East West Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year 2016
January 27, 2016 at 05:03 pm
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East West Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported interest and dividend income of $270,477,000 compared to $287,135,000 a year ago. Net interest income before provision for loan losses was $246,941,000 compared to $259,488,000 a year ago. Net interest income after provision for loan losses was $248,941,000 compared to $240,488,000 a year ago. Income before taxes was $148,485,000 compared to $122,595,000 a year ago. Net income was $91,805,000 compared to $95,502,000 a year ago. Diluted earnings per share were $0.63 compared to $0.66 a year ago. Return on average assets was 1.14% compared to 1.31% a year ago. Return on average common equity was 11.67% compared to 13.28% a year ago. Tangible equity per common share was $18.15 compared to $16.30 a year ago.
For the year, the company reported interest and dividend income of $1,053,815,000 compared to $1,153,698,000 a year ago. Net interest income before provision for loan losses was $950,439,000 compared to $1,040,878,000 a year ago. Net interest income after provision for loan losses was $936,222,000 compared to $991,720,000 a year ago. Income before taxes was $578,721,000 compared to $447,023,000 a year ago. Net income was $384,677,000 compared to $345,878,000 a year ago. Diluted earnings per share were $2.66 compared to $2.41 a year ago. Return on average assets was 1.27% compared to 1.25% a year ago. Return on average common equity was 12.74% compared to 12.72% a year ago.
For the full year 2016, the company expects fully diluted earnings per share will range from $2.80 to $2.84, an increase of $0.14 to $0.18 or 5% to 7% from $2.66 for the full year of 2015. The company expects effective tax rate of 25%.
For the first quarter of 2016, the company expects fully diluted earnings per share for the first quarter of 2016 will range from $0.66 to $0.68.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year 2016