline forecast for GDP growth showed improvement in the near term (full years 2024 and 2025) and a slight worsening for longer-term (2026 and beyond). The unemployment rate has remained low with the September 2024 forecast showing a small uptick for the remainder of 2024 and into 2025, compared to the December 2023 forecast for the same periods. The downside scenario assumed the economy falls into recession in the fourth quarter of 2024 as a result of still-elevated interest rates, global and domestic political tensions, and concerns about bank failures. The upside scenario assumed a more optimistic economic outlook, including stronger growth, stable financial market, and full employment starting in the first quarter of 2025.

Loan Transfers, Sales and Purchases

The Company’s primary business focus is on directly originated loans. The Company also purchases loans from and participates in loan financing with other banks. In the normal course of business, the Company also provides other financial institutions with the ability to participate in commercial loans that it originates, by selling loans to such institutions. Purchased loans may be transferred from held-for-investment to held-for-sale, and write-downs to allowance for loan losses are recorded, when appropriate. The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$307,182 $— $— $— $307,182 
Sales (2) (3)
$326,764 $— $— $1,642 $328,406 
Purchases$247,880 
(4)
$— $— $102,666 $350,546 
52

Three Months Ended September 30, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction
and Land		Single-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$201,299 $25,890 $— $— $227,189 
Sales (2) (3)
$199,511 $29,357 $— $— $228,868 
Purchases$19,588 
(4)
$— $— $140,771 $160,359 
Nine Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction
and Land		Single-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$646,079 $— $718 $— $646,797 
Sales (2) (3)
$647,873 $— $718 $2,607 $651,198 
Purchases$451,399 
(4)
$— $— $289,266 $740,665 
Nine Months Ended September 30, 2023
Commercial Consumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$469,571 $29,490 $8,154 $— $507,215 
Sales (2) (3)
$491,178 $32,957 $8,154 $— $532,289 
Purchases$80,550 
(4)
$— $— $351,880 $432,430 
(1)Includes write-downs of $1 million and $2 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three and nine months ended September 30, 2024, respectively, and $4 million for both the three and nine months ended September 30, 2023.
(2)Includes originated loans sold of $309 million and $496 million for the three and nine months ended September 30, 2024, respectively, and $204 million and $407 million for the three and nine months ended September 30, 2023, respectively. Originated loans sold consisted primarily of C&I loans for each of the three and nine months ended September 30, 2024 and 2023.
(3)Includes $20 million and $156 million of purchased loans sold in the secondary market for the three and nine months ended September 30, 2024, respectively, and $25 million and $125 million for the three and nine months ended September 30, 2023, respectively.
(4)C&I loan purchases were comprised of syndicated C&I term loans.

Note 8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net

The CRA encourages banks to meet the credit needs of their communities, particularly low- and moderate-income individuals and neighborhoods. The Company invests in certain affordable housing projects in the form of ownership interests in limited partnerships or limited liability companies that qualify for CRA consideration and tax credits. These entities are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the U.S. To fully utilize the available tax credits, each of these entities must meet the affordable housing regulatory requirements for a 15-year 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.

53

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 records its investments in qualifying affordable housing partnerships, net, using PAM. Following the adoption of ASU 2023-02 on January 1, 2024, the Company elects to account for its tax credit investments using PAM on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies — Significant Accounting Policies Update — Income Taxes to the Consolidated Financial Statements in this Form 10-Q. For discussion on the Company’s impairment evaluation and monitoring process for tax credit investments, refer to Note 3 — 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.

The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments$480,751 $284,712 $419,785 $251,746 
Tax credit and CRA investments191,644 94,529 — — 
Equity method of accounting and other:
Tax credits and CRA investments252,044 118,243 485,251 298,990 
Total$924,439 $497,484 $905,036 $550,736 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

54

The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Tax credits and benefits (1):
PAM:
Affordable housing partnership investments$17,352 $15,660 $51,383 $47,058 
Tax credit and CRA investments27,321 — 80,774 — 
Equity method of accounting and other:
Tax credit and CRA investments14,918 47,395 49,055 120,297 
Total tax credits and benefits$59,591 $63,055 $181,212 $167,355 
Amortization:
PAM:
Affordable housing partnership investments (2)
$11,245 $11,587 $34,888 $34,759 
Tax credit and CRA investments (3)
21,819 — 65,135 — 
Equity method of accounting and other:
Tax credit and CRA investments (4) (5)
5,600 49,694 34,859 115,718 
Total amortization$38,664 $61,281 $134,882 $150,477 
(1)Included in Income tax expense on the Consolidated Statement of Income for the three and nine months ended September 30, 2024 and 2023.
(2)Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three and nine months ended September 30, 2024 and 2023.
(3)Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three and nine months ended September 30, 2024.
(4)Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the three and nine months ended September 30, 2024 and 2023.
(5)Includes net impairment losses of $1 million for the three months ended September 30, 2023, and net impairment recoveries of $1 million for the nine months ended September 30, 2023. The activity for both periods was primarily related to historic tax credits. In comparison, there were no impairment recoveries or losses for the three and nine months ended September 30, 2024.

The Company also held equity securities without readily determinable fair values totaling $147 million and $146 million as of September 30, 2024 and December 31, 2023, respectively. Equity securities without readily determinable fair values are included in Other Assets and Affordable housing partnership, tax credit and CRA investments, net on the Consolidated Balance Sheet.

Note 9 — Goodwill

Total goodwill was $466 million as of both September 30, 2024 and December 31, 2023. The Company’s goodwill impairment test is performed annually, as of December 31, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. Based on the Company’s annual goodwill impairment test as of December 31, 2023, there was no impairment. Additional information pertaining to the Company’s accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. The Company performed an analysis of goodwill during the third quarter of 2024 that consisted of a qualitative assessment to determine if it was more likely than not that the carrying values of each reporting unit exceeded their estimated fair values. The results of this analysis indicated that no impairment of goodwill existed as of September 30, 2024.

The Company has an equity method investment in Rayliant and its carrying value was $109 million as of September 30, 2024, of which $101 million was comprised of equity method goodwill. For additional information on this investment, refer to Note 7 - Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.

55

Note 10 — Short-Term Borrowings and Long-Term Debt

The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Interest RatesMaturity DatesAmountAmount
Parent company
Junior subordinated debt (1) — floating (2)
 6.76%
12/15/2035$31,923 $148,249 
Bank
BTFP borrowings4.37%
03/19/2024
$— $4,500,000 
FHLB advances (3):
  Floating (2)
5.02% — 5.07%
2025$3,000,000 $— 
  Fixed
3.87% — 3.95%
2026500,000 — 
     Total FHLB advances
$3,500,000 $— 
(1)The weighted-average interest rates for junior subordinated debt were 6.76% and 6.87% as of September 30, 2024 and December 31, 2023, respectively.
(2)Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread.
(3)The weighted-average interest rate for FHLB advances was 4.88% as of September 30, 2024.

The Bank’s available borrowing capacity from FHLB advances totaled $8.9 billion as of September 30, 2024. 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 September 30, 2024, all advances were secured by real estate loans.

During the first quarter of 2024, the Company redeemed approximately $117 million of junior subordinated debt and repaid $4.5 billion of BTFP borrowings upon maturity. For additional information on the BTFP and junior subordinated debt, refer to Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.

Note 11 — Commitments and Contingencies

Commitments to Extend Credit — In the normal course of business, the Company provides loan commitments and letters of credit to customers on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses from these transactions, commitments to extend credit are included in determining the appropriate level of allowance for unfunded credit commitments.

The following table presents the Company’s credit-related commitments as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Expire in One Year or LessExpire After One Year Through Three YearsExpire After Three Years Through Five YearsExpire After Five YearsTotalTotal
Loan commitments$4,482,181 $3,933,575 $633,664 $118,421 $9,167,841 $9,141,447 
Commercial letters of credit and standby letters of credit (“SBLCs”)
1,227,592 332,872 258,186 1,086,480 2,905,130 2,610,761 
Total$5,709,773 $4,266,447 $891,850 $1,204,901 $12,072,971 $11,752,208 

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.
56

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 September 30, 2024, total letters of credit of $2.9 billion consisted of SBLCs of $2.9 billion and commercial letters of credit of $25 million. In comparison, as of December 31, 2023, total letters of credit of $2.6 billion consisted of SBLCs of $2.6 billion and commercial letters of credit of $24 million. As of both September 30, 2024 and December 31, 2023, 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 $39 million and $38 million as of September 30, 2024 and December 31, 2023, respectively.

Guarantees — From time to time, the Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the maximum potential future payments and carrying value of loans sold or securitized with recourse as of September 30, 2024 and December 31, 2023:
Maximum Potential Future Payments
Carrying Value (1)
September 30, 2024December 31, 2023September 30, 2024December 31, 2023
($ in thousands)Expire After One Year Through Three YearsExpire After Three Years Through Five YearsExpire After Five YearsTotalTotalTotalTotal
Single-family residential loans sold or securitized with recourse$12 $42 $4,455 $4,509 $5,888 $4,509 $5,888 
Multifamily residential loans sold or securitized with recourse— 150 14,846 14,996 14,996 18,159 19,020 
Total $12 $192 $19,301 $19,505 $20,884 $22,668 $24,908 
(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 $32 thousand and $40 thousand as of September 30, 2024 and December 31, 2023, 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.

57

Litigation — The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more, than the amounts accrued.

While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information known to the Company as of September 30, 2024, the Company does not believe there are any pending legal proceedings to which the Company is a party that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company’s financial condition. In light of the inherent uncertainty in legal proceedings, however, there can be no assurance that the ultimate resolution will not exceed established reserves and it is possible that the outcome of a particular matter, or a combination of matters, may be material to the Company’s financial condition for a particular period, depending upon the size of the loss and the Company’s income for that particular period.

Note 12 — Stock Compensation Plans

Pursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stock, stock options, restricted stock, RSUs including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of East West and its subsidiaries. The Company has granted RSUs as its primary incentive awards. There were no outstanding awards other than RSUs as of both September 30, 2024 and December 31, 2023.

The following table presents a summary of the total share-based compensation expense and the related net tax benefits (expenses) associated with the Company’s various employee share-based compensation plans for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Stock compensation costs$10,717 $9,495 $34,371 $29,934 
Related net tax benefits (expenses) for stock compensation plans
$20 $(18)$812 $8,797 

Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally cliff vest after three years of continued employment from the date of the grant and are authorized to settle in shares of the Company’s common stock. Dividends are accrued during the vesting period and paid at the time of vesting. While a portion of the RSUs are time-based vesting awards, others vest subject to the attainment of additional specified performance goals, referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation and Management Development Committee based on the performance in the year prior to the grant date of the award. The number of awards that vest can range from zero percent to a maximum of 200% of the granted number of awards based on the Company’s achievement of specified performance criteria over a performance period of three years. For information on accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements of the Company’s 2023 Form 10-K.

58

The following table presents a summary of the activities for the Company’s time- and performance-based RSUs that were settled in shares for the nine months ended September 30, 2024. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date.
Time-Based RSUsPerformance-Based RSUs
SharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair Value
Outstanding, January 1, 2024
1,206,518 $74.29 276,223 $78.59 
Granted523,897 75.78 97,798 80.28 
Vested(311,902)71.76 (91,960)77.67 
Forfeited(65,447)74.37 — — 
Outstanding, September 30, 2024
1,353,066 $75.45 282,061 $79.48 

As of September 30, 2024, there were $38 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 1.9 years, and $19 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 1.9 years.

Note 13 — Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the three and nine months ended September 30, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
Three Months Ended September 30,Nine Months Ended September 30,
($ and shares in thousands, except per share data)2024202320242023
Basic:
Net income$299,166 $287,738 $872,471 $922,208 
Weighted-average number of shares outstanding138,606 141,485 138,997 141,356 
Basic EPS$2.16 $2.03 $6.28 $6.52 
Diluted:
Net income$299,166 $287,738 $872,471 $922,208 
Weighted-average number of shares outstanding138,606 141,485 138,997 141,356 
Add: Dilutive impact of unvested RSUs1,042 637 942 688 
Diluted weighted-average number of shares outstanding139,648 142,122 139,939 142,044 
Diluted EPS$2.14 $2.02 $6.23 $6.49 

Approximately one thousand and five thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2024, respectively. In comparison, approximately one million and 350 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2023, respectively.

Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to $500 million of the Company’s common stock. For the three months ended September 30, 2024, there were no share repurchases. For the nine months ended September 30, 2024, the Company repurchased 1,742,496 shares at an average price of $70.72 per share at a total cost of $123 million. The Company did not repurchase any shares during the three and nine months ended September 30, 2023. As of September 30, 2024, the Company had approximately $49 million available for repurchases under its stock repurchase program.

59

Note 14 — Accumulated Other Comprehensive (Loss) Income

The following tables present the changes in the components of AOCI balances for the three and nine months ended September 30, 2024 and 2023:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, July 1, 2023$(681,536)$(74,805)$(25,591)$(781,932)
Net unrealized (losses) gains arising during the period
(72,691)(44,347)3,710 (113,328)
Amounts reclassified from AOCI2,870 17,013 — 19,883 
Changes, net of tax(69,821)(27,334)3,710 (93,445)
Balance, September 30, 2023
$(751,357)$(102,139)$(21,881)$(875,377)
Balance, July 1, 2024$(591,286)$(44,059)$(18,828)$(654,173)
Net unrealized gains (losses) arising during the period132,130 66,105 (1,126)197,109 
Amounts reclassified from AOCI2,663 17,097 — 19,760 
Changes, net of tax134,793 83,202 (1,126)216,869 
Balance, September 30, 2024
$(456,493)

$39,143 $(19,954)$(437,304)
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, January 1, 2023$(694,815)$(49,531)$(21,283)$(765,629)
Net unrealized losses arising during the period
(72,034)(91,468)(598)(164,100)
Amounts reclassified from AOCI15,492 38,860 — 54,352 
Changes, net of tax(56,542)(52,608)(598)(109,748)
Balance, September 30, 2023
$(751,357)$(102,139)$(21,881)$(875,377)
Balance, January 1, 2024
$(601,881)$2,624 $(21,339)$(620,596)
Net unrealized gains (losses) arising during the period138,621 (15,235)1,385 124,771 
Amounts reclassified from AOCI6,767 51,754 — 58,521 
Changes, net of tax145,388 36,519 1,385 183,292 
Balance, September 30, 2024
$(456,493)$39,143 $(19,954)$(437,304)
(1)Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022.
(2)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.

