8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

April 18, 2019

EAST WEST BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-24939	95-4703316
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

135 N Los Robles Ave., 7th Floor, Pasadena, California 91101

(Address of principal executive offices) (Zip code)

(626) 768-6000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨

1

Item 2.02. Results of Operations and Financial Condition

On April 18, 2019, East West Bancorp, Inc. (the “Company”) announced, via press release, its financial results for the quarter ended March 31, 2019 (the “Press Release”). The Press Release is available on the Company’s website. The Press Release is “furnished” as Exhibit 99.1 to this Current Report on Form 8-K pursuant to General Instruction B.2 of Form 8-K and the information provided in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities under that Section. The information provided in Item 2.02 of this report, including Exhibit 99.1, shall not be deemed incorporated by reference into any filings the Company has made or may make under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure

On April 18, 2019, the Company will hold a conference call to discuss its financial results for the quarter ended March 31, 2019, including the Press Release and other matters relating to the Company. The Company has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Company (the “Presentation Materials”). The Presentation Materials are furnished as Exhibit 99.2 and are incorporated by reference in this Item 7.01. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided. The information provided in Item 7.01 of this report, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, nor shall the information or Exhibit 99.2 be deemed incorporated by reference in any filings the Company has made or may make under the Exchange Act, except as otherwise expressly stated in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1           Press Release, dated April 18, 2019.

99.2           Presentation Materials, dated April 18, 2019.

2

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 hereunto duly authorized.

	EAST WEST BANCORP, INC.
Date: April 18, 2019	By:	/s/ Irene H. Oh
		Irene H. Oh
		Executive Vice President and Chief Financial Officer

3

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated April 18, 2019.
99.2	Presentation Materials, dated April 18, 2019.

4

EX-99.1

	Exhibit 99.1
	East West Bancorp, Inc.
	135 N. Los Robles Ave., 7th Fl.
	Pasadena, CA 91101
	Tel. 626.768.6000

NEWS RELEASE

FOR INVESTOR INQUIRIES, CONTACT:
Irene Oh	Julianna Balicka
Chief Financial Officer	Director of Strategy and Corporate Development
T: (626) 768-6360	T: (626) 768-6985
E: irene.oh@eastwestbank.com	E: julianna.balicka@eastwestbank.com

EAST WEST BANCORP REPORTS NET INCOME FOR FIRST QUARTER 2019

OF $164 MILLION AND DILUTED EARNINGS PER SHARE OF $1.12,

INCREASES QUARTERLY DIVIDEND BY 20%

Pasadena, California—April 18, 2019 — East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported its financial results for the first quarter of 2019. For the first quarter of 2019, net income was $164.0 million or $1.12 per diluted share. First quarter 2019 return on average assets was 1.63% and return on average equity was 14.7%.

“We started off the year with solid balance sheet growth. Our total assets reached a record $42.1 billion. Total loans grew $478 million, or 6% annualized, to a record $32.9 billion from $32.4 billion as of December 31, 2018,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “Total deposits grew $834 million, or 10% annualized, to a record $36.3 billion from $35.4 billion at the end of 2018.”

“Our first quarter 2019 net interest margin, excluding the impact of accretion, was 3.77%¹, a quarter-over-quarter increase of four basis points from 3.73%, and a year-over-year increase of 10 basis points from 3.67%,” continued Ng.

“Our balance sheet growth, the profitability of our business, and our capital levels are strong. As of March 31, 2019, our tangible equity to tangible assets ratio² was 9.9%, an increase of 16 basis points quarter-over-quarter. I am pleased to announce that East West’s Board of Directors approved a 20% increase to the quarterly common stock dividend. Our quarterly dividend will increase to $0.275 per share, up from $0.23 per share. We are optimistic about the year ahead, and look forward to delivering another year of strong returns for our shareholders,” concluded Ng.

¹ See reconciliation of GAAP to non-GAAP financial measures in Table 12.

² See reconciliation of GAAP to non-GAAP financial measures in Table 13.

1

HIGHLIGHTS OF RESULTS

• First Quarter Earnings — First quarter net income was $164.0 million and diluted earnings per share (“EPS”) were $1.12, compared to fourth quarter 2018 net income of $173.0 million and diluted EPS of $1.18. Excluding an impairment charge in the first quarter, adjusted³ first quarter net income was $168.9 million and adjusted³ diluted EPS were $1.16.

During the first quarter, the Company recorded an impairment charge related to certain tax credit investments. Included in amortization of tax credit and other investments, this impairment charge reduced net income by $7.0 million before tax and $4.9 million after tax, impacting EPS by $0.04.

• Dividend Increase— Second quarter 2019 common stock dividend has increased by 20%, or 4.5 cents per share. The new quarterly dividend will be $0.275, up from $0.23 per share. At the new rate, the annualized dividend will be $1.10, compared to the previous annualized rate of $0.92 per share.

• Net Interest Income and Net Interest Margin — First quarter 2019 net interest income (“NII”) was $362.5 million, compared to $369.4 million in the fourth quarter of 2018. Excluding the impact of ASC 310-30 discount accretion income, first quarter 2019 adjusted⁴ NII was $360.3 million, compared to $363.6 million in the previous quarter. First quarter 2019 net interest margin (“NIM”) of 3.79% was unchanged linked quarter. Excluding the impact of ASC 310-30 discount accretion, adjusted⁴ NIM of 3.77% expanded by four basis points linked quarter from 3.73% in the fourth quarter of 2018.

• Record Loans — Total loans of $32.9 billion as of March 31, 2019 were up $477.8 million, or 6% linked quarter annualized, from $32.4 billion as of December 31, 2018. Total loans grew by $3.3 billion or 11% year-over-year.

• Record Deposits— Total deposits of $36.3 billion as of March 31, 2019 were up $834.3 million, or 10% linked quarter annualized, from $35.4 billion as of December 31, 2018. Total deposits grew by $3.7 billion or 11% year-over-year.

• Asset QualityMetrics — The allowance for loan losses was $317.9 million, or 0.97% of loans held-for-investment (“HFI”), as of March 31, 2019, compared to 0.96% of loans HFI as of December 31, 2018, and 1.01% of loans HFI as of March 31, 2018. For the first quarter of 2019, net charge-offs were $14.4 million, or annualized 0.18% of average loans HFI, compared to annualized net charge-offs of 0.20% of average loans HFI for the previous quarter and 0.14% for the year-ago quarter. Non-purchased credit impaired (“Non-PCI”) nonperforming assets were $138.0 million, or 0.33% of total assets, as of March 31, 2019, compared to 0.23% of total assets as of December 31, 2018, and 0.35% of total assets as of March 31, 2018.

• Capital Levels— Capital levels for East West continue to be strong. As of March 31, 2019, stockholders’ equity was $4.6 billion, or $31.56 per share. Tangible equity⁵ per common share was $28.21 as of March 31, 2019, an increase of 4% linked quarter and 17% year-over-year. As of March 31, 2019, the tangible equity to tangible assets ratio was 9.9%, the common equity tier 1 (“CET1”) capital ratio was 12.4%, and the total risk-based capital ratio was 13.8%.

³ See reconciliation of GAAP to non-GAAP financial measures in Table 10.

⁴ See reconciliation of GAAP to non-GAAP financial measures in Table 12.

⁵ See reconciliation of GAAP to non-GAAP financial measures in Table 13.

2

QUARTERLY RESULTS SUMMARY

	Quarter Ended
($ in millions, except per share data and ratios)	March 31, 2019			December 31, 2018			March 31, 2018
Net income	$	164.0		$	173.0		$	187.0
Adjusted net income (1)	$	168.9		$	173.0		$	164.9
Earnings per share (diluted)	$	1.12		$	1.18		$	1.28
Adjusted earnings per share (diluted) (1)	$	1.16		$	1.18		$	1.13
Book value per common share	$	31.56		$	30.52		$	27.46
Tangible equity (1) per common share	$	28.21		$	27.15		$	24.07
Tangible equity to tangible assets ratio (1)	9.87		%	9.71		%	9.38		%
Return on average assets (2)	1.63		%	1.69		%	2.03		%
Return on average equity (2)	14.7		%	15.8		%	19.3		%
Return on average tangible equity (1)(2)	16.5		%	18.0		%	22.3		%
Adjusted return on average assets (1)(2)	1.68		%	1.69		%	1.79		%
Adjusted return on average equity (1)(2)	15.1		%	15.8		%	17.0		%
Adjusted return on average tangible equity (1)(2)	17.0		%	18.0		%	19.7		%
Adjusted pre-tax, pre-provision profitability ratio (1)(2)	2.43		%	2.50		%	2.38		%
Net interest income	$	362.5		$	369.4		$	326.7
Adjusted net interest income (1)	$	360.3		$	363.6		$	321.5
Net interest margin (2)	3.79		%	3.79		%	3.73		%
Adjusted net interest margin (1)(2)	3.77		%	3.73		%	3.67		%
Average loan yield (2)	5.30		%	5.22		%	4.69		%
Adjusted average loan yield (1)(2)	5.27		%	5.14		%	4.61		%
Cost of deposits (2)	1.07		%	0.90		%	0.49		%
Efficiency ratio	46.2		%	45.8		%	42.2		%
Adjusted efficiency ratio (1)	39.8		%	37.9		%	40.6		%

(1) See reconciliation of GAAP to non-GAAP financial measures in Tables 10, 11, 12 and 13.

(2) Annualized.

MANAGEMENT OUTLOOK FOR 2019

Our current outlook for the expected full year 2019 results, compared to our full year 2018 results, is unchanged relative to a quarter ago. The components are as follows:

• End of Period Loans: increase by approximately 10%.

• Net Interest Income (ex. ASC 310-30 discount accretion income): increase at a percentage rate in the low double-digits.

• Net Interest Margin (ex. impact of ASC 310-30 discount accretion): between 3.75% and 3.80%.

• Noninterest Expense (ex. amortization of tax credit investments & core deposit intangibles): increase at a percentage rate in the mid-single-digits.

• Provision for Credit Losses: in the range of $80 million to $90 million.

• Tax Items: projecting full year effective tax rate⁶ of approximately 15%, including the impact of tax credit investments, which reduce our tax liability from statutory rates.

• Interest Rates: No changes to the fed funds rate in the year 2019.

⁶ The tax rate outlook does not include any ASC 740-10 uncertain tax position liabilities that the Company may potentially record related to tax credit investments related to DC Solar, as disclosed in the Company’s December 31, 2018 Form 10-K. The amount and timing of any future reserve remain uncertain at this time.

