Companies: 10,575     total market cap: NZ$231.745 T
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East West Bancorp
EWBC
#1463
Rank
NZ$25.00 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
NZ$181.71
Share price
0.61%
Change (1 day)
24.57%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. East West Bancorp
  2. Annual Reports (10-K)
  3. Financial Year 2025

East West Bancorp - 10-K annual report 2025


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

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 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)
(626) 768-6000
(Registrant’s telephone number, including area code)
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 shareEWBCNasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒  No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐  No ☒
 
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☐Smaller reporting company☐
Non-accelerated filer☐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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

The aggregate market value of the registrant’s common stock held by non-affiliates as of June 30, 2025 was $13,774,364,511 (based on the closing price of the registrant’s common stock on such date of $100.98 per share). As of January 31, 2026, 137,622,675 shares of the registrant’s common stock were outstanding.
DOCUMENT INCORPORATED BY REFERENCE
Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.


EAST WEST BANCORP, INC.
2025 ANNUAL REPORT ON FORM 10-K
TABLE OF CONTENTS
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2

PART I

Forward-Looking Statements

This Annual Report on Form 10-K (“this Form 10-K”) contains “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,” “us,” “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 (“FDIC”) 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 Item 1A. Risk Factors presented in this Form 10-K. 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

ITEM 1.  BUSINESS

Organization

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 (“BHC Act”). The Company commenced business on December 30, 1998 when, pursuant to a reorganization, it acquired all of the voting stock of East West Bank (“East West Bank” or the “Bank”), which became its principal asset. East West’s principal business is to serve as a holding company for the Bank and other banking or banking-related subsidiaries that East West may establish or acquire. As of December 31, 2025, the Company had $80.4 billion in total assets, $56.1 billion in total net loans, $67.1 billion in total deposits, and $8.9 billion in total stockholders’ equity.

The Company operates in over 110 locations in the U.S. and Asia. In the U.S., the Bank’s corporate headquarters and main administrative offices are located in California. Its 96 U.S. branches are located in California, Texas, New York, Washington, Georgia, Massachusetts and Nevada. In Asia, the Bank has branches in China and Hong Kong, and representative offices in China and Singapore.

East West Bank has a commercial banking license in China through its subsidiary, East West Bank (China) Limited (“EWCN”), which makes it unique among U.S.-based regional banks. This license allows the Bank to have branches, make loans and accept deposits in China. The Bank continues to develop its international banking presence in Asia with its network of overseas branches and representative offices. In addition to facilitating traditional letters of credit and trade financing to businesses, these representative offices allow the Bank to assist existing clients and develop new business relationships. Through its branches and offices, the Bank focuses on growing its cross-border client base between the U.S. and Asia, helping U.S.-based businesses expand in Asia, and assisting companies based in Asia pursue business opportunities in the U.S.

The Bank believes its customers benefit from its deep understanding of the Asian market, which is supported by its physical presence, strong corporate and organizational ties in the region, and its international banking products and services. The Bank believes this approach, combined with its senior management and Board of Directors’ ties to Asian business opportunities and Asian American communities, provides the Bank with a competitive advantage. The Bank utilizes its presence overseas to identify and build corporate relationships, which the Bank may leverage to create business opportunities in California and other U.S. markets.

Banking Services

As of December 31, 2025, East West Bank was the largest independent commercial bank headquartered in Southern California based on total assets. The Bank is also the largest independent bank in the U.S. focused on the financial service needs of individuals and businesses that operate both in the U.S. and Asia, and has a strong focus on the Asian American community. Through its network of over 110 banking locations in the U.S. and Asia, the Bank provides a wide range of personal and commercial banking services to individuals and businesses. The Bank provides services to its customers in English, Spanish and various Asian languages and dialects. In addition to offering traditional deposit products that include personal and business checking and savings accounts, money market, and time deposits, the Bank also offers foreign exchange, treasury management and wealth management services. The Bank’s lending activities include commercial and residential real estate 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, equipment financing and loan syndication. The Bank also provides financing services to clients to facilitate their business transactions between the U.S. and Asia. Additionally, to support the business needs of its customers, the Bank offers hedging advisory and various derivative contracts such as interest rate, energy commodity and foreign exchange contracts.