60

The following tables present the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and nine months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized gains (losses) on AFS debt securities arising during the period$187,578 $(55,448)$132,130 $(103,183)$30,492 $(72,691)
Reclassification adjustments:
Net realized gains on AFS debt securities reclassified into net income (1)
(145)43 (102)— — — 
Amortization of unrealized losses on transferred debt securities (2)
3,926 (1,161)2,765 4,075 (1,205)2,870 
Net change191,359 (56,566)134,793 (99,108)29,287 (69,821)
Cash flow hedges:
Net unrealized gains (losses) arising during the period
93,842 (27,737)66,105 (62,715)18,368 (44,347)
Net realized losses reclassified into net income (3)
24,272 (7,175)17,097 24,059 (7,046)17,013 
Net change118,114 (34,912)83,202 (38,656)11,322 (27,334)
Foreign currency translation adjustments, net of hedges:
Net unrealized (losses) gains arising during the period
(1,126)— (1,126)3,728 (18)3,710 
Net change(1,126)— (1,126)3,728 (18)3,710 
Other comprehensive income (loss)$308,347 $(91,478)$216,869 $(134,036)$40,591 $(93,445)
Nine Months Ended September 30,
20242023
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized gains (losses) arising during the period
$196,717 $(58,096)$138,621 $(102,262)$30,228 $(72,034)
Reclassification adjustments:
Net realized (gains) losses on AFS debt securities reclassified into net income (1)
(1,979)585 (1,394)10,000 
(4)
(2,956)7,044 
Amortization of unrealized losses on transferred securities (2)
11,587 (3,426)8,161 11,994 (3,546)8,448 
Net change206,325 (60,937)145,388 (80,268)23,726 (56,542)
Cash flow hedges:
Net unrealized losses arising during the period(21,629)6,394 (15,235)(129,329)37,861 (91,468)
Net realized losses reclassified into net income (3)
73,471 (21,717)51,754 54,955 (16,095)38,860 
Net change51,842 (15,323)36,519 (74,374)21,766 (52,608)
Foreign currency translation adjustments, net of hedges:
Net unrealized gains arising during the period1,558 (173)1,385 247 (845)(598)
Net change1,558 (173)1,385 247 (845)(598)
Other comprehensive income (loss)
$259,725 $(76,433)$183,292 $(154,395)$44,647 $(109,748)
(1)Pre-tax amounts were reported in Net gains (losses) 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 and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income. In the first quarter of 2023, the pre-tax amount also included the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income.
(4)Represents the loss related to an AFS debt security that was written off in the first quarter of 2023.
61

Note 15 — Business Segments

The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined by the type of customers served, and the related products and services provided. The segments reflect how financial information is currently evaluated by management. Operating segment results are based on the Company’s internal management reporting process, which reflects assignments and allocations of certain balance sheet and income statement items. The 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 financing, 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.

The remaining centralized functions, including the corporate treasury activities of the Company and eliminations of inter-segment amounts, have been aggregated and included in the Treasury and Other segment, which provides broad administrative support to the two core segments, namely the Consumer and Business Banking and the Commercial Banking segments.

The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The internal reporting process derives operating segment results by utilizing allocation methodologies for revenues and expenses. Net interest income of each segment 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 internal funds transfer pricing (“FTP”) process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Indirect costs, including technology-related costs and corporate overhead, are allocated based on a segment’s estimated usage using factors including but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Charge-offs are recorded to the segment directly associated with the respective loans charged off, and provision for credit losses is recorded to the segments based on the related loans for which allowances are evaluated. The Company’s internal reporting process utilizes a full-allocation methodology. Under this methodology, corporate and indirect expenses incurred by the Treasury and Other segment are allocated to the Consumer and Business Banking and the Commercial Banking segments, except certain corporate treasury-related expenses and insignificant unallocated expenses.

The corporate treasury function within the Treasury and Other segment is responsible for the Company’s liquidity and interest rate management, and the internal 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 its business segments’ 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 FTP process transfers the corporate interest rate risk exposure to the treasury function within the Treasury and Other segment, where such exposures are centrally managed. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions.

62

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. Balances for the prior year periods have been reclassified for comparability.

The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and nine months ended September 30, 2024 and 2023:
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended September 30, 2024
Net interest income (loss) before provision for credit losses$290,884 $288,704 $(6,866)$572,722 
Provision for (reversal of) credit losses
5,927 36,934 (861)42,000 
Noninterest income27,970 45,577 11,214 84,761 
Noninterest expense112,006 93,602 20,558 226,166 
Segment income (loss) before income taxes200,921 203,745 (15,349)389,317 
Segment net income$141,532 $143,218 $14,416 $299,166 
As of September 30, 2024
Segment assets$19,650,183 $35,714,691 $19,118,846 $74,483,720 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended September 30, 2023
Net interest income (loss) before provision for credit losses
$314,521 $284,787 $(28,495)$570,813 
Provision for credit losses2,563 35,506 3,931 42,000 
Noninterest income25,119 42,166 9,467 76,752 
Noninterest expense105,557 86,613 59,844 252,014 
Segment income (loss) before income taxes231,520 204,834 (82,803)353,551 
Segment net income (loss)
$163,513 $144,489 $(20,264)$287,738 
As of September 30, 2023
Segment assets$18,925,029 $34,028,487 $15,335,942 $68,289,458 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Nine Months Ended September 30, 2024
Net interest income (loss) before provision for credit losses
$880,316 $855,607 $(44,833)$1,691,090 
Provision for (reversal of) credit losses
5,246 99,996 (1,242)104,000 
Noninterest income80,288 141,634 26,500 248,422 
Noninterest expense337,836 296,252 75,387 709,475 
Segment income (loss) before income taxes617,522 600,993 (92,478)1,126,037 
Segment net income$434,992 $423,407 $14,072 $872,471 
As of September 30, 2024
Segment assets$19,650,183 $35,714,691 $19,118,846 $74,483,720 
63

($ in thousands)Consumer and Business BankingCommercial BankingTreasury and OtherTotal
Nine Months Ended September 30, 2023
Net interest income (loss) before reversal of credit losses$922,845 $825,122 $(10,547)$1,737,420 
Provision for credit losses29,037 56,093 2,870 88,000 
Noninterest income77,191 128,306 9,864 215,361 
Noninterest expense318,947 255,709 157,594 732,250 
Segment income (loss) before income taxes652,052 641,626 (161,147)1,132,531 
Segment net income$460,516 $453,360 $8,332 $922,208 
As of September 30, 2023
Segment assets$18,925,029 $34,028,487 $15,335,942 $68,289,458 
64

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Page
66
68
69
69
76
77
78
78
83
83
85
91
91
92
94
95
95
99
102
107
107

65

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, 2023, filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 29, 2024 (the “Company’s 2023 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 September 30, 2024, the Company had $74.5 billion in total assets and approximately 3,500 full-time equivalent employees. For additional information on our strategy, and the products and services provided by the Bank, see Item 1. Business — Strategy and Banking Services in the Company’s 2023 Form 10-K.

Current Developments

Economic Developments

Given recent external data indicating that the pace of inflation is slowing, the Board of Governors of the Federal Reserve System (“Federal Reserve”) moved to cut the Federal Funds Rate by 50 basis points (“bps”) following its September 2024 meeting. The Federal Reserve is expected to continue gradually cutting interest rates over the near term. However, risks of a reacceleration in inflation or an economic slowdown remain, and may lead to the Federal Reserve cutting interest rates slower or faster than anticipated. Elevated interest rates had created affordability challenges for many borrowers. The commercial real estate (“CRE”) market remains under pressure, primarily from decreased demand for office space in 2024, potentially extending to 2025, affecting both the demand for CRE loans and loan performance. 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 Financial Matters in the Company’s 2023 Form 10-K.

66

Federal Deposit Insurance Corporation Special Assessment

In November 2023, the Federal Deposit Insurance Corporation (“FDIC”) approved a final rule to implement a special deposit insurance assessment to recover losses to the Deposit Insurance Fund (“DIF”) arising from the protection of uninsured depositors following the receiverships of failed institutions in the spring of 2023. The Company recognized assessment expense of approximately $70 million in the fourth quarter of 2023. In addition, the FDIC retained the ability to make further adjustments to the special assessment depending on subsequent adjustments to the DIF’s estimated loss. During 2024, the FDIC revised its loss estimate and projected that the special assessment would be collected for an additional two quarters beyond its initial eight-quarter collection period. As a result, the Company recorded an additional $12 million of FDIC special assessment charge (“FDIC charge”) during the first nine months of 2024.

Climate Accountability

In October 2023, California Governor Gavin Newsom signed into law Senate Bill 253, the Climate Corporate Data Accountability Act (“CCDAA”) and Senate Bill 261, the Climate-Related Financial Risk Act (“CRFRA”). On September 27, 2024, California Governor Gavin Newsom signed Senate Bill 219 (“SB 219”) into law, which extended the date for the California Air Resources Board (“CARB”) to adopt the regulation for the CCDAA to July 1, 2025. SB 219 also clarified that reports under the CCDAA would be permitted to be consolidated at the parent company level and that subsidiaries would be exempt from reporting.

The reporting requirements for Scope 1 and Scope 2 emissions under the CCDAA remain in 2026; reporting entities will be required to report indirect upstream and downstream supply-chain greenhouse gas emissions ("Scope 3 emissions") at a date in 2027 to be specified by the CARB. The reporting requirements for the CRFRA remain at on or before January 1, 2026. The Company is a reporting entity under both laws and is monitoring the development of CARB’s implementing regulations.

Regulatory Updates

On June 20, 2024, the 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. The first informational filings required under the final rule will be due no earlier than October 1, 2025. 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 working group with senior executive management to prepare and complete a credible resolution plan for timely submission as part of the initial informational filing required by the final rule.

On July 30, 2024, the FDIC issued a proposed rule that would revise the FDIC’s regulations governing the classification and treatment of brokered deposits. The proposal would, among other changes, broaden the definition of deposit broker to include agents that place or facilitate the placement of third-party deposits at only one insured depository institution and agents that receive a fee or other remuneration in exchange for the placement of deposits. In addition, the proposal would narrow the exception to the definition of deposit broker for agents whose primary purpose is not the placement of funds with depository institutions. While we are evaluating the potential impact of the proposed rule, if the rule is finalized as proposed, the Company may be required to classify a greater amount of its deposits obtained with the involvement of third parties as brokered deposits. An increase in the amount of brokered deposits on the Company’s balance sheet could, among other consequences, increase the Company’s deposit insurance assessment costs.

On September 17, 2024, the U.S. Department of Justice (the “DOJ”) withdrew its 1995 Bank Merger Guidelines and announced that it will instead evaluate the competitive impact of bank mergers using its 2023 Merger Guidelines that the DOJ applies to mergers in all industries. Compared to the 1995 Bank Merger Guidelines, the 2023 Merger Guidelines set forth more stringent market concentration limits and add several largely qualitative bases on which the DOJ may challenge a merger. While the effect of these changes in the DOJ’s bank merger antitrust policy for particular transactions remains unclear, these changes may make it more difficult and/or costly for the Company to obtain regulatory approval for an acquisition or otherwise result in more onerous conditions to obtain approval for an acquisition.
67

Financial Review

Three Months Ended September 30,Nine Months Ended September 30,
($ and shares in thousands, except per share, and ratio data)2024202320242023
Summary of operations:
Net interest income before provision for credit losses$572,722 $570,813 $1,691,090 $1,737,420 
Noninterest income84,761 76,752 248,422 215,361 
Total revenue657,483 647,565 1,939,512 1,952,781 
Provision for credit losses42,000 42,000 104,000 88,000 
Noninterest expense226,166 252,014 709,475 732,250 
Income before income taxes389,317 353,551 1,126,037 1,132,531 
Income tax expense90,151 65,813 253,566 210,323 
Net income $299,166 $287,738 $872,471 $922,208 
Per share:
Basic earnings$2.16 $2.03 $6.28 $6.52 
Diluted earnings$2.14 $2.02 $6.23 $6.49 
Adjusted diluted earnings (1)
$2.09 $2.02 $6.22 $6.53 
Dividends declared$0.55 $0.48 $1.65 $1.44 
Weighted-average number of shares outstanding:
Basic138,606 141,485 138,997 141,356 
Diluted139,648 142,122 139,939 142,044 
Performance metrics:
Return on average assets (“ROA”)1.62 %1.66 %1.62 %1.83 %
Return on average common equity (“ROE”)15.99 %17.28 %16.24 %19.23 %
Return on average tangible common equity (“TCE”) (1)
17.08 %18.65 %17.40 %20.80 %
Common dividend payout ratio25.82 %23.88 %26.66 %22.31 %
Net interest margin3.24 %3.48 %3.28 %3.66 %
Efficiency ratio (2)
34.40 %38.92 %36.58 %37.50 %
FTE efficiency ratio (1)
34.38 %38.89 %36.51 %37.47 %
At period end:September 30, 2024December 31, 2023
Total assets$74,483,720 $69,612,884 
Total loans$53,253,181 $52,210,898 
Total deposits$61,700,115 $56,092,438 
Common shares outstanding at period-end138,609 140,027 
Book value per share$55.30 $49.64 
Tangible book value per share (1)
$51.90 $46.27 
(1)For additional information regarding the reconciliation of these non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“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.

68

The Company’s third quarter 2024 net income was $299 million, an increase of $11 million or 4%, from third quarter 2023 net income of $288 million. The increase was primarily due to lower noninterest expense and higher noninterest income, partially offset by higher income tax expense. Net income for the first nine months of 2024 was $872 million, a decrease of $50 million or 5%, from the first nine months of 2023 net income of $922 million. The decrease was primarily due to lower net interest income, higher income tax expense and provision for credit losses, partially offset by higher noninterest income and lower noninterest expense. Noteworthy aspects of the Company’s performance for the third quarter and the first nine months of 2024 included:

•Net interest income and net interest margin. Third quarter 2024 net interest income before provision for credit losses was $573 million, an increase of $2 million from the third quarter of 2023. Third quarter 2024 net interest margin of 3.24% declined 24 bps year-over-year. For the first nine months of 2024, net interest income before provision for credit losses was $1.7 billion, a decrease of $46 million or 3%, year-over-year. The net interest margin for the first nine months of 2024 was 3.28%, down 38 bps year-over-year.