3

OPERATING RESULTS SUMMARY

First Quarter 2019 Compared to Fourth Quarter 2018

Net Interest Income and Net Interest Margin

Net interest income totaled $362.5 million, a 2% decrease from $369.4 million. Net interest margin remained unchanged at 3.79%.

• Excluding the impact of ASC 310-30 discount accretion, adjusted NII of $360.3 million decreased by 1% and adjusted NIM of 3.77% increased by four basis points. ASC 310-30 discount accretion income was $2.2 million, a decrease from $5.8 million last quarter.

• Average loans of $32.4 billion grew by $879.9 million, or 11% linked quarter annualized. Growth was broad-based across the major portfolios of commercial real estate, commercial, and consumer loans.

• Average deposits of $34.9 billion declined by $61.7 million, or 1% linked quarter annualized.

• The yield on loans expanded by eight basis points to 5.30% from 5.22%. Excluding the impact of ASC 310-30 discount accretion, the adjusted⁷ yield on loans expanded by 13 basis points to 5.27% from 5.14%.

• The yield on interest-earning assets expanded by 16 basis points to 4.85% from 4.69%.

• The cost of deposits increased by 17 basis points to 1.07% from 0.90%.

• The cost of funds increased by 17 basis points to 1.15% from 0.98%.

Noninterest Income

Noninterest income totaled $42.1 million, a 1% increase from $41.7 million.

• Interest rate contracts and other derivative income, net gains on sales of AFS investment securities, wealth management fees, and deposit account fees increased linked quarter.

• Foreign exchange income, net gains on sales of loans, and lending fees decreased linked quarter.

Noninterest Expense

Noninterest expense totaled $186.9 million, a 1% decrease from $188.1 million. First quarter noninterest expense consisted of $160.8 million of adjusted⁸ noninterest expense, $24.9 million in amortization of tax credit and other investments, and $1.2 million in amortization of core deposit intangibles.

• Adjusted noninterest expense of $160.8 million increased by $5.0 million, or 3%, from $155.9 million in the fourth quarter of 2018. The linked quarter change primarily reflected seasonal first quarter increase in compensation and employee benefits, partially offset by decreased other operating expense.

• Included in the first quarter 2019 amortization of tax credit and other investments was a $7.0 million impairment charge related to certain tax credit investments.

• The adjusted⁸ efficiency ratio was 39.8% in the first quarter, compared to 37.9% in the previous quarter.

⁷ See reconciliation of GAAP to non-GAAP financial measures in Table 12.

⁸ See reconciliation of GAAP to non-GAAP financial measures in Table 11.

4

TAX RELATED ITEMS

First quarter 2019 tax expense was $31.1 million and the effective tax rate was 16%, compared to a tax expense of $32.0 million and an effective tax rate of 16% in the fourth quarter of 2018.

• For the full year 2019, the Company expects to continue to invest in tax credits and projects an effective tax rate of approximately 15%.

CREDIT QUALITY

The allowance for loan losses totaled $317.9 million, or 0.97% of loans HFI, as of March 31, 2019, compared to $311.3 million, or 0.96% of loans HFI, as of December 31, 2018, and $297.7 million, or 1.01% of loans HFI, as of March 31, 2018.

• The provision for credit losses recorded for the current quarter was $22.6 million, compared to $18.0 million for the fourth quarter of 2018, and $20.2 million for the first quarter of 2018.

• Net charge-offs for the current quarter were $14.4 million, or annualized 0.18% of average loans HFI. This compares to net charge-offs of $16.0 million, or annualized 0.20% of average loans HFI, for the fourth quarter of 2018, and net charge-offs of $9.8 million, or annualized 0.14% of average loans HFI, for the first quarter of 2018.

• Non-PCI nonperforming assets were $138.0 million, or 0.33% of total assets, as of March 31, 2019, compared to $93.0 million, or 0.23% of total assets, as of December 31, 2018, and $131.0 million, or 0.35% of total assets, as of March 31, 2018. The quarter-over-quarter variance in nonperforming assets reflects an increase in commercial nonaccrual loans.

CAPITAL STRENGTH

Capital levels for East West continue to be strong. The following table presents the regulatory capital ratios for the quarters ended March 31, 2019, December 31, 2018, and March 31, 2018.

EWBC Regulatory Capital Metrics	Basel III
($ in millions)	March 31, 2019 (a)			December 31, 2018			March 31, 2018			Minimum Capital Ratio		Well Capitalized Ratio		Minimum Capital Ratio + Conservation Buffer (b)
CET1 capital ratio	12.4		%	12.2		%	11.9		%	4.5	%	6.5	%	7.0	%
Tier 1 risk-based capital ratio	12.4		%	12.2		%	11.9		%	6.0	%	8.0	%	8.5	%
Total risk-based capital ratio	13.8		%	13.7		%	13.4		%	8.0	%	10.0	%	10.5	%
Tier 1 leverage capital ratio	10.2		%	9.9		%	9.6		%	4.0	%	5.0	%	4.0	%
Risk-Weighted Assets (“RWA”) (c)	$	33,187		$	32,497		$	29,891		N/A		N/A		N/A

N/A Not applicable.

(a) The Company’s March 31, 2019 regulatory capital ratios and RWA are preliminary.

(b) An additional 2.5% capital conservation buffer above the minimum capital ratios is required in order to avoid limitations on distributions, including dividend payments and certain discretionary bonus payments to executive officers.

(c) Under regulatory guidelines, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories based on the nature of the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar value in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWA.

5

DIVIDEND PAYOUT AND CAPITAL ACTIONS

East West’s Board of Directors has declared second quarter 2019 dividends for the Company’s common stock. The common stock cash dividend of $0.275 per share is payable on May 15, 2019 to shareholders of record on May 1, 2019. This represents a 20% increase, or 4.5 cents per share, to the quarterly common stock dividend, up from $0.23 per share previously. At the new rate, the annualized dividend is $1.10, compared to the previous annualized rate of $0.92 per share.

Conference Call

East West will host a conference call to discuss first quarter 2019 earnings with the public on Thursday, April 18, 2019 at 8:30 a.m. PT/11:30 a.m. ET. The public and investment community are invited to listen as management discusses first quarter 2019 results and operating developments.

• The following dial-in information is provided for participation in the conference call: calls within the U.S. — (877) 506-6399; calls within Canada — (855) 669-9657; international calls — (412) 902-6699. 

• A presentation to accompany the earnings call will be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.

• A listen-only live broadcast of the call will also be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.

• A replay of the conference call will be available on April 18, 2019 at 11:30 a.m. Pacific Time through May 18, 2019. The replay numbers are: within the U.S. — (877) 344-7529; within Canada — (855) 669-9658; International calls — (412) 317-0088; and the replay access code is: 10129569.

6

About East West

East West Bancorp, Inc. is a publicly owned company with total assets of $42.1billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly-owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California. East West is a premier bank focused exclusively on the United States and Greater China markets and operates over 130 locations worldwide, including in the United States markets of California, Georgia, Massachusetts, Nevada, New York, Texas and Washington. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. For more information on East West, visit the Company’s website at www.eastwestbank.com.

Forward-Looking Statements

Certain matters set forth herein (including any exhibits hereto) constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to our current business plans and expectations regarding future operating results. Forward-looking statements may include, but are not limited to, the use of forward-looking language, such as “likely result in,” “expects,” “anticipates,” “estimates,” “forecasts,” “projects,” “intends to,” “assumes,” or may include other similar words or phrases, such as “believes,” “plans,” “trend,” “objective,” “continues,” “remains,” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” “may,” “might,” “can,” or similar verbs, and the negative thereof. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to, our ability to compete effectively against other financial institutions in our banking markets; success and timing of our business strategies; our ability to retain key officers and employees; impact on our funding costs, net interest income and net interest margin due to changes in key variable market interest rates, competition, regulatory requirements and our product mix; changes in our costs of operation, compliance and expansion; our ability to adopt and successfully integrate new technologies into our business in a strategic manner; impact of failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber attacks; and other similar matters which could result in, among other things, confidential and/or proprietary information being disclosed or misused; adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; future credit quality and performance, including our expectations regarding future credit losses and allowance levels; impact of adverse changes to our credit ratings from major credit rating agencies; impact of adverse judgments or settlements in litigation; changes in the commercial and consumer real estate markets; changes in consumer spending and savings habits; changes in the United States (“U.S.”) economy, including inflation, deflation, employment levels, rate of growth and general business conditions; changes in government interest rate policies; impact of benchmark interest rate reform in the U.S. that resulted in the Secured Overnight Financing Rate selected as the preferred alternative reference rate to the London Interbank Offered Rate; impact of political developments, wars or other hostilities that may disrupt or increase volatility in securities or otherwise affect economic conditions; changes in laws or the regulatory environment including regulatory reform initiatives and policies of the U.S. Department of Treasury, the Board of Governors of the Federal Reserve Board System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the U.S. Securities and Exchange Commission, the Consumer Financial Protection Bureau and the California Department of Business Oversight — Division of Financial Institutions; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on our business, business practices, cost of operations and executive compensation; heightened regulatory and governmental oversight and scrutiny of our business practices, including dealings with consumers; impact of reputational risk from negative publicity, fines and penalties and other negative consequences from regulatory violations and legal actions and from our interactions with business partners, counterparties, service providers and other third parties; impact of regulatory enforcement actions; changes in accounting standards as may be required by the Financial Accounting Standards Board or other regulatory agencies and their impact on critical accounting policies and assumptions; changes in income tax laws and regulations and the impact of the Tax Cuts and Jobs Act of 2017; impact of other potential federal tax changes and spending cuts; our capital requirements and our ability to generate capital internally or raise capital on favorable terms; changes in our ability to receive dividends from our subsidiaries; any future strategic acquisitions or divestitures; continuing consolidation in the financial services industry; changes in the equity and debt securities markets; fluctuations of our stock price; fluctuations in foreign currency exchange rates; a recurrence of significant turbulence or disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increases in funding costs, a reduction in investor demand for mortgage loans and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our available-for-sale investment securities portfolio; changes in the economy of and monetary policy in the People’s Republic of China; impact of natural or man-made disasters or calamities or conflicts or other events that may directly or indirectly result in a negative impact on our financial performance; and other factors set forth in our public reports including its Annual Report on Form 10-K for the year ended December 31, 2018, and particularly the discussion of risk factors within that document. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, our results could differ materially from those expressed in, implied or projected by such forward-looking statements. We assume no obligation to update or revise such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

