East West Bancorp, Inc.'s Board of Directors has declared first quarter dividends for the common stock. The common stock cash dividend of $0.20 is payable on February 17, 2015 to shareholders of record on February 2, 2015. This represents an increase of $0.02 per share, or an 11% increase from the prior quarterly dividend of $0.18 per share.

The company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported Interest and dividend income of $287,135,000 compared to $293,203,000 a year ago. Net interest income before provision for loan losses was $259,488,000 compared to $265,008,000 a year ago. Net interest income after provision for loan losses was $240,488,000 compared to $259,542,000 a year ago. Income before taxes was $113,047,000 compared to $98,564,000 a year ago. Net income was $92,998,000 compared to $75,782,000 a year ago. Basic and diluted earnings per share were $0.65 compared to $0.55 a year ago. Return on average assets was 1.27% compared to 1.21% a year ago. Return on average common equity was 12.95% compared to 12.65% a year ago. Net interest income, adjusted was $231.52 million compared to $198.24 million a year ago. Tangible equity per common share was $16.26 compared to $14.37 a year ago.

For the full year, the company reported Interest and dividend income of $1,153,698,000 compared to $1,068,685,000 a year ago. Net interest income before provision for loan losses was $1,040,878,000 compared to $956,193,000 a year ago. Net interest income after provision for loan losses was $991,720,000 compared to $933,829,000 a year ago. Income before taxes was $415,455,000 compared to $425,850,000 a year ago. Net income was $342,483,000 compared to $291,617,000 a year ago. Diluted earnings per share were $2.38 compared to $2.10 a year ago. Return on average assets was 1.24% compared to 1.25% a year ago. Return on average common equity was 12.61% compared to 12.59% a year ago.

The company provided earnings guidance for the first quarter and full year of 2015. For the full year, the company expects diluted earnings per share to be in the range of $2.60 to $2.64, an increase of $0.22 to $0.26 or 9% to 11% from $2.38 for the full year of 2014. Provision for loan losses expected to be of approximately $30 to $40 million. Effective tax rate expected to be of 28.50%. Net interest margin ranging from 3.35% to 3.40%. Further, the effective tax rate is estimated to be at 28.5%, reduced from its statutory tax rate of approximately 41%, due largely from the tax credits purchased. Additionally, the tax rate for 2015 is impacted by the change in the accounting method for low income housing tax credit investments, which is now presented on the income statement on a net basis, with the amortization of the tax credits included within the income tax expense line item.

For the first quarter, the company expects diluted earnings per share to be in the range of $0.63 to $0.65.

Net charge-offs totaled $9.6 million in the fourth quarter of 2014, compared to $5.4 million in the third quarter of 2014 and net recoveries of $1.3 million in the fourth quarter of 2013. Net charge-offs for the fourth quarter of 2014 included a $5.2 million write-down for student loans transferred to loans held for sale as of December 31, 2014.