•Profitability ratios. Third quarter 2024 ROA, ROE and the return on average TCE of 1.62%, 15.99% and 17.08%, respectively, were down year-over-year. ROA, ROE and the return on average TCE of 1.62%, 16.24% and 17.40%, respectively, for the first nine months of 2024, were also down year-over-year. Return on average TCE 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.

•Efficiency ratios. Third quarter 2024 efficiency ratio of 34.40% improved 452 bps from 38.92% for the same period in 2023, while the FTE efficiency ratio of 34.38% improved 451 bps from 38.89% for the same period in 2023. For the first nine months of 2024, the efficiency ratio of 36.58% improved 92 bps from 37.50% for the same period in 2023, while the FTE efficiency ratio of 36.51% improved 96 bps from 37.47% for the same period in 2023. The FTE efficiency ratio is a non-GAAP financial measure, see Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.

•Asset growth. Total assets reached $74.5 billion as of September 30, 2024, an increase of $4.9 billion or 7%, from December 31, 2023, primarily driven by a $3.9 billion or 64% increase in available-for-sale (“AFS”) debt securities and a $1.0 billion or 2% increase in loans held-for-investment.

•Deposit growth. Total deposits were $61.7 billion as of September 30, 2024, an increase of $5.6 billion or 10%, from December 31, 2023, primarily reflecting growth across the Commercial and Consumer and Business Banking segments.

•Strong capital levels. Stockholders’ equity was $7.7 billion as of September 30, 2024, up 10% from $7.0 billion as of December 31, 2023. Book value per share of $55.30 as of September 30, 2024, was up 11%, compared with $49.64 as of December 31, 2023. Tangible book value per share of $51.90 as of September 30, 2024, was up 12%, compared with $46.27 as of December 31, 2023. 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.

69

726

Net interest margin for the third quarter of 2024, net interest income and net interest margin for the first nine months of 2024 all decreased year-over-year. These year-over-year decreases were primarily due to higher deposit funding costs and shifts in the deposit mix to higher cost time and money market deposits, and higher Federal Home Loan Bank (“FHLB”) advances, partially offset by higher loan yields and loan growth, increases in AFS debt securities’ volume and yield, and a decrease in Bank Term Funding Program (“BTFP”) average balances. The increase in net interest income for the third quarter of 2024, compared with the same prior year period primarily reflected loan growth and an increase in AFS debt securities’ volume, which slightly outpaced the higher cost of deposits and an increase in FHLB advances.

1370

Average interest-earning assets were $70.3 billion for the third quarter of 2024, an increase of $5.2 billion or 8% from $65.1 billion for the third quarter of 2023. For the first nine months of 2024, average interest-earning assets were $68.9 billion, an increase of $5.4 billion or 8% from $63.5 billion for the first nine months of 2023. The year-over-year increases in average interest-earning assets primarily reflected loan growth and an increase in AFS debt securities.

The yield on average interest-earning assets for the third quarter of 2024 was 6.09%, an increase of 22 bps from 5.87% for the third quarter of 2023. The yield on average interest-earning assets for the first nine months of 2024 was 6.08%, an increase of 39 bps from 5.69% for the first nine months of 2023. The year-over-year increases in the yield on average interest-earning assets primarily reflected loan growth, an increase in AFS debt securities and higher benchmark interest rates.

70

2410

The average loan yield for the third quarter of 2024 was 6.73%, an increase of 22 bps from 6.51% for the third quarter of 2023. The average loan yield for the first nine months of 2024 was 6.72%, an increase of 39 bps from 6.33% for the first nine months of 2023. The year-over-year increases in the average loan yield reflected the loan portfolio’s sensitivity to higher benchmark interest rates and loan growth. Approximately 58% of loans held-for-investment were variable rate as of both September 30, 2024 and 2023.

549755819253
2891

Deposits are an important source of funding for the Company. Average deposits were $60.6 billion for the third quarter of 2024, which increased $5.4 billion or 10% from $55.2 billion for the third quarter of 2023. For the first nine months of 2024, average deposits were $58.9 billion, which increased $4.1 billion or 7% from $54.8 billion for the first nine months of 2023.
71

Average noninterest-bearing deposits were $14.6 billion for the third quarter of 2024, a decrease of $1.7 billion or 10% from $16.3 billion for the third quarter of 2023. For the first nine months of 2024, average noninterest-bearing deposits were $14.7 billion, a decrease of $2.9 billion or 16% from $17.6 billion for the first nine months of 2023. The year-over-year decreases in noninterest-bearing deposits reflected the deposit mix shift to time and money market deposits. Average noninterest-bearing deposits made up 24% and 30% of average deposits for the third quarters of 2024 and 2023, respectively, and 25% and 32% for the first nine months of 2024 and 2023, respectively.

During the third quarter and first nine months of 2024, the average cost of deposits increased 55 bps and 87 bps, respectively; while the average cost of interest-bearing deposits increased 48 bps and 88 bps, respectively. These year-over-year increases primarily reflected shifts in the deposit mix to time and money market deposits, and rising deposit costs in response to the higher interest rate environment.

The average cost of funds calculation includes deposits, BTFP, short-term borrowings and federal funds purchased, FHLB advances, securities sold under repurchase agreements (“repurchase agreements”), and long-term debt and finance lease liabilities. For the third quarter of 2024, the average cost of funds was 3.12%, a 53 bp increase from 2.59% for the third quarter of 2023. For the first nine months of 2024, the average cost of funds was 3.07%, an 86 bp increase from 2.21% for the first nine months of 2023. The year-over year increases were mainly driven by the increased 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.
72

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 third quarters of 2024 and 2023:
Three Months Ended September 30,
20242023
($ in thousands)Average BalanceInterest
Average Yield/Rate (1)
Average BalanceInterest
Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks$4,987,191 $60,060 4.79 %$5,392,795 $67,751 4.98 %
Securities purchased under resale agreements
443,261 1,663 1.49 %648,587 4,460 2.73 %
Debt securities:
AFS (2) (3)
9,316,232 111,552 4.76 %6,074,119 57,177 3.73 %
Held-to-maturity (“HTM”) (2)
2,931,033 12,431 1.69 %2,967,703 12,601 1.68 %
Total debt securities (2)
12,247,265 123,983 4.03 %9,041,822 69,778 3.06 %
Loans:
Commercial and industrial (“C&I”) (2)
16,492,589 328,619 7.93 %15,400,172 306,542 7.90 %
CRE (2)
20,272,662 328,254 6.44 %20,059,280 317,416 6.28 %
Residential mortgage15,601,307 229,727 5.86 %14,365,493 193,913 5.36 %
Other consumer53,958 753 5.55 %63,917 848 5.26 %
Total loans (2) (4) (5)
52,420,516 887,353 6.73 %49,888,862 818,719 6.51 %
Restricted equity securities165,262 2,840 6.84 %79,395 1,079 5.39 %
Total interest-earning assets$70,263,495 $1,075,899 6.09 %$65,051,461 $961,787 5.87 %
Noninterest-earning assets:
Cash and due from banks341,856 544,939 
Allowance for loan losses(691,399)(629,229)
Other assets3,354,206 3,969,615 
Total assets$73,268,158 $68,936,786 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits$7,762,719 $58,226 2.98 %$8,080,025 $54,285 2.67 %
Money market deposits14,201,258 136,384 3.82 %12,180,806 113,217 3.69 %
Savings deposits1,744,644 4,811 1.10 %2,013,246 4,047 0.80 %
Time deposits22,270,124 254,650 4.55 %16,621,683 166,747 3.98 %
Total interest-bearing deposits
45,978,745 454,071 3.93 %38,895,760 338,296 3.45 %
BTFP, short-term borrowings and federal funds purchased1,170 16 5.44 %4,501,327 49,575 4.37 %
Short-term repurchase agreements3,455 49 5.64 %13,897 193 5.51 %
FHLB advances3,440,219 48,261 5.58 %1 — 0.00 %
Long-term debt and finance lease liabilities36,084 780 8.60 %152,962 2,910 7.55 %
Total interest-bearing liabilities$49,459,673 $503,177 4.05 %$43,563,947 $390,974 3.56 %
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits14,606,511 16,302,296 
Accrued expenses and other liabilities1,758,641 2,465,745 
Stockholders’ equity7,443,333 6,604,798 
Total liabilities and stockholders’ equity$73,268,158 $68,936,786 
Interest rate spread2.04 %2.31 %
Net interest income and net interest margin$572,722 3.24 %$570,813 3.48 %
(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 $9 million and $8 million for the third quarters of 2024 and 2023, respectively.
(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 $12 million and $13 million for the third quarters of 2024 and 2023, respectively.

73

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 first nine months of 2024 and 2023:
Nine Months Ended September 30,
20242023
($ in thousands)Average BalanceInterest
Average Yield/Rate (1)
Average BalanceInterest
Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks$5,054,542 $183,848 4.86 %$4,703,843 $164,393 4.67 %
Assets purchased under resale agreements (2)
550,913 9,663 2.34 %659,621 12,932 2.62 %
Debt securities:
AFS (3) (4)
8,125,876 273,652 4.50 %6,146,653 166,666 3.63 %
HTM (3)
2,940,920 37,455 1.70 %2,982,284 38,013 1.70 %
Total debt securities (3)
11,066,796 311,107 3.76 %9,128,937 204,679 3.00 %
Loans:
C&I (3)
16,318,594 977,077 8.00 %15,348,662 869,914 7.58 %
CRE (3)
20,318,851 975,447 6.41 %19,625,224 900,601 6.14 %
Residential mortgage15,397,583 667,367 5.79 %13,928,776 545,442 5.24 %
Other consumer54,233 2,292 5.65 %67,181 2,412 4.80 %
Total loans (3) (5) (6)
52,089,261 2,622,183 6.72 %48,969,843 2,318,369 6.33 %
Restricted equity securities141,051 7,129 6.75 %83,013 3,054 4.92 %
Total interest-earning assets$68,902,563 $3,133,930 6.08 %$63,545,257 $2,703,427 5.69 %
Noninterest-earning assets:
Cash and due from banks332,983 578,144 
Allowance for loan losses(681,988)(617,381)
Other assets3,496,156 3,690,570 
Total assets$72,049,714 $67,196,590 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits$7,642,423 $164,727 2.88 %$7,675,325 $127,030 2.21 %
Money market deposits13,855,167 406,450 3.92 %11,295,157 275,738 3.26 %
Savings deposits1,783,011 13,935 1.04 %2,215,102 11,679 0.70 %
Time deposits20,886,769 706,640 4.52 %15,993,669 428,120 3.58 %
Total interest-bearing deposits
44,167,370 1,291,752 3.91 %37,179,253 842,567 3.03 %
BTFP, short-term borrowings and federal funds purchased1,284,826 42,154 4.38 %3,284,663 107,432 4.37 %
FHLB advances2,501,826 104,840 5.60 %164,836 6,430 5.22 %
Repurchase agreements3,370 142 5.63 %45,080 1,456 4.32 %
Long-term debt and finance lease liabilities65,969 3,952 8.00 %152,716 8,122 7.11 %
Total interest-bearing liabilities$48,023,361 $1,442,840 4.01 %$40,826,548 $966,007 3.16 %
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits14,741,590 17,633,922 
Accrued expenses and other liabilities2,109,318 2,324,870 
Stockholders’ equity7,175,445 6,411,250 
Total liabilities and stockholders’ equity$72,049,714 $67,196,590 
Interest rate spread2.07 %2.53 %
Net interest income and net interest margin$1,691,090 3.28 %$1,737,420 3.66 %
(1)Annualized.
(2)Includes the average balances and interest income for securities and loans purchased under resale agreements for the first nine months of 2023. There were no loans purchased under resale agreements for the first nine months of 2024.
(3)Yields on tax-exempt securities and loans are not presented on a tax-equivalent basis.
(4)Includes the amortization of net premiums on AFS debt securities of $26 million and $24 million for the first nine months of 2024 and 2023, respectively.
(5)Average balances include nonperforming loans and loans held-for-sale.
(6)Loans include the accretion of net deferred loan fees and amortization of net premiums, which totaled $40 million for each of the first nine months of 2024 and 2023.

74

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.
Three Months Ended September 30,Nine Months Ended September 30,
2024 vs. 20232024 vs. 2023
Changes Due toChanges Due to
($ in thousands)Total ChangeVolumeYield/RateTotal ChangeVolumeYield/Rate
Interest-earning assets:
Interest-bearing cash and deposits with banks$(7,691)$(5,074)$(2,617)$19,455 $12,685 $6,770 
Assets purchased under resale agreements (1)
(2,797)(1,151)(1,646)(3,269)(1,988)(1,281)
Debt securities:
AFS
54,375 35,863 18,512 106,986 61,205 45,781 
HTM
(170)(186)16 (558)(496)(62)
Total debt securities54,205 35,677 18,528 106,428 60,709 45,719 
Loans:
C&I22,077 20,967 1,110 107,163 57,075 50,088 
CRE10,838 3,141 7,697 74,846 32,856 41,990 
Residential mortgage35,814 17,129 18,685 121,925 60,862 61,063 
Other consumer(95)(139)44 (120)(507)387 
Total loans68,634 41,098 27,536 303,814 150,286 153,528 
Restricted equity securities1,761 1,411 350 4,075 2,658 1,417 
Total interest and dividend income$114,112 $71,961 $42,151 $430,503 $224,350 $206,153 
Interest-bearing liabilities:
Checking deposits$3,941 $(2,225)$6,166 $37,697 $(546)$38,243 
Money market deposits23,167 19,029 4,138 130,712 69,344 61,368 
Savings deposits764 (594)1,358 2,256 (2,594)4,850 
Time deposits87,903 61,875 26,028 278,520 149,842 128,678 
Total interest-bearing deposits
115,775 78,085 37,690 449,185 216,046 233,139 
BTFP, short-term borrowings and federal funds purchased
(49,559)(49,569)10 (65,278)(65,514)236 
FHLB advances48,261 48,261 — 98,410 97,904 506 
Repurchase agreements(144)(148)4 (1,314)(1,655)341 
Long-term debt and finance lease liabilities(2,130)(2,486)356 (4,170)(5,086)916 
Total interest expense$112,203 $74,143 $38,060 $476,833 $241,695 $235,138 
Change in net interest income$1,909 $(2,182)$4,091 $(46,330)$(17,345)$(28,985)
(1)Includes the impact of securities purchased under resale agreements for the third quarters of 2024 and 2023, and first nine months of 2024. Includes the impacts of securities and loans purchased under resale agreements for the first nine months of 2023.