7

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ and shares in thousands, except per share data)
(unaudited)
Table 1
											March 31, 2019 % or Basis Point Change
		March 31, 2019			December 31, 2018			March 31, 2018			Qtr-o-Qtr			Yr-o-Yr
Assets
	Cash and due from banks	$	462,254		$	516,291		$	413,017		(10.5	)%		11.9	%
	Interest-bearing cash with banks	3,323,071			2,485,086			1,901,921			33.7			74.7
	Cash and cash equivalents	3,785,325			3,001,377			2,314,938			26.1			63.5
	Interest-bearing deposits with banks	134,000			371,000			478,871			(63.9	)		(72.0	)
	Securities purchased under resale agreements (“resale agreements”) (1)	1,035,000			1,035,000			1,050,000			—			(1.4	)
	Available-for-sale (“AFS”) investment securities	2,640,158			2,741,847			2,811,416			(3.7	)		(6.1	)
	Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock	74,736			74,069			73,787			0.9			1.3
	Loans held-for-sale (“HFS”)	—			275			46,181			(100.0	)		(100.0	)
	Loans held-for-investment (net of allowance for loan losses of $317,894, $311,322 and $297,654)	32,545,392			32,073,867			29,257,594			1.5			11.2
	Investments in qualified affordable housing partnerships, net	197,470			184,873			160,574			6.8			23.0
	Investments in tax credit and other investments, net	217,445			231,635			246,183			(6.1	)		(11.7	)
	Goodwill	465,697			465,547			465,547			0.0			0.0
	Operating lease right-of-use assets (2)	104,289			—			—			100.0			100.0
	Other assets	891,921			862,866			766,847			3.4			16.3
	Total assets	$	42,091,433		$	41,042,356		$	37,671,938		2.6	%		11.7	%
Liabilities and Stockholders’ Equity
	Deposits	$	36,273,972		$	35,439,628		$	32,608,777		2.4	%		11.2	%
	Short-term borrowings	39,550			57,638			30,277			(31.4	)		30.6
	FHLB advances	344,657			326,172			324,451			5.7			6.2
	Securities sold under repurchase agreements (“repurchase agreements”) (1)	50,000			50,000			50,000			—			—
	Long-term debt and finance lease liabilities	152,433			146,835			166,640			3.8			(8.5	)
	Operating lease liabilities (2)	112,843			—			—			100.0			100.0
	Accrued expenses and other liabilities	526,048			598,109			513,038			(12.0	)		2.5
	Total liabilities	37,499,503			36,618,382			33,693,183			2.4			11.3
	Stockholders’ equity (2)	4,591,930			4,423,974			3,978,755			3.8			15.4
	Total liabilities and stockholders’ equity	$	42,091,433		$	41,042,356		$	37,671,938		2.6	%		11.7	%
	Book value per common share	$	31.56		$	30.52		$	27.46		3.4	%		14.9	%
	Tangible equity (3) per common share	$	28.21		$	27.15		$	24.07		3.9			17.2
	Number of common shares at period-end	145,501			144,961			144,873			0.4			0.4
	Tangible equity to tangible assets ratio (3)	9.87		%	9.71		%	9.38		%	16		bps	49		bps

(1) Resale and repurchase agreements have been reported net, pursuant to Accounting Standards Codification (“ASC”) 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements. As of each of March 31, 2019, December 31, 2018 and March 31, 2018, $400.0 million out of $450.0 million of gross repurchase agreements were eligible for netting against gross resale agreements.

(2) The Company’s adoption of ASU 2016-02, Leases (Topic 842) in the first quarter of 2019 resulted in the recognition of $104.3 million and $112.8 million increase in right-of-use assets and associated lease liabilities, respectively, arising from operating leases in which the Company is the lessee. We adopted this guidance using the alternative transition method, which allows the adoption of the accounting standard prospectively without adjusting comparative prior period financial information and also recognized a cumulative effect adjustment of approximately $14.7 million that increased retained earnings related to deferred gains on our prior sale-leaseback transactions.

(3) See reconciliation of GAAP to non-GAAP financial measures in Table 13.

8

EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
											March 31, 2019 % Change
		March 31, 2019			December 31, 2018			March 31, 2018			Qtr-o-Qtr		Yr-o-Yr
Loans:
Commercial:
	Commercial and industrial (“C&I”)	$	12,040,806		$	12,056,970		$	10,818,304		(0.1	)%	11.3	%
	Commercial real estate (“CRE”)	9,636,338			9,449,835			9,022,746			2.0		6.8
	Multifamily residential	2,270,590			2,281,032			1,954,855			(0.5	)	16.2
	Construction and land	647,380			538,794			669,340			20.2		(3.3	)
Consumer:
	Single-family residential	6,309,331			6,036,454			4,930,580			4.5		28.0
	Home equity lines of credit (“HELOCs”)	1,626,222			1,690,834			1,775,443			(3.8	)	(8.4	)
	Other consumer	332,619			331,270			383,980			0.4		(13.4	)
	Total loans held-for-investment (1)(2)	32,863,286			32,385,189			29,555,248			1.5		11.2
Loans HFS		—			275			46,181			(100.0	)	(100.0	)
	Total loans (1)(2)	32,863,286			32,385,464			29,601,429			1.5		11.0
Allowance for loan losses		(317,894		)	(311,322		)	(297,654		)	2.1		6.8
	Net loans (1)(2)	$	32,545,392		$	32,074,142		$	29,303,775		1.5	%	11.1	%
Deposits:
	Noninterest-bearing demand	$	10,011,533		$	11,377,009		$	11,763,936		(12.0	)%	(14.9	)%
	Interest-bearing checking	6,123,681			4,584,447			4,428,952			33.6		38.3
	Money market	8,243,003			8,262,677			7,913,040			(0.2	)	4.2
	Savings	2,049,086			2,146,429			2,301,780			(4.5	)	(11.0	)
	Total core deposits	26,427,303			26,370,562			26,407,708			0.2		0.1
	Time deposits	9,846,669			9,069,066			6,201,069			8.6		58.8
	Total deposits	$	36,273,972		$	35,439,628		$	32,608,777		2.4	%	11.2	%

(1) Includes $(46.0) million, $(48.9) million and $(36.6) million as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively, of net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts.

(2) Includes ASC 310-30 discount of $20.4 million, $22.2 million and $32.2 million as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 3
		Three Months Ended						March 31, 2019 % Change
		March 31, 2019		December 31, 2018		March 31, 2018		Qtr-o-Qtr		Yr-o-Yr
Interest and dividend income		$	463,311	$	457,334	$	371,873	1.3	%	24.6	%
Interest expense		100,850		87,918		45,180		14.7		123.2
Net interest income before provision for credit losses		362,461		369,416		326,693		(1.9	)	10.9
Provision for credit losses		22,579		17,959		20,218		25.7		11.7
Net interest income after provision for credit losses		339,882		351,457		306,475		(3.3	)	10.9
Noninterest income		42,131		41,695		74,444		1.0		(43.4	)
Noninterest expense		186,922		188,097		169,135		(0.6	)	10.5
Income before income taxes		195,091		205,055		211,784		(4.9	)	(7.9	)
Income tax expense		31,067		32,037		24,752		(3.0	)	25.5
Net income		$	164,024	$	173,018	$	187,032	(5.2	)%	(12.3	)%
Earnings per share (“EPS”)
- Basic		$	1.13	$	1.19	$	1.29	(5.4	)%	(12.7	)%
- Diluted		$	1.12	$	1.18	$	1.28	(5.1	)	(12.3	)
Weighted average number of shares outstanding
- Basic		145,256		144,960		144,664		0.2	%	0.4	%
- Diluted		145,921		146,133		145,939		(0.1	)	0.0
		Three Months Ended						March 31, 2019 % Change
		March 31, 2019		December 31, 2018		March 31, 2018		Qtr-o-Qtr		Yr-o-Yr
Noninterest income:
	Lending fees	$	14,796	$	15,002	$	14,012	(1.4	)%	5.6	%
	Deposit account fees	9,641		9,512		10,430		1.4		(7.6	)
	Foreign exchange income	5,015		7,191		1,171		(30.3	)	328.3
	Wealth management fees	3,812		2,796		2,953		36.3		29.1
	Interest rate contracts and other derivative income	3,216		1,125		6,690		185.9		(51.9	)
	Net gains on sales of loans	915		1,509		1,582		(39.4	)	(42.2	)
	Net gains on sales of AFS investment securities	1,561		161		2,129		NM		(26.7	)
	Net gain on sale of business	—		—		31,470		—		(100.0	)
	Other income	3,175		4,399		4,007		(27.8	)	(20.8	)
Total noninterest income		$	42,131	$	41,695	$	74,444	1.0	%	(43.4	)%
Noninterest expense:
	Compensation and employee benefits	$	102,299	$	93,790	$	95,234	9.1	%	7.4	%
	Occupancy and equipment expense	17,318		18,017		16,880		(3.9	)	2.6
	Deposit insurance premiums and regulatory assessments	3,088		3,093		6,273		(0.2	)	(50.8	)
	Legal expense	2,225		2,145		2,255		3.7		(1.3	)
	Data processing	3,157		3,160		3,401		(0.1	)	(7.2	)
	Consulting expense	2,059		1,424		2,352		44.6		(12.5	)
	Deposit related expense	3,504		3,043		2,679		15.1		30.8
	Computer software expense	6,078		6,205		5,054		(2.0	)	20.3
	Other operating expense	22,289		26,262		17,607		(15.1	)	26.6
	Amortization of tax credit and other investments	24,905		30,958		17,400		(19.6	)	43.1
Total noninterest expense		$	186,922	$	188,097	$	169,135	(0.6	)%	10.5	%

