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East West Bancorp
EWBC
#1399
Rank
$16.21 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$117.83
Share price
0.50%
Change (1 day)
22.23%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. East West Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

East West Bancorp - 10-Q quarterly report FY2025 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-24939

EAST WEST BANCORP, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

95-4703316
(I.R.S. Employer Identification No.)

135 North Los Robles Ave., 7th Floor, Pasadena, California 91101
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:
(626) 768-6000

Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading
Symbol(s)		Name of each exchange
 on which registered
Common Stock, par value $0.001 per shareEWBCThe Nasdaq Global Select Market

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer
☐
Non-accelerated filer☐Smaller reporting company
☐
Emerging growth company
☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
    Number of shares outstanding of the issuer’s common stock on the latest practicable date: 137,585,604 shares as of October 31, 2025.


TABLE OF CONTENTS
Page
3
4
4
Consolidated Balance Sheets (Unaudited)
4
Consolidated Statement of Income (Unaudited)
5
Consolidated Statement of Comprehensive Income (Unaudited)
6
Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)
7
Consolidated Statement of Cash Flows (Unaudited)
8
10
  1 — Basis of Presentation, Current Accounting Developments, and Summary of Significant Accounting Policies Update
10
  2 — Fair Value Measurement and Fair Value of Financial Instruments
11
  3 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements
21
  4 — Securities
22
  5 — Derivatives
29
  6 — Loans Receivable and Allowance for Credit Losses
35
  7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net
53
  8 — Goodwill
55
9 — Federal Home Loan Bank Advances and Long-Term Debt
55
10 — Commitments and Contingencies
55
11 — Stock Compensation Plans
57
12 — Stockholders’ Equity and Earnings Per Share
59
13 — Accumulated Other Comprehensive Income (Loss)
59
14 — Business Segments
61
65
108
108
109
109
109
110
110
111
112
113
2

Forward-Looking Statements

Certain matters discussed in this Quarterly Report on Form 10-Q contain “forward-looking statements” that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “our” or “EWBC”) may make forward-looking statements in other documents that it files with, or furnishes to, the United States (“U.S.”) Securities and Exchange Commission (“SEC”) and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Forward-looking statements may relate to various matters, including the Company’s financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words such as “anticipates,” “assumes,” “believes,” “can,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “likely,” “may,” “might,” “objective,” “plans,” “potential,” “projects,” “remains,” “should,” “target,” “trend,” “will,” “would,” or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to known and unknown risks and uncertainties.

Factors that might cause future results to differ materially from historical performance and any forward-looking statements include, but are not limited to:

•changes in local, regional and global business, economic and political conditions, and natural or geopolitical events;
•the soundness of other financial institutions and the impacts related to or resulting from bank failures and other industry volatility, including potential increased regulatory requirements, Federal Deposit Insurance Corporation insurance premiums and assessments, and deposit withdrawals;
•changes in trade, tariff, tax, monetary and fiscal policies;
•changes in immigration laws and enforcement practices, or travel and visa related policies;
•current or potential disputes between the U.S., the People’s Republic of China, Singapore and other countries;
•changes in the commercial and consumer real estate markets;
•changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors;
•the Company’s ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies;
•the success and timing of the Company’s business strategies;
•the Company’s ability to retain key officers and employees;
•changes in interest rates, competition, regulatory requirements and product mix;
•changes in the Company’s costs of operation, compliance and expansion;
•disruption, failure in, or breach of, the Company’s operational or security systems or infrastructure, or those of third-party vendors with which the Company does business, including as a result of cyber-attacks, and the disclosure or misuse of confidential information;
•the adequacy of the Company’s risk management framework;
•future credit quality and performance, including expectations regarding future credit losses and allowance levels;
•adverse changes to the Company’s credit ratings;
•legal proceedings, regulatory investigations and their resolution;
•the Company’s capital requirements and its ability to generate capital internally or raise capital on favorable terms;
•the impact on the Company’s liquidity due to changes in the Company’s ability to receive dividends from its subsidiaries; and
•any strategic acquisitions or divestitures, the introduction of new or expanded products and services or other events that may directly or indirectly result in a negative impact on the financial performance of the Company and its customers.

For a more detailed discussion of some of the factors that might cause such differences, see the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 under the heading Item 1A. Risk Factors. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake, and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.
3

PART I — FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands, except shares)
(Unaudited)
September 30,
2025		December 31,
2024
ASSETS
Cash and due from banks$676,547 $360,734 
Interest-bearing cash with banks4,017,647 4,890,008 
Cash and cash equivalents4,694,194 5,250,742 
Interest-bearing deposits with banks68,200 48,198 
Securities purchased under resale agreements (“resale agreements”)425,000 425,000 
Debt securities:
Available-for-sale (“AFS”), at fair value (amortized cost of $13,189,313 and $11,505,775)
12,741,152 10,846,811 
Held-to-maturity (“HTM”), at amortized cost (fair value of $2,467,362 and $2,387,754)
2,880,682 2,917,413 
Loans held-for-sale19,596 — 
Loans held-for-investment (net of allowance for loan and lease losses (“ALLL”) of $790,520 and $702,052)
54,976,252 53,024,585 
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net982,247 926,640 
Premises and equipment (net of accumulated depreciation of $172,491 and $166,154)
78,615 82,233 
Operating lease right-of-use assets77,855 81,967 
Goodwill465,697 465,697 
Other assets2,260,041 1,907,189 
TOTAL$79,669,531 $75,976,475 
LIABILITIES
Deposits:
Noninterest-bearing$16,141,954 $15,450,428 
Interest-bearing50,445,602 47,724,595 
Total deposits66,587,556 63,175,023 
Short-term borrowings9,851 — 
Federal Home Loan Bank (“FHLB”) advances3,000,000 3,500,000 
Securities sold under repurchase agreements (“repurchase agreements”)
53,489 — 
Long-term debt and finance lease liabilities35,707 35,974 
Operating lease liabilities83,998 89,263 
Accrued expenses and other liabilities1,316,130 1,453,161 
Total liabilities71,086,731 68,253,421 
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 170,463,795 and 169,925,379 shares issued
170 170 
Additional paid-in capital2,096,227 2,030,712 
Retained earnings8,028,882 7,311,542 
Treasury stock, at cost 32,895,735 and 31,488,080 shares
(1,166,922)(1,034,110)
Accumulated other comprehensive loss (“AOCI”), net of tax(375,557)(585,260)
Total stockholders’ equity8,582,800 7,723,054 
TOTAL$79,669,531 $75,976,475 
See accompanying Notes to Consolidated Financial Statements.

4

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees$919,518 $887,353 $2,625,625 $2,622,183 
Debt securities158,562 123,983 460,134 311,107 
Resale agreements
1,616 1,663 4,850 9,663 
Restricted equity securities2,866 2,840 8,682 7,129 
Interest-bearing cash and deposits with banks47,170 60,060 121,242 183,848 
Total interest and dividend income1,129,732 1,075,899 3,220,533 3,133,930 
INTEREST EXPENSE
Deposits414,637 454,071 1,207,206 1,291,752 
Federal funds purchased and other short-term borrowings3 16 10 42,154 
FHLB advances36,740 48,261 114,919 104,840 
Repurchase agreements
148 49 1,577 142 
Long-term debt and finance lease liabilities674 780 2,016 3,952 
Total interest expense452,202 503,177 1,325,728 1,442,840 
Net interest income before provision for credit losses677,530 572,722 1,894,805 1,691,090 
Provision for credit losses36,000 42,000 130,000 104,000 
Net interest income after provision for credit losses641,530 530,722 1,764,805 1,587,090 
NONINTEREST INCOME
Commercial and consumer deposit-related fees
28,409 26,815 82,349 77,412 
Lending and loan servicing fees
27,605 26,453 79,421 73,718 
Foreign exchange income14,491 13,569 44,043 37,962 
Wealth management fees14,562 10,683 38,966 28,798 
Customer derivative income (loss), net of mark-to-market adjustments
6,124 (706)12,394 8,808 
Net gains on AFS debt securities57 145 934 1,979 
Other investment income705 2,800 3,645 6,201 
Other income8,564 4,636 17,045 12,175 
Total noninterest income100,517 84,395 278,797 247,053 
NONINTEREST EXPENSE
Compensation and employee benefits175,585 135,464 466,861 410,864 
Occupancy and equipment expense16,970 17,001 48,948 48,016 
Deposit account expense8,851 12,229 27,241 36,467 
Computer and software related expenses12,949 11,436 39,709 34,172 
Deposit insurance premiums and regulatory assessments8,644 9,178 28,162 39,535 
Other operating expense38,231 34,892 116,499 104,193 
Amortization of tax credit and CRA investments15,693 5,600 57,671 34,859 
Total noninterest expense276,923 225,800 785,091 708,106 
INCOME BEFORE INCOME TAXES465,124 389,317 1,258,511 1,126,037 
Income tax expense
96,730 90,151 289,594 253,566 
NET INCOME$368,394 $299,166 $968,917 $872,471 
EARNINGS PER SHARE (“EPS”)
BASIC$2.68 $2.16 $7.03 $6.28 
DILUTED$2.65 $2.14 $6.97 $6.23 
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC137,676 138,606 137,897 138,997 
DILUTED138,942 139,648 139,090 139,939 
See accompanying Notes to Consolidated Financial Statements.

5

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
($ in thousands)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Net income$368,394 $299,166 $968,917 $872,471 
Other comprehensive income, net of tax:
Net changes in unrealized gains on AFS debt securities
78,845 132,028 150,518 137,227 
Amortization of unrealized losses on debt securities transferred from AFS to HTM4,102 2,765 8,015 8,161 
Net changes in unrealized gains on cash flow hedges
1,802 83,202 51,211 36,519 
Foreign currency translation adjustments2,074 (1,126)(41)1,385 
Other comprehensive income
86,823 216,869 209,703 183,292 
COMPREHENSIVE INCOME$455,217 $516,035 $1,178,620 $1,055,763 
See accompanying Notes to Consolidated Financial Statements.

6

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
($ in thousands, except shares and per share data)
(Unaudited)
Common Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAOCI, Net of TaxTotal Stockholders’ Equity
SharesAmount
BALANCE, JULY 1, 2024138,604,437 $2,007,558 $6,873,653 $(1,011,924)$(654,173)$7,215,114 
Net income— — 299,166 — — 299,166 
Other comprehensive income— — — — 216,869 216,869 
Issuance of common stock pursuant to various stock compensation plans and agreements5,948 10,717 — — — 10,717 
Repurchase of common stock pursuant to various stock compensation plans and agreements(1,132)— — (95)— (95)
Cash dividends on common stock ($0.55 per share)
— — (77,232)— — (77,232)
BALANCE, SEPTEMBER 30, 2024138,609,253 $2,018,275 $7,095,587 $(1,012,019)$(437,304)$7,664,539 
BALANCE, JULY 1, 2025137,816,091 $2,060,285 $7,744,221 $(1,140,359)$(462,380)$8,201,767 
Net income— — 368,394 — — 368,394 
Other comprehensive income— — — — 86,823 86,823 
Issuance of common stock pursuant to various stock compensation plans and agreements18,337 36,112 — — — 36,112 
Repurchase of common stock pursuant to various stock compensation plans and agreements(8,608)— — (896)— (896)
Repurchase of common stock pursuant to the stock repurchase program(257,760)— — (25,667)— (25,667)
Cash dividends on common stock ($0.60 per share)
— — (83,733)— — (83,733)
BALANCE, SEPTEMBER 30, 2025137,568,060 $2,096,397 $8,028,882 $(1,166,922)$(375,557)$8,582,800 
Common Stock and Additional Paid-in CapitalRetained EarningsTreasury StockAOCI, Net of TaxTotal Stockholders’ Equity
SharesAmount
BALANCE, JANUARY 1, 2024140,027,367 $1,980,987 $6,465,230 $(874,787)$(620,596)$6,950,834 
Cumulative-effect of change in accounting principle (1)
— — (9,482)— — (9,482)
Net income— — 872,471 — — 872,471 
Other comprehensive income
— — — — 183,292 183,292 
Issuance of common stock pursuant to various stock compensation plans and agreements516,125 37,288 — — — 37,288 
Repurchase of common stock pursuant to various stock compensation plans and agreements(191,743)— — (14,011)— (14,011)
Repurchase of common stock pursuant to the stock repurchase program(1,742,496)— — (123,221)(123,221)
Cash dividends on common stock ($1.65 per share)
— — (232,632)— — (232,632)
BALANCE, SEPTEMBER 30, 2024138,609,253 $2,018,275 $7,095,587 $(1,012,019)$(437,304)$7,664,539 
BALANCE, JANUARY 1, 2025138,437,299 $2,030,882 $7,311,542 $(1,034,110)$(585,260)$7,723,054 
Net income— — 968,917 — — 968,917 
Other comprehensive income
— — — — 209,703 209,703 
Issuance of common stock pursuant to various stock compensation plans and agreements538,416 65,515 — — — 65,515 
Repurchase of common stock pursuant to various stock compensation plans and agreements(205,559)— — (18,933)— (18,933)
Repurchase of common stock pursuant to the stock repurchase program(1,202,096)— — (113,879)— (113,879)
Cash dividends on common stock ($1.80 per share)
— — (251,577)— — (251,577)
BALANCE, SEPTEMBER 30, 2025137,568,060 $2,096,397 $8,028,882 $(1,166,922)$(375,557)$8,582,800 
(1)Represents the impact of the adoption of ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on January 1, 2024.
See accompanying Notes to Consolidated Financial Statements.

7

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Unaudited)
Nine Months Ended September 30,
20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $968,917 $872,471 
Adjustments to reconcile net income to net cash provided by operating activities:
  
Provision for credit losses130,000 104,000 
Depreciation, amortization and accretion, net
158,939 150,468 
Stock compensation costs62,592 34,371 
Deferred income tax benefit
(26,147)(12,780)
Net gains on AFS debt securities(934)(1,979)
Net loss on other real estate owned (“OREO”) write-downs and sales4,426 2,250 
Loans held-for-sale:
Originations and purchases
(3,269)(2,491)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale3,266 2,629 
Net change in accrued interest receivable and other assets (331,075)58,797 
Net change in accrued expenses and other liabilities(173,587)(295,554)
Other operating activities, net(4,836)(648)
Total adjustments (180,625)39,063 
Net cash provided by operating activities788,292 911,534 
CASH FLOWS FROM INVESTING ACTIVITIES  
Net increase in:
  
Affordable housing partnership, tax credit and CRA investments(265,527)(224,828)
Interest-bearing deposits with banks(19,476)(105,275)
AFS debt securities:
Proceeds from sales606,685 1,361,386 
Proceeds from repayments, maturities and redemptions2,566,741 1,073,539 
Purchases(4,877,885)(6,158,520)
Loans held-for-investment:
Proceeds from sales of loans originally classified as held-for-investment251,012 702,564 
Purchases(709,194)(741,188)
Other changes in loans held-for-investment, net(1,575,591)(1,038,818)
Proceeds from sales of OREO
30,939 24,550 
Proceeds from paydowns and maturities of resale agreements— 360,000 
Proceeds from repayments, maturities and redemptions of HTM debt securities48,409 39,401 
Redemption (purchases) of FHLB stock, net
13,888 (84,050)
Other investing activities, net8,567 11,687 
Net cash used in investing activities(3,921,432)(4,779,552)
See accompanying Notes to Consolidated Financial Statements.

8

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Unaudited)
(Continued)

Nine Months Ended September 30,
20252024
CASH FLOWS FROM FINANCING ACTIVITIES  
Net change in deposits3,412,410 5,591,371 
Net change in short-term borrowings9,847 (4,500,000)
FHLB advances:
Proceeds
2,500,000 4,000,000 
Repayments(3,000,000)(500,000)
Net change in repurchase agreements
53,489 — 
Repayment of lease liabilities and junior subordinated debt
(627)(117,226)
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements1,721 1,580 
Stock tendered for payment of withholding taxes(18,974)(14,011)
Repurchase of common stock pursuant to the stock repurchase program(114,548)(123,221)
Cash dividends paid(251,439)(232,132)
Net cash provided by financing activities
2,591,879 4,106,361 
Effect of exchange rate changes on cash and cash equivalents(15,287)6,746 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(556,548)245,089 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD5,250,742 4,614,984 
CASH AND CASH EQUIVALENTS, END OF PERIOD$4,694,194 $4,860,073 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest$1,330,970 $1,584,127 
Income taxes, net$263,995 $241,491 
Noncash investing and financing activities:
Loans transferred from held-for-investment to held-for-sale$270,451 $646,797 
Loans transferred to OREO
$25,506 $67,379 

See accompanying Notes to Consolidated Financial Statements.

9

EAST WEST BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 — Basis of Presentation, Current Accounting Developments and Summary of Significant Accounting Policies Update

East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “our” or “EWBC”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Quarterly Report on Form 10-Q (this “Form 10-Q”) include the accounts of East West, East West Bank and East West’s subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. As of September 30, 2025, East West has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with the guidance in Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trust has not been consolidated by the Company.

The unaudited interim Consolidated Financial Statements are presented in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. SEC on February 28, 2025 (the “Company’s 2024 Form 10-K”), and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2024 Form 10-K.

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting periods, and the related disclosures. Although our estimates consider current conditions and how we expect them to change in the future, it is reasonably possible that actual results could be materially different from those estimates. Hence, the current period’s results of operations are not necessarily indicative of results that may be expected for any future interim period or for the year as a whole. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current presentation. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements.

New Accounting Pronouncements Adopted

The following standards were adopted on January 1, 2025, but they did not have a material impact on the Company’s Consolidated Financial Statements:

•Accounting Standards Update (“ASU”) 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
•ASU 2024-02, Codification Improvements — Amendments to Remove References to the Concepts Statements

10

Significant Accounting Policies Update

Stock-Based Compensation — The Company recognizes compensation expense related to stock awards over the requisite service period, generally based on the instruments’ grant-date fair value, reduced by expected forfeitures. Effective third quarter 2025, compensation cost related to awards granted to employees who meet certain age plus years-of-service requirements (“retirement-eligible employees”) is accrued over the service period required to earn the award prior to the grant date, in accordance with ASC 718-10-55-108. This change in the timing of recognition for awards that were granted to or are expected to be granted to retirement-eligible employees resulted in $27 million of additional compensation expense during the three months ended September 30, 2025. For more information on the Company’s accounting policies related to stock-based compensation, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements of the Company’s 2024 Form 10-K.

Note 2 — Fair Value Measurement and Fair Value of Financial Instruments

Under applicable accounting standards, the Company measures a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly recorded at fair value on a recurring basis. At times, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are subject to fair value adjustments only as required through the application of an accounting method such as lower of cost or fair value or write-down of individual assets. The Company categorizes its assets and liabilities into three levels based on the established fair value hierarchy and conducts a review of fair value hierarchy classifications on a quarterly basis. For more information regarding the fair value hierarchy and how the Company measures fair value, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Fair Value to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities on a recurring basis, as well as the general classification of these instruments within the fair value hierarchy.

Available-for-Sale Debt Securities — The fair value of AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectations and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include newly issued data, monthly payment information, whole loan collateral performance, tranche evaluation and “To Be Announced” prices. In valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices. The valuations provided by the brokers incorporate information from their trading desks, research and other market data.

On a monthly basis, the Company validates the valuations provided by third-party pricing service providers to ensure that the fair value determination is consistent with the applicable accounting guidance and that the financial instruments are properly classified in the fair value hierarchy. To perform this validation, the Company evaluates the fair values of securities by comparing the fair values provided by the third-party pricing service providers to prices from other available independent sources for the same securities. When significant variances in prices are identified, the Company further compares the inputs used by different sources to ascertain the reliability of these sources. On a quarterly basis, the Company reviews the valuation inputs and methodology furnished by third-party pricing service providers for each security category. On an annual basis, the Company assesses the reasonableness of broker pricing by reviewing the related pricing methodologies. This review includes corroborating pricing with market data, performing pricing input reviews under current market-related conditions, and investigating security pricing by instrument as needed.

11

When a quoted price in an active market exists for the identical security, this price is used to determine the fair value and the AFS debt security is classified as Level 1. Level 1 AFS debt securities consist of U.S. Treasury securities. When pricing is unavailable from third-party pricing service providers for certain securities, the Company requests market quotes from various independent external brokers and utilizes the average quoted market prices. In addition, the Company obtains market quotes from other official published sources. As these valuations are based on observable inputs in the current marketplace, they are classified as Level 2.

Equity Securities — Equity securities consist of mutual funds and exchange-traded equity securities. The Company invests in these mutual funds for CRA purposes. The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be redeemed at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically, but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2. Exchange-traded equity securities are measured based on quoted prices on an active exchange market and classified as Level 1.

Interest Rate Contracts — Interest rate contracts consist of interest rate swaps and options. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that will occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement, the Company incorporates credit valuation adjustments to appropriately reflect both its own and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. Considering the observable nature of all other significant inputs utilized, the Company classifies these derivative instruments as Level 2.

Foreign Exchange Contracts — The fair value of foreign exchange contracts is determined at each reporting period based on changes in the applicable foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts is classified as Level 2. In addition, the Bank managed its foreign currency exposure in the net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary, with foreign currency non-deliverable forward contracts. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency non-deliverable forward contracts is determined by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include the spot and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2.

Credit Contracts — Credit contracts utilized by the Company are comprised of credit risk participation agreements (“RPAs”) between the Company and institutional counterparties. The fair value of the RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. Due to the observable nature of all other significant inputs used in deriving the estimated fair value, credit contracts are classified as Level 2.

12

Equity Contracts — Equity contracts consist of warrants to purchase private company common or preferred stock, and any liability-classified contingently issuable shares of the Company. The fair value of the warrants is based on the Black-Scholes option pricing model. The model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and equity volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Since both equity volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private company warrants. Due to the unobservable nature of the equity volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement of uncertainty analysis on the equity volatility and liquidity discount assumptions is performed.

In connection with the Company’s acquisition of a 49.99% equity interest in an investee during the third quarter of 2023, the Company granted 349 thousand performance-based restricted stock units (“RSUs”) as part of its consideration, in addition to $95 million in cash. The vesting of these equity contracts on September 1, 2028, is contingent on the investee meeting certain financial performance targets during the performance period. The fair value of liability-classified equity contracts varies based on the operating revenue and operating EBITDA of the investee to be achieved during the future performance period. These performance-based RSUs are expected to vest into a variable number of the Company’s common stock, ranging from 20% to 200% of the target performance-based RSUs granted. Due to the unobservable nature of the input assumptions, these equity contracts are classified as Level 3. For additional information on the equity contracts, refer to Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.

Commodity Contracts — Commodity contracts consist of swaps and options referencing commodity products. The fair value of the commodity option contracts is determined using the Black-Scholes model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized.
13

The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of September 30, 2025
($ in thousands)Level 1Level 2Level 3Total
Fair Value
AFS debt securities:
U.S. Treasury securities$856,215 $— $— $856,215 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 256,386 — 256,386 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 328,431 — 328,431 
Residential mortgage-backed securities— 9,683,435 — 9,683,435 
Municipal securities— 245,182 — 245,182 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 197,993 — 197,993 
Residential mortgage-backed securities— 403,678 — 403,678 
Corporate debt securities— 500,870 — 500,870 
Foreign government bonds— 237,019 — 237,019 
Asset-backed securities— 31,943 — 31,943 
Total AFS debt securities$856,215 $11,884,937 $— $12,741,152 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$21,848 $4,303 $— $26,151 
Total affordable housing partnership, tax credit and CRA investments, net$21,848 $4,303 $— $26,151 
Other assets:
Equity securities
$613 $— $— $613 
Total other assets$613 $— $— $613 
Derivative assets:
Interest rate contracts$— $313,401 $— $313,401 
Foreign exchange contracts— 45,999 — 45,999 
Credit contracts— 17 — 17 
Equity contracts— — 547 547 
Commodity contracts— 48,465 — 48,465 
Gross derivative assets$— $407,882 $547 $408,429 
Netting adjustments (2)
$— $(272,519)$— $(272,519)
Net derivative assets$— $135,363 $547 $135,910 
Derivative liabilities:
Interest rate contracts$— $270,286 $— $270,286 
Foreign exchange contracts— 40,964 — 40,964 
Credit contracts— 58 — 58 
Equity contracts (3)
— — 15,119 15,119 
Commodity contracts— 55,775 — 55,775 
Gross derivative liabilities$— $367,083 $15,119 $382,202 
Netting adjustments (2)
$— $(107,154)$— $(107,154)
Net derivative liabilities$— $259,929 $15,119 $275,048 
Refer to table footnotes on the following page.

14

Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Fair Value
AFS debt securities:
U.S. Treasury securities$638,265 $— $— $638,265 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 262,587 — 262,587 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 426,214 — 426,214 
Residential mortgage-backed securities— 7,738,260 — 7,738,260 
Municipal securities— 250,153 — 250,153 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 258,470 — 258,470 
Residential mortgage-backed securities— 433,608 — 433,608 
Corporate debt securities— 526,166 — 526,166 
Foreign government bonds— 233,880 — 233,880 
Asset-backed securities— 34,715 — 34,715 
Collateralized loan obligation (“CLOs”)
— 44,493 — 44,493 
Total AFS debt securities $638,265 $10,208,546 $— $10,846,811 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$20,817 $4,204 $— $25,021 
Total affordable housing partnership, tax credit and CRA investments, net
$20,817 $4,204 $— $25,021 
Other assets:
Equity securities
$568 $— $— $568 
Total other assets$568 $— $— $568 
Derivative assets:
Interest rate contracts$— $385,311 $— $385,311 
Foreign exchange contracts— 89,083 — 89,083 
Credit contracts— 1 — 1 
Equity contracts— — 239 239 
Commodity contracts— 48,499 — 48,499 
Gross derivative assets$— $522,894 $239 $523,133 
Netting adjustments (2)
$— $(427,292)$— $(427,292)
Net derivative assets$— $95,602 $239 $95,841 
Derivative liabilities:
Interest rate contracts$— $414,172 $— $414,172 
Foreign exchange contracts— 71,254 — 71,254 
Equity contracts (3)
— — 15,119 15,119 
Credit contracts— 12 — 12 
Commodity contracts— 45,328 — 45,328 
Gross derivative liabilities$— $530,766 $15,119 $545,885 
Netting adjustments (2)
$— $(112,284)$— $(112,284)
Net derivative liabilities$— $418,482 $15,119 $433,601 
(1)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $9.1 billion and $7.2 billion of fair value as of September 30, 2025 and December 31, 2024, respectively.
(2)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.
15

For the three and nine months ended September 30, 2025 and 2024, Level 3 fair value measurements that were measured on a recurring basis consisted of warrant equity contracts issued by private companies and liability-classified contingently issuable shares of the Company granted as part of EWBC’s consideration in an investment. There was no change in the fair value of the liability classified contingently issuable shares during the three and nine months ended September 30, 2025 and 2024. The following table provides a reconciliation of the beginning and ending balances of the warrant equity contracts for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Equity contracts
Beginning balance$377 $240 $239 $336 
Total losses included in earnings (1)
(13)(8)(131)(104)
Issuances (2)
183 — 439 — 
Ending balance$547 $232 $547 $232 
(1)Includes unrealized losses recorded in Lending and loan servicing fees on the Consolidated Statement of Income.
(2)Included in Lending and loan servicing fees on the Consolidated Statement of Income.

The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of September 30, 2025 and December 31, 2024. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniqueUnobservable InputsRange of InputsWeighted-Average of Inputs
September 30, 2025
Derivative assets:
Equity contracts$547 Black-Scholes option pricing modelEquity volatility
34% — 53%
42%
 (1)
Liquidity discount47%47%
Derivative liabilities:
Equity contracts (2)
$15,119 Internal model
Payout % based on operating revenue and operating EBITDA of investee
84%84%
December 31, 2024
Derivative assets:
Equity contracts$239 Black-Scholes option pricing modelEquity volatility
38% — 57%
50%
 (1)
Liquidity discount47%47%
Derivative liabilities:
Equity contracts (2)
$15,119 Internal model
Payout % based on operating revenue and operating EBITDA of investee
84%84%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of September 30, 2025 and December 31, 2024.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.

16

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis may include certain individually evaluated loans held-for-investment, loans held-for-sale, affordable housing partnership, tax credit and CRA investments, OREO, and other nonperforming assets. Nonrecurring fair value adjustments may result from the impairment on certain individually evaluated loans held-for-investment and affordable housing partnership, tax credit and CRA investments, from the write-downs of OREO and other nonperforming assets, or from the application of lower of cost or fair value on loans held-for-sale.

Individually Evaluated Loans Held-for-Investment — Individually evaluated loans held-for-investment are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment:

•Discounted cash flow valuation techniques consist of developing an expected stream of cash flows over the life of the loans, and then calculating the present value of the loans by discounting the expected cash flows at a designated discount rate.
•When the repayment of an individually evaluated loan is dependent on the sale of the collateral, the fair value of the loan is determined based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal valuation if a third-party appraisal is not required by regulations or is unavailable. An internal valuation utilizes one or more valuation techniques such as the income, market and/or cost approaches.

Affordable Housing Partnership, Tax Credit and CRA Investments, Net — The Company conducts due diligence and secures applicable internal and external approval on its affordable housing partnership, tax credit and CRA investments prior to closing the investment and initial funding. After closing, the Company continues its periodic monitoring process to ensure that book values are realizable, the investments are performing as expected and there is no significant tax credit recapture risk. This monitoring process includes reviewing the investment entity’s financial statements, production reports and annual tax returns, the annual financial statements of the sponsor and guarantor (if any) and a comparison of the actual performance to plan based on the final financial model at the time of closing. The Company assesses its tax credit and other investments for possible other-than-temporary impairment on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors:

•expected future cash flows that are less than the carrying amount of the investment;
•changes in the economic, market or technological environment that could adversely affect the investee’s operations;
•the potential for tax credit recapture; and
•other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment.

All available information is considered in assessing whether a decline in value is other-than-temporary. Generally, none of the aforementioned factors are individually conclusive and the relative importance placed on individual facts may vary depending on the situation. In accordance with ASC 323-10-35-32, Investments — Equity Method and Joint Ventures, an impairment charge would only be recognized in earnings for a decline in value that is determined to be other-than-temporary.

Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment such as an acceptance of a deed-in-lieu of foreclosure. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure or at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3.

17

The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of September 30, 2025 and December 31, 2024:
Assets Measured at Fair Value on a Nonrecurring Basis
as of September 30, 2025
($ in thousands)Level 1Level 2Level 3Fair Value Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”)$— $— $30,755 $30,755 
Commercial real estate (“CRE”):
CRE— — 7,866 7,866 
Total loans held-for-investment$— $— $38,621 $38,621 
Affordable housing partnership, tax credit and CRA investments, net
$— $— $976 $976 
OREO (1)
$— $— $6,595 $6,595 
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $48,384 $48,384 
CRE:
CRE— — 1,678 1,678 
 Construction and land
— — 11,316 11,316 
Total commercial— — 61,378 61,378 
Consumer:
Residential mortgage:
Single-family residential— — 108 108 
Total consumer— — 108 108 
Total loans held-for-investment$— $— $61,486 $61,486 
Affordable housing partnership, tax credit and CRA investments, net$— $— $5,000 $5,000 
OREO (1)
$— $— $19,386 $19,386 
(1)Represents the carrying value of OREO property that was written down after its initial classification as OREO and included in Other assets on the Consolidated Balance Sheet.

18

The following table presents the change in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Loans held-for-investment:
Commercial:
C&I$(28,616)$(266)$(30,897)$(16,025)
CRE:
CRE— 89 (19,885)— 
Multifamily residential— (49)— (49)
Construction and land— (145)— (2,289)
Total CRE— (105)(19,885)(2,338)
Total commercial(28,616)(371)(50,782)(18,363)
Consumer:
Residential mortgage:
Single-family residential— 10 — (1,396)
Total consumer— 10 — (1,396)
Total loans held-for-investment$(28,616)$(361)$(50,782)$(19,759)
Affordable housing partnership, tax credit and CRA investments, net(550)— (550)— 
OREO(1,133)— (1,133)(2,576)
Total nonrecurring fair value losses
$(30,299)$(361)$(52,465)$(22,335)

The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of September 30, 2025 and December 31, 2024:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of InputsWeighted-Average of Inputs
September 30, 2025
Loans held-for-investment$17,844 Fair value of collateralDiscount
35% — 70%
41%
(1)
$5,574 Fair value of collateralContract value
NM
NM
$15,203 Fair value of propertySelling cost
8% — 20%
13%
(1)
Affordable housing partnership, tax credit and CRA investments, net
$976 Individual analysis of each investment
Expected future tax benefits and distributions
NMNM
OREO$6,595 Fair value of propertySelling cost8%8%
December 31, 2024
Loans held-for-investment$910 Fair value of collateralDiscount
50%
50%
$22,993 Fair value of collateralContract valueNMNM
$37,583 Fair value of propertySelling cost
8% — 20%
10%
(1)
Affordable housing partnership, tax credit and CRA investments, net$5,000 Individual analysis of each investmentExpected future tax benefits and distributionsNMNM
OREO$19,386 Fair value of propertySelling cost8%8%
NM — Not meaningful.
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of September 30, 2025 and December 31, 2024.
19


Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of September 30, 2025 and December 31, 2024, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial instruments are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
September 30, 2025
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,694,194 $4,694,194 $— $— $4,694,194 
Interest-bearing deposits with banks$68,200 $— $68,200 $— $68,200 
Resale agreements$425,000 $— $351,212 $— $351,212 
HTM debt securities$2,880,682 $519,800 $1,947,562 $— $2,467,362 
Restricted equity securities, at cost$152,536 $— $152,536 $— $152,536 
Loans held-for-sale$19,596 $— $19,596 $— $19,596 
Loans held-for-investment, net$54,976,252 $— $— $53,569,366 $53,569,366 
Mortgage servicing rights$4,362 $— $— $7,601 $7,601 
Accrued interest receivable$315,633 $— $315,633 $— $315,633 
Financial liabilities:
Demand, checking, savings and money market deposits$41,296,069 $— $41,296,069 $— $41,296,069 
Time deposits$25,291,487 $— $25,287,515 $— $25,287,515 
Short-term borrowings$9,851 $— $9,851 $— $9,851 
FHLB advances$3,000,000 $— $3,002,069 $— $3,002,069 
Repurchase agreements$53,489 $— $53,489 $— $53,489 
Long-term debt$32,239 $— $31,629 $— $31,629 
Accrued interest payable$56,703 $— $56,703 $— $56,703 
December 31, 2024
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$5,250,742 $5,250,742 $— $— $5,250,742 
Interest-bearing deposits with banks$48,198 $— $48,198 $— $48,198 
Resale agreements$425,000 $— $329,769 $— $329,769 
HTM debt securities$2,917,413 $499,858 $1,887,896 $— $2,387,754 
Restricted equity securities, at cost$165,259 $— $165,259 $— $165,259 
Loans held-for-investment, net$53,024,585 $— $— $51,328,254 $51,328,254 
Mortgage servicing rights$5,234 $— $— $8,822 $8,822 
Accrued interest receivable$316,392 $— $316,392 $— $316,392 
Financial liabilities:
Demand, checking, savings and money market deposits$39,959,251 $— $39,959,251 $— $39,959,251 
Time deposits$23,215,772 $— $23,225,317 $— $23,225,317 
FHLB advances$3,500,000 $— $3,497,953 $— $3,497,953 
Long-term debt$32,001 $— $31,246 $— $31,246 
Accrued interest payable$61,950 $— $61,950 $— $61,950 

20

Note 3 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements

The Company’s resale agreements expose it to credit risk from both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for an efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of both September 30, 2025 and December 31, 2024.

Securities Purchased under Resale Agreements

Gross securities purchased under resale agreements were $425 million as of both September 30, 2025 and December 31, 2024.

Securities Sold under Repurchase Agreements

Gross repurchase agreements were $53 million as of September 30, 2025, which will mature in 2025. There were no repurchase agreements as of December 31, 2024.

Balance Sheet Offsetting

The Company’s resale and repurchase agreements are transacted under legally enforceable master netting agreements that, in the event of default by the counterparty, provide the Company with the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by third-party trustees.

The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of September 30, 2025 and December 31, 2024:
Gross Amounts of Recognized AssetsGross Amounts Offset on the Consolidated Balance SheetNet Amounts of Assets Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
($ in thousands)
Collateral Received (1)
Net Amount
September 30, 2025
Resale agreements$425,000 $— $425,000 $(349,887)$75,113 
Gross Amounts of Recognized Liabilities
Gross Amounts Offset on the Consolidated Balance Sheet
Net Amounts of Liabilities Presented on the Consolidated Balance Sheet
Gross Amounts Not Offset on the Consolidated Balance Sheet
Net Amount
Collateral Pledged (2)
Repurchase agreements$53,489 $— $53,489 $(53,489)$— 
21

Gross Amounts of Recognized AssetsGross Amounts Offset on the Consolidated Balance SheetNet Amounts of Assets Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
($ in thousands)
Collateral Received (1)
Net Amount
December 31, 2024
Resale agreements$425,000 $— $425,000 $(329,603)$95,397 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.

In addition to the amounts included in the table above, the Company also has balance sheet netting related to derivatives. Refer to Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

Note 4 — Securities

The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value by major categories of AFS and HTM debt securities as of September 30, 2025 and December 31, 2024:
September 30, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized Losses
Allowance for Credit Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$875,577 $640 $(20,002)$— $856,215 
U.S. government agency and U.S. government-sponsored enterprise debt securities288,368 — (31,982)— 256,386 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities359,373 97 (31,039)— 328,431 
Residential mortgage-backed securities9,816,928 56,707 (190,200)— 9,683,435 
Municipal securities282,015 21 (36,854)— 245,182 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities224,699 — (23,706)(3,000)197,993 
Residential mortgage-backed securities466,826 — (63,148)— 403,678 
Corporate debt securities596,900 — (96,030)— 500,870 
Foreign government bonds245,978 617 (9,576)— 237,019 
Asset-backed securities32,649 — (706)— 31,943 
Total AFS debt securities13,189,313 58,082 (503,243)(3,000)12,741,152 
HTM debt securities:
U.S. Treasury securities539,255 — (19,455)— 519,800 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,006,602 — (152,505)— 854,097 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities476,530 — (71,706)— 404,824 
Residential mortgage-backed securities672,283 — (129,010)— 543,273 
Municipal securities186,012 — (40,644)— 145,368 
Total HTM debt securities2,880,682 — (413,320)— 2,467,362 
Total debt securities$16,069,995 $58,082 $(916,563)$(3,000)$15,208,514 
Refer to table footnotes on the following page.
22

December 31, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,300 $— $(38,035)$638,265 
U.S. government agency and U.S. government-sponsored enterprise debt securities308,220 — (45,633)262,587 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities472,535 886 (47,207)426,214 
Residential mortgage-backed securities7,974,768 12,278 (248,786)7,738,260 
Municipal securities287,301 38 (37,186)250,153 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities294,235 2 (35,767)258,470 
Residential mortgage-backed securities514,527 — (80,919)433,608 
Corporate debt securities653,500 — (127,334)526,166 
Foreign government bonds244,803 2,069 (12,992)233,880 
Asset-backed securities35,086 — (371)34,715 
CLOs44,500 — (7)44,493 
Total AFS debt securities 11,505,775 15,273 (674,237)10,846,811 
HTM debt securities:
U.S. Treasury securities535,080 — (35,222)499,858 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,004,479 — (200,259)804,220 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities486,388 — (91,461)394,927 
Residential mortgage-backed securities703,833 — (155,626)548,207 
Municipal securities187,633 — (47,091)140,542 
Total HTM debt securities2,917,413 — (529,659)2,387,754 
Total debt securities$14,423,188 $15,273 $(1,203,896)$13,234,565 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of September 30, 2025 and December 31, 2024, the accrued interest receivables were $47 million and $45 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $9.1 billion of both amortized cost and fair value as of September 30, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024.
(3)Includes GNMA HTM debt securities totaling $81 million of amortized cost and $66 million of fair value as of September 30, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024.

23

Unrealized Losses of Available-for-Sale Debt Securities

The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities in a continuous unrealized loss position, aggregated by investment category and loss duration as of September 30, 2025 and December 31, 2024.
September 30, 2025
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $596,197 $(20,002)$596,197 

$(20,002)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 256,386 (31,982)256,386 (31,982)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 319,280 (31,039)319,280 (31,039)
Residential mortgage-backed securities122,698 (503)1,631,531 (189,697)1,754,229 (190,200)
Municipal securities1,949 (43)240,342 (36,811)242,291 (36,854)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 196,038 (23,706)196,038 (23,706)
Residential mortgage-backed securities— — 403,678 (63,148)403,678 (63,148)
Corporate debt securities2,389 (11)479,481 (96,019)481,870 (96,030)
Foreign government bonds7,027 (16)90,440 (9,560)97,467 (9,576)
Asset-backed securities— — 31,943 (706)31,943 (706)
Total AFS debt securities$134,063 $(573)$4,245,316 $(502,670)$4,379,379 $(503,243)
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $638,265 $(38,035)$638,265 $(38,035)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 262,587 (45,633)262,587 (45,633)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities2,741 (30)377,756 (47,177)380,497 (47,207)
Residential mortgage-backed securities2,719,228 (16,404)1,528,252 (232,382)4,247,480 (248,786)
Municipal securities2,763 (95)245,360 (37,091)248,123 (37,186)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities10,767 (332)235,668 (35,435)246,435 (35,767)
Residential mortgage-backed securities— — 433,608 (80,919)433,608 (80,919)
Corporate debt securities— — 526,166 (127,334)526,166 (127,334)
Foreign government bonds— — 87,008 (12,992)87,008 (12,992)
Asset-backed securities— — 34,715 (371)34,715 (371)
CLOs— — 44,493 (7)44,493 (7)
Total AFS debt securities$2,735,499 $(16,861)$4,413,878 $(657,376)$7,149,377 $(674,237)
24

As of September 30, 2025, the Company had 446 AFS debt securities in a gross unrealized loss position, primarily consisting of 228 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 53 corporate debt securities and 71 non-agency mortgage-backed securities. In comparison, as of December 31, 2024, the Company had 541 AFS debt securities in a gross unrealized loss position, primarily consisting of 290 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities and 83 non-agency mortgage-backed securities.

Allowance for Credit Losses on Available-for-Sale Debt Securities

The Company evaluates each AFS debt security where the fair value declines below amortized cost. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of September 30, 2025 were mainly comprised of the following:

•Corporate debt securities — The market value movement as of September 30, 2025 was primarily due to interest rate movement and spread change. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. These securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“NRSROs”) and issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities.
•Non-agency mortgage-backed securities — The market value movement for the majority of these securities as of September 30, 2025 was primarily due to interest rate movement and spread change. In contrast, one non-agency commercial mortgage-backed security experienced a deterioration in both its credit rating and expected cash flows, resulting in its fair value falling below its amortized cost. Consequently, a credit-related impairment of $3 million was recognized through allowance for credit losses as of September 30, 2025. For the remaining non-agency mortgage-backed securities, a substantial majority are rated investment grade by NRSROs or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time. Accordingly, the Company believes the risk of credit losses on the remaining securities is low.

As of both September 30, 2025 and December 31, 2024, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would not have to sell these securities before the recovery of their amortized cost. The majority of the issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the majority of the amortized cost basis of these securities.

The Company recorded $3 million in allowance for credit losses related to a non-agency commercial mortgage-backed security as of September 30, 2025, which was recognized as a provision for credit losses for each of the three and nine months ended September 30, 2025, compared with no allowance for credit losses as of December 31, 2024, and no provision for credit losses recognized for each of the three and nine months ended September 30, 2024.

25

Allowance for Credit Losses on Held-to-Maturity Debt Securities

The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of September 30, 2025, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of both September 30, 2025 and December 31, 2024. Overall, the Company believes that the credit support levels of the debt securities are strong, and based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received.

Realized Gains and Credit Losses

The following table presents the gross realized gains from the sales of AFS debt securities (pre-tax), credit losses and the related tax (benefit) expense included in earnings for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Gross realized gains from sales$57 $145 $934 $1,979 
Credit losses
$(3,000)$— $(3,000)$— 
Related tax (benefit) expense
$(858)$43 $(611)$585 

Interest Income

The following table presents the composition of interest income on debt securities for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Taxable interest$154,893 $118,985 $449,155 $296,003 
Nontaxable interest3,669 4,998 10,979 15,104 
Total interest income on debt securities$158,562 $123,983 $460,134 $311,107 

26

Contractual Maturities of Available-for-Sale and Held-to-Maturity Debt Securities

The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of September 30, 2025. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten Years After Ten Years Total
AFS debt securities:
U.S. Treasury securities
Amortized cost$339,871 $486,357 $49,349 $— $875,577 
Fair value336,058 470,466 49,691 — 856,215 
Weighted-average yield (1)
2.61%1.32%3.95%—%1.97%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost— 26,677 200,833 60,858 288,368 
Fair value— 26,066 178,519 51,801 256,386 
Weighted-average yield (1)
—%1.58%2.06%2.19%2.05%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost4,755 83,696 111,891 9,975,959 10,176,301 
Fair value4,741 81,229 103,361 9,822,535 10,011,866 
Weighted-average yield (1) (2)
3.57%2.91%2.94%5.10%5.05%
Municipal securities
Amortized cost9,098 21,298 22,629 228,990 282,015 
Fair value8,987 20,689 19,446 196,060 245,182 
Weighted-average yield (1) (2)
1.85%2.41%2.40%2.26%2.27%
Non-agency mortgage-backed securities
Amortized cost3,970 2,899 1,955 682,701 691,525 
Fair value3,924 2,875 1,955 592,917 601,671 
Weighted-average yield (1)
5.21%3.21%5.34%2.28%2.30%
Corporate debt securities
Amortized cost35,900 4,000 382,000 175,000 596,900 
Fair value35,785 3,975 326,549 134,561 500,870 
Weighted-average yield (1)
4.45%4.00%2.69%2.02%2.61%
Foreign government bonds
Amortized cost117,677 28,301 50,000 50,000 245,978 
Fair value118,134 28,445 49,846 40,594 237,019 
Weighted-average yield (1)
2.49%1.81%4.74%1.50%2.67%
Asset-backed securities
Amortized cost— — — 32,649 32,649 
Fair value— — — 31,943 31,943 
Weighted-average yield (1)
—%—%—%5.04%5.04%
Total AFS debt securities
Amortized cost$511,271 $653,228 $818,657 $11,206,157 $13,189,313 
Fair value$507,629 $633,745 $729,367 $10,870,411 $12,741,152 
Weighted-average yield (1)
2.73%1.61%2.77%4.79%4.42%
27

($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten YearsAfter Ten YearsTotal
HTM debt securities:
U.S. Treasury securities
Amortized cost$—$539,255$—$—$539,255
Fair value—519,800——519,800
Weighted-average yield (1)
—%1.05%—%—%1.05%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost—105,322467,017434,2631,006,602
Fair value—96,630403,405354,062854,097
Weighted-average yield (1)
—%1.37%1.93%1.98%1.90%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—41,604168,827938,3821,148,813
Fair value—38,162145,755764,180948,097
Weighted-average yield (1) (2)
—%1.54%1.77%1.68%1.68%
Municipal securities
Amortized cost———186,012186,012
Fair value———145,368145,368
Weighted-average yield (1) (2)
—%—%—%2.02%2.02%
Total HTM debt securities
Amortized cost$—$686,181$635,844$1,558,657$2,880,682
Fair value$—$654,592$549,160$1,263,610$2,467,362
Weighted-average yield (1)
—%1.13%1.89%1.80%1.66%
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.

As of September 30, 2025 and December 31, 2024, AFS and HTM debt securities with carrying values of $4.4 billion and $5.4 billion, respectively, were pledged to secure borrowings and for other purposes required or permitted by law. As of September 30, 2025, $2.5 billion of AFS and HTM debt securities were prepositioned for the Federal Reserve Bank (“FRB”) Standing Repurchase Agreement Facility.

Restricted Equity Securities

The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30, 2025December 31, 2024
FRB of San Francisco stock
$65,095 $63,930 
FHLB stock87,441 101,329 
Total restricted equity securities$152,536 $165,259 

28

Note 5 — Derivatives

The Company uses derivative instruments to manage exposure to market risk, primarily interest rate and foreign currency risks, as well as to assist customers with their risk management objectives. The Company’s goal is to manage interest rate sensitivity and volatility to mitigate the effect of interest rate changes on earnings or capital. The Company also uses foreign exchange contracts to manage the foreign exchange rate risk associated with certain foreign currency-denominated assets and liabilities, the funding needs, as well as the Bank’s investment in East West Bank (China) Limited. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value. While the Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, other derivatives serve as economic hedges. For additional information on the Company’s derivatives and hedging activities, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements of the Company’s 2024 Form 10-K.

The following table presents the notional amounts and fair values of the Company’s derivatives as of September 30, 2025 and December 31, 2024. Certain derivative contracts are cleared through central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Applying variation margin payments as settlement to the fair values of derivative contracts cleared through the London Clearing House (“LCH”) and the Chicago Mercantile Exchange (“CME”) resulted in reductions in the derivative asset and liability fair values of $16 million and $9 million, respectively, as of September 30, 2025. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in the derivative asset and liability fair values of $17 million and $15 million, respectively, as of December 31, 2024. Total gross derivative asset and liability fair values are then adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
September 30, 2025December 31, 2024
Fair ValueFair Value
($ in thousands)Notional AmountAssets Liabilities Notional AmountAssets Liabilities 
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts$4,250,000 $42,415 $1,010 $5,250,000 $5,647 $35,211 
Derivatives not designated as hedging instruments:
Interest rate contracts$19,006,624 $270,986 $269,276 $17,005,381 $379,664 $378,961 
Commodity contracts (1)
— 48,465 55,775 — 48,499 45,328 
Foreign exchange contracts4,263,978 45,999 40,964 5,201,460 89,083 71,254 
Credit contracts (2)
210,205 17 58 168,999 1 12 
Equity contracts— 547 (3)15,119 (4)— 239 (3)15,119 (4)
Total derivatives not designated as hedging instruments$23,480,807 $366,014 $381,192 $22,375,840 $517,486 $510,674 
Gross derivative assets/liabilities$408,429 $382,202 $523,133 $545,885 
Less: Master netting agreements(86,138)(86,138)(111,124)(111,124)
Less: Cash collateral received(186,381)(21,016)(316,168)(1,160)
Net derivative assets/liabilities$135,910 $275,048 $95,841 $433,601 
(1)The notional amount of the Company’s commodity contracts totaled 19 million barrels of crude oil and 364 million units of natural gas, measured in million British thermal units (“MMBTUs”) as of September 30, 2025. In comparison, the notional amount of the Company’s commodity contracts totaled 21 million barrels of crude oil and 407 million MMBTUs of natural gas as of December 31, 2024.
(2)The notional amount for the credit contracts reflects the Company’s pro-rata share of the notional amount in the underlying derivative instruments in RPAs.
(3)The Company held warrant equity contracts in nine and eight private companies as of September 30, 2025 and December 31, 2024, respectively.
(4)Equity contracts classified as derivative liabilities consist of 349 thousand performance-based RSUs granted as part of EWBC’s consideration in an investment.
29

Derivatives Designated as Hedging Instruments

Cash Flow Hedges — The Company uses interest rate swaps and collars to hedge the variability in the interest amount received on certain floating-rate commercial loans due to changes in the contractually specified interest rates. As of September 30, 2025, interest rate contracts in notional amounts of $4.3 billion were designated as cash flow hedges to convert certain variable-rate loans from floating-rate payments to fixed-rate payments. Gains and losses on the hedging derivative instruments are recognized in AOCI and reclassified to earnings in the same period the hedged cash flows impact earnings and are recorded within the same income statement line item as the hedged cash flows. Considering the interest rates, yield curve and notional amount as of September 30, 2025, the Company expects to reclassify an estimated $3 million of after-tax net gains on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months.

The following table presents the pre-tax changes in AOCI from cash flow hedges for the three and nine months ended September 30, 2025 and 2024. The after-tax impact of cash flow hedges on AOCI is shown in Note 13 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form 10-Q.
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
(Losses) gains recognized in AOCI:
Interest rate contracts$(2,658)$93,842 $53,536 $(21,629)
Losses reclassified from AOCI into earnings:
Interest and dividend income (for cash flow hedges on loans)$6,001 $24,272 $18,584 $73,471 

Net Investment Hedges — The Company entered into foreign currency forward contracts to hedge a portion of the Bank’s investment in East West Bank (China) Limited, a non-USD functional currency subsidiary in China. The hedging instruments designated as net investment hedges were used to hedge against the risk of adverse changes in the foreign currency exchange rate of the Chinese Renminbi (“RMB”). There was no active net investment hedge during the three and nine months ended September 30, 2025. The following table presents the pre-tax gains recognized in AOCI on net investment hedges for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Gains recognized in AOCI$— $— $— $586 

Derivatives Not Designated as Hedging Instruments

Customer-Related Positions and Economic Hedge Derivatives — The Company enters into interest rate, commodity, and foreign exchange derivatives at the request of its customers and generally enters into offsetting derivative contracts with third-party financial institutions to mitigate the inherent market risk. The Company also utilizes foreign exchange contracts to mitigate the effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers, as well as to meet its funding needs in certain foreign currencies. A majority of the foreign exchange contracts had original maturities of one year or less as of both September 30, 2025 and December 31, 2024.

30

The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives entered into with customers and with third-party financial institutions as economic hedges to customers’ positions as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$7,526,652 $51,303 $215,703 $6,854,372 $11,828 $361,256 
Written options1,519,006 — 1,942 1,458,428 — 4,953 
Collars and corridors457,654 483 96 181,039 80 440 
Subtotal9,503,312 51,786 217,741 8,493,839 11,908 366,649 
Foreign exchange contracts:
Forwards and spot990,408 21,036 3,101 996,486 11,693 24,201 
Swaps830,798 15,555 2,406 1,504,469 16,117 25,366 
Written options
76,120 — 152 — — — 
Subtotal1,897,326 36,591 5,659 2,500,955 27,810 49,567 
Total$11,400,638 $88,377 $223,400 $10,994,794 $39,718 $416,216 
Economic hedges and other:
Interest rate contracts:
Swaps$7,526,652 $217,149 $51,010 $6,872,075 $362,323 $12,228 
Purchased options1,519,006 1,955 — 1,458,428 4,990 — 
Collars and corridors457,654 96 525 181,039 443 84 
Subtotal9,503,312 219,200 51,535 8,511,542 367,756 12,312 
Foreign exchange contracts:
Forwards and spot212,499 1,621 3,761 86,750 2,318 1,738 
Swaps2,078,033 7,635 31,544 2,613,755 58,955 19,949 
Purchased options
76,120 152 — — — — 
Subtotal2,366,652 9,408 35,305 2,700,505 61,273 21,687 
Total$11,869,964 $228,608 $86,840 $11,212,047 $429,029 $33,999 

31

The Company enters into energy commodity contracts with its customers in the oil and gas sector, which allow them to hedge against the risk of fluctuation in energy commodity prices. Offsetting contracts entered with third-party financial institutions are used as economic hedges to manage the Company’s exposure on its customer-related positions. The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and economic hedges as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Fair ValueFair Value
($ and unit in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps4,839 Barrels$293 $20,392 4,830 Barrels$4,682 $6,874 
Collars4,836 Barrels699 9,154 5,477 Barrels1,604 3,362 
Subtotal9,675 Barrels992 29,546 10,307 Barrels6,286 10,236 
Natural gas:
Swaps103,622 MMBTUs9,516 12,452 141,736 MMBTUs13,095 17,708 
Collars81,030 MMBTUs4,940 5,535 62,045 MMBTUs6,061 4,556 
Written options611 MMBTUs113 — 1,234 MMBTUs167 — 
Subtotal185,263 MMBTUs14,569 17,987 205,015 MMBTUs19,323 22,264 
Total$15,561 $47,533 $25,609 $32,500 
Economic hedges:
Commodity contracts:
Crude oil:
Swaps4,839 Barrels$16,094 $155 4,830 Barrels$4,479 $3,893 
Collars4,836 Barrels4,307 73 5,477 Barrels1,547 76 
Subtotal9,675 Barrels20,401 228 10,307 Barrels6,026 3,969 
Natural gas:
Swaps99,105 MMBTUs8,655 5,076 139,136 MMBTUs13,323 5,056 
Collars79,310 MMBTUs3,848 2,833 61,341 MMBTUs3,541 3,650 
Purchased options611 MMBTUs— 105 1,234 MMBTUs— 153 
Subtotal179,026 MMBTUs12,503 8,014 201,711 MMBTUs16,864 8,859 
Total$32,904 $8,242 $22,890 $12,828 

Credit Contracts — The Company periodically enters into credit RPAs with institutional counterparties to manage the credit exposure of the interest rate contracts associated with syndicated loans. Under the RPAs, a portion of the credit exposure is transferred from one party (the purchaser of credit protection) to another party (the seller of credit protection). The seller of credit protection is required to make payments to the purchaser of credit protection if the underlying borrower defaults on the related interest rate contract. The Company may enter into protection sold or protection purchased RPAs. Credit risk on RPAs is managed by monitoring the credit worthiness of the borrowers and the institutional counterparties, which is a part of the Company’s normal credit review and monitoring process. Assuming the underlying borrowers referenced in the interest rate contracts defaulted, the maximum exposure in the credit protection sold RPAs would be $641 thousand and $170 thousand as of September 30, 2025 and December 31, 2024, respectively.

32

The following table presents the notional amounts and the gross fair values of RPAs sold and purchased outstanding as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Notional Amount
Fair Value
Notional Amount
Fair Value
($ in thousands)
AssetsLiabilitiesAssetsLiabilities
RPAs — protection sold (1)
$146,126 $— $58 $133,174 $— $12 
RPAs — protection purchased
64,079 17 — 35,825 1 — 
Total RPAs$210,205 $17 $58 $168,999 $1 $12 
(1)All reference entities of the protection sold RPAs were investment grade. The weighted-average remaining maturities were 2.3 years and 1.6 years as of September 30, 2025 and December 31, 2024, respectively.

Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase the preferred and/or common stock of its borrowers’ companies, which are mainly in the technology and life sciences sectors. Warrants grant the Company the right to buy a certain class of the underlying company’s equity at a certain price before expiration. In connection with the Company’s investment in an investee during the third quarter of 2023, the Company granted performance-based RSUs as part of its consideration. The vesting of these equity contracts is contingent on the investee meeting certain financial performance targets during the future performance period. For additional information on these equity contracts, refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q.

The following table presents the net gains (losses) due to fair value changes that are recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)Classification on Consolidated Statement of Income2025202420252024
Derivatives not designated as hedging instruments:
Interest rate contracts
Customer derivative income (loss), net of mark-to-market adjustments
$(414)$(4,577)$(3,723)$(2,994)
Foreign exchange contractsForeign exchange income13,576 6,075 40,601 33,204 
Credit contracts
Customer derivative income (loss), net of mark-to-market adjustments
(27)(17)(30)(20)
Equity contracts - warrants
Lending and loan servicing fees
170 (8)308 (104)
Commodity contracts
Customer derivative income (loss), net of mark-to-market adjustments
123 114 521 681 
Net gains$13,428 $1,587 $37,677 $30,767 

Credit-Risk-Related Contingent Features — Certain of the Company’s over-the-counter derivative contracts contain early termination provisions that require the Company to settle any outstanding balances upon the occurrence of a specified credit-risk-related event. Such an event primarily relates to a downgrade of the credit rating of East West Bank to below investment grade. As of September 30, 2025, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $5 million, for which $4 million collateral was posted to cover these positions. In comparison, as of December 31, 2024, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $1 million, for which $1 million collateral was posted to cover these positions. In the event that the credit rating of East West Bank had been downgraded to below investment grade, the Company would have been required to post approximately $1 million and minimal additional collateral as of September 30, 2025 and December 31, 2024, respectively.

