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EAST WEST BANK Your financial bridge® NEWS RELEASE FOR INVESTOR INQUIRIES , CONTACT : Irene Oh Chief Financial Officer T : ( 626 ) 768-6360 E : irene.oh@eastwestbank.com Julianna Balicka Director of Strategy and Corporate Development T : ( 626 ) 768-6985 E : julianna.balicka@eastwestbank.com East West Bancorp , Inc. 135 N. Los Robles Ave. , 7th Fl . Pasadena , CA 91101 Tel . 626.768.6000 EAST WEST BANCORP REPORTS NET INCOME FOR FIRST QUARTER 2021 OF $ 205 MILLION AND DILUTED EARNINGS PER SHARE OF $ 1.44 - _ Pasadena , California – April 22 , 2021 · East West Bancorp , Inc. ( " East West " or the " Company " ) ( Nasdaq : EWBC ) , parent company of East West Bank , today reported its financial results for the first quarter of 2021. Net income for the first quarter of 2021 was $ 205.0 million , or $ 1.44 per diluted share . First quarter 2021 return on average assets was 1.50 % and return on average equity was 15.6 % . " East West had a strong start to 2021. In the first quarter , our loans and deposits grew at a robust pace , our revenue and profitability expanded , and credit quality was stable , resulting in net income growth of 25 % from the fourth quarter of 2020 , " stated Dominic Ng , Chairman and Chief Executive Officer of East West . " As of March 31 , 2021 , our total loans reached a record $ 39.6 billion , growing by 13 % annualized from December 31 , 2020 , and our total deposits reached a record $ 49.5 billion , growing by 42 % annualized during the same period . " " Quarter - over - quarter , our revenue grew 10 % annualized and our expenses were well - managed , resulting in an adjusted pre - tax , pre - provision income growth of 17 % annualized , ” continued Ng . " Due to an improved macroeconomic outlook and stable asset quality , we did not record a provision for credit losses in the first quarter of 2021. Our solid financial performance for the first quarter resulted in a return on average tangible equity of 17.2 % . " " Based on the loan production and deposit growth year - to - date , we are optimistic about our growth trajectory for the full year . We are sanguine about our asset quality outlook , supported by the strength and resilience of our customers and the continued economic recovery , " concluded Ng . " With our strong balance sheet , we are very well positioned to support our customers in their growth and expansion plans as the economy reopens and rebounds . " -