NM Not Meaningful

10

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 4
		Three Months Ended							March 31, 2019 % Change
		March 31, 2019		December 31, 2018		March 31, 2018			Qtr-o-Qtr		Yr-o-Yr
Loans:
Commercial:
	C&I	$	11,845,860	$	11,554,737	$	10,712,583		2.5	%	10.6	%
	CRE	9,568,571		9,363,625		9,006,593			2.2		6.2
	Multifamily residential	2,307,374		2,162,877		1,944,516			6.7		18.7
	Construction and land	584,445		582,311		657,568			0.4		(11.1	)
Consumer:
	Single-family residential	6,151,550		5,854,551		4,771,427			5.1		28.9
	HELOCs	1,652,211		1,709,022		1,779,242			(3.3	)	(7.1	)
	Other consumer	304,774		307,752		339,977			(1.0	)	(10.4	)
	Total loans (1)(2)	$	32,414,785	$	31,534,875	$	29,211,906		2.8	%	11.0	%
AFS investment securities		$	2,642,299	$	2,777,381	$	2,854,335		(4.9	)%	(7.4	)%
Interest-earning assets		$	38,745,004	$	38,688,647	$	35,513,663		0.1	%	9.1	%
Total assets		$	40,738,404	$	40,525,188	$	37,381,098		0.5	%	9.0	%
Deposits:
	Noninterest-bearing demand	$	10,071,370	$	11,447,345	$	11,289,512		(12.0	)%	(10.8	)%
	Interest-bearing checking	5,270,855		4,449,541		4,559,695			18.5		15.6
	Money market	8,080,848		8,180,426		8,273,160			(1.2	)	(2.3	)
	Savings	2,091,406		2,124,697		2,452,452			(1.6	)	(14.7	)
	Total core deposits	25,514,479		26,202,009		26,574,819			(2.6	)	(4.0	)
	Time deposits	9,408,897		8,783,068		5,716,638			7.1		64.6
	Total deposits	$	34,923,376	$	34,985,077	$	32,291,457	(3)	(0.2	)%	8.2	%
Interest-bearing liabilities		$	25,452,835	$	24,122,509	$	21,553,595		5.5	%	18.1	%
Stockholders’ equity		$	4,537,301	$	4,335,110	$	3,922,926		4.7	%	15.7	%

(1) Includes ASC 310-30 discount of $21.6 million, $23.8 million and $34.1 million for the three months ended March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

(2) Includes loans HFS.

(3) Includes deposits HFS.

11

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 5
		Three Months Ended
		March 31, 2019							December 31, 2018
		Average					Average		Average					Average
		Balance			Interest		Yield/Rate (1)		Balance			Interest		Yield/Rate (1)
Assets
Interest-earning assets:
	Interest-bearing cash and deposits with banks	$	2,578,686		$	15,470	2.43	%	$	3,267,484		$	18,791	2.28	%
	Resale agreements (2)	1,035,000			7,846		3.07	%	1,035,000			7,819		3.00	%
	AFS investment securities	2,642,299			15,748		2.42	%	2,777,381			15,216		2.17	%
	Loans (3)	32,414,785			423,534		5.30	%	31,534,875			414,517		5.22	%
	FHLB and FRB stock	74,234			713		3.90	%	73,907			991		5.32	%
	Total interest-earning assets	38,745,004			463,311		4.85	%	38,688,647			457,334		4.69	%
Noninterest-earning assets:
	Cash and due from banks	468,159							482,767
	Allowance for loan losses	(314,446		)					(314,019		)
	Other assets	1,839,687							1,667,793
	Total assets	$	40,738,404						$	40,525,188
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
	Checking deposits	$	5,270,855		$	14,255	1.10	%	$	4,449,541		$	9,963	0.89	%
	Money market deposits	8,080,848			30,234		1.52	%	8,180,426			27,640		1.34	%
	Savings deposits	2,091,406			2,227		0.43	%	2,124,697			2,257		0.42	%
	Time deposits	9,408,897			45,289		1.95	%	8,783,068			39,459		1.78	%
	Federal funds purchased and other short-term borrowings	60,442			616		4.13	%	57,198			624		4.33	%
	FHLB advances	338,027			2,979		3.57	%	325,826			2,903		3.53	%
	Repurchase agreements (2)	50,000			3,492		28.32	%	50,000			3,396		26.95	%
	Long-term debt and finance lease liabilities	152,360			1,758		4.68	%	151,753			1,676		4.38	%
	Total interest-bearing liabilities	25,452,835			100,850		1.61	%	24,122,509			87,918		1.45	%
Noninterest-bearing liabilities and stockholders’ equity:
	Demand deposits	10,071,370							11,447,345
	Accrued expenses and other liabilities	676,898							620,224
	Stockholders’ equity	4,537,301							4,335,110
	Total liabilities and stockholders’ equity	$	40,738,404						$	40,525,188
Interest rate spread							3.24	%						3.24	%
Net interest income and net interest margin					$	362,461	3.79	%				$	369,416	3.79	%
Adjusted net interest income and adjusted net interest margin (4)					$	360,283	3.77	%				$	363,606	3.73	%

(1) Annualized.

(2) Average balances of resale and repurchase agreements have been reported net, pursuant to ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements. The weighted-average yields of gross resale agreements were 2.80% and 2.72% for the three months ended March 31, 2019 and December 31, 2018, respectively. The weighted-average interest rates of gross repurchase agreements were 5.01% and 4.77% for the three months ended March 31, 2019 and December 31, 2018, respectively.

(3) Includes loans HFS. ASC 310-30 discount was $21.6 million and $23.8 million for the three months ended March 31, 2019 and December 31, 2018, respectively.

(4) See reconciliation of GAAP to non-GAAP financial measures in Table 12.

12

EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 6
		Three Months Ended
		March 31, 2019							March 31, 2018
		Average					Average		Average						Average
		Balance			Interest		Yield/Rate (1)		Balance				Interest		Yield/Rate (1)
Assets
Interest-earning assets:
	Interest-bearing cash and deposits with banks	$	2,578,686		$	15,470	2.43	%	$	2,323,771			$	10,945	1.91	%
	Resale agreements (2)	1,035,000			7,846		3.07	%	1,050,000				6,934		2.68	%
	AFS investment securities	2,642,299			15,748		2.42	%	2,854,335				15,456		2.20	%
	Loans (3)	32,414,785			423,534		5.30	%	29,211,906				337,904		4.69	%
	FHLB and FRB stock	74,234			713		3.90	%	73,651				634		3.49	%
	Total interest-earning assets	38,745,004			463,311		4.85	%	35,513,663				371,873		4.25	%
Noninterest-earning assets:
	Cash and due from banks	468,159							443,357
	Allowance for loan losses	(314,446		)					(285,836		)
	Other assets	1,839,687							1,709,914
	Total assets	$	40,738,404						$	37,381,098
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
	Checking deposits	$	5,270,855		$	14,255	1.10	%	$	4,559,695		(4)	$	6,727	0.60	%
	Money market deposits	8,080,848			30,234		1.52	%	8,273,160			(4)	15,840		0.78	%
	Savings deposits	2,091,406			2,227		0.43	%	2,452,452			(4)	2,021		0.33	%
	Time deposits	9,408,897			45,289		1.95	%	5,716,638			(4)	14,548		1.03	%
	Federal funds purchased and other short-term borrowings	60,442			616		4.13	%	871				7		3.26	%
	FHLB advances	338,027			2,979		3.57	%	334,121				2,260		2.74	%
	Repurchase agreements (2)	50,000			3,492		28.32	%	50,000				2,306		18.70	%
	Long-term debt and finance lease liabilities	152,360			1,758		4.68	%	166,658				1,471		3.58	%
	Total interest-bearing liabilities	25,452,835			100,850		1.61	%	21,553,595				45,180		0.85	%
Noninterest-bearing liabilities and stockholders’ equity:
	Demand deposits	10,071,370							11,289,512			(4)
	Accrued expenses and other liabilities	676,898							615,065
	Stockholders’ equity	4,537,301							3,922,926
	Total liabilities and stockholders’ equity	$	40,738,404						$	37,381,098
Interest rate spread							3.24	%							3.40	%
Net interest income and net interest margin					$	362,461	3.79	%					$	326,693	3.73	%
Adjusted net interest income and adjusted net interest margin (5)					$	360,283	3.77	%					$	321,493	3.67	%

(1) Annualized.

(2) Average balances of resale and repurchase agreements have been reported net, pursuant to ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements. The weighted-average yields of gross resale agreements were 2.80% and 2.52% for the three months ended March 31, 2019 and 2018, respectively. The weighted-average interest rates of gross repurchase agreements were 5.01% and 3.95% for the three months ended March 31, 2019 and 2018, respectively.

(3) Includes loans HFS. ASC 310-30 discount was $21.6 million and $34.1 million for the three months ended March 31, 2019 and 2018, respectively.

(4) Includes average balances of deposits HFS related to the Desert Community Bank (“DCB”) sale.

(5) See reconciliation of GAAP to non-GAAP financial measures in Table 12.

13

EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED RATIOS
(unaudited)
Table 7
		Three Months Ended (1)						March 31, 2019 Basis Point Change
		March 31, 2019		December 31, 2018		March 31, 2018		Qtr-o-Qtr			Yr-o-Yr
	Return on average assets	1.63	%	1.69	%	2.03	%	(6	)	bps	(40	)	bps
	Adjusted return on average assets (2)	1.68	%	1.69	%	1.79	%	(1	)		(11	)
	Return on average equity	14.66	%	15.83	%	19.34	%	(117	)		(468	)
	Adjusted return on average equity (2)	15.10	%	15.83	%	17.04	%	(73	)		(194	)
	Return on average tangible equity (2)	16.53	%	17.97	%	22.30	%	(144	)		(577	)
	Adjusted return on average tangible equity (2)	17.02	%	17.97	%	19.68	%	(95	)		(266	)
	Interest rate spread	3.24	%	3.24	%	3.40	%	—			(16	)
	Net interest margin	3.79	%	3.79	%	3.73	%	—			6
	Adjusted net interest margin (2)	3.77	%	3.73	%	3.67	%	4			10
	Average loan yield	5.30	%	5.22	%	4.69	%	8			61
	Adjusted average loan yield (2)	5.27	%	5.14	%	4.61	%	13			66
	Yield on average interest-earning assets	4.85	%	4.69	%	4.25	%	16			60
	Cost of interest-bearing deposits	1.50	%	1.34	%	0.76	%	16			74
	Cost of deposits	1.07	%	0.90	%	0.49	%	17			58
	Cost of funds	1.15	%	0.98	%	0.56	%	17			59
	Adjusted pre-tax, pre-provision profitability ratio (2)	2.43	%	2.50	%	2.38	%	(7	)		5
	Adjusted noninterest expense/average assets (2)	1.60	%	1.53	%	1.63	%	7			(3	)
	Efficiency ratio	46.20	%	45.75	%	42.16	%	45			404
	Adjusted efficiency ratio (2)	39.75	%	37.92	%	40.64	%	183		bps	(89	)	bps

(1) Annualized except for efficiency ratio.

