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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 March 31, 2025

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 class

Trading Symbol(s)

Name of each exchange  on which registered

Common Stock, par value $0.001 per share

EWBC

The 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: 137,825,192 shares as of April 30, 2025.

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TABLE OF CONTENTS

									Page
FORWARD-LOOKING STATEMENTS									3
PART I — FINANCIAL INFORMATION									5
			Item 1.			Consolidated Financial Statements			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
						Notes to Consolidated Financial Statements (Unaudited)			11
						1 — Basis of Presentation and Current Accounting Developments			11
						2 — Fair Value Measurement and Fair Value of Financial Instruments			11
						3 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements			21
						4 — Securities			23
						5 — Derivatives			29
						6 — Loans Receivable and Allowance for Credit Losses			36
						7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net			50
						8 — Goodwill			52
						9 — Federal Home Loan Bank Advances and Long-Term Debt			53
						10 — Commitments and Contingencies			53
						11 — Stock Compensation Plans			55
						12 — Stockholders’ Equity and Earnings Per Share			56
						13 — Accumulated Other Comprehensive Income (Loss)			56
						14 — Business Segments			57
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			60
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			98
			Item 4.			Controls and Procedures			98
PART II — OTHER INFORMATION									99
			Item 1.			Legal Proceedings			99
			Item 1A.			Risk Factors			99
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			100
			Item 5.			Other Information			100
			Item 6.			Exhibits			100
GLOSSARY OF ACRONYMS									102
SIGNATURE									103

2

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Forward-Looking Statements

Certain matters discussed in this Quarterly Report on 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 known and unknown 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., the People’s Republic of China, Singapore and other countries;

•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 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, 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

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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, 2024, filed with the SEC on February 28, 2025 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

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PART I — FINANCIAL INFORMATION

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in thousands, except shares)

(Unaudited)

						March 31, 2025						December 31, 2024
ASSETS
Cash and due from banks						$	394,574					$	360,734
Interest-bearing cash with banks						3,053,710						4,890,008
Cash and cash equivalents						3,448,284						5,250,742
Interest-bearing deposits with banks						32,788						48,198
Securities purchased under resale agreements (“resale agreements”)						425,000						425,000
Debt securities:
Available-for-sale (“AFS”), at fair value (amortized cost of $12,962,469 and $11,505,775)						12,384,912						10,846,811
Held-to-maturity (“HTM”), at amortized cost (fair value of $2,435,292 and $2,387,754)						2,905,341						2,917,413
Loans held-for-investment (net of allowance for loan losses of $734,856 and $702,052)						53,517,878						53,024,585
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net						930,058						926,640
Premises and equipment (net of accumulated depreciation of $168,724 and $166,154)						81,975						82,233
Operating lease right-of-use assets						80,239						81,967
Goodwill						465,697						465,697
Other assets						1,892,841						1,907,189
TOTAL						$	76,165,013					$	75,976,475
LIABILITIES
Deposits:
Noninterest-bearing						$	15,169,775					$	15,450,428
Interest-bearing						47,882,330						47,724,595
Total deposits						63,052,105						63,175,023
Federal Home Loan Bank (“FHLB”) advances						3,500,000						3,500,000
Securities sold under repurchase agreements (“repurchase agreements”)						270,111						—
Long-term debt and finance lease liabilities						35,880						35,974
Operating lease liabilities						87,157						89,263
Accrued expenses and other liabilities						1,290,295						1,453,161
Total liabilities						68,235,548						68,253,421
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 170,402,087 and 169,925,379 shares issued						170						170
Additional paid-in capital						2,043,898						2,030,712
Retained earnings						7,517,711						7,311,542
Treasury stock, at cost 32,599,998 and 31,488,080 shares						(1,137,299)						(1,034,110)
Accumulated other comprehensive loss (“AOCI”), net of tax						(495,015)						(585,260)
Total stockholders’ equity						7,929,465						7,723,054
TOTAL						$	76,165,013					$	75,976,475

See accompanying Notes to Consolidated Financial Statements.

5

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EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

($ and shares in thousands, except per share data)

(Unaudited)

						Three Months Ended March 31,
						2025						2024
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees						$	840,412					$	866,389
Debt securities						147,784						75,392
Resale agreements						1,610						6,115
Restricted equity securities						2,859						1,339
Interest-bearing cash and deposits with banks						39,137						74,382
Total interest and dividend income						1,031,802						1,023,617
INTEREST EXPENSE
Deposits						391,981						406,199
Federal funds purchased and other short-term borrowings						6						42,106
FHLB advances						38,866						7,739
Repurchase agreements						77						35
Long-term debt and finance lease liabilities						671						2,399
Total interest expense						431,601						458,478
Net interest income before provision for credit losses						600,201						565,139
Provision for credit losses						49,000						25,000
Net interest income after provision for credit losses						551,201						540,139
NONINTEREST INCOME
Commercial and consumer deposit-related fees						27,075						24,948
Lending and loan servicing fees						26,230						22,925
Foreign exchange income						15,837						11,469
Wealth management fees						13,679						8,637
Customer derivative income						4,069						3,750
Net gains on AFS debt securities						131						49
Other investment income						2,262						2,815
Other income						2,819						3,894
Total noninterest income						92,102						78,487
NONINTEREST EXPENSE
Compensation and employee benefits						146,435						141,812
Occupancy and equipment expense						15,689						15,716
Deposit account expense						9,042						12,188
Computer and software related expenses						13,314						11,344
Deposit insurance premiums and regulatory assessments						10,385						19,649
Other operating expense						41,541						32,458
Amortization of tax credit and CRA investments						15,742						13,207
Total noninterest expense						252,148						246,374
INCOME BEFORE INCOME TAXES						391,155						372,252
Income tax expense						100,885						87,177
NET INCOME						$	290,270					$	285,075
EARNINGS PER SHARE (“EPS”)
BASIC						$	2.10					$	2.04
DILUTED						$	2.08					$	2.03
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC						138,201						139,409
DILUTED						139,291						140,261

See accompanying Notes to Consolidated Financial Statements.

6

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EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

($ in thousands)

(Unaudited)

						Three Months Ended March 31,
						2025						2024
Net income						$	290,270					$	285,075
Other comprehensive income (loss), net of tax:
Net changes in unrealized gains (losses) on AFS debt securities						57,285						(2,317)
Amortization of unrealized losses on debt securities transferred from AFS to HTM						2,692						2,688
Net changes in unrealized gains (losses) on cash flow hedges						31,280						(46,330)
Foreign currency translation adjustments						(1,012)						3,822
Other comprehensive income (loss)						90,245						(42,137)
COMPREHENSIVE INCOME						$	380,515					$	242,938

See accompanying Notes to Consolidated Financial Statements.

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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 Capital												Retained Earnings						Treasury Stock						AOCI, Net of Tax						Total Stockholders’ Equity
						Shares						Amount
BALANCE, JANUARY 1, 2024						140,027,367						$	1,980,987					$	6,465,230					$	(874,787)					$	(620,596)					$	6,950,834
Cumulative-effect of a change in accounting principle (1)						—						—						(9,482)						—						—						(9,482)
Net income						—						—						285,075						—						—						285,075
Other comprehensive loss						—						—						—						—						(42,137)						(42,137)
Issuance of common stock pursuant to various stock compensation plans and agreements						463,239						12,989						—						—						—						12,989
Repurchase of common stock pursuant to various stock compensation plans and agreements						(187,593)						—						—						(13,702)						—						(13,702)
Repurchase of common stock pursuant to the stock repurchase program						(1,181,851)						—						—						(82,441)						—						(82,441)
Cash dividends on common stock ($0.55 per share)						—						—						(77,904)						—						—						(77,904)
BALANCE, MARCH 31, 2024						139,121,162						$	1,993,976					$	6,662,919					$	(970,930)					$	(662,733)					$	7,023,232
BALANCE, JANUARY 1, 2025						138,437,299						$	2,030,882					$	7,311,542					$	(1,034,110)					$	(585,260)					$	7,723,054
Net income						—						—						290,270						—						—						290,270
Other comprehensive income						—						—						—						—						90,245						90,245
Issuance of common stock pursuant to various stock compensation plans and agreements						476,708						13,186						—						—						—						13,186
Repurchase of common stock pursuant to various stock compensation plans and agreements						(193,569)						—						—						(17,747)						—						(17,747)
Repurchase of common stock pursuant to the stock repurchase program						(918,349)						—						—						(85,442)						—						(85,442)
Cash dividends on common stock ($0.60 per share)						—						—						(84,101)						—						—						(84,101)
BALANCE, MARCH 31, 2025						137,802,089						$	2,044,068					$	7,517,711					$	(1,137,299)					$	(495,015)					$	7,929,465

(1)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.

See accompanying Notes to Consolidated Financial Statements.

8

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EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

($ in thousands)

(Unaudited)

						Three Months Ended March 31,
						2025						2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income						$	290,270					$	285,075
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses						49,000						25,000
Depreciation, amortization and accretion, net						49,440						51,646
Stock compensation costs						13,186						12,989
Deferred income tax benefit						(22,453)						(6,905)
Net gains on AFS debt securities						(131)						(49)
Other real estate owned (“OREO”) write-downs						4,221						—
Loans held-for-sale:
Originations						—						(850)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale						—						992
Net change in accrued interest receivable and other assets						11,999						75,815
Net change in accrued expenses and other liabilities						(117,443)						(177,732)
Other operating activities, net						(203)						258
Total adjustments						(12,384)						(18,836)
Net cash provided by operating activities						277,886						266,239
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in:
Affordable housing partnership, tax credit and CRA investments						(75,519)						(106,536)
Interest-bearing deposits with banks						15,458						(14,252)
AFS debt securities:
Proceeds from sales						108,232						537,195
Proceeds from repayments, maturities and redemptions						663,906						577,750
Purchases						(2,236,267)						(3,337,121)
HTM debt securities:
Proceeds from repayments, maturities and redemptions						15,952						11,270
Loans held-for-investment:
Proceeds from sales of loans originally classified as held-for-investment						36,206						241,907
Purchases						(224,459)						(108,174)
Other changes in loans held-for-investment, net						(346,052)						110,120
Proceeds from sales of OREO						8,695						—
Proceeds from paydowns and maturities of resale agreements						—						300,000
Purchases of FHLB stock						—						(84,294)
Other investing activities, net						(1,622)						559
Net cash used in investing activities						(2,035,470)						(1,871,576)

See accompanying Notes to Consolidated Financial Statements.

9

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EAST WEST BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

($ in thousands)

(Unaudited)

(Continued)

						Three Months Ended March 31,
						2025						2024
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits						(126,497)						2,475,059
Net change in short-term borrowings						—						(4,480,827)
Proceeds from FHLB advances						—						3,500,000
Proceeds from repurchase agreements						270,111						—
Repayment of lease liabilities and junior subordinated debt						(209)						(116,798)
Common stock:
Stock tendered for payment of withholding taxes						(17,747)						(13,702)
Repurchase of common stock pursuant to the stock repurchase program						(85,442)						(82,441)
Cash dividends paid						(85,893)						(79,304)
Net cash (used in) provided by financing activities						(45,677)						1,201,987
Effect of exchange rate changes on cash and cash equivalents						803						(833)
NET DECREASE IN CASH AND CASH EQUIVALENTS						(1,802,458)						(404,183)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD						5,250,742						4,614,984
CASH AND CASH EQUIVALENTS, END OF PERIOD						$	3,448,284					$	4,210,801
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest						$	434,683					$	600,438
Income taxes, net						$	19,340					$	38,619
Noncash investing and financing activities:
Loans transferred from held-for-investment to held-for-sale						$	36,194					$	199,974
Loans transferred to OREO						$	6,598					$	5,551

See accompanying Notes to Consolidated Financial Statements.

10

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EAST WEST BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 — Basis of Presentation and Current Accounting Developments

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”) 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. All intercompany balances and transactions have been eliminated in consolidation. As of March 31, 2025, East West has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with the guidance in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trust has not been consolidated by the Company.

The unaudited interim Consolidated Financial Statements are presented in accordance with United States (“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 Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. SEC on February 28, 2025 (the “Company’s 2024 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 2024 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.

New Accounting Pronouncements Adopted

The following standards were adopted on January 1, 2025, but they did not have a material impact on the Company’s Consolidated Financial Statements:

•Accounting Standards Update (“ASU”) 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement

•ASU 2024-02, Codification Improvements — Amendments to Remove References to the Concepts Statements

Note 2 — 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 2024 Form 10-K.

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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.

Equity Securities — Equity securities consist of mutual funds and exchange-traded equity securities. The Company invests 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.

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.

12

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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”) between the Company and 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.

Equity Contracts — Equity contracts consist of warrants to purchase common or preferred stock of 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. 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. 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 5 — 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.

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The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:

						Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2025
($ in thousands)						Level 1						Level 2						Level 3						Total Fair Value
AFS debt securities:
U.S. Treasury securities						$	930,981					$	—					$	—					$	930,981
U.S. government agency and U.S. government-sponsored enterprise debt securities						—						268,406						—						268,406
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities						—						418,550						—						418,550
Residential mortgage-backed securities						—						9,005,562						—						9,005,562
Municipal securities						—						245,854						—						245,854
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						—						236,600						—						236,600
Residential mortgage-backed securities						—						430,068						—						430,068
Corporate debt securities						—						536,542						—						536,542
Foreign government bonds						—						234,191						—						234,191
Asset-backed securities						—						33,735						—						33,735
Collateralized loan obligations (“CLOs”)						—						44,423						—						44,423
Total AFS debt securities						$	930,981					$	11,453,931					$	—					$	12,384,912
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities						$	21,280					$	4,235					$	—					$	25,515
Total affordable housing partnership, tax credit and CRA investments, net						$	21,280					$	4,235					$	—					$	25,515
Other assets:
Equity securities						$	630					$	—					$	—					$	630
Total other assets						$	630					$	—					$	—					$	630
Derivative assets:
Interest rate contracts						$	—					$	351,214					$	—					$	351,214
Foreign exchange contracts						—						39,381						—						39,381
Credit contracts						—						18						—						18
Equity contracts						—						—						418						418
Commodity contracts						—						122,866						—						122,866
Gross derivative assets						$	—					$	513,479					$	418					$	513,897
Netting adjustments (2)						$	—					$	(329,563)					$	—					$	(329,563)
Net derivative assets						$	—					$	183,916					$	418					$	184,334
Derivative liabilities:
Interest rate contracts						$	—					$	336,183					$	—					$	336,183
Foreign exchange contracts						—						30,901						—						30,901
Credit contracts						—						19						—						19
Equity contracts (3)						—						—						15,119						15,119
Commodity contracts						—						81,862						—						81,862
Gross derivative liabilities						$	—					$	448,965					$	15,119					$	464,084
Netting adjustments (2)						$	—					$	(100,727)					$	—					$	(100,727)
Net derivative liabilities						$	—					$	348,238					$	15,119					$	363,357

Refer to footnotes on the following page.

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						Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2024
($ in thousands)						Level 1						Level 2						Level 3						Total Fair Value
AFS debt securities:
U.S. Treasury securities						$	638,265					$	—					$	—					$	638,265
U.S. government agency and U.S. government-sponsored enterprise debt securities						—						262,587						—						262,587
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities						—						426,214						—						426,214
Residential mortgage-backed securities						—						7,738,260						—						7,738,260
Municipal securities						—						250,153						—						250,153
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						—						258,470						—						258,470
Residential mortgage-backed securities						—						433,608						—						433,608
Corporate debt securities						—						526,166						—						526,166
Foreign government bonds						—						233,880						—						233,880
Asset-backed securities						—						34,715						—						34,715
CLOs						—						44,493						—						44,493
Total AFS debt securities						$	638,265					$	10,208,546					$	—					$	10,846,811
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities						$	20,817					$	4,204					$	—					$	25,021
Total affordable housing partnership, tax credit and CRA investments, net						$	20,817					$	4,204					$	—					$	25,021
Other assets:
Equity securities						$	568					$	—					$	—					$	568
Total other assets						$	568					$	—					$	—					$	568
Derivative assets:
Interest rate contracts						$	—					$	385,311					$	—					$	385,311
Foreign exchange contracts						—						89,083						—						89,083
Credit contracts						—						1						—						1
Equity contracts						—						—						239						239
Commodity contracts						—						48,499						—						48,499
Gross derivative assets						$	—					$	522,894					$	239					$	523,133
Netting adjustments (2)						$	—					$	(427,292)					$	—					$	(427,292)
Net derivative assets						$	—					$	95,602					$	239					$	95,841
Derivative liabilities:
Interest rate contracts						$	—					$	414,172					$	—					$	414,172
Foreign exchange contracts						—						71,254						—						71,254
Equity contracts (3)						—						—						15,119						15,119
Credit contracts						—						12						—						12
Commodity contracts						—						45,328						—						45,328
Gross derivative liabilities						$	—					$	530,766					$	15,119					$	545,885
Netting adjustments (2)						$	—					$	(112,284)					$	—					$	(112,284)
Net derivative liabilities						$	—					$	418,482					$	15,119					$	433,601

(1)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $8.5 billion and $7.2 billion of fair value as of March 31, 2025 and December 31, 2024, respectively.

(2)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

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For the three months ended March 31, 2025 and 2024, 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 granted as part of EWBC’s consideration in its investment in Rayliant. There was no change in the fair value of these contingently issuable shares during both the three months ended March 31, 2025 and 2024. The following table provides a reconciliation of the beginning and ending balances of the warrant equity contracts for the three months ended March 31, 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024
Equity contracts
Beginning balance						$	239					$	336
Total losses included in earnings (1)						(77)						(6)
Issuances						256						—
Ending balance						$	418					$	330

(1)Includes unrealized losses recorded in Lending and loan servicing fees on the Consolidated Statement of Income.

The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of March 31, 2025 and December 31, 2024. 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 Technique						Unobservable Inputs						Range of Inputs						Weighted-Average of Inputs
March 31, 2025
Derivative assets:
Equity contracts						$	418					Black-Scholes option pricing model						Equity volatility						39% — 55%						46		%	(1)
																		Liquidity discount						47%						47		%
Derivative liabilities:
Equity contracts (2)						$	15,119					Internal model						Payout % designated based on operating revenue and operating EBITDA of investee						84%						84		%
December 31, 2024
Derivative assets:
Equity contracts						$	239					Black-Scholes option pricing model						Equity volatility						38% — 57%						50		%	(1)
																		Liquidity discount						47%						47		%
Derivative liabilities:
Equity contracts (2)						$	15,119					Internal model						Payout % designated based on operating revenue and operating EBITDA of investee						84%						84		%

(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of March 31, 2025 and December 31, 2024.

(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

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

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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 closing the investment and initial funding. Subsequent to closing, the Company continues its periodic monitoring process to ensure that book values are realizable, the investments are performing as expected and there is no significant tax credit recapture risk. This monitoring process includes reviewing the investment entity’s financial statements, production reports and annual tax returns, the annual financial statements of the sponsor and guarantor (if any) and a comparison of the actual performance to plan based on the final financial model at the time of closing. 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.

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.