33

Offsetting of Derivatives

The following tables present the gross derivative fair values, the balance sheet netting adjustments, and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross fair values of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown:
($ in thousands)As of September 30, 2025
Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
Gross Amounts Recognized (1)
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral Received (5)
Net Amount
Derivative assets$408,429 $(86,138)$(186,381)$135,910 $(37,522)$98,388 
Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
 Gross Amounts Recognized (2)
Master Netting Arrangements
Cash Collateral Pledged (4)
Security Collateral Pledged (5)
Net Amount
Derivative liabilities$382,202 $(86,138)$(21,016)$275,048 $— $275,048 
($ in thousands)As of December 31, 2024
Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
 Gross Amounts Recognized (1)
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral Received (5)
Net Amount
Derivative assets$523,133 $(111,124)$(316,168)$95,841 $(55,222)$40,619 
Gross Amounts Offset on the Consolidated Balance SheetNet Amounts Presented on the Consolidated Balance SheetGross Amounts Not Offset on the Consolidated Balance Sheet
 Gross Amounts Recognized (2)
Master Netting Arrangements
Cash Collateral Pledged (4)
Security Collateral Pledged (5)
Net Amount
Derivative liabilities$545,885 $(111,124)$(1,160)$433,601 $— $433,601 
(1)Includes $9 million and $4 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of September 30, 2025 and December 31, 2024, respectively.
(2)Includes $19 million and $27 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of September 30, 2025 and December 31, 2024, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements was $194 million and $322 million as of September 30, 2025 and December 31, 2024, respectively. Of the gross cash collateral received, $186 million and $316 million were used to offset derivative assets as of September 30, 2025 and December 31, 2024, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $21 million and $1 million as of September 30, 2025 and December 31, 2024, respectively. Of the gross cash collateral pledged, $21 million and $1 million were used to offset derivative liabilities as of September 30, 2025 and December 31, 2024, respectively.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts.

In addition to the amounts included in the tables above, the Company has balance sheet netting related to resale agreements. Refer to Note 3 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements in this Form 10-Q for additional information. Refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for fair value measurement disclosures on derivatives.
34

Note 6 — Loans Receivable and Allowance for Credit Losses

The following table presents the composition of the Company’s loans held-for-investment outstanding as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30, 2025December 31, 2024
Commercial:
C&I$18,001,529 $17,397,158 
CRE:
CRE15,231,167 14,655,340 
Multifamily residential5,037,284 4,953,442 
Construction and land776,587 666,162 
Total CRE21,045,038 20,274,944 
Total commercial39,046,567 37,672,102 
Consumer:
Residential mortgage:
Single-family residential14,820,911 14,175,446 
Home equity lines of credit (“HELOCs”)
1,852,408 1,811,628 
Total residential mortgage16,673,319 15,987,074 
Other consumer46,886 67,461 
Total consumer16,720,205 16,054,535 
Total loans held-for-investment (1)
$55,766,772 $53,726,637 
ALLL
(790,520)(702,052)
Loans held-for-investment, net (1)
$54,976,252 $53,024,585 
(1)Includes $24 million and $46 million of net deferred loan fees and net unamortized premiums as of September 30, 2025 and December 31, 2024, respectively.

Accrued interest receivable on loans held-for-investment was $252 million and $255 million as of September 30, 2025 and December 31, 2024, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income recognized on nonaccrual loans was $6 million for each of the three and nine months ended September 30, 2025, compared with immaterial amounts for the corresponding prior year periods. The interest income reversed was insignificant for each of the three and nine months ended September 30, 2025 and 2024. For the Company’s accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements of the Company’s 2024 Form 10-K. The Company may occasionally have loans held-for-sale. For the Company’s accounting policy on loans held-for-sale, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The Company’s FRB and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $40.9 billion and $38.2 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of September 30, 2025 and December 31, 2024.

Credit Quality Indicators

All loans are subject to the Company’s credit review and monitoring process. For the commercial loan portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the consumer loan portfolio, payment performance or delinquency is typically the driving indicator for risk ratings.

The Company utilizes internal credit risk ratings to assign each individual loan a risk rating of 1 through 10:
•Pass — loans risk rated 1 through 5 are assigned an internal risk rating category of “Pass.” Loans risk rated 1 are typically loans fully secured by cash. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions.
•Special mention — loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating category of “Special Mention.”
35

•Substandard — loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating category of “Substandard.”
•Doubtful — loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating category of “Doubtful.”
•Loss — loans assigned a risk rating of 10 are uncollectible and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating category of “Loss.”

Loan exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans.
36

The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Gross write-offs in the following tables are for the nine months ended September 30, 2025, and the year ended December 31, 2024. Revolving loans that are converted to term loans presented in the tables below are excluded from the term loans by vintage year columns.
September 30, 2025
Term Loans by Origination Year
($ in thousands)20252024202320222021PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$2,193,263 $2,086,065 $994,625 $621,800 $475,653 $391,866 $10,760,575 $33,095 $17,556,942 
Criticized (accrual)5,157 40,604 8,483 86,222 88,050 6,870 139,136 — 374,522 
Criticized (nonaccrual)
2,988 4,836 37,506 5,310 9,442 6,762 3,221 — 70,065 
Total C&I2,201,408 2,131,505 1,040,614 713,332 573,145 405,498 10,902,932 33,095 18,001,529 
Gross write-offs (2)
— 1,062 2,282 3,153 — 2,935 21,560 — 30,992 
CRE:
Pass1,812,679 1,588,160 2,099,019 3,334,362 1,794,639 3,812,676 101,393 47,821 14,590,749 
Criticized (accrual)28,560 16,357 110,291 167,451 51,519 245,672 — — 619,850 
Criticized (nonaccrual)
4,018 — — — 12,330 4,220 — — 20,568 
Subtotal CRE1,845,257 1,604,517 2,209,310 3,501,813 1,858,488 4,062,568 101,393 47,821 15,231,167 
Gross write-offs
8,232 — — — 19 13,997 — — 22,248 
Multifamily residential:
Pass649,041 338,488 491,954 1,153,159 701,661 1,654,631 28,983 3,835 5,021,752 
Criticized (accrual)— — — 6,437 — 8,788 — — 15,225 
Criticized (nonaccrual)
— — — — — 307 — — 307 
Subtotal multifamily residential649,041 338,488 491,954 1,159,596 701,661 1,663,726 28,983 3,835 5,037,284 
Gross write-offs
— — — — — 7 — — 7 
Construction and land:
Pass161,292 97,043 301,142 187,376 13,488 3,446 3,903 — 767,690 
Criticized (nonaccrual)
— 8,897 — — — — — — 8,897 
Subtotal construction and land161,292 105,940 301,142 187,376 13,488 3,446 3,903 — 776,587 
Total CRE2,655,590 2,048,945 3,002,406 4,848,785 2,573,637 5,729,740 134,279 51,656 21,045,038 
Total CRE gross write-offs (2)
8,232 — — — 19 14,004 — — 22,255 
Total commercial$4,856,998 $4,180,450 $4,043,020 $5,562,117 $3,146,782 $6,135,238 $11,037,211 $84,751 $39,046,567 
Total commercial gross write-offs (2)
$8,232 $1,062 $2,282 $3,153 $19 $16,939 $21,560 $— $53,247 
37

September 30, 2025
Term Loans by Origination Year
($ in thousands)20252024202320222021PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)
$2,172,946 $1,972,523 $2,454,248 $2,877,983 $1,919,814 $3,370,130 $— $— $14,767,644 
Criticized (accrual)3,715 1,900 2,351 2,455 — 10,001 — — 20,422 
Criticized (nonaccrual) (3)
864 5,251 6,981 4,856 3,264 11,629 — — 32,845 
Subtotal single-family residential mortgage2,177,525 1,979,674 2,463,580 2,885,294 1,923,078 3,391,760 — — 14,820,911 
Gross write-offs
— 9 — — — — — — 9 
HELOCs:
Pass9,156 2,694 5,252 14,392 11,629 16,314 1,686,647 77,784 1,823,868 
Criticized (accrual)13 748 11 751 — 1,431 2,026 208 5,188 
Criticized (nonaccrual)
578 3,077 1,972 1,229 — 12,577 — 3,919 23,352 
Subtotal HELOCs9,747 6,519 7,235 16,372 11,629 30,322 1,688,673 81,911 1,852,408 
Total residential mortgage2,187,272 1,986,193 2,470,815 2,901,666 1,934,707 3,422,082 1,688,673 81,911 16,673,319 
Total residential mortgage gross write-offs
— 9 — — — — — — 9 
Other consumer:
Pass25,626 34 — 4,618 130 5,575 10,825 — 46,808 
Criticized (accrual)5 — — — — — — — 5 
Criticized (nonaccrual)
5 — 49 — — — 19 — 73 
Total other consumer25,636 34 49 4,618 130 5,575 10,844 — 46,886 
Total consumer$2,212,908 $1,986,227 $2,470,864 $2,906,284 $1,934,837 $3,427,657 $1,699,517 $81,911 $16,720,205 
Total consumer gross write-offs (2)
$—$9$—$—$—$—$—$—$9
Total loans held-for-investment:
Pass$7,024,003 $6,085,007 $6,346,240 $8,193,690 $4,917,014 $9,254,638 $12,592,326 $162,535 $54,575,453 
Criticized (accrual)37,450 59,609 121,136 263,316 139,569 272,762 141,162 208 1,035,212 
Criticized (nonaccrual)
8,453 22,061 46,508 11,395 25,036 35,495 3,240 3,919 156,107 
Total$7,069,906 $6,166,677 $6,513,884 $8,468,401 $5,081,619 $9,562,895 $12,736,728 $166,662 $55,766,772 
Total loans held-for-investment gross write-offs (2)
$8,232 $1,071 $2,282 $3,153 $19 $16,939 $21,560 $— $53,256 
38

December 31, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$2,605,928 $1,508,948 $999,586 $612,015 $243,528 $295,884 $10,574,404 $23,032 $16,863,325 
Criticized (accrual)34,412 51,415 61,041 107,355 10,538 31,160 151,747 — 447,668 
Criticized (nonaccrual)
3,822 29,181 20,273 10,666 3,225 9,135 9,863 — 86,165 
Total C&I2,644,162 1,589,544 1,080,900 730,036 257,291 336,179 10,736,014 23,032 17,397,158 
Gross write-offs (2)
20 47,963 14,848 11,119 1,568 3,012 27,099 — 105,629 
CRE:
Pass1,660,877 2,296,763 3,692,498 1,925,220 1,296,439 3,176,450 96,791 49,302 14,194,340 
Criticized (accrual)34,543 44,557 90,105 31,615 75,578 167,401 — 14,771 458,570 
Criticized (nonaccrual)— — — — 1,756 674 — — 2,430 
Subtotal CRE1,695,420 2,341,320 3,782,603 1,956,835 1,373,773 3,344,525 96,791 64,073 14,655,340 
Gross write-offs (2)
— — — — — 3 — — 3 
Multifamily residential:
Pass386,743 521,754 1,337,599 752,230 613,115 1,242,586 14,640 1,253 4,869,920 
Criticized (accrual)— — 43,997 32,042 — 2,911 — — 78,950 
Criticized (nonaccrual)— — — — — 4,572 — — 4,572 
Subtotal multifamily residential386,743 521,754 1,381,596 784,272 613,115 1,250,069 14,640 1,253 4,953,442 
Gross write-offs
— — — — — 10 — — 10 
Construction and land:
Pass90,926 328,803 184,792 41,932 — 8,393 — — 654,846 
Criticized (nonaccrual)— — 11,316 — — — — — 11,316 
Subtotal construction and land
90,926 328,803 196,108 41,932 — 8,393 — — 666,162 
Gross write-offs
— — 2,289 — — — — — 2,289 
Total CRE2,173,089 3,191,877 5,360,307 2,783,039 1,986,888 4,602,987 111,431 65,326 20,274,944 
Total CRE gross write-offs (2)
— — 2,289 — — 13 — — 2,302 
Total commercial$4,817,251 $4,781,421 $6,441,207 $3,513,075 $2,244,179 $4,939,166 $10,847,445 $88,358 $37,672,102 
Total commercial gross write-offs (2)
$20 $47,963 $17,137 $11,119 $1,568 $3,025 $27,099 $— $107,931 
39

December 31, 2024
Term Loans by Origination Year
Revolving Loans Converted to Term Loans (1)
($ in thousands)20242023202220212020PriorRevolving LoansTotal
Consumer:
Residential mortgage:
Single-family residential:
Pass (3)
$2,360,674 $2,762,921 $3,074,668 $2,079,323 $1,407,031 $2,437,446 $— $— $14,122,063 
Criticized (accrual)4,175 3,409 750 5,810 1,548 6,069 — — 21,761 
Criticized (nonaccrual) (3)
2,716 9,673 1,929 2,035 2,404 12,865 — — 31,622 
Subtotal single-family residential mortgage2,367,565 2,776,003 3,077,347 2,087,168 1,410,983 2,456,380 — — 14,175,446 
Gross write-offs (2)
9 — — — — — — — 9 
HELOCs:
Pass7,453 3,288 4,071 3,236 7,570 8,152 1,648,337 99,488 1,781,595 
Criticized (accrual)1,436 — 1,420 — 135 2,064 2,338 594 7,987 
Criticized (nonaccrual)3,161 3,095 2,520 39 418 7,301 — 5,512 22,046 
Subtotal HELOCs12,050 6,383 8,011 3,275 8,123 17,517 1,650,675 105,594 1,811,628 
Gross write-offs
— 10 — — — — — 5 15 
Total residential mortgage2,379,615 2,782,386 3,085,358 2,090,443 1,419,106 2,473,897 1,650,675 105,594 15,987,074 
Total residential mortgage gross write-offs (2)
9 10 — — — — — 5 24 
Other consumer:
Pass14,916 — 22,992 132 — 6,800 22,555 — 67,395 
Criticized (nonaccrual)— — — — — — 66 — 66 
Total other consumer14,916 — 22,992 132 — 6,800 22,621 — 67,461 
Gross write-offs (2)
— 3,000 — — — — 890 — 3,890 
Total consumer$2,394,531 $2,782,386 $3,108,350 $2,090,575 $1,419,106 $2,480,697 $1,673,296 $105,594 $16,054,535 
Total consumer gross write-offs (2)
$9 $3,010 $— $— $— $— $890 $5 $3,914 
Total loans held-for-investment:
Pass$7,127,517 $7,422,477 $9,316,206 $5,414,088 $3,567,683 $7,175,711 $12,356,727 $173,075 $52,553,484 
Criticized (accrual)74,566 99,381 197,313 176,822 87,799 209,605 154,085 15,365 1,014,936 
Criticized (nonaccrual)
9,699 41,949 36,038 12,740 7,803 34,547 9,929 5,512 158,217 
Total$7,211,782 $7,563,807 $9,549,557 $5,603,650 $3,663,285 $7,419,863 $12,520,741 $193,952 $53,726,637 
Total loans held-for-investment gross write-offs (2)
$29 $50,973 $17,137 $11,119 $1,568 $3,025 $27,989 $5 $111,845 
(1)No revolving commercial loans were converted to term loans during each of the three months ended September 30, 2025 and 2024. $16 million of total commercial loans, comprised of C&I revolving loans, and $8 million of total commercial loans, comprised of C&I and CRE revolving loans, were converted to term loans during the nine months ended September 30, 2025 and 2024, respectively. $1 million of total consumer loans, comprised of HELOCs, were converted to term loans during the three and nine months ended September 30, 2025. In comparison, $2 million and $26 million of total consumer loans, comprised of HELOCs, were converted to term loans during the three and nine months ended September 30, 2024, respectively.
(2)Excludes gross write-offs associated with loans the Company sold or settled.
(3)$1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating as of both September 30, 2025 and December 31, 2024.
40

Nonaccrual and Past Due Loans

Loans that are 90 or more days past due are generally placed on nonaccrual status unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following tables present the aging analysis of loans held-for-investment as of September 30, 2025 and December 31, 2024:
September 30, 2025
($ in thousands)Current Accruing LoansAccruing Loans 30-59 Days Past DueAccruing Loans 60-89 Days Past DueTotal Accruing Past Due LoansTotal Nonaccrual LoansTotal Loans
Commercial:
C&I$17,920,668 $3,949 $6,847 $10,796 $70,065 $18,001,529 
CRE:
CRE15,161,590 33,489 15,520 49,009 20,568 15,231,167 
Multifamily residential5,036,135 294 548 842 307 5,037,284 
Construction and land767,690 — — — 8,897 776,587 
Total CRE20,965,415 33,783 16,068 49,851 29,772 21,045,038 
Total commercial38,886,083 37,732 22,915 60,647 99,837 39,046,567 
Consumer:
Residential mortgage:
Single-family residential14,729,285 37,066 20,888 57,954 33,672 14,820,911 
HELOCs1,808,419 14,465 6,172 20,637 23,352 1,852,408 
Total residential mortgage16,537,704 51,531 27,060 78,591 57,024 16,673,319 
Other consumer46,718 36 59 95 73 46,886 
Total consumer16,584,422 51,567 27,119 78,686 57,097 16,720,205 
Total$55,470,505 $89,299 $50,034 $139,333 $156,934 $55,766,772 
December 31, 2024
($ in thousands)Current Accruing LoansAccruing Loans 30-59 Days Past DueAccruing Loans 60-89 Days Past DueTotal Accruing Past Due LoansTotal Nonaccrual LoansTotal Loans
Commercial:
C&I$17,288,138 $5,690 $17,165 $22,855 $86,165 $17,397,158 
CRE:
CRE14,647,270 3,755 1,885 5,640 2,430 14,655,340 
Multifamily residential4,947,939 653 278 931 4,572 4,953,442 
Construction and land653,919 927 — 927 11,316 666,162 
Total CRE20,249,128 5,335 2,163 7,498 18,318 20,274,944 
Total commercial37,537,266 11,025 19,328 30,353 104,483 37,672,102 
Consumer:
Residential mortgage:
Single-family residential14,088,086 32,841 22,096 54,937 32,423 14,175,446 
HELOCs1,770,218 11,396 7,968 19,364 22,046 1,811,628 
Total residential mortgage
15,858,304 44,237 30,064 74,301 54,469 15,987,074 
Other consumer67,288 92 15 107 66 67,461 
Total consumer15,925,592 44,329 30,079 74,408 54,535 16,054,535 
Total$53,462,858 $55,354 $49,407 $104,761 $159,018 $53,726,637 

41

The following table presents the amortized cost of loans on nonaccrual status for which there was no related ALLL as of both September 30, 2025 and December 31, 2024. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.
($ in thousands)September 30, 2025December 31, 2024
Commercial:
C&I$33,625 $79,591 
CRE19,360 — 
Multifamily residential— 4,210 
Construction and land8,897 11,316 
Total commercial61,882 95,117 
Consumer:
Single-family residential7,195 6,279 
HELOCs4,797 15,380 
Total consumer11,992 21,659 
Total nonaccrual loans with no related ALLL
$73,874 $116,776 

Foreclosed Assets

The Company acquires assets from borrowers through loan restructurings, workouts, or foreclosures. Assets acquired may include real properties (e.g., real estate, land, and buildings) and commercial and personal properties. The Company recognizes foreclosed assets upon receiving assets in satisfaction of a loan (e.g., taking legal title or physical possession).

Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $24 million of foreclosed assets as of September 30, 2025, compared with $35 million as of December 31, 2024. The Company commences the foreclosure process on consumer mortgage loans after a borrower becomes more than 120 days delinquent in accordance with the Consumer Financial Protection Bureau guidelines. The carrying value of the consumer real estate loans that were in an active or suspended foreclosure process was $21 million and $16 million as of September 30, 2025 and December 31, 2024, respectively.

Loan Modifications to Borrowers Experiencing Financial Difficulty

As part of the Company’s loss mitigation efforts, the Company may agree to modify the contractual terms of a loan to assist borrowers experiencing financial difficulty. The Company negotiates loan modifications on a case-by-case basis to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. The Company considers various factors to identify borrowers experiencing financial difficulty. The primary factor for consumer loan borrowers is delinquency status. For commercial loan borrowers, these factors include credit risk ratings, the probability of loan risk rating downgrades, and overall risk profile changes. The modification may include, but is not limited to, payment delays, interest rate reductions, term extensions, principal forgiveness, or a combination of such modifications. Commercial loan borrowers that require immaterial modifications such as insignificant interest rate changes, short-term extensions (90 days or less) from the original maturity date, or temporary waivers or extensions of financial covenants which would not constitute material credit actions, are generally not considered to be experiencing financial difficulty and are not included in the disclosure. Insignificant payment deferrals (three months or less in the last 12 months) are also not included in the disclosure.

42

The following tables present the amortized cost of loans that were modified during the three and nine months ended September 30, 2025 and 2024 by loan class and modification type:
Three Months Ended September 30, 2025
Modification Type
Combination:
($ in thousands)Term ExtensionPayment Delay
Term Extension/ Payment Delay
Rate Reduction/ Term Extension
Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$27,141 $49,915 $— $94 $— $77,150 0.43 %
CRE65,118 — — — — 65,118 0.43 %
Total commercial92,259 49,915 — 94 — 142,268 0.36 %
Consumer:
Single-family residential— 14,351 1,632 — — 15,983 0.11 %
HELOCs— 4,294 286 — 747 5,327 0.29 %
Total consumer— 18,645 1,918 — 747 21,310 0.13 %
Total$92,259 $68,560 $1,918 $94 $747 $163,578 0.29 %
Three Months Ended September 30, 2024
Modification Type
Combination:
($ in thousands)Term ExtensionPayment Delay
Term Extension/ Payment Delay
Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$15,848 $— $— $— $15,848 0.09 %
CRE23,735 — — — 23,735 0.16 %
Total commercial39,583 — — — 39,583 0.11 %
Consumer:
Single-family residential— 4,718 219 141 5,078 0.04 %
HELOCs— 3,763 — — 3,763 0.21 %
Total consumer— 8,481 219 141 8,841 0.06 %
Total$39,583 $8,481 $219 $141 $48,424 0.09 %
43

Nine Months Ended September 30, 2025
Modification Type
Combination:
($ in thousands)Interest Rate Reduction
Term Extension
Payment Delay
Rate Reduction/ Term Extension
Term Extension/ Payment Delay
Rate Reduction/ Payment Delay
Rate Reduction/ Term Extension/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$6,057 $76,716 $52,889 $94 $31,957 $19,576 $— $187,289 1.04 %
CRE— 188,145 — — — — — 188,145 1.24 %
Multifamily— 276 — — — — — 276 0.01 %
Land and construction— 16,782 — — — — — 16,782 2.16 %
Total commercial6,057 281,919 52,889 94 31,957 19,576 — 392,492 1.01 %
Consumer:
Single-family residential— — 23,226 — 1,928 — — 25,154 0.17 %
HELOCs— — 9,210 — 917 1,173 414 11,714 0.63 %
Total consumer— — 32,436 — 2,845 1,173 414 36,868 0.22 %
Total$6,057 $281,919 $85,325 $94 $34,802 $20,749 $414 $429,360 0.77 %
Nine Months Ended September 30, 2024
Modification Type
Combination:
($ in thousands)Term ExtensionPayment Delay
Term Extension/ Payment Delay
Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$26,191 $24,768 $— $— $50,959 0.30 %
CRE47,969 — — — 47,969 0.33 %
Total commercial74,160 24,768 — — 98,928 0.26 %
Consumer:
Single-family residential— 13,278 219 141 13,638 0.10 %
HELOCs— 10,708 — 517 11,225 0.64 %
Other consumer3,000 — — — 3,000 5.18 %
Total consumer3,000 23,986 219 658 27,863 0.18 %
Total$77,160 $48,754 $219 $658 $126,791 0.24 %

44

The following table presents the financial effects of the loan modifications for the three and nine months ended September 30, 2025 and 2024 by loan class and modification type:
Financial Effects of Loan Modifications for the Three Months Ended September 30,
20252024
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay (in years)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay (in years)
Commercial:
C&I1.00 %1.30.7— %0.80.0
CRE— %1.30.0— %3.30.0
Consumer:
Residential mortgage:
Single-family residential— %17.54.61.63 %10.02.6
HELOCs1.50 %20.06.6— %0.00.6
Financial Effects of Loan Modifications for the Nine Months Ended September 30,
20252024
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay (in years)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay (in years)
Commercial:
C&I3.37 %1.10.8— %1.61.6
CRE— %3.00.0— %2.40.0
Multifamily— %10.00.0— %0.00.0
Land and construction— %0.80.0— %0.00.0
Consumer:
Single-family residential— %16.33.61.63 %10.01.4
HELOCs0.97 %15.36.80.25 %0.02.0
Other consumer— %0.00.0— %0.80.0

A modified loan may become delinquent and may result in a payment default (generally 90 days past due) subsequent to modification. The following tables present the amortized cost basis of modified loans that, within 12 months of the modification date, experienced a subsequent default during the three and nine months ended September 30, 2025 and 2024.
Loans Modified Subsequently Defaulted During the Three Months Ended September 30, 2025
($ in thousands)Term ExtensionPayment Delay
Combination: Rate Reduction/ Payment Delay
Combination: Term Extension/ Payment DelayTotal
Commercial:
C&I$890 $3,089 $— $— $3,979 
Total commercial890 3,089 — — 3,979 
Consumer:
Single-family residential— 1,064 — 819 1,883 
HELOCs— 418 747 202 1,367 
Total consumer— 1,482 747 1,021 3,250 
Total$890 $4,571 $747 $1,021 $7,229 
45

Loans Modified Subsequently Defaulted During the Three Months Ended September 30, 2024
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Consumer:
Single-family residential$— $573 $— $— $573 
HELOCs— 2,762 — — 2,762 
Total consumer— 3,335 — — 3,335 
Total$— $3,335 $— $— $3,335 
Loans Modified Subsequently Defaulted During the Nine Months Ended September 30, 2025
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Commercial:
C&I$890 $7,554 $— $— $8,444 
CRE53,277 — — — 53,277 
Total commercial54,167 7,554 — — 61,721 
Consumer:
Single-family residential— 2,515 — 1,026 3,541 
HELOCs— 4,675 747 488 5,910 
Total consumer— 7,190 747 1,514 9,451 
Total$54,167 $14,744 $747 $1,514 $71,172 
Loans Modified Subsequently Defaulted During the Nine Months Ended September 30, 2024
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Commercial:
C&I$7,829 $5,280 $— $— $13,109 
Total commercial7,829 5,280 — — 13,109 
Consumer:
Single-family residential— 7,995 141 2,828 10,964 
HELOCs— 3,240 1,149 — 4,389 
Total consumer— 11,235 1,290 2,828 15,353 
Total$7,829 $16,515 $1,290 $2,828 $28,462 

46

The Company monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified over the last 12 months as of September 30, 2025 and 2024:
Payment Performance as of September 30, 2025
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$217,395 $94 $890 $218,379 
CRE210,658 — — 210,658 
Multifamily residential276 — — 276 
Construction and land16,782 — — 16,782 
Total commercial445,111 94 890 446,095 
Consumer:
Single-family residential22,866 2,201 1,738 26,805 
HELOCs9,533 1,594 1,842 12,969 
Total consumer32,399 3,795 3,580 39,774 
Total$477,510 $3,889 $4,470 $485,869 
Payment Performance as of September 30, 2024
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$62,107 $8,848 $7,828 $78,783 
CRE47,969 — — 47,969 
Total commercial110,076 8,848 7,828 126,752 
Consumer:
Single-family residential9,610 3,237 6,686 19,533 
HELOCs8,922 3,736 1,270 13,928 
Other consumer— 3,000 — 3,000 
Total consumer18,532 9,973 7,956 36,461 
Total$128,608 $18,821 $15,784 $163,213 

As of September 30, 2025 and December 31, 2024, commitments to lend additional funds to borrowers whose loans were modified totaled $14 million and $10 million, respectively.

Allowance for Credit Losses

The Company has a current expected credit losses framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The Company’s allowance for credit losses, which includes both the ALLL and the allowance for unfunded credit commitments, is calculated with the objective of maintaining a reserve sufficient to absorb losses inherent in our credit portfolios. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses, periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors.

The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred fees and costs, and escrow advances. Subsequent changes in expected credit losses are recognized in net income as a provision for, or a reversal of, credit loss expense.

47

The allowance for credit losses estimation involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures that share risk characteristics with other similar exposures are collectively evaluated. The collectively evaluated loans include performing loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis.

ALLL for Collectively Evaluated Loans

The allowance for collectively evaluated loans consists of a quantitative component that assesses the different risk factors considered in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below.

Quantitative Component — The Company applies quantitative methods to estimate ALLL by considering a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios which include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted, multiple-scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside or upside scenarios reflecting possible worsening or improving economic conditions. The quantitative models incorporate a probability-weighted calculation of these macroeconomic scenarios over a reasonable and supportable forecast period. If the life of the loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining life of the loans to estimate the ALLL.

There were no changes to the reasonable and supportable forecast period and reversion to the historical loss experience method for the three and nine months ended September 30, 2025 and 2024.

The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&IAge percentage, size at origination, delinquency status, sector and risk rating
Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
CRE, Multifamily residential, and Construction and land
Delinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, GDP, and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and Home Price Indices
Other consumerLoss rate approach
Immaterial - Macroeconomic variables are included in the qualitative estimate.

Quantitative Component — ALLL for the Commercial Loan Portfolio

The Company’s C&I lifetime loss rate model estimates the loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans eight quarters, thereafter, immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate.

To generate estimates of expected loss at the loan level for CRE, multifamily residential, and construction and land loans, projected probabilities of default (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan. The forecast of future economic conditions returns to long-run historical economic trends within the reasonable and supportable period. To estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience.

48

Quantitative Component — ALLL for the Consumer Loan Portfolio

For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. The forecast of future economic conditions returns to long-run historical economic trends after the reasonable and supportable period. To estimate the life of a loan for the single-family residential and HELOC loan portfolios, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. For other consumer loans, the Company uses a loss rate approach.

Qualitative Component — The Company considers the following qualitative factors in the determination of the collectively evaluated allowance if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but are not limited to:

•loan growth trends;
•the volume and severity of past due financial assets, and criticized or adversely classified financial assets;
•the Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices;
•knowledge of a borrower’s operations;
•the quality of the Company’s credit review system;
•the experience, ability and depth of the Company’s management and associates;
•the effect of other external factors such as the regulatory and legal environments, or changes in technology;
•actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates; and
•risk factors in certain industry sectors not captured by the quantitative models.