(2) See reconciliation of GAAP to non-GAAP financial measures in Tables 10, 11, 12 and 13.

14

EAST WEST BANCORP, INC. AND SUBSIDIARIES
ALLOWANCE FOR CREDIT LOSSES
($ in thousands)
(unaudited)
Table 8
		Three Months Ended
		March 31, 2019			December 31, 2018			March 31, 2018
Non-Purchased Credit Impaired (“Non-PCI”) Loans
	Allowance for non-PCI loans, beginning of period	$	311,300		$	310,010		$	287,070
	Provision for loan losses on non-PCI loans	20,648			17,321			19,933
	Net (charge-offs) recoveries:
	Commercial:
	C&I	(14,993		)	(21,227		)	(11,166		)
	CRE	222			4,763			427
	Multifamily residential	281			286			333
	Construction and land	63			24			435
	Consumer:
	Single-family residential	2			106			183
	HELOCs	2			38			—
	Other consumer	(14		)	(2		)	(16		)
	Total net charge-offs	(14,437		)	(16,012		)	(9,804		)
	Foreign currency translation adjustments	369			(19		)	408
	Allowance for non-PCI loans, end of period	317,880			311,300			297,607
Purchased Credit Impaired (“PCI”) Loans
	Allowance for PCI loans, beginning of period	22			31			58
	Reversal of loan losses on PCI loans	(8		)	(9		)	(11		)
	Allowance for PCI loans, end of period	14			22			47
	Allowance for loan losses	317,894			311,322			297,654
Unfunded Credit Facilities
	Allowance for unfunded credit reserves, beginning of period	12,566			11,919			13,318
	Provision for unfunded credit reserves	1,939			647			296
	Allowance for unfunded credit reserves, end of period	14,505			12,566			13,614
	Allowance for credit losses	$	332,399		$	323,888		$	311,268

15

	EAST WEST BANCORP, INC. AND SUBSIDIARIES
	CREDIT QUALITY
	($ in thousands)
	(unaudited)
Table 9
Non-PCI Nonperforming Assets		March 31, 2019			December 31, 2018			March 31, 2018
Nonaccrual loans:
Commercial:
	C&I	$	86,466		$	43,840		$	80,807
	CRE	25,209			24,218			26,496
	Multifamily residential	1,620			1,260			2,050
	Construction and land	—			—			3,973
Consumer:
	Single-family residential	10,467			5,259			7,465
	HELOCs	10,473			8,614			6,935
	Other consumer	2,506			2,502			2,491
	Total nonaccrual loans	136,741			85,693			130,217
Other real estate owned, net		133			133			734
Other nonperforming assets		1,167			7,167			—
	Total nonperforming assets	$	138,041		$	92,993		$	130,951
Credit Quality Ratios		March 31, 2019			December 31, 2018			March 31, 2018
Non-PCI nonperforming assets to total assets (1)		0.33		%	0.23		%	0.35		%
Non-PCI nonaccrual loans to loans held-for-investment (1)		0.42		%	0.26		%	0.44		%
Allowance for loan losses to loans held-for-investment (1)		0.97		%	0.96		%	1.01		%
Allowance for loan losses to non-PCI nonaccrual loans		232.48		%	363.30		%	228.58		%
Annualized quarterly net charge-offs to average loans held-for-investment		0.18		%	0.20		%	0.14		%

(1) Total assets and loans held-for-investment include PCI loans of $290.3 million, $308.0 million and $452.4 million as of March 31, 2019, December 31, 2018 and March 31, 2018, respectively.

16

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ and shares in thousands, except for per share data)
(unaudited)
Table 10
During the first quarter of 2019, the Company recorded a pre-tax impairment charge related to certain tax credit investments of $7.0 million. During the first quarter of 2018, the Company sold its DCB branches and recognized a pre-tax gain on sale of $31.5 million. Management believes that presenting the computations of the adjusted net income, adjusted diluted earnings per common share, adjusted return on average assets and adjusted return on average equity that exclude the after-tax impacts of the impairment charge related to certain tax credit investments and the gain on the sale of the DCB branches (where applicable) provides clarity to financial statement users regarding the ongoing performance of the Company and allows comparability to prior periods.
		Three Months Ended
		March 31, 2019			December 31, 2018			March 31, 2018
Net income	(a)	$	164,024		$	173,018		$	187,032
Add: Impairment charge related to certain tax credit investments (1)		6,978			—			—
Less:Gain on sale of business		—			—			(31,470		)
Tax effect of adjustment (2)		(2,063		)	—			9,303
Adjusted net income	(b)	$	168,939		$	173,018		$	164,865
Diluted weighted average number of shares outstanding		145,921			146,133			145,939
Diluted EPS		$	1.12		$	1.18		$	1.28
Diluted EPS impact of impairment charge related to certain tax credit investments, net of tax		0.04			—			—
Diluted EPS impact of gain on sale of business, net of tax		—			—			(0.15		)
Adjusted diluted EPS		$	1.16		$	1.18		$	1.13
Average total assets	(c)	$	40,738,404		$	40,525,188		$	37,381,098
Average stockholders’ equity	(d)	$	4,537,301		$	4,335,110		$	3,922,926
Return on average assets (3)	(a)/(c)	1.63		%	1.69		%	2.03		%
Adjusted return on average assets (3)	(b)/(c)	1.68		%	1.69		%	1.79		%
Return on average equity (3)	(a)/(d)	14.66		%	15.83		%	19.34		%
Adjusted return on average equity (3)	(b)/(d)	15.10		%	15.83		%	17.04		%

(1) Included in Amortization of tax credit and other investments.

(2) Applied statutory rate of 29.56%.

(3) Annualized.

17

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 11
Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision profitability ratio represents the aggregate of adjusted revenue less adjusted noninterest expense, divided by average total assets. Adjusted revenue represents the aggregate of net interest income and adjusted noninterest income, where adjusted noninterest income excludes the gain on the sale of the DCB branches that were sold in the first quarter of 2018 (where applicable). Adjusted noninterest expense excludes the amortization of tax credit and other investments and the amortization of core deposit intangibles. Management believes that the measures and ratios presented below provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods.
		Three Months Ended
		March 31, 2019			December 31, 2018			March 31, 2018
Net interest income before provision for credit losses	(a)	$	362,461		$	369,416		$	326,693
Total noninterest income		42,131			41,695			74,444
Total revenue	(b)	$	404,592		$	411,111		$	401,137
Noninterest income		42,131			41,695			74,444
Less: Gain on sale of business		—			—			(31,470		)
Adjusted noninterest income	(c)	42,131			41,695			42,974
Adjusted revenue	(a)+(c) = (d)	$	404,592		$	411,111		$	369,667
Total noninterest expense	(e)	$	186,922		$	188,097		$	169,135
Less: Amortization of tax credit and other investments		(24,905		)	(30,958		)	(17,400		)
Amortization of core deposit intangibles		(1,174		)	(1,265		)	(1,485		)
Adjusted noninterest expense	(f)	$	160,843		$	155,874		$	150,250
Efficiency ratio	(e)/(b)	46.20		%	45.75		%	42.16		%
Adjusted efficiency ratio	(f)/(d)	39.75		%	37.92		%	40.64		%
Adjusted pre-tax, pre-provision income	(d)-(f) = (g)	$	243,749		$	255,237		$	219,417
Average total assets	(h)	$	40,738,404		$	40,525,188		$	37,381,098
Adjusted pre-tax, pre-provision profitability ratio (1)	(g)/(h)	2.43		%	2.50		%	2.38		%
Adjusted noninterest expense (1)/average assets	(f)/(h)	1.60		%	1.53		%	1.63		%

(1) Annualized.

18

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 12
Management believes that presenting the adjusted average loan yield and adjusted net interest margin that exclude the ASC 310-30 discount accretion impact provides clarity to financial statement users regarding the change in loan contractual yields and allows comparability to prior periods.
Yield on Average Loans		Three Months Ended
		March 31, 2019			December 31, 2018			March 31, 2018
Interest income on loans	(a)	$	423,534		$	414,517		$	337,904
Less: ASC 310-30 discount accretion income		(2,178		)	(5,810		)	(5,200		)
Adjusted interest income on loans	(b)	$	421,356		$	408,707		$	332,704
Average loans	(c)	$	32,414,785		$	31,534,875		$	29,211,906
Add: ASC 310-30 discount		21,639			23,833			34,059
Adjusted average loans	(d)	$	32,436,424		$	31,558,708		$	29,245,965
Average loan yield (1)	(a)/(c)	5.30		%	5.22		%	4.69		%
Adjusted average loan yield (1)	(b)/(d)	5.27		%	5.14		%	4.61		%
Net Interest Margin
Net interest income	(e)	$	362,461		$	369,416		$	326,693
Less: ASC 310-30 discount accretion income		(2,178		)	(5,810		)	(5,200		)
Adjusted net interest income	(f)	$	360,283		$	363,606		$	321,493
Average interest-earning assets	(g)	$	38,745,004		$	38,688,647		$	35,513,663
Add: ASC 310-30 discount		21,639			23,833			34,059
Adjusted average interest-earning assets	(h)	$	38,766,643		$	38,712,480		$	35,547,722
Net interest margin (1)	(e)/(g)	3.79		%	3.79		%	3.73		%
Adjusted net interest margin (1)	(f)/(h)	3.77		%	3.73		%	3.67		%

(1) Annualized.

