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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

Stocks in this article: EWBC

Noninterest expense, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings, totaled $393.9 million for the full year 2012 compared to $388.2 million for the full year 2011. 1 A summary of noninterest expense for the full year 2012, compared to the full year 2011 is detailed below:

  Year Ended
December 31, 2012     December 31, 2011
Total noninterest expense: $ 422,533 $ 435,610
Amounts to be reimbursed by the FDIC on covered assets (80% of actual expense amount) 21,730 35,147
Prepayment penalties for FHLB advances and other borrowings   6,860   12,281
Noninterest expense excluding reimbursable amounts and prepayment penalties for FHLB advances and other borrowings $ 393,943 $ 388,182

The increase in noninterest expense for the full year 2012 as compared to the full year 2011, excluding amounts to be reimbursed by the FDIC on covered assets and prepayment penalties for FHLB advances and other borrowings of $5.8 million was primarily due to increases in compensation and employee benefits and occupancy and equipment expense, partially offset by a reduction in credit cycle costs and deposit insurance premiums and regulatory assessments. As compared to full year 2011, compensation expense increased 7% or $11.3 million and occupancy and equipment expense increased 11% or $5.4 million. These increases in the full year 2012 as compared to the full year 2011 were partially offset by decreases in other real estate owned expenses of 45% or $18.1 million, loan related expense of 23% or $4.4 million, and deposit insurance premium of 31% or $6.4 million.

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