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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

Noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, totaled $98.1 million for the fourth quarter of 2012. 1 A summary of noninterest expense for the fourth quarter of 2012, compared to the third quarter of 2012 and fourth quarter of 2011 is detailed below:

($ in thousands)     Quarter Ended
December 31, 2012   September 30, 2012   December 31, 2011
Total noninterest expense: $ 105,206 $ 100,956 $ 106,672
Amounts to be reimbursed by the FDIC on covered assets (80% of actual expense amount) 3,920 3,005 8,551
Prepayment penalties for FHLB advances and other borrowings   3,161   42   -
Noninterest expense excluding reimbursable amounts and prepayment penalties for FHLB advances and other borrowings $ 98,125 $ 97,909 $ 98,121
 

Total noninterest expense for the fourth quarter, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, increased $216 thousand from the third quarter of 2012 to $98.1 million. The small increase in noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, was primarily due to an increase in compensation and employee benefits offset by a decrease in legal expense.

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