75

Noninterest Income

The following table presents the components of noninterest income for the third quarters and first nine months of 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20242023% Change20242023% Change
Deposit account fees$26,815 $23,560 14 %$77,412 $69,983 11 %
Lending fees26,453 20,312 30 %73,718 61,799 19 %
Foreign exchange income13,569 11,396 19 %37,962 34,872 9 %
Wealth management fees10,683 5,922 80 %28,798 19,213 50 %
Customer derivative (losses) income
(706)11,208 NM8,808 21,145 (58)%
Net gains (losses) on sales of loans21 (12)NM36 (41)NM
Net gains (losses) on AFS debt securities145 — 100 %1,979 (10,000)NM
Other investment income2,800 1,751 60 %6,201 7,675 (19)%
Other income4,981 2,615 90 %13,508 10,715 26 %
Total noninterest income$84,761 $76,752 10 %$248,422 $215,361 15 %
NM — Not meaningful.

Noninterest income comprised 13% of total revenue for both the third quarter and first nine months of 2024, compared with 12% and 11% for the third quarter and first nine months of 2023, respectively. The $8 million or 10% increase in noninterest income to $85 million for the third quarter of 2024, compared with the same prior year period, was primarily due to increases in lending, wealth management and deposit account fees, other income and foreign exchange income, partially offset by customer derivative losses. The $33 million or 15% increase in noninterest income to $248 million for the first nine months of 2024, compared with the same prior year period, was primarily due to $2 million in net gains on AFS debt securities, compared with a $10 million write-down in securities in the same prior year period, increases in lending, wealth management and deposit account fees, partially offset by lower customer derivative income.

Deposit account fees were $27 million for the third quarter of 2024, an increase of $3 million or 14%, compared with $24 million for the third quarter of 2023. For the first nine months of 2024, deposit account fees were $77 million, an increase of $7 million or 11%, compared with $70 million for the same period in 2023. The increases were primarily related to analysis service fees, which reflected fee increases and customer growth.

Lending fees were $26 million for the third quarter of 2024, an increase of $6 million or 30%, compared with $20 million for the third quarter of 2023. For the first nine months of 2024, lending fees were $74 million, an increase of $12 million or 19%, compared with $62 million for the same period in 2023. The increases were primarily due to higher trade finance and commitment fees driven by customer growth, and higher syndication loan fee income.

Foreign exchange income was $14 million for the third quarter of 2024, an increase of approximately $2 million or 19%, compared with $11 million for the third quarter of 2023. For the first nine months of 2024, foreign exchange income was $38 million, an increase of $3 million or 9%, compared with $35 million for the same period in 2023. The increases primarily reflected the favorable valuation of certain foreign currency denominated balance sheet items, partially offset by losses on foreign exchange trades.

Wealth management fees were $11 million for the third quarter of 2024, an increase of $5 million or 80%, compared with $6 million for the third quarter of 2023. For the first nine months of 2024, wealth management fees were $29 million, an increase of $10 million or 50%, compared with $19 million for the same period in 2023. The increases reflected customer demand for higher-yielding products in response to the interest rate environment.

Customer derivative losses were $1 million for the third quarter of 2024, compared with an $11 million gain for the same period in 2023. For the first nine months of 2024, customer derivative income was $9 million, a decrease of $12 million or 58%, compared with $21 million for the same period in 2023. The decreases primarily reflected unfavorable credit valuation adjustments and lower fee income due to decreased customer activity.

76

Net gains on AFS debt securities were $145 thousand and $2 million for the third quarter and first nine months of 2024, respectively, which primarily reflected sales of U.S. government agency residential mortgage-backed securities. In comparison, net losses on AFS debt securities were $10 million for the first nine months of 2023, due to the write-off of an impaired subordinated debt security during the first quarter of 2023.

Other income was $5 million for the third quarter of 2024, an increase of $2 million or 90%, compared with $3 million for the same period in 2023. For the first nine months of 2024, other income was $14 million, an increase of $3 million or 26%, compared with $11 million for the same period in 2023. The year-over-year increases were primarily due to higher income from bank-owned life insurance policies.

Noninterest Expense

The following table presents the components of noninterest expense for the third quarters and first nine months of 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20242023% Change20242023% Change
Compensation and employee benefits$135,464 $123,153 10 %$410,864 $377,744 9 %
Occupancy and equipment expense16,238 15,353 6 %46,499 47,028 (1)%
Deposit account expense12,229 11,585 6 %36,467 31,753 15 %
Computer and software related expenses11,436 11,761 (3)%34,172 33,160 3 %
Deposit insurance premiums and regulatory assessments9,178 8,583 7 %39,535 24,755 60 %
Other operating expense36,021 31,885 13 %107,079 102,092 5 %
Amortization of tax credit and Community Reinvestment Act (“CRA”) investments
5,600 49,694 (89)%34,859 115,718 (70)%
Total noninterest expense$226,166 $252,014 (10)%$709,475 $732,250 (3)%

Third quarter 2024 noninterest expense of $226 million decreased $26 million or 10%, compared with $252 million for the third quarter of 2023. The decrease was primarily due to a decrease in amortization of tax credit and CRA investments, partially offset by increases in compensation and employee benefits and other operating expense. For the first nine months of 2024, noninterest expense of $709 million decreased $23 million or 3%, compared with $732 million for the same period in 2023, primarily due to a decrease in amortization of tax credit and CRA investments, partially offset by increases in compensation and employee benefits, deposit insurance premiums and regulatory assessments, other operating and deposit account expense.

Compensation and employee benefits were $135 million for the third quarter of 2024, an increase of $12 million or 10%, compared with $123 million for the third quarter of 2023. For the first nine months of 2024, compensation and employee benefits were $411 million, an increase of $33 million or 9%, compared with $378 million for the same period in 2023. The increases were primarily driven by annual merit increases and staffing growth.

Deposit account expense was $12 million for the third quarter of 2024, an increase of $1 million or 6%, compared with the third quarter of 2023, primarily due to increased commercial vendor service and processing charges, primarily driven by higher commercial deposit balances. For the first nine months of 2024, deposit account expense was $36 million, an increase of $5 million or 15%, compared with the same period in 2023, primarily due to higher deposit referral fees, insured cash sweep product fees and commercial vendor service and processing charges, primarily driven by higher deposit balances.

For the third quarter of 2024, deposit insurance premiums and regulatory assessments were $9 million, an increase of approximately $1 million or 7%, compared with the same period in 2023. This increase was primarily due to a higher assessment base from growth in the Company’s total average assets. For the first nine months of 2024, deposit insurance premiums and regulatory assessments were $40 million, an increase of $15 million or 60%, compared with $25 million for the same period in 2023. This increase was primarily due to an additional FDIC charge of $12 million recorded during the first nine months of 2024. For additional information about the FDIC special assessment, refer to Item 2. MD&A — Overview — Current Developments in this Form 10-Q.

77

Other operating expense was $36 million for the third quarter of 2024, an increase of $4 million or 13%, compared with $32 million for the third quarter of 2023, primarily due to increased legal and consulting expenses. For the first nine months of 2024, other operating expense was $107 million, an increase of $5 million or 5%, compared with $102 million for the same period in 2023, primarily due to increased other real estate owned (“OREO”) and legal expenses.

Amortization of tax credit and CRA investments was $6 million for the third quarter of 2024, a decrease of $44 million or 89%, compared with $50 million for the third quarter of 2023. For the first nine months of 2024, amortization of tax credit and CRA investments was $35 million, a decrease of $81 million or 70%, compared with $116 million for the same period in 2023. The decreases were primarily due to the impacts related to the expanded application of proportional amortization method (“PAM”) since the adoption of Accounting Standards Update (“ASU”) 2023-02, Investments — Equity Method and Joint Ventures on January 1, 2024, and the timing of tax credit investments that closed in a given period. For additional information on the PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies and Note 8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net to the Consolidated Financial Statements in this Form 10-Q.

Income Taxes
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20242023% Change20242023% Change
Income before income taxes$389,317 $353,551 10 %$1,126,037 $1,132,531 (1)%
Income tax expense$90,151 $65,813 37 %$253,566 $210,323 21 %
Effective tax rate23.2 %18.6 %22.5 %18.6 %

Third quarter 2024 income tax expense was $90 million and the effective tax rate was 23.2%, compared with third quarter 2023 income tax expense of $66 million and an effective tax rate of 18.6%. For the first nine months of 2024, income tax expense was $254 million and the effective tax rate was 22.5%, compared with income tax expense of $210 million and an effective tax rate of 18.6% for the same period in 2023. The year-over-year increases in income tax expense and effective tax rate were primarily due to the impacts related to the expanded application of PAM on the Company’s tax credit investments since the adoption of ASU 2023-02 on January 1, 2024 and the timing of tax credit investments that closed in a given period. $22 million and $65 million of investment amortization was recognized as a component of income tax expense during the three and nine months ended September 30, 2024, respectively, which is related to the expanded application of PAM. For additional information on the PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies and Note 8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net.

Operating Segment Results

The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined by the type of customers served and the related products and services provided. For a description of the Company’s internal management reporting process, including the segment cost allocation methodology, see Note 15 — Business Segments to the Consolidated Financial Statements in this Form 10-Q.

Segment 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 internal funds transfer pricing (“FTP”) process.

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. Balances for the prior year periods have been reclassified for comparability.

78

The following tables present the results by operating segment for the periods indicated:
Three Months Ended September 30,
Consumer and Business BankingCommercial Banking
Treasury and Other
($ in thousands)202420232024202320242023
Total revenue (loss)
$318,854 $339,640 $334,281 $326,953 $4,348 $(19,028)
Provision for (reversal of) credit losses
5,927 2,563 36,934 35,506 (861)3,931 
Noninterest expense112,006 105,557 93,602 86,613 20,558 59,844 
Segment income (loss) before income taxes200,921 231,520 203,745 204,834 (15,349)(82,803)
Segment net income (loss)
$141,532 $163,513 $143,218 $144,489 $14,416 $(20,264)
Nine Months Ended September 30,
Consumer and Business BankingCommercial Banking
Treasury and Other
($ in thousands)202420232024202320242023
Total revenue (loss)
$960,604 $1,000,036 $997,241 $953,428 $(18,333)$(683)
Provision for (reversal of) credit losses
5,246 29,037 99,996 56,093 (1,242)2,870 
Noninterest expense337,836 318,947 296,252 255,709 75,387 157,594 
Segment income (loss) before income taxes617,522 652,052 600,993 641,626 (92,478)(161,147)
Segment net income$434,992 $460,516 $423,407 $453,360 $14,072 $8,332 

Consumer and Business Banking

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 platform. 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 following tables present additional financial information for the Consumer and Business Banking segment for the periods indicated:
Three Months Ended September 30,
Change from 2023
($ in thousands)20242023$%
Net interest income before provision for credit losses$290,884 $314,521 $(23,637)(8)%
Noninterest income27,970 25,119 2,851 11 %
Total revenue318,854 339,640 (20,786)(6)%
Provision for credit losses5,927 2,563 3,364 131 %
Noninterest expense 112,006 105,557 6,449 6 %
Segment income before income taxes200,921 231,520 (30,599)(13)%
Income tax expense59,389 68,007 (8,618)(13)%
Segment net income$141,532 $163,513 $(21,981)(13)%
Average loans$19,048,831 $18,134,194 $914,637 5 %
Average deposits$31,462,739 $28,337,824 $3,124,915 11 %
79

Nine Months Ended September 30,
Change from 2023
($ in thousands)20242023$%
Net interest income before provision for credit losses$880,316 $922,845 $(42,529)(5)%
Noninterest income80,288 77,191 3,097 4 %
Total revenue960,604 1,000,036 (39,432)(4)%
Provision for credit losses5,246 29,037 (23,791)(82)%
Noninterest expense337,836 318,947 18,889 6 %
Segment income before income taxes617,522 652,052 (34,530)(5)%
Income tax expense182,530 191,536 (9,006)(5)%
Segment net income$434,992 $460,516 $(25,524)(6)%
Average loans$18,817,573 $17,503,743 $1,313,830 8 %
Average deposits$30,406,431 $28,129,324 $2,277,107 8 %

Consumer and Business Banking segment net income decreased $22 million or 13% year-over-year to $142 million for the third quarter of 2024, primarily driven by a decrease in net interest income. Net interest income before provision for credit losses decreased $24 million or 8% year-over-year to $291 million for the third quarter of 2024, primarily driven by a higher cost of interest-bearing deposits and a continued shift to interest-bearing products in the deposit mix.

Consumer and Business Banking segment net income decreased $26 million or 6% year-over-year to $435 million for the first nine months of 2024, mainly driven by lower net interest income and higher noninterest expense, partially offset by lower provision for credit losses. Net interest income before provision for credit losses decreased $43 million or 5% year-over-year to $880 million for the first nine months of 2024, primarily driven by a higher cost of interest-bearing deposits and a continued shift to interest-bearing products in the deposit mix. Provision for credit losses decreased $24 million or 82% year-over-year to $5 million for the first nine months of 2024. The decrease was primarily driven by the improvement in the macroeconomic outlook in the residential mortgage loan sector. Noninterest expense increased $19 million or 6% year-over-year to $338 million. The increase was primarily due to higher compensation and employee benefits, and deposit insurance premiums and regulatory assessments due to the FDIC special assessment in the first half of 2024.

Commercial Banking

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.