The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent to which changes in these factors diverge from period to period.

While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk.

ALLL for Individually Evaluated Loans

When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual loans, the Company estimates the ALLL on an individual loan basis. The ALLL for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; or (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan.

•Collateral-Dependent Loans — The allowance of a collateral-dependent loan is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale. As of September 30, 2025, collateral-dependent commercial and consumer loans totaled $39 million and $14 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $45 million and $23 million, respectively, as of December 31, 2024. The Company's collateral-dependent loans were secured by real estate. As of both September 30, 2025 and December 31, 2024, the collateral value of the properties securing the collateral-dependent loans, net of selling costs, exceeded the recorded value of the majority of the loans.
49

The following tables summarize the activity in the ALLL by portfolio segments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily Residential
Construction and Land
Single-Family ResidentialHELOCsOther ConsumerTotal
ALLL, beginning of period
$442,291 $212,618 $29,073 $17,856 $51,997 $5,256 $1,325 $760,416 
Allowance recognized on purchased credit-deteriorated (“PCD”) loans
18,175 — — — — — — 18,175 
(Reversal of) provision for credit losses on loans
(a)(992)14,552 6,101 671 8,873 854 (143)29,916 
Gross charge-offs(25,325)(5)— — — — (73)(25,403)
Gross recoveries7,236 2 13 3 6 3 — 7,263 
Total net (charge-offs) recoveries
(18,089)(3)13 3 6 3 (73)(18,140)
Foreign currency translation adjustment153 — — — — — — 153 
ALLL, end of period
$441,538 $227,167 $35,187 $18,530 $60,876 $6,113 $1,109 $790,520 
Three Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, beginning of period
$379,984 $194,794 $40,254 $14,322 $49,523 $3,340 $1,577 $683,794 
Provision for (reversal of) credit losses on loans(a)26,416 27,123 (8,493)(1,975)(1,293)(128)67 41,717 
Gross charge-offs(29,260)(734)— (145)— (10)(149)(30,298)
Gross recoveries838 61 21 6 1 8 — 935 
Total net (charge-offs) recoveries (28,422)(673)21 (139)1 (2)(149)(29,363)
Foreign currency translation adjustment337 — — — — — — 337 
ALLL, end of period
$378,315 $221,244 $31,782 $12,208 $48,231 $3,210 $1,495 $696,485 
Nine Months Ended September 30, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, beginning of period
$384,319 $218,677 $32,117 $17,497 $44,816 $3,132 $1,494 $702,052 
Allowance recognized on PCD loans
18,175 — — — — — — 18,175 
Provision for (reversal of) credit losses on loans(a)62,973 30,664 3,028 3,020 16,009 2,962 (522)118,134 
Gross charge-offs(34,464)(22,248)(7)(1,996)(9)— (126)(58,850)
Gross recoveries10,304 74 49 9 60 19 263 10,778 
Total net (charge-offs) recoveries(24,160)(22,174)42 (1,987)51 19 137 (48,072)
Foreign currency translation adjustment231 — — — — — — 231 
ALLL, end of period
$441,538 $227,167 $35,187 $18,530 $60,876 $6,113 $1,109 $790,520 
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Nine Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, beginning of period
$392,685 $170,592 $34,375 $10,469 $55,018 $3,947 $1,657 $668,743 
Provision for (reversal of) credit losses on loans(a)44,473 64,542 (2,833)3,828 (6,760)(792)175 102,633 
Gross charge-offs(63,392)(14,235)(6)(2,289)(35)(10)(337)(80,304)
Gross recoveries4,365 345 246 200 8 65 — 5,229 
Total net (charge-offs) recoveries(59,027)(13,890)240 (2,089)(27)55 (337)(75,075)
Foreign currency translation adjustment184 — — — — — — 184 
ALLL, end of period
$378,315 $221,244 $31,782 $12,208 $48,231 $3,210 $1,495 $696,485 

In addition to the ALLL, the Company maintains an allowance for unfunded credit commitments. The Company has three general areas for which it provides the allowance for unfunded credit commitments: (1) recourse obligations for loans sold, (2) letters of credit, and (3) unfunded lending commitments. The allowance for unfunded credit commitments is maintained at a level that management believes to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. See Note 10 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q for additional information related to unfunded credit commitments. The following table summarizes the activity in the allowance for unfunded credit commitments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$45,307 $38,783 $39,526 $37,698 
Provision for credit losses on unfunded credit commitments(b)3,084 283 8,866 1,367 
Foreign currency translation adjustment(1)(4)(2)(3)
Allowance for unfunded credit commitments, end of period$48,390 $39,062 $48,390 $39,062 
Provision for credit losses on loans, leases and unfunded credit commitments
(a) + (b)$33,000 $42,000 $127,000 $104,000 

The allowance for credit losses was $839 million as of September 30, 2025, an increase of $97 million, compared with $742 million as of December 31, 2024. The increase in the allowance for credit losses was primarily driven by the Company’s net loan and commitment growth, qualitative risk assessment, and an economic outlook that reflected continued caution regarding inflation, the high-interest rate environment and potential impacts from the escalating tariff and global trade tensions.

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The Company considers multiple economic scenarios to develop the estimate of the ALLL. The scenarios may consist of a baseline forecast representing management's view of the most likely outcome, and downside or upside scenarios that reflect possible worsening or improving economic conditions. As of September 30, 2025, the Company assigned a slightly lower weighting to its upside scenario, while applying a slightly higher weighting to the downside scenario, with baseline remaining the same as compared with December 31, 2024. The current baseline economic forecast continues to reflect key risks such as still-elevated interest rates, inflation exacerbated by higher tariffs, and slowing job growth. Compared with December 2024, the September 2025 baseline forecast for GDP growth is projected to be weaker in the near-term for the remainder of 2025 and into 2026. Similarly, the near- and mid-term unemployment rates have increased in the September 2025 forecast reflecting the uncertainty which businesses and households are facing. The downside scenario assumed the economy falls into recession in the fourth quarter of 2025 as a result of tariffs, deportations, rising inflation, elevated interest rates, global and domestic political tensions, and reduced credit availability. The upside scenario assumed a more optimistic economic outlook, including stronger growth, stable financial markets, unemployment declining below baseline starting in the fourth quarter of 2025, and diminished global political and economic tension.

Loan Transfers, Sales and Purchases

The Company’s primary business focus is on directly originated loans. The Company also purchases loans from and participates in loan financing with other banks. In the normal course of business, the Company also provides other financial institutions with the ability to participate in commercial loans that it originates, by selling loans to such institutions. Purchased loans may be transferred from held-for-investment to held-for-sale, and write-downs to ALLL are recorded, when appropriate. The following tables provide information on the carrying value of loans transferred, sold and purchased, during the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$134,916 $— $— $— $134,916 
Sales (2)(3)
$127,489 $— $— $— $127,489 
Purchases$34,677 
(4)
$— $— $121,968 $156,645 
Three Months Ended September 30, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICRE
Construction and Land
Single-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$307,182 $— $— $— $307,182 
Sales (2)(3)
$326,764 $— $— $1,642 $328,406 
Purchases$247,880 
(4)
$— $— $102,666 $350,546 
Nine Months Ended September 30, 2025
CommercialConsumerTotal
CREResidential Mortgage
($ in thousands)C&ICRE
Construction and Land
Single-Family Residential
Loans transferred from held-for-investment to held-for-sale (1)
$240,613 $20,338 $9,500 $— $270,451 
Sales (2)(3)
$224,186 $20,338 $11,316 $396 $256,236 
Purchases$339,321 
(4)
$— $— $372,379 $711,700 
Refer to table footnotes on the following page.
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Nine Months Ended September 30, 2024
Commercial ConsumerTotal
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family Residential
Loans transferred from held-for-investment to held-for-sale (1)
$646,079 $— $718 $— $646,797 
Sales (2)(3)
$647,873 $— $718 $2,607 $651,198 
Purchases$451,399 
(4)
$— $— $289,266 $740,665 
(1)Includes write-downs of $2 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the nine months ended September 30, 2025, and $1 million and $2 million for the three and nine months ended September 30, 2024, respectively.
(2)Includes originated loans sold of $37 million and $159 million for the three and nine months ended September 30, 2025, respectively, and $309 million and $496 million for the three and nine months ended September 30, 2024, respectively. Originated loans sold were primarily comprised of C&I loans for each of the three and nine months ended September 30, 2025 and 2024.
(3)Includes $90 million and $97 million of purchased loans sold in the secondary market for the three and nine months ended September 30, 2025, and $20 million and $156 million for the three and nine months ended September 30, 2024, respectively.
(4)C&I loan purchases were comprised of syndicated C&I term loans.

Note 7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net

The CRA encourages banks to meet the credit needs of their communities, particularly low- and moderate-income individuals and neighborhoods. The Company invests in certain affordable housing projects in the form of ownership interests in limited partnerships or limited liability companies that qualify for CRA consideration and tax credits. These entities are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the U.S. To fully utilize the available tax credits, each of these entities must meet the affordable housing regulatory requirements for a 15-year minimum compliance period. The Company also invests in small business investment companies and new markets tax credit projects that qualify for CRA consideration, as well as eligible projects that qualify for production, historic and renewable energy tax credits. Investments in new markets tax credits promote development in low-income communities; investments in production and renewable energy tax credits help promote the development of renewable energy sources; and investments in historic tax credits promote the rehabilitation of historic buildings and economic revitalization of the surrounding areas.

The majority of affordable housing partnership, tax credit and CRA investments discussed above are variable interest entities where the Company is a limited partner in these investments, and an unrelated third party is typically the general partner or managing member who has control over the significant activities of these investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these investments due to the general partner’s or managing member’s ability to manage the entity, which is indicative of the general partner’s or managing member’s power over the entity. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture.

The Company elects to account for its tax credit investments using the proportional amortization method (“PAM”) on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. For discussion on the Company’s impairment evaluation and monitoring process for tax credit investments, refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments — Affordable Housing Partnership, Tax Credit and CRA Investments, Net to the Consolidated Financial Statements in this Form 10-Q.

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The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments$476,731 $178,953 $500,217 $280,919 
Tax credit and CRA investments145,876 58,090 160,429 21,202 
Equity method of accounting and other:
Tax credits and CRA investments359,640 
(2)
143,816 265,994 
(2)
105,743 
Total$982,247 $380,859 $926,640 $407,864 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
(2)Includes $37 million and $29 million of equity securities without readily determinable fair values as of September 30, 2025 and December 31, 2024, respectively.

The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Tax credits and benefits (1):
PAM:
Affordable housing partnership investments$19,493 $17,352 $60,101 $51,383 
Tax credit and CRA investments30,780 27,321 88,527 80,774 
Equity method of accounting and other:
Tax credit and CRA investments23,810 14,918 60,911 49,055 
Total tax credits and benefits$74,083 $59,591 $209,539 $181,212 
Amortization:
PAM (2):
Affordable housing partnership investments$15,276 $11,245 $46,110 $34,888 
Tax credit and CRA investments22,126 21,819 67,296 65,135 
Equity method of accounting and other:
Tax credit and CRA investments (3)
15,693 5,600 57,671 34,859 
Total amortization$53,095 $38,664 $171,077 $134,882 
(1)Included in Income tax expense on the Consolidated Statement of Income.
(2)For affordable housing partnership, tax credit and CRA investments that are qualified for accounting under PAM, amortization is included in Income tax expense on the Consolidated Statement of Income.
(3)For tax credit and CRA investments that are not accounted for under PAM, amortization is included in Amortization of tax credit and CRA investments as part of Noninterest expense on the Consolidated Statement Income.

The Company also held equity securities without readily determinable fair values totaling $117 million and $118 million included in Other Assets on the Consolidated Balance Sheet, as of September 30, 2025 and December 31, 2024, respectively.

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Note 8 — Goodwill

Total goodwill was $466 million as of both September 30, 2025 and December 31, 2024. The Company’s goodwill impairment test is performed annually, as of December 31, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. Based on the Company’s annual goodwill impairment test as of December 31, 2024, there was no impairment. Additional information pertaining to the Company’s accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. The Company performed an analysis of goodwill during the third quarter of 2025 using a qualitative assessment to determine if it was more likely than not that the carrying values of each reporting unit exceeded their estimated fair values. The results of this analysis indicated that no impairment of goodwill existed as of September 30, 2025.

As of September 30, 2025, the Company held an equity method investment totaling $108 million, of which $101 million was comprised of equity method goodwill.

Note 9 — Federal Home Loan Bank Advances and Long-Term Debt

The following table presents details of the Company’s FHLB advances and long-term debt as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Interest RatesMaturity DatesAmountAmount
Parent company
Junior subordinated debt — floating (1)
 5.85%
12/15/2035$32,239 $32,001 
Bank
FHLB advances (2):
Floating (3)
4.29% — 4.38%
2026$2,000,000 $3,000,000 
Fixed
3.87% — 4.49%
2025 — 20261,000,000 500,000 
Total FHLB advances
$3,000,000 $3,500,000 
(1)As of September 30, 2025, the outstanding junior subordinated debt was issued by MCBI Statutory Trust I and had a stated interest of 3-month CME Term Secured Overnight Financing Rate (“SOFR”) + 1.81%. The contractual interest rates for junior subordinated debt were 5.85% and 6.17% as of September 30, 2025 and December 31, 2024, respectively.
(2)The weighted-average interest rates for FHLB advances were 4.30% and 4.48% as of September 30, 2025 and December 31, 2024, respectively.
(3)Floating interest rates are based on the SOFR plus the established spread.

The Bank’s available borrowing capacity from FHLB advances totaled $11.4 billion as of September 30, 2025. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of September 30, 2025, all advances were secured by real estate loans.

Note 10 — Commitments and Contingencies

Commitments to Extend Credit — In the normal course of business, the Company provides loan commitments and letters of credit to customers on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses from these transactions, commitments to extend credit are included in determining the appropriate level of allowance for unfunded credit commitments.

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The following table presents the Company’s credit-related commitments as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Expire in One Year or LessExpire After One Year Through Three YearsExpire After Three Years Through Five YearsExpire After Five YearsTotalTotal
Loan commitments$4,947,041 $3,735,250 $639,101 $97,652 $9,419,044 $9,128,040 
Commercial letters of credit and standby letters of credit (“SBLCs”)
1,413,936 506,597 152,263 1,057,314 3,130,110 2,917,029 
Total$6,360,977 $4,241,847 $791,364 $1,154,966 $12,549,154 $12,045,069 

Loan commitments are agreements to lend to customers provided there are no violations of any conditions established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require commitment fees. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements.

Commercial letters of credit are issued to facilitate domestic and foreign trade transactions, while SBLCs are generally contingent upon the failure of the customers to perform according to the terms of the underlying contract with the third party. As a result, the total contractual amounts do not necessarily represent future funding requirements. The Company’s historical experience is that SBLCs typically expire without being funded. Additionally, in many cases, the Company holds collateral in various forms against these SBLCs. As part of its risk management activities, the Company monitors the creditworthiness of customers in conjunction with its SBLC exposure. Customers are obligated to reimburse the Company for any payment made on the customers’ behalf. If the customers fail to pay, the Company would, as applicable, liquidate the collateral and/or offset existing accounts. As of September 30, 2025, total letters of credit of $3.1 billion consisted of SBLCs of $3.1 billion and commercial letters of credit of $23 million. In comparison, as of December 31, 2024, total letters of credit of $2.9 billion consisted of SBLCs of $2.9 billion and commercial letters of credit of $29 million. As of both September 30, 2025 and December 31, 2024, substantially all letters of credit were graded “Pass” using the Bank’s internal credit risk rating system.

The Company applies the same credit underwriting criteria to extend loans, commitments, and conditional obligations to customers. Each customer’s creditworthiness is evaluated on a case-by-case basis. Collateral and financial guarantees may be obtained based on management’s assessment of a customer’s credit risk. Collateral may include cash, accounts receivable, inventory, personal property, plant and equipment, and real estate property.

Estimated exposure to loss from these commitments is included in the allowance for unfunded credit commitments and amounted to $48 million and $39 million as of September 30, 2025 and December 31, 2024, respectively.

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Guarantees — The Company occasionally sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the maximum potential future payments and carrying value of loans sold or securitized with recourse as of September 30, 2025 and December 31, 2024:
Maximum Potential Future Payments
Carrying Value (1)
September 30, 2025December 31, 2024September 30, 2025December 31, 2024
($ in thousands)Expire After One Year Through Three YearsExpire After Three Years Through Five YearsExpire After Five YearsTotalTotalTotalTotal
Single-family residential loans sold or securitized with recourse$17 $339 $3,085 $3,441 $4,375 $3,441 $4,375 
Multifamily residential loans sold or securitized with recourse51 78 14,867 14,996 14,996 16,434 17,770 
Total $68 $417 $17,952 $18,437 $19,371 $19,875 $22,145 
(1)Represents the unpaid principal balance.

The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $28 thousand and $34 thousand as of September 30, 2025 and December 31, 2024, respectively. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. The Company continues to experience minimal losses from the single-family and multifamily residential loan portfolios sold or securitized with recourse.

Litigation — The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more, than the amounts accrued.

While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information known to the Company as of September 30, 2025, the Company does not believe there are any pending legal proceedings to which the Company is a party that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company’s financial condition. In light of the inherent uncertainty in legal proceedings, however, there can be no assurance that the ultimate resolution will not exceed established reserves and it is possible that the outcome of a particular matter, or a combination of matters, may be material to the Company’s financial condition for a particular period, depending upon the size of the loss and the Company’s income for that particular period.

Note 11 — Stock Compensation Plans

Pursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stock, stock options, restricted stock, RSUs including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of East West and its subsidiaries. The Company has granted RSUs as its primary incentive awards. There were no outstanding awards other than RSUs as of both September 30, 2025 and December 31, 2024.

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The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Stock compensation costs$36,112 $10,717 $62,592 $34,371 
Related net tax benefits for stock compensation plans
$216 $20 $2,947 $812 

Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally cliff vest after three years of continued employment from the date of the grant and are authorized to settle in shares of the Company’s common stock. Dividends are accrued during the vesting period and paid at the time of vesting. While a portion of the RSUs are time-based vesting awards, others vest subject to the attainment of additional specified performance goals, referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation and Management Development Committee based on the performance in the year prior to the grant date of the award. The number of awards that vest can range from 0% to a maximum of 200% of the target number of awards based on the Company’s achievement of specified performance criteria over a performance period of three years. For information on accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements of the Company’s 2024 Form 10-K.

The following table presents a summary of the activities for the Company’s time- and performance-based RSUs that were settled in shares for the nine months ended September 30, 2025. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date.
Time-Based RSUsPerformance-Based RSUs
SharesWeighted-Average Grant Date Fair ValueSharesWeighted-Average Grant Date Fair Value
Outstanding, January 1, 2025
1,348,612 $75.70 282,061 $79.48 
Granted466,153 95.09 88,660 95.34 
Vested(352,294)78.36 (87,992)81.35 
Forfeited(98,969)79.97 — — 
Outstanding, September 30, 2025
1,363,502 $81.33 282,729 $83.87 

As of September 30, 2025, there was $41 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 1.9 years, and $6 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 1.9 years.

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Note 12 — Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the three and nine months ended September 30, 2025 and 2024. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.
Three Months Ended September 30,Nine Months Ended September 30,
($ and shares in thousands, except per share data)2025202420252024
Basic:
Net income$368,394 $299,166 $968,917 $872,471 
Weighted-average number of shares outstanding137,676 138,606 137,897 138,997 
Basic EPS$2.68 $2.16 $7.03 $6.28 
Diluted:
Net income$368,394 $299,166 $968,917 $872,471 
Weighted-average number of shares outstanding137,676 138,606 137,897 138,997 
Add: Dilutive impact of unvested RSUs1,266 1,042 1,193 942 
Diluted weighted-average number of shares outstanding138,942 139,648 139,090 139,939 
Diluted EPS$2.65 $2.14 $6.97 $6.23 

Approximately two thousand and nine thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2025, respectively. In comparison, approximately one thousand and five thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three and nine months ended September 30, 2024, respectively.

Stock Repurchase Program — On January 22, 2025, the Company’s Board of Directors authorized a stock repurchase of $300 million of the Company’s common stock. The Company repurchased $26 million and $114 million of common stock for the three and nine months ended September 30, 2025, respectively. For the three months ended September 30, 2024, there were no share repurchases. For the nine months ended September 30, 2024, the Company repurchased $123 million of common stock.

Note 13 — Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in the components of AOCI balances for the three and nine months ended September 30, 2025 and 2024:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, July 1, 2024$(591,286)$(44,059)$(18,828)$(654,173)
Net unrealized gains (losses) arising during the period132,130 66,105 (1,126)197,109 
Amounts reclassified from AOCI2,663 17,097 — 19,760 
Changes, net of tax134,793 83,202 (1,126)216,869 
Balance, September 30, 2024
$(456,493)$39,143 $(19,954)$(437,304)
Balance, July 1, 2025$(466,566)$28,622 $(24,436)$(462,380)
Net unrealized gains (losses) arising during the period76,760 (2,355)2,074 76,479 
Amounts reclassified from AOCI6,187 4,157 — 10,344 
Changes, net of tax82,947 1,802 2,074 86,823 
Balance, September 30, 2025
$(383,619)

$30,424 $(22,362)$(375,557)
Refer to table footnotes on the following page.

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($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, January 1, 2024$(601,881)$2,624 $(21,339)$(620,596)
Net unrealized gains (losses) arising during the period138,621 (15,235)1,385 124,771 
Amounts reclassified from AOCI6,767 51,754 — 58,521 
Changes, net of tax145,388 36,519 1,385 183,292 
Balance, September 30, 2024
$(456,493)$39,143 $(19,954)$(437,304)
Balance, January 1, 2025
$(542,152)$(20,787)$(22,321)$(585,260)
Net unrealized gains (losses) arising during the period149,063 38,015 (41)187,037 
Amounts reclassified from AOCI9,470 13,196 — 22,666 
Changes, net of tax158,533 51,211 (41)209,703 
Balance, September 30, 2025
$(383,619)$30,424 $(22,362)$(375,557)
(1)Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022.
(2)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.

The following tables present the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,
20252024
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized gains arising during the period$98,241 $(21,481)$76,760 $187,578 $(55,448)$132,130 
Reclassification adjustments:
Net realized losses (gains) on AFS debt securities reclassified into net income (1)
2,943 (858)2,085 (145)43 (102)
Amortization of unrealized losses on transferred securities (2)
3,785 317 4,102 3,926 (1,161)2,765 
Net change104,969 (22,022)82,947 191,359 (56,566)134,793 
Cash flow hedges:
Net unrealized (losses) gains arising during the period
(2,658)303 (2,355)93,842 (27,737)66,105 
Net realized losses reclassified into net income (3)
6,001 (1,844)4,157 24,272 (7,175)17,097 
Net change3,343 (1,541)1,802 118,114 (34,912)83,202 
Foreign currency translation adjustments, net of hedges:
Net unrealized gains (losses) arising during the period
2,208 (134)2,074 (1,126)— (1,126)
Net change2,208 (134)2,074 (1,126)— (1,126)
Other comprehensive income$110,520 $(23,697)$86,823 $308,347 $(91,478)$216,869 
Refer to table footnotes on the following page.

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Nine Months Ended September 30,
20252024
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized gains arising during the period$211,737 $(62,674)$149,063 $196,717 $(58,096)$138,621 
Reclassification adjustments:
Net realized losses (gains) on AFS debt securities reclassified into net income (1)
2,066 (611)1,455 (1,979)585 (1,394)
Amortization of unrealized losses on transferred securities (2)
11,379 (3,364)8,015 11,587 (3,426)8,161 
Net change225,182 (66,649)158,533 206,325 (60,937)145,388 
Cash flow hedges:
Net unrealized gains (losses) arising during the period
53,536 (15,521)38,015 (21,629)6,394 (15,235)
Net realized losses reclassified into net income (3)
18,584 (5,388)13,196 73,471 (21,717)51,754 
Net change72,120 (20,909)51,211 51,842 (15,323)36,519 
Foreign currency translation adjustments, net of hedges:
Net unrealized (losses) gains arising during the period
(134)93 (41)1,558 (173)1,385 
Net change(134)93 (41)1,558 (173)1,385 
Other comprehensive income
$297,168 $(87,465)$209,703 $259,725 $(76,433)$183,292 
(1)Pre-tax amounts were reported in Net gains on AFS debt securities and Provision for Credit Losses on the Consolidated Statement of Income. Refer to Note 4 — Securities — Realized Gains and Credit Losses for further details.
(2)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio in 2022.
(3)Pre-tax amounts related to cash flow hedges on variable rate loans were reported in Interest and dividend income on the Consolidated Statement of Income.

Note 14 — Business Segments

The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined based on customer type, the channels where customers are served, and the products and services provided. The chief operating decision maker (“CODM”) is the Chairman and Chief Executive Officer of the Company. The CODM regularly reviews the Company’s operating results to allocate resources and assess performance. Operating segment results are also based on the Company’s internal management reporting process, which reflects the allocations of certain balance sheet and income statement line items. The CODM uses certain performance measures such as segment net income and considers variances of actual results from forecast results on a quarterly basis when making decisions on resource allocations between segments. The segment information presented is not indicative of how the segments would perform if they operated as independent entities.

The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platforms. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small- and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, private banking, treasury management, interest rate risk hedging and foreign exchange services.

The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services and interest rate and commodity risk hedging.

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The remaining centralized functions, including the corporate treasury activities of the Company, tax credit investment activity, eliminations of inter-segment amounts, and centrally managed departments, have been aggregated and included in the Treasury and Other segment.

The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The Company’s internal reporting process consists of certain allocation methodologies for revenues and expenses, and the internal funds transfer pricing (“FTP”) process. The FTP process is formulated with the goal of encouraging loan and deposit growth that is consistent with the Company’s overall profitability objectives, as well as providing a reasonable and consistent basis for the measurement of business segment net interest margins and profitability. The FTP process charges a cost to fund loans (“FTP charges for loans”) and allocates credits for funds provided from deposits (“FTP credits for deposits”) using internal FTP rates. FTP charges for loans are determined based on a matched cost of funds, which is tied to the pricing and term characteristics of the loans. FTP credits for deposits are based on matched funding credit rates, which are tied to the implied or stated maturity of the deposits. FTP credits for deposits reflect the long-term value generated by the deposits. The net spread between the total internal FTP charges and credits is recorded as part of net interest income in the Treasury and Other segment. The corporate treasury function within the Treasury and Other segment is responsible for the Company’s liquidity and interest rate management and manages the corporate interest rate risk exposure. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions.

Each segment’s net interest income represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s FTP process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Loan charge-offs and provision for credit losses are recorded to the segments, where the loans are recorded. Significant corporate overhead expenses incurred by centralized support areas in the Treasury and Other segment are allocated to the Consumer and Business Banking and Commercial Banking segments based on the segment’s estimated usage factors including, but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Amortization of tax credit and CRA investments and certain types of administrative expenses are generally not allocated to segments.

The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and nine months ended September 30, 2025 and 2024:
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended September 30, 2025
Net interest income before provision for (reversal of) credit losses
$275,389 $265,935 $136,206 $677,530 
Noninterest income31,191 57,983 11,343 100,517 
Total revenue before provision for (reversal of ) credit losses
306,580 323,918 147,549 778,047 
Provision for (reversal of) credit losses
16,679 35,580 (16,259)36,000 
Compensation and employee benefits60,471 62,282 52,832 175,585 
Other noninterest expense (1)
57,695 36,413 7,230 101,338 
Total noninterest expense118,166 98,695 60,062 276,923 
Segment income before income taxes
171,735 189,643 103,746 465,124 
Segment net income$123,347 $136,267 $108,780 $368,394 
Average balances:
Loans$20,500,553 $34,408,431 $299,594 $55,208,578 
Deposits$33,883,506 $28,027,523 $4,278,738 $66,189,767 
As of September 30, 2025
Segment assets$21,078,748 $36,867,668 $21,723,115 $79,669,531 
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($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Three Months Ended September 30, 2024
Net interest income (loss) before provision for (reversal of) credit losses
$290,884 $288,704 $(6,866)$572,722 
Noninterest income27,970 45,577 10,848 84,395 
Total revenue before provision for (reversal of ) credit losses
318,854 334,281 3,982 657,117 
Provision for (reversal of) credit losses
5,927 36,934 (861)42,000 
Compensation and employee benefits53,865 57,582 24,017 135,464 
Other noninterest expense (1)
58,141 36,020 (3,825)90,336 
Total noninterest expense112,006 93,602 20,192 225,800 
Segment income (loss) before income taxes200,921 203,745 (15,349)389,317 
Segment net income
$141,532 $143,218 $14,416 $299,166 
Average balances:
Loans$19,048,831 $32,975,235 $396,450 $52,420,516 
Deposits$31,462,739 $26,310,972 $2,811,545 $60,585,256 
As of September 30, 2024
Segment assets$19,650,183 $35,714,691 $19,118,846 $74,483,720 
($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Nine Months Ended September 30, 2025
Net interest income before provision for (reversal of) credit losses
$818,195 $773,080 $303,530 $1,894,805 
Noninterest income91,205 161,313 26,279 278,797 
Total revenue before provision for (reversal of ) credit losses
909,400 934,393 329,809 2,173,602 
Provision for (reversal of) credit losses
31,139 115,083 (16,222)130,000 
Compensation and employee benefits180,585 181,061 105,215 466,861 
Other noninterest expense (1)
172,140 114,784 31,306 318,230 
Total noninterest expense352,725 295,845 136,521 785,091 
Segment income before income taxes
525,536 523,465 209,510 1,258,511 
Segment net income$374,730 $373,499 $220,688 $968,917 
Average balances:
Loans$20,151,497 $33,800,162 $331,101 $54,282,760 
Deposits$32,992,699 $26,832,722 $4,355,985 $64,181,406 
As of September 30, 2025
Segment assets$21,078,748 $36,867,668 $21,723,115 $79,669,531 
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($ in thousands)Consumer and Business BankingCommercial Banking
Treasury and Other
Total
Nine Months Ended September 30, 2024
Net interest income (loss) before provision for (reversal of) credit losses
$880,316 $855,607 $(44,833)$1,691,090 
Noninterest income80,288 141,634 25,131 247,053 
Total revenue (loss) before provision for (reversal of) credit losses
960,604 997,241 (19,702)1,938,143 
Provision for (reversal of) credit losses
5,246 99,996 (1,242)104,000 
Compensation and employee benefits161,557 175,881 73,426 410,864 
Other noninterest expense (1)
176,279 120,371 592 297,242 
Total noninterest expense337,836 296,252 74,018 708,106 
Segment income (loss) before income taxes617,522 600,993 (92,478)1,126,037 
Segment net income
$434,992 $423,407 $14,072 $872,471 
Average balances:
Loans$18,817,573 $32,854,843 $416,845 $52,089,261 
Deposits$30,406,431 $25,667,059 $2,835,470 $58,908,960 
As of September 30, 2024
Segment assets$19,650,183 $35,714,691 $19,118,846 $74,483,720 
(1)The Consumer and Business Banking segment's other noninterest expense is primarily comprised of corporate overhead allocated expenses, occupancy and equipment expense, and other operating expenses. The Commercial Banking segment’s other noninterest expense is primarily comprised of corporate overhead allocated expenses, deposit account expense, and other operating expenses. The Treasury and Other segment's other noninterest expense is primarily comprised of amortization of tax credit and CRA investments, and other operating expenses, net of any corporate overhead expenses allocated to other segments.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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Overview

The following discussion provides information about the results of operations, financial condition, liquidity and capital resources of East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “our” or “EWBC”) and its subsidiaries, including its subsidiary bank, East West Bank and its subsidiaries (referred to herein as “East West Bank” or the “Bank”). This information is intended to facilitate the understanding and assessment of significant changes and trends related to the Company’s results of operations and financial condition. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the accompanying notes presented elsewhere in this Quarterly Report on Form 10-Q (this “Form 10-Q”), and the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 28, 2025 (the “Company’s 2024 Form 10-K”).