19

EAST WEST BANCORP, INC. AND SUBSIDIARIES
GAAP TO NON-GAAP RECONCILIATION
($ in thousands)
(unaudited)
Table 13
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
		March 31, 2019			December 31, 2018			March 31, 2018
Stockholders’ equity	(a)	$	4,591,930		$	4,423,974		$	3,978,755
Less: Goodwill		(465,697		)	(465,547		)	(465,547		)
Other intangible assets (1)		(21,109		)	(22,365		)	(26,196		)
Tangible equity	(b)	$	4,105,124		$	3,936,062		$	3,487,012
Total assets	(c)	$	42,091,433		$	41,042,356		$	37,671,938
Less: Goodwill		(465,697		)	(465,547		)	(465,547		)
Other intangible assets (1)		(21,109		)	(22,365		)	(26,196		)
Tangible assets	(d)	$	41,604,627		$	40,554,444		$	37,180,195
Total stockholders’ equity to total assets ratio	(a)/(c)	10.91		%	10.78		%	10.56		%
Tangible equity to tangible assets ratio	(b)/(d)	9.87		%	9.71		%	9.38		%
Adjusted return on average tangible equity represents adjusted tangible net income divided by average tangible equity. Adjusted tangible net income excludes the after-tax effects of the amortization of core deposit intangibles and mortgage servicing assets and the after-tax impacts of the impairment charge related to certain tax credit investments and the gain on the sale of the DCB branches (where applicable). Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
		Three Months Ended
		March 31, 2019			December 31, 2018			March 31, 2018
Net Income		$	164,024		$	173,018		$	187,032
Add: Amortization of core deposit intangibles		1,174			1,265			1,485
Amortization of mortgage servicing assets		324			448			473
Tax effect of adjustments (2)		(443		)	(506		)	(579		)
Tangible net income	(e)	$	165,079		$	174,225		$	188,411
Add: Impairment charge related to certain tax credit investments (3)		6,978			—			—
Less:Gain on sale of business		—			—			(31,470		)
Tax effect of adjustment (2)		(2,063		)	—			9,303
Adjusted tangible net income	(f)	$	169,994		$	174,225		$	166,244
Average stockholders’ equity		$	4,537,301		$	4,335,110		$	3,922,926
Less: Average goodwill		(465,559		)	(465,547		)	(468,785		)
Average other intangible assets (1)		(21,860		)	(23,130		)	(28,102		)
Average tangible equity	(g)	$	4,049,882		$	3,846,433		$	3,426,039
Return on average tangible equity (4)	(e)/(g)	16.53		%	17.97		%	22.30		%
Adjusted return on average tangible equity (4)	(f)/(g)	17.02		%	17.97		%	19.68		%

(1) Includes core deposit intangibles and mortgage servicing assets.

(2) Applied statutory rate of 29.56%.

(3) Included in Amortization of tax credit and other investments.

(4) Annualized.

20

EX-99.2

EWBC Earnings Results First Quarter 2019 April 18, 2019

Forward-Looking Statements Forward-Looking Statements Certain matters set forth herein (including any exhibits hereto) constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to our current business plans and expectations regarding future operating results. Forward-looking statements may include, but are not limited to, the use of forward-looking language, such as “likely result in,” “expects,” “anticipates,” “estimates,” “forecasts,” “projects,” “intends to,” “assumes,” or may include other similar words or phrases, such as “believes,” “plans,” “trend,” “objective,” “continues,” “remains,” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” “may,” “might,” “can,” or similar verbs, and the negative thereof. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to, our ability to compete effectively against other financial institutions in our banking markets; success and timing of our business strategies; our ability to retain key officers and employees; impact on our funding costs, net interest income and net interest margin due to changes in key variable market interest rates, competition, regulatory requirements and our product mix; changes in our costs of operation, compliance and expansion; our ability to adopt and successfully integrate new technologies into our business in a strategic manner; impact of failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber attacks; and other similar matters which could result in, among other things, confidential and/or proprietary information being disclosed or misused; adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; future credit quality and performance, including our expectations regarding future credit losses and allowance levels; impact of adverse changes to our credit ratings from major credit rating agencies; impact of adverse judgments or settlements in litigation; changes in the commercial and consumer real estate markets; changes in consumer spending and savings habits; changes in the United States (“U.S.”) economy, including inflation, deflation, employment levels, rate of growth and general business conditions; changes in government interest rate policies; impact of benchmark interest rate reform in the U.S. that resulted in the Secured Overnight Financing Rate selected as the preferred alternative reference rate to the London Interbank Offered Rate; impact of political developments, wars or other hostilities that may disrupt or increase volatility in securities or otherwise affect economic conditions; changes in laws or the regulatory environment including regulatory reform initiatives and policies of the U.S. Department of Treasury, the Board of Governors of the Federal Reserve Board System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the U.S. Securities and Exchange Commission, the Consumer Financial Protection Bureau and the California Department of Business Oversight — Division of Financial Institutions; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on our business, business practices, cost of operations and executive compensation; heightened regulatory and governmental oversight and scrutiny of our business practices, including dealings with consumers; impact of reputational risk from negative publicity, fines and penalties and other negative consequences from regulatory violations and legal actions and from our interactions with business partners, counterparties, service providers and other third parties; impact of regulatory enforcement actions; changes in accounting standards as may be required by the Financial Accounting Standards Board or other regulatory agencies and their impact on critical accounting policies and assumptions; changes in income tax laws and regulations and the impact of the Tax Cuts and Jobs Act of 2017; impact of other potential federal tax changes and spending cuts; our capital requirements and our ability to generate capital internally or raise capital on favorable terms; changes in our ability to receive dividends from our subsidiaries; any future strategic acquisitions or divestitures; continuing consolidation in the financial services industry; changes in the equity and debt securities markets; fluctuations of our stock price; fluctuations in foreign currency exchange rates; a recurrence of significant turbulence or disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increases in funding costs, a reduction in investor demand for mortgage loans and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our available-for-sale investment securities portfolio; changes in the economy of and monetary policy in the People’s Republic of China; impact of natural or man-made disasters or calamities or conflicts or other events that may directly or indirectly result in a negative impact on our financial performance; and other factors set forth in our public reports including its Annual Report on Form 10-K for the year ended December 31, 2018, and particularly the discussion of risk factors within that document. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, our results could differ materially from those expressed in, implied or projected by such forward-looking statements. We assume no obligation to update or revise such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. 2

Highlights of First Quarter 2019 Results $ in millions, except 1Q19 1Q19 per share data Current Quarter Q-o-Q Change Y-o-Y Change Net Adj.1 Net Earnings income income Net income $ 164.0 (5)% (12)% $164 million $169 million 1 Adj. net income $ 168.9 (2)% 2% 1Q19 1Q19 EPS $ 1.12 (5)% (12)% Diluted Adj.1 Diluted Adj.1 EPS $ 1.16 (2)% 2% EPS EPS NII $ 362.5 (2)% 11% $1.12 $1.16 NIM 3.79% 0 bps 6 bps Tangible equity1/share Balance Sheet $28.21 Loans $ 32,863 1% 11% Dividend increase Deposits $ 36,274 2% 11% $0.275/share, up by 20% TBVPS1 $ 28.21 4% 17% Record loans Credit Quality $32.9 billion NCO ratio 0.18% (2) bps 4 bps Record deposits NPAs $ 138.0 48% 5% $36.3 billion 1 See reconciliation of GAAP to non-GAAP financial measures in the appendix and in the Company’s 1Q19 Earnings Press Release. 1Q19 adjusted for impairment related to certain tax credit investments. 3

1Q19 Record Loans of $32.9 billion 1Q19 EOP Loan Mix: $32.9 billion . ($ in billions) EOP loan growth of 1% Q-o-Q (+6% LQA). . Avg. loan growth of 3% Q-o-Q (+11% LQA). . Avg. growth in CRE: $352mm (+12% LQA). $8.3 25% $12.0 . Avg. growth in C&I: $291mm (+10% LQA). 37% . Avg. growth in Consumer: $237mm (+12% LQA). $12.6 . 1Q19 avg. loan yield of 5.30%, up by 8 bps Q-o-Q. 38% . Ex. ASC 310-30 discount accretion income, 1Q19 adj. avg. loan yield of 5.27%, up by 13 bps Q-o-Q. C&I CRE Consumer Average Loans Average Loan Yield 37% $32.4 5.22% 5.30% $31.5 $30.5 4.95% 5.02% $29.2 $29.6 4.69% +11% +13% +11% $ $ inbillions +6% 20 0 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 Average loans LQA average loan growth Loan portfolio composition: CRE = CRE, MFR, construction and land. Consumer = SFR, HELOC, and other consumer. 4

1Q19 Record Deposits of $36.3 billion 1Q19 EOP Deposit Mix: $36.3 billion . ($ in billions) EOP deposit growth of 2% Q-o-Q (+10% LQA). . Loan to deposit ratio: 90.6%, vs. 91.4% as of 12.31.18. $9.9 $10.0 . Avg. deposit declined slightly: (0.2)% Q-o-Q (-1% LQA). 27% 28% . Seasonally high DDAs in 4Q18 flowed out in 1Q19. . Shift in customer balances from DDA to interest- $8.2 $8.2 bearing categories. 22% 23% . 1Q19 cost of deposits: 1.07%, up 17 bps Q-o-Q. DDA MMDA IB Checking & Savings Time Average Deposits Cost of Deposits 1.07% $35.0 $34.9 0.90% $33.2 0.78% $32.3 $32.4 -1% +21% 0.64% +11% 0.49% $ $ inbillions +1% 22 0 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 Average deposits LQA average deposit growth 5

1Q19 Earnings Growth and Profitability Net Income and Diluted EPS Adjusted* Net Income and Diluted EPS $200 $187 $200 $172 $171 $173 $164 $172 $171 $173 $169 $1.28 $165 $1.18 $1.17 $1.18 $1.18 $1.18 $1.12 $1.13 $1.17 $1.16 -2% $ in millions $ in $100 $100 +5% -1% +1% $ in millions $ in $ $ inmillions, except per share data $ inmillions, except per share data $— $— 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18* 2Q18 3Q18 4Q18 1Q19* Net income Diluted EPS Adj.* net income Adj.* diluted EPS Adj.* net income growth Profitability Ratios 1Q19 reported ROA: 1.63% . 1.84% 35% 5-quarter reported ROA range: 1.63% to 2.03%. 1.79% 1.76% 1.69% 1.68% . 30% 5-quarter adjusted ROA range: 1.68% to 1.84%. 25% 19.7% 19.5% 1Q19 reported ROE: 14.7% 18.5% 18.0% 17.0% 20% . 5-quarter reported ROE range: 14.7% to 19.3%. 15% . 17.0% 17.0% 5-quarter adjusted ROE range: 15.1% to 17.0%. 16.2% 15.8% 15.1% 10% . 5-quarter reported tangible ROE range: 16.5% to 22.3%. 0.00% 5% . 5-quarter adjusted tangible ROE range: 17.0% to 19.7%. 1Q18* 2Q18 3Q18 4Q18 1Q19* Return on assets Return on equity Return on tang. eq. * See reconciliation of GAAP to non-GAAP financial measures in the appendix of this presentation and in the Company’s 1Q19 Earnings Press Release. 1Q19 adjusted for impairment related to certain tax credit investments and 1Q18 adjusted for the gain on sale of DCB. 6