The integration of digital with brick-and-mortar channels has been an area of investment for the Bank, for both commercial and consumer banking. Our strategic priorities include the use of technology to innovate and expand commercial payments, treasury management, and consumer banking products and services. We have developed mobile and online banking platforms, which are continually enhanced to enrich our customer’s user experience, and which offer a full suite of banking services tailored to our customers’ unique needs. In our view, the omnichannel banking service approach increases efficiency and deepens customer relationships.

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Operating Segments

The Bank’s three operating segments, (1) Consumer and Business Banking, (2) Commercial Banking and (3) Treasury and Other, are based on the Bank’s core strategy. 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. The Commercial Banking segment primarily generates commercial loans and deposits. 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, are aggregated and included in the Treasury and Other segment. For complete discussion and disclosure, see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) — Results of Operations — Operating Segment Results and Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K.

Competition

The Bank operates in a highly competitive environment. The Company faces intense competition from domestic and foreign lending institutions, numerous other financial services providers and other new technology-driven products and services. Competition is based on a number of factors including, among others, customer service and convenience, quality and range of products and services offered, reputation, fees, interest rates on loans and deposits, and lending limits. Competition also varies based on the types of customers and locations served. The Company is a leader of banking market share in the Asian American community. The Company maintains a differentiated presence within selected markets by providing cross-border commercial banking expertise to customers operating in the U.S. and Asia.

While the Company believes it is well positioned within a highly competitive industry, the industry could become even more competitive as a result of legislative, regulatory, economic, and technological changes, as well as continuing consolidation.

Human Capital

As a company that delivers relationship-driven financial solutions to our customers, we believe the strength of our workforce is one of the most significant contributors to our success. Our key human capital objectives are to attract, develop, and retain quality talent that embody our values and enable us to attract customers and serve them effectively. To achieve these objectives, our human resource programs have been designed to incorporate our core values of absolute integrity, customer orientation, creativity, respect and fairness, teamwork, expertise and professionalism, and selflessness. Embracing these core values positions our employees to better serve our customers and pave the way for their future career advancement. We are committed to strengthening our recruiting process and growing internal talent to prepare for our next phase of growth. We also seek to recognize our employees for their contributions and service to the Bank.

As of December 31, 2025, we had 3,350 full-time equivalent employees. The majority of our workforce consisted of full-time employees who were located in our core markets in California, Texas, and New York. The Company’s full-time equivalent employees also included approximately 300 employees located in China, Hong Kong, and Singapore. None of our employees are subject to a collective bargaining agreement.

Talent Acquisition, Development, Promotion and Engagement

An experienced, dedicated and well-qualified workforce is essential in delivering high quality and reliable banking services to our customers and in managing the Company. We endeavor to attract, develop, and retain motivated individuals as part of our ongoing commitment in building a strong workforce to serve our customers and communities. In 2025, we were able to continue our quality hiring efforts with nearly 600 external new hires.

The focus on leadership development and promoting from within is a critical part of our succession planning for key roles throughout the organization and fostering organizational stability. We recognize the importance of employee development and career growth in supporting employee retention, which is one of the Company's strategic objectives. In 2025, approximately 16% of our employees advanced their careers within the Bank through 550 internal promotions or new opportunities, which highlights our commitment to rewarding results-driven performance. We also provide a variety of resources to help employees grow in their current roles and acquire new skills for future advancement through continuing education and tuition reimbursement.
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We celebrate our employees’ dedicated years of service to the Bank through our Milestone Anniversary Program, which offers rewards and recognition through gifts and events upon attaining certain service milestones. As of December 31, 2025, over 350 of our employees had celebrated 20 years or more of service. Our dedication to results-driven performance earned us the recognition of the top-ranked performing bank in the $50 billion and above asset category in Bank Director’s 2025 Ranking Banking study, and top three in the American Banker’s 2025 list of top-performing banks with more than $50 billion of assets.

Employee compensation packages include a competitive base salary and, subject to Company and individual performance, may include an annual cash and/or stock incentive bonus. As part of our commitment to fair and equitable compensation programs, we regularly assess the current business environment and labor markets to review our compensation and benefits program for pay equity. The Bank maintains a deferred compensation plan and matches 75% of the U.S. employees’ contributions up to the first 6% of their eligible compensation. See Item 7. MD&A — Results of Operations — Noninterest Expense in this Form 10-K for further discussion of compensation and employee benefits expense.