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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 March 31, 2025 and December 31, 2024:

						Assets Measured at Fair Value on a Nonrecurring Basis as of March 31, 2025
($ in thousands)						Level 1						Level 2						Level 3						Fair Value Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”)						$	—					$	—					$	28,224					$	28,224
Commercial real estate (“CRE”):
CRE						—						—						3,848						3,848
Multifamily residential						—						—						3,029						3,029
Total commercial						—						—						35,101						35,101
Consumer:
Residential mortgage:
Single-family residential						—						—						107						107
Total consumer						—						—						107						107
Total loans held-for-investment						$	—					$	—					$	35,208					$	35,208
OREO (1)						$	—					$	—					$	9,936					$	9,936

						Assets Measured at Fair Value on a Nonrecurring Basis as of December 31, 2024
($ in thousands)						Level 1						Level 2						Level 3						Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I						$	—					$	—					$	48,384					$	48,384
CRE:
CRE						—						—						1,678						1,678
Construction and land						—						—						11,316						11,316
Total commercial						—						—						61,378						61,378
Consumer:
Residential mortgage:
Single-family residential						—						—						108						108
Total consumer						—						—						108						108
Total loans held-for-investment						$	—					$	—					$	61,486					$	61,486
Affordable housing partnership, tax credit and CRA investments, net						$	—					$	—					$	5,000					$	5,000
OREO (1)						$	—					$	—					$	19,386					$	19,386

(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.

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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 months ended March 31, 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024
Loans held-for-investment:
Commercial:
C&I						$	(3,625)					$	(12,843)
CRE:
CRE						(13,839)						(2,006)
Multifamily residential						(1,181)						—
Construction and land						—						(1,224)
Total commercial						(18,645)						(16,073)
Consumer:
Residential mortgage:
Single-family residential						—						(1,384)
Total consumer						—						(1,384)
Total loans held-for-investment						$	(18,645)					$	(17,457)
OREO						$	(4,221)					$	—

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 March 31, 2025 and December 31, 2024:

($ in thousands)						Fair Value Measurements (Level 3)						Valuation Techniques						Unobservable Inputs						Range of Inputs						Weighted-Average of Inputs
March 31, 2025
Loans held-for-investment						$	2,672					Fair value of collateral						Discount						20% — 50%						24%			(1)
						$	32,536					Fair value of property						Selling cost						5% — 20%						10%			(1)
OREO						$	9,936					Fair value of property						Selling cost						8%						8%
December 31, 2024
Loans held-for-investment						$	910					Fair value of collateral						Discount						50%						50%
						$	22,993					Fair value of collateral						Contract value						NM						NM
						$	37,583					Fair value of property						Selling cost						8% — 20%						10%			(1)
Affordable housing partnership, tax credit and CRA investments, net						$	5,000					Individual analysis of each investment						Expected future tax benefits and distributions						NM						NM
OREO						$	19,386					Fair value of property						Selling cost						8%						8%

NM — Not meaningful.

(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of March 31, 2025 and December 31, 2024.

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Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of March 31, 2025 and December 31, 2024, 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.

						March 31, 2025
($ in thousands)						Carrying Amount						Level 1						Level 2						Level 3						Estimated Fair Value
Financial assets:
Cash and cash equivalents						$	3,448,284					$	3,448,284					$	—					$	—					$	3,448,284
Interest-bearing deposits with banks						$	32,788					$	—					$	32,788					$	—					$	32,788
Resale agreements						$	425,000					$	—					$	340,197					$	—					$	340,197
HTM debt securities						$	2,905,341					$	508,613					$	1,926,679					$	—					$	2,435,292
Restricted equity securities, at cost						$	165,594					$	—					$	165,594					$	—					$	165,594
Loans held-for-investment, net						$	53,517,878					$	—					$	—					$	52,216,008					$	52,216,008
Mortgage servicing rights						$	4,940					$	—					$	—					$	8,385					$	8,385
Accrued interest receivable						$	308,264					$	—					$	308,264					$	—					$	308,264
Financial liabilities:
Demand, checking, savings and money market deposits						$	39,387,398					$	—					$	39,387,398					$	—					$	39,387,398
Time deposits						$	23,664,707					$	—					$	23,662,328					$	—					$	23,662,328
FHLB advances						$	3,500,000					$	—					$	3,502,656					$	—					$	3,502,656
Repurchase agreements						$	270,111					$	—					$	270,109					$	—					$	270,109
Long-term debt						$	32,079					$	—					$	31,207					$	—					$	31,207
Accrued interest payable						$	58,867					$	—					$	58,867					$	—					$	58,867

						December 31, 2024
($ in thousands)						Carrying Amount						Level 1						Level 2						Level 3						Estimated Fair Value
Financial assets:
Cash and cash equivalents						$	5,250,742					$	5,250,742					$	—					$	—					$	5,250,742
Interest-bearing deposits with banks						$	48,198					$	—					$	48,198					$	—					$	48,198
Resale agreements						$	425,000					$	—					$	329,769					$	—					$	329,769
HTM debt securities						$	2,917,413					$	499,858					$	1,887,896					$	—					$	2,387,754
Restricted equity securities, at cost						$	165,259					$	—					$	165,259					$	—					$	165,259
Loans held-for-investment, net						$	53,024,585					$	—					$	—					$	51,328,254					$	51,328,254
Mortgage servicing rights						$	5,234					$	—					$	—					$	8,822					$	8,822
Accrued interest receivable						$	316,392					$	—					$	316,392					$	—					$	316,392
Financial liabilities:
Demand, checking, savings and money market deposits						$	39,959,251					$	—					$	39,959,251					$	—					$	39,959,251
Time deposits						$	23,215,772					$	—					$	23,225,317					$	—					$	23,225,317
FHLB advances						$	3,500,000					$	—					$	3,497,953					$	—					$	3,497,953
Long-term debt						$	32,001					$	—					$	31,246					$	—					$	31,246
Accrued interest payable						$	61,950					$	—					$	61,950					$	—					$	61,950

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Note 3 — Securities Purchased under Resale Agreements and Sold under Repurchase 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 March 31, 2025 and December 31, 2024.

Securities Purchased under Resale Agreements

Gross securities purchased under resale agreements were $425 million as of both March 31, 2025 and December 31, 2024.

Securities Sold under Repurchase Agreements

Overnight gross securities sold under repurchase agreements with unrelated counterparties were $270 million as of March 31, 2025. There were no repurchase agreements as of December 31, 2024.

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.

The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024:

($ in thousands)						March 31, 2025
						Gross Amounts of Recognized Assets						Gross Amounts Offset on the Consolidated Balance Sheet						Net Amounts of Assets Presented on the Consolidated Balance Sheet						Gross Amounts Not Offset on the Consolidated Balance Sheet
Assets																								Collateral Received (1)						Net Amount
Resale agreements						$	425,000					$	—					$	425,000					$	(343,590)					$	81,410
						Gross Amounts of Recognized Liabilities						Gross Amounts Offset on the Consolidated Balance Sheet						Net Amounts of Liabilities Presented on the Consolidated Balance Sheet						Gross Amounts Not Offset on the Consolidated Balance Sheet						Net Amount
Liabilities																								Collateral Pledged (2)
Repurchase agreements						$	270,111					$	—					$	270,111					$	(270,111)					$	—

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($ in thousands)						December 31, 2024
						Gross Amounts of Recognized Assets						Gross Amounts Offset on the Consolidated Balance Sheet						Net Amounts of Assets Presented on the Consolidated Balance Sheet						Gross Amounts Not Offset on the Consolidated Balance Sheet
Assets																								Collateral Received (1)						Net Amount
Resale agreements						$	425,000					$	—					$	425,000					$	(329,603)					$	95,397

(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.

(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to 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 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

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Note 4 — 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 March 31, 2025 and December 31, 2024:

						March 31, 2025
($ in thousands)						Amortized Cost (1)												Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
AFS debt securities:
U.S. Treasury securities						$	961,291											$	—					$	(30,310)					$	930,981
U.S. government agency and U.S. government-sponsored enterprise debt securities						306,428												—						(38,022)						268,406
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities						455,534												2,616						(39,600)						418,550
Residential mortgage-backed securities						9,204,823												23,770						(223,031)						9,005,562
Municipal securities						286,374												—						(40,520)						245,854
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						268,913												1						(32,314)						236,600
Residential mortgage-backed securities						502,410												—						(72,342)						430,068
Corporate debt securities						653,500												—						(116,958)						536,542
Foreign government bonds						244,459												985						(11,253)						234,191
Asset-backed securities						34,237												—						(502)						33,735
CLOs						44,500												—						(77)						44,423
Total AFS debt securities						12,962,469												27,372						(604,929)						12,384,912
HTM debt securities:
U.S. Treasury securities						536,459												—						(27,846)						508,613
U.S. government agency and U.S. government-sponsored enterprise debt securities						1,005,347												—						(173,991)						831,356
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities						481,507												—						(78,425)						403,082
Residential mortgage-backed securities						694,808												—						(141,240)						553,568
Municipal securities						187,220												—						(48,547)						138,673
Total HTM debt securities						2,905,341												—						(470,049)						2,435,292
Total debt securities						$	15,867,810											$	27,372					$	(1,074,978)					$	14,820,204

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						December 31, 2024
($ in thousands)						Amortized Cost (1)												Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
AFS debt securities:
U.S. Treasury securities						$	676,300											$	—					$	(38,035)					$	638,265
U.S. government agency and U.S. government-sponsored enterprise debt securities						308,220												—						(45,633)						262,587
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities						472,535												886						(47,207)						426,214
Residential mortgage-backed securities						7,974,768												12,278						(248,786)						7,738,260
Municipal securities						287,301												38						(37,186)						250,153
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						294,235												2						(35,767)						258,470
Residential mortgage-backed securities						514,527												—						(80,919)						433,608
Corporate debt securities						653,500												—						(127,334)						526,166
Foreign government bonds						244,803												2,069						(12,992)						233,880
Asset-backed securities						35,086												—						(371)						34,715
CLOs						44,500												—						(7)						44,493
Total AFS debt securities						11,505,775												15,273						(674,237)						10,846,811
HTM debt securities:
U.S. Treasury securities						535,080												—						(35,222)						499,858
U.S. government agency and U.S. government-sponsored enterprise debt securities						1,004,479												—						(200,259)						804,220
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities						486,388												—						(91,461)						394,927
Residential mortgage-backed securities						703,833												—						(155,626)						548,207
Municipal securities						187,633												—						(47,091)						140,542
Total HTM debt securities						2,917,413												—						(529,659)						2,387,754
Total debt securities						$	14,423,188											$	15,273					$	(1,203,896)					$	13,234,565

(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2025 and December 31, 2024, the accrued interest receivables were $44 million and $45 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 2024 Form 10-K.

(2)Includes GNMA AFS debt securities totaling $8.6 billion of amortized cost and $8.5 billion of fair value as of March 31, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024.

(3)Includes GNMA HTM debt securities totaling $84 million of amortized cost and $68 million of fair value as of March 31, 2025, and $86 million of amortized cost and $68 million of fair value of as of December 31, 2024.

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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 March 31, 2025 and December 31, 2024.

						March 31, 2025
						Less Than 12 Months												12 Months or More												Total
($ in thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities						$	—					$	—					$	610,981					$	(30,310)					$	610,981		(1)			$	(30,310)
U.S. government agency and U.S. government sponsored enterprise debt securities						—						—						268,406						(38,022)						268,406						(38,022)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities						2,476						(25)						358,728						(39,575)						361,204						(39,600)
Residential mortgage-backed securities						3,179,008						(10,604)						1,524,704						(212,427)						4,703,712						(223,031)
Municipal securities						4,814						(40)						241,040						(40,480)						245,854						(40,520)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						4,433						(1)						221,078						(32,313)						225,511						(32,314)
Residential mortgage-backed securities						—						—						430,068						(72,342)						430,068						(72,342)
Corporate debt securities						—						—						536,542						(116,958)						536,542						(116,958)
Foreign government bonds						—						—						88,747						(11,253)						88,747						(11,253)
Asset-backed securities						—						—						33,735						(502)						33,735						(502)
CLOs						—						—						44,423						(77)						44,423						(77)
Total AFS debt securities						$	3,190,731					$	(10,670)					$	4,358,452					$	(594,259)					$	7,549,183					$	(604,929)

(1)Excludes a short-term U.S. Treasury security of $320 million which had no unrealized gains or losses.

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						December 31, 2024
						Less Than 12 Months												12 Months or More												Total
($ in thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities						$	—					$	—					$	638,265					$	(38,035)					$	638,265					$	(38,035)
U.S. government agency and U.S. government-sponsored enterprise debt securities						—						—						262,587						(45,633)						262,587						(45,633)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities						2,741						(30)						377,756						(47,177)						380,497						(47,207)
Residential mortgage-backed securities						2,719,228						(16,404)						1,528,252						(232,382)						4,247,480						(248,786)
Municipal securities						2,763						(95)						245,360						(37,091)						248,123						(37,186)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						10,767						(332)						235,668						(35,435)						246,435						(35,767)
Residential mortgage-backed securities						—						—						433,608						(80,919)						433,608						(80,919)
Corporate debt securities						—						—						526,166						(127,334)						526,166						(127,334)
Foreign government bonds						—						—						87,008						(12,992)						87,008						(12,992)
Asset-backed securities						—						—						34,715						(371)						34,715						(371)
CLOs						—						—						44,493						(7)						44,493						(7)
Total AFS debt securities						$	2,735,499					$	(16,861)					$	4,413,878					$	(657,376)					$	7,149,377					$	(674,237)

As of March 31, 2025, the Company had 536 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 289 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities and 79 non-agency mortgage-backed securities. In comparison, as of December 31, 2024, the Company had 541 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 290 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 83 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 2024 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 March 31, 2025 were mainly comprised of the following:

•Corporate debt securities — The market value decline as of March 31, 2025 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. 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.

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•Non-agency mortgage-backed securities — The market value decline as of March 31, 2025 was primarily due to interest rate movement and spread widening. Since these securities are nearly all 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024. In addition, there was no provision for credit losses recognized for the three months ended March 31, 2025 and 2024.

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 2024 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of March 31, 2025, 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 March 31, 2025 and December 31, 2024. 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

The following table presents the gross realized gains from the sales of AFS debt securities and the related tax expense included in earnings for the three months ended March 31, 2025 and 2024:

						Three months ended March 31,
($ in thousands)						2025						2024
Gross realized gains from sales						$	131					$	49
Related tax expense						$	39					$	14

Interest Income

The following table presents the composition of interest income on debt securities for the three months ended March 31, 2025 and 2024:

						Three months ended March 31,
($ in thousands)						2025						2024
Taxable interest						$	142,890					$	70,328
Nontaxable interest						4,894						5,064
Total interest income on debt securities						$	147,784					$	75,392

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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 March 31, 2025. 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						$	369,423					$	591,868					$	—					$	—					$	961,291
Fair value						368,978						562,003						—						—						930,981
Weighted-average yield (1)						4.10		%				1.06		%				—		%				—		%				2.23		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost						16,596						26,929						201,232						61,671						306,428
Fair value						16,367						25,806						174,409						51,824						268,406
Weighted-average yield (1)						0.93		%				1.36		%				2.00		%				2.00		%				1.89		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost						5,057						74,745						115,210						9,465,345						9,660,357
Fair value						5,018						71,910						105,670						9,241,514						9,424,112
Weighted-average yield (1) (2)						3.56		%				2.77		%				2.86		%				5.06		%				5.02		%
Municipal securities
Amortized cost						6,637						25,434						8,111						246,192						286,374
Fair value						6,551						24,365						7,591						207,347						245,854
Weighted-average yield (1) (2)						2.09		%				2.17		%				3.38		%				2.23		%				2.25		%
Non-agency mortgage-backed securities
Amortized cost						20,756						5,784						4,434						740,349						771,323
Fair value						20,558						5,641						4,433						636,036						666,668
Weighted-average yield (1)						6.10		%				3.10		%				5.51		%				2.38		%				2.51		%
Corporate debt securities
Amortized cost						—						—						349,500						304,000						653,500
Fair value						—						—						318,192						218,350						536,542
Weighted-average yield (1)						—		%				—		%				3.50		%				1.97		%				2.79		%
Foreign government bonds
Amortized cost						81,569						62,890						50,000						50,000						244,459
Fair value						82,030						63,414						49,749						38,998						234,191
Weighted-average yield (1)						2.56		%				2.16		%				4.74		%				1.50		%				2.69		%
Asset-backed securities
Amortized cost						—						—						—						34,237						34,237
Fair value						—						—						—						33,735						33,735
Weighted-average yield (1)						—		%				—		%				—		%				5.05		%				5.05		%
CLOs
Amortized cost						—						—						44,500						—						44,500
Fair value						—						—						44,423						—						44,423
Weighted-average yield (1)						—		%				—		%				5.75		%				—		%				5.75		%
Total AFS debt securities
Amortized cost						$	500,038					$	787,650					$	772,987					$	10,901,794					$	12,962,469
Fair value						$	499,502					$	753,139					$	704,467					$	10,427,804					$	12,384,912
Weighted-average yield (1)						3.80		%				1.37		%				3.23		%				4.70		%				4.37		%

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($ in thousands)						Within One Year						After One Year through Five Years						After Five Years through Ten Years						After Ten Years						Total
HTM debt securities:
U.S. Treasury securities
Amortized cost						$	—					$	536,459					$	—					$	—					$	536,459
Fair value						—						508,613						—						—						508,613
Weighted-average yield (1)						—		%				1.05		%				—		%				—		%				1.05		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost						—						—						372,206						633,141						1,005,347
Fair value						—						—						325,760						505,596						831,356
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						—						18,499						127,093						1,030,723						1,176,315
Fair value						—						16,931						108,560						831,159						956,650
Weighted-average yield (1) (2)						—		%				1.67		%				1.66		%				1.69		%				1.69		%
Municipal securities
Amortized cost						—						—						—						187,220						187,220
Fair value						—						—						—						138,673						138,673
Weighted-average yield (1) (2)						—		%				—		%				—		%				2.01		%				2.01		%
Total HTM debt securities
Amortized cost						$	—					$	554,958					$	499,299					$	1,851,084					$	2,905,341
Fair value						$	—					$	525,544					$	434,320					$	1,475,428					$	2,435,292
Weighted-average yield (1)						—		%				1.07		%				1.83		%				1.80		%				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 March 31, 2025 and December 31, 2024, AFS and HTM debt securities with carrying values of $5.7 billion and $5.4 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 March 31, 2025 and December 31, 2024:

($ in thousands)						March 31, 2025						December 31, 2024
Federal Reserve Bank (“FRB”) of San Francisco stock						$	64,265					$	63,930
FHLB stock						101,329						101,329
Total restricted equity securities						$	165,594					$	165,259

Note 5 — 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 2024 Form 10-K.

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The following table presents the notional amounts and fair values of the Company’s derivatives as of March 31, 2025 and December 31, 2024. 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 $12 million and $44 million, respectively, as of March 31, 2025. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in the derivative asset and liability fair values of $17 million and $15 million, respectively, as of December 31, 2024. 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.

						March 31, 2025																		December 31, 2024
												Fair Value																		Fair Value
($ in thousands)						Notional Amount						Assets						Liabilities						Notional Amount						Assets						Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts						$	4,250,000					$	25,982					$	12,153					$	5,250,000					$	5,647					$	35,211
Total derivatives designated as hedging instruments						$	4,250,000					$	25,982					$	12,153					$	5,250,000					$	5,647					$	35,211
Derivatives not designated as hedging instruments:
Interest rate contracts						$	17,147,077					$	325,232					$	324,030					$	17,005,381					$	379,664					$	378,961
Commodity contracts (1)						—						122,866						81,862						—						48,499						45,328
Foreign exchange contracts						4,509,409						39,381						30,901						5,201,460						89,083						71,254
Credit contracts (2)						190,871						18						19						168,999						1						12
Equity contracts						—						418			(3)			15,119			(4)			—						239			(3)			15,119			(4)
Total derivatives not designated as hedging instruments						$	21,847,357					$	487,915					$	451,931					$	22,375,840					$	517,486					$	510,674
Gross derivative assets/liabilities												$	513,897					$	464,084											$	523,133					$	545,885
Less: Master netting agreements												(90,876)						(90,876)												(111,124)						(111,124)
Less: Cash collateral received												(238,687)						(9,851)												(316,168)						(1,160)
Net derivative assets/liabilities												$	184,334					$	363,357											$	95,841					$	433,601

(1)The notional amount of the Company’s commodity contracts totaled 19 million barrels of crude oil and 426 million units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2025. In comparison, the notional amount of the Company’s commodity contracts totaled 21 million barrels of crude oil and 407 million MMBTUs of natural gas as of December 31, 2024.