Organization and Strategy

East West is a bank holding company incorporated in Delaware on August 26, 1998, and is registered under the Bank Holding Company Act of 1956, as amended. The Company commenced business on December 30, 1998 when, pursuant to a reorganization, it acquired all of the voting stock of the Bank, which became its principal asset. The Bank is an independent commercial bank headquartered in California that focuses on the financial service needs of individuals and businesses that operate in both the U.S. and Asia. Through over 110 locations in the U.S. and Asia, the Company provides a full range of consumer and commercial products and services through the following three business segments: (1) Consumer and Business Banking and (2) Commercial Banking, with the remaining operations recorded in (3) Treasury and Other. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. We are committed to enhancing long-term shareholder value by growing loans, deposits and revenue, improving profitability, and investing for the future while managing risks, expenses and capital. Our business model is built on customer loyalty and engagement, understanding our customers’ financial goals, and meeting our customers’ financial needs through our diverse products and services. We expect our relationship-focused business model to continue generating organic growth from existing customers and to expand our targeted customer bases. As of September 30, 2025, the Company had $79.7 billion in total assets and approximately 3,100 full-time equivalent employees. For additional information on our strategy, and the products and services provided by the Bank, see Item 1. Business — Organization and Banking Services in the Company’s 2024 Form 10-K.

Current Developments

Economic Developments

Evolving trade policies and tariffs, and the government shutdown in late 2025 have increased concerns about inflation, supply chain disruptions, and slower economic growth. The Federal Reserve resumed lowering interest rates in September 2025, and signaled a cautious approach to further cuts as it monitors inflation and labor market conditions. The economic uncertainty caused by these factors could result in decreased consumer spending and curb business investments. The Company monitors changes in economic and industry conditions and their impacts on the Company’s business, customers, employees, communities and markets.

Further discussion of the potential impacts on the Company’s business due to the economic environment has been provided in Item 1A. — Risk Factors — Risks Related to Geopolitical Uncertainties and — Risks Related to Financial Matters in the Company’s 2024 Form 10-K.

Climate Accountability

In October 2023, California Senate Bill No. 253, the Climate Corporate Data Accountability Act (“SB 253”) and Senate Bill No. 261, the Climate-Related Financial Risk Act (“SB 261”) were signed into law. SB 253 requires companies with annual revenues exceeding $1 billion that do business in California to report their Scope 1 and 2 greenhouse gas (“GHG”) emissions annually starting in 2026; and Scope 3 GHG emissions starting in 2027. SB 261 applies to companies with annual revenues over $500 million that do business in California, and requires disclosure of climate-related financial risks and mitigation measures taken to address such risks with the first report due on January 1, 2026, and biennially thereafter. The Company is a reporting entity under both SB 253 and SB 261 and has engaged a third-party firm to support compliance with these laws. The Company continues to monitor regulatory developments and believes it is well-positioned to meet the applicable requirements.
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Resolution Planning

On June 20, 2024, the Federal Deposit Insurance Corporation (“FDIC”) released a final rule that requires covered insured depository institutions (“IDIs”) to develop and submit detailed plans demonstrating how they could be resolved in an orderly and timely manner in the event of receivership. IDIs with total assets of $100 billion or more are required to submit full resolution plans, and IDIs with total assets between $50 billion and $100 billion, including the Bank, are required to submit more limited informational filings. The Bank completed and submitted its resolution plan on October 1, 2025. Going forward, the Bank will submit informational filings every three years and interim supplements annually.

Regulatory Updates

On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule to implement Section 1033 of the Dodd-Frank Act. Under the final rule, financial institutions are required, upon request, to make available to a consumer or third party authorized by the consumer, certain information the Bank has concerning a consumer financial product or service covered by the rule, such as a credit card or a deposit account. Industry organizations challenged the final rule in court. On August 22, 2025, the CFPB issued an advance notice of proposed rulemaking to solicit comments and data on several issues as part of a reconsideration of the final rule. On October 29, 2025, a district court issued a preliminary injunction preventing the CFPB from enforcing the final rule until the CFPB has completed its reconsideration of the rule.

On October 24, 2023, the federal banking agencies issued a final rule amending their regulations implementing the Community Reinvestment Act (“CRA”) to substantially revise how they evaluate an insured depository institution’s record of satisfying the credit needs of its entire communities, including low- and moderate-income individuals and neighborhoods. On July 16, 2025, the agencies issued a notice of proposed rulemaking to rescind the October 2023 final rule and restore the CRA framework that existed previously, which has remained in effect due to a preliminary injunction that stayed implementation of the October 2023 rule. The Bank received a rating of “Outstanding” in its most recent performance evaluation, which was conducted using the CRA framework that existed prior to the October 2023 final rule.

Other Legislative Updates

In July 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, introducing significant tax changes. The OBBBA extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act and were set to expire at the end of this year. The OBBBA features modified versions of individual and business tax relief proposals, and other new tax relief measures. In addition, it includes various revenue-raising measures, including changes to certain Inflation Reduction Act clean energy tax credits and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation. The Company is currently evaluating the impact of the OBBBA on its business and consolidated financial statements.

In July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or the “GENIUS Act,” was signed into law, establishing a federal licensing and supervisory framework for payment stablecoins and their issuers. The GENIUS Act may accelerate and increase the competition that non-traditional financial institutions pose to banks’ payment services, but may also create opportunities for banks to hold stablecoin reserve assets, custody stablecoins, or issue stablecoins. Several key provisions of the GENIUS Act require federal regulatory agencies to adopt implementing regulations, and the Act will take effect the earlier of 18 months after its enactment or 120 days after the agencies issue final implementing regulations.

In June 2025, California enacted Senate Bill No. 132 (“SB 132”), requiring banks and financial institutions to adopt a single sales factor for income apportionment, effective for tax years beginning on or after January 1, 2025. Prior to SB 132, financial institutions had been required to use an equally weighted three-factor apportionment formula, which considered property, payroll and sales equally in apportioning income for California tax purposes. Refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) — Income Taxes for more details.

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Financial Review

Three Months Ended September 30,Nine Months Ended September 30,
($ and shares in thousands, except per share, and ratio data)2025202420252024
Summary of operations:
Net interest income before provision for credit losses$677,530 $572,722 $1,894,805 $1,691,090 
Noninterest income100,517 84,395 278,797 247,053 
Total revenue778,047 657,117 2,173,602 1,938,143 
Provision for credit losses36,000 42,000 130,000 104,000 
Noninterest expense276,923 225,800 785,091 708,106 
Income before income taxes465,124 389,317 1,258,511 1,126,037 
Income tax expense96,730 90,151 289,594 253,566 
Net income $368,394 $299,166 $968,917 $872,471 
Per share:
Basic earnings$2.68 $2.16 $7.03 $6.28 
Diluted earnings$2.65 $2.14 $6.97 $6.23 
Dividends declared$0.60 $0.55 $1.80 $1.65 
Weighted-average number of shares outstanding:
Basic137,676 138,606 137,897 138,997 
Diluted138,942 139,648 139,090 139,939 
Performance metrics:
Return on average assets (“ROA”)
1.84 %1.62 %1.68 %1.62 %
Return on average common equity (“ROAE”)
17.44 %15.99 %15.98 %16.24 %
Return on average tangible common equity (“ROATCE”) (1)
18.48 %17.08 %16.97 %17.40 %
Common dividend payout ratio22.73 %25.82 %25.96 %26.66 %
Net interest margin3.53 %3.24 %3.41 %3.28 %
Adjusted net interest margin (1)
3.36 %3.24 %3.35 %3.28 %
Efficiency ratio (2)
35.59 %34.36 %36.12 %36.54 %
At period end:September 30, 2025December 31, 2024
Total assets$79,669,531 $75,976,475 
Total loans$55,786,368 $53,726,637 
Total deposits$66,587,556 $63,175,023 
Common shares outstanding at period-end137,568 138,437 
Book value per share$62.39 $55.79 
Tangible book value per share (1)
$58.97 $52.39 
(1)For additional information regarding the reconciliation of these non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, refer to Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.
(2)Efficiency ratio is calculated as noninterest expense divided by total revenue.

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The Company’s net income for the third quarter and first nine months of 2025 was $368 million and $969 million, respectively, which increased $69 million or 23%, and $96 million or 11%, respectively, from the same prior year periods. The year-over-year increases of both the third quarter and first nine months of 2025 were primarily driven by higher net interest income before provision for credit losses and increased noninterest income, partially offset by higher noninterest expense and income tax expense. Provision for credit losses was higher in the first nine months of 2025, compared with the same prior year period. Noteworthy aspects of the Company’s performance for the third quarter and first nine months of 2025 included:

•Net interest income and net interest margin. Third quarter 2025 net interest income before provision for credit losses of $678 million increased $105 million or 18% from the third quarter of 2024. Third quarter 2025 net interest margin of 3.53% increased 29 bps year-over-year. Net interest income before provision for credit losses was $1.9 billion for the first nine months of 2025, a $204 million or 12% increase year-over-year. Net interest margin for the first nine months of 2025 was 3.41%, up 13 bps year-over-year. The year-over-year increases in net interest income and net interest margin primarily reflect loan growth, AFS securities’ increase, and the impact of $32 million of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans.

•Earnings per share growth. Third quarter 2025 basic and diluted earnings per share (“EPS”) both increased 24% to $2.68 and $2.65, respectively, from the third quarter of 2024. For the first nine months of 2025 basic and diluted EPS both increased 12% to $7.03 and $6.97, respectively, from the first nine months of 2024.

•Profitability ratios. Third quarter 2025 ROA, ROAE and the ROATCE of 1.84%, 17.44% and 18.48%, respectively, were up year-over-year by 22 bps, 145 bps and 140 bps, respectively. For the first nine months of 2025, ROA of 1.68% expanded 6 bps year-over-year. For the first nine months of 2025, ROAE and ROATCE of 15.98% and 16.97%, respectively, were down year-over year by 26 bps and 43 bps, respectively. ROATCE is a non-GAAP financial measure. For additional information regarding the reconciliation of non-GAAP financial measures, refer to Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.

•Efficiency ratios. Third quarter 2025 efficiency ratio was 35.59%, compared with 34.36% for the same period in 2024. The first nine months of 2025 efficiency ratio of 36.12% improved 42 bps from 36.54% from the same period in 2024.

•Asset growth. Total assets reached $79.7 billion as of September 30, 2025, an increase of $3.7 billion, from December 31, 2024, primarily driven by a $2.0 billion or 4% increase in net loans held-for-investment and a $1.9 billion or 17% increase in available-for-sale (“AFS”) debt securities.

•Deposit growth. Total deposits were $66.6 billion as of September 30, 2025, an increase of $3.4 billion or 5% from December 31, 2024. The increase was primarily due to increases in time, money market and noninterest-bearing demand deposits.

•Strong capital levels. Stockholders’ equity was $8.6 billion as of September 30, 2025, up $860 million or 11%, from December 31, 2024. Book value per share of $62.39 as of September 30, 2025, increased $6.60 or 12%, compared with December 31, 2024. Tangible book value per share of $58.97 as of September 30, 2025, increased $6.59 or 13%, compared with December 31, 2024. Tangible book value per share is a non-GAAP financial measure. For additional details, see the reconciliation of non-GAAP financial measures presented under Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.

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Results of Operations

Net Interest Income

The Company’s primary source of revenue is net interest income, which is the interest income earned on interest-earning assets less interest expense paid on interest-bearing liabilities. Net interest margin is the ratio of net interest income to average interest-earning assets. Net interest income and net interest margin are impacted by several factors, including changes in average balances and the composition of interest-earning assets and funding sources, market interest rate fluctuations and the slope of the yield curve, repricing characteristics and maturity of interest-earning assets and interest-bearing liabilities, the volume of noninterest-bearing sources of funds and asset quality.

726

Net interest income and net interest margin for the third quarter and first nine months of 2025 increased year-over-year. The net interest income and net interest margin increases in the third quarter of 2025, compared with the same prior year period, primarily reflected lower deposit funding costs, and increases in loans and AFS debt securities, partially offset by lower yields on loans and interest-bearing cash and deposits with banks. The net interest income and net interest margin increases in the first nine months of 2025, compared with the same prior year period, primarily reflected an increase in AFS debt securities, lower deposit funding costs, and a decrease in Bank Term Funding Program (“BTFP”) and short-term borrowings, partially offset by a decrease in the yields and balances of interest-bearing cash and deposits with banks. The increases in net interest income and net interest margin, compared with both prior year periods also reflect the impact of $32 million of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans. Net interest income for the third quarter and first nine months of 2025 was $678 million and $1.89 billion, respectively. Excluding the impact of the aforementioned discount accretion and interest recoveries, adjusted net income for the third quarter and first nine months of 2025 was $645 million and $1.86 billion, respectively. Net interest margin for the third quarter and first nine months of 2025 was 3.53% and 3.41%, respectively. Adjusted net interest margin for the for the third quarter and first nine months of 2025 was 3.36% and 3.35%, respectively. Adjusted net income and adjusted net interest margin are non-GAAP financial measures. For additional details, refer to Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q.
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1372

Average interest-earning assets were $76.2 billion for the third quarter of 2025, an increase of $5.9 billion or 8% from the third quarter of 2024. For the first nine months of 2025, average interest-earning assets were $74.3 billion, an increase of $5.4 billion or 8% from the first nine months of 2024. The year-over-year increases in average interest-earning assets primarily reflected increases in AFS debt securities and loan growth, partially offset by a decrease in interest-bearing cash and deposits with banks.

The yield on average interest-earning assets for the third quarter of 2025 was 5.88%, a decrease of 21 bps from the third quarter of 2024. The yield on average interest-earning assets for the first nine months of 2025 was 5.80%, a decrease of 28 bps from the first nine months of 2024. The year-over-year decreases in the yield on average interest-earning assets for both periods, primarily reflected the impact of lower benchmark interest rates on the loan portfolio.

2225

Average loan yields of 6.61% and 6.47% for the third quarter and first nine months of 2025, respectively, decreased 12 bps and 25 bps, respectively, compared with the prior year periods. The year-over-year decreases in the average loan yields for both periods primarily reflected the loan portfolio’s sensitivity to lower benchmark interest rates, partially offset by the impact of $32 million of discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans. Excluding the impact of the discount accretion and interest recoveries, adjusted average loan yields were 6.38% and 6.39%, for the third quarter and first nine months of 2025, respectively. Adjusted average loan yield is a non-GAAP financial ratio. For additional details, refer to Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q. Approximately 58% of loans held-for-investment were variable rate as of both September 30, 2025 and 2024.

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2591
2593

Deposits are an important source of funding for the Company. Average deposits were $66.2 billion for the third quarter of 2025, a $5.6 billion or 9% increase from the third quarter of 2024. Average deposits were $64.2 billion for the first nine months of 2025, a $5.3 billion or 9% increase from the first nine months of 2024. The year-over-year increases for both periods were primarily driven by growth in average time, money market and demand deposits.

Average noninterest-bearing deposits were $15.8 billion for the third quarter of 2025, a $1.2 billion or 8% increase from the third quarter of 2024. For the first nine months of 2025, average noninterest-bearing deposits were $15.3 billion, a $590 million or 4% increase from the first nine months of 2024. Average noninterest-bearing deposits made up 24% of average deposits for both the third quarters of 2025 and 2024, and 24% and 25% for the first nine months of 2025 and 2024, respectively.

The average cost of deposits of 2.49% for the third quarter and 2.51% for the first nine months of 2025 decreased 49 bps and 42 bps, respectively, compared with the prior year periods. The average cost of interest-bearing deposits of 3.26% for the third quarter and 3.30% for the first nine months of 2025, decreased 67 bps and 61 bps, respectively, compared with the prior year periods. These year-over-year decreases primarily reflected the impacts of lower benchmark interest rates and the Company’s efforts to reduce deposit costs.

The average cost of funds calculation includes deposits, Federal Home Loan Bank (“FHLB”) advances, securities sold under repurchase agreements (“repurchase agreements”), long-term debt, and short-term borrowings. The average cost of funds of 2.58% for the third quarter and 2.62% for the first nine months of 2025 decreased 54 bps and 45 bps, respectively, compared with the prior year periods. The year-over-year decreases were mainly driven by the decrease in the cost of deposits as discussed above.

The Company utilizes various tools to manage interest rate risk. Refer to the Interest Rate Risk Management section of Item 2. MD&A — Risk Management — Market Risk Management in this Form 10-Q.
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The following table presents the interest spread, net interest margin, average balances, interest income and expense, and the average yield/rate by asset and liability component for the third quarters of 2025 and 2024:
Three Months Ended September 30,
20252024
($ in thousands)Average BalanceInterest
Average Yield/Rate (1)
Average BalanceInterest
Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks$4,873,674 $47,170 3.84%$4,987,191 $60,060 4.79%
Securities purchased under resale agreements (“resale agreements”) 425,000 1,616 1.51%443,261 1,663 1.49%
Debt securities:
AFS (2)(3)
12,650,323 146,336 4.59%9,316,232 111,552 4.76%
Held-to-maturity (“HTM”) (2)
2,884,267 12,226 1.68%2,931,033 12,431 1.69%
Total debt securities (2)
15,534,590 158,562 4.05%12,247,265 123,983 4.03%
Loans:
Commercial and industrial (“C&I”) (2)
17,799,708 345,947 7.71%
(4)
16,492,589 328,619 7.93%
Commercial real estate (“CRE”) (2)
20,826,239 327,168 6.23%20,272,662 328,254 6.44%
Residential mortgage16,536,696 245,728 5.90%15,601,307 229,727 5.86%
Other consumer45,935 675 5.83%53,958 753 5.55%
Total loans (2)(5)(6)
55,208,578 919,518 6.61%
(4)
52,420,516 887,353 6.73%
Restricted equity securities
164,296 2,866 6.92%165,262 2,840 6.84%
Total interest-earning assets$76,206,138 $1,129,732 5.88%$70,263,495 $1,075,899 6.09%
Noninterest-earning assets:
Cash and due from banks410,446 341,856 
Allowance for loan, lease, and securities’ losses
(789,195)(691,399)
Other assets3,483,309 3,354,206 
Total assets$79,310,698 $73,268,158 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits$7,501,315 $46,725 2.47%$7,762,719 $58,226 2.98%
Money market deposits16,565,937 133,951 3.21%14,201,258 136,384 3.82%
Savings deposits1,705,332 3,353 0.78%1,744,644 4,811 1.10%
Time deposits24,649,891 230,608 3.71%22,270,124 254,650 4.55%
Total interest-bearing deposits
50,422,475 414,637 3.26%45,978,745 454,071 3.93%
Short-term borrowings and federal funds purchased
474 3 2.51%1,170 16 5.44%
FHLB advances3,228,262 36,740 4.52%3,440,219 48,261 5.58%
Repurchase agreements
13,012 148 4.51%3,455 49 5.64%
Long-term debt and finance lease liabilities35,732 674 7.48%36,084 780 8.60%
Total interest-bearing liabilities$53,699,955 $452,202 3.34%$49,459,673 $503,177 4.05%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits15,767,292 14,606,511 
Accrued expenses and other liabilities1,462,237 1,758,641 
Stockholders’ equity8,381,214 7,443,333 
Total liabilities and stockholders’ equity$79,310,698 $73,268,158 
Interest rate spread2.54%2.04%
Net interest income and net interest margin$677,530 3.53%$572,722 3.24%
(1)Annualized.
(2)Yields on tax-exempt securities and loans are not presented on a tax-equivalent basis.
(3)Includes the amortization of net premiums on AFS debt securities of $6 million and $9 million for the third quarters of 2025 and 2024, respectively.
(4)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the three months ended September 30, 2025.
(5)Average balances include nonperforming loans and loans held-for-sale.
(6)Loans include the accretion of net deferred loan fees and amortization of net premiums, which totaled $42 million and $12 million for the third quarters of 2025 and 2024, respectively.
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The following table presents the interest spread, net interest margin, average balances, interest income and expense, and the average yield/rate by asset and liability component for the first nine months of 2025 and 2024:
Nine Months Ended September 30,
20252024
($ in thousands)Average BalanceInterest
Average Yield/Rate (1)
Average BalanceInterest
Average Yield/Rate (1)
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks$4,232,434 $121,242 3.83%$5,054,542 $183,848 4.86%
Resale agreements
425,000 4,850 1.53%550,913 9,663 2.34%
Debt securities:
AFS (2)(3)
12,287,338 423,351 4.61%8,125,876 273,652 4.50%
HTM (2)
2,896,271 36,783 1.70%2,940,920 37,455 1.70%
Total debt securities (2)
15,183,609 460,134 4.05%11,066,796 311,107 3.76%
Loans:
C&I (2)
17,346,156 943,152 7.27%
(4)
16,318,594 977,077 8.00%
CRE (2)
20,579,793 958,220 6.23%20,318,851 975,447 6.41%
Residential mortgage16,309,274 722,285 5.92%15,397,583 667,367 5.79%
Other consumer47,537 1,968 5.54%54,233 2,292 5.65%
Total loans (2)(5)(6)
54,282,760 2,625,625 6.47%
(4)
52,089,261 2,622,183 6.72%
Restricted equity securities165,121 8,682 7.03%141,051 7,129 6.75%
Total interest-earning assets$74,288,924 $3,220,533 5.80%$68,902,563 $3,133,930 6.08%
Noninterest-earning assets:
Cash and due from banks368,909 332,983 
Allowance for loan, lease, and securities’ losses
(750,458)(681,988)
Other assets3,372,000 3,496,156 
Total assets$77,279,375 $72,049,714 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits$7,621,067 $141,649 2.49%$7,642,423 $164,727 2.88%
Money market deposits15,581,506 374,251 3.21%13,855,167 406,450 3.92%
Savings deposits1,734,325 10,500 0.81%1,783,011 13,935 1.04%
Time deposits23,913,370 680,806 3.81%20,886,769 706,640 4.52%
Total interest-bearing deposits
48,850,268 1,207,206 3.30%44,167,370 1,291,752 3.91%
BTFP, short-term borrowings and federal funds purchased520 10 2.57%1,284,826 42,154 4.38%
FHLB advances3,408,426 114,919 4.51%2,501,826 104,840 5.60%
Repurchase agreements46,275 1,577 4.56%3,370 142 5.63%
Long-term debt and finance lease liabilities35,820 2,016 7.52%65,969 3,952 8.00%
Total interest-bearing liabilities$52,341,309 $1,325,728 3.39%$48,023,361 $1,442,840 4.01%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits15,331,138 14,741,590 
Accrued expenses and other liabilities1,498,313 2,109,318 
Stockholders’ equity8,108,615 7,175,445 
Total liabilities and stockholders’ equity$77,279,375 $72,049,714 
Interest rate spread2.41%2.07%
Net interest income and net interest margin$1,894,805 3.41 %$1,691,090 3.28%
(1)Annualized.
(2)Yields on tax-exempt securities and loans are not presented on a tax-equivalent basis.
(3)Includes the amortization of net premiums of AFS debt securities of $23 million and $26 million for the first nine months of 2025 and 2024, respectively.
(4)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the nine months ended September 30, 2025.
(5)Average balances include nonperforming loans and loans held-for-sale.
(6)Loans include the accretion of net deferred loan fees and amortization of net premiums, which totaled $67 million and $40 million for the first nine months of 2025 and 2024, respectively.

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The following table summarizes the extent to which changes in (1) interest rates, and (2) volume of average interest-earning assets and average interest-bearing liabilities affected the Company’s net interest income for the periods presented. The total change for each category of interest-earning assets and interest-bearing liabilities is segmented into changes attributable to variations in volume and yield/rate. Changes that are not solely due to either volume or yield/rate are allocated proportionally based on the absolute value of the change related to average volume and average yield/rate.
Three Months Ended September 30,Nine Months Ended September 30,
2025 vs. 20242025 vs. 2024
Changes Due toChanges Due to
($ in thousands)Total ChangeVolumeYield/RateTotal ChangeVolumeYield/Rate
Interest-earning assets:
Interest-bearing cash and deposits with banks$(12,890)$(1,326)$(11,564)$(62,606)$(27,200)$(35,406)
Resale agreements
(47)(66)19 (4,813)(1,905)(2,908)
Debt securities:
AFS
34,784 38,981 (4,197)149,699 142,989 6,710 
HTM
(205)(170)(35)(672)(598)(74)
Total debt securities34,579 38,811 (4,232)149,027 142,391 6,636 
Loans:
C&I17,328 26,257 (8,929)(33,925)58,813 (92,738)
CRE(1,086)9,266 (10,352)(17,227)12,130 (29,357)
Residential mortgage16,001 14,460 1,541 54,918 39,683 15,235 
Other consumer(78)(115)37 (324)(280)(44)
Total loans32,165 49,868 (17,703)3,442 110,346 (106,904)
Restricted equity securities26 (14)40 1,553 1,251 302 
Total interest and dividend income$53,833 $87,273 $(33,440)$86,603 $224,883 $(138,280)
Interest-bearing liabilities:
Checking deposits$(11,501)$(1,885)$(9,616)$(23,078)$(462)$(22,616)
Money market deposits(2,433)21,102 (23,535)(32,199)46,714 (78,913)
Savings deposits(1,458)(105)(1,353)(3,435)(372)(3,063)
Time deposits(24,042)25,698 (49,740)(25,834)94,264 (120,098)
Total interest-bearing deposits
(39,434)44,810 (84,244)(84,546)140,144 (224,690)
BTFP, short-term borrowings and federal funds purchased
(13)(7)(6)(42,144)(42,104)(40)
FHLB advances(11,521)(2,108)(9,413)10,079 33,087 (23,008)
Repurchase agreements99 111 (12)1,435 1,467 (32)
Long-term debt and finance lease liabilities(106)(7)(99)(1,936)(1,712)(224)
Total interest expense$(50,975)$42,799 $(93,774)$(117,112)$130,882 $(247,994)
Change in net interest income$104,808 $44,474 $60,334 $203,715 $94,001 $109,714 

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Noninterest Income

The following table presents the components of noninterest income for the third quarters and first nine months of 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20252024% Change20252024% Change
Commercial and consumer deposit-related fees$28,409 $26,815 6 %$82,349 $77,412 6 %
Lending and loan servicing fees
27,605 26,453 4 %79,421 73,718 8 %
Foreign exchange income14,491 13,569 7 %44,043 37,962 16 %
Wealth management fees14,562 10,683 36 %38,966 28,798 35 %
Customer derivative income (loss), net of mark-to-market adjustments:
Customer derivative income
6,442 3,774 71 %15,626 11,141 40 %
Derivative mark-to-market and credit valuation adjustments
(318)(4,480)93 %(3,232)(2,333)39 %
Total customer derivative income (loss), net of mark-to-market adjustments
6,124 (706)NM12,394 8,808 41 %
Net gains on AFS debt securities
57 145 (61)%934 1,979 (53)%
Other investment income705 2,800 (75)%3,645 6,201 (41)%
Other income8,564 4,636 85 %17,045 12,175 40 %
Total noninterest income$100,517 $84,395 19 %$278,797 $247,053 13 %
Noninterest income as a percent of total revenue13%14%13%13%
NM — Not meaningful.

Noninterest income for the third quarter of 2025 was $101 million, a $16 million or 19% increase, compared with the same prior year period. The year-over-year increase was primarily due to increases in customer derivative income net of mark-to-market adjustments, other income and wealth management fees. Noninterest income for the first nine months of 2025 was $279 million, an increase of $32 million or 13%, compared with the first nine months of 2024. The year-over-year increase was primarily due to higher wealth management fees, foreign exchange income, lending and loan servicing fees, commercial and consumer deposit-related fees, and other income.

Commercial and consumer deposit-related fees were $28 million for the third quarter of 2025, an increase of $2 million or 6%, compared with the third quarter of 2024. For the first nine months of 2025, commercial and consumer deposit-related fees were $82 million, an increase of $5 million or 6%, compared with the first nine months of 2024. The year-over-year increases were primarily due to an increase in analysis service fees due to higher commercial customer activity.

Lending and loan servicing fees were $28 million for the third quarter of 2025, an increase of $1 million or 4%, compared with the third quarter of 2024. For the first nine months of 2025, lending and loan servicing fees were $79 million, an increase of $6 million or 8%, compared with the first nine months of 2024. The year-over-year increases were primarily due to higher trade finance and credit enhancement fees driven by increased customer activity.