To foster a strong sense of ownership and to align the interests of our employees with our stockholders, restricted stock units (“RSUs”) are awarded to eligible employees under our stock incentive programs. We also award stock grants under our “Spirit of Ownership” program to all our employees, regardless of job title or part-time/full-time status. The program allows each employee to share directly in the Company’s success. In 2025, the Company granted over 560 thousand RSUs as part of its stock compensation programs.

Health and Well-being

We are committed to supporting our employees’ well-being by offering flexible and competitive benefits. We offer a hybrid schedule to promote flexibility and enhance productivity. Comprehensive health insurance coverage (medical, dental and vision) is offered to employees working at least 30 hours each week. We further demonstrate our commitment to employee well-being by absorbing the increases in our employees’ health benefits. We offer life insurance, disability insurance, parental leave, wellness and benefits programs designed to assist employees in maintaining a healthy work-life balance, paid time off such as vacation hours, and 10 days of annual sick time, which is more than the required allotment from any of the states in which we do business. We also offer an Employee Assistance Program, which aids benefits-eligible employees and their household members with personal and professional issues. We apply a consistent approach towards employee policies, opportunities, benefits, and protections to all employees regardless of their locations, except if there are contradictions with applicable laws and regulations.

Commitment to Community

We are committed to making positive and lasting impacts in our communities through our business activities and our volunteer and charitable efforts. We engage in meaningful and effective programs that help increase homeownership, preserve affordable housing, promote wealth building, enable greater access to banking services and help alleviate homelessness.

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Information about our Executive Officers

The following table presents the Company’s executive officers’ names, ages, positions and offices, and business experience during the last five years as of February 27, 2026. There is no family relationship between any of the Company’s executive officers or directors. The Board of Directors of the Company appointed each of the executive officers.
NameAge Positions and Offices, and Business Experience
Dominic Ng67Chairman and Chief Executive Officer of the Company and the Bank since 1992.
Douglas P. Krause69
Vice Chairman and Chief Corporate Officer of the Company and the Bank since 2020; 2018 - 2020: Executive Vice President, General Counsel and Corporate Secretary; 2010 - 2018: Executive Vice President, Chief Risk Officer and General Counsel.
Christopher J. Del Moral-Niles55
Executive Vice President and Chief Financial Officer of the Company and the Bank since October 2023; 2012 - 2022 Executive Vice President and Chief Financial Officer of Associated Banc-Corp and Associated Bank, N.A.
Deborah Leerhsen
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Executive Vice President and Head of Global Banking of the Company and the Bank since December 2024; 2023 - 2024: Executive General Manager, Institutional Banking & Markets at Commonwealth Bank of Australia; 2021 - 2023: Deputy Head of Asia & Oceania Corporate Banking, Hong Kong and Singapore at Mizuho Bank Ltd; 2019 - 2021: Head of Global Banking, Hong Kong at HSBC Holdings plc.
Irene H. Oh48Executive Vice President and Chief Risk Officer of the Company and the Bank since October 2023; 2010 - 2023: Executive Vice President and Chief Financial Officer of the Company and the Bank.
Parker Shi56Executive Vice President and Chief Operating Officer of the Company and the Bank since December 2021; June 2021 - November 2021: Executive Vice President & Chief Strategy, Growth and Technology Officer; March 2021 - June 2021: Consultant of the Bank; 2020: Senior Advisor at PharmScript; 2018 - 2019: Senior Managing Director at Accenture; 2013 - 2018: Senior Partner at McKinsey & Company.
Gary Teo53Executive Vice President and Chief Human Resources Officer of the Company and the Bank since February 2022; 2015 - 2022: Senior Vice President and Head of Human Resources.