(2)The notional amount for the credit contracts reflects the Company’s pro-rata share of the notional amount in the underlying derivative instruments in RPAs.

(3)The Company held warrant equity contracts in nine and eight private companies as of March 31, 2025 and December 31, 2024, respectively.

(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.

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Derivatives Designated as Hedging Instruments

Cash Flow Hedges — The Company uses interest rate swaps and collars to hedge the variability in the interest amount received on certain floating-rate commercial loans due to changes in the contractually specified interest rates. As of March 31, 2025, interest rate contracts in notional amounts of $4.3 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 March 31, 2025, the Company expects to reclassify an estimated $5 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 months ended March 31, 2025 and 2024. The after-tax impact of cash flow hedges on AOCI is shown in Note 13 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form 10-Q.

						Three Months Ended March 31,
($ in thousands)						2025						2024
Gains (losses) recognized in AOCI:
Interest rate contracts						$	37,466					$	(90,376)
Losses reclassified from AOCI into earnings:
Interest and dividend income (for cash flow hedges on loans)						$	(7,052)					$	(24,605)

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”). There was no active net investment hedge during the three months ended March 31, 2025. The following table presents the pre-tax gains recognized in AOCI on net investment hedges for the three months ended March 31, 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024
Gains recognized in AOCI						$	—					$	586

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 March 31, 2025 and December 31, 2024.

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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 March 31, 2025 and December 31, 2024:

						March 31, 2025																		December 31, 2024
												Fair Value																		Fair Value
($ in thousands)						Notional Amount						Assets						Liabilities						Notional Amount						Assets						Liabilities
Customer-related positions:
Interest rate contracts:
Swaps						$	6,906,842					$	30,939					$	287,307					$	6,854,372					$	11,828					$	361,256
Written options						1,477,752						—						4,616						1,458,428						—						4,953
Collars and corridors						188,944						194						253						181,039						80						440
Subtotal						8,573,538						31,133						292,176						8,493,839						11,908						366,649
Foreign exchange contracts:
Forwards and spot						742,154						5,191						8,829						996,486						11,693						24,201
Swaps						1,241,537						16,106						2,539						1,504,469						16,117						25,366
Written options						161,165						—						2,433						—						—						—
Subtotal						2,144,856						21,297						13,801						2,500,955						27,810						49,567
Total						$	10,718,394					$	52,430					$	305,977					$	10,994,794					$	39,718					$	416,216
Economic hedges:
Interest rate contracts:
Swaps						$	6,906,842					$	289,196					$	31,653					$	6,872,075					$	362,323					$	12,228
Purchased options						1,477,752						4,649						—						1,458,428						4,990						—
Collars and corridors						188,944						254						201						181,039						443						84
Subtotal						8,573,538						294,099						31,854						8,511,542						367,756						12,312
Foreign exchange contracts:
Forwards and spot						106,076						539						257						86,750						2,318						1,738
Swaps						2,097,312						15,112						16,843						2,613,755						58,955						19,949
Purchased options						161,165						2,433						—						—						—						—
Subtotal						2,364,553						18,084						17,100						2,700,505						61,273						21,687
Total						$	10,938,091					$	312,183					$	48,954					$	11,212,047					$	429,029					$	33,999

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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 March 31, 2025 and December 31, 2024:

						March 31, 2025																								December 31, 2024
																		Fair Value																								Fair Value
($ and unit in thousands)						Notional Units												Assets						Liabilities						Notional Units												Assets						Liabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps						5,365						Barrels						$	3,321					$	8,138					4,830						Barrels						$	4,682					$	6,874
Collars						4,292						Barrels						1,293						2,685						5,477						Barrels						1,604						3,362
Subtotal						9,657						Barrels						4,614						10,823						10,307						Barrels						6,286						10,236
Natural gas:
Swaps						132,980						MMBTUs						72,251						2,109						141,736						MMBTUs						13,095						17,708
Collars						81,148						MMBTUs						39,052						120						62,045						MMBTUs						6,061						4,556
Written options						1,234						MMBTUs						219						—						1,234						MMBTUs						167						—
Subtotal						215,362						MMBTUs						111,522						2,229						205,015						MMBTUs						19,323						22,264
Total																		$	116,136					$	13,052																	$	25,609					$	32,500
Economic hedges:
Commodity contracts:
Crude oil:
Swaps						5,365						Barrels						$	4,718					$	2,813					4,830						Barrels						$	4,479					$	3,893
Collars						4,292						Barrels						627						419						5,477						Barrels						1,547						76
Subtotal						9,657						Barrels						5,345						3,232						10,307						Barrels						6,026						3,969
Natural gas:
Swaps						129,568						MMBTUs						1,265						38,435						139,136						MMBTUs						13,323						5,056
Collars						79,563						MMBTUs						120						26,939						61,341						MMBTUs						3,541						3,650
Purchased options						1,234						MMBTUs						—						204						1,234						MMBTUs						—						153
Subtotal						210,365						MMBTUs						1,385						65,578						201,711						MMBTUs						16,864						8,859
Total																		$	6,730					$	68,810																	$	22,890					$	12,828

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. Assuming the underlying borrowers referenced in the interest rate contracts defaulted, the maximum exposure in the credit protection sold RPAs would be $321 thousand and $170 thousand as of March 31, 2025 and December 31, 2024, respectively.

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The following table presents the notional amounts and the gross fair values of RPAs sold and purchased outstanding as of March 31, 2025 and December 31, 2024:

						March 31, 2025																		December 31, 2024
						Notional Amount						Fair Value												Notional Amount						Fair Value
($ in thousands)												Assets						Liabilities												Assets						Liabilities
RPAs — protection sold (1)						$	140,099					$	—					$	19					$	133,174					$	—					$	12
RPAs — protection purchased						50,772						18						—						35,825						1						—
Total RPAs						$	190,871					$	18					$	19					$	168,999					$	1					$	12

(1)All reference entities of the protection sold RPAs were investment grade. The weighted-average remaining maturities were 1.6 years as of both March 31, 2025 and December 31, 2024.

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 2 — 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) due to fair value changes that are recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three months ended March 31, 2025 and 2024:

												Three Months Ended March 31,
($ in thousands)						Classification on Consolidated Statement of Income						2025						2024
Derivatives not designated as hedging instruments:
Interest rate contracts						Customer derivative (losses) income						$	(1,402)					$	484
Foreign exchange contracts						Foreign exchange income						13,238						12,780
Credit contracts						Customer derivative income (losses)						10						(5)
Equity contracts - warrants						Lending and loan servicing fees						179						(6)
Commodity contracts						Customer derivative (losses) income						(78)						134
Net gains												$	11,947					$	13,387

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 March 31, 2025, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $16 million, for which $14 million collateral was posted to cover these positions. In comparison, as of December 31, 2024, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $1 million, for which $1 million 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 $2 million and minimal additional collateral as of March 31, 2025 and December 31, 2024, respectively.

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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 March 31, 2025
												Gross Amounts Offset on the Consolidated Balance Sheet												Net Amounts Presented on the Consolidated Balance Sheet						Gross 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						$	513,897					$	(90,876)					$	(238,687)					$	184,334					$	(36,436)					$	147,898
												Gross Amounts Offset on the Consolidated Balance Sheet												Net Amounts Presented on the Consolidated Balance Sheet						Gross 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						$	464,084					$	(90,876)					$	(9,851)					$	363,357					$	(22,878)					$	340,479

($ in thousands)						As of December 31, 2024
												Gross Amounts Offset on the Consolidated Balance Sheet												Net Amounts Presented on the Consolidated Balance Sheet						Gross 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						$	523,133					$	(111,124)					$	(316,168)					$	95,841					$	(55,222)					$	40,619
												Gross Amounts Offset on the Consolidated Balance Sheet												Net Amounts Presented on the Consolidated Balance Sheet						Gross 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						$	545,885					$	(111,124)					$	(1,160)					$	433,601					$	—					$	433,601

(1)Includes $9 million and $4 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2025 and December 31, 2024, respectively.

(2)Includes $17 million and $27 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2025 and December 31, 2024, respectively.

(3)Gross cash collateral received under master netting arrangements or similar agreements was $251 million and $322 million as of March 31, 2025 and December 31, 2024, respectively. Of the gross cash collateral received, $239 million and $316 million were used to offset derivative assets as of March 31, 2025 and December 31, 2024, respectively.

(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $11 million and $1 million as of March 31, 2025 and December 31, 2024, respectively. Of the gross cash collateral pledged, $10 million and $1 million were used to offset derivative liabilities as of March 31, 2025 and December 31, 2024, 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 3 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements in this Form 10-Q for additional information. Refer to Note 2 — 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.

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Note 6 — Loans Receivable and Allowance for Credit Losses

The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2025 and December 31, 2024:

($ in thousands)						March 31, 2025						December 31, 2024
Commercial:
C&I						$	17,460,744					$	17,397,158
CRE:
CRE						14,868,361						14,655,340
Multifamily residential						5,007,969						4,953,442
Construction and land						653,630						666,162
Total CRE						20,529,960						20,274,944
Total commercial						37,990,704						37,672,102
Consumer:
Residential mortgage:
Single-family residential						14,383,562						14,175,446
Home equity lines of credit (“HELOCs”)						1,827,837						1,811,628
Total residential mortgage						16,211,399						15,987,074
Other consumer						50,631						67,461
Total consumer						16,262,030						16,054,535
Total loans held-for-investment (1)						$	54,252,734					$	53,726,637
Allowance for loan losses						(734,856)						(702,052)
Loans held-for-investment, net (1)						$	53,517,878					$	53,024,585

(1)Includes $36 million and $46 million of net deferred loan fees and net unamortized premiums as of March 31, 2025 and December 31, 2024, respectively.

Accrued interest receivable on loans held-for-investment was $248 million and $255 million as of March 31, 2025 and December 31, 2024, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income reversed was insignificant for both the three months ended March 31, 2025 and 2024. 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 2024 Form 10-K. The Company may occasionally have 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 2024 Form 10-K.

The Company’s FRB and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $40.0 billion and $38.2 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of March 31, 2025 and December 31, 2024.

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.”

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•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.

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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 three months ended March 31, 2025, and year ended December 31, 2024. Revolving loans that are converted to term loans presented in the tables below are excluded from the term loans by vintage year columns.

						March 31, 2025
						Term Loans by Origination Year
($ in thousands)						2025						2024						2023						2022						2021						Prior						Revolving Loans						Revolving Loans Converted to Term Loans (1)						Total
Commercial:
C&I:
Pass						$	536,257					$	2,495,604					$	1,284,574					$	924,021					$	599,028					$	478,909					$	10,637,412					$	39,025					$	16,994,830
Criticized (accrual)						653						43,822						31,427						50,138						72,115						36,503						155,677						—						390,335
Criticized (nonaccrual)						284						4,461						27,004						21,986						10,266						11,511						67						—						75,579
Total C&I						537,194						2,543,887						1,343,005						996,145						681,409						526,923						10,793,156						39,025						17,460,744
Gross write-offs (2)						—						—						—						46						418						253						—						—						717
CRE:
Pass						626,306						1,612,384						2,209,065						3,559,562						1,876,657						4,241,478						110,625						49,000						14,285,077
Criticized (accrual)						—						34,384						100,717						113,114						55,208						259,557						—						14,751						577,731
Criticized (nonaccrual)						—						—						—						465						836						4,252						—						—						5,553
Subtotal CRE						626,306						1,646,768						2,309,782						3,673,141						1,932,701						4,505,287						110,625						63,751						14,868,361
Gross write-offs						—						—						—						—						19						13,918						—						—						13,937
Multifamily residential:
Pass						226,636						390,608						504,267						1,269,597						704,413						1,803,284						17,332						1,246						4,917,383
Criticized (accrual)						—						—						—						48,930						34,194						2,907						—						—						86,031
Criticized (nonaccrual)						—						—						—						—						—						4,555						—						—						4,555
Subtotal multifamily residential						226,636						390,608						504,267						1,318,527						738,607						1,810,746						17,332						1,246						5,007,969
Gross write-offs						—						—						—						—						—						4						—						—						4
Construction and land:
Pass						19,285						100,946						329,974						178,589						21,126						3,710						—						—						653,630
Subtotal construction and land						19,285						100,946						329,974						178,589						21,126						3,710						—						—						653,630
Total CRE						872,227						2,138,322						3,144,023						5,170,257						2,692,434						6,319,743						127,957						64,997						20,529,960
Total CRE gross write-offs (2)						—						—						—						—						19						13,922						—						—						13,941
Total commercial						$	1,409,421					$	4,682,209					$	4,487,028					$	6,166,402					$	3,373,843					$	6,846,666					$	10,921,113					$	104,022					$	37,990,704
Total commercial gross write-offs (2)						$	—					$	—					$	—					$	46					$	437					$	14,175					$	—					$	—					$	14,658

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						March 31, 2025
						Term Loans by Origination Year
($ in thousands)						2025						2024						2023						2022						2021						Prior						Revolving Loans						Revolving Loans Converted to Term Loans (1)						Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)						$	704,247					$	2,230,645					$	2,665,707					$	3,007,253					$	2,030,062					$	3,687,561					$	—					$	—					$	14,325,475
Criticized (accrual)						—						2,222						2,622						3,478						1,786						6,631						—						—						16,739
Criticized (nonaccrual) (3)						—						6,616						11,705						3,308						7,457						12,262						—						—						41,348
Subtotal single-family residential mortgage						704,247						2,239,483						2,680,034						3,014,039						2,039,305						3,706,454						—						—						14,383,562
Gross write-offs						—						9						—						—						—						—						—						—						9
HELOCs:
Pass						517						6,812						3,443						3,388						2,472						11,011						1,660,563						92,591						1,780,797
Criticized (accrual)						—						742						183						1,002						1,658						11,015						6,037						1,153						21,790
Criticized (nonaccrual)						—						4,977						1,152						3,189						52						10,883						—						4,997						25,250
Subtotal HELOCs						517						12,531						4,778						7,579						4,182						32,909						1,666,600						98,741						1,827,837
Total residential mortgage						704,764						2,252,014						2,684,812						3,021,618						2,043,487						3,739,363						1,666,600						98,741						16,211,399
Total residential mortgage gross write-offs						—						9						—						—						—						—						—						—						9
Other consumer:
Pass						4,257						679						—						23,004						131						6,797						15,660						—						50,528
Criticized (accrual)						6						—						—						—						—						—						—						—						6
Criticized (nonaccrual)						—						—						—						—						—						—						97						—						97
Total other consumer						4,263						679						—						23,004						131						6,797						15,757						—						50,631
Total consumer						$	709,027					$	2,252,693					$	2,684,812					$	3,044,622					$	2,043,618					$	3,746,160					$	1,682,357					$	98,741					$	16,262,030
Total consumer gross write-offs (2)						$	—					$	9					$	—					$	—					$	—					$	—					$	—					$	—					$	9
Total loans held-for-investment:
Pass						$	2,117,505					$	6,837,678					$	6,997,030					$	8,965,414					$	5,233,889					$	10,232,750					$	12,441,592					$	181,862					$	53,007,720
Criticized (accrual)						659						81,170						134,949						216,662						164,961						316,613						161,714						15,904						1,092,632
Criticized (nonaccrual)						284						16,054						39,861						28,948						18,611						43,463						164						4,997						152,382
Total						$	2,118,448					$	6,934,902					$	7,171,840					$	9,211,024					$	5,417,461					$	10,592,826					$	12,603,470					$	202,763					$	54,252,734
Total loans held-for-investment gross write-offs (2)						$	—					$	9					$	—					$	46					$	437					$	14,175					$	—					$	—					$	14,667

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						December 31, 2024
						Term Loans by Origination Year
($ in thousands)						2024						2023						2022						2021						2020						Prior						Revolving Loans						Revolving Loans Converted to Term Loans (1)						Total
Commercial:
C&I:
Pass						$	2,605,928					$	1,508,948					$	999,586					$	612,015					$	243,528					$	295,884					$	10,574,404					$	23,032					$	16,863,325
Criticized (accrual)						34,412						51,415						61,041						107,355						10,538						31,160						151,747						—						447,668
Criticized (nonaccrual)						3,822						29,181						20,273						10,666						3,225						9,135						9,863						—						86,165
Total C&I						2,644,162						1,589,544						1,080,900						730,036						257,291						336,179						10,736,014						23,032						17,397,158
Gross write-offs (2)						20						47,963						14,848						11,119						1,568						3,012						27,099						—						105,629
CRE:
Pass						1,660,877						2,296,763						3,692,498						1,925,220						1,296,439						3,176,450						96,791						49,302						14,194,340
Criticized (accrual)						34,543						44,557						90,105						31,615						75,578						167,401						—						14,771						458,570
Criticized (nonaccrual)						—						—						—						—						1,756						674						—						—						2,430
Subtotal CRE						1,695,420						2,341,320						3,782,603						1,956,835						1,373,773						3,344,525						96,791						64,073						14,655,340
Gross write-offs (2)						—						—						—						—						—						3						—						—						3
Multifamily residential:
Pass						386,743						521,754						1,337,599						752,230						613,115						1,242,586						14,640						1,253						4,869,920
Criticized (accrual)						—						—						43,997						32,042						—						2,911						—						—						78,950
Criticized (nonaccrual)						—						—						—						—						—						4,572						—						—						4,572
Subtotal multifamily residential						386,743						521,754						1,381,596						784,272						613,115						1,250,069						14,640						1,253						4,953,442
Gross write-offs						—						—						—						—						—						10						—						—						10
Construction and land:
Pass						90,926						328,803						184,792						41,932						—						8,393						—						—						654,846
Criticized (nonaccrual)						—						—						11,316						—						—						—						—						—						11,316
Subtotal construction and land						90,926						328,803						196,108						41,932						—						8,393						—						—						666,162
Gross write-offs						—						—						2,289						—						—						—						—						—						2,289
Total CRE						2,173,089						3,191,877						5,360,307						2,783,039						1,986,888						4,602,987						111,431						65,326						20,274,944
Total CRE gross write-offs (2)						—						—						2,289						—						—						13						—						—						2,302
Total commercial						$	4,817,251					$	4,781,421					$	6,441,207					$	3,513,075					$	2,244,179					$	4,939,166					$	10,847,445					$	88,358					$	37,672,102
Total commercial gross write-offs (2)						$	20					$	47,963					$	17,137					$	11,119					$	1,568					$	3,025					$	27,099					$	—					$	107,931

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						December 31, 2024
						Term Loans by Origination Year
($ in thousands)						2024						2023						2022						2021						2020						Prior						Revolving Loans						Revolving Loans Converted to Term Loans (1)						Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)						$	2,360,674					$	2,762,921					$	3,074,668					$	2,079,323					$	1,407,031					$	2,437,446					$	—					$	—					$	14,122,063
Criticized (accrual)						4,175						3,409						750						5,810						1,548						6,069						—						—						21,761
Criticized (nonaccrual) (3)						2,716						9,673						1,929						2,035						2,404						12,865						—						—						31,622
Subtotal single-family residential mortgage						2,367,565						2,776,003						3,077,347						2,087,168						1,410,983						2,456,380						—						—						14,175,446
Gross write-offs (2)						9						—						—						—						—						—						—						—						9
HELOCs:
Pass						7,453						3,288						4,071						3,236						7,570						8,152						1,648,337						99,488						1,781,595
Criticized (accrual)						1,436						—						1,420						—						135						2,064						2,338						594						7,987
Criticized (nonaccrual)						3,161						3,095						2,520						39						418						7,301						—						5,512						22,046
Subtotal HELOCs						12,050						6,383						8,011						3,275						8,123						17,517						1,650,675						105,594						1,811,628
Gross write-offs						—						10						—						—						—						—						—						5						15
Total residential mortgage						2,379,615						2,782,386						3,085,358						2,090,443						1,419,106						2,473,897						1,650,675						105,594						15,987,074
Total residential mortgage gross write-offs (2)						9						10						—						—						—						—						—						5						24
Other consumer:
Pass						14,916						—						22,992						132						—						6,800						22,555						—						67,395
Criticized (nonaccrual)						—						—						—						—						—						—						66						—						66
Total other consumer						14,916						—						22,992						132						—						6,800						22,621						—						67,461
Gross write-offs (2)						—						3,000						—						—						—						—						890						—						3,890
Total consumer						$	2,394,531					$	2,782,386					$	3,108,350					$	2,090,575					$	1,419,106					$	2,480,697					$	1,673,296					$	105,594					$	16,054,535
Total consumer gross write-offs (2)						$	9					$	3,010					$	—					$	—					$	—					$	—					$	890					$	5					$	3,914
Total loans held-for-investment:
Pass						$	7,127,517					$	7,422,477					$	9,316,206					$	5,414,088					$	3,567,683					$	7,175,711					$	12,356,727					$	173,075					$	52,553,484
Criticized (accrual)						74,566						99,381						197,313						176,822						87,799						209,605						154,085						15,365						1,014,936
Criticized (nonaccrual)						9,699						41,949						36,038						12,740						7,803						34,547						9,929						5,512						158,217
Total						$	7,211,782					$	7,563,807					$	9,549,557					$	5,603,650					$	3,663,285					$	7,419,863					$	12,520,741					$	193,952					$	53,726,637
Total loans held-for-investment gross write-offs (2)						$	29					$	50,973					$	17,137					$	11,119					$	1,568					$	3,025					$	27,989					$	5					$	111,845

(1)$16 million of total commercial loans, comprised of C&I revolving loans, were converted to term loans during the three months ended March 31, 2025. In comparison, $7 million of total commercial loans, comprised of C&I and CRE revolving loans and $15 million of total consumer loans, comprised of HELOCs, converted to term loans during the three months ended March 31, 2024.