1Q19 Summary Income Statement Notable & Tax-Related Items $ in millions, except per share data 1Q19 4Q18 $ Change % Change . Adjusted net interest income $ 360.3 $ 363.6 $ (3.3) (1) % 1Q19 adj.** net income of $168.9mm and adj.** EPS of $1.16. ASC 310-30 discount 2.2 5.8 (3.6) (63) % accretion income Adjustment: impairment charge related Net interest income 362.5 369.4 (7.0) (2) % to certain tax credit investments: $7.0mm pre-tax, $4.9mm after-tax. EPS Fee income & net gains on 39.1 38.8 0.3 1 % sales of loans* impact of $0.04/sh in 1Q19. Other** 3.0 2.9 0.1 6 % Impairment included in amortization of tax credit and other investments. Total noninterest income* 42.1 41.7 0.4 1 % . 1Q19 effective tax rate was 16%, Adjusted noninterest expense 160.8 155.9 5.0 3 % unchanged from 4Q18. Amortization of tax credit and . other investments, and core 26.1 32.2 (6.1) (19) % 1Q19 tax expense included the impact deposit intangibles of accounting for stock-based compensation, which reduced tax Total noninterest expense 186.9 188.1 (1.2) (1) % expense by $4.7mm in 1Q19, compared Provision for credit losses 22.6 18.0 4.6 26 % to a reduction of $4.8mm in 1Q18. Income tax expense 31.1 32.0 (1.0) (3) % . For the full year 2019, we expect to continue to invest in tax credits and Net income $ 164.0 $ 173.0 $ (9.0) (5) % project an effective tax rate of Diluted EPS $ 1.12 $ 1.18 $ (0.06) (5) % approximately 15%***. * See slide 9 for noninterest income detail by category. ** See reconciliation of GAAP to non-GAAP financial measures in the appendix of this presentation and in the Company’s 1Q19 Earnings press release. *** The tax rate outlook does not include any ASC 740-10 uncertain tax position liabilities that the Company may potentially record related to tax credit investments related to DC Solar, as disclosed in the Company’s December 31, 2018 Form 10-K. The amount and timing of any future reserve remain uncertain at this time. 7

1Q19 Net Interest Income & Net Interest Margin 1Q19 NII of $362.5mm decreased 2% Q-o-Q. Excluding Net Interest Income accretion, adj.* NII of $360.3mm decreased 1% Q-o-Q. $369 $380 $362 . 1Q19 ASC 310-30 discount accretion income of $2.2mm vs. $360 $342 $349 $5.8mm in 4Q18. $340 $327 -2% . Q-o-Q decrease in NII largely due to the day count in 1Q. $320 +6% +2% $300 +5% 1Q19 NIM of 3.79% was flat Q-o-Q. and adj.* NIM of 3.77% $280 increased 4 bps Q-o-Q (ex. accretion). Q-o-Q impact to NIM $ $ inmillions $260 from change in yields & rates: $240 . +11 bps from higher loan yields. $220 . + 3 bps from higher other earning asset yields. $200 . - 3 bps from lower ASC 310-30 discount accretion. 1Q18 2Q18 3Q18 4Q18 1Q19 . -11 bps from change in deposit costs. Net Interest Income NII growth Average Loan Yield and Cost of Deposits Net Interest Margin relative to Upper Range of Fed Funds Target Rate 6.00% 5.30% 5.02% 5.22% 4.95% 3.83% 3.79% 3.79% 5.00% 4.69% 3.73% 3.76% 4.00% 3.00% 2.50% 2.50% 2.00% 2.00% 2.25% 1.07% 1.75% 0.78% 0.90% 1.00% 0.49% 0.64% 0.00% $0 0.00% 1Q18 2Q18 3Q18 4Q18 1Q19 1Q18 2Q18 3Q18 4Q18 1Q19 Average loan yield Cost of deposits Net Interest Margin Fed funds rate *See reconciliation of GAAP to non-GAAP financial measures in the appendix of this presentation and in the Company’s 1Q19 Earnings Press Release. 8

1Q19 Noninterest Income Detail Fee Income & Net Gains on Sales of Loans * Total noninterest income of $42.1mm in 1Q19 vs. $45.0 $41.7mm in 4Q18. . 2.4 Lending fees consist of: loan, credit enhancement, and $39.9 trade finance fees. $40 $38.8 $39.1 6.5 1.1 0.9 2% . $35.8 1.5 Deposit account fees: formerly called Branch Fees. 4.0 2.8 1.6 4.9 13% . 4.5 FX income consists of: customer transaction fees, MTM 3.5 2.8 5.6 3.8 10% on FX trades, and remeasurement of foreign currency $30 balance sheet items. 6.8 6.1 7.2 3.0 5.0 13% . 1.2 Net gains on sales of loans predominantly from sale of SBA loans. $20 9.8 . 10.4 10.1 9.5 9.6 25% Adoption of ASU 2016-02, Leases (Topic 842) in 1Q19 resulted in the recognition in retained earnings of $ in millions $ in cumulative deferred gains on prior sale-leaseback transactions. The recognized amount was $14.7mm. $10 Previously, this was ratably recognized as noninterest 14.0 14.7 15.4 15.0 14.8 38% income; in 4Q18, this income was $1.1mm. Interest Rate Contracts and Other Derivative Income Detail $0 ($ in millions) 1Q18 2Q18 3Q18 4Q18 1Q19 1Q19 Mix 1Q18 2Q18 3Q18 4Q18 1Q19 Lending fees Deposit account fees Revenue $ 5.6 $ 6.5 $ 4.0 $ 2.8 $ 4.9 Foreign exchange income Wealth management fees IRC revenue Net gains on sales of loans MTM 1.1 0.1 0.6 (1.7) (1.7) * Fee income excludes: mark-to-market (“MTM”) related to Total $ 6.7 $ 6.6 $ 4.6 $ 1.1 $ 3.2 interest rate contracts (“IRC”) and other derivatives; net . Revenue – interest rate contracts and other derivatives transaction fees. gains on sales of securities; gains on sale of business units, . and other income. MTM – related to interest rate contracts and other derivatives. 9

1Q19 Efficiency and PTPP Profitability Noninterest Expense & Efficiency Ratio . 1Q19 total noninterest expense: $186.9mm. $161 . 1Q19 adj.* noninterest expense: $160.8mm. $160 $156 $158 $156 $150 . Main Q-o-Q increases: compensation and employee $140 benefits, including seasonally higher payroll taxes. 55.0% $ $ inmillions . Main Q-o-Q decreases: other operating expense. $120 40.6% 39.9% 39.9% 39.8% 37.9% $100 35.0% 1Q18 2Q18 3Q18 4Q18 1Q19 Adj.* noninterest expense Adj.* efficiency ratio PTPP Income & PTPP Profitability Ratio . 1Q19 adj.* efficiency ratio: 39.8%, compared to 37.9% in 4Q18 and 40.6% in 1Q18. $255 $234 $238 $244 5.00% . $240 $219 Pre-tax, pre-provision (PTPP) income: 1Q19 PTPP income of $243.7mm, down 5% Q-o-Q 4.00% $180 and up 11% Y-o-Y. . 2.50% 2.44% 2.50% 2.43% 3.00% PTPP profitability: 5-quarter adj. PTPP profitability $ $ inmillions $120 2.38% ratio range of 2.38% to 2.50%. $60 2.00% $0 1.00% 1Q18 2Q18 3Q18 4Q18 1Q19 Adj.* PTPP income Adj.* PTPP profitability ratio *See reconciliation of GAAP to non-GAAP financial measures in the appendix of this presentation and in the Company’s 1Q19 Earnings Press Release. 10

Asset Quality Metrics Allowance for Loan Losses Provision Expense & Net Charge-off Ratio $35 $32.4 $32.9 $64.3 $29.0 1.00% $28 $25.5 2.50% $46.3 $21 $40 $27.5 $ $ inbillions $14 1.50% $22.6 0.50% 1.02% 0.99% 0.96% 0.97% $ inmillions 0.15% 0.13% 0.18% $7 0.08% $0 0.50% $0 0.00% 12.31.16 12.31.17 12.31.18 03.31.19 2016 2017 2018 YTD 2019* Gross loans HFI* ALLL / Gross loans HFI* Provision expense NCOs / Avg. loans HFI* Nonperforming Assets* . Allowance coverage of loans HFI: 0.97% as of $138 $130 03.31.19, compared to 0.96% as of 12.31.18. $115 . 1Q19 net charge-off ratio: 0.18% annualized, $93 compared to 0.20% annualized in 4Q18 and 0.14% annualized in 1Q18. . Nonperforming assets to total assets ratio: 0.33% $ $ inmillions 0.37% as of 03.31.19, compared to 0.23% as of 12.31.18 0.33% 0.31% and 0.35% as of 03.31.18. 0.23% $0 0.10% . Q-o-Q variance in nonperforming assets reflects 12.31.16 12.31.17 12.31.18 03.31.19 an increase in nonaccrual commercial loans. Nonperforming assets NPAs / Total assets * Nonperforming assets and net charge-offs exclude purchased credit impaired loans. HFI represents held-for-investment. YTD NCO ratio is annualized. 11

Strong Capital Ratios . Regulatory capital ratios increased by 18 bps to 33 bps year-to-date. . Common dividend increased by 20%, or 4.5 cents per share, in 2Q19. New quarterly common stock dividend of 27.5 cents per share or annualized $1.10/share, up from $0.23/share and $0.92/share, respectively. EWBC's Capital Position 0.155 $28.21 13.7% 13.8% $27.15 0.135 12.2% 12.4% 12.2% 12.4% 0.115 $25.00 10.5% 10.2% 9.7% 9.9% 9.9% 0.095 8.5% 7.0% 0.075 0.055 4.0% 0.035 $15.00 0.015 Tangible equity Tangible equity to CET1 risk-based Tier 1 risk-based Total risk-based Tier 1 leverage per share tangible assets ratio capital ratio capital ratio capital ratio capital ratio Basel III Fully Phased-in Minimum Regulatory Requirement EWBC 12.31.18 EWBC 03.31.19 Note: The Company’s March 31, 2019 regulatory capital ratios are preliminary. 12

