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EASTWEST 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 Investor Relations and Corporate Finance T : ( 626 ) 768-6985 E : julianna.balicka@eastwestbank.com EAST WEST BANCORP REPORTS NET INCOME FOR SECOND QUARTER 2021 OF $ 225 MILLION AND DILUTED EARNINGS PER SHARE OF $ 1.57 East West Bancorp , Inc. 135 N. Los Robles Ave. , 7th Fl . Pasadena , CA 91101 Tel . 626.768.6000 Pasadena , California - July 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 second quarter of 2021. Net income for the second quarter of 2021 was $ 224.7 million , or $ 1.57 per diluted share . Second quarter 2021 return on average assets was 1.56 % and return on average equity was 16.6 % . " East West had a very strong quarter of robust growth , expanding profitability and improving asset quality , " stated Dominic Ng , Chairman and Chief Executive Officer of East West . " As of June 30 , 2021 , our total loans reached a record $ 40.1 billion and our total deposits reached a record $ 52.6 billion . " " Excluding the impact of the Paycheck Protection Program , loans grew by 12 % annualized in the second quarter , with solid growth across our residential mortgage , commercial , and commercial real estate loan portfolios . Total deposits grew by 25 % annualized , and noninterest - bearing demand deposits reached 41 % of total deposits as of June 30 , 2021. Our diversified growth reflects the strength of our business model , our commercial and consumer customer mix , and our geographic footprint in dynamic metropolitan areas of the United States . " " Quarter - over - quarter , our revenue grew by 17 % annualized and operating expenses decreased , driving adjusted pre - tax , pre - provision income growth of 33 % annualized and expanding profitability , " continued Ng . " Our solid financial performance for the second quarter resulted in adjusted pre - tax , pre - provision profitability¹ of 2.0 % and a return on average tangible equity² of 18.3 % . " " Asset quality continues to be healthy . Criticized loans fell by 15 % quarter - over - quarter ; net charge - offs were 0.13 % of average loans , annualized , and the nonperforming assets ratio declined by seven basis points to 0.38 % of total assets . Accordingly , we recorded a negative $ 15.0 million provision for credit losses in the second quarter . " " We are pleased with our results this quarter and are positive about our outlook for the rest of the year , " concluded Ng . " The hard work and outstanding execution by all our associates builds a strong foundation for East West's continued growth and success in the years to come . We are well poised to help our communities and customers thrive as the economy expands . " 1 See reconciliation of GAAP to non - GAAP financial measures in Table 12 . 2 See reconciliation of GAAP to non - GAAP financial measures in Table 13 . 1