(2)Excludes gross write-offs associated with loans the Company sold or settled.

(3)$1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating as of both March 31, 2025 and December 31, 2024.

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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 March 31, 2025 and December 31, 2024:

						March 31, 2025
($ in thousands)						Current Accruing Loans						Accruing Loans 30-59 Days Past Due						Accruing Loans 60-89 Days Past Due																		Total Accruing Past Due Loans																		Total Nonaccrual Loans						Total Loans
Commercial:
C&I						$	17,359,512					$	25,254					$	399																	$	25,653																	$	75,579					$	17,460,744
CRE:
CRE						14,862,806						—						1																		1																		5,554						14,868,361
Multifamily residential						5,002,008						1,407						—																		1,407																		4,554						5,007,969
Construction and land						653,630						—						—																		—																		—						653,630
Total CRE						20,518,444						1,407						1																		1,408																		10,108						20,529,960
Total commercial						37,877,956						26,661						400																		27,061																		85,687						37,990,704
Consumer:
Residential mortgage:
Single-family residential						14,276,842						47,184						17,370																		64,554																		42,166						14,383,562
HELOCs						1,772,312						8,500						21,775																		30,275																		25,250						1,827,837
Total residential mortgage						16,049,154						55,684						39,145																		94,829																		67,416						16,211,399
Other consumer						48,573						1,883						78																		1,961																		97						50,631
Total consumer						16,097,727						57,567						39,223																		96,790																		67,513						16,262,030
Total						$	53,975,683					$	84,228					$	39,623																	$	123,851																	$	153,200					$	54,252,734

						December 31, 2024
($ in thousands)						Current Accruing Loans						Accruing Loans 30-59 Days Past Due						Accruing Loans 60-89 Days Past Due												Total Accruing Past Due Loans																		Total Nonaccrual Loans						Total Loans
Commercial:
C&I						$	17,288,138					$	5,690					$	17,165											$	22,855																	$	86,165					$	17,397,158
CRE:
CRE						14,647,270						3,755						1,885												5,640																		2,430						14,655,340
Multifamily residential						4,947,939						653						278												931																		4,572						4,953,442
Construction and land						653,919						927						—												927																		11,316						666,162
Total CRE						20,249,128						5,335						2,163												7,498																		18,318						20,274,944
Total commercial						37,537,266						11,025						19,328												30,353																		104,483						37,672,102
Consumer:
Residential mortgage:
Single-family residential						14,088,086						32,841						22,096												54,937																		32,423						14,175,446
HELOCs						1,770,218						11,396						7,968												19,364																		22,046						1,811,628
Total residential mortgage						15,858,304						44,237						30,064												74,301																		54,469						15,987,074
Other consumer						67,288						92						15												107																		66						67,461
Total consumer						15,925,592						44,329						30,079												74,408																		54,535						16,054,535
Total						$	53,462,858					$	55,354					$	49,407											$	104,761																	$	159,018					$	53,726,637

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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 March 31, 2025 and December 31, 2024. 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)									March 31, 2025									December 31, 2024
Commercial:
C&I									$	56,115								$	79,591
CRE									3,848									—
Multifamily residential									—									4,210
Construction and land									—									11,316
Total commercial									59,963									95,117
Consumer:
Single-family residential									10,879									6,279
HELOCs									8,204									15,380
Total consumer									19,083									21,659
Total nonaccrual loans with no related allowance for loan losses									$	79,046								$	116,776

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 $29 million of foreclosed assets as of March 31, 2025, compared with $35 million as of December 31, 2024. 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 $23 million and $16 million as of March 31, 2025 and December 31, 2024, 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 delays, 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.

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The following tables present the amortized cost of loans that were modified during the three months ended March 31, 2025 and 2024 by loan class and modification type:

						Three Months Ended March 31, 2025
						Modification Type
($ in thousands)						Term Extension						Payment Delay						Combination: Term Extension/ Payment Delay																								Total						Modification as a % of Loan Class
Commercial:
C&I						$	15,651					$	—					$	23,749																							$	39,400					0.23		%
CRE						18,362						—						—																								18,362						0.09		%
Total commercial						34,013						—						23,749																								57,762
Consumer:
Single-family residential						—						4,061						88																								4,149						0.03		%
HELOCs						—						975						911																								1,886						0.10		%
Total consumer						—						5,036						999																								6,035
Total						$	34,013					$	5,036					$	24,748																							$	63,797

						Three Months Ended March 31, 2024
						Modification Type
($ in thousands)						Term Extension						Payment Delay						Combination: Term Extension/ Payment Delay																								Total						Modification as a % of Loan Class
Commercial:
C&I						$	4,013					$	22,155					$	—																							$	26,168					0.16		%
CRE						24,488						—						19,325																								43,813						0.22		%
Total commercial						28,501						22,155						19,325																								69,981
Consumer:
Single-family residential						—						3,996						—																								3,996						0.03		%
HELOCs						—						5,501						517																								6,018						0.35		%
Total consumer						—						9,497						517																								10,014
Total						$	28,501					$	31,652					$	19,842																							$	79,995

The following table presents the financial effects of the loan modifications for the three months ended March 31, 2025 and 2024 by loan class and modification type:

												Financial Effects of Loan Modifications for the Three Months Ended March 31,
												2025																								2024
($ in thousands)												Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (in years)						Weighted-Average Payment Delay (in years)												Weighted-Average Interest Rate Reduction						Weighted-Average Term Extension (in years)						Weighted-Average Payment Delay (in years)
Commercial:
C&I												—		%				1.1						1.0												—		%				1.8						1.7
CRE												—		%				5.0						0.0												2.75		%				1.5						1.7
Consumer:
Single-family residential												—		%				10.0						1.0												—		%				0.0						0.7
HELOCs												—		%				17.6						15.4												0.25		%				0.0						3.2

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A modified loan may become delinquent and may 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 months ended March 31, 2025 and 2024 that received modifications during the 12 months preceding payment default.

																		Loans Modified Subsequently Defaulted During the Three Months Ended March 31, 2025
($ in thousands)																		Term Extension						Payment Delay						Combination: Rate Reduction/ Payment Delay																		Total
Commercial:
C&I																		$	—					$	2,193					$	—																	$	2,193
CRE																		22,631						—						—																		22,631
Total commercial																		22,631						2,193						—																		24,824
Consumer:
Single-family residential																		—						3,455						—																		3,455
HELOCs																		—						2,121						—																		2,121
Total consumer																		—						5,576						—																		5,576
Total																		$	22,631					$	7,769					$	—																	$	30,400

																		Loans Modified Subsequently Defaulted During the Three Months Ended March 31, 2024
($ in thousands)																		Term Extension						Payment Delay						Combination: Rate Reduction/ Payment Delay																		Total
Commercial:
C&I																		$	7,828					$	—					$	—																	$	7,828
Total commercial																		7,828						—						—																		7,828
Consumer:
Single-family residential																		—						3,972						383																		4,355
Total consumer																		—						3,972						383																		4,355
Total																		$	7,828					$	3,972					$	383																	$	12,183

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 during the three months ended March 31, 2025 and 2024, that received modifications during the 12 months preceding payment default:

												Payment Performance as of March 31, 2025
($ in thousands)																																										Current						30 - 89 Days Past Due						90+ Days Past Due						Total
Commercial:
C&I																																										$	80,147					$	3,608					$	1,515					$	85,270
CRE																																										66,320						—						—						66,320
Total commercial																																										146,467						3,608						1,515						151,590
Consumer:
Single-family residential																																										8,122						3,469						3,597						15,188
HELOCs																																										5,137						2,369						3,796						11,302
Total consumer																																										13,259						5,838						7,393						26,490
Total																																										$	159,726					$	9,446					$	8,908					$	178,080

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												Payment Performance as of March 31, 2024
($ in thousands)																																										Current						30 - 89 Days Past Due						90+ Days Past Due						Total
Commercial:
C&I																																										$	75,193					$	—					$	7,829					$	83,022
CRE																																										76,028						—						—						76,028
Total commercial																																										151,221						—						7,829						159,050
Consumer:
Single-family residential																																										8,455						4,239						5,075						17,769
HELOCs																																										6,994						2,536						—						9,530
Total consumer																																										15,449						6,775						5,075						27,299
Total																																										$	166,670					$	6,775					$	12,904					$	186,349

As of March 31, 2025 and December 31, 2024, commitments to lend additional funds to borrowers whose loans were modified totaled $8 million and $10 million, respectively,

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.

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There were no changes to the reasonable and supportable forecast period and reversion to the historical loss experience method for the three months ended March 31, 2025 and 2024.

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 Segment

Risk Characteristics

Macroeconomic Variables

C&I

Age 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 location

Unemployment rate, GDP, and U.S. Treasury rates

Single-family residential and HELOCs

FICO score, delinquency status, maturity date, collateral value, and geographic location

Unemployment rate, GDP, and Home Price Indices

Other consumer

Loss 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;

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•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 March 31, 2025, collateral-dependent commercial and consumer loans totaled $36 million and $21 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $45 million and $23 million, respectively, as of December 31, 2024. The Company's collateral-dependent loans were secured by real estate. As of both March 31, 2025 and December 31, 2024, 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 months ended March 31, 2025 and 2024:

						Three Months Ended March 31, 2025
						Commercial																								Consumer
												CRE																		Residential Mortgage
($ in thousands)						C&I						CRE						Multifamily Residential						Construction and Land						Single-Family Residential						HELOCs						Other Consumer						Total
Allowance for loan losses, beginning of period						$	384,319					$	218,677					$	32,117					$	17,497					$	44,816					$	3,132					$	1,494					$	702,052
Provision for (reversal of) credit losses on loans			(a)			36,370						8,105						201						(305)						2,072						1,739						(120)						48,062
Gross charge-offs						(988)						(13,937)						(4)						(1,996)						(9)						—						(49)						(16,983)
Gross recoveries						1,564						54						10						3						50						8						13						1,702
Total net recoveries (charge-offs)						576						(13,883)						6						(1,993)						41						8						(36)						(15,281)
Foreign currency translation adjustment						23						—						—						—						—						—						—						23
Allowance for loan losses, end of period						$	421,288					$	212,899					$	32,324					$	15,199					$	46,929					$	4,879					$	1,338					$	734,856

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						Three Months Ended March 31, 2024
						Commercial																								Consumer
												CRE																		Residential Mortgage
($ in thousands)						C&I						CRE						Multifamily Residential						Construction and Land						Single-Family Residential						HELOCs						Other Consumer						Total
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)			274						19,132						3,032						1,381						899						(432)						(132)						24,154
Gross charge-offs						(20,998)						(2,398)						(6)						(1,224)						—						—						(58)						(24,684)
Gross recoveries						1,710						134						17						193						5						48						—						2,107
Total net (charge-offs) recoveries						(19,288)						(2,264)						11						(1,031)						5						48						(58)						(22,577)
Foreign currency translation adjustment						(40)						—						—						—						—						—						—						(40)
Allowance for loan losses, end of period						$	373,631					$	187,460					$	37,418					$	10,819					$	55,922					$	3,563					$	1,467					$	670,280

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 10 — 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 months ended March 31, 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period						$	39,526					$	37,699
Provision for credit losses on unfunded credit commitments			(b)			938						846
Allowance for unfunded credit commitments, end of period						$	40,464					$	38,545
Provision for credit losses			(a) + (b)			$	49,000					$	25,000

The allowance for credit losses was $775 million as of March 31, 2025, an increase of $33 million, compared with $742 million as of December 31, 2024. 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 potential impacts from the escalating tariff and trade tensions.

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 March 31, 2025, the Company assigned a slightly lower weighting to its baseline scenario, while applying a slightly higher weighting to the downside scenario, as compared with December 31, 2024. 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 2024, the March 2025 baseline forecast for GDP growth showed deterioration in the near-term (full year 2025) and beginning to recover mid-2026 and beyond. The unemployment rate has remained low with the March 2025 forecast showing an uptick starting in late 2025, compared with the December 2024 forecast for the same periods. The downside scenario assumed the economy falls into recession in the second quarter of 2025 as a result of tariffs, rising inflation, still-elevated interest rates, global and domestic political tensions, and reduced credit availability. The upside scenario assumed a more optimistic economic outlook, including stronger growth, stable financial market, and full employment starting in the second quarter of 2025.

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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 months ended March 31, 2025 and 2024:

						Three Months Ended March 31, 2025
						Commercial																		Consumer
												CRE												Residential Mortgage
($ in thousands)						C&I						CRE												Construction and Land						Single-Family Residential																		Total
Loans transferred from held-for-investment to held-for-sale (1)						$	6,356					$	20,338											$	9,500					$	—																	$	36,194
Sales (2) (3)						$	6,356					$	20,338											$	11,316					$	—																	$	38,010
Purchases						$	136,943		(4)			$	—											$	—					$	87,364																	$	224,307

						Three Months Ended March 31, 2024
						Commercial																								Consumer
																		Residential Mortgage
($ in thousands)						C&I																								Single-Family Residential																		Total
Loans transferred from held-for-investment to held-for-sale (1)						$	199,974																							$	—																	$	199,974
Sales (2) (3)						$	187,202																							$	965																	$	188,167
Purchases						$	33,344		(4)																					$	74,736																	$	108,080

(1)Includes write-downs of $2 million and $1 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended March 31, 2025, and 2024, respectively.

(2)Includes originated loans sold of $34 million and $92 million for the three months ended March 31, 2025 and 2024, respectively. Originated loans sold consisted primarily of CRE and construction loans for three months ended March 31, 2025 and C&I for three months ended March 31, 2024.

(3)Includes $4 million and $96 million of purchased loans sold in the secondary market for the three months ended March 31, 2025 and 2024, respectively.

(4)C&I loan purchases were comprised of syndicated C&I term loans.

Note 7 — 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.

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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 elects to account for its tax credit investments using the proportional amortization method (“PAM”) on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. For discussion on the Company’s impairment evaluation and monitoring process for tax credit investments, refer to Note 2 — 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 March 31, 2025 and December 31, 2024:

						March 31, 2025												December 31, 2024
($ in thousands)						Assets						Liabilities - Unfunded Commitments (1)						Assets						Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments						$	484,810					$	260,242					$	500,217					$	280,919
Tax credit and CRA investments						149,923						21,202						160,429						21,202
Equity method of accounting and other:
Tax credits and CRA investments						295,325						101,139						265,994						105,743
Total						$	930,058					$	382,583					$	926,640					$	407,864

(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

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The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three months ended March 31, 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024
Tax credits and benefits (1):
PAM:
Affordable housing partnership investments						$	19,662					$	18,419
Tax credit and CRA investments						17,633						27,149
Equity method of accounting and other:
Tax credit and CRA investments						12,005						12,594
Total tax credits and benefits						$	49,300					$	58,162
Amortization:
PAM (2):
Affordable housing partnership investments						$	15,406					$	13,869
Tax credit and CRA investments						12,864						23,301
Equity method of accounting and other:
Tax credit and CRA investments (3)						15,742						13,207
Total amortization						$	44,012					$	50,377

(1)Included in Income tax expense on the Consolidated Statement of Income.

(2)For affordable housing partnership, tax credit and CRA investments that are qualified for accounting under PAM, amortization is included in Income tax expense on the Consolidated Statement of Income.

(3)For tax credit and CRA investments that are not accounted for under PAM, amortization is included in Amortization of tax credit and CRA investments as part of Noninterest expense on the Consolidated Statement Income.

The Company also held equity securities without readily determinable fair values totaling $151 million and $147 million as of March 31, 2025 and December 31, 2024, 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 8 — Goodwill

Total goodwill was $466 million as of both March 31, 2025 and December 31, 2024. 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, 2024, 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 2024 Form 10-K. The Company performed an analysis of goodwill during the first quarter of 2025 using 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 March 31, 2025.

The Company’s investment in Rayliant was $109 million as of March 31, 2025, of which $101 million was comprised of equity method goodwill.

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Note 9 — Federal Home Loan Bank Advances and Long-Term Debt

The following table presents details of the Company’s FHLB advances and long-term debt as of March 31, 2025 and December 31, 2024:

																								March 31, 2025						December 31, 2024
($ in thousands)												Interest Rates						Maturity Dates						Amount						Amount
Parent company
Junior subordinated debt — floating (1)												6.11%						12/15/2035						$	32,079					$	32,001
Bank
FHLB advances (2):
Floating (3)												4.50% — 4.58%						2025 — 2026						$	3,000,000					$	3,000,000
Fixed												3.87% — 3.95%						2026						500,000						500,000
Total FHLB advances																								$	3,500,000					$	3,500,000

(1)As of March 31, 2025, the remaining junior subordinated debt outstanding was issued by MCBI Statutory Trust I and had a stated interest of 3-month CME Term Secured Overnight Financing Rate (“SOFR”) + 1.81%. The weighted-average contractual interest rates for junior subordinated debt were 6.11% and 6.17% as of March 31, 2025 and December 31, 2024, respectively.

(2)The weighted-average interest rates for FHLB advances were 4.46% and 4.48% as of March 31, 2025 and December 31, 2024, respectively.

(3)Floating interest rates are based on the SOFR plus the established spread.