Foreign exchange income was $14 million for the third quarter of 2025, an increase of approximately $1 million or 7%, compared with the third quarter of 2024. For the first nine months of 2025, foreign exchange income was $44 million, an increase of $6 million or 16%, compared with the first nine months of 2024. The year-over-year increase for the first nine months of 2025 primarily reflected higher fees and gains on customer trades, partially offset by the unfavorable valuation of certain foreign currency denominated balance sheet items.

Wealth management fees were $15 million for the third quarter of 2025, an increase of $4 million or 36%, compared with the third quarter of 2024. For the first nine months of 2025, wealth management fees were $39 million, an increase of $10 million or 35%, compared with the first nine months of 2024. The year-over-year increases primarily reflected higher customer demand for wealth management products such as fixed-rate corporate bonds and fixed annuities.
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Customer derivative income (loss), net of mark-to-market adjustments, was $6 million for the third quarter of 2025, an increase of $7 million compared with the third quarter of 2024. For the first nine months of 2025, customer derivative income, net of mark-to-market adjustments was $12 million, an increase of $4 million or 41%, compared with the first nine months of 2024. The year-over-year increases primarily reflected increased customer activity and favorable credit valuation adjustments.

Other income was $9 million for the third quarter of 2025, an increase of $4 million or 85%, compared with the third quarter of 2024. For the first nine months of 2025, other income was $17 million, an increase of $5 million or 40%, compared with the first nine months of 2024. These increases primarily reflected realized proceeds and higher returns from bank-owned life insurance.

Noninterest Expense

The following table presents the components of noninterest expense for the third quarters and first nine months of 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20252024% Change20252024% Change
Compensation and employee benefits$175,585 $135,464 30 %$466,861 $410,864 14 %
Occupancy and equipment expense16,970 17,001 (0)%48,948 48,016 2 %
Deposit account expense8,851 12,229 (28)%27,241 36,467 (25)%
Computer and software related expenses12,949 11,436 13 %39,709 34,172 16 %
Deposit insurance premiums and regulatory assessments8,644 9,178 (6)%28,162 39,535 (29)%
Other operating expense38,231 34,892 10 %116,499 104,193 12 %
Amortization of tax credit and CRA investments
15,693 5,600 180 %57,671 34,859 65 %
Total noninterest expense$276,923 $225,800 23 %$785,091 $708,106 11 %

Noninterest expense was $277 million for the third quarter of 2025, an increase of $51 million or 23%, compared with the third quarter of 2024. The year-over-year increase was primarily due to increases in compensation and employee benefits and amortization of tax credit and CRA investments. For the first nine months of 2025, noninterest expense was $785 million, an increase of $77 million or 11%, compared with the first nine months of 2024. The year-over-year increase was primarily due to increases in compensation and employee benefits, amortization of tax credit and CRA investments, and other operating expense, partially offset by decreases in deposit insurance premiums and regulatory assessments, and deposit account expense.

Compensation and employee benefits were $176 million for the third quarter of 2025, an increase of $40 million or 30%, compared with the third quarter of 2024. For the first nine months of 2025, compensation and employee benefits were $467 million, an increase of $56 million or 14%, compared with the first nine months of 2024. The increases were primarily driven by $27 million from the change in equity award expense recognition for retirement eligible employees, while the remaining increase was due to merit increases and staffing growth. Refer to Note 1 — Basis of Presentation, Current Accounting Developments and Summary of Significant Accounting Policies Update for further details of the change in stock-based compensation policy.

Deposit account expense was $9 million for the third quarter of 2025, a decrease of $3 million or 28%, compared with the third quarter of 2024. For the first nine months of 2025, deposit account expense was $27 million, a decrease of $9 million or 25%, compared with the first nine months of 2024. The decreases were driven primarily by lower balances and referral rates paid on certain deposit accounts.

Deposit insurance premiums and regulatory assessments were $9 million for the third quarter of 2025, a $1 million or 6% decrease, compared with the third quarter of 2024. For the first nine months of 2025, deposit insurance premiums and regulatory assessments were $28 million, an $11 million or 29% decrease, compared with the first nine months of 2024. The decreases were primarily due to lower FDIC special assessment charges (“FDIC charges”), which reflected a decrease in the estimated losses to the FDIC’s Deposit Insurance Fund. For additional information on the FDIC charges, refer to Item 1. Business — Supervision and Regulation — FDIC Deposit Insurance Assessments in the Company’s 2024 Form 10-K.
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Other operating expense was $38 million for the third quarter of 2025, an increase of $3 million or 10%, compared with the third quarter of 2024. For the first nine months of 2025, other operating expense was $116 million, an increase of $12 million or 12%, compared with the first nine months of 2024. The increase for the first nine months was primarily due to problem loan related expenses, higher consulting expenses for various Company initiatives, and other real estate owned (“OREO”) write-downs, partially offset by lower legal expenses.

Amortization of tax credit and CRA investments was $16 million for the third quarter of 2025, an increase of $10 million or 180%, compared with the third quarter of 2024. For the first nine months of 2025, amortization of tax credit and CRA investments was $58 million, an increase of $23 million or 65%, compared with the first nine months of 2024. The year-over-year increases were primarily due to the timing of tax credit investments that closed in a given period.

Income Taxes

The following table presents income before income taxes, income tax expense and the effective tax rate for the third quarters and first nine months of 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)20252024% Change20252024% Change
Income before income taxes$465,124 $389,317 19 %$1,258,511 $1,126,037 12 %
Income tax expense$96,730 $90,151 7 %$289,594 $253,566 14 %
Effective tax rate20.8 %23.2 %23.0 %22.5 %

Third quarter 2025 income tax expense was $97 million and the effective tax rate was 20.8%, compared with third quarter 2024 income tax expense of $90 million and an effective tax rate of 23.2%. The year-over-year increase in third quarter income tax expense was primarily due to higher pre-tax income, partially offset by lower effective tax rate, driven by favorable adjustments from the timing of tax credit investments that closed in a given period and a lower California state tax apportionment. For the first nine months of 2025, income tax expense was $290 million and the effective tax rate was 23.0%, compared with income tax expense of $254 million and an effective tax rate of 22.5% for the same period in 2024. The year-over-year increases in income tax expense and effective tax rate were primarily due to the one-time revaluation of deferred tax assets, following the adoption of the California single sales factor apportionment method and higher pre-tax income, partially offset by favorable adjustments driven by a lower California state tax apportionment and the timing of tax credit investments that closed in a given period.

Operating Segment Results

The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined based on customer type, the channels where customers are served, and the products and services provided. For a description of the Company’s internal management reporting process, including the segment cost allocation methodology, see Note 14 — Business Segments to the Consolidated Financial Statements in this Form 10-Q.

Segment net interest income represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s internal funds transfer pricing (“FTP”) process.

Consumer and Business Banking

The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platforms. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small- and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, private banking, treasury management, interest rate risk hedging and foreign exchange services.

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The following tables present financial information for the Consumer and Business Banking segment for the periods indicated:
Three Months Ended September 30,
Change from 2024
($ in thousands)20252024$%
Net interest income before provision for credit losses
$275,389 $290,884 $(15,495)(5)%
Noninterest income31,191 27,970 3,221 12 %
Total revenue 306,580 318,854 (12,274)(4)%
Provision for credit losses
16,679 5,927 10,752 181 %
Compensation and employee benefits60,471 53,865 6,606 12 %
Other noninterest expense57,695 58,141 (446)(1)%
Total noninterest expense 118,166 112,006 6,160 5 %
Segment income before income taxes171,735 200,921 (29,186)(15)%
Income tax expense48,388 59,389 (11,001)(19)%
Segment net income$123,347 $141,532 $(18,185)(13)%
Average loans$20,500,553 $19,048,831 $1,451,722 8 %
Average deposits$33,883,506 $31,462,739 $2,420,767 8 %
Nine Months Ended September 30,
Change from 2024
($ in thousands)20252024$%
Net interest income before provision for credit losses
$818,195 $880,316 $(62,121)(7)%
Noninterest income91,205 80,288 10,917 14 %
Total revenue909,400 960,604 (51,204)(5)%
Provision for credit losses
31,139 5,246 25,893 NM
Compensation and employee benefits180,585 161,557 19,028 12 %
Other noninterest expense172,140 176,279 (4,139)(2)%
Total noninterest expense 352,725 337,836 14,889 4 %
Segment income before income taxes525,536 617,522 (91,986)(15)%
Income tax expense150,806 182,530 (31,724)(17)%
Segment net income$374,730 $434,992 $(60,262)(14)%
Average loans$20,151,497 $18,817,573 $1,333,924 7 %
Average deposits$32,992,699 $30,406,431 $2,586,268 9 %
NM — Not meaningful.

Consumer and Business Banking segment net income decreased $18 million or 13% year-over-year to $123 million for the third quarter of 2025, primarily driven by a $15 million decrease in net interest income, an $11 million increase in provision for credit losses and a $7 million increase in compensation and employee benefits. The decrease in net interest income was primarily due to the year-over-year decrease in interest rates. The increase in provision for credit losses was driven by loan growth and the worsening macroeconomic outlook in the residential mortgage loan sector in the third quarter of 2025. The compensation and employee benefits increase was primarily due to staffing growth and increased wealth management commissions.

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Consumer and Business Banking segment net income decreased $60 million or 14% year-over-year to $375 million for the first nine months of 2025, primarily driven by a $62 million decrease in net interest income, a $26 million increase in provision for credit losses, and a $19 million increase in compensation and employee benefits, partially offset by an $11 million increase in noninterest income and a $4 million decrease in other noninterest expense. The decrease in net interest income was primarily due to the year-over-year decrease in interest rates. The noninterest income increase was primarily due to increases in wealth management fees. The increase in provision for credit losses was driven by loan growth and the worsening macroeconomic outlook in the residential mortgage loan sector in the first nine months of 2025. The compensation and employee benefits increase was primarily due to staffing growth and increased wealth management commissions. The decrease in other noninterest expense was primarily driven by decreased deposit insurance premiums and regulatory assessments, from lower FDIC charges.

Commercial Banking

The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services, and interest rate and commodity risk hedging.

The following tables present financial information for the Commercial Banking segment for the periods indicated:
Three Months Ended September 30,
Change from 2024
($ in thousands)20252024$%
Net interest income before provision for credit losses$265,935 $288,704 $(22,769)(8)%
Noninterest income57,983 45,577 12,406 27 %
Total revenue323,918 334,281 (10,363)(3)%
Provision for credit losses35,580 36,934 (1,354)(4)%
Compensation and employee benefits62,282 57,582 4,700 8 %
Other noninterest expense36,413 36,020 393 1 %
Total noninterest expense 98,695 93,602 5,093 5 %
Segment income before income taxes189,643 203,745 (14,102)(7)%
Income tax expense53,376 60,527 (7,151)(12)%
Segment net income$136,267 $143,218 $(6,951)(5)%
Average loans$34,408,431 $32,975,235 $1,433,196 4 %
Average deposits$28,027,523 $26,310,972 $1,716,551 7 %
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Nine Months Ended September 30,
Change from 2024
($ in thousands)20252024$%
Net interest income before provision for credit losses$773,080 $855,607 $(82,527)(10)%
Noninterest income161,313 141,634 19,679 14 %
Total revenue before provision for credit losses934,393 997,241 (62,848)(6)%
Provision for credit losses115,083 99,996 15,087 15 %
Compensation and employee benefits181,061 175,881 5,180 3 %
Other noninterest expense114,784 120,371 (5,587)(5)%
Total noninterest expense 295,845 296,252 (407)(0)%
Segment income before income taxes523,465 600,993 (77,528)(13)%
Income tax expense149,966 177,586 (27,620)(16)%
Segment net income$373,499 $423,407 $(49,908)(12)%
Average loans$33,800,162 $32,854,843 $945,319 3 %
Average deposits$26,832,722 $25,667,059 $1,165,663 5 %

Commercial Banking segment net income decreased $7 million or 5% year-over-year to $136 million for the third quarter of 2025, primarily driven by a $23 million decrease in net interest income and a $5 million increase in compensation and employee benefits, partially offset by a $12 million increase in noninterest income. The net interest income decrease was primarily due to the year-over-year decline in interest rates. The noninterest income increase was primarily due to increases in customer derivative income and foreign exchange income. The increase in compensation and employee benefits was primarily driven by staffing growth.

Commercial Banking segment net income decreased $50 million or 12% year-over-year to $373 million for the first nine months of 2025, primarily driven by an $83 million decrease in net interest income and a $15 million increase in provision for credit losses, partially offset by a $20 million increase in noninterest income and a $6 million decrease in other noninterest expense. The net interest income decrease was primarily driven by the year-over-year decline in interest rates. The noninterest income increase was primarily due to increases in customer derivative income, lending and loan servicing fees, foreign exchange income and commercial deposit-related fees. The provision for credit losses increase was primarily due to loan growth and the worsening macroeconomic outlook. The decrease in other noninterest expense was primarily driven by the decreases in deposit account expense and deposit insurance premiums and regulatory assessments, partially offset by increased loan related expenses.

Treasury and Other

Centralized functions, including the corporate treasury activities of the Company, tax credit investment activity, eliminations of inter-segment amounts, and centrally managed departments, have been aggregated and included in the Treasury and Other segment.

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The following tables present financial information for the Treasury and Other segment for the periods indicated:
Three Months Ended September 30,
Change from 2024
($ in thousands)20252024$%
Net interest income (loss) before reversal of credit losses (1)
$136,206 $(6,866)$143,072 NM
Noninterest income11,343 10,848 495 5 %
Total revenue147,549 3,982 143,567 NM
Reversal of credit losses (2)
(16,259)(861)(15,398)NM
Compensation and employee benefits52,832 24,017 28,815 120 %
Other noninterest expense7,230 (3,825)11,055 NM
Total noninterest expense 60,062 20,192 39,870 197 %
Segment income (loss) before income taxes 103,746 (15,349)119,095 NM
Income tax benefit5,034 29,765 (24,731)(83)%
Segment net income$108,780 $14,416 $94,364 NM
Average loans$299,594 $396,450 $(96,856)(24)%
Average deposits$4,278,738 $2,811,545 $1,467,193 52 %
Nine Months Ended September 30,
Change from 2024
($ in thousands)20252024$%
Net interest income (loss) before reversal of credit losses (1)
$303,530 $(44,833)$348,363 NM
Noninterest income26,279 25,131 1,148 5 %
Total revenue (loss)329,809 (19,702)349,511 NM
Reversal of credit losses (2)
(16,222)(1,242)(14,980)NM
Compensation and employee benefits105,215 73,426 31,789 43 %
Other noninterest expense31,306 592 30,714 NM
Total noninterest expense 136,521 74,018 62,503 84 %
Segment income (loss) before income taxes 209,510 (92,478)301,988 NM
Income tax benefit11,178 106,550 (95,372)(90)%
Segment net income
$220,688 $14,072 $206,616 NM
Average loans$331,101 $416,845 $(85,744)(21)%
Average deposits$4,355,985 $2,835,470 $1,520,515 54 %
NM — Not meaningful.
(1)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the three and nine months ended September 30, 2025.
(2)Includes $18 million reversal of credit losses from the full repayment on purchased credit impaired loans.

The Treasury and Other segment income before income taxes increased $119 million for the third quarter of 2025, compared with the third quarter of 2024, primarily driven by a $143 million increase in net interest income and a $15 million increase in reversal of credit losses, partially offset by a $29 million increase in compensation and employee benefits and a $11 million increase in other noninterest expense. The net interest income increase was mainly driven by higher loan interest income, primarily due to $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans, and higher interest income from AFS debt securities due to higher average balances. The increase in reversal of credit losses was primarily due to an $18 million reversal of credit losses related to the payoff of purchased credit impaired loans in the third quarter of 2025. The increase in compensation and employee benefits was primarily driven by additional compensation expense from a change in equity award expense recognition for retirement eligible employees recorded in the third quarter of 2025. Refer to Note 1 — Basis of Presentation, Current Accounting Developments and Summary of Significant Accounting Policies Update for further details of the change in stock-based compensation policy. The increase in other noninterest expense was primarily driven by higher amortization of tax credit and CRA investments.

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The Treasury and Other segment income before income taxes increased $302 million for the first nine months of 2025, primarily driven by a $348 million increase in net interest income and a $15 million increase in reversal of credit losses, partially offset by a $32 million increase in compensation and employee benefits and a $31 million increase in other noninterest expense. The net interest income increase was mainly driven by higher interest income from AFS debt securities due to higher average balances, and higher loan interest income, primarily due to $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans. The increase in reversal of credit losses was primarily due to an $18 million reversal of credit losses related to the payoff of purchased credit impaired loans in the third quarter of 2025. The increase in compensation and employee benefits was primarily driven by additional compensation expense from a change in equity award expense recognition for retirement eligible employees recorded in the third quarter of 2025. Refer to Note 1 — Basis of Presentation, Current Accounting Developments and Summary of Significant Accounting Policies Update for further details of the change in stock-based compensation policy. The increase in other noninterest expense was primarily driven by higher amortization of tax credit and CRA investments and corporate overhead expenses.

Income tax expense is allocated to the Consumer and Business Banking and the Commercial Banking segments by applying statutory income tax rates to the respective segment income before income taxes. The income tax expense or benefit in the Treasury and Other segment consists of the remaining unallocated income tax expense or benefit after allocating income tax expense to the two core segments, and reflects the impact of tax credit investment activity.

Balance Sheet Analysis

Debt Securities

The Company maintains a portfolio of high quality and liquid debt securities with a moderate duration profile. It closely manages the overall portfolio credit, interest rate and liquidity risks. The Company’s debt securities provide:

•interest income for earnings and yield enhancement;
•funding availability for needs arising during the normal course of business;
•the ability to execute interest rate risk management strategies in response to changes in economic or market conditions; and
•collateral to support pledging agreements as required and/or to enhance the Company’s borrowing capacity.

While the Company does not generally intend to sell or trade its debt securities, it may sell AFS debt securities in response to changes in the balance sheet and related interest rate risk to meet liquidity, regulatory and strategic requirements.

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The following table presents the distribution of the Company’s AFS and HTM debt securities portfolio as of September 30, 2025 and December 31, 2024, and by credit ratings as of September 30, 2025:
September 30, 2025December 31, 2024
Ratings as of September 30, 2025 (1)
($ in thousands)Amortized CostFair Value% of Fair ValueAmortized CostFair Value% of Fair ValueAAA/AAABBBBB and Lower
No Rating (2)
AFS debt securities:
U.S. Treasury securities$875,577 $856,215 7%$676,300 $638,265 6%100%—%—%—%—%
U.S. government agency and U.S. government-sponsored enterprise (“GSE”) debt securities
288,368 256,386 2%308,220 262,587 3%100%—%—%—%—%
U.S. government agency and U.S. GSE mortgage-backed securities (MBS”) (3)
10,176,301 10,011,866 78%8,447,303 8,164,474 75%100%—%—%—%—%
Municipal securities282,015 245,182 2%287,301 250,153 2%99%—%—%—%1%
Non-agency MBS
691,525 601,671 5%808,762 692,078 6%97%—%—%2%1%
Corporate debt securities596,900 500,870 4%653,500 526,166 5%—%35%62%3%—%
Foreign government bonds245,978 237,019 2%244,803 233,880 2%46%54%—%—%—%
Asset-backed securities32,649 31,943 0%35,086 34,715 0%30%45%25%—%—%
Collateralized loan obligations— — 0%44,500 44,493 1%—%—%—%—%—%
Total AFS debt securities$13,189,313 $12,741,152 100%$11,505,775 $10,846,811 100%95%2%3%0%0%
HTM debt securities:
U.S. Treasury securities$539,255 $519,800 21%$535,080 $499,858 21%100%—%—%—%—%
U.S. government agency and U.S. GSE debt securities
1,006,602 854,097 35%1,004,479 804,220 34%100%—%—%—%—%
U.S. government agency and U.S. GSE MBS (4)
1,148,813 948,097 38%1,190,221 943,134 39%100%—%—%—%—%
Municipal securities186,012 145,368 6%187,633 140,542 6%100%—%—%—%—%
Total HTM debt securities$2,880,682 $2,467,362 100%$2,917,413 $2,387,754 100%100%—%—%—%—%
Total debt securities$16,069,995 $15,208,514 $14,423,188 $13,234,565 
(1)Credit ratings represent independent assessments of the credit quality of debt securities. The Company determines the credit rating of a debt security based on the lowest rating assigned by any of the nationally recognized statistical rating organizations (“NRSROs”) that have rated the security. Investment grade debt securities are those with ratings similar to BBB- or above (as defined by NRSROs), and are generally considered by the rating agencies and market participants to be low credit risk. Ratings percentages are allocated based on fair value.
(2)For debt securities not rated by NRSROs, factors such as the priority in collections within the securitization structure, and whether contractual payments have historically been on time are considered in determining the credit risk of such securities.
(3)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $9.1 billion of amortized cost and fair value as of September 30, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024.
(4)Includes GNMA HTM debt securities totaling $81 million of amortized cost and $66 million of fair value as of September 30, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024.

The Company’s AFS and HTM debt securities portfolios had an effective duration (defined as the sensitivity of the value of the portfolio to interest rate changes) of 2.2 and 6.5, respectively, as of September 30, 2025, compared with 2.4 and 7.0, respectively, as of December 31, 2024. The AFS debt securities’ effective duration was relatively unchanged, while the HTM debt securities’ effective duration declined slightly due to the downward shift in the yield curve and portfolio seasoning.

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Available-for-Sale Debt Securities

AFS debt securities increased $1.9 billion or 17% from December 31, 2024 to $12.7 billion as of September 30, 2025, primarily due to the purchases of GNMA securities. The Company’s AFS debt securities are carried at fair value with non-credit related unrealized gains and losses, net of tax, reported in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income. Pre-tax net unrealized losses on AFS debt securities were $445 million as of September 30, 2025, compared with $659 million as of December 31, 2024.

Of the AFS debt securities with gross unrealized losses, substantially all were rated investment grade as of both September 30, 2025 and December 31, 2024. There was $3 million of allowance for credit losses against the AFS debt securities as of September 30, 2025, which was recognized as provision for credit losses for each of the three and nine months ended September 30, 2025, compared with no allowance for credit losses as of December 31, 2024, and no provision for credit losses recognized for each of the three and nine months ended September 30, 2024.

Held-to-Maturity Debt Securities

All HTM debt securities were issued, guaranteed, or supported by the U.S. government or a GSE. Accordingly, the Company applied a zero credit loss assumption for these securities and no allowance for credit loss was recorded as of both September 30, 2025 and December 31, 2024.

For additional information on AFS and HTM securities, see Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Company’s 2024 Form 10-K and Note 2 — Fair Value Measurement and Fair Value of Financial Instruments and Note 4 — Securities to the Consolidated Financial Statements in this Form 10-Q.

Loan Portfolio

The Company offers a broad range of financial products designed to meet the credit needs of its borrowers. The Company’s loan portfolio segments include commercial loans, which consist of C&I, CRE, multifamily residential, and construction and land loans, as well as consumer loans, which consist of single-family residential, home equity lines of credit (“HELOCs”) and other consumer loans.

The loan composition of the Company’s held-for-investment portfolio was unchanged between September 30, 2025 and December 31, 2024, as presented in the chart below.
630

Total loans held-for-investment of $55.8 billion as of September 30, 2025 increased $2.0 billion or 4% from December 31, 2024, reflecting well-balanced growth across our major loan types. For additional information on our loans held-for-investment outstanding balances, see Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

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Commercial

The commercial loan portfolio, which includes C&I and total CRE loans, comprised 70% of total loans held-for-investment as of both September 30, 2025 and December 31, 2024. The Company actively monitors the commercial lending portfolio for credit risk and reviews credit exposures for sensitivity to changing economic conditions.

Commercial — Commercial and Industrial Loans. Total C&I loan commitments were $26.8 billion and $25.8 billion as of September 30, 2025 and December 31, 2024, respectively, with a utilization rate of 67% as of both dates. As of September 30, 2025, total C&I loans were $18.0 billion, up $604 million or 3% from December 31, 2024. The C&I loan portfolio includes loans and financing for businesses across a wide spectrum of industries. The Company offers a variety of C&I products, including but not limited to commercial business lending, working capital lines of credit, trade finance, letters of credit, asset-based lending, asset-backed finance, project finance and equipment financing. Additionally, the Company has a portfolio of broadly syndicated C&I loans, which represent revolving or term loan facilities that are marketed and sold primarily to institutional investors. This portfolio totaled $926 million and $845 million as of September 30, 2025 and December 31, 2024, respectively. The majority of the C&I loans had variable interest rates as of both September 30, 2025 and December 31, 2024.

The C&I portfolio is well-diversified by industry. The Company monitors concentrations within the C&I loan portfolio by industry and customer exposure, and has exposure limits by industry and loan product. The following table presents the industry mix within the Company’s C&I loan portfolio as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Amount%Amount%
Industry:
Real estate investment & management$2,288,810 13%$2,381,186 14%
Capital call lending2,245,484 13%2,230,457 13%
Media & entertainment2,170,293 12%2,031,242 12%
Financial services1,126,813 6%1,005,216 6%
Manufacturing & wholesale1,109,317 6%1,074,073 6%
Infrastructure & clean energy1,080,645 6%963,165 6%
Food production & distribution975,328 5%664,135 4%
Tech & telecom685,106 4%770,521 4%
Healthcare services660,225 4%685,549 4%
Hospitality & leisure595,761 3%575,815 3%
Oil & gas529,410 3%576,605 3%
Art finance506,101 3%548,065 3%
Other4,028,236 22%3,891,129 22%
Total C&I$18,001,529 100%$17,397,158 100%

Commercial — Total Commercial Real Estate Loans. The total CRE portfolio consists of CRE, multifamily residential, and construction and land loans. The Company’s underwriting parameters for CRE loans are established in compliance with supervisory guidance, including property type, geography and loan-to-value (“LTV”).

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The Company’s total CRE loan portfolio is well-diversified by property type with an average CRE loan size of $3 million as of both September 30, 2025 and December 31, 2024. The following table summarizes the Company’s total CRE loans by property type as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Amount%
Weighted Avg. LTV (%) (1)
Amount%
Weighted Avg. LTV (%) (1)
Property types:
Multifamily$5,037,986 24%50%$4,953,442 24%51%
Retail
4,473,727 21%47%4,347,032 21%48%
Industrial
4,159,097 20%46%3,972,389 20%46%
Hotel
2,440,187 12%51%2,404,385 12%52%
Office
2,189,667 10%52%2,125,210 11%54%
Healthcare
841,584 4%51%788,806 4%52%
Construction and land776,587 4%50%666,162 3%49%
Other
1,126,203 5%49%1,017,518 5%50%
Total CRE loans$21,045,038 100%49%$20,274,944 100%50%
(1)Weighted average LTV is based on most recent LTV, using the most recent available appraisal and current loan commitment.

The following tables provide a summary of the Company’s CRE, multifamily residential, and construction and land loans by geography as of September 30, 2025 and December 31, 2024. The distribution of the total CRE loan portfolio largely reflects the Company’s geographical branch footprint, which is primarily concentrated in California.
September 30, 2025
($ in thousands)CRE%Multifamily Residential%Construction and Land%Total CRE%
Geographic markets:
Southern California$7,805,978 51%$2,335,477 46%$294,813 38%$10,436,268 50%
Northern California2,735,099 18%950,517 19%171,423 22%3,857,039 18%
California10,541,077 69%3,285,994 65%466,236 60%14,293,307 68%
Texas1,186,004 8%520,743 11%144,962 19%1,851,709 9%
New York804,797 5%266,171 5%31,142 4%1,102,110 5%
Washington509,126 3%158,943 3%9,916 1%677,985 3%
Arizona312,184 2%205,330 4%41,257 5%558,771 3%
Nevada297,196 2%154,791 3%— —%451,987 2%
Other markets1,580,783 11%445,312 9%83,074 11%2,109,169 10%
Total loans $15,231,167 100%$5,037,284 100%$776,587 100%$21,045,038 100%
December 31, 2024
($ in thousands)CRE%Multifamily Residential%Construction and Land%Total CRE%
Geographic markets:
Southern California$7,516,638 51%$2,316,404 47%$230,297 35%$10,063,339 50%
Northern California2,693,768 19%992,406 20%163,633 24%3,849,807 19%
California10,210,406 70%3,308,810 67%393,930 59%13,913,146 69%
Texas1,091,626 8%467,796 9%131,963 20%1,691,385 8%
New York732,694 5%249,357 5%44,597 7%1,026,648 5%
Washington493,972 3%155,022 3%10,401 1%659,395 3%
Arizona348,877 2%182,955 4%23,903 4%555,735 3%
Nevada293,927 2%139,292 3%— —%433,219 2%
Other markets1,483,838 10%450,210 9%61,368 9%1,995,416 10%
Total loans$14,655,340 100%$4,953,442 100%$666,162 100%$20,274,944 100%
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The percentage of total CRE loans located in California was 68% and 69%, as of September 30, 2025 and December 31, 2024, respectively. Changes in California’s economy and real estate values could have a significant impact on the collectability of these loans and the required level of allowance for loan and lease losses (“ALLL”). For additional information related to the higher degree of risk from a downturn in the California economic and real estate markets, see Item 1A. Risk Factors — Risks Related to Geopolitical Uncertainties and Risks Related to Financial Matters in the Company’s 2024 Form 10-K.

Commercial — Commercial Real Estate Loans. The Company focuses on providing financing to experienced real estate investors and developers who have moderate levels of leverage, many of whom are long-time customers of the Bank. The Company seeks to underwrite loans with conservative standards for cash flows, debt service coverage and LTV. Owner-occupied properties comprised 20% of the CRE loans as of both September 30, 2025 and December 31, 2024. The remainder were non-owner-occupied properties, where 50% or more of the debt service for the loan is typically provided by rental income from an unaffiliated third party.

Interest rates on CRE loans may be fixed, variable or hybrid. The Company offers derivative hedging products to our customers to manage their interest rate risks. As of September 30, 2025, of the 57% of our CRE portfolio that had variable rates, 53% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 57% of our CRE portfolio that had variable rates, 54% had customer-level interest rate derivative contracts in place.