80

The following tables present additional financial information for the Commercial Banking segment for the periods indicated:
Three Months Ended September 30,
Change from 2023
($ in thousands)20242023$%
Net interest income before provision for credit losses$288,704 $284,787 $3,917 1 %
Noninterest income45,577 42,166 3,411 8 %
Total revenue334,281 326,953 7,328 2 %
Provision for credit losses36,934 35,506 1,428 4 %
Noninterest expense 93,602 86,613 6,989 8 %
Segment income before income taxes203,745 204,834 (1,089)(1)%
Income tax expense60,527 60,345 182 0 %
Segment net income$143,218 $144,489 $(1,271)(1)%
Average loans$32,975,235 $31,339,435 $1,635,800 5 %
Average deposits$26,310,972 $23,592,113 $2,718,859 12 %
Nine Months Ended September 30,
Change from 2023
($ in thousands)20242023$%
Net interest income before provision for credit losses$855,607 $825,122 $30,485 4 %
Noninterest income141,634 128,306 13,328 10 %
Total revenue997,241 953,428 43,813 5 %
Provision for credit losses99,996 56,093 43,903 78 %
Noninterest expense296,252 255,709 40,543 16 %
Segment income before income taxes600,993 641,626 (40,633)(6)%
Income tax expense177,586 188,266 (10,680)(6)%
Segment net income$423,407 $453,360 $(29,953)(7)%
Average loans$32,854,843 $31,018,208 $1,836,635 6 %
Average deposits$25,667,059 $22,892,740 $2,774,319 12 %

For the third quarter of 2024, Commercial Banking segment net income of $143 million remained relatively unchanged from the prior year quarter. For the first nine months of 2024, Commercial Banking segment net income decreased $30 million or 7% year-over-year to $423 million. This decrease was primarily due to higher provision for credit losses and noninterest expense, partially offset by higher net interest income. Net interest income before provision for credit losses increased $30 million or 4% year-over-year to $856 million for the first nine months of 2024. This increase was primarily driven by higher loan interest income from commercial loan growth. Provision for credit losses increased $44 million or 78% year-over-year to $100 million for the first nine months of 2024, primarily driven by higher net charge-offs in the C&I portfolio. Noninterest expense increased $41 million or 16% year-over-year to $296 million for the first nine months of 2024, primarily due to higher compensation and employee benefits, deposit account expense, and deposit insurance premiums and regulatory assessments.

Treasury and Other

Centralized functions, including the corporate treasury activities of the Company and eliminations of inter-segment amounts, have been aggregated and included in the Treasury and Other segment, which provides broad administrative support to the two core segments, namely the Consumer and Business Banking and the Commercial Banking segments.

81

The following tables present additional financial information for the Treasury and Other segment for the periods indicated:
Three Months Ended September 30,
Change from 2023
($ in thousands)20242023$%
Net interest loss before provision for credit losses
$(6,866)$(28,495)$21,629 76 %
Noninterest income11,214 9,467 1,747 18 %
Total revenue (loss)
4,348 (19,028)23,376 NM
(Reversal of) provision for credit losses
(861)3,931 (4,792)NM
Noninterest expense 20,558 59,844 (39,286)(66)%
Segment loss before income taxes (15,349)(82,803)67,454 81 %
Income tax benefit29,765 62,539 (32,774)(52)%
Segment net income (loss)
$14,416 $(20,264)$34,680 NM
Average loans$396,450 $415,233 $(18,783)(5)%
Average deposits$2,811,545 $3,268,119 $(456,574)(14)%
Nine Months Ended September 30,
Change from 2023
($ in thousands)20242023$%
Net interest loss before provision for credit losses
$(44,833)$(10,547)$(34,286)(325)%
Noninterest income26,500 9,864 16,636 169 %
Total loss
(18,333)(683)(17,650)NM
(Reversal of) provision for credit losses
(1,242)2,870 (4,112)NM
Noninterest expense 75,387 157,594 (82,207)(52)%
Segment loss before income taxes (92,478)(161,147)68,669 43 %
Income tax benefit106,550 169,479 (62,929)(37)%
Segment net income $14,072 $8,332 $5,740 69 %
Average loans$416,845 $447,892 $(31,047)(7)%
Average deposits$2,835,470 $3,791,111 $(955,641)(25)%
NM — Not meaningful.

The Treasury and Other segment reported segment loss before income taxes of $15 million and segment net income of $14 million, reflecting an income tax benefit of $30 million for the third quarter of 2024. The increase in segment net income was primarily driven by lower noninterest expense and net interest loss, partially offset by lower income tax benefit. The $22 million decrease in net interest loss before provision for credit losses was mainly driven by higher interest income from debt securities. Noninterest expense decreased $39 million, primarily due to lower amortization of tax credit and CRA investments from the expanded use of PAM since the adoption of ASU 2023-02 on January 1, 2024. For additional information on the PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies and Note 8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net.

The Treasury and Other segment reported segment loss before income taxes of $92 million and segment net income of $14 million, reflecting an income tax benefit of $107 million for the first nine months of 2024. The increase in segment net income was primarily driven by the lower noninterest expense and higher noninterest income, partially offset by lower income tax benefit and net interest income. The $34 million decrease in net interest income before provision for credit losses was primarily driven by lower FTP spread income absorbed by the Treasury and Other segment and higher costs of borrowings, partially offset by higher interest income from debt securities. Noninterest income increased $17 million for the first nine months of 2024, mainly due to a $10 million write-off of an impaired AFS debt security recorded during the first quarter of 2023. Noninterest expense decreased $82 million, primarily due to lower amortization of tax credit and CRA investments from the aforementioned adoption of ASU 2023-02 on January 1, 2024.

82

The income tax expense or benefit in the Treasury and Other segment consists of the remaining unallocated income tax expense or benefit after allocating income tax expense to the two core segments, and reflects the impact of tax credit investment activity. Income tax expense is allocated to the Consumer and Business Banking and the Commercial Banking segments by applying statutory income tax rates to the segment income before income taxes. Tax credit investment amortization is allocated to the Treasury and Other segment.

Balance Sheet Analysis

Debt Securities

The Company maintains a portfolio of high quality and liquid debt securities with a moderate duration profile. It closely manages the overall portfolio credit, interest rate and liquidity risks. The Company’s debt securities provide:

•interest income for earnings and yield enhancement;
•funding availability for needs arising during the normal course of business;
•the ability to execute interest rate risk management strategies in response to changes in economic or market conditions; and
•collateral to support pledging agreements as required and/or to enhance the Company’s borrowing capacity.

While the Company does not intend to sell its debt securities, it may sell AFS debt securities in response to changes in the balance sheet and related interest rate risk to meet liquidity, regulatory and strategic requirements.

83

The following table presents the distribution of the Company’s AFS and HTM debt securities portfolio as of September 30, 2024 and December 31, 2023, and by credit ratings as of September 30, 2024:
September 30, 2024December 31, 2023
Ratings as of September 30, 2024 (1)
($ in thousands)Amortized CostFair Value% of Fair ValueAmortized CostFair Value% of Fair ValueAAA/AAABBBBB and Lower
No Rating (2)
AFS debt securities:
U.S. Treasury securities$676,294 $641,573 6 %$1,112,587 $1,060,375 17 %100 %— %— %— %— %
U.S. government agency and U.S. government-sponsored enterprise debt securities309,277 272,448 3 %412,086 364,446 6 %100 %— %— %— %— %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3)
7,510,719 7,312,801 72 %2,488,304 2,195,853 35 %100 %— %— %— %— %
Municipal securities292,041 260,298 3 %297,283 261,016 4 %98 %— %— %— %2 %
Non-agency mortgage-backed securities896,859 795,840 8 %1,052,913 921,187 15 %88 %1 %1 %— %10 %
Corporate debt securities653,501 531,819 5 %653,501 502,425 8 %— %31 %66 %3 %— %
Foreign government bonds247,907 238,869 2 %239,333 227,874 4 %45 %55 %— %— %— %
Asset-backed securities36,195 35,735 0 %43,234 42,300 1 %56 %44 %— %— %— %
Collateralized loan obligations44,500 44,494 1 %617,250 612,861 10 %100 %— %— %— %— %
Total AFS debt securities$10,667,293 $10,133,877 100 %$6,916,491 $6,188,337 100 %92 %3 %4 %0 %1 %
HTM debt securities:
U.S. Treasury securities$533,683 $505,144 20 %$529,548 $488,551 20 %100 %— %— %— %— %
U.S. government agency and U.S. government-sponsored enterprise debt securities1,003,947 848,800 34 %1,001,836 814,932 33 %100 %— %— %— %— %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (4)
1,202,767 1,008,173 40 %1,235,784 1,004,697 41 %100 %— %— %— %— %
Municipal securities188,002 148,235 6 %188,872 145,791 6 %100 %— %— %— %— %
Total HTM debt securities$2,928,399 $2,510,352 100 %$2,956,040 $2,453,971 100 %100 %— %— %— %— %
Total debt securities$13,595,692 $12,644,229 $9,872,531 $8,642,308 
(1)Credit ratings express opinions about the credit quality of a debt security. The Company determines the credit rating of a security according to the lowest credit rating made available by nationally recognized statistical rating organizations (“NRSROs”). Debt securities rated investment grade, which are those with ratings similar to BBB- or above (as defined by NRSROs), are generally considered by the rating agencies and market participants to be low credit risk. Ratings percentages are allocated based on fair value.
(2)For debt securities not rated by NRSROs, the Company uses other factors which include but are not limited to the priority in collections within the securitization structure, and whether the contractual payments have historically been on time.
(3)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $6.4 billion of amortized cost and $6.3 billion of fair value as of September 30, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023.
(4)Includes GNMA HTM debt securities totaling $88 million of amortized cost and $72 million of fair value as of September 30, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023.

84

As of September 30, 2024, the Company’s AFS and HTM debt securities portfolios had an effective duration (defined as the sensitivity of the value of the portfolio to interest rate changes) of 2.4 and 7.0, respectively, compared with 3.6 and 7.5, respectively, as of December 31, 2023. The decrease in the AFS effective duration was primarily due to the purchases of floating rate GNMA securities. The decrease in the HTM effective duration was due to the portfolio seasoning. The Company estimated that the effective duration of its AFS debt securities was 2.9 for an instantaneous 100 bp parallel increase and 2.2 for an instantaneous 100 bp parallel decrease as of September 30, 2024.

Available-for-Sale Debt Securities

The fair value of AFS debt securities totaled $10.1 billion as of September 30, 2024, an increase of $3.9 billion or 64% from $6.2 billion as of December 31, 2023. The increase was primarily due to the purchases of GNMA securities, which were mainly funded by an increase in deposits. The Company’s AFS debt securities are carried at fair value with non-credit related unrealized gains and losses, net of tax, reported in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income. Pre-tax net unrealized losses on AFS debt securities were $533 million as of September 30, 2024, compared with $728 million as of December 31, 2023.

As of September 30, 2024 and December 31, 2023, 99% and 97%, respectively, of the carrying value of the AFS debt securities portfolio was rated investment grade by NRSROs. Of the AFS debt securities with gross unrealized losses, substantially all were rated investment grade as of both September 30, 2024 and December 31, 2023. There was no allowance for credit losses provided against the AFS debt securities as of both September 30, 2024 and December 31, 2023. Additionally, there were no credit losses recognized in earnings for the three and nine months ended September 30, 2024 and 2023.

Held-to-Maturity Debt Securities

All HTM debt securities were issued, guaranteed, or supported by the U.S. government or government-sponsored enterprises. Accordingly, the Company applied a zero credit loss assumption for these securities and no allowance for credit loss was recorded as of both September 30, 2024 and December 31, 2023.

For additional information on AFS and HTM securities, see Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Company’s 2023 Form 10-K and Note 3 — Fair Value Measurement and Fair Value of Financial Instruments and Note 5 — Securities to the Consolidated Financial Statements in this Form 10-Q.

Loan Portfolio

The Company offers a broad range of financial products designed to meet the credit needs of its borrowers. The Company’s loan portfolio segments include commercial loans, which consist of C&I, CRE, multifamily residential, and construction and land loans, as well as consumer loans, which consist of single-family residential, home equity lines of credit (“HELOCs”) and other consumer loans. Loans held-for-investment totaled $53.3 billion and $52.2 billion as of September 30, 2024 and December 31, 2023, respectively. The composition of the loan portfolio was similar as of both September 30, 2024 and December 31, 2023.

85

The following table presents the composition of the Company’s total loan portfolio by loan type as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Amount%Amount%
Commercial:
C&I
$17,068,002 32 %$16,581,079 32 %
CRE:
CRE14,568,209 27 %14,777,081 28 %
Multifamily residential5,141,481 10 %5,023,163 10 %
Construction and land693,775 1 %663,868 1 %
Total CRE20,403,465 38 %20,464,112 39 %
Total commercial 37,471,467 70 %37,045,191 71 %
Consumer:
Residential mortgage:
Single-family residential13,963,097 26 %13,383,060 26 %
HELOCs1,760,716 4 %1,722,204 3 %
Total residential mortgage15,723,813 30 %15,105,264 29 %
Other consumer57,901 0 %60,327 0 %
Total consumer 15,781,714 30 %15,165,591 29 %
Total loans held-for-investment (1)
53,253,181 100 %52,210,782 100 %
Allowance for loan losses(696,485)(668,743)
Loans held-for-sale (2)
— 116 
Total loans, net$52,556,696 $51,542,155 
(1)Includes $52 million and $71 million of net deferred loan fees and net unamortized premiums as of September 30, 2024 and December 31, 2023, respectively.
(2)Consists of a single-family residential loan as of December 31, 2023.

Commercial

The commercial loan portfolio comprised 70% and 71% of total loans as of September 30, 2024 and December 31, 2023, respectively. The Company actively monitors the commercial lending portfolio for credit risk and reviews credit exposures for sensitivity to changing economic conditions.

Commercial — Commercial and Industrial Loans. Total C&I loan commitments were $25.3 billion and $24.6 billion as of September 30, 2024 and December 31, 2023, respectively, with a utilization rate of 67% as of both September 30, 2024 and December 31, 2023. Total C&I loans were $17.1 billion as of September 30, 2024, an increase of $487 million or 3% from $16.6 billion as of December 31, 2023. Total C&I loans made up 32% of total loans held-for-investment as of both September 30, 2024 and December 31, 2023. The C&I loan portfolio includes loans and financing for businesses across a wide spectrum of industries. The Company offers a variety of C&I products, including commercial business lending, working capital lines of credit, trade finance, letters of credit, asset-based lending, asset-backed finance, project finance and equipment financing. Additionally, the Company has a portfolio of broadly syndicated C&I loans, which represent revolving or term loan facilities that are marketed and sold primarily to institutional investors. This portfolio totaled $760 million and $645 million as of September 30, 2024 and December 31, 2023, respectively. The majority of the C&I loans had variable interest rates as of both September 30, 2024 and December 31, 2023.