The Bank’s available borrowing capacity from FHLB advances totaled $10.3 billion as of March 31, 2025. 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 March 31, 2025, all advances were secured by real estate loans.

Note 10 — 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 March 31, 2025 and December 31, 2024:

						March 31, 2025																														December 31, 2024
($ in thousands)						Expire in One Year or Less						Expire After One Year Through Three Years						Expire After Three Years Through Five Years						Expire After Five Years						Total						Total
Loan commitments						$	4,903,605					$	3,544,716					$	573,813					$	85,556					$	9,107,690					$	9,128,040
Commercial letters of credit and standby letters of credit (“SBLCs”)						1,224,212						489,327						188,238						1,030,884						2,932,661						2,917,029
Total						$	6,127,817					$	4,034,043					$	762,051					$	1,116,440					$	12,040,351					$	12,045,069

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.

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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 March 31, 2025, total letters of credit of $2.9 billion consisted of SBLCs of $2.9 billion and commercial letters of credit of $31 million. In comparison, as of December 31, 2024, total letters of credit of $2.9 billion consisted of SBLCs of $2.9 billion and commercial letters of credit of $29 million. As of both March 31, 2025 and December 31, 2024, 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 $40 million and $39 million as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024:

																								Maximum Potential Future Payments																								Carrying Value (1)
																								March 31, 2025																		December 31, 2024						March 31, 2025						December 31, 2024
($ in thousands)																								Expire After Three Years Through Five Years						Expire After Five Years						Total						Total						Total						Total
Single-family residential loans sold or securitized with recourse																								$	86					$	4,183					$	4,269					$	4,375					$	4,269					$	4,375
Multifamily residential loans sold or securitized with recourse																								143						14,853						14,996						14,996						17,022						17,770
Total																								$	229					$	19,036					$	19,265					$	19,371					$	21,291					$	22,145

(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 $34 thousand as of March 31, 2025 and December 31, 2024, 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.

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.

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While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information known to the Company as of March 31, 2025, 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 11 — 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 March 31, 2025 and December 31, 2024.

The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024
Stock compensation costs						$	13,186					$	12,989
Related net tax benefits for stock compensation plans						$	2,655					$	783

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 2024 Form 10-K.

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 three months ended March 31, 2025. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date.

																		Time-Based RSUs												Performance-Based RSUs
																														Shares						Weighted-Average Grant Date Fair Value						Shares						Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2025																														1,348,612						$	75.70					282,061						$	79.48
Granted																														427,232						95.04						88,660						95.34
Vested																														(324,670)						78.92						(87,992)						81.35
Forfeited																														(30,086)						76.06						—						—
Outstanding, March 31, 2025																														1,421,088						$	80.77					282,729						$	83.87

As of March 31, 2025, there was $58 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 2.2 years, and $27 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 2.3 years.

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Note 12 — Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2025 and 2024. 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 2024 Form 10-K.

												Three Months Ended March 31,
($ and shares in thousands, except per share data)																		2025						2024
Basic:
Net income																		$	290,270					$	285,075
Weighted-average number of shares outstanding																		138,201						139,409
Basic EPS																		$	2.10					$	2.04
Diluted:
Net income																		$	290,270					$	285,075
Weighted-average number of shares outstanding																		138,201						139,409
Add: Dilutive impact of unvested RSUs																		1,090						852
Diluted weighted-average number of shares outstanding																		139,291						140,261
Diluted EPS																		$	2.08					$	2.03

Approximately 91 thousand and 170 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three months ended March 31, 2025 and 2024, respectively.

Stock Repurchase Program — On January 22, 2025, the Company’s Board of Directors authorized a stock repurchase of $300 million of the Company’s common stock. The Company repurchased $85 million and $82 million of common stock for the three months ended March 31, 2025 and 2024, respectively.

Note 13 — Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2025 and 2024:

($ in thousands)						Debt Securities (1)						Cash Flow Hedges						Foreign Currency Translation Adjustments (2)						Total
Balance, January 1, 2024						$	(601,881)					$	2,624					$	(21,339)					$	(620,596)
Net unrealized (losses) gains arising during the period						(2,282)						(63,662)						3,822						(62,122)
Amounts reclassified from AOCI						2,653						17,332						—						19,985
Changes, net of tax						371						(46,330)						3,822						(42,137)
Balance, March 31, 2024						$	(601,510)					$	(43,706)					$	(17,517)					$	(662,733)
Balance, January 1, 2025						$	(542,152)					$	(20,787)					$	(22,321)					$	(585,260)
Net unrealized gains (losses) arising during the period						57,377						26,325						(1,012)						82,690
Amounts reclassified from AOCI						2,600						4,955						—						7,555
Changes, net of tax						59,977						31,280						(1,012)						90,245
Balance, March 31, 2025						$	(482,175)					$	10,493					$	(23,333)					$	(495,015)

(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.

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The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2025 and 2024:

						Three months ended March 31,
						2025																		2024
($ in thousands)						Before-Tax						Tax Effect						Net-of-Tax						Before-Tax						Tax Effect						Net-of-Tax
Debt securities:
Net unrealized gains (losses) arising during the period						$	81,538					$	(24,161)					$	57,377					$	(3,282)					$	1,000					$	(2,282)
Reclassification adjustments:
Net realized gains on AFS debt securities reclassified into net income (1)						(131)						39						(92)						(49)						14						(35)
Amortization of unrealized losses on transferred securities (2)						3,822						(1,130)						2,692						3,816						(1,128)						2,688
Net change						85,229						(25,252)						59,977						485						(114)						371
Cash flow hedges:
Net unrealized gains (losses) arising during the period						37,466						(11,141)						26,325						(90,376)						26,714						(63,662)
Net realized losses reclassified into net income (3)						7,052						(2,097)						4,955						24,605						(7,273)						17,332
Net change						44,518						(13,238)						31,280						(65,771)						19,441						(46,330)
Foreign currency translation adjustments, net of hedges:
Net unrealized (losses) gains arising during the period						(1,012)						—						(1,012)						3,995						(173)						3,822
Net change						(1,012)						—						(1,012)						3,995						(173)						3,822
Other comprehensive income (loss)						$	128,735					$	(38,490)					$	90,245					$	(61,291)					$	19,154					$	(42,137)

(1)Pre-tax amounts were reported in Net gains 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 were reported in Interest and dividend income on the Consolidated Statement of Income.

Note 14 — 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 chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer of the Company. The CODM regularly reviews the Company’s operating results to allocate resources and assess performance. Operating segment results are also based on the Company’s internal management reporting process, which reflects the allocations of certain balance sheet and income statement line items. The CODM uses certain performance measures such as segment net income and considers variances of actual results from forecast results on a quarterly basis when making decisions on resource allocations between segments. The segment 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 domestic 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.

The remaining centralized functions, including the corporate treasury activities of the Company, eliminations of inter-segment amounts, and centrally managed departments, have been aggregated and included in the Treasury and Other segment.

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The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The Company’s internal reporting process consists of certain allocation methodologies for revenues and expenses, and the internal funds transfer pricing (“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 business segment 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 corporate treasury function within the Treasury and Other segment is responsible for the Company’s liquidity and interest rate management and manages the corporate interest rate risk exposure. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions.

Each segment’s 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 FTP process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Loan charge-offs and provision for credit losses are recorded to the segments, where the loans are recorded. Significant corporate overhead expenses incurred by centralized support areas in the Treasury and Other segment are allocated to the Consumer and Business Banking and Commercial Banking segments based on the segment’s estimated usage factors including, but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Amortization of tax credit and CRA investments and certain types of administrative expenses are generally not allocated to segments.

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. The impacted first quarter 2024 balances 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 months ended March 31, 2025 and 2024:

($ in thousands)						Consumer and Business Banking						Commercial Banking						Treasury and Other						Total
Three Months Ended March 31, 2025
Net interest income before provision for credit losses						$	269,733					$	253,001					$	77,467					$	600,201
Noninterest income						32,285						53,579						6,238						92,102
Total revenue before provision for credit losses						302,018						306,580						83,705						692,303
Provision for credit losses						7,685						40,779						536						49,000
Compensation and employee benefits						61,964						61,187						23,284						146,435
Other noninterest expense (1)						57,192						42,318						6,203						105,713
Total noninterest expense						119,156						103,505						29,487						252,148
Segment income before income taxes						175,177						162,296						53,682						391,155
Segment net income						$	123,088					$	114,025					$	53,157					$	290,270
Average balances:
Loans						$	19,762,287					$	33,211,037					$	364,387					$	53,337,711
Deposits						$	32,326,906					$	26,131,654					$	4,179,022					$	62,637,582
As of March 31, 2025
Segment assets						$	20,404,813					$	35,790,014					$	19,970,186					$	76,165,013

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($ in thousands)						Consumer and Business Banking						Commercial Banking						Treasury and Other						Total
Three Months Ended March 31, 2024
Net interest income (loss) before provision for credit losses						$	296,839					$	288,616					$	(20,316)					$	565,139
Noninterest income						25,422						45,239						7,826						78,487
Total revenue (loss) before provision for credit losses						322,261						333,855						(12,490)						643,626
Provision for (reversal of) credit losses						2,564						22,907						(471)						25,000
Compensation and employee benefits						53,949						61,459						26,404						141,812
Other noninterest expense (1)						63,171						44,354						(2,963)						104,562
Total noninterest expense						117,120						105,813						23,441						246,374
Segment income (loss) before income taxes						202,577						205,135						(35,460)						372,252
Segment net income (loss)						$	142,700					$	144,643					$	(2,268)					$	285,075
Average balances:
Loans						$	18,615,350					$	32,881,346					$	428,144					$	51,924,840
Deposits						$	29,306,788					$	25,163,151					$	2,972,464					$	57,442,403
As of March 31, 2024
Segment assets						$	19,109,687					$	35,154,317					$	16,611,666					$	70,875,670

(1)The Consumer and Business Banking segment's other noninterest expense is primarily comprised of corporate overhead allocated expenses, occupancy and equipment expense, and other operating expenses. The Commercial Banking segment’s other noninterest expense is primarily comprised of corporate overhead allocated expenses, deposit account expense, and other operating expenses. The Treasury and Other segment's other noninterest expense is primarily comprised of amortization of tax credit and CRA investments, and other operating expenses, net of any corporate overhead expenses allocated to other segments.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

									Page
			Overview						61
			Financial Review						63
			Results of Operations						64
						Net Interest Income			64
						Noninterest Income			69
						Noninterest Expense			69
						Income Taxes			70
						Operating Segment Results			70
			Balance Sheet Analysis						73
						Debt Securities			73
						Loan Portfolio			75
						Foreign Outstandings			81
						Capital			81
						Deposits			82
						Regulatory Capital and Ratios			83
			Risk Management						84
						Credit Risk Management			85
						Liquidity Risk Management			88
						Market Risk Management			91
			Critical Accounting Policies and Estimates						96
			Reconciliation of GAAP to Non-GAAP Financial Measures						96

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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, 2024, filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 28, 2025 (the “Company’s 2024 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 March 31, 2025, the Company had $76.2 billion in total assets and approximately 3,200 full-time equivalent employees. For additional information on our strategy, and the products and services provided by the Bank, see Item 1. Business — Organization and Banking Services in the Company’s 2024 Form 10-K.

Current Developments

Economic Developments

In April 2025, President Donald J. Trump’s administration (“Trump administration”) announced wide-ranging tariffs targeting trade partners worldwide. This recent shift in trade policy has raised concerns about a slowdown in economic growth, elevated inflation levels, market volatility and a potential recession. The Federal Reserve is expected to move cautiously with respect to interest rate cuts, balancing potential job losses and elevated inflation levels. Meanwhile, mortgage rates and home prices remain high, creating affordability challenges for many consumers. The economic uncertainty caused by these factors could result in decreased consumer spending and curb business investments, which could affect both the demand and performance of loans. However, the Trump administration’s focus on deregulation and capital reform could promote growth for banks. Deregulation could lead to increased access to capital for businesses and consumers as fewer restrictions would encourage banks to extend credit. 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 Geopolitical Uncertainties and — Risks Related to Financial Matters in the Company’s 2024 Form 10-K.

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Climate Accountability

California Climate Reporting Laws

In October 2023, California Governor Gavin Newsom signed into law Senate Bill No. 253, the Climate Corporate Data Accountability Act (“SB 253”) and Senate Bill No. 261, the Climate-Related Financial Risk Act (“SB 261”). SB 253 requires companies with annual revenues exceeding $1 billion that conduct business in California to report their Scope 1 and 2 greenhouse gas (“GHG”) emissions annually starting in 2026; and Scope 3 GHG emissions starting in 2027. SB 261 applies to companies with annual revenues over $500 million that are operating in California, and mandates disclosure of climate-related financial risks and mitigation measures taken to address such risks with the first report due on January 1, 2026, and biennially thereafter.

On September 27, 2024, California Governor Gavin Newsom signed Senate Bill No. 219 (“SB 219”) into law, making some updates to SB 253 and SB 261, one of which extended the deadline for the California Air Resources Board (“CARB”) to adopt the regulations for SB 253 from January 1, 2025 to July 1, 2025. Other SB 219 changes included clarifying that companies subject to SB 253 can submit consolidated reporting at the parent- level, allowing CARB to set more specific timing for Scope 3 emission disclosures within 2027, and providing CARB the option to receive disclosures either directly or through an emissions reporting organization it contracts with.

Scope 1 emissions are direct emissions from sources owned or controlled by the Company. Scope 2 emissions are indirect emissions from purchased energy; and Scope 3 emissions encompass all other indirect emissions throughout a company’s supply chain. On December 5, 2024, CARB issued an Enforcement Notice for SB 253. CARB announced that it will exercise enforcement discretion for the first reporting cycle in 2026 relating to Scope 1 and Scope 2 GHG emissions disclosures. CARB stated that companies making a good-faith effort to comply with SB 253 will not face penalties for incomplete Scope 1 and Scope 2 GHG emissions disclosures, and may submit initial disclosures in 2026 based on data they currently possess, or were in the process of collecting at the time the notice was issued.

The Company is a reporting entity under both SB 253 and SB 261 and has been monitoring the development of CARB’s implementing regulations. The Company has engaged a third-party firm to facilitate the implementation of CARB’s regulations.

Climate Disclosure Rules

On March 6, 2024, the SEC adopted final rules requiring disclosure of climate-related risks and risk management as well as the board and management’s governance of such risks. The SEC voluntarily stayed the rules on April 4, 2024 pending the completion of judicial review of consolidated legal challenges to the rules by the United States Circuit Court of Appeals for the Eighth Circuit (the “Court”). On March 27, 2025, the SEC announced that it had voted to withdraw its defense of the rules, although the rules continue to be defended by several intervening states and the District of Columbia. On April 24, 2025, the Court issued an order to hold the cases in abeyance and directed the SEC to file a status report within 90 days to inform the Court whether it intends to review or reconsider the rules. In addition, the order provides that if the SEC has determined that it will not take action, the report should address whether the SEC will adhere to the rules if they are upheld and, if not, why the SEC will not review or reconsider the rules at this time.

Resolution Planning

On June 20, 2024, the Federal Deposit Insurance Corporation (“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. 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 management-level working group to meet the requirements under the final rule for timely submission on or before October 1, 2025. Going forward, the Bank will be required to submit informational filings every three years and interim supplements annually.

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Regulatory Updates

On August 23, 2024, the FDIC published a proposed rule that would revise the FDIC’s regulations governing the classification and treatment of brokered deposits. On March 14, 2025, the FDIC withdrew the proposed rule.

On October 24, 2023, the federal banking agencies issued a final rule revising their framework for evaluating banks’ records of community reinvestment under the Community Reinvestment Act (“CRA”). On March 28, 2025, the agencies announced their intent to issue a proposal to rescind the October 2023 final rule and to reinstate the CRA framework that existed prior to the October 2023 final rule. The Bank received a rating of “Outstanding” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.

Financial Review

						Three Months Ended March 31,
($ and shares in thousands, except per share, and ratio data)						2025												2024
Summary of operations:
Net interest income before provision for credit losses						$	600,201											$	565,139
Noninterest income						92,102												78,487
Total revenue						692,303												643,626
Provision for credit losses						49,000												25,000
Noninterest expense						252,148												246,374
Income before income taxes						391,155												372,252
Income tax expense						100,885												87,177
Net income						$	290,270											$	285,075
Per share:
Basic earnings						$	2.10											$	2.04
Diluted earnings						$	2.08											$	2.03
Dividends declared						$	0.60											$	0.55
Weighted-average number of shares outstanding:
Basic						138,201												139,409
Diluted						139,291												140,261
Performance metrics:
Return on average assets (“ROAA”)						1.56		%										1.60		%
Return on average common equity (“ROAE”)						14.96		%										16.40		%
Return on average tangible common equity (“ROATCE”) (1)						15.92		%										17.60		%
Common dividend payout ratio						28.97		%										27.33		%
Net interest margin						3.35		%										3.34		%
Efficiency ratio (2)						36.42		%										38.28		%

At period end:						March 31, 2025						December 31, 2024
Total assets						$	76,165,013					$	75,976,475
Total loans						$	54,252,734					$	53,726,637
Total deposits						$	63,052,105					$	63,175,023
Common shares outstanding at period-end						137,802						138,437
Book value per share						$	57.54					$	55.79
Tangible book value per share (1)						$	54.13					$	52.39

(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.

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The Company’s first quarter 2025 net income was $290 million, an increase of $5 million or 2%, from the first quarter of 2024. The increase was primarily due to higher net interest income before provision for credit losses and noninterest income, partially offset by an increase in provision for credit losses, higher income tax and noninterest expenses. Noteworthy aspects of the Company’s performance for the first quarter of 2025 included:

•Net interest income and net interest margin. First quarter 2025 net interest income before provision for credit losses was $600 million, an increase of $35 million or 6% from the first quarter of 2024. First quarter 2025 net interest margin of 3.35% increased one basis point (“bp”) year-over-year.

•Noninterest income. First quarter 2025 noninterest income increased $14 million or 17% year-over-year to $92 million, primarily due to an increase in fee-related income.

•Earnings per share growth. First quarter 2025 basic and diluted EPS expanded 3% to $2.10 and $2.08, respectively, from the first quarter of 2024.

•Efficiency ratio improvement. First quarter 2025 efficiency ratio of 36.42% improved 186 bps from 38.28% for the same period in 2024. The improvement in the efficiency ratio primarily reflected a year-over-year increase in total revenue.

•Asset growth. Total assets reached $76.2 billion as of March 31, 2025, an increase of $189 million, from December 31, 2024, primarily driven by a $1.5 billion or 14% increase in available-for-sale (“AFS”) debt securities and a $493 million or 1% increase in net loans held-for-investment, partially offset by a $1.8 billion or 38% decrease in interest-bearing cash and deposits with banks.

•Strong capital levels. Stockholders’ equity was $7.9 billion as of March 31, 2025, up $206 million or 3%, from December 31, 2024. Book value per share of $57.54 as of March 31, 2025, increased $1.75 or 3%, compared with December 31, 2024. Tangible book value per share of $54.13 as of March 31, 2025, increased $1.74 or 3%, compared with December 31, 2024. 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.

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Net interest income and net interest margin for the first quarter of 2025 increased $35 million and one bp, respectively, year-over-year. These year-over-year increases primarily reflected an increase in AFS debt securities and yield increases, decreases in Bank Term Funding Program (“BTFP”) and short-term borrowings, and lower deposit funding costs. However, these year-over-year increases were partially offset by decreases in interest-bearing cash and deposits with banks and the related yields, a decrease in loan yields that outpaced loan growth, in addition to an increase in Federal Home Loan Bank (“FHLB”) advances during the first quarter of 2025.