Commercial — Multifamily Residential Loans. The multifamily residential loan portfolio is largely comprised of loans secured by residential properties with five or more units. The Company offers a variety of first lien mortgages, including fixed- and variable-rate loans, as well as hybrid loans with interest rates that adjust annually after an initial fixed rate period of three to ten years. The Company also offers hedging products to our customers to manage their interest rate risks. As of September 30, 2025, of the 49% of our multifamily residential portfolio that had variable rates, 55% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 50% of our multifamily residential portfolio that had variable rates, 50% had customer-level interest rate derivative contracts in place.

Commercial — Construction and Land Loans. Construction and land loans provide financing for a portfolio of projects diversified by real estate property type. Construction loan exposure was comprised of $590 million in loans outstanding, and $473 million in unfunded commitments as of September 30, 2025, compared with $506 million in loans outstanding, and $391 million in unfunded commitments as of December 31, 2024. Land loans totaled $187 million and $160 million as of September 30, 2025 and December 31, 2024, respectively.

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Consumer

Residential mortgage loans are primarily originated through the Bank’s branch network. The average total residential mortgage loan size was $439 thousand and $437 thousand as of September 30, 2025 and December 31, 2024, respectively. The following tables summarize the Company’s single-family residential and HELOC loan portfolios by geography and lien priority as of September 30, 2025 and December 31, 2024:
September 30, 2025
($ in thousands)Single-Family Residential%HELOCs%Total Residential Mortgage%
Geographic markets:
Southern California$5,889,281 40%$866,015 47%$6,755,296 41%
Northern California1,995,362 13%389,192 21%2,384,554 14%
California7,884,643 53%1,255,207 68%9,139,850 55%
New York4,132,813 28%275,571 15%4,408,384 26%
Washington745,233 5%190,133 10%935,366 6%
Massachusetts542,513 4%69,499 4%612,012 4%
Georgia507,814 4%20,990 1%528,804 3%
Nevada483,999 3%35,452 2%519,451 3%
Texas505,048 3%— —%505,048 3%
Other markets18,848 0%5,556 0%24,404 0%
Total$14,820,911 100%$1,852,408 100%$16,673,319 100%
Lien priority:
First mortgage$14,820,911 100%$1,302,321 70%$16,123,232 97%
Junior lien mortgage— —%550,087 30%550,087 3%
Total$14,820,911 100%$1,852,408 100%$16,673,319 100%
December 31, 2024
($ in thousands)Single-Family Residential%HELOCs%Total Residential Mortgage%
Geographic markets:
Southern California$5,475,929 39%$853,858 47%$6,329,787 39%
Northern California1,825,462 13%379,692 21%2,205,154 14%
California7,301,391 52%1,233,550 68%8,534,941 53%
New York4,303,815 31%266,529 15%4,570,344 29%
Washington715,968 5%187,220 10%903,188 6%
Massachusetts457,147 3%66,181 4%523,328 3%
Georgia466,790 3%20,040 1%486,830 3%
Nevada447,097 3%32,578 2%479,675 3%
Texas468,461 3%— —%468,461 3%
Other markets14,777 0%5,530 0%20,307 0%
Total$14,175,446 100%$1,811,628 100%$15,987,074 100%
Lien priority:
First mortgage$14,175,446 100%$1,322,957 73%$15,498,403 97%
Junior lien mortgage— —%488,671 27%488,671 3%
Total $14,175,446 100%$1,811,628 100%$15,987,074 100%

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Consumer — Single-Family Residential Loans. The Company offers a variety of single-family residential mortgage loan programs, including fixed- and variable-rate loans, as well as hybrid loans with interest rates that adjust on a regular basis, typically annually, after an initial fixed rate period. The Company was in a first lien position in all of its single-family residential loans as of both September 30, 2025 and December 31, 2024. Many of these loans are reduced documentation loans, for which a substantial down payment is required, resulting in a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 52% as of both September 30, 2025 and December 31, 2024. These loans have historically experienced low delinquency and loss rates.

Consumer — Home Equity Lines of Credit. Total HELOC commitments were $5.5 billion and $5.3 billion as of September 30, 2025 and December 31, 2024, respectively, with a utilization rate of 34% as of both dates. Substantially all of the Company’s unfunded HELOC commitments are unconditionally cancellable. The Company was in a first lien position for 70% and 73% of total outstanding HELOCs as of September 30, 2025 and December 31, 2024, respectively. Many of these loans are reduced documentation loans, which have a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 46% as of both September 30, 2025 and December 31, 2024. As a result, these loans have historically experienced low delinquency and loss rates. Substantially all of the Company’s HELOCs were variable-rate as of both September 30, 2025 and December 31, 2024.

All originated commercial and consumer loans are subject to the Company’s conservative underwriting guidelines and loan origination standards. Management believes that the Company’s underwriting criteria and procedures adequately consider the unique risks associated with these products. The Company conducts quality control procedures and periodic audits, including the review of lending and legal requirements, to ensure that the Company is in compliance with these requirements.

Foreign Outstandings

The Company’s international branches, which include the branch in Hong Kong and the subsidiary bank’s branches in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties, and foreign currency exchange rate risks. The following table presents the major financial assets held in the Company’s international branches as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Amount% of Total Consolidated AssetsAmount% of Total Consolidated Assets
Hong Kong branch:
Cash and cash equivalents$718,583 1%$730,227 1%
AFS debt securities (1)
$704,959 1%$752,840 1%
Loans held-for-investment (2)
$1,127,442 1%$968,973 1%
Total assets$2,566,149 3%$2,474,447 3%
China subsidiary bank branches:
Cash and cash equivalents$816,166 1%$656,971 1%
AFS debt securities (3)
$127,423 0%$127,582 0%
Loans held-for-investment (2)
$1,203,320 2%$1,141,444 2%
Total assets$2,221,593 3%$1,971,922 3%
(1)Comprised of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, U.S. Treasury securities, and foreign government bonds as of September 30, 2025 and December 31, 2024.
(2)Comprised primarily of C&I loans as of both September 30, 2025 and December 31, 2024.
(3)Comprised of foreign government bonds as of both September 30, 2025 and December 31, 2024.

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The following table presents the total revenue generated by the Company’s international branches for the third quarters and first nine months of 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
($ in thousands)Amount% of Total Consolidated RevenueAmount% of Total Consolidated RevenueAmount% of Total Consolidated RevenueAmount% of Total Consolidated Revenue
Hong Kong branch:
Total revenue$18,335 2%$17,692 3%$53,939 2%$51,205 3%
China subsidiary bank branches:
Total revenue$7,807 1%$6,287 1%$22,299 1%$21,051 1%

Deposits

Deposits are the Company’s primary source of funding, the cost of which has a significant impact on the Company’s net interest income and net interest margin. The following table summarizes the Company’s deposits by product type as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024Change
($ in thousands)Amount%Amount%$%
Deposits by product:
Noninterest-bearing demand$16,141,954 24 %$15,450,428 24 %$691,526 4 %
Interest-bearing checking7,854,206 12 %7,940,692 13 %(86,486)(1)%
Money market15,609,931 23 %14,816,511 23 %793,420 5 %
Savings1,689,978 3 %1,751,620 3 %(61,642)(4)%
Time deposits25,291,487 38 %23,215,772 37 %2,075,715 9 %
Total deposits$66,587,556 100 %$63,175,023 100 %$3,412,533 5 %

The Company’s strategy is to grow and retain relationship-based deposits to provide a stable and low-cost source of funding and liquidity. The Company offers a wide variety of deposit products to meet the needs of its consumer and commercial customers. As a result, we believe our deposit base is seasoned, stable and well-diversified. Total deposits of $66.6 billion as of September 30, 2025 increased $3.4 billion from December 31, 2024, primarily due to growth in time, money market and noninterest-bearing demand deposits.

The following table provides a breakdown of the Company’s deposits by segment and region as of September 30, 2025 and December 31, 2024:
Change
($ in thousands)
September 30, 2025December 31, 2024$%
Deposits by segment/region:
Consumer and Business Banking - U.S. (1)
$34,378,478 $32,832,926 $1,545,552 5 %
Commercial Banking - U.S. (1)
24,126,028 23,405,769 720,259 3 %
International Branches (2)
3,835,351 3,412,262 423,089 12 %
Treasury and Other - U.S. (3)
4,247,699 3,524,066 723,633 21 %
Total deposits$66,587,556 $63,175,023 $3,412,533 5 %
(1)Excludes deposits presented under International Branches.
(2)Deposits of our Hong Kong branch and China subsidiary bank branches are a subset of Commercial Banking segment deposits.
(3)Treasury and Other segment deposits reflect wholesale, public funds, and brokered deposits, primarily managed by the Company’s Treasury department.

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Customer deposit accounts in the U.S. branches are insured by the FDIC for up to $250,000 per depositor, per ownership category. Management believes that presenting uninsured domestic deposits with an adjustment to exclude collateralized and affiliate deposits provides a more accurate view of the deposits at risk, given that collateralized deposits are secured, and affiliate deposits are not customer-facing and are eliminated in consolidation. The following table summarizes the Company’s uninsured domestic deposit balances reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report as of September 30, 2025 and December 31, 2024, after certain adjustments:
($ in thousands)September 30, 2025December 31, 2024
Uninsured deposits, per regulatory requirements (1)
$33,373,474 $32,767,680 
Less: Collateralized deposits
(4,478,939)(4,781,377)
Affiliate deposits(203,475)(485,824)
Uninsured deposits, excluding collateralized and affiliate deposits(a)$28,691,060 $27,500,479 
Total domestic deposits per Call Report(b)$63,088,136 $60,326,394 
Uninsured deposits, excluding collateralized and affiliate deposits, ratio
(a)/(b)
45 %46 %
(1)Uninsured deposits, per regulatory requirements, represent the portion of deposit accounts in U.S. branches that exceed the FDIC insurance limit as reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report.

Additional information regarding the impact of deposits on net interest income, with a comparison of average deposit balances and rates, is provided in Item 2. MD&A — Results of Operations — Net Interest Income in this Form 10-Q. See also the discussion of the impact of deposits on liquidity in Item 2. MD&A — Liquidity Risk Management in this Form 10-Q.

Capital

The Company maintains a strong capital base to support its anticipated asset growth, operating needs, and credit risk exposures, and to ensure that the Company and the Bank are in compliance with all regulatory capital guidelines. The Company engages in regular capital planning processes on at least an annual basis to optimize the use of available capital and to appropriately plan for future capital needs, allocating capital to existing and future business activities. Furthermore, the Company conducts capital stress tests as part of its capital planning process. The stress tests enable the Company to assess the impact of adverse changes in the economy and interest rates on its capital base.

The Company’s stockholders’ equity as of September 30, 2025 increased $860 million or 11% to $8.6 billion from December 31, 2024. The increase was primarily due to $969 million of net income and $210 million of other comprehensive income, partially offset by $252 million of cash dividends declared and $133 million of common stock repurchases from the open market and also in the form of tax withholding on vested restricted stock units. For other factors that contributed to the changes in stockholders’ equity, refer to Item 1. Consolidated Financial Statements — Consolidated Statement of Changes in Stockholders’ Equity in this Form 10-Q.

On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to an additional $300 million of East West common stock, which will remain valid until December 31, 2026. The Company repurchased $26 million of its common stock during the third quarter of 2025, and $114 million and $123 million of common stock in the first nine months of 2025 and 2024, respectively.

The Company paid a quarterly common stock cash dividend of $0.60 and $0.55 per share during the third quarters of 2025 and 2024, respectively. In October 2025, the Company’s Board of Directors declared a fourth quarter 2025 cash dividend of $0.60 per share. The dividend is payable on November 17, 2025, to stockholders of record as of November 3, 2025.

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Regulatory Capital and Ratios

The federal banking agencies have risk-based capital adequacy requirements intended to ensure that banking organizations maintain capital that is commensurate with the degree of risk associated with their operations. The Company and the Bank are each subject to these regulatory capital adequacy requirements. See Item 1. Business — Supervision and Regulation — Regulatory Capital Requirements and Regulatory Capital-Related Development in the Company’s 2024 Form 10-K for additional details.

The following table presents the Company’s and the Bank’s capital ratios as of September 30, 2025 and December 31, 2024 under the Basel III Capital Rules, and those required by regulatory agencies for capital adequacy and well-capitalized classification purposes:
Basel III Capital Rules
September 30, 2025
December 31, 2024 (1)
CompanyBankCompanyBankMinimum Regulatory RequirementsMinimum Regulatory Requirements including Capital Conservation BufferWell-Capitalized Requirements
Risk-based capital ratios:
Common Equity Tier 1 (“CET1”) capital (2)
14.8%13.9%14.3%13.4%4.5%7.0%6.5%
Tier 1 capital (3)
14.8%13.9%14.3%13.4%6.0%8.5%8.0%
Total capital16.2%15.2%15.6%14.7%8.0%10.5%10.0%
Tier 1 leverage (2)
10.7%10.0%10.4%9.8%4.0%4.0%5.0%
(1)The Current Expected Credit Losses (“CECL”) transition provision permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the aggregate benefit is reduced by 25% in 2022, 50% in 2023 and 75% in 2024. Our capital ratios as of December 31, 2024 include a delay of 25% of the estimated impact of CECL on regulatory capital. The CECL transition was no longer in effect as of September 30, 2025.
(2)CET1 capital and Tier 1 leverage well-capitalized requirements apply to the Bank only. There are no well-capitalized requirements on CET1 capital ratio or Tier 1 leverage ratio for bank holding companies.
(3)Well-capitalized Tier 1 capital ratio requirements for the Company and the Bank are 6.0% and 8.0%, respectively.

The Company is committed to maintaining strong capital levels to assure its investors, customers and regulators that the Company and the Bank are financially sound. As of both September 30, 2025 and December 31, 2024, the Company and the Bank continued to exceed all “well-capitalized” capital requirements and the minimum capital requirements under the Basel III Capital Rules. Total risk-weighted assets increased $2.1 billion to $57.0 billion from December 31, 2024. The increase in the risk-weighted assets was mainly due to loan growth.

Risk Management

Overview

In the normal course of business, the Company is exposed to a variety of risks, some of which are inherent to the financial services industry and others, which are more specific to the Company’s business. The Company operates under a Board-approved enterprise risk management (“ERM”) program. The Company’s ERM program outlines the company-wide approach to risk management and oversight, and describes the structures and practices employed to manage current and emerging risks inherent to the Company. The Company’s ERM program incorporates risk management throughout the organization in identifying, managing, monitoring, and reporting risks. It identifies the Company’s major risk categories as: credit, liquidity, market, operational, reputational, legal, compliance, Bank Secrecy Act/Anti-Money Laundering & Office of Foreign Assets Control, strategic, and technology risk.

93

The Risk Oversight Committee (“ROC”) of the Board of Directors monitors the ERM program through such identified enterprise risk categories and provides oversight of the Company’s risk appetite and control environment. The ROC provides focused oversight of the Company’s identified enterprise risk categories on behalf of the full Board of Directors. Under the authority of the ROC, management committees apply targeted strategies to manage the risks to which the Company’s operations are exposed.

The Company’s ERM program is executed along the three lines of defense model, which provides for a consistent and standardized risk management control environment across the enterprise. The first line of defense is comprised of revenue generating, operational and support units. The second line of defense is comprised of risk management and control functions that provide independent risk oversight of first line activities and report to the Chief Risk Officer. The Chief Risk Officer reports to both the ROC and the Chief Executive Officer. The third line of defense is comprised of the Internal Audit and Independent Asset Review (“IAR”) functions. Internal Audit reports to the Chief Audit Executive (“CAE”), who reports to the Board’s Audit Committee. Internal Audit provides assurance and evaluates the effectiveness of risk management, control, and governance processes as established by the Company. IAR serves as an internal loan review and independent credit risk monitoring function within the Bank that works under the direction of the CAE and reports to the Audit Committee. IAR provides management and the Audit Committee with an objective and independent assessment of the Bank’s credit profile and credit risk management processes. Further discussion and analysis of selected primary risk areas are discussed in the following subsections of Risk Management.

Credit Risk Management

Credit risk is the risk that a borrower or a counterparty will fail to perform according to the terms and conditions of a loan, investment or derivative and expose the Company to loss. Credit risk exists with many of the Company’s assets and exposures such as loans, debt securities and certain derivatives. The majority of the Company’s credit risk is associated with lending activities.

The ROC has primary oversight responsibility for the identified enterprise risk categories including credit risk. The ROC monitors management’s assessment of asset quality, credit risk trends, credit quality administration, underwriting standards, and portfolio credit risk management strategies and processes, such as diversification and liquidity, all of which enable management to control credit risk. At the management level, the Credit Risk Management Committee has primary oversight responsibility for credit risk. The Senior Credit Supervision function manages credit policy for the line of business transactional credit risk, assuring that all exposure is risk-rated according to the requirements of the credit risk rating policy. The Senior Credit Supervision function, in connection with the ERM function, also evaluates and reports the overall credit risk exposure to senior management and the ROC, including concentration limits and key risk indicators. Reporting directly to the Board’s Audit Committee, the IAR function provides additional validation support to the Company’s robust credit risk management culture by performing an independent and objective assessment of underwriting and documentation quality, and serves as an assurance function for the risk rating of the Company’s loan portfolios. A key focus of our credit risk management is adherence to a well-controlled underwriting and loan monitoring process.

The Company assesses the overall performance and credit quality of the loans held-for-investment portfolio through an integrated analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: Credit Quality, Nonperforming Assets and Allowance for Credit Losses.

Credit Quality

The Company utilizes a credit risk rating system to assist in monitoring credit quality. Loans are evaluated using the Company’s internal credit risk rating of 1 through 10. For more information on the Company’s credit quality indicators and internal credit risk ratings, refer to Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

94

The following table presents the Company’s criticized loans as of September 30, 2025 and December 31, 2024:
Change
($ in thousands)September 30, 2025December 31, 2024$%
Criticized loans:
Special mention loans$422,751 $447,290 $(24,539)(5)%
Classified loans (1)
768,568 725,863 42,705 6 %
Total criticized loans
$1,191,319 $1,173,153 $18,166 2 %
Special mention loans to loans held-for-investment0.76 %0.83 %
Classified loans to loans held-for-investment1.38 %1.35 %
Criticized loans to loans held-for-investment2.14 %2.18 %
(1)Consists of substandard, doubtful and loss categories.

Criticized loans increased $18 million or 2%, to $1.2 billion during the nine months ended September 30, 2025, primarily driven by higher criticized CRE loans, partially offset by lower criticized C&I loans and multifamily residential loans.

Nonperforming Assets

Nonperforming assets are comprised of nonaccrual loans, OREO and other nonperforming assets. Other nonperforming assets and OREO are repossessed assets and properties, respectively, acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. Nonperforming assets may also include nonperforming loans HFS.

The following table presents nonperforming assets information as of September 30, 2025 and December 31, 2024:
Change
($ in thousands)September 30, 2025December 31, 2024$%
Commercial:
C&I$70,065 $86,165 $(16,100)(19)%
CRE:
CRE20,568 2,430 18,138 NM
Multifamily residential307 4,572 (4,265)(93)%
Construction and land8,897 11,316 (2,419)(21)%
Total CRE29,772 18,318 11,454 63 %
Consumer:
Residential mortgage:
Single-family residential33,672 32,423 1,249 4 %
HELOCs23,352 22,046 1,306 6 %
Total residential mortgage57,024 54,469 2,555 5 %
Other consumer73 66 7 11 %
Total nonaccrual loans156,934 159,018 (2,084)(1)%
OREO, net24,208 35,077 (10,869)(31)%
Nonperforming loans HFS19,596 — 19,596 100 %
Total nonperforming assets$200,738 $194,095 $6,643 3 %
Nonperforming assets to total assets
0.25%0.26%
Nonaccrual loans to loans held-for-investment0.28%0.30%
ALLL to nonaccrual loans
503.73%441.49%
NM — Not meaningful.
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Loans are generally placed on nonaccrual status at the earlier of when they become 90 days past due or when the full collection of principal or interest becomes uncertain, regardless of the length of past due status. Collectability is generally assessed based on economic and business conditions, the borrower’s financial condition, and the adequacy of collateral, if any. For additional details regarding the Company’s nonaccrual loan policy, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

Nonaccrual loans of $157 million as of September 30, 2025 decreased $2 million or 1% from December 31, 2024. The decrease was primarily due to the transfer of a commercial and a multifamily residential nonaccrual loan to OREO, charge-offs of certain commercial nonaccrual loans and one construction nonaccrual loan, and a payment received on a commercial nonaccrual loan. As of September 30, 2025, $32 million or 20% of nonaccrual loans were less than 90 days delinquent. In comparison, $49 million or 31% of nonaccrual loans were less than 90 days delinquent as of December 31, 2024.

The following table presents the accruing loans past due by portfolio segment as of September 30, 2025 and December 31, 2024:
Total Accruing Past Due Loans (1)
Change
Percentage of
Total Loans Outstanding
($ in thousands)September 30,
2025		December 31,
2024		$%September 30,
2025		December 31,
2024
Commercial:
C&I$10,796 $22,855 $(12,059)(53)%0.06 %0.13 %
CRE:
CRE49,009 5,640 43,369 NM0.32 %0.04 %
Multifamily residential842 931 (89)(10)%0.02 %0.02 %
Construction and land— 927 (927)(100)%— %0.14 %
Total CRE49,851 7,498 42,353 NM0.24 %0.04 %
Total commercial60,647 30,353 30,294 100 %0.16 %0.08 %
Consumer:
Residential mortgage:
Single-family residential57,954 54,937 3,017 5 %0.39 %0.39 %
HELOCs20,637 19,364 1,273 7 %1.11 %1.07 %
Total residential mortgage78,591 74,301 4,290 6 %0.47 %0.46 %
Other consumer95 107 (12)(11)%0.20 %0.16 %
Total consumer78,686 74,408 4,278 6 %0.47 %0.46 %
Total$139,333 $104,761 $34,572 33 %0.25 %0.19 %
NM — Not meaningful.
(1)There were no accruing loans past due 90 days or more as of both September 30, 2025 and December 31, 2024.

Allowance for Credit Losses

The Company maintains its allowance for credit losses at a level it believes is sufficient to provide appropriate reserves to absorb estimated future credit losses in accordance with GAAP. For additional information on the policies, methodologies and judgments used to determine the allowance for credit losses, see Item 7. MD&A — Critical Accounting Estimates and Item 8. Financial Statements — Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Company’s 2024 Form 10-K, and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.

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The following table presents an allocation of the ALLL by loan portfolio segments, debt securities and unfunded credit commitments as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
($ in thousands)Allowance Allocation% of Loan Type to Total LoansAllowance Allocation% of Loan Type to Total Loans
ALLL
Commercial:
C&I$441,538 32%$384,319 32%
CRE:
CRE227,167 27%218,677 28%
Multifamily residential35,187 9%32,117 9%
Construction and land18,530 2%17,497 1%
Total CRE280,884 38%268,291 38%
Total commercial722,422 70%652,610 70%
Consumer:
Residential mortgage:
Single-family residential60,876 27%44,816 27%
HELOCs6,113 3%3,132 3%
Total residential mortgage66,989 30%47,948 30%
Other consumer1,109 0%1,494 0%
Total consumer68,098 30%49,442 30%
Total ALLL
$790,520 100%$702,052 100%
Allowance for debt securities
$3,000 $— 
Allowance for unfunded credit commitments$48,390 $39,526 
Total allowance for credit losses$841,910 $741,578 
Loans held-for-investment$55,766,772 $53,726,637 
ALLL to loans held-for-investment
1.42%1.31%
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Average loans held-for-investment$55,201,577 $52,414,179 $54,280,353 $52,086,143 
Net charge-offs
$18,140 $29,363 $48,072 $75,075 
Annualized net charge-offs to average loans held-for-investment0.13 %0.22 %0.12 %0.19 %

Liquidity Risk Management

Liquidity. Liquidity risk arises from the Company’s inability to meet its customer deposit withdrawals and obligations to other counterparties as they come due, or to obtain adequate funding at a reasonable cost to meet those obligations. Liquidity risk also considers the stability of deposits. The objective of liquidity management is to manage the potential mismatch of asset and liability cash flows. Maintaining an adequate level of liquidity depends on the institution’s ability to efficiently meet both expected and unexpected cash flow and collateral needs without adversely affecting daily operations or the financial condition of the institution. To achieve this objective, the Company analyzes its liquidity risk, maintains readily available liquid assets, and utilizes diverse funding sources including its stable core deposit base.

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The ROC has primary oversight responsibility over liquidity risk management. At the management level, the Company’s Asset/Liability Committee (“ALCO”) establishes the liquidity guidelines that govern the day-to-day active management of the Company’s liquidity position by requiring sufficient asset-based liquidity to cover potential funding requirements and avoid over-dependence on volatile, less reliable funding markets. These guidelines are established and monitored for both the Bank and East West on a stand-alone basis to ensure that East West can serve as a source of strength for its subsidiaries. The ALCO regularly monitors the Company’s liquidity status and related management processes, and provides regular reports on the Company’s liquidity position relative to policy limits and guidelines to the Board of Directors. The Company believes its liquidity management practices have been effective under normal operating and stressed market conditions.

The Company also maintains a Contingency Funding Plan that utilizes early-warning indicators that are monitored to provide timely detection of adverse liquidity situations and enable management to promptly respond. The Contingency Funding Plan describes the procedures, roles and responsibilities, and communication protocols for managing any identified emerging liquidity problem. Management monitors the early-warning indicators defined in the Contingency Funding Plan, which include metrics for measuring the Company’s internal liquidity status as well as company-specific and market-wide external factors. When early warning indicators are triggered, management will evaluate the severity of the emerging liquidity problem and exercise appropriate management actions to address any liquidity and funding shortfalls.

Liquidity Sources — Deposits. The Company’s primary source of funding is from deposits, generated by its banking business, which we believe is a relatively stable and low-cost source of funding. Our loans are funded by deposits, which amounted to $66.6 billion as of September 30, 2025, compared with $63.2 billion as of December 31, 2024. The Company’s loan-to-deposit ratio was 84% and 85% as of September 30, 2025 and December 31, 2024, respectively. See Item 2. — MD&A — Balance Sheet Analysis — Deposits in this Form 10-Q for further details related to the Company’s deposits.

Other Liquidity Sources. In addition to deposits, the Company has access to various sources of wholesale financing, including borrowing capacity with the FHLB and Federal Reserve Bank (“FRB”) discount window, FRB Standing Repurchase Agreement Facility (“SRF”) and several master repurchase agreements with major brokerage companies to sustain an adequate liquid asset portfolio, meet daily cash demands and allow management flexibility to execute its business strategy. However, general financial market and economic conditions could impact our access and cost of external funding. Additionally, the Company’s access to capital markets is affected by the ratings received from various credit rating agencies.

Sources of funding included $3.0 billion and $3.5 billion of FHLB advances as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the FHLB advances were comprised of an overnight advance of $500 million with a fixed interest rate of 4.49% and $2.5 billion of term advances that had fixed and floating interest rates ranging from 3.87% to 4.38% with remaining maturities between six months and 1.2 years. As of September 30, 2025, the Company had $53 million in gross repurchase agreements, which will mature in 2025. The Company did not have any repurchase agreements as of December 31, 2024. The Company also held long-term debt of $32 million in the form of junior subordinated debt as of both September 30, 2025 and December 31, 2024, which qualifies as Tier 2 capital for regulatory capital purposes. Refer to Note 9 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q for additional information on the junior subordinated debt.

The Company has pledged loans and/or debt securities to the FHLB and the FRB discount window as collateral. Additionally, effective in the third quarter of 2025, the Company prepositioned unpledged debt securities as collateral for overnight repurchase agreements at the FRB SRF. The Company has established operational procedures to enable borrowing against these assets, including regular monitoring of the total pool of loans and debt securities eligible as collateral. Eligibility of collateral is defined in guidelines from the FHLB and FRB and is subject to change at their discretion. The Company operated below its established risk limits for liquidity measures as of September 30, 2025. Accordingly, the Company believes the cash and cash equivalents, and available collateralized borrowing capacity described below provide sufficient liquidity above its expected cash needs.

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The Company maintains its liquidity in the form of cash and cash equivalents, unpledged and prepositioned debt securities, and secured borrowing capacity with eligible loans and debt securities pledged as collateral. The following table presents the Company’s total available liquidity as of September 30, 2025 and December 31, 2024:
Change
($ in thousands)September 30, 2025December 31, 2024$%
Cash and cash equivalents$4,694,194 $5,250,742 $(556,548)(11)%
Interest-bearing deposits with banks68,200 48,198 20,002 41 %
Unused secured borrowing capacity from:
FHLB11,438,287 9,928,152 1,510,135 15 %
FRB (1)
12,682,321 12,383,005 299,316 2 %
Unpledged and prepositioned securities
Unpledged securities
8,091,031 7,819,531 271,500 3 %
Securities prepositioned for FRB SRF (2)
2,529,666 — 2,529,666 100 %
Total available liquidity
$39,503,699 $35,429,628 $4,074,071 11 %
(1)The Company had no outstanding borrowings with the FRB as of September 30, 2025 and December 31, 2024.
(2)The Company enrolled as an eligible counterparty with the FRB SRF in the third quarter of 2025.

The Company’s total available liquidity increased to $39.5 billion as of September 30, 2025, compared with $35.4 billion as of December 31, 2024. The increase in borrowing capacity was primarily due to an increase in securities available to be pledged or prepositioned and loans pledged as well as a decrease in FHLB advances outstanding.

Cash Requirements. In the ordinary course of business, the Company enters into contractual obligations that require future cash payments, including funding for customer deposit withdrawals, repayments for short- and long-term borrowings, and other cash commitments. For additional information on these obligations, see Note 9 — Deposits to the Consolidated Financial Statements in the Company’s 2024 Form 10-K, and Note 7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net and Note 9 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q.

The Company also has off-balance sheet arrangements which represent transactions that are not recorded on the Consolidated Balance Sheet. The Company’s off-balance sheet arrangements include (1) commitments to extend credit, such as loan commitments, commercial letters of credit for foreign and domestic trade, standby letters of credit (“SBLCs”), and financial guarantees, to meet the financing needs of its customers, (2) future interest obligations related to customer deposits and the Company’s borrowings, and (3) transactions with unconsolidated entities that provide financing, liquidity, market risk or credit risk support to the Company, or engage in leasing, hedging or research and development services with the Company. A portion of these commitments are expected to expire unused or only partially used, therefore the total commitment amounts do not necessarily represent future cash requirements. The Company does not expect the total commitment amounts as of September 30, 2025 to have a material current or future impact on the Company’s financial conditions or results of operations. Additional information about the Company’s loan commitments, commercial letters of credit and SBLCs is provided in Note 10 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q.

