East West Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter of 2017; Provides Tax Rate Guidance for the Year 2018
January 25, 2018 at 01:30 pm
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East West Bancorp, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest and dividend income of $359,765,000 against $302,127,000 a year ago. Income before income taxes was $174,127,000 against $161,137,000 a year ago. Net income was $84,898,000 against $110,734,000 a year ago. Diluted earnings per share were $0.58 against $0.76 a year ago. Return on average assets was 0.90% against 1.27% a year ago. Adjusted return on average assets was 1.35% against 1.27% a year ago. Return on average equity was 8.73% against 12.87% a year ago. Adjusted return on average equity was 13.02% against 12.87% a year ago. Return on average tangible equity was 10.17% against 15.26% a year ago. Adjusted return on average tangible equity was 15.10% against 15.26% a year ago. Adjusted net income was $126,587,000 against $110,734,000 a year ago. Adjusted diluted EPS was $0.87 against $0.76 a year ago. Adjusted tangible net income was $127,780,000 against $111,946,000 a year ago. Book value per common share as on December 31, 2017 was $26.58 against $23.78 as on December 31, 2016.
For the year, the company reported interest and dividend income of $1,325,119,000 against $1,137,481,000 a year ago. Income before income taxes was $735,100,000 against $572,188,000 a year ago. Net income was $505,624,000 against $431,677,000 a year ago. Diluted earnings per share were $3.47 against $2.97 a year ago. Return on average assets was 1.41% against 1.30% a year ago. Adjusted return on average assets was 1.41% against 1.30% a year ago. Return on average equity was 13.71% against 13.06% a year ago. Adjusted return on average equity was 13.66% against 13.06% a year ago. Return on average tangible equity was 16.03% against 15.62% a year ago. Adjusted return on average tangible equity was 15.97% against 15.62% a year ago. Adjusted net income was $503,581,000 against $431,677,000 a year ago. Adjusted diluted EPS was $3.46 against $2.97 a year ago. Adjusted tangible net income was $508,668,000 against $437,081,000 a year ago.
For the fourth quarter of 2017, net charge-offs were $15.7 million or 0.22% of average loans HFI, annualized.
The company projecting full year 2018 effective tax rate of approximately 16%.
East West Bancorp, Inc. is a bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank (the Bank). Its segments include Consumer and Business Banking, Commercial Banking and Other. The Consumer and Business Banking segment provides financial products and services to consumer and commercial customers through its domestic branch network and digital banking platforms. This segment also offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. The Commercial Banking segment generates commercial loans and deposits. Commercial loan products include construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit and others. Commercial deposit products and other financial services include treasury management, foreign exchange services and others. It operates in over 120 locations in the United States and Asia.
East West Bancorp, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Net Charge Offs for the Fourth Quarter of 2017; Provides Tax Rate Guidance for the Year 2018