Management Outlook: Full Year 2019 Outlook FY 2019 expectations change from 2019 YTD FY 2018 Earnings drivers compared to FY 2018 results prior quarter actual actual End of Period Loans . Increase by approximately 10%. Unchanged. $32.9 billion $32.4 billion +6% YTD annualized +11% Y-o-Y & +11% Y-o-Y Adjusted Net Interest . Increase at a percentage rate in the low Unchanged. $360 million $1.4 billion Income double-digits (excl. the impact of ASC +12% Y-o-Y +17% Y-o-Y 310-30 discount accretion). Adjusted NIM . 3.75% to 3.80% (excl. the impact of ASC Unchanged. 3.77% (ex. accretion), 3.72% (ex. accretion) 310-30 discount accretion). +4 bps YTD +30 bps Y-o-Y . ASC 310-30 discount accretion estimated 3.79% (w/ accretion), 3.78% (w/ accretion) to add 2 bps. +0 bps YTD +30 bps Y-o-Y Noninterest Expense . Increase at a percentage rate in the mid- Unchanged. $161 million $619 million single-digits (excl. tax credit investment & +7% Y-o-Y +9% Y-o-Y core deposit intangible amortization). Provision for Credit . In the range of $80mm to $90mm. Unchanged. $23 million $64 million Losses Tax Items . Full year effective tax rate of Unchanged. Effective tax rate: Effective tax rate: approximately 15%, including the impact 16% 14% of tax credit investments.* Interest Rates . No changes to the fed funds rate. Unchanged. No increases. Fed funds increased +100 bps. * The tax rate outlook does not include any ASC 740-10 uncertain tax position liabilities that the Company may potentially record related to tax credit investments related to DC Solar, as disclosed in the Company’s December 31, 2018 Form 10-K. The amount and timing of any future reserve remain uncertain at this time. 13

APPENDIX

Appendix: GAAP to Non-GAAP Reconciliation EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands, except per share data) (unaudited) During the first quarter of 2019, the Company recorded a pre-tax impairment charge related to certain tax credit investments of $7.0 million. During the first quarter of 2018, the Company sold its DCB branches and recognized a pre-tax gain on sale of $31.5 million. Management believes that presenting the computations of the adjusted net income, adjusted diluted earnings per common share, adjusted return on average assets and adjusted return on average equity that exclude the after-tax impacts of the impairment charge related to certain tax credit investments and the gain on the sale of the DCB branches (where applicable) provides clarity to financial statement users regarding the ongoing performance of the Company and allows comparability to priorperiods. Three Months Ended March 31, 2019 December 31, 2018 March 31, 2018 Net income (a) $ 164,024 $ 173,018 $ 187,032 Add: Impairment charge related to certain tax credit investments(1) 6,978 — — Less: Gain on sale of business — — (31,470) Tax effect of adjustment (2) (2,063) — 9,303 Adjusted net income (b) $ 168,939 $ 173,018 $ 164,865 Diluted weighted average number of shares outstanding 145,921 146,133 145,939 Diluted EPS $ 1.12 $ 1.18 $ 1.28 Diluted EPS impact of impairment charge related to certain tax credit investments, net of tax 0.04 — — Diluted EPS impact of gain on sale of business, net of tax — — (0.15) Adjusted diluted EPS $ 1.16 $ 1.18 $ 1.13 Average total assets (c) $ 40,738,404 $ 40,525,188 $ 37,381,098 Average stockholders’ equity (d) $ 4,537,301 $ 4,335,110 $ 3,922,926 Return on average assets (3) (a)/(c) 1.63 % 1.69 % 2.03 % Adjusted return on average assets (3) (b)/(c) 1.68 % 1.69 % 1.79 % Return on average equity (3) (a)/(d) 14.66 % 15.83 % 19.34 % Adjusted return on average equity (3) (b)/(d) 15.10 % 15.83 % 17.04 % (1) Included in Amortization of tax credit and other investments. (2) Applied statutory rate of 29.56%. (3) Annualized. 15

Appendix: GAAP to Non-GAAP Reconciliation (cont’d) EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) Adjusted efficiency ratio represents adjusted noninterest expense divided by adjusted revenue. Adjusted pre-tax, pre-provision profitability ratio represents the aggregate of adjusted revenue less adjusted noninterest expense, divided by average total assets. Adjusted revenue represents the aggregate of net interest income and adjusted noninterest income, where adjusted noninterest income excludes the gain on the sale of the DCB branches that were sold in the first quarter of 2018 (where applicable). Adjusted noninterest expense excludes the amortization of tax credit and other investments and the amortization of core deposit intangibles. Management believes that the measures and ratios presented below provide clarity to financial statement users regarding the ongoing performance of the Company and allow comparability to prior periods. Three Months Ended March 31, 2019 December 31, 2018 March 31, 2018 Net interest income before provision for credit losses (a) $ 362,461 $ 369,416 $ 326,693 Total noninterest income 42,131 41,695 74,444 Total revenue (b) $ 404,592 $ 411,111 $ 401,137 Noninterest income 42,131 41,695 74,444 Less: Gain on sale of business — — (31,470) Adjusted noninterest income (c) 42,131 41,695 42,974 Adjusted revenue (a)+(c) = (d) $ 404,592 $ 411,111 $ 369,667 Total noninterest expense (e) $ 186,922 $ 188,097 $ 169,135 Less: Amortization of tax credit and other investments (24,905) (30,958) (17,400) Amortization of core deposit intangibles (1,174) (1,265) (1,485) Adjusted noninterest expense (f) $ 160,843 $ 155,874 $ 150,250 Efficiency ratio (e)/(b) 46.20 % 45.75 % 42.16 % Adjusted efficiency ratio (f)/(d) 39.75 % 37.92 % 40.64 % Adjusted pre-tax, pre-provision income (d)-(f) = (g) $ 243,749 $ 255,237 $ 219,417 Average total assets (h) $ 40,738,404 $ 40,525,188 $ 37,381,098 Adjusted pre-tax, pre-provision profitability ratio (1) (g)/(h) 2.43 % 2.50 % 2.38 % Adjusted noninterest expense (1)/average assets (f)/(h) 1.60 % 1.53 % 1.63 % (1) Annualized. 16

Appendix: GAAP to Non-GAAP Reconciliation (cont’d) EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) Management believes that presenting the adjusted average loan yield and adjusted net interest margin that exclude the ASC 310-30 discount accretion impact provides clarity to financial statement users regarding the change in loan contractual yields and allows comparability to prior periods. Three Months Ended Yield on Average Loans March 31, 2019 December 31, 2018 March 31, 2018 Interest income on loans (a) $ 423,534 $ 414,517 $ 337,904 Less: ASC 310-30 discount accretion income (2,178) (5,810) (5,200) Adjusted interest income on loans (b) $ 421,356 $ 408,707 $ 332,704 Average loans (c) $ 32,414,785 $ 31,534,875 $ 29,211,906 Add: ASC 310-30 discount 21,639 23,833 34,059 Adjusted average loans (d) $ 32,436,424 $ 31,558,708 $ 29,245,965 Average loan yield (1) (a)/(c) 5.30 % 5.22 % 4.69 % Adjusted average loan yield (1) (b)/(d) 5.27 % 5.14 % 4.61 % Net Interest Margin Net interest income (e) $ 362,461 $ 369,416 $ 326,693 Less: ASC 310-30 discount accretion income (2,178) (5,810) (5,200) Adjusted net interest income (f) $ 360,283 $ 363,606 $ 321,493 Average interest-earning assets (g) $ 38,745,004 $ 38,688,647 $ 35,513,663 Add: ASC 310-30 discount 21,639 23,833 34,059 Adjusted average interest-earning assets (h) $ 38,766,643 $ 38,712,480 $ 35,547,722 Net interest margin (1) (e)/(g) 3.79 % 3.79 % 3.73 % Adjusted net interest margin (1) (f)/(h) 3.77 % 3.73 % 3.67 % (1) Annualized. 17

Appendix: GAAP to Non-GAAP Reconciliation (cont’d) EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) The Company uses uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below fordiscussion. March 31, 2019 December 31, 2018 March 31, 2018 Stockholders’ equity (a) $ 4,591,930 $ 4,423,974 $ 3,978,755 Less: Goodwill (465,697) (465,547) (465,547) Other intangible assets (1) (21,109) (22,365) (26,196) Tangible equity (b) $ 4,105,124 $ 3,936,062 $ 3,487,012 Total assets (c) $ 42,091,433 $ 41,042,356 $ 37,671,938 Less: Goodwill (465,697) (465,547) (465,547) Other intangible assets (1) (21,109) (22,365) (26,196) Tangible assets (d) $ 41,604,627 $ 40,554,444 $ 37,180,195 Total stockholders’ equity to total assets ratio (a)/(c) 10.91 % 10.78 % 10.56 % Tangible equity to tangible assets ratio (b)/(d) 9.87 % 9.71 % 9.38 % (1) Includes core deposit intangibles and mortgage servicing assets. 18

Appendix: GAAP to Non-GAAP Reconciliation (cont’d) EAST WEST BANCORP, INC. AND SUBSIDIARIES GAAP TO NON-GAAP RECONCILIATION ($ in thousands) (unaudited) Adjusted return on average tangible equity represents adjusted tangible net income divided by average tangible equity. Adjusted tangible net income excludes the after-tax effects of the amortization of core deposit intangibles and mortgage servicing assets and the after-tax impacts of the impairment charge related to certain tax credit investments and the gain on the sale of the DCB branches (where applicable). Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion. Three Months Ended March 31, 2019 December 31, 2018 March 31, 2018 Net Income $ 164,024 $ 173,018 $ 187,032 Add: Amortization of core deposit intangibles 1,174 1,265 1,485 Amortization of mortgage servicing assets 324 448 473 Tax effect of adjustments (2) (443) (506) (579) Tangible net income (e) $ 165,079 $ 174,225 $ 188,411 Add: Impairment charge on the tax credit investments related to DC Solar (3) 6,978 — — Less: Gain on sale of business — — (31,470) Tax effect of adjustment (2) (2,063) — 9,303 Adjusted tangible net income (f) $ 169,994 $ 174,225 $ 166,244 Average stockholders’ equity $ 4,537,301 $ 4,335,110 $ 3,922,926 Less: Average goodwill (465,559) (465,547) (468,785) Average other intangible assets (1) (21,860) (23,130) (28,102) Average tangible equity (g) $ 4,049,882 $ 3,846,433 $ 3,426,039 Return on average tangible equity (4) (e)/(g) 16.53 % 17.97 % 22.30 % Adjusted return on average tangible equity (4) (f)/(g) 17.02 % 17.97 % 19.68 % (1) Includes core deposit intangibles and mortgage servicing assets. (2) Applied statutory rate of 29.56%. (3) Included in Amortization of tax credit and other investments. (4) Annualized. 19