86

The C&I portfolio is well-diversified by industry. The Company monitors concentrations within the C&I loan portfolio by industry and customer exposure, and has exposure limits by industry and loan product. The following table presents the industry mix within the Company’s C&I loan portfolio as of September 30, 2024 and December 31, 2023:
September 30, 2024
December 31, 2023 (1)
($ in thousands)Amount%($ in thousands)Amount%
Industry:Industry:
Real estate investment & management$2,154,202 13 %Capital call lending$2,171,367 13 %
Media & entertainment2,113,633 12 %Real estate investment & management1,970,713 12 %
Capital call lending2,100,309 12 %Media & entertainment1,891,199 11 %
Financial services1,055,143 6 %Financial services1,136,731 7 %
Infrastructure & clean energy1,022,189 6 %Manufacturing & wholesale1,110,544 7 %
Manufacturing & wholesale1,017,715 6 %Infrastructure & clean energy1,023,662 6 %
Food production & distribution730,981 4 %Tech & telecom729,922 4 %
Tech & telecom724,718 4 %Food production & distribution655,340 4 %
Healthcare709,793 4 %Consumer finance586,468 4 %
Hospitality & leisure586,878 4 %Hospitality & leisure576,328 3 %
Other4,852,441 29 %Other4,728,805 29 %
Total C&I$17,068,002 100 %Total C&I$16,581,079 100 %
(1)Revised segmentation to conform with the current presentation.

Commercial — Total Commercial Real Estate Loans. Total CRE loans totaled $20.4 billion and $20.5 billion, and accounted for 38% and 39% of total loans held-for-investment as of September 30, 2024 and December 31, 2023, respectively. The total CRE portfolio consists of CRE, multifamily residential, and construction and land loans, and affordable housing lending. 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 $3 million as of both September 30, 2024 and December 31, 2023. The following table summarizes the Company’s total CRE loans by property type as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Amount%Amount%
Property types:
Multifamily$5,141,481 25 %$5,023,164 25 %
Retail (1)
4,273,634 21 %4,297,569 21 %
Industrial (1)
3,921,621 19 %3,997,764 20 %
Hotel (1)
2,466,281 12 %2,446,504 12 %
Office (1)
2,142,154 11 %2,271,508 11 %
Healthcare (1)
738,395 4 %852,362 4 %
Construction and land693,775 3 %663,868 3 %
Other (1)
1,026,124 5 %911,373 4 %
Total CRE loans$20,403,465 100 %$20,464,112 100 %
(1)Included in CRE loans, which is a subset of Total CRE loans.

The weighted-average LTV ratio of the total CRE loan portfolio was 50% as of both September 30, 2024 and December 31, 2023. Weighted-average LTV is based on the most recent LTV, which considers the latest available appraisal and current loan commitment. Approximately 91% of total CRE loan commitments had an LTV ratio of 65% or lower as of both September 30, 2024 and December 31, 2023.

87

The following tables provide a summary of the Company’s CRE, multifamily residential, and construction and land loans by geography as of September 30, 2024 and December 31, 2023. The distribution of the total CRE loan portfolio largely reflects the Company’s geographical branch footprint, which is primarily concentrated in California.
September 30, 2024
($ in thousands)CRE%Multifamily Residential%Construction and Land%Total CRE%
Geographic markets:
Southern California$7,492,595 51 %$2,322,222 45 %$247,191 36 %$10,062,008 50 %
Northern California2,693,298 19 %1,098,320 22 %149,046 21 %3,940,664 19 %
California10,185,893 70 %3,420,542 67 %396,237 57 %14,002,672 69 %
Texas1,073,586 7 %468,695 9 %114,540 17 %1,656,821 8 %
New York737,766 5 %253,527 5 %37,133 5 %1,028,426 5 %
Washington494,096 3 %165,886 3 %10,397 1 %670,379 3 %
Arizona368,230 3 %220,613 4 %20,288 3 %609,131 3 %
Nevada269,368 2 %159,162 3 %18,246 3 %446,776 2 %
Other markets1,439,270 10 %453,056 9 %96,934 14 %1,989,260 10 %
Total loans $14,568,209 100 %$5,141,481 100 %$693,775 100 %$20,403,465 100 %
December 31, 2023
($ in thousands)CRE%Multifamily Residential%Construction and Land%Total CRE%
Geographic markets:
Southern California$7,604,053 51 %$2,295,592 46 %$294,879 44 %$10,194,524 50 %
Northern California2,737,635 19 %1,055,852 21 %147,031 22 %3,940,518 19 %
California10,341,688 70 %3,351,444 67 %441,910 66 %14,135,042 69 %
Texas1,122,428 8 %445,391 9 %41,768 6 %1,609,587 8 %
New York696,950 5 %287,961 6 %43,227 7 %1,028,138 5 %
Washington495,577 3 %173,367 3 %10,375 2 %679,319 3 %
Arizona355,047 2 %148,970 3 %38,897 6 %542,914 3 %
Nevada257,105 2 %142,133 3 %6,325 1 %405,563 2 %
Other markets1,508,286 10 %473,897 9 %81,366 12 %2,063,549 10 %
Total loans$14,777,081 100 %$5,023,163 100 %$663,868 100 %$20,464,112 100 %

As of both September 30, 2024 and December 31, 2023, 69% of total CRE loans were concentrated in California. 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 to the Company’s 2023 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. CRE loans totaled $14.6 billion or 27% of total loans held-for-investment as of September 30, 2024, compared with $14.8 billion or 28% of total loans held-for-investment as of December 31, 2023. Interest rates on CRE loans may be fixed, variable or hybrid. As of September 30, 2024, 57% of our CRE portfolio had variable rates, of which 52% had customer-level interest rate derivative contracts in place. These were hedging contracts offered by the Company to help our customers manage their interest rate risk while the Bank’s exposure remained variable rate. In comparison, as of December 31, 2023, 58% of our CRE portfolio had variable rates, of which 50% had customer-level interest rate derivative contracts in place. 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 September 30, 2024 and December 31, 2023. 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.
88


Commercial — Multifamily Residential Loans. The multifamily residential loan portfolio is largely comprised of loans secured by residential properties with five or more units. Multifamily residential loans totaled $5.1 billion and $5.0 billion as of September 30, 2024 and December 31, 2023, respectively, and accounted for 10% of total loans held-for-investment as of both dates. 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. As of September 30, 2024, 50% of our multifamily residential portfolio had variable rates, of which 45% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2023, 48% of our multifamily residential portfolio had variable rates, of which 40% had customer-level interest rate derivative contracts in place. These were hedging contracts offered by the Company to help our customers manage their interest rate risk while the Bank’s own exposure remained variable rate.

Commercial — Construction and Land Loans. Construction and land loans provide financing for a portfolio of projects diversified by real estate property type. Construction and land loans totaled $694 million as of September 30, 2024, compared with $664 million as of December 31, 2023, and accounted for 1% of total loans held-for-investment as of both dates. Construction loan exposure was made up of $540 million in loans outstanding, plus $466 million in unfunded commitments as of September 30, 2024, compared with $526 million in loans outstanding, plus $672 million in unfunded commitments as of December 31, 2023. Land loans totaled $154 million as of September 30, 2024, compared with $138 million as of December 31, 2023.

Consumer

Residential mortgage loans are primarily originated through the Bank’s branch network. The average total residential loan size was $437 thousand and $436 thousand as of September 30, 2024 and December 31, 2023, respectively. The following tables summarize the Company’s single-family residential and HELOC loan portfolios by geography as of September 30, 2024 and December 31, 2023:
September 30, 2024
($ in thousands)Single-Family Residential%HELOCs%Total Residential Mortgage%
Geographic markets:
Southern California$5,313,574 38 %$826,527 47 %$6,140,101 39 %
Northern California1,772,854 13 %364,860 21 %2,137,714 14 %
California7,086,428 51 %1,191,387 68 %8,277,815 53 %
New York4,341,868 31 %258,739 15 %4,600,607 29 %
Washington705,764 5 %187,418 10 %893,182 6 %
Massachusetts446,166 3 %64,999 4 %511,165 3 %
Georgia459,017 3 %18,961 1 %477,978 3 %
Nevada441,341 3 %33,675 2 %475,016 3 %
Texas467,025 4 %— — %467,025 3 %
Other markets15,488 0 %5,537 0 %21,025 0 %
Total$13,963,097 100 %$1,760,716 100 %$15,723,813 100 %
Lien priority:
First mortgage$13,963,097 100 %$1,317,799 75 %$15,280,896 97 %
Junior lien mortgage— — %442,917 25 %442,917 3 %
Total$13,963,097 100 %$1,760,716 100 %$15,723,813 100 %
89

December 31, 2023
($ in thousands)Single-Family Residential%HELOCs%Total Residential Mortgage%
Geographic markets:
Southern California$4,990,848 37 %$799,571 46 %$5,790,419 38 %
Northern California1,650,905 13 %370,989 22 %2,021,894 13 %
California6,641,753 50 %1,170,560 68 %7,812,313 51 %
New York4,376,416 33 %247,202 14 %4,623,618 31 %
Washington696,028 5 %184,843 11 %880,871 6 %
Massachusetts391,666 3 %67,016 4 %458,682 3 %
Georgia432,258 3 %17,123 1 %449,381 3 %
Nevada404,837 3 %33,959 2 %438,796 3 %
Texas423,972 3 %— — %423,972 3 %
Other markets16,130 0 %1,501 0 %17,631 0 %
Total$13,383,060 100 %$1,722,204 100 %$15,105,264 100 %
Lien priority:
First mortgage$13,383,060 100 %$1,331,509 77 %$14,714,569 97 %
Junior lien mortgage— — %390,695 23 %390,695 3 %
Total $13,383,060 100 %$1,722,204 100 %$15,105,264 100 %

Consumer — Single-Family Residential Loans. Single-family residential loans totaled $14.0 billion as of September 30, 2024, compared with $13.4 billion as of December 31, 2023, and accounted for 26% of total loans held-for-investment as of both dates. The Company was in a first lien position for all of its single-family residential loans as of both September 30, 2024 and December 31, 2023. 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% and 53% as of September 30, 2024 and December 31, 2023, respectively. These loans have historically experienced low delinquency and loss rates. The Company offers a variety of single-family residential first lien 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.

Consumer — Home Equity Lines of Credit. Total HELOC commitments were $5.3 billion and $5.2 billion as of September 30, 2024 and December 31, 2023, respectively, with a utilization rate of 33% as of both dates. Substantially all of the Company’s unfunded HELOC commitments are unconditionally cancellable. HELOCs outstanding totaled $1.8 billion as of September 30, 2024, compared with $1.7 billion as of December 31, 2023, and accounted for 4% and 3% of total loans held-for-investment as of September 30, 2024 and December 31, 2023, respectively. The Company was in a first lien position for 75% and 77% of total outstanding HELOCs as of September 30, 2024 and December 31, 2023, respectively. First lien HELOC LTV ratios are obtained by dividing the first lien HELOC against the value of the property securing the HELOC. Junior lien HELOCs are evaluated using combined LTV, which measures the carrying value of the Bank’s loan and available line of credit combined with any outstanding senior liens against the value of the property securing the loan. The weighted-average LTV ratio was 47% and 48% as of September 30, 2024 and December 31, 2023, respectively. Many of these loans are reduced documentation loans, resulting in a low LTV ratio at origination, typically 65% or less. As a result, these loans have historically experienced low delinquency and loss rates. Substantially all of the Company’s HELOCs were variable-rate loans as of both September 30, 2024 and December 31, 2023.

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.

90

Foreign Outstandings

The Company’s overseas offices, which include the branch in Hong Kong and the subsidiary bank in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties. As such, the Company’s international operation risk exposure is largely concentrated in China and Hong Kong. In addition, the Company’s financial assets held in the Hong Kong branch and the subsidiary bank in China may be affected by fluctuations in currency exchange rates or other factors. The following table presents the major financial assets held in the Company’s overseas offices as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Amount% of Total Consolidated AssetsAmount% of Total Consolidated Assets
Hong Kong branch:
Cash and cash equivalents$375,633 1 %$631,487 1 %
AFS debt securities (1)
$781,355 1 %$546,495 1 %
Loans held-for-investment (2)
$920,190 1 %$934,734 1 %
Total assets$2,091,286 3 %$2,115,857 3 %
Subsidiary bank in China:
Cash and cash equivalents$583,236 1 %$719,058 1 %
Interest-bearing deposits with banks$108,049 0 %$— — %
AFS debt securities (3)
$130,461 0 %$120,167 0 %
Loans held-for-investment (2)
$1,140,046 2 %$1,328,383 2 %
Total assets$1,956,471 3 %$2,156,548 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 September 30, 2024; comprised of foreign government bonds and U.S. Treasury securities as of December 31, 2023.
(2)Primarily comprised of C&I loans as of both September 30, 2024 and December 31, 2023.
(3)Comprised of foreign government bonds as of both September 30, 2024 and December 31, 2023.

The following table presents the total revenue generated by the Company’s overseas offices for the third quarters and first nine months of 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
($ in thousands)Amount% of Total Consolidated RevenueAmount% of Total Consolidated RevenueAmount% of Total Consolidated RevenueAmount% of Total Consolidated Revenue
Hong Kong Branch:
Total revenue$17,692 3 %$13,906 2 %$51,205 3 %$41,479 2 %
Subsidiary Bank in China:
Total revenue$6,287 1 %$6,788 1 %$21,051 1 %$26,098 1 %

Capital

The Company maintains a strong capital base to support its anticipated asset growth, operating needs, and credit risks, 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.

91

On March 3, 2020, the Company’s Board of Directors authorized the repurchase of $500 million of the Company’s common stock. During the first nine months of 2024, the Company repurchased 1,742,496 shares at an average price of $70.72 per share at $123 million. The Company did not repurchase any shares during the first nine months of 2023. The total remaining available capital authorized for repurchase as of September 30, 2024 was $49 million.

The Company’s stockholders’ equity was $7.7 billion as of September 30, 2024, an increase of $714 million or 10% from $7.0 billion as of December 31, 2023. The increase in the Company’s stockholders’ equity was primarily due to $872 million of net income and $183 million of other comprehensive income, partially offset by $233 million of cash dividends declared and $123 million of common stock repurchases. 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.

