PASADENA - East West Bancorp, Inc. (“East West”) (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported financial results for the fourth quarter and full year of 2013. For the fourth quarter of 2013, net income was $75.8 million or $0.55 per dilutive share. For the full year 2013, net income was $295.0 million and net income available to common stockholders was $2.10 per dilutive share.
“East West is pleased to report strong earnings of $295.0 million or $2.10 per share for the full year 2013, an increase in earnings per share of 11% from the prior year,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “2013 marks the fourth consecutive year East West has generated record earnings. Year after year, East West has been able to consistently generate strong financial performance. Our financial achievements are due to the strength of our balance sheet and our ability to grow loans and deposits, while maintaining strong credit quality and expense control. Year to date, we grew total loans by 20% or $3.0 billion to a record $18.1 billion and we grew total deposits 11% or $2.1 billion to a record $20.4 billion.”
Ng continued, “For the full year 2013, our return on assets totaled 1.25% and our return on equity totaled 12.59%, both consistently higher than many of our peers. Given our strong balance sheet, capital levels, and earnings, I am pleased to announce that the Board of Directors of East West Bank has approved a 20% increase in the annual common stock dividend to $0.72 per share.”
“Last week, we announced that we closed the acquisition of MetroCorp Bancshares, Inc., headquartered in Houston, Texas. As of December 31, 2013, MetroCorp had $1.6 billion in total assets and the final consideration we paid was $268.0 million or 1.63 times tangible equity. With the acquisition of MetroCorp, East West will substantially increase its presence in Houston and enter the markets of Dallas and San Diego. Additionally, during the fourth quarter, we opened our first branch in Nevada, located in Las Vegas. We are excited to start the year by welcoming our new employees and customers to the Bank, and we are very optimistic about our growth opportunities in new and existing markets in 2014,” concluded Ng.
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