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EAST WEST BANCORP ANNUAL REPORT 1 | East West Bancorp 2015 Annual Report 130+ United States EAST WEST BANCORP ANNUAL REPORT 1 | East West Bancorp 2015 Annual Report 130+ United States 120+ Las Vegas Houston LOCATIONS Seattle Dallas Across 60+ cities in 10 metropolitan areas San Diego New York Los Angeles Atlanta 90 Boston Branches in San Francisco CALIFORNIA 75,000+ Surcharge Free ATMS In addition to our branch ATM network, we also partner with Allpoint® and MoneyPass® to offer our customers access to a combined network of over 75,000 surcharge free ATMs. YEARS OF RANKED OPERATING IN THE TOP 15 AMERICA’S BEST HISTORY BANKS BY FORBES 42 FOR 6 CONSECUTIVE YEARS (2010-2015) East West Bancorp 2015 Annual Report | 2 LOCATIONS 130+ THROUGHOUT Greater China Shenzhen Shantou 5 Full-Service Guangzhou Xiamen BRANCHES Beijing Shanghai Shanghai FTZ Chongqing 5 Taipei Representative OFFICES Hong Kong LARGEST $ INDEPENDENT 2,800 32 BANK ASSOCIATES AND GROWING BILLION HEADQUARTERED IN IN ASSETS SOUTHERN CALIFORNIA 3 | East West Bancorp 2015 Annual Report A message from Dear shareholders, Relationship building has always been the foundation of East West Bank’s core values. Dominic Our beyond banking approach stems from our Chairman commitment to provide innovative solutions for and CEO our customers. Our unparalleled connections, Ng infrastructure, and deep understanding of finance and culture in both the United States and China allow us to tailor the creative solutions our customers need and to open opportunities across borders for them. In 2015, we facilitated notable U.S. and China film industry transactions, as well as helped our technology, clean energy and emerging market industry customers in both the U.S. and China. In the dynamic cross-border market, we are excited by the future business prospects we see ahead. East West Bancorp 2015 Annual Report | 4 East West continues to grow our customer base Noninterest-bearing demand deposits Other core deposits and our balance sheet profitably and prudently, Time deposits while making investments to strengthen our internal infrastructure. We are examining all systems, controls and processes with a critical 2010 DEPOSIT MIX eye, and making the necessary upgrades to ensure that they are scalable for future growth. We have implemented a bank-wide “operational excellence” 17% initiative – with our associates taking ownership 43% to do the right thing, the right way, every time and relentlessly improving processes through teamwork 40% and problem solving. By fostering a spirit of collaboration, we achieve measurable results. Looking forward to 2016 and beyond, I am confident 2015 DEPOSIT MIX that our balance sheet will remain healthy, and the value proposition we provide our customers will continue to be unparalleled. With a strong 24% foundation, we can thrive and successfully build our 32% business in any market environment and provide value for our shareholders for years to come. 44% Record Earnings, Deposits and Loans in 2015 In 2015, East West achieved many new records, including our highest ever net income of $384.7 Our conservative and disciplined approach to million, up 11% from 2014 and diluted earnings per underwriting loans resulted in the continued share of $2.66, up 10% from a year ago. In fact, improvement of the credit quality of our loan 2015 was the sixth year in a row that East West portfolio in 2015. Our nonperforming assets to achieved record earnings. total assets ratio at the end of 2015 decreased to 0.40%, an improvement from 0.46% from the As the bridge between the East and West, we prior year end, and net charge-offs to average loans continue to build market expertise, attract new for the full year 2015 was at a historic low of 0.01%, customers and build lasting partnerships. As such, also an improvement from 0.18% for the full year of our loan portfolio increased to a record $23.7 billion, 2014. Classified loans have also decreased by 21% up $1.9 billion or 9% from last year. Similarly, our during the year, down to less than 3% of total loans deposits also grew to a record $27.5 billion, up $3.5 outstanding as of December 31, 2015. billion or 14% from the prior year. Overall, growth in profitability for the banking Five years ago in 2010, our deposit portfolio was industry continues to be challenging, given the comprised of 17% noninterest-bearing demand low interest rate environment. Although our net deposits, 40% other core deposits, and 43% time interest margin fell from 4.03% in 2014 to 3.35% deposits. Over the past five years, we have steadily in 2015, largely due to the lower accretion income grown our lower cost commercial deposits and associated with the loans acquired from the Federal shifted away from higher cost time deposits. Today, Deposit Insurance Corporation (FDIC) assisted we have progressed to a more balanced deposit transaction of United Commercial Bank, we were portfolio of 32% noninterest-bearing demand able to increase revenue by 8% and increase both deposits, 44% other core deposits and 24% return on average assets and return on average time deposits. equity to 1.27% and 12.74%, respectively. 