The Consolidated Statement of Cash Flows summarizes the Company’s sources and uses of cash by type of activity for the nine months of 2025 and 2024. Excess cash generated by operating and investing activities may be used to repay outstanding debt or invest in liquid assets.

Liquidity for East West. In addition to bank level liquidity management, the Company manages liquidity at the parent company level for various operating needs including payment of dividends, repurchases of common stock, principal and interest payments on its borrowings, acquisitions and additional investments in its subsidiaries. East West’s primary source of liquidity is from cash dividends distributed by its subsidiary, East West Bank. The Bank is subject to various statutory and regulatory restrictions on its ability to pay dividends as discussed in Item 1. Business — Supervision and Regulation — Dividends and Other Transfers of Funds in the Company’s 2024 Form 10-K. East West held $473 million and $395 million in on-hand liquidity as of September 30, 2025 and December 31, 2024, respectively. On-hand liquidity generally comprises cash and cash equivalents due from banks, and short-term AFS securities that mature within 30 days. Management believes that East West has sufficient liquidity to meet the projected cash obligations for the coming year.
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Liquidity Stress Testing. The Company utilizes liquidity stress analysis to determine the appropriate amounts of liquidity to maintain at the Company, foreign subsidiary and foreign branch to meet contractual and contingent cash outflows under a range of scenarios. Scenario analyses include assumptions about significant changes in key funding sources, market triggers, potential uses of funding and economic conditions in certain countries. In addition, Company specific events are incorporated into the stress testing. Liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over various time horizons and under a variety of stressed conditions. Given the range of potential stresses, the Company maintains contingency funding plans on a consolidated basis and for individual entities.

As of September 30, 2025, the Company believes it has adequate liquidity resources to conduct operations and meet other needs in the ordinary course of business, and is not aware of any events that are reasonably likely to have a material adverse effect on its liquidity, capital resources or operations. Given the changing market and economic conditions, the Company will continue to actively evaluate the impact on its business and financial position. For more details on how economic conditions may impact our liquidity, see Item 1A. Risk Factors in the Company’s 2024 Form 10-K.

Market Risk Management

Market risk refers to the risk of potential loss due to adverse movements in market risk factors, including interest rates, foreign exchange rates, commodity prices, and credit spreads. The Company is primarily exposed to interest rate risk through its core business activities of extending loans and acquiring deposits. There have been no significant changes in our risk management practices as described in Item 7. MD&A — Market Risk Management in the Company’s 2024 Form 10-K.

Interest Rate Risk Management

Interest rate risk is the risk that market fluctuations in interest rates can have a negative impact on the Company’s earnings and capital stemming from mismatches in the Company’s asset and liability cash flows primarily arising from customer-related activities such as lending and deposit-taking. The Company is subject to interest rate risk because:

•Assets and liabilities may mature or reprice at different times. If assets reprice faster than liabilities and interest rates are generally rising, earnings will initially increase;
•Assets and liabilities may reprice at the same time but by different amounts;
•Short- and long-term market interest rates may change by different amounts. For example, the shape of the yield curve may affect the yield of new loans and funding costs differently;
•The remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change. For example, if long-term mortgage interest rates increase sharply, mortgage-related products may pay down at a slower rate than anticipated, which could impact portfolio income and valuation; or
•Interest rates may have a direct or indirect effect on loan demand, collateral values, mortgage origination volume, and the fair value of other financial instruments.

The ALCO coordinates the overall management of the Company’s interest rate risk, meets regularly to review the Company’s open market positions and establishes policies to monitor and limit exposure to market risk. Interest rate risk management is carried out primarily through strategies involving the Company’s loan portfolio, debt securities portfolio, available funding channels and capital market activities. In addition, the Company’s policies permit the use of derivative instruments to assist in managing interest rate risk.

The Company measures and monitors interest rate risk exposure through various risk management tools, which include a simulation model that performs monthly interest rate sensitivity analyses under multiple interest rate scenarios against a baseline. The simulation model incorporates the market’s forward rate expectations and the Company’s earning assets and liabilities. The Company uses a dynamic balance sheet, incorporating expected forward growth and/or deposit product mix shift to perform the interest rate sensitivity analyses. The simulated interest rate scenarios include an instantaneous parallel shift in the yield curve and a gradual parallel shift in the yield curve (“linear rate ramp”). In addition, the Company also performs simulations using other alternative interest rate scenarios, including various permutations of the yield curve flattening, steepening or inverting. The Company uses the results of these simulations to formulate and gauge strategies to achieve a desired risk profile within its capital and liquidity guidelines.
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The Company’s net interest income volatility simulations are based on a dynamic balance sheet approach and market forward rates to better reflect the interest rate risk on the Company’s financial statements. The Company’s simulation scenarios use parallel shocks for both instantaneous and gradual net interest income simulations, as well as economic value of equity (“EVE”) simulations. These simulations conform with industry-standard scenario definitions and enhance interpretability and comparability.

The net interest income simulation model is based on the maturity and repricing characteristics of the Company’s interest rate sensitive assets, liabilities, and related derivative contracts. This model also incorporates various assumptions, which management believes to be reasonable but may have a significant impact on the results. These key assumptions include the timing and magnitude of changes in interest rates, the yield curve evolution and shape, the correlation between various interest rate indices, financial instruments’ future repricing characteristics and spread relative to benchmark rates, and the effect of interest rate floors and caps. The modeled results are highly sensitive to deposit mix and deposit beta assumptions, which are derived from a regression analysis of the Company’s historical deposit data.

Simulation results are highly dependent on modeled behaviors and input assumptions. To the extent that actual behaviors are different from the assumptions used in the models, there could be material changes to the interest rate sensitivity results. The key behavioral models impacting interest rate sensitivity simulations include deposit repricing, deposit balance forecasts, and mortgage prepayments. These models and assumptions are documented, supported, and periodically back-tested to assess the reasonableness and effectiveness. The Company also regularly monitors the sensitivity of the other important modeling assumptions, such as loan and security prepayments and early withdrawal on fixed-rate customer liabilities. The Company makes appropriate calibrations to the model as needed and continually validates the model, methodology and results. Changes to key model assumptions are reviewed by the Technical ALCO, a subcommittee of ALCO. Scenario results do not reflect strategies that the management could employ to limit the impact of changing interest rate expectations. The simulation does not represent a forecast of the Company’s net interest income but is a tool utilized to assess the risk of the impact of changing market interest rates across a range of interest rate environments.

The Company employs a variety of quantitative and qualitative approaches to capture historical deposit repricing and balance behaviors. These historical observations are performed at a granular level based on key product characteristics, including distinctions for brokered, public, and large commercial deposits, which are then combined with forward-looking market expectations and the competitive landscape to generate the deposit repricing and balance forecasting models. The Company uses these deposit repricing models to forecast deposit interest expense. The repricing models provide sufficient granularity to reflect key behavioral differences across product and customer types. The deposit beta, which defines the sensitivity of deposit rates to changes in the effective federal funds rate, is a key parameter of the deposit rate forecast. For the nine months ended September 30, 2025, the Company assumed a weighted-average beta of 57%, an increase of approximately 1% from December 31, 2024. The increase was primarily due to deposit product mix changes.

As loan and debt security prepayment assumptions are key components of the Company’s model, the Company incorporates third-party vendor models to forecast prepayment behavior on mortgage loans and securities, which have mortgage loans as underlying collateral. These third-party vendor models have access to more comprehensive industry-level data that captures specific borrower and collateral characteristics over a variety of interest rate cycles. The Company will periodically assess and adjust the vendor models when appropriate to include its own available observations and expectations.

Twelve-Month Net Interest Income Simulation

Net interest income simulation modeling measures interest rate risk through earnings volatility. The simulation projects the cash flow changes in interest rate sensitive assets and liabilities, expressed in terms of net interest income, over a specified time horizon for defined interest rate scenarios. Net interest income simulations provide insight into the impact of market rate changes on earnings, which help guide risk management decisions. The Company assesses interest rate risk by comparing the changes of net interest income in different interest rate scenarios.

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The following table presents the Company’s net interest income sensitivity related to an instantaneous and sustained parallel shift in market interest rates by 100 and 200 bps as of September 30, 2025 and December 31, 2024, on a balance sheet assuming market implied forward rates and a dynamic balance sheet with forecasted loan and deposit growth on the date of analysis.
Net Interest Income Volatility (1)
Change in Interest Rates (in bps)September 30, 2025December 31, 2024
+2006.6 %4.7 %
+1004.0 %3.5 %
-100(4.3)%(4.0)%
-200(8.4)%(7.4)%
(1)The percentage change represents net interest income change over a 12-month period under market implied forward rates and expected balance sheet growth as of the analysis date versus various interest rate scenarios.

The composition of the Company’s loan portfolio creates sensitivity to interest rate movements due to a mismatch of repricing behavior between the floating-rate loan portfolio and deposit products. In the table above, the net interest income volatility expressed in relation to base-case net interest income increased under both rising and falling rate scenarios as of September 30, 2025. These changes reflect deposit product mix assumptions, which assume noninterest-bearing deposits decrease in higher interest rate environments and are replaced with term deposit products.

The Company also models scenarios based on gradual shifts in interest rates and assesses the corresponding impacts. These interest rate scenarios provide additional information to estimate the Company’s underlying interest rate risk. The rate ramp table below shows the net interest income volatility under a gradual parallel shift of the market implied forward rates, in even monthly increments over the first 12 months, with the full shift passed through to the forward rates thereafter. The results are based on a dynamic balance sheet with expected loan and deposit growth as of the date of the analysis.
Net Interest Income Volatility
Change in Interest Rates (in bps)September 30, 2025December 31, 2024
+200 Rate ramp3.3 %4.3 %
+100 Rate ramp1.7 %2.3 %
-100 Rate ramp(1.6)%(2.4)%
-200 Rate ramp(3.2)%(4.6)%

As of September 30, 2025, the Company’s net interest income profile remains asset-sensitive, with a higher proportion of interest-earning assets repricing in the near term, compared to interest-bearing liabilities. This position is primarily driven by a significant volume of variable-rate loans indexed to Prime and Term Secured Overnight Financing Rate (“SOFR”). Net interest income is sensitive to changes in short-term interest rates; a declining rate environment could pressure results. However, balance sheet growth and reinvestment of cash flows from legacy lower-yielding instruments into higher-yielding assets are expected to partially offset this impact.

To reduce volatility, the Company has designated $4.3 billion in notional value of interest rate contracts as cash flow hedges, which are estimated to mitigate net interest income variability by approximately 1.45% of base net interest income for every 100 basis point change in interest rates. A portion of the Company’s interest-bearing deposit portfolio consists of non-maturity deposits that are not directly indexed to short-term rates but remain sensitive to rate changes. The Company actively manages deposit pricing and employs quantitative models to evaluate and forecast deposit behavior under various interest rate scenarios.

Actual results may differ from modeled projections due to variations in earning asset growth and changes in deposit composition driven by customer preferences. Modeled outcomes are highly dependent on behavioral assumptions, including deposit mix shifts and customer rate sensitivity.

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Economic Value of Equity at Risk

EVE is a cash flow calculation that takes the present value of all asset cash flows and subtracts the present value of all liability cash flows. This calculation is used for asset/liability management and measures changes in the present value of the bank’s assets and liabilities due to changes in interest rates.

The economic value approach provides a comparatively broader scope than the net interest income volatility approach since it represents the discounted present value of cash flows over the expected life of the instruments. Due to this longer horizon, EVE is useful to identify risks arising from repricing, prepayment and maturity gaps between assets and liabilities on the balance sheet, as well as from off-balance sheet derivative exposures, over their lifetime. This long-term economic perspective into the Company’s interest rate risk profile allows the Company to identify anticipated negative effects of interest rate fluctuations. However, the difference in time horizons can cause the EVE analysis to diverge from the shorter-term net interest income analysis presented above. Given the uncertainty of the magnitude, timing and direction of future interest rate movements, the shape of the yield curve, and potential changes to the balance sheet, actual results may vary from those predicted by the Company’s model.

The following table presents the Company’s EVE sensitivity related to an instantaneous parallel shift in market interest rates by 100 and 200 bps as of September 30, 2025 and December 31, 2024.
Economic Value of Equity Volatility (1)
Change in Interest Rates (in bps)September 30, 2025December 31, 2024
+200 (12.5)%(12.5)%
+100(5.7)%(5.2)%
-1004.4 %4.6 %
-2008.7 %9.5 %
(1)The percentage change represents net present value change of the balance sheet as of the analysis date versus various interest rate scenarios.

As of September 30, 2025, the Company’s EVE is expected to decrease when interest rates rise. The EVE sensitivity represents a duration mismatch between fixed-rate assets versus fixed-rate liabilities where more fixed-rate assets are expected to produce more stable net interest income in the short term but may lead to decreases in net present value of future cash flows.

Derivatives

It is the Company’s policy not to speculate on the future direction of interest rates, foreign currency exchange rates and commodity prices. However, the Company periodically enters into derivative transactions in order to manage its exposure to market risk, primarily interest rate risk and foreign currency risk. The Company believes these derivative transactions, when properly structured and managed, provide a hedge against inherent risk in certain assets and liabilities or against risk in specific transactions. Hedging transactions may be implemented using a variety of derivative instruments such as swaps, forwards, options, and collars. The Company uses interest rate contracts to hedge the variability in interest received on certain floating-rate commercial loans. Foreign exchange derivatives are used in net investment hedging strategies to mitigate the risk of changes in the U.S. dollar equivalent value of a designated monetary amount of the Company’s net investment in East West Bank (China) Limited. Prior to entering any hedge accounting activity, the Company analyzes the costs and benefits of the hedge in comparison to alternative strategies. The Company also repositions its hedging derivatives portfolio based on the current assessment of economic and financial conditions, including the interest rate and foreign currency environments, balance sheet composition and trends, and the relative mix of its cash and derivative positions.

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In addition, the Company enters into derivative transactions in order to accommodate its customers with their business needs or to assist customers with their risk management objectives, such as managing exposure to fluctuations in interest rates, foreign currencies and commodity prices. To economically hedge against the derivative contracts entered into with the Company’s customers, the Company enters into offsetting derivative contracts with third-party financial institutions, some of which are cleared through central clearing organizations. The exposures from derivative transactions are collateralized by cash and/or eligible securities based on limits as set forth in the respective agreements between the Company and counterparty financial institutions. The fair value changes of the derivative contracts traded with third-party financial institutions are expected to be largely comparable to the fair value changes of the derivative transactions executed with customers throughout the terms of these contracts, except for the credit valuation adjustment component of the contracts and the spread variances between the customer derivatives and the offsetting financial counterparty positions. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities and to meet funding needs in certain foreign currencies.

The Company is subject to credit risk associated with the counterparties to the derivative contracts. This counterparty credit risk is a multi-dimensional form of risk, affected by both the exposure and credit quality of the counterparty, both of which are sensitive to market-induced changes. The Company’s Credit Risk Management Committee provides oversight of credit risk, and the Company has guidelines in place to manage counterparty concentration, tenor limits, and collateral. The Company manages the credit risk of its derivative positions by diversifying its positions among various counterparties, by entering into legally enforceable master netting agreements, and by requiring collateral arrangements, where possible. The Company may also transfer counterparty credit risk related to interest rate swaps to third-party financial institutions through the use of credit risk participation agreements. Certain derivative contracts are required to be cleared through central clearing organizations to further mitigate counterparty credit risk, where variation margin is applied daily as settlement to the fair value of the derivative contracts. In addition, the Company incorporates credit valuation adjustments and other market standard methodologies to appropriately reflect the counterparty’s and the Company’s own nonperformance risk in the fair value measurement of its derivatives. As of September 30, 2025, the Company anticipates performance by all of its counterparties and has not incurred any related credit losses.

The following tables summarize certain information on derivative instruments designated as accounting hedges and utilized by the Company in its management of interest rate risk as of September 30, 2025 and December 31, 2024:
September 30, 2025
Weighted Average
($ in thousands)
Notional Amount
Fair Value Assets
Fair Value Liabilities
Fixed Rate
Floating Rate
(1)
Remaining Term (in months)
Cash flow hedges
Derivative contracts hedging loans:
Interest rate swaps - Receive fixed pay floating$3,750,000 $32,380 $1,010 5.75 %6.34 %29.7
Interest rate swaps - Receive fixed pay floating - Forward starting
250,000 10,035 — 4.19 %N/A(2)60.1
Interest rate collars - Buy floor sell cap250,000 1 — Cap: 4.58%
Floor: 1.50%		4.28 %8.0
Total cash flow hedges
$4,250,000 $42,416 $1,010 
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December 31, 2024
Weighted Average
($ in thousands)
Notional Amount
Fair Value Assets
Fair Value Liabilities
Fixed Rate
Floating Rate
(1)
Remaining Term (in months)
Cash flow hedges
Derivative contracts hedging loans:
Interest rate swaps - Receive fixed pay floating$4,000,000 $1,808 $29,102 4.95 %6.47 %23.8
Interest rate swaps - Receive fixed pay floating - Forward starting
1,000,000 3,839 5,893 3.90 %N/A(2)67.8
Interest rate collars - Buy floor sell cap250,000 — 216 Cap: 4.58%
Floor: 1.50%		4.55 %17.0
Total cash flow hedges
$5,250,000 $5,647 $35,211 
(1)Floating rates are indexed to SOFR or Prime.
(2)Three forward starting swaps with a total notional amount of $750 million became effective from July 2025 through September 2025. One position with a notional amount of $250 million will be effective starting October 2025.

Additional information on the Company’s derivatives is presented in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements in the Company’s 2024 Form 10-K, Note 2 — Fair Value Measurement and Fair Value of Financial Instruments, and Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.

Critical Accounting Policies and Estimates

The Company’s significant accounting policies are described in Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. Certain of these policies include critical accounting estimates, which are subject to valuation assumptions, subjective or complex judgments about matters that are inherently uncertain, and it is likely that materially different amounts could be reported under different assumptions and conditions. The Company has procedures and processes in place to facilitate making these judgments. The following accounting policies are critical to the Company’s Consolidated Financial Statements:
•allowance for credit losses;
•fair value estimates;
•goodwill impairment; and
•income taxes.
For additional information on the Company’s critical accounting estimates involving significant judgments, see Item 7. MD&A — Critical Accounting Estimates in the Company’s 2024 Form 10-K.
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Reconciliation of GAAP to Non-GAAP Financial Measures

To supplement the Company’s unaudited interim Consolidated Financial Statements presented in accordance with U.S. GAAP, the Company uses certain non-GAAP measures of financial performance. Non-GAAP financial measures are not prepared in accordance with, or as an alternative to U.S. GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts, or is subject to adjustments that have such an effect, that are not normally excluded or included in the most directly comparable financial measure that is calculated and presented in accordance with U.S. GAAP. The non-GAAP financial measures that may be discussed in this Form 10-Q include but are not limited to ROATCE, tangible book value per share, adjusted net interest margin, and adjusted loan yield. Certain additional non-GAAP financial measures that are components of the foregoing non-GAAP financial measures are also set forth and reconciled in the table below. The Company believes these non-GAAP financial measures, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding its performance, and allow comparability to prior periods. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

The following tables present the reconciliations of U.S. GAAP to non-GAAP financial measures for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Net income(a)$368,394 $299,166 $968,917 $872,471 
Add: Amortization of mortgage servicing assets
266 348 875 988 
Tax effect of amortization adjustment (1)
(75)(103)(247)(292)
Tangible net income (non-GAAP)(b)$368,585 $299,411 $969,545 $873,167 
Average stockholders’ equity
(c)
$8,381,214 $7,443,333 $8,108,615 $7,175,445 
Less: Average goodwill(465,697)(465,697)(465,697)(465,697)
Average mortgage servicing assets
(4,534)(5,790)(4,824)(6,123)
Average tangible book value (non-GAAP)(d)$7,910,983 $6,971,846 $7,638,094 $6,703,625 
ROAE (2)
(a)/(c)17.44%15.99%15.98%16.24%
ROATCE (2) (non-GAAP)
(b)/(d)18.48%17.08%16.97%17.40%
($ and shares in thousands, except per share data)
September 30, 2025December 31, 2024
Stockholders’ equity(a)$8,582,800 $7,723,054 
Less: Goodwill(465,697)(465,697)
Mortgage servicing assets
(4,362)(5,234)
Tangible book value (non-GAAP)(b)$8,112,741 $7,252,123 
Number of common shares at period-end(c)137,568 138,437 
Book value per share(a)/(c)$62.39 $55.79 
Tangible book value per share (non-GAAP)(b)/(c)$58.97 $52.39 
(1)Applied statutory tax rate of 28.18% for the three and nine months ended September 30, 2025, and 29.56% for the three and nine months ended September 30, 2024.
(2)Annualized.
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Three Months EndedNine Months Ended
Average C&I loan yieldSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest income on C&I loans(a)$345,947 $303,791 $328,619 $943,152 $977,077 
Less: Loan payoff discount accretion and interest recoveries
(32,296)— — (32,296)— 
Adjusted interest income on loans(b)$313,651 $303,791 $328,619 $910,856 $977,077 
Average C&I loans(c)$17,799,708 $17,363,095 $16,492,589 $17,346,156 $16,318,594 
Average C&I loan yield (1)
(a)/(c)7.71 %7.02 %7.93 %7.27 %8.00 %
Adjusted average C&I loan yield (1)
(b)/(c)6.99 %7.02 %7.93 %7.02 %8.00 %
Average loan yield
Interest income on loans(d)$919,518 $865,695 $887,353 $2,625,625 $2,622,183 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Adjusted interest income on loans(e)$887,222 $865,695 $887,353 $2,593,329 $2,622,183 
Average loans(f)$55,208,578 $54,281,432 $52,420,516 $54,282,760 $52,089,261 
Average loan yield (1)
(d)/(f)6.61 %6.40 %6.73 %6.47 %6.72 %
Adjusted average loan yield (1)
(e)/(f)6.38 %6.40 %6.73 %6.39 %6.72 %
Yield on average interest-earning assets
Interest and dividend income(g)$1,129,732 $1,058,999 $1,075,899 $3,220,533 $3,133,930 
Less: Loan payoff discount accretion and interest recoveries(32,296)— — (32,296)— 
Adjusted interest and dividend income(h)$1,097,436 $1,058,999 $1,075,899 $3,188,237 $3,133,930 
Average interest-earning assets(i)$76,206,138 $73,903,125 $70,263,495 $74,288,924 $68,902,563 
Yield on average interest-earning assets (1)
(j)=(g)/(i)5.88 %5.75 %6.09 %5.80 %6.08 %
Adjusted yield on average interest-earning assets (1)
(k)=(h)/(i)5.71 %5.75 %6.09 %5.74 %6.08 %
Interest rate spread
Interest on average interest-bearing liabilities (1)
(l)3.34 %3.39 %4.05 %3.39 %4.01 %
Interest rate spread(j)-(l)2.54 %2.36 %2.04 %2.41 %2.07 %
Adjusted interest rate spread(k)-(l)2.37 %2.36 %2.04 %2.35 %2.07 %
Net interest margin
Net interest income(m)$677,530 $617,074 $572,722 $1,894,805 $1,691,090 
Less: Loan payoff discount accretion and interest recoveries
(32,296)— — (32,296)— 
Adjusted net interest income(n)$645,234 $617,074 $572,722 $1,862,509 $1,691,090 
Average interest-earning assets(o)$76,206,138 $73,903,125 $70,263,495 $74,288,924 $68,902,563 
Net interest margin (1)
(m)/(o)3.53 %3.35 %3.24 %3.41 %3.28 %
Adjusted net interest margin (1)
(n)/(o)3.36 %3.35 %3.24 %3.35 %3.28 %
(1)Annualized.
107

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

For quantitative and qualitative disclosures regarding market risk in the Company’s portfolio, see Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-Q and Item 2. MD&A — Risk Management — Market Risk Management in this Form 10-Q.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of September 30, 2025, pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company conducted an evaluation, under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act). Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025.

The Company’s disclosure controls and procedures are designed to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC. The Company’s disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that the Company files under the Exchange Act is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Change in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the quarter ended September 30, 2025, that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

108

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 10 — Commitments and Contingencies — Litigation to the Consolidated Financial Statements in Part I of this Form 10-Q, incorporated herein by reference.

ITEM 1A. RISK FACTORS

The Company’s 2024 Form 10-K contains disclosure regarding the risks and uncertainties related to the Company’s business under the heading Item 1A. Risk Factors. There have been no material changes to the Company’s risk factors as presented in the Company’s 2024 Form 10-K.
109

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Repurchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the Company’s common stock repurchase activity during the third quarter of 2025:
Calendar Month
Total Number of Shares Purchased (1)
Average Price Paid
per Share of
Common Stock (2)
Total Number of Shares Purchased as Part of Publicly Announced
Plans or Programs
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) (2) (3)
July
— $— — $241 
August
257,760 $98.57 257,760 $216 
September
— $— — $216 
Third quarter
257,760 $98.57 257,760 
(1)Excludes the repurchase of common stock pursuant to various stock compensation plans and agreements.
(2)Excludes excise taxes and commissions. As part of the Inflation Reduction Act of 2022, a 1% excise tax was imposed on net share repurchases effective January 1, 2023.
(3)On January 22, 2025, the Company’s Board of Directors authorized the additional repurchase of $300 million of its common stock, which will remain valid until December 31, 2026.

ITEM 5. OTHER INFORMATION
 
During the three months ended September 30, 2025, none of the Company’s directors or Section 16 reporting officers adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of the SEC’s Regulation S-K).

110

ITEM 6. EXHIBITS

The following exhibit index lists Exhibits filed, or in the case of Exhibits 32.1 and 32.2 furnished, with this report:
Exhibit No.Exhibit Description
3.1
Certificate of Incorporation of the Registrant [Incorporated by reference to Exhibit 3(i) from Registrant’s Registration Statement on Form S-4 filed with the Commission on September 17, 1998 (File No. 333-63605).]
3.1.1
Certificate of Amendment to Certificate of Incorporation of the Registrant [Incorporated by reference to Exhibit 3(i).1 from Registrant’s Annual Report on Form 10-K for the year ended December 31, 2002 filed with the Commission on March 28, 2003 (File No. 000-24939).]
3.1.2
Amendment to Certificate of Incorporation to Increase Authorized Shares of the Registrant [Incorporated by reference from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 15, 2005 (File No. 000-24939).]
3.1.3
Certificate of Amendment to Certificate of Incorporation of the Registrant [Incorporated by reference to Exhibit A from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 23, 2008 (File No. 000-24939).]
3.1.4
Certificate of Designations of 8.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series A of the Registrant [Incorporated by reference to Exhibit 3.1 from Registrant’s Current Report on Form 8-K, filed with the Commission on April 30, 2008 (File No. 000-24939).]
3.1.5
Certificate of Designations of Fixed Rate Cumulative Perpetual Preferred Stock, Series B of the Registrant [Incorporated by reference to Exhibit 3.1, 4.1 from Registrant’s Current Report on Form 8-K filed with the Commission on December 9, 2008 (File No. 000-24939).]
3.1.6
Certificate of Designations of Mandatorily Convertible Cumulative Non-Voting Perpetual Preferred Stock, Series C of the Registrant [Incorporated by reference to Exhibit 3.1, 4.1 from Registrant’s Current Report on Form 8-K filed with the Commission on November 12, 2009 (File No. 000-24939).]
3.2
Amended and Restated Bylaws of the Registrant dated March 14, 2023 [Incorporated by reference to Exhibit 3.1 from Registrant’s Current Report on Form 8-K filed with the Commission on March 17, 2023 (File No. 000-24939).]
31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
32.2
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document. Filed herewith.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document. Filed herewith.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.
104Cover Page Interactive Data (formatted as Inline XBRL and contained in Exhibit 101 filed herewith). Filed herewith.
111

GLOSSARY OF ACRONYMS



AFSAvailable-for-saleHELOCHome equity lines of credit
ALCOAsset/Liability CommitteeHTMHeld-to-maturity
ALLL
Allowance for loan and lease losses
IARIndependent Asset Review
AOCIAccumulated other comprehensive (loss) incomeIDIInsured deposit institution
ASCAccounting Standards CodificationLCHLondon Clearing House
ASUAccounting Standards UpdateLGDLoss given default
BTFPBank Term Funding ProgramLTVLoan-to-value
C&ICommercial and industrial MBSMortgage-backed securities
CARBCalifornia Air Resources BoardMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
CECLCurrent expected credit LossesMMBTUMillion British thermal unit
CET1Common Equity Tier 1NAVNet asset value
CFPBConsumer Financial Protection BureauNRSRONationally recognized statistical rating organizations
CLOCollateralized loan obligationOBBBAThe One Big Beautiful Bill
CMEChicago Mercantile ExchangeOREOOther real estate owned
CODMChief operating decision makerPAMProportional amortization method
CRACommunity Reinvestment ActPDProbability of default
CRECommercial real estateRMBChinese Renminbi
EPSEarnings per share
ROA
Return on Average Assets
ERMEnterprise risk management ROAEReturn on average common equity
EVEEconomic value of equityROATCEReturn on average tangible common equity
FDICFederal Deposit Insurance CorporationROCRisk Oversight Committee
FHLBFederal Home Loan BankRPACredit risk participation agreement
FRBFederal Reserve BankRSUsRestricted stock unit
FTPFunds transfer pricingSBLCStandby letter of credit
GAAPGenerally accepted accounting principlesSECU.S. Securities and Exchange Commission
GDPGross Domestic ProductSOFRSecured Overnight Financing Rate
GHGGreenhouse gasSRFStanding Repurchase Agreement Facility
GNMAGovernment National Mortgage AssociationU.S.United States
GSEGovernment-sponsored enterpriseUSDU.S. dollar

112

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:November 7, 2025
EAST WEST BANCORP, INC.
(Registrant)
By/s/ Christopher J. Del Moral-Niles
Christopher J. Del Moral-Niles
Executive Vice President and
Chief Financial Officer

113

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