Book value per share was $55.30 as of September 30, 2024, an increase of 11% from $49.64 per share as of December 31, 2023, a result of the increase in the Company’s stockholders’ equity as described above. Tangible book value per share was $51.90 as of September 30, 2024, compared with $46.27 as of December 31, 2023. For additional details, see the reconciliation of non-GAAP measures presented under Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.

The Company paid a quarterly common stock cash dividend of $0.55 and $0.48 per share during the third quarters of 2024 and 2023, respectively. In October 2024, the Company’s Board of Directors declared a fourth quarter 2024 cash dividend of $0.55 per share. The dividend is payable on November 15, 2024, to stockholders of record as of November 4, 2024.

Deposits and Other Sources of Funding

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. Additional funding is provided by short- and long-term borrowings, and long-term debt. See Item 2. MD&A — Risk Management — Liquidity Risk Management in this Form 10-Q for a discussion of the Company’s liquidity management. The following table summarizes the Company’s sources of funds as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023Change
($ in thousands)Amount%Amount%$%
Deposits:
Noninterest-bearing demand$14,690,864 24 %$15,539,872 28 %$(849,008)(5)%
Interest-bearing checking8,052,720 13 %7,558,908 14 %493,812 7 %
Money market14,021,042 23 %13,108,727 23 %912,315 7 %
Savings1,718,378 3 %1,841,467 3 %(123,089)(7)%
Time deposits23,217,111 37 %18,043,464 32 %5,173,647 29 %
Total deposits$61,700,115 100 %$56,092,438 100 %$5,607,677 10 %
Other Funds:
BTFP borrowings$— — %$4,500,000 97 %$(4,500,000)(100)%
FHLB advances3,500,000 99 %— — %3,500,000 100 %
Long-term debt31,923 1 %148,249 3 %(116,326)(78)%
Total other funds$3,531,923 100 %$4,648,249 100 %$(1,116,326)(24)%
Total sources of funds$65,232,038 $60,740,687 $4,491,351 7 %

Deposits

The Company’s strategy is to grow and retain relationship-based deposits to provide a stable and low-cost source of funding and liquidity. Accordingly, the Company offers a wide variety of deposit products to meet the needs of its consumer and commercial customers. As a result, we believe our deposit base is seasoned, stable and well-diversified.

92

Total deposits were $61.7 billion as of September 30, 2024, an increase of $5.6 billion or 10% from $56.1 billion as of December 31, 2023, primarily due to growth in time, money market, and interest-bearing checking deposits. Time deposits comprised 37% and 32% of total deposits as of September 30, 2024 and December 31, 2023, respectively. Noninterest-bearing demand deposits comprised 24% and 28% of total deposits as of September 30, 2024 and December 31, 2023, respectively.

The following table provides a breakdown of the Company’s deposits by segment and region as of September 30, 2024 and December 31, 2023:
Change
($ in thousands)
September 30, 2024December 31, 2023$%
Deposits by segment/region:
Consumer and Business Banking - U.S. (1)
$32,104,904 $28,571,255 $3,533,649 12 %
Commercial Banking - U.S. (1)
23,212,616 22,059,662 1,152,954 5 %
Greater China (2)
3,307,793 3,172,222 135,571 4 %
Treasury and Other - U.S. (3)
3,074,802 2,289,299 785,503 34 %
Total deposits$61,700,115 $56,092,438 $5,607,677 10 %
(1)Excludes deposits presented under Greater China - overseas branches.
(2)Deposits of our Hong Kong branch and China subsidiary, primarily a subset of Commercial Banking segment deposits.
(3)Treasury and Other segment deposits reflect wholesale, public funds, and brokered deposits, primarily managed by the Company’s Treasury department.

Uninsured deposits represent the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit. Management believes that presenting uninsured domestic deposits as reported on Schedule RC-OM item 2 of the Bank’s Call Report, with an adjustment to exclude collateralized and affiliate deposits provides a more accurate view of the deposits at risk, given that collateralized deposits are secured, and affiliate deposits are not customer-facing and are eliminated in consolidation.

The following table summarizes the Company’s uninsured domestic deposit balances reported on Schedule RC-OM item 2 of the Bank’s Call Report as of September 30, 2024 and December 31, 2023, after certain adjustments:
($ in thousands)September 30, 2024December 31, 2023
Uninsured deposits, per regulatory reporting requirements$31,318,958 $27,592,714 
Less: Collateralized deposits
(4,999,876)(4,631,047)
Affiliate deposits(418,632)(491,992)
Uninsured deposits, excluding collateralized and affiliate deposits(a)$25,900,450 $22,469,675 
Total domestic deposits per Call Report(b)$58,906,507 $53,486,990 
Uninsured deposits, excluding collateralized and affiliate deposits, ratio(a) / (b)44 %42 %

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.

Other Sources of Funding

The Company had $4.5 billion of BTFP borrowings outstanding as of December 31, 2023. These borrowings were repaid upon maturity during the first quarter of 2024.

The Company had $3.5 billion of FHLB advances as of September 30, 2024, compared with no FHLB advances as of December 31, 2023. FHLB advances as of September 30, 2024 had fixed and floating interest rates ranging from 3.87% to 5.07% with remaining maturities between six months and 2.2 years.

93

The Company’s long-term debt consists of junior subordinated debt, which qualifies as Tier 2 capital for regulatory capital purposes. During the first quarter of 2024, the Company redeemed approximately $117 million of junior subordinated debt. Refer to Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q for additional information on the junior subordinated debt.

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 2023 Form 10-K for additional details.

The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets in accordance with ASU 2016-13. The Company has elected the phase-in option provided by a final rule that delays an estimate of the current expected credit losses (“CECL”) effect on regulatory capital for two years and phases in the impact over three years. The rule 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. Accordingly, our capital ratios as of September 30, 2024 reflect a delay of 25% of the estimated impact of CECL on regulatory capital.

The following table presents the Company’s and the Bank’s capital ratios as of September 30, 2024 and December 31, 2023 under the Basel III Capital Rules, and those required by regulatory agencies for capital adequacy and well-capitalized classification purposes:
Basel III Capital Rules
September 30, 2024December 31, 2023
CompanyBankCompanyBankMinimum Regulatory RequirementsMinimum Regulatory Requirements including Capital Conservation BufferWell-Capitalized Requirements
Risk-based capital ratios:
Common Equity Tier 1 capital (1)
14.1 %13.3 %13.3 %12.6 %4.5 %7.0 %6.5 %
Tier 1 capital (2)
14.1 %13.3 %13.3 %12.6 %6.0 %8.5 %8.0 %
Total capital15.4 %14.6 %14.8 %13.8 %8.0 %10.5 %10.0 %
Tier 1 leverage (1)
10.4 %9.8 %10.2 %9.6 %4.0 %4.0 %5.0 %
(1)The Common Equity Tier 1 capital and Tier 1 leverage well-capitalized requirements apply to the Bank only. There is no requirement on Common Equity Tier 1 capital ratio or Tier 1 leverage ratio for a well-capitalized bank holding company.
(2)The 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 September 30, 2024 and December 31, 2023, 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 were $54.3 billion as of September 30, 2024, an increase of $628 million from $53.7 billion as of December 31, 2023. The increase in the risk-weighted assets was mainly due to loan growth.

94

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 of which are more specific to the Company’s business. The Company operates under a Board-approved enterprise risk management (“ERM”) framework, which outlines the company-wide approach to risk management and oversight, and describes the structures and practices employed to manage the 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, capital, strategic, and technology risk.

The Risk Oversight Committee (“ROC”) of the Board of Directors monitors the ERM program through such identified 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 production, operational and support units. The second line of defense is comprised of various risk management and control functions charged with monitoring and managing major risk categories and/or risk subcategories. 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 also evaluates and reports the overall credit risk exposure to senior management and the ROC. Reporting directly to the Board’s Audit Committee, the IAR function provides additional validation of the Company’s robust credit risk management culture by performing an independent and objective assessment of underwriting and documentation quality. 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.

95

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 7 — 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 September 30, 2024 and December 31, 2023:
Change
($ in thousands)September 30, 2024December 31, 2023$%
Criticized loans:
Special mention loans$468,593 $404,241 $64,352 16 %
Classified loans (1)
641,642 573,969 67,673 12 %
Total criticized loans (2)
$1,110,235 $978,210 $132,025 13 %
Special mention loans to loans held-for-investment0.88 %0.77 %
Classified loans to loans held-for-investment1.20 %1.10 %
Criticized loans to loans held-for-investment2.08 %1.87 %
(1)Consists of loans rated as substandard, doubtful and loss categories.
(2)Excludes loans held-for-sale.

Criticized loans were $1.1 billion as of September 30, 2024, an increase of $132 million or 13%, compared with $978 million as of December 31, 2023. The increase was primarily driven by higher criticized CRE 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. Nonperforming assets were $195 million or 0.26% of total assets as of September 30, 2024, an increase of $81 million or 71%, compared with $114 million or 0.16% of total assets as of December 31, 2023.

96

The following table presents nonperforming assets information as of September 30, 2024 and December 31, 2023:
Change
($ in thousands)September 30, 2024December 31, 2023$%
Commercial:
C&I$75,272 $37,036 $38,236 103 %
CRE:
CRE3,273 23,249 (19,976)(86)%
Multifamily residential4,586 4,669 (83)(2)%
Construction and land11,316 — 11,316 100 %
Total CRE19,175 27,918 (8,743)(31)%
Consumer:
Residential mortgage:
Single-family residential35,735 24,377 11,358 47 %
HELOCs16,576 13,411 3,165 24 %
Total residential mortgage52,311 37,788 14,523 38 %
Other consumer102 132 (30)(23)%
Total nonaccrual loans146,860 102,874 43,986 43 %
OREO, net41,248 11,141 30,107 270 %
Other nonperforming assets7,358 — 7,358 100 %
Total nonperforming assets$195,466 $114,015 $81,451 71 %
Nonperforming assets to total assets
0.26 %0.16 %
Nonaccrual loans to loans held-for-investment0.28 %0.20 %
Allowance for loan losses to nonaccrual loans474.25 %650.06 %

Loans are generally placed on nonaccrual status when they become 90 days past due or when the full collection of principal or interest becomes uncertain regardless of the length of past due status. Collectability is generally assessed based on economic and business conditions, the borrower’s financial condition, and the adequacy of collateral, if any. For additional details regarding the Company’s nonaccrual loan policy, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.

Nonaccrual loans were $147 million as of September 30, 2024, an increase of $44 million or 43% from $103 million as of December 31, 2023, primarily due to an increase in C&I nonaccrual loans. As of September 30, 2024, $37 million or 25% of nonaccrual loans were less than 90 days delinquent. In comparison, $40 million or 39% of nonaccrual loans were less than 90 days delinquent as of December 31, 2023.

97

The following table presents the accruing loans past due by portfolio segment as of September 30, 2024 and December 31, 2023:
Total Accruing Past Due Loans (1)
Change
Percentage of
Total Loans Outstanding
($ in thousands)September 30,
2024		December 31,
2023		$%September 30,
2024		December 31,
2023
Commercial:
C&I$14,471 $35,649 $(21,178)(59)%0.08 %0.21 %
CRE:
CRE2,576 3,517 (941)(27)%0.02 %0.02 %
Multifamily residential3,111 597 2,514 421 %0.06 %0.01 %
Construction and land— 13,251 (13,251)(100)%— %2.00 %
Total CRE5,687 17,365 (11,678)(67)%0.03 %0.08 %
Total commercial20,158 53,014 (32,856)(62)%0.05 %0.14 %
Consumer:
Residential mortgage:
Single-family residential44,119 45,228 (1,109)(2)%0.32 %0.34 %
HELOCs26,763 21,492 5,271 25 %1.52 %1.25 %
Total residential mortgage70,882 66,720 4,162 6 %0.45 %0.44 %
Other consumer3,102 3,265 (163)(5)%5.36 %5.41 %
Total consumer73,984 69,985 3,999 6 %0.47 %0.46 %
Total$94,142 $122,999 $(28,857)(23)%0.18 %0.24 %
(1)There were no accruing loans past due 90 days or more as of both September 30, 2024 and December 31, 2023.

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 2023 Form 10-K, and Note 7 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

98

The following table presents an allocation of the allowance for loan losses by loan portfolio segments and unfunded credit commitments as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)Allowance Allocation% of Loan Type to Total LoansAllowance Allocation% of Loan Type to Total Loans
Allowance for loan losses
Commercial:
C&I$378,315 32 %$392,685 32 %
CRE:
CRE221,244 27 %170,592 28 %
Multifamily residential31,782 10 %34,375 10 %
Construction and land12,208 1 %10,469 1 %
Total CRE265,234 38 %215,436 39 %
Total commercial643,549 70 %608,121 71 %
Consumer:
Residential mortgage:
Single-family residential48,231 26 %55,018 26 %
HELOCs3,210 4 %3,947 3 %
Total residential mortgage51,441 30 %58,965 29 %
Other consumer1,495 0 %1,657 0 %
Total consumer52,936 30 %60,622 29 %
Total allowance for loan losses$696,485 100 %$668,743 100 %
Allowance for unfunded credit commitments$39,062 $37,699 
Total allowance for credit losses$735,547 $706,442 
Loans held-for-investment$53,253,181 $52,210,782 
Allowance for loan losses to loans held-for-investment1.31 %1.28 %
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Average loans held-for-investment$52,414,179 $49,888,205 $52,086,143 $48,966,981 
Net charge-offs
$29,363 $18,146 $75,075 $26,292 
Annualized net charge-offs to average loans held-for-investment0.22 %0.14 %0.19 %0.07 %

The increases in the net charge-offs presented in the table above were primarily driven by higher losses in the C&I portfolio, partially offset by lower losses in the construction and land portfolio.

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.

99

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 provides an early-warning methodology to detect liquidity problems and provide a timely response. The Contingency Funding Plan describes the procedures, roles and responsibilities, and communication protocols for managing any identified 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 signals are detected, the ALCO is informed, and the problem is evaluated for severity. The ALCO will approve the course of action and appropriate contingency funding sources, if any, that are needed.