Average interest-earning assets were $72.7 billion for the first quarter of 2025, an increase of $4.6 billion or 7% from the first quarter of 2024. The year-over-year increase in average interest-earning assets primarily reflected increases in $5.2 billion or 79% in AFS debt securities and $1.4 billion or 3% of loan growth, partially offset by a $1.8 billion or 30% decrease in interest-bearing cash and deposits with banks.

The yield on average interest-earning assets for the first quarter of 2025 was 5.76%, a decrease of 28 bps from the first quarter of 2024. The year-over-year decrease in the yield on average interest-earning assets primarily reflected the impact of lower interest rates on the loan portfolio.

The average loan yield for the first quarter of 2025 was 6.39%, a decrease of 32 bps from the first quarter of 2024. The year-over-year decrease in the average loan yield reflected the loan portfolio’s sensitivity to lower benchmark interest rates, compared with the first quarter of 2024. Approximately 58% and 57% of loans held-for-investment were variable rate as of March 31, 2025 and 2024, respectively.

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Deposits are an important source of funding for the Company. Average deposits were $62.6 billion for the first quarter of 2025, which increased $5.2 billion or 9% from the first quarter of 2024. Average noninterest-bearing deposits were $15.1 billion for the first quarter of 2025, an increase of $149 million or 1% from the first quarter of 2024. Average noninterest-bearing deposits made up 24% and 26% of average deposits for the first quarters of 2025 and 2024, respectively.

During the first quarter of 2025, the average cost of deposits decreased 30 bps, compared with the first quarter of 2024; while the average cost of interest-bearing deposits decreased 51 bps over the same period. These year-over-year decreases primarily reflected lower benchmark interest rates and the Company’s efforts to reduce deposit costs.

The average cost of funds calculation includes deposits, short-term borrowings, FHLB advances, securities sold under repurchase agreements (“repurchase agreements”), and long-term debt. For the first quarter of 2025, the average cost of funds was 2.64%, a 33 bp decrease from the first quarter of 2024. The year-over-year decrease was mainly driven by the decreased 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.

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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 quarters of 2025 and 2024:

						Three Months Ended March 31,
						2025																		2024
($ in thousands)						Average Balance						Interest						Average Yield/Rate (1)						Average Balance						Interest						Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks						$	4,087,664					$	39,137					3.88		%				$	5,861,517					$	74,382					5.10		%
Securities purchased under resale agreements (“resale agreements”)						425,000						1,610						1.54		%				725,659						6,115						3.39		%
Debt securities:
AFS (2) (3)						11,766,446						135,519						4.67		%				6,566,368						62,858						3.85		%
Held-to-maturity (“HTM”) (2)						2,908,402						12,265						1.71		%				2,950,686						12,534						1.71		%
Total debt securities (2)						14,674,848						147,784						4.08		%				9,517,054						75,392						3.19		%
Loans:
Commercial and industrial (“C&I”) (2)						16,865,399						293,414						7.06		%				16,251,622						325,810						8.06		%
Commercial real estate (“CRE”) (2)						20,373,015						311,386						6.20		%				20,413,584						324,087						6.39		%
Residential mortgage						16,049,719						234,891						5.94		%				15,202,345						215,674						5.71		%
Other consumer						49,578						721						5.90		%				57,289						818						5.74		%
Total loans (2)(4)(5)						53,337,711						840,412						6.39		%				51,924,840						866,389						6.71		%
Restricted equity securities						165,363						2,859						7.01		%				92,975						1,339						5.79		%
Total interest-earning assets						$	72,690,586					$	1,031,802					5.76		%				$	68,122,045					$	1,023,617					6.04		%
Noninterest-earning assets:
Cash and due from banks						373,827																		445,767
Allowance for loan losses						(716,255)																		(679,116)
Other assets						3,276,794																		3,789,700
Total assets						$	75,624,952																	$	71,678,396
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits						$	7,749,665					$	47,911					2.51		%				$	7,695,429					$	53,821					2.81		%
Money market deposits						14,833,615						116,018						3.17		%				13,636,210						134,661						3.97		%
Savings deposits						1,752,946						3,447						0.80		%				1,809,568						4,120						0.92		%
Time deposits						23,197,328						224,605						3.93		%				19,346,243						213,597						4.44		%
Total interest-bearing deposits						47,533,554						391,981						3.34		%				42,487,450						406,199						3.85		%
BTFP, short-term borrowings and federal funds purchased						428						6						5.69		%				3,864,525						42,106						4.38		%
FHLB advances						3,500,001						38,866						4.50		%				554,946						7,739						5.61		%
Repurchase agreements						6,684						77						4.67		%				2,549						35						5.52		%
Long-term debt and finance lease liabilities						35,919						671						7.58		%				125,818						2,399						7.67		%
Total interest-bearing liabilities						$	51,076,586					$	431,601					3.43		%				$	47,035,288					$	458,478					3.92		%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits						15,104,028																		14,954,953
Accrued expenses and other liabilities						1,575,264																		2,695,597
Stockholders’ equity						7,869,074																		6,992,558
Total liabilities and stockholders’ equity						$	75,624,952																	$	71,678,396
Interest rate spread																		2.33		%																2.12		%
Net interest income and net interest margin												$	600,201					3.35		%										$	565,139					3.34		%

(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 $8 million and $7 million for the first quarters of 2025 and 2024, 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 $14 million for the first quarters of 2025 and 2024, respectively.

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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 March 31,
						2025 vs. 2024
												Changes Due to
($ in thousands)						Total Change						Volume						Yield/Rate
Interest-earning assets:
Interest-bearing cash and deposits with banks						$	(35,245)					$	(19,685)					$	(15,560)
Resale agreements						(4,505)						(1,942)						(2,563)
Debt securities:
AFS						72,661						57,249						15,412
HTM						(269)						(275)						6
Total debt securities						72,392						56,974						15,418
Loans:
C&I						(32,396)						11,223						(43,619)
CRE						(12,701)						(808)						(11,893)
Residential mortgage						19,217						11,163						8,054
Other consumer						(97)						(117)						20
Total loans						(25,977)						21,461						(47,438)
Restricted equity securities						1,520						1,196						324
Total interest and dividend income						$	8,185					$	58,004					$	(49,819)
Interest-bearing liabilities:
Checking deposits						$	(5,910)					$	347					$	(6,257)
Money market deposits						(18,643)						10,671						(29,314)
Savings deposits						(673)						(131)						(542)
Time deposits						11,008						37,963						(26,955)
Total interest-bearing deposits						(14,218)						48,850						(63,068)
BTFP, short-term borrowings and federal funds purchased						(42,100)						(42,117)						17
FHLB advances						31,127						24,838						6,289
Repurchase agreements						42						48						(6)
Long-term debt and finance lease liabilities						(1,728)						(1,699)						(29)
Total interest expense						$	(26,877)					$	29,920					$	(56,797)
Change in net interest income						$	35,062					$	28,084					$	6,978

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Noninterest Income

The following table presents the components of noninterest income for the first quarters of 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024												% Change
Commercial and consumer deposit-related fees						$	27,075					$	24,948											9		%
Lending and loan servicing fees						26,230						22,925												14		%
Foreign exchange income						15,837						11,469												38		%
Wealth management fees						13,679						8,637												58		%
Customer derivative income						4,069						3,750												9		%
Net gains on AFS debt securities						131						49												167		%
Other investment income						2,262						2,815												(20)		%
Other income						2,819						3,894												(28)		%
Total noninterest income						$	92,102					$	78,487											17		%

Noninterest income comprised 13% and 12% of total revenue for the first quarters of 2025 and 2024, respectively. Noninterest income for the first quarter of 2025 was $92 million, an increase of $14 million or 17%, compared with the same prior year period. The increase was primarily due to higher wealth management fees, foreign exchange income, lending and loan servicing, and commercial and consumer deposit-related fees.

Commercial and consumer deposit-related fees were $27 million for the first quarter of 2025, an increase of $2 million or 9%, compared with the first quarter of 2024. The year-over-year increase was primarily due to increase in analysis service fees due to increased commercial customer activity.

Lending and loan servicing fees were $26 million for the first quarter of 2025, an increase of $3 million or 14%, compared with the first quarter of 2024. The increase was primarily due to higher trade finance and credit enhancement fees driven by increased customer activity.

Foreign exchange income was $16 million for the first quarter of 2025, an increase of approximately $4 million or 38%, compared with the first quarter of 2024. The increase primarily reflected higher fees and the favorable valuation of certain foreign currency denominated balance sheet items, partially offset by losses on foreign exchange trades.

Wealth management fees were $14 million for the first quarter of 2025, an increase of $5 million or 58%, compared with the first quarter of 2024. The increase reflected higher customer demand for wealth management products such as fixed-rate bonds and fixed income annuities.

Noninterest Expense

The following table presents the components of noninterest expense for the first quarters of 2025 and 2024:

						Three Months Ended March 31,
($ in thousands)						2025						2024												% Change
Compensation and employee benefits						$	146,435					$	141,812											3		%
Occupancy and equipment expense						15,689						15,716												0		%
Deposit account expense						9,042						12,188												(26)		%
Computer and software related expenses						13,314						11,344												17		%
Deposit insurance premiums and regulatory assessments						10,385						19,649												(47)		%
Other operating expense						41,541						32,458												28		%
Amortization of tax credit and CRA investments						15,742						13,207												19		%
Total noninterest expense						$	252,148					$	246,374											2		%

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First quarter 2025 noninterest expense of $252 million increased $6 million or 2%, compared with the first quarter of 2024. The increase was primarily due to increases in other operating expense, compensation and employee benefits, amortization of tax credit and CRA investments, and computer software and data processing expenses, partially offset by decreases in deposit insurance premiums and regulatory assessments and deposit account expense.

Compensation and employee benefits were $146 million for the first quarter of 2025, an increase of $5 million or 3%, compared with the first quarter of 2024. The increase was primarily driven by annual merit increases and staffing growth.

Deposit account expense was $9 million for the first quarter of 2025, a decrease of $3 million or 26%, compared with the first quarter of 2024, driven primarily by lower balances and referral rates paid on certain deposit accounts.

Computer and software related expenses were $13 million for the first quarter of 2025, an increase of $2 million or 17%, compared with the first quarter of 2024. The increase primarily reflected increased software licensing costs and higher data processing fees.

Deposit insurance premiums and regulatory assessments was $10 million for the first quarter of 2025, a decrease of $9 million or 47%, compared with the first quarter of 2024. The decrease was primarily due to a $1 million FDIC special assessment charge (“FDIC charge”) recorded in the first quarter of 2025, compared with a $10 million FDIC charge recorded in the first quarter of 2024. Adjustments to the FDIC charge pertain primarily to changes in the FDIC’s estimated losses to the Deposit Insurance Fund. For additional information on the FDIC charge, refer to Item 1. Business — Supervision and Regulation — FDIC Deposit Insurance Assessments in the Company’s 2024 Form 10-K.

Other operating expense was $42 million for the first quarter of 2025, an increase of $9 million or 28%, compared with the first quarter of 2024. The increase was primarily due to $4 million in other real estate owned (“OREO”) write-downs, and $4 million increase in expenses related to problem loans and foreclosure.

Amortization of tax credit and CRA investments was $16 million for the first quarter of 2025, an increase of $3 million or 19%, compared with the first quarter of 2024. The variance was primarily due to the timing of tax credit investments that closed in a given period.

Income Taxes

						Three Months Ended March 31,
($ in thousands)						2025						2024						% Change
Income before income taxes						$	391,155					$	372,252					5		%
Income tax expense						$	100,885					$	87,177					16		%
Effective tax rate						25.8		%				23.4		%

First quarter 2025 income tax expense was $101 million and the effective tax rate was 25.8%, compared with first quarter 2024 income tax expense of $87 million and an effective tax rate of 23.4%. The increase in income tax expense was primarily due to higher pre-tax income.

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 14 — 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.

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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. The first quarter 2024 balances have been reclassified for comparability.

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 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 following table presents financial information for the Consumer and Business Banking segment for the periods indicated:

						Three Months Ended March 31,
																		Change from 2024
($ in thousands)						2025						2024						$						%
Total revenue before provision for credit losses						$	302,018					$	322,261					$	(20,243)					(6)		%
Provision for credit losses						7,685						2,564						5,121						200		%
Compensation and employee benefits						61,964						53,949						8,015						15		%
Other noninterest expense						57,192						63,171						(5,979)						(9)		%
Total noninterest expense						119,156						117,120						2,036						2		%
Segment income before income taxes						175,177						202,577						(27,400)						(14)		%
Income tax expense						52,089						59,877						(7,788)						(13)		%
Segment net income						$	123,088					$	142,700					$	(19,612)					(14)		%
Average loans						$	19,762,287					$	18,615,350					$	1,146,937					6		%
Average deposits						$	32,326,906					$	29,306,788					$	3,020,118					10		%

Consumer and Business Banking segment net income decreased $20 million or 14% year-over-year to $123 million for the first quarter of 2025, primarily driven by a $27 million decrease in net interest income and an $8 million increase in compensation and employee benefits, partially offset by a $7 million increase in noninterest income and a $6 million decrease in other noninterest expense. The decrease in net interest income was primarily due to the year-over-year decrease in interest rates. The noninterest income increase was primarily due to increases in wealth management and foreign exchange fees earned. The compensation and employee benefits increase was primarily due to staffing growth and increased wealth management commissions. The decrease in other noninterest expense was primarily driven by decreased deposit insurance premiums and regulatory assessments, from lower FDIC charges, and decreased corporate overhead allocated expenses.

Commercial Banking

The Commercial Banking segment primarily generates domestic 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.

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The following table presents financial information for the Commercial Banking segment for the periods indicated:

						Three Months Ended March 31,
																		Change from 2024
($ in thousands)						2025						2024						$						%
Total revenue before provision for credit losses						$	306,580					$	333,855					$	(27,275)					(8)		%
Provision for credit losses						40,779						22,907						17,872						78		%
Compensation and employee benefits						61,187						61,459						(272)						0		%
Other noninterest expense						42,318						44,354						(2,036)						(5)		%
Total noninterest expense						103,505						105,813						(2,308)						(2)		%
Segment income before income taxes						162,296						205,135						(42,839)						(21)		%
Income tax expense						48,271						60,492						(12,221)						(20)		%
Segment net income						$	114,025					$	144,643					$	(30,618)					(21)		%
Average loans						$	33,211,037					$	32,881,346					$	329,691					1		%
Average deposits						$	26,131,654					$	25,163,151					$	968,503					4		%

Commercial Banking segment net income decreased $31 million or 21% year-over-year to $114 million for the first quarter of 2025, primarily driven by a $36 million decrease in net interest income and an $18 million increase in provision for credit losses, partially offset by an $8 million increase in noninterest income. The net interest income decrease was primarily driven by a decrease in interest income on loans due to the year-over-year decline in interest rates, while the noninterest income increase was primarily due to increases in lending and loan servicing, foreign exchange and deposit-related fees earned. The increase in provision for credit losses was primarily driven by C&I loan growth and the worsening macro-economic outlook.

Treasury and Other

Centralized functions, including the corporate treasury activities of the Company, eliminations of inter-segment amounts, and centrally managed departments, have been aggregated and included in the Treasury and Other segment. Tax credit investment amortization is recorded in the Treasury and Other segment.

The following table presents financial information for the Treasury and Other segment for the periods indicated:

						Three Months Ended March 31,
																		Change from 2024
($ in thousands)						2025						2024						$						%
Total revenue (loss) before provision for credit losses						$	83,705					$	(12,490)					$	96,195					NM
Provision for (reversal of) credit losses						536						(471)						1,007						NM
Compensation and employee benefits						23,284						26,404						(3,120)						(12)		%
Other noninterest expense (income)						6,203						(2,963)						9,166						NM
Total noninterest expense						29,487						23,441						6,046						26		%
Segment income (loss) before income taxes						53,682						(35,460)						89,142						NM
Income tax expense (benefit)						525						(33,192)						33,717						NM
Segment net income						$	53,157					$	(2,268)					$	55,425					NM
Average loans						$	364,387					$	428,144					$	(63,757)					(15)		%
Average deposits						$	4,179,022					$	2,972,464					$	1,206,558					41		%

NM — Not meaningful.

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The Treasury and Other segment income before income taxes increased $89 million for the first quarter of 2025, compared with the first quarter of 2024, primarily driven by a $98 million increase in net interest income and a $3 million decrease in compensation and employee benefits, partially offset by a $9 million increase in other noninterest expense. The net interest income increase was mainly driven by higher interest income from AFS debt securities due to higher average balances and yields, and higher loan interest income. The increase in other noninterest expense was primarily driven by higher corporate overhead expenses and amortization of tax credit and CRA investments.

Income tax expense is allocated to the Consumer and Business Banking and the Commercial Banking segments by applying statutory income tax rates to the respective segment income before income taxes. 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.

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 generally intend to sell or trade 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.

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The following table presents the distribution of the Company’s AFS and HTM debt securities portfolio as of March 31, 2025 and December 31, 2024, and by credit ratings as of March 31, 2025:

						March 31, 2025																		December 31, 2024																														Ratings as of March 31, 2025 (1)
($ in thousands)						Amortized Cost						Fair Value									% of Fair Value						Amortized Cost						Fair Value									% of Fair Value																		AAA/AA						A						BBB						BB and Lower						No Rating (2)
AFS debt securities:
U.S. Treasury securities						$	961,291					$	930,981								8		%				$	676,300					$	638,265								6		%																100		%				—		%				—		%				—		%				—		%
U.S. government agency and U.S. government-sponsored enterprise debt securities						306,428						268,406									2		%				308,220						262,587									3		%																100		%				—		%				—		%				—		%				—		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3)						9,660,357						9,424,112									76		%				8,447,303						8,164,474									75		%																100		%				—		%				—		%				—		%				—		%
Municipal securities						286,374						245,854									2		%				287,301						250,153									2		%																99		%				—		%				—		%				—		%				1		%
Non-agency mortgage-backed securities						771,323						666,668									6		%				808,762						692,078									6		%																94		%				—		%				1		%				1		%				4		%
Corporate debt securities						653,500						536,542									4		%				653,500						526,166									5		%																—		%				31		%				66		%				3		%				—		%
Foreign government bonds						244,459						234,191									2		%				244,803						233,880									2		%																46		%				54		%				—		%				—		%				—		%
Asset-backed securities						34,237						33,735									0		%				35,086						34,715									0		%																29		%				45		%				26		%				—		%				—		%
Collateralized loan obligations						44,500						44,423									0		%				44,500						44,493									1		%																100		%				—		%				—		%				—		%				—		%
Total AFS debt securities						$	12,962,469					$	12,384,912								100		%				$	11,505,775					$	10,846,811								100		%																94		%				3		%				3		%				0		%				0		%
HTM debt securities:
U.S. Treasury securities						$	536,459					$	508,613								21		%				$	535,080					$	499,858								21		%																100		%				—		%				—		%				—		%				—		%
U.S. government agency and U.S. government-sponsored enterprise debt securities						1,005,347						831,356									34		%				1,004,479						804,220									34		%																100		%				—		%				—		%				—		%				—		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (4)						1,176,315						956,650									39		%				1,190,221						943,134									39		%																100		%				—		%				—		%				—		%				—		%
Municipal securities						187,220						138,673									6		%				187,633						140,542									6		%																100		%				—		%				—		%				—		%				—		%
Total HTM debt securities						$	2,905,341					$	2,435,292								100		%				$	2,917,413					$	2,387,754								100		%																100		%				—		%				—		%				—		%				—		%
Total debt securities						$	15,867,810					$	14,820,204														$	14,423,188					$	13,234,565

(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”). Investment grade debt securities are those with ratings similar to BBB- or above (as defined by NRSROs), and 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 $8.6 billion of amortized cost and $8.5 billion of fair value as of March 31, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024.