Supervision and Regulation

Overview

East West and the Bank are subject to regulations under U.S. federal and state laws. Regulation and supervision by the federal and state banking agencies are intended primarily for the protection of depositors, the Deposit Insurance Fund (“DIF”) administered by the FDIC, consumers, and the banking system as a whole, and not for the protection of our investors. As a bank holding company, East West is subject to primary regulation, supervision, and examination by the Federal Reserve under the BHC Act. The Bank is regulated, supervised, and examined by the Federal Reserve, the California Department of Financial Protection and Innovation (“DFPI”), and, with respect to consumer laws, the Consumer Financial Protection Bureau (“CFPB”). East West Bank is a California state-chartered bank, and its deposits are insured by the FDIC. As the insurer of the Bank’s deposits, the FDIC also has back-up examination and other regulatory authority over the Bank. In addition, the Bank and its foreign subsidiaries and branches are regulated by the foreign regulatory agencies in the international jurisdictions where we have a presence, including the People’s Bank of China, China’s National Financial Regulatory Administration, the Hong Kong Monetary Authority, the Hong Kong Securities and Futures Commission, and the Monetary Authority of Singapore. East West also has a wholly-owned nonbank subsidiary, East West Markets, LLC ("East West Markets"), which is an SEC-registered broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). East West Markets is subject to regulatory requirements from several regulatory bodies, including the SEC, FINRA, and state securities regulators.

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The Company is also subject to the disclosure and regulatory requirements under the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations adopted by the SEC thereunder. Our common stock is listed on the Nasdaq Global Select Market under the trading symbol “EWBC” and we are subject to Nasdaq rules for listed companies.

Described below are certain provisions of selected statutes and regulations that are applicable to East West and the Bank and that have a material impact on our business. The descriptions of these statutes and regulations are not intended to be complete, nor are they meant to fully address their effects and potential effects on East West and the Bank. The following descriptions are qualified in their entirety by reference to the full text of the statutes and regulations. A change in applicable statutes, regulations or regulatory policies may have a material effect on the Company’s business.

East West

As a bank holding company and pursuant to its election of financial holding company status, East West is subject to regulation, supervision, and examination by the Federal Reserve under the BHC Act. The BHC Act provides a federal framework for the regulation and supervision of bank holding companies and their nonbank subsidiaries. The BHC Act and other federal statutes grant the Federal Reserve authority to, among other things:

•require periodic reports and such additional information as the Federal Reserve may require;
•require bank holding companies to maintain certain levels of capital and restrict dividends and other distributions from bank holding companies and their subsidiaries (see the sections captioned “Regulatory Capital Requirements” and “Dividends and Other Transfers of Funds” included elsewhere under this item);
•require bank holding companies to serve as a source of financial and managerial strength to subsidiary banks and commit resources, as necessary, to support each subsidiary bank, including at times when bank holding companies may not be inclined to do so;
•require bank holding companies to terminate an activity or terminate control of or liquidate or divest certain nonbank subsidiaries, affiliates or investments if the Federal Reserve believes that the activity, ownership, or control of the nonbank subsidiary or affiliate constitutes a serious risk to the financial safety, soundness or stability of the bank holding company, or if the activity, ownership, or control is inconsistent with the purposes of the BHC Act;
•regulate provisions of certain bank holding company debt, including a bank holding company obtaining prior approval to purchase or redeem its securities in certain situations;
•approve in advance certain senior executive officer or director changes and prohibit certain golden parachute payments to officers and employees, including change in control agreements and new employment agreements, that are contingent upon termination; and
•approve in advance the acquisitions of and mergers with bank holding companies, banks and other financial companies, and consider competitive, managerial resources, financial stability and other factors in granting these approvals. DFPI approval may also be required for certain acquisitions and mergers involving a California state-chartered bank such as the Bank.

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East West has elected to be a financial holding company under the Gramm-Leach-Bliley Act of 1999 (“GLBA”). Financial holding companies are generally allowed to engage in, or acquire and retain ownership in a company engaged in any activity that the Federal Reserve has determined to be financial in nature or incidental or complementary to activities that are financial in nature, without prior Federal Reserve approval. Activities that are considered financial in nature include securities underwriting and dealing, insurance agency and underwriting, merchant banking activities and activities that the Federal Reserve, in consultation with the U.S. Secretary of the Treasury, determines to be financial in nature or incidental to such financial activity. To maintain financial holding company status and continue to be able to engage in new activities or investments that are financial in nature, a financial holding company and all its depository institution subsidiaries must be “well capitalized” and “well managed,” and the financial holding company’s depository institution subsidiaries must have Community Reinvestment Act (“CRA”) ratings of at least “Satisfactory.” A depository institution subsidiary is considered “well capitalized” if it satisfies the requirements for this status discussed in the sections captioned “Regulatory Capital Requirements” and “Prompt Corrective Action,” included elsewhere under this item. A depository institution subsidiary is considered “well managed” if it received a composite rating and a management rