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East West Bancorp Reports Net Income For Full Year 2012 Of $281.7 Million, Up 15% From Prior Year, And Earnings Per Share Of $1.89, Up 18% From Prior Year

Loans receivable increased to $15.1 billion at December 31, 2012, compared to $14.5 billion at September 30 2012 and $14.5 billion at December 31, 2011. This increase in loans receivable both quarter to date and year to date was due to growth in the non-covered loan portfolio, partially offset by a decrease in the covered loan portfolio.

Covered Loans

Covered loans, net totaled $2.9 billion as of December 31, 2012, a decrease of $243.0 million or 8% from September 30, 2012. The decrease in the covered loan portfolio was primarily due to payoffs and paydown activity, as well as charge-offs.

The covered loan portfolio is comprised of loans acquired from the FDIC-assisted acquisitions of United Commercial Bank (UCB) and Washington First International Bank (WFIB) which are covered under loss-share agreements with the FDIC. During the fourth quarter of 2012, we recorded a net decrease in the FDIC indemnification asset and receivable included in noninterest (loss)/income of ($49.7) million, largely due to continued improved credit performance of the UCB portfolio as compared to our original estimate.

Deposits

At December 31, 2012, total deposits equaled $18.3 billion an increase of 4% or $642.9 million from $17.7 billion at September 30, 2012. Throughout the year, we focused on growing core deposits and reducing our reliance on time deposits and this strategy continued in the fourth quarter of 2012. Total core deposits increased 7% to $12.2 billion at December 31, 2012, or an increase of $817.9 million from September 30, 2012. The increase is largely due to a $417.4 million or 10% increase in noninterest-bearing demand deposits which grew to a record $4.5 billion as of December 31, 2012.

Time deposits remained stable and decreased 3% or $175.0 million from September 30, 2012 to $6.1 billion at December 31, 2012.

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