(4)Includes GNMA HTM debt securities totaling $84 million of amortized cost and $68 million of fair value as of March 31, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024.

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As of March 31, 2025, 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 2.3 and 6.8, respectively, compared with 2.4 and 7.0, respectively, as of December 31, 2024. The decrease in the AFS debt securities’ effective duration was primarily due to a downward shift in the yield curve. The decrease in the HTM debt securities’ effective duration was due to the downward shift in the yield curve and 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 1.9 for an instantaneous 100 bp parallel decrease as of March 31, 2025.

Available-for-Sale Debt Securities

AFS debt securities increased $1.5 billion or 14% from December 31, 2024 to $12.4 billion primarily due to the purchases of GNMA securities. 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 $578 million as of March 31, 2025, compared with $659 million as of December 31, 2024.

Of the AFS debt securities with gross unrealized losses, substantially all were rated investment grade as of both March 31, 2025 and December 31, 2024. There was no allowance for credit losses provided against the AFS debt securities as of both March 31, 2025 and December 31, 2024. Additionally, there were no credit losses recognized in earnings for the three months ended March 31, 2025 and 2024.

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 March 31, 2025 and December 31, 2024.

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 2024 Form 10-K and Note 2 — Fair Value Measurement and Fair Value of Financial Instruments and Note 4 — 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. The composition of the loan portfolio as of March 31, 2025 was similar to the composition as of December 31, 2024.

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The following table presents the composition of the Company’s total loan portfolio by loan type as of March 31, 2025 and December 31, 2024:

						March 31, 2025												December 31, 2024
($ in thousands)						Amount						%						Amount						%
Commercial:
C&I						$	17,460,744					32		%				$	17,397,158					32		%
CRE:
CRE						14,868,361						28		%				14,655,340						28		%
Multifamily residential						5,007,969						9		%				4,953,442						9		%
Construction and land						653,630						1		%				666,162						1		%
Total CRE						20,529,960						38		%				20,274,944						38		%
Total commercial						37,990,704						70		%				37,672,102						70		%
Consumer:
Residential mortgage:
Single-family residential						14,383,562						27		%				14,175,446						27		%
HELOCs						1,827,837						3		%				1,811,628						3		%
Total residential mortgage						16,211,399						30		%				15,987,074						30		%
Other consumer						50,631						0		%				67,461						0		%
Total consumer						16,262,030						30		%				16,054,535						30		%
Total loans held-for-investment (1)						54,252,734						100		%				53,726,637						100		%
Allowance for loan losses						(734,856)												(702,052)
Total loans, net						$	53,517,878											$	53,024,585

(1)Includes $36 million and $46 million of net deferred loan fees and net unamortized premiums as of March 31, 2025 and December 31, 2024, respectively.

Commercial

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 $26.0 billion and $25.8 billion as of March 31, 2025 and December 31, 2024, respectively, with a utilization rate of 67% as of both dates. As of March 31, 2025, total C&I loans were $17.5 billion, up $64 million or 0.4% from December 31, 2024. 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 $956 million and $845 million as of March 31, 2025 and December 31, 2024, respectively. The majority of the C&I loans had variable interest rates as of both March 31, 2025 and December 31, 2024.

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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 March 31, 2025 and December 31, 2024:

						March 31, 2025																		December 31, 2024
($ in thousands)						Amount						%												Amount						%
Industry:
Real estate investment & management						$	2,398,298					14		%										$	2,381,186					14		%
Capital call lending						2,179,836						12		%										2,230,457						13		%
Media & entertainment						2,046,075						12		%										2,031,242						12		%
Manufacturing & wholesale						1,139,530						7		%										1,074,073						6		%
Financial services						1,075,392						6		%										1,005,216						6		%
Infrastructure & clean energy						995,222						6		%										963,165						6		%
Tech & telecom						734,502						4		%										770,521						4		%
Food production & distribution						730,123						4		%										664,135						4		%
Healthcare services						688,535						4		%										685,549						4		%
Hospitality & leisure						564,034						3		%										575,815						3		%
Art finance						538,367						3		%										548,065						3		%
Oil & gas						496,124						3		%										576,605						3		%
Other						3,874,706						22		%										3,891,129						22		%
Total C&I						$	17,460,744					100		%										$	17,397,158					100		%

Commercial — Total Commercial Real Estate Loans. 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 March 31, 2025 and December 31, 2024. The following table summarizes the Company’s total CRE loans by property type as of March 31, 2025 and December 31, 2024:

						March 31, 2025												December 31, 2024
($ in thousands)						Amount						%						Amount						%
Property types:
Multifamily						$	5,007,969					24		%				$	4,953,442					24		%
Retail						4,396,265						21		%				4,347,032						21		%
Industrial						4,063,749						20		%				3,972,389						20		%
Hotel						2,373,667						12		%				2,404,385						12		%
Office						2,144,715						11		%				2,125,210						11		%
Healthcare						813,862						4		%				788,806						4		%
Construction and land						653,630						3		%				666,162						3		%
Other						1,076,103						5		%				1,017,518						5		%
Total CRE loans						$	20,529,960					100		%				$	20,274,944					100		%

The weighted-average LTV ratio of the total CRE loan portfolio was 49% and 50% as of March 31, 2025 and December 31, 2024, respectively. Weighted-average LTV is based on the most recent LTV, which considers the latest available appraisal and current loan commitment. Approximately 92% and 91% of total CRE loan commitments had an LTV ratio of 65% or lower as of March 31, 2025 and December 31, 2024, respectively.

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The following tables provide a summary of the Company’s CRE, multifamily residential, and construction and land loans by geography as of March 31, 2025 and December 31, 2024. The distribution of the total CRE loan portfolio largely reflects the Company’s geographical branch footprint, which is primarily concentrated in California.

						March 31, 2025
($ in thousands)						CRE						%						Multifamily Residential						%						Construction and Land						%						Total CRE						%
Geographic markets:
Southern California						$	7,585,911					51		%				$	2,298,354					46		%				$	247,853					38		%				$	10,132,118					49		%
Northern California						2,778,981						19		%				982,179						20		%				166,987						25		%				3,928,147						19		%
California						10,364,892						70		%				3,280,533						66		%				414,840						63		%				14,060,265						68		%
Texas						1,181,561						8		%				475,942						10		%				112,836						17		%				1,770,339						9		%
New York						732,097						5		%				266,939						5		%				25,107						4		%				1,024,143						5		%
Washington						493,559						3		%				157,989						3		%				10,336						2		%				661,884						3		%
Arizona						339,187						2		%				191,774						4		%				27,584						4		%				558,545						3		%
Nevada						297,445						2		%				169,334						3		%				—						—		%				466,779						2		%
Other markets						1,459,620						10		%				465,458						9		%				62,927						10		%				1,988,005						10		%
Total loans						$	14,868,361					100		%				$	5,007,969					100		%				$	653,630					100		%				$	20,529,960					100		%

						December 31, 2024
($ in thousands)						CRE						%						Multifamily Residential						%						Construction and Land						%						Total CRE						%
Geographic markets:
Southern California						$	7,516,638					51		%				$	2,316,404					47		%				$	230,297					35		%				$	10,063,339					50		%
Northern California						2,693,768						19		%				992,406						20		%				163,633						24		%				3,849,807						19		%
California						10,210,406						70		%				3,308,810						67		%				393,930						59		%				13,913,146						69		%
Texas						1,091,626						8		%				467,796						9		%				131,963						20		%				1,691,385						8		%
New York						732,694						5		%				249,357						5		%				44,597						7		%				1,026,648						5		%
Washington						493,972						3		%				155,022						3		%				10,401						1		%				659,395						3		%
Arizona						348,877						2		%				182,955						4		%				23,903						4		%				555,735						3		%
Nevada						293,927						2		%				139,292						3		%				—						—		%				433,219						2		%
Other markets						1,483,838						10		%				450,210						9		%				61,368						9		%				1,995,416						10		%
Total loans						$	14,655,340					100		%				$	4,953,442					100		%				$	666,162					100		%				$	20,274,944					100		%

The percentage of total CRE loans located in California was 68% and 69%, as of March 31, 2025 and December 31, 2024, respectively. 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 and Risks Related to Financial Matters to the Company’s 2024 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. 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 March 31, 2025 and December 31, 2024. 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.

Interest rates on CRE loans may be fixed, variable or hybrid. The Company offers hedging products to our customers to manage their interest rate risks. As of both March 31, 2025 and December 31, 2024, of the 57% of our CRE portfolio that had variable rates, 54% had customer-level interest rate derivative contracts in place.

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Commercial — Multifamily Residential Loans. The multifamily residential loan portfolio is largely comprised of loans secured by residential properties with five or more units. 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. The Company also offers hedging products to our customers to manage their interest rate risks. As of March 31, 2025, of the 49% of our multifamily residential portfolio that had variable rates, 50% had customer-level interest rate derivative contracts in place. As of December 31, 2024, of the 50% of our multifamily residential portfolio that had variable rates, 44% had customer-level interest rate derivative contracts in place.

Commercial — Construction and Land Loans. Construction and land loans provide financing for a portfolio of projects diversified by real estate property type. Construction loan exposure was comprised of $502 million in loans outstanding, and $345 million in unfunded commitments as of March 31, 2025, compared with $506 million in loans outstanding, and $391 million in unfunded commitments as of December 31, 2024. Land loans totaled $152 million and $160 million as of March 31, 2025 and December 31, 2024, respectively.

Consumer

Residential mortgage loans are primarily originated through the Bank’s branch network. The average total residential mortgage loan size was $438 thousand and $437 thousand as of March 31, 2025 and December 31, 2024, respectively. The following tables summarize the Company’s single-family residential and HELOC loan portfolios by geography as of March 31, 2025 and December 31, 2024:

						March 31, 2025
($ in thousands)						Single-Family Residential						%						HELOCs						%						Total Residential Mortgage						%
Geographic markets:
Southern California						$	5,659,170					39		%				$	857,714					47		%				$	6,516,884					40		%
Northern California						1,859,603						13		%				382,754						21		%				2,242,357						14		%
California						7,518,773						52		%				1,240,468						68		%				8,759,241						54		%
New York						4,244,034						30		%				279,381						15		%				4,523,415						28		%
Washington						732,111						5		%				182,000						10		%				914,111						6		%
Massachusetts						463,383						3		%				62,664						4		%				526,047						3		%
Georgia						473,904						3		%				21,400						1		%				495,304						3		%
Nevada						457,706						3		%				36,390						2		%				494,096						3		%
Texas						479,479						4		%				—						—		%				479,479						3		%
Other markets						14,172						0		%				5,534						0		%				19,706						0		%
Total						$	14,383,562					100		%				$	1,827,837					100		%				$	16,211,399					100		%
Lien priority:
First mortgage						$	14,383,562					100		%				$	1,329,824					73		%				$	15,713,386					97		%
Junior lien mortgage						—						—		%				498,013						27		%				498,013						3		%
Total						$	14,383,562					100		%				$	1,827,837					100		%				$	16,211,399					100		%

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						December 31, 2024
($ in thousands)						Single-Family Residential						%						HELOCs						%						Total Residential Mortgage						%
Geographic markets:
Southern California						$	5,475,929					39		%				$	853,858					47		%				$	6,329,787					39		%
Northern California						1,825,462						13		%				379,692						21		%				2,205,154						14		%
California						7,301,391						52		%				1,233,550						68		%				8,534,941						53		%
New York						4,303,815						31		%				266,529						15		%				4,570,344						29		%
Washington						715,968						5		%				187,220						10		%				903,188						6		%
Massachusetts						457,147						3		%				66,181						4		%				523,328						3		%
Georgia						466,790						3		%				20,040						1		%				486,830						3		%
Nevada						447,097						3		%				32,578						2		%				479,675						3		%
Texas						468,461						3		%				—						—		%				468,461						3		%
Other markets						14,777						0		%				5,530						0		%				20,307						0		%
Total						$	14,175,446					100		%				$	1,811,628					100		%				$	15,987,074					100		%
Lien priority:
First mortgage						$	14,175,446					100		%				$	1,322,957					73		%				$	15,498,403					97		%
Junior lien mortgage						—						—		%				488,671						27		%				488,671						3		%
Total						$	14,175,446					100		%				$	1,811,628					100		%				$	15,987,074					100		%

Consumer — Single-Family Residential Loans. 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. The Company was in a first lien position in all of its single-family residential loans as of both March 31, 2025 and December 31, 2024. 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% as of both March 31, 2025 and December 31, 2024. These loans have historically experienced low delinquency and loss rates.

Consumer — Home Equity Lines of Credit. Total HELOC commitments were $5.3 billion with a utilization rate of 34% as of both March 31, 2025 and December 31, 2024. Substantially all of the Company’s unfunded HELOC commitments are unconditionally cancellable. The Company was in a first lien position for 73% of total outstanding HELOCs as of both March 31, 2025 and December 31, 2024. Many of these loans are reduced documentation loans, which have a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 46% as of both March 31, 2025 and December 31, 2024. 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 March 31, 2025 and December 31, 2024.

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.

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Foreign Outstandings

The Company’s international branches, which include the branch in Hong Kong and the subsidiary bank’s branches in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties, and foreign currency exchange rate risks. The following table presents the major financial assets held in the Company’s international branches as of March 31, 2025 and December 31, 2024:

						March 31, 2025												December 31, 2024
($ in thousands)						Amount						% of Total Consolidated Assets						Amount						% of Total Consolidated Assets
Hong Kong branch:
Cash and cash equivalents						$	752,879					1		%				$	730,227					1		%
AFS debt securities (1)						$	741,528					1		%				$	752,840					1		%
Loans held-for-investment (2)						$	964,130					1		%				$	968,973					1		%
Total assets						$	2,465,208					3		%				$	2,474,447					3		%
China Subsidiary Bank Branches:
Cash and cash equivalents						$	652,847					1		%				$	656,971					1		%
AFS debt securities (3)						$	126,572					0		%				$	127,582					0		%
Loans held-for-investment (2)						$	1,172,225					2		%				$	1,141,444					2		%
Total assets						$	1,977,880					3		%				$	1,971,922					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 March 31, 2025 and December 31, 2024.

(2)Primarily comprised of C&I loans as of both March 31, 2025 and December 31, 2024.

(3)Comprised of foreign government bonds as of both March 31, 2025 and December 31, 2024.

The following table presents the total revenue generated by the Company’s international branches for the first quarters of 2025 and 2024:

						Three Months Ended March 31,
						2025												2024
($ in thousands)						Amount						% of Total Consolidated Revenue						Amount						% of Total Consolidated Revenue
Hong Kong Branch:
Total revenue						$	17,813					3		%				$	18,093					3		%
China Subsidiary Bank Branches:
Total revenue						$	7,752					1		%				$	7,444					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.

The Company’s stockholders’ equity as of March 31, 2025 increased $206 million or 3% to $7.9 billion from December 31, 2024. The increase was primarily due to $290 million of net income and $90 million of other comprehensive income, partially offset by $85 million of common stock repurchases and $84 million of cash dividends declared. 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.

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On March 3, 2020, the Company’s Board of Directors authorized the repurchase of $500 million of East West common stock. On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to an additional $300 million of East West common stock, which will remain valid until December 31, 2026. The Company repurchased $85 million and $82 million of East West common stock in the first quarters of 2025 and 2024, respectively.

The Company paid a quarterly common stock cash dividend of $0.60 and $0.55 per share during the first quarters of 2025 and 2024, respectively. In April 2025, the Company’s Board of Directors declared a second quarter 2025 cash dividend of $0.60 per share. The dividend is payable on May 16, 2025, to stockholders of record as of May 2, 2025.

Deposits

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. The following table summarizes the Company’s deposits by product type as of March 31, 2025 and December 31, 2024:

						March 31, 2025												December 31, 2024												Change
($ in thousands)						Amount						%						Amount						%						$						%
Deposits by product:
Noninterest-bearing demand						$	15,169,775					24		%				$	15,450,428					24		%				$	(280,653)					(2)		%
Interest-bearing checking						7,591,847						12		%				7,940,692						13		%				(348,845)						(4)		%
Money market						14,885,732						24		%				14,816,511						23		%				69,221						0		%
Savings						1,740,044						3		%				1,751,620						3		%				(11,576)						(1)		%
Time deposits						23,664,707						37		%				23,215,772						37		%				448,935						2		%
Total deposits						$	63,052,105					100		%				$	63,175,023					100		%				$	(122,918)					0		%

The Company’s strategy is to grow and retain relationship-based deposits to provide a stable and low-cost source of funding and liquidity. 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. Total deposits of $63.1 billion as of March 31, 2025 decreased $123 million from December 31, 2024, primarily due to decreases in interest-bearing checking and noninterest-bearing demand deposits, partially offset by an increase in time deposits.

The following table provides a breakdown of the Company’s deposits by segment and region as of March 31, 2025 and December 31, 2024:

																		Change
($ in thousands)						March 31, 2025						December 31, 2024						$						%
Deposits by segment/region:
Consumer and Business Banking - U.S. (1)						$	33,023,739					$	32,832,926					$	190,813					1		%
Commercial Banking - U.S. (1)						22,571,582						23,405,769						(834,187)						(4)		%
International Branches (2)						3,524,223						3,412,262						111,961						3		%
Treasury and Other - U.S. (3)						3,932,561						3,524,066						408,495						12		%
Total deposits						$	63,052,105					$	63,175,023					$	(122,918)					0		%

(1)Excludes deposits presented under International Branches.

(2)Deposits of our Hong Kong branch and China subsidiary bank branches, 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.

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Customer deposit accounts in the U.S. branches are insured by the FDIC for up to $250,000 per depositor, per ownership category. Management believes that presenting uninsured domestic deposits 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 March 31, 2025 and December 31, 2024, after certain adjustments:

($ in thousands)									March 31, 2025						December 31, 2024
Uninsured deposits, per regulatory requirements (1)									$	31,046,058					$	32,767,680
Less: Collateralized deposits									(4,596,951)						(4,781,377)
Affiliate deposits									(124,741)						(485,824)
Uninsured deposits, excluding collateralized and affiliate deposits			(a)						$	26,324,366					$	27,500,479
Total domestic deposits per Call Report			(b)						$	59,745,101					$	60,326,394
Uninsured deposits, excluding collateralized and affiliate deposits, ratio			(a)/(b)						44		%				46		%

(1)Uninsured deposits, per regulatory requirements, represent the portion of deposit accounts in U.S. branches that exceed the FDIC insurance limit as reported on Schedule RC-OM item 2 of the Bank’s Call Report.

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.

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 2024 Form 10-K for additional details.

The Current Expected Credit Losses (“CECL”) transition provision 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. The Company elected the CECL transition provision and the phase-in option. Our capital ratios as of December 31, 2024 include a delay of 25% of the estimated impact of CECL on regulatory capital. The CECL transition was no longer in effect as of March 31, 2025.

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The following table presents the Company’s and the Bank’s capital ratios as of March 31, 2025 and December 31, 2024 under the Basel III Capital Rules, and those required by regulatory agencies for capital adequacy and well-capitalized classification purposes:

						Basel III Capital Rules
						March 31, 2025												December 31, 2024
						Company						Bank						Company						Bank						Minimum Regulatory Requirements						Minimum Regulatory Requirements including Capital Conservation Buffer						Well-Capitalized Requirements
Risk-based capital ratios:
Common Equity Tier 1 (“CET1”) capital (1)						14.3		%				13.6		%				14.3		%				13.4		%				4.5		%				7.0		%				6.5		%
Tier 1 capital (2)						14.3		%				13.6		%				14.3		%				13.4		%				6.0		%				8.5		%				8.0		%
Total capital						15.6		%				14.8		%				15.6		%				14.7		%				8.0		%				10.5		%				10.0		%
Tier 1 leverage (1)						10.5		%				9.9		%				10.4		%				9.8		%				4.0		%				4.0		%				5.0		%

(1)CET1 capital and Tier 1 leverage well-capitalized requirements apply to the Bank only. There are no well-capitalized requirements on CET1 capital ratio or Tier 1 leverage ratio for bank holding companies.