5 | East West Bancorp 2015 Annual Report Although there may be some disappointment a growing middle-class. This strategy is working in our 2016 earnings guidance and forecasted well, with domestic spending accounting for 66.4% expenses, we believe that the investments made in of China’s GDP in 2015, up 15.4% from 2014. 2015 and those that will be made in 2016, will pay dividends over the long term. We expect that our At East West Bank, we are focused on building investments in people, systems, infrastructure and expertise and a customer base in growing sectors technology will lead to higher expenditures in the such as technology, clean energy, agriculture, next year or so which is likely one of the reasons entertainment, digital media, life science and why our strong financial results did not have as healthcare. We believe these sectors are key in much impact on our stock performance. We firmly expanding bilateral trade and investment between believe in the long-term outlook of our Company the U.S. and China. Chinese internet companies and view stock price fluctuations as a normal part such as Baidu, Alibaba and Tencent; clean energy of the market cycle. We are confident that as our companies such as BYD; technology companies investments begin to materialize in all areas of our such as Huawei and Xiaomi; and entertainment business, our stock price will adjust accordingly. studios such as Huayi Brothers and Bona Film, all have double digit revenue growth. China’s Economic Transition U.S.-based companies in the consumer goods Many people are concerned about the slowdown sector are also enjoying strong revenue growth in China’s economy. Both the Chinese stock market from Chinese domestic consumer markets. Apple, drop and renminbi devaluation created much Nike and Disney are just a few of the U.S.-based anxiety in 2015, causing an over-reaction in the U.S. companies that have benefited from the rise of and the rest of the world. However, if you examine China's middle class. the economic indicators over a longer period of time, you can see that China is undergoing a Trade and investment activities between the U.S. market correction, rather than a deep-rooted crisis. and China have continued to be robust. China is still the fastest-growing export market for the U.S., In my view there is no cause for alarm: the drop and investment from China into the U.S. continues in China’s GDP growth is intentional and a direct to steadily increase. Chinese investors who are result of the major reforms put forth by the Chinese looking for strategic investments in the U.S. are leadership. Over the years, China’s double-digit now focused beyond the real estate market and are GDP growth was taken for granted, but it was actively investing in the entertainment, technology, unsustainable. China has to transition life science and automotive industries. As these its economy away from investments, heavy investors and companies play a bigger role in the industrial manufacturing, and foreign exports, and global market, strategic business opportunities will shift to a domestic consumer-driven economy with continue to flow to the U.S. a focus on environmental protection. It is a positive step that is essential for the long-term health of From our perspective, East West Bank is well China’s economy. positioned for growth compared to many of our peers. As one of a handful of U.S.-based banks with In the past few decades, China has relied on a full-service banking license in China, our deep traditional heavy industrial manufacturing and industry expertise and cross-border relationships lower-value exports. However, now it is undergoing are a competitive advantage as we actively help our a transformation to spur higher-value exports that customers manage risk and navigate the changes target emerging markets, open sectors for private that are happening in China. investors, and promote domestic consumption with East West Bancorp 2015 Annual Report | 6 Financial Snapshot NET INCOME 1 DILUTED EARNINGS RETURN ON AVERAGE EQUITY 1 $ in millions PER COMMON SHARE 1 $400 $384.7 $4 $14 $345.9 $293.3 $300 $277.7 $3 $2.66 $13 12.72% 12.74% $242.8 $2.41 12.50% $2.09 11.94% $1.87 $200 $2 $1.58 $12 $100 $1 $11 10.82% $0 $0 $10 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Sixth consecutive $ Sixth consecutive $ Return on year of record 384.7 year of record diluted 2.66 Equity of 12.74% net income million earnings per share TOTAL ASSETS 1 TOTAL LOANS TOTAL DEPOSITS $ in billions $ in billions $ in billions $40 $40 $40 $32.4 $30 $28.7 $30 $30 $27.5 $24.7 $23.7 $24.0 $22.0 $22.5 $21.8 $20.4 $20 $20 $18.1 $20 $17.5 $18.3 $14.5 $15.1 $10 $10 $10 $0 $0 $0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Record Assets of $32.4 Record Loans of $23.7 Record Deposits of $27.5 billion billion billion 1 Prior periods were restated to reflect the retrospective application of adopting the new accounting guidance related to the Company’s investments in qualified affordable housing projects Accounting Standards Update (ASU) 2014-01.
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