Liquidity Sources. 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 $61.7 billion as of September 30, 2024, compared with $56.1 billion as of December 31, 2023. The Company’s loan-to-deposit ratio was 86% as of September 30, 2024, compared with 93% as of December 31, 2023.

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.

Unencumbered loans and/or debt securities were 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. See Item 2 — MD&A — Balance Sheet Analysis — Deposits and Other Sources of Funding in this Form 10-Q for further details related to the Company’s funding sources. The Company believes its cash and cash equivalents, and available borrowing capacity described below provide sufficient liquidity above its expected cash needs.

The Company maintains its source of liquidity in the form of cash and cash equivalents and borrowing capacity with its eligible loans and debt securities as collateral. The following table presents the Company’s total cash and cash equivalents and collateralized borrowing capacity as of September 30, 2024 and December 31, 2023:
Change
($ in thousands)September 30, 2024December 31, 2023$%
Cash and cash equivalents$4,860,073 $4,614,984 $245,089 5 %
Interest-bearing deposits with banks116,101 10,498 105,603 NM
Collateralized borrowing capacity:
FHLB8,853,526 12,373,002 (3,519,476)(28)%
FRB
12,398,422 9,830,769 2,567,653 26 %
Unpledged available securities6,843,863 1,988,526 4,855,337 244 %
Total$33,071,985 $28,817,779 $4,254,206 15 %
NM — Not meaningful.

100

The Company’s cash and cash equivalents and collateralized borrowing capacity totaled $33.1 billion as of September 30, 2024, compared with $28.8 billion as of December 31, 2023. The increase was primarily related to an increase in unpledged available securities and an increase in available borrowing capacity at the FRB due to the repayment of BTFP borrowings. This increase was partially offset by a decrease in available borrowing capacity at the FHLB, primarily due to the increase in FHLB advances during the first quarter of 2024.

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 2023 Form 10-K, and Note 8 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net and Note 10 — Short-Term Borrowings 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. Because many of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. The Company does not expect the total commitment amounts as of September 30, 2024 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 11 — 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 nine months ended September 30, 2024 and 2023. 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 2023 Form 10-K. East West held $358 million and $446 million in cash and cash equivalents as of September 30, 2024 and December 31, 2023, respectively. Management believes that East West has sufficient cash and cash equivalents 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 September 30, 2024, 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 2023 Form 10-K.

101

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 2023 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.

We measure and monitor interest rate risk exposure through various risk management tools, which include a simulation model that performs 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.

In the third quarter of 2024, the Company transitioned its net interest income volatility simulations from a static to a dynamic balance sheet approach and adopted market forward rates instead of flat forward rates. This change better reflects the interest rate risk on the Company’s financial statements. Furthermore, the Company standardized its simulation scenarios by shifting from non-parallel to parallel shocks for both instantaneous and gradual net interest income simulations, as well as for economic value of equity (“EVE”) simulations. This alignment with industry-standard scenario definitions is intended to 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 that 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 we derive from a regression analysis of the Company’s historical deposit data.
102

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 is a key parameter of the deposit rate forecast. The deposit beta defines the sensitivity of deposit rates to changes in the Effective Fed Funds Rate. In September 2024, the Company assumed a weighted-average beta of 53.5% for total deposits, an increase of approximately 2.8% from December 31, 2023, which was due to updates of deposit beta assumptions and deposit product mix changes.

As loan and 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 can capture 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.

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 September 30, 2024 and December 31, 2023, 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)September 30, 2024December 31, 2023
+2006.4 %4.6 %
+1003.9 %2.7 %
-100(4.1)%(3.3)%
-200(7.5)%(6.7)%
(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.

103

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, net interest income volatility expressed in relation to base-case net interest income decreased for rising rate scenarios and increased for decreasing rate scenarios as of September 30, 2024. This change reflects 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)September 30, 2024December 31, 2023
+200 Rate Ramp4.9 %4.0 %
+100 Rate Ramp2.3 %2.0 %
-100 Rate Ramp(2.1)%(1.7)%
-200 Rate Ramp(4.2)%(3.8)%

As of September 30, 2024, 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 September 30, 2024, the Company designated interest rate contracts with a notional amount of $5.3 billion as cash flow hedges, which reduced net interest income volatility by approximately 1.42% of the base net interest income for every 100 bps change in interest rate.

A majority of the Company’s 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 net present value of the bank’s assets and liabilities due to changes in interest rates.

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.

104

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 September 30, 2024 and December 31, 2023.
EVE Volatility (1)
Change in Interest Rates (in bps)September 30, 2024December 31, 2023
+200 (10.2)%(10.3)%
+100(4.9)%(5.4)%
-1005.1 %3.0 %
-20010.6 %6.0 %
(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 September 30, 2024, 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 swaps to hedge the variability in interest received on certain floating-rate commercial loans and interest paid on certain floating-rate borrowings. 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, primarily foreign currency denominated deposits offered to its customers.

105

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 clearinghouses, 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 value 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 September 30, 2024, the Company anticipates performance by all of its counterparties and has not incurred any related credit losses.

The following table summarizes certain information on derivative instruments designated as accounting hedges and utilized by the Company in its management of interest rate and foreign currency risks as of September 30, 2024 and December 31, 2023:
September 30, 2024December 31, 2023
($ in thousands)
Interest Rate Contracts Hedging Loans (1)(2)(3)
Interest Rate Contracts Hedging Loans (1)(2)(3)
Cash flow hedges
Notional amount$4,000,000 $4,000,000 
Weighted-average:
Receive rate4.95 %4.95 %
Pay rate7.11 %7.32 %
Remaining term (in months)26.8 35.8 
($ in thousands)Foreign Exchange ContractsForeign Exchange Contracts
Net investment hedges
Notional amount$— $81,480
Hedged percentage (4)
— %44 %
Remaining term (in months)— 2.7 
(1)Represents receive-fixed/pay-floating interest rate swaps and excludes interest rate collars. Floating rates paid are based on SOFR or Prime.
(2)Excludes interest rate collars in total notional amount of $250 million as of both September 30, 2024 and December 31, 2023.
(3)Excludes forward-starting swaps in total notional amount of $1.0 billion not effective as of both September 30, 2024 and December 31, 2023.
(4)Represents percentage between the notional of outstanding foreign exchange contracts and the net RMB exposure from East West Bank (China) Limited. The Company does not have any active net investment hedges as of September 30, 2024.

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 2023 Form 10-K, Note 3 — Fair Value Measurement and Fair Value of Financial Instruments, and Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.

106

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 2023 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 2023 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 adjusted diluted EPS, return on average TCE, tangible book value per share and FTE efficiency ratio. 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.

107

The following tables present the reconciliations of U.S. GAAP to non-GAAP financial measures for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
($ and shares in thousands, except per share data)2024202320242023
Net income(a)$299,166 $287,738 $872,471 $922,208 
Add: FDIC charge (1)
— — 12,185 — 
  Write-off of AFS debt security (2)
— — — 10,000 
  Repurchase agreements’ extinguishment cost (3)
— — — 3,872 
Less: DC Solar recovery (4)
(11,201)— (14,347)(5,571)
Tax effect of adjustment (5)
3,311 — 639 (2,431)
Adjusted net income (non-GAAP)(b)$291,276 $287,738 $870,948 $928,078 
Diluted weighted-average number of shares outstanding(c)139,648 142,122 139,939 142,044 
Diluted EPS(a)/(c)$2.14 $2.02 $6.23 $6.49 
Add: FDIC charge (1)
— — 0.09 — 
Write-off of AFS debt security (2)
— — — 0.07 
Repurchase agreements’ extinguishment cost (3)
— — — 0.03 
Less: DC Solar recovery (4)
(0.08)— (0.10)(0.04)
Tax effect of adjustments (5)
0.03 — — (0.02)
Adjusted diluted EPS (non-GAAP)(b)/(c)$2.09 $2.02 $6.22 $6.53 
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Net income(a)$299,166 $287,738 $872,471 $922,208 
Add: Amortization of core deposit intangibles— 441 — 1,322 
  Amortization of mortgage servicing assets348 328 988 1,026 
Tax effect of amortization adjustments (5)
(103)(225)(292)(688)
Tangible net income (non-GAAP)(b)$299,411 $288,282 $873,167 $923,868 
Average stockholders’ equity(c)$7,443,333 $6,604,798 $7,175,445 $6,411,250 
Less: Average goodwill(465,697)(465,697)(465,697)(465,697)
   Average other intangible assets (6)
(5,790)(6,148)(6,123)(6,916)
Average tangible book value (non-GAAP)(d)$6,971,846 $6,132,953 $6,703,625 $5,938,637 
ROE (7)
(a)/(c)15.99 %17.28 %16.24 %19.23 %
Return on average TCE (7) (non-GAAP)
(b)/(d)17.08 %18.65 %17.40 %20.80 %
Refer to footnotes on the following page.

108

Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2024202320242023
Net interest income before provision for credit losses(a)$572,722 $570,813 $1,691,090 $1,737,420 
FTE adjustment
(b)
411 433 3,491 1,288 
FTE net interest income before provision for credit losses
(c)=(a)+(b)
573,133 571,246 1,694,581 1,738,708 
Total noninterest income
(d)
84,761 76,752 248,422 215,361 
Total revenue
(e)=(a)+(d)
$657,483 $647,565 $1,939,512 $1,952,781 
FTE total revenue (8) (non-GAAP)
(f)=(c)+(d)
657,894 647,998 1,943,003 1,954,069 
Total noninterest expense
(g)
$226,166 $252,014 $709,475 $732,250 
Efficiency ratio
(g)/(e)
34.40 %38.92 %36.58 %37.50 %
FTE efficiency ratio (non-GAAP)
(g)/(f)34.38 %38.89 %36.51 %37.47 %
($ and shares in thousands, except per share data)September 30, 2024December 31, 2023
Stockholders’ equity(a)$7,664,539 $6,950,834 
Less: Goodwill(465,697)(465,697)
   Other intangible assets (6)
(5,563)(6,602)
Tangible book value (non-GAAP)(b)$7,193,279 $6,478,535 
Number of common shares at period-end(c)138,609 140,027 
Book value per share(a)/(c)$55.30 $49.64 
Tangible book value per share (non-GAAP)(b)/(c)$51.90 $46.27 
(1)Represents the pre-tax FDIC charge recorded in Deposit insurance premiums and regulatory assessments on the Consolidated Statement of Income in the first half of 2024.
(2)Represents the pre-tax impairment related to an AFS debt security that was written-off in the first quarter of 2023.
(3)Represents the debt extinguishment cost on early prepayment of $300 million of repurchase agreements in the first quarter of 2023.
(4)Represents the pre-tax DC Solar recovery recorded in Amortization of tax credit and CRA investments on the Consolidated Statement of Income in the second and third quarters of 2024, as well as the first and second quarters of 2023.
(5)Applied statutory tax rate of 29.56% for the third quarter and first nine months of 2024 and 29.29% for the third quarter and first nine months of 2023.
(6)Includes core deposit intangibles and mortgage servicing assets. There were no core deposit intangibles in the 2024 periods presented.
(7)Annualized.
(8)FTE total revenue is reflected on an FTE basis (non-GAAP), which adjusts for the tax benefit of income on certain tax-exempt loans and debt securities.
109

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For quantitative and qualitative disclosures regarding market risk in the Company’s portfolio, see Note 6 — 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 September 30, 2024, 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 September 30, 2024.

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 September 30, 2024, that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

110

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 11 — 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 2023 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 2023 Form 10-K.
111

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

There were no unregistered sales of equity securities or repurchase activities during the three months ended September 30, 2024.

ITEM 5. OTHER INFORMATION
 
During the three months ended September 30, 2024, none of the Company’s directors or Section 16 reporting officers adopted or terminated 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).

112

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 March 17, 2023 (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.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document. Filed herewith.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.
104Cover Page Interactive Data (formatted as Inline XBRL and contained in Exhibit 101 filed herewith). Filed herewith.
113

GLOSSARY OF ACRONYMS



AFSAvailable-for-saleGNMAGovernment National Mortgage Association
ALCOAsset/Liability CommitteeHELOCHome equity lines of credit
AOCIAccumulated other comprehensive (loss) incomeHTMHeld-to-maturity
ASCAccounting Standards CodificationIARIndependent Asset Review
ASUAccounting Standards UpdateIDIInsured deposit institution
BTFPBank Term Funding ProgramLCHLondon Clearing House
C&ICommercial and industrial LGDLoss given default
CARBCalifornia Air Resources BoardLTVLoan-to-value
CCDAAClimate Corporate Data Accountability ActMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
CECLCurrent expected credit LossesMMBTUMillion British thermal unit
CLOCollateralized loan obligationNAVNet asset value
CMEChicago Mercantile ExchangeNRSRONationally recognized statistical rating organizations
CRACommunity Reinvestment ActOREOOther real estate owned
CRECommercial real estatePAMProportionate amortization method
CRFRAClimate-Related Financial Risk ActPDProbability of default
DIFDeposit Insurance FundRMBChinese Renminbi
DOJThe U.S. Department of JusticeROAReturn on average assets
EPSEarnings per shareROCRisk Oversight Committee
ERMEnterprise risk management ROEReturn on average common equity
EVEEconomic value of equityRPACredit risk participation agreement
FDICFederal Deposit Insurance CorporationRSURestricted stock unit
FHLBFederal Home Loan BankSBLCStandby letter of credit
FRBFederal Reserve BankSECU.S. Securities and Exchange Commission
FTEFully taxable equivalentSOFRSecured Overnight Financing Rate
FTPFunds transfer pricingTCETangible Common Equity
GAAPGenerally accepted accounting principlesU.S.United States
GDPGross Domestic ProductUSDU.S. dollar

114

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:November 8, 2024
EAST WEST BANCORP, INC.
(Registrant)
By/s/ Christopher J. Del Moral-Niles
Christopher J. Del Moral-Niles
Executive Vice President and
Chief Financial Officer

115

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

DISCLAIMER

CompaniesMarketCap is not associated in any way with CoinMarketCap.com
Stock prices are delayed, the delay can range from a few minutes to several hours.
Company logos are from the CompaniesLogo.com logo database and belong to their respective copyright holders. Companies Marketcap displays them for editorial purposes only.

Contact

For inquiries or if you want to report a problem write to hello@8marketcap.com

Links

- Privacy policy

- Terms and conditions

© 2025 CompaniesMarketcap.com