(2)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 March 31, 2025 and December 31, 2024, 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 increased $424 million to $55.4 billion from December 31, 2024. The increase in the risk-weighted assets was mainly due to loan growth.

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

The Risk Oversight Committee (“ROC”) of the Board of Directors monitors the ERM program through such identified enterprise 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.

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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 revenue generating, operational and support units. The second line of defense is comprised of risk management and control functions that provide independent risk oversight of first line activities and report to the Chief Risk Officer. The Chief Risk Officer reports to both the ROC and the Chief Executive Officer. 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 in connection with the ERM function, also evaluates and reports the overall credit risk exposure to senior management and the ROC, including concentration limits and key risk indicators. Reporting directly to the Board’s Audit Committee, the IAR function provides additional validation support to the Company’s robust credit risk management culture by performing an independent and objective assessment of underwriting and documentation quality, and serves as an assurance function for the risk rating of the Company’s loan portfolios. 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.

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 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

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The following table presents the Company’s criticized loans as of March 31, 2025 and December 31, 2024:

																		Change
($ in thousands)						March 31, 2025						December 31, 2024						$						%
Criticized loans:
Special mention loans						$	494,444					$	447,290					$	47,154					11		%
Classified loans (1)						750,570						725,863						24,707						3		%
Total criticized loans						$	1,245,014					$	1,173,153					$	71,861					6		%
Special mention loans to loans held-for-investment						0.91		%				0.83		%
Classified loans to loans held-for-investment						1.38		%				1.35		%
Criticized loans to loans held-for-investment						2.29		%				2.18		%

(1)Consists of substandard, doubtful and loss categories.

Criticized loans increased $72 million or 6%, to $1.2 billion during the first quarter of 2025, primarily driven by higher criticized CRE loans, partially offset by lower criticized C&I 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.

The following table presents nonperforming assets information as of March 31, 2025 and December 31, 2024:

																		Change
($ in thousands)						March 31, 2025						December 31, 2024						$						%
Commercial:
C&I						$	75,579					$	86,165					$	(10,586)					(12)		%
CRE:
CRE						5,554						2,430						3,124						129		%
Multifamily residential						4,554						4,572						(18)						0		%
Construction and land						—						11,316						(11,316)						(100)		%
Total CRE						10,108						18,318						(8,210)						(45)		%
Consumer:
Residential mortgage:
Single-family residential						42,166						32,423						9,743						30		%
HELOCs						25,250						22,046						3,204						15		%
Total residential mortgage						67,416						54,469						12,947						24		%
Other consumer						97						66						31						47		%
Total nonaccrual loans						153,200						159,018						(5,818)						(4)		%
OREO, net						29,003						35,077						(6,074)						(17)		%
Total nonperforming assets						$	182,203					$	194,095					$	(11,892)					(6)		%
Nonperforming assets to total assets						0.24		%				0.26		%
Nonaccrual loans to loans held-for-investment						0.28		%				0.30		%
Allowance for loan losses to nonaccrual loans						479.67		%				441.49		%

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Loans are generally placed on nonaccrual status at the earlier of 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 2024 Form 10-K.

Nonaccrual loans of $153 million as of March 31, 2025 decreased $6 million or 4% from December 31, 2024, primarily driven by paydowns and charge-offs of commercial nonaccrual loans and the sale of a construction nonaccrual loan. As of March 31, 2025, $37 million or 24% of nonaccrual loans were less than 90 days delinquent. In comparison, $49 million or 31% of nonaccrual loans were less than 90 days delinquent as of December 31, 2024.

The following table presents the accruing loans past due by portfolio segment as of March 31, 2025 and December 31, 2024:

												Total Accruing Past Due Loans (1)												Change												Percentage of Total Loans Outstanding
($ in thousands)												March 31, 2025						December 31, 2024						$						%						March 31, 2025						December 31, 2024
Commercial:
C&I												$	25,653					$	22,855					$	2,798					12		%				0.15		%				0.13		%
CRE:
CRE												1						5,640						(5,639)						(100)		%				0.00		%				0.04		%
Multifamily residential												1,407						931						476						51		%				0.03		%				0.02		%
Construction and land												—						927						(927)						(100)		%				—		%				0.14		%
Total CRE												1,408						7,498						(6,090)						(81)		%				0.01		%				0.04		%
Total commercial												27,061						30,353						(3,292)						(11)		%				0.07		%				0.08		%
Consumer:
Residential mortgage:
Single-family residential												64,554						54,937						9,617						18		%				0.45		%				0.39		%
HELOCs												30,275						19,364						10,911						56		%				1.66		%				1.07		%
Total residential mortgage												94,829						74,301						20,528						28		%				0.58		%				0.46		%
Other consumer												1,961						107						1,854						NM						3.87		%				0.16		%
Total consumer												96,790						74,408						22,382						30		%				0.60		%				0.46		%
Total												$	123,851					$	104,761					$	19,090					18		%				0.23		%				0.19		%

NM — Not meaningful.

(1)There were no accruing loans past due 90 days or more as of both March 31, 2025 and December 31, 2024.

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 2024 Form 10-K, and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

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The following table presents an allocation of the allowance for loan losses by loan portfolio segments and unfunded credit commitments as of March 31, 2025 and December 31, 2024:

						March 31, 2025												December 31, 2024
($ in thousands)						Allowance Allocation						% of Loan Type to Total Loans						Allowance Allocation						% of Loan Type to Total Loans
Allowance for loan losses
Commercial:
C&I						$	421,288					32		%				$	384,319					32		%
CRE:
CRE						212,899						28		%				218,677						28		%
Multifamily residential						32,324						9		%				32,117						9		%
Construction and land						15,199						1		%				17,497						1		%
Total CRE						260,422						38		%				268,291						38		%
Total commercial						681,710						70		%				652,610						70		%
Consumer:
Residential mortgage:
Single-family residential						46,929						27		%				44,816						27		%
HELOCs						4,879						3		%				3,132						3		%
Total residential mortgage						51,808						30		%				47,948						30		%
Other consumer						1,338						0		%				1,494						0		%
Total consumer						53,146						30		%				49,442						30		%
Total allowance for loan losses						$	734,856					100		%				$	702,052					100		%
Allowance for unfunded credit commitments						$	40,464											$	39,526
Total allowance for credit losses						$	775,320											$	741,578
Loans held-for-investment						$	54,252,734											$	53,726,637
Allowance for loan losses to loans held-for-investment						1.35		%										1.31		%
						Three Months Ended March 31,
						2025												2024
Average loans held-for-investment						$	53,337,711											$	51,924,317
Net charge-offs						$	15,281											$	22,577
Annualized net charge-offs to average loans held-for-investment						0.12								%				0.17								%

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.

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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 utilizes early-warning indicators that will be monitored to provide timely detection of adverse liquidity situations and enable management to promptly respond. The Contingency Funding Plan describes the procedures, roles and responsibilities, and communication protocols for managing any identified emerging 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 indicators are triggered, management will evaluate the severity of the emerging liquidity problem and exercise appropriate management actions to address any liquidity and funding shortfalls.

Liquidity Sources — Deposits. 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 $63.1 billion as of March 31, 2025, compared with $63.2 billion as of December 31, 2024. The Company’s loan-to-deposit ratio was 86% as of March 31, 2025, compared with 85% as of December 31, 2024. See Item 2 — MD&A — Balance Sheet Analysis — Deposits in this Form 10-Q for further details related to the Company’s deposits.

Other Liquidity Sources. 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.

Sources of funding included $3.5 billion of FHLB advances as of both March 31, 2025 and December 31, 2024. FHLB advances as of March 31, 2025 had fixed and floating interest rates ranging from 3.87% to 4.58% with remaining maturities between one month and 1.8 years. In addition, the Company had $270 million in overnight gross repurchase agreements with unrelated counterparties as of March 31, 2025. The Company did not have any repurchase agreements as of December 31, 2024. For additional details, refer to Note 3 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements in this Form 10-Q. The Company also held long-term debt of $32 million in the form of junior subordinated debt as of both March 31, 2025 and December 31, 2024, which qualifies as Tier 2 capital for regulatory capital purposes. Refer to Note 9 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q for additional information on the junior subordinated debt.

Unencumbered loans and/or debt securities are 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. The Company operated below its established risk limits for liquidity measures as of March 31, 2025. Accordingly, the Company believes the cash and cash equivalents, and available collateralized borrowing capacity described below provide sufficient liquidity above its expected cash needs.

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The Company maintains its liquidity in the form of cash and cash equivalents and borrowing capacity with eligible loans and debt securities pledged as collateral. The following table presents the Company’s total available liquidity as of March 31, 2025 and December 31, 2024:

																		Change
($ in thousands)						March 31, 2025						December 31, 2024						$						%
Cash and cash equivalents						$	3,448,284					$	5,250,742					$	(1,802,458)					(34)		%
Interest-bearing deposits with banks						32,788						48,198						(15,410)						(32)		%
Unused secured borrowing capacity from:
FHLB						10,337,616						9,928,152						409,464						4		%
FRB (1)						13,226,882						12,383,005						843,877						7		%
Unpledged securities						9,018,423						7,819,531						1,198,892						15		%
Total available liquidity						$	36,063,993					$	35,429,628					$	634,365					2		%

(1)The Company had no outstanding borrowings with the FRB as of March 31, 2025 and December 31, 2024.

The Company’s total available liquidity increased to $36.1 billion as of March 31, 2025, compared with $35.4 billion as of December 31, 2024. The increase in borrowing capacity was primarily due to an increase in securities available to be pledged and loans pledged.

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 2024 Form 10-K, and Note 7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net and Note 9 — Federal Home Loan Bank Advances 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. A portion of these commitments are expected to expire unused or only partially used, therefore the total commitment amounts do not necessarily represent future cash requirements. The Company does not expect the total commitment amounts as of March 31, 2025 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 10 — 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 three months ended March 31, 2025 and 2024. 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 2024 Form 10-K. East West held $359 million and $395 million in on-hand liquidity as of March 31, 2025 and December 31, 2024, respectively. On-hand liquidity generally comprises cash and cash equivalents due from banks, and short-term AFS securities that mature within 30 days. Management believes that East West has sufficient liquidity to meet the projected cash obligations for the coming year.

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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 March 31, 2025, 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 2024 Form 10-K.

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 2024 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.

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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 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 are derived from a regression analysis of the Company’s historical deposit data.

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, which defines the sensitivity of deposit rates to changes in the effective federal funds rate, is a key parameter of the deposit rate forecast. The Company assumed a weighted-average beta of 55% for total deposits for both March 31, 2025 and December 31, 2024.

As loan and debt 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 captures 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.

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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 March 31, 2025 and December 31, 2024, 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)						March 31, 2025						December 31, 2024
+200						4.2		%				4.7		%
+100						3.2		%				3.5		%
-100						(3.7)		%				(4.0)		%
-200						(6.5)		%				(7.4)		%

(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.

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, the net interest income volatility expressed in relation to base-case net interest income decreased in both rising and decreasing rate scenarios as of March 31, 2025. 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)						March 31, 2025						December 31, 2024
+200 Rate ramp						3.4		%				4.3		%
+100 Rate ramp						1.9		%				2.3		%
-100 Rate ramp						(1.9)		%				(2.4)		%
-200 Rate ramp						(3.3)		%				(4.6)		%

As of March 31, 2025, 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 March 31, 2025, the Company designated interest rate contracts with a notional amount of $4.3 billion as cash flow hedges, which reduced net interest income volatility by approximately 1.41% of the base net interest income for every 100 bp change in interest rate.

A portion of the Company’s interest-bearing 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 present value of the bank’s assets and liabilities due to changes in interest rates.

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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.

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 March 31, 2025 and December 31, 2024.

						Economic Value of Equity Volatility (1)
Change in Interest Rates (in bps)						March 31, 2025						December 31, 2024
+200						(12.4)		%				(12.5)		%
+100						(5.4)		%				(5.2)		%
-100						4.9		%				4.6		%
-200						10.0		%				9.5		%

(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 March 31, 2025, 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 contracts to hedge the variability in interest received on certain floating-rate commercial loans. 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.

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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 clearing organizations 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 valuation 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 March 31, 2025, 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 risk as of March 31, 2025 and December 31, 2024: 

						March 31, 2025
																								Weighted Average
($ in thousands)						Notional Amount						Fair Value Assets						Fair Value Liabilities						Fixed Rate						Floating Rate			(1)			Remaining Term (In months)
Cash flow hedges
Derivative Contracts Hedging Loans:
Interest rate swaps - Receive fixed pay floating						$	3,000,000					$	10,254					$	11,201					6.24		%				6.97		%				28.6
Interest rate swaps - Receive fixed pay floating - Forward starting						1,000,000						15,711						952						3.90		%				N/A			(2)			64.8
Interest rate collars - Buy floor sell cap						250,000						17						—						Cap: 4.58% Floor: 1.50%						4.32		%				14.0
Total cash flow hedges						$	4,250,000					$	25,982					$	12,153

						December 31, 2024
																								Weighted Average
($ in thousands)						Notional Amount						Fair Value Assets						Fair Value Liabilities						Fixed Rate						Floating Rate			(1)			Remaining Term (In months)
Cash flow hedges
Derivative Contracts Hedging Loans:
Interest rate swaps - Receive fixed pay floating						$	4,000,000					$	1,808					$	29,102					4.95		%				6.47		%				23.8
Interest rate swaps - Receive fixed pay floating - Forward starting						1,000,000						3,839						5,893						3.90		%				N/A			(2)			67.8
Interest rate collars - Buy floor sell cap						250,000						—						216						Cap: 4.58% Floor: 1.50%						4.55		%				17.0
Total cash flow hedges						$	5,250,000					$	5,647					$	35,211

(1)Floating rates are indexed to SOFR or Prime.

(2)The swaps are forward starting and not effective as of both March 31, 2025 and December 31, 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 2024 Form 10-K, Note 2 — Fair Value Measurement and Fair Value of Financial Instruments, and Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.

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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 2024 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 2024 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 ROATCE and tangible book value per share. 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.

The following tables present the reconciliations of U.S. GAAP to non-GAAP financial measures for the periods presented:

									Three Months Ended March 31,
($ in thousands)									2025						2024
Net income			(a)						$	290,270					$	285,075
Add: Amortization of mortgage servicing assets									293						308
Tax effect of amortization adjustment (1)									(87)						(91)
Tangible net income (non-GAAP)			(b)						$	290,476					$	285,292
Average stockholders’ equity			(c)						$	7,869,074					$	6,992,558
Less: Average goodwill									(465,697)						(465,697)
Average mortgage servicing assets									(5,120)						(6,473)
Average tangible book value (non-GAAP)			(d)						$	7,398,257					$	6,520,388
ROAE (2)			(a)/(c)						14.96		%				16.40		%
ROATCE (2) (non-GAAP)			(b)/(d)						15.92		%				17.60		%

(1)Applied statutory tax rate of 29.73% and 29.56% for the first quarters of 2025 and 2024, respectively.

(2)Annualized.

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($ and shares in thousands, except per share data)									March 31, 2025						December 31, 2024
Stockholders’ equity			(a)						$	7,929,465					$	7,723,054
Less: Goodwill									(465,697)						(465,697)
Mortgage servicing assets									(4,940)						(5,234)
Tangible book value (non-GAAP)			(b)						$	7,458,828					$	7,252,123
Number of common shares at period-end			(c)						137,802						138,437
Book value per share			(a)/(c)						$	57.54					$	55.79
Tangible book value per share (non-GAAP)			(b)/(c)						$	54.13					$	52.39

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For quantitative and qualitative disclosures regarding market risk in the Company’s portfolio, see Note 5 — 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 March 31, 2025, 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 March 31, 2025.

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 March 31, 2025, that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

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PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 10 — 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 2024 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 2024 Form 10-K.

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

Repurchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the Company’s common stock repurchase activity during the first quarter of 2025:

Calendar Month						Total Number of Shares Purchased (1)						Average Price Paid per Share of Common Stock						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (2) (3)
January						—						$	—					—						$	329
February						476,900						$	97.58					476,900						$	283
March						441,449						$	88.09					441,449						$	244
First quarter						918,349						$	93.02					918,349

(1)Excludes the repurchase of common stock pursuant to various stock compensation plans and agreements.

(2)Excludes excise taxes and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023.

(3)The total remaining authorization was $29 million as of December 31, 2024. On January 22, 2025, the Company’s Board of Directors authorized the additional repurchase of $300 million of its common stock, which will remain valid until December 31, 2026.

ITEM 5. OTHER INFORMATION

 

During the three months ended March 31, 2025, 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).

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:

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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).]
10.1						Amendment to Employment Agreement — Dominic Ng, dated as of March 3, 2025.* Filed herewith.
10.2						Amendment to Employment Agreement — Douglas Krause, dated as of March 3, 2025.* Filed herewith.
10.3						Employment Agreement, dated May 7, 2025 by and between East West Bank and Christopher Del Moral-Niles.* Filed herewith.
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.INS						The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document. Filed herewith.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith.
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.
104						Cover Page Interactive Data (formatted as Inline XBRL and contained in Exhibit 101 filed herewith). Filed herewith.

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GLOSSARY OF ACRONYMS

AFS			Available-for-sale			HELOC			Home equity lines of credit
ALCO			Asset/Liability Committee			HTM			Held-to-maturity
AOCI			Accumulated other comprehensive (loss) income			IAR			Independent Asset Review
ASC			Accounting Standards Codification			IDI			Insured deposit institution
ASU			Accounting Standards Update			LCH			London Clearing House
BTFP			Bank Term Funding Program			LGD			Loss given default
C&I			Commercial and industrial			LTV			Loan-to-value
CARB			California Air Resources Board			MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
CECL			Current expected credit Losses			MMBTU			Million British thermal unit
CET1			Common Equity Tier 1			NAV			Net asset value
CLO			Collateralized loan obligation			NRSRO			Nationally recognized statistical rating organizations
CME			Chicago Mercantile Exchange			OREO			Other real estate owned
CODM			Chief operating decision maker			PAM			Proportional amortization method
CRA			Community Reinvestment Act			PD			Probability of default
CRE			Commercial real estate			RMB			Chinese Renminbi
EPS			Earnings per share			ROAE			Return on average common equity
ERM			Enterprise risk management			ROATCE			Return on average tangible common equity
EVE			Economic value of equity			ROC			Risk Oversight Committee
FDIC			Federal Deposit Insurance Corporation			RPA			Credit risk participation agreement
FHLB			Federal Home Loan Bank			RSU			Restricted stock unit
FRB			Federal Reserve Bank			SBLC			Standby letter of credit
FTP			Funds transfer pricing			SEC			U.S. Securities and Exchange Commission
GAAP			Generally accepted accounting principles			SOFR			Secured Overnight Financing Rate
GDP			Gross Domestic Product			U.S.			United States
GHG			Greenhouse gas			USD			U.S. dollar
GNMA			Government National Mortgage Association

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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:

May 9, 2025

EAST WEST BANCORP, INC. (Registrant)

By

/s/ Christopher J. Del Moral-Niles

Christopher J. Del Moral-Niles

Executive Vice President and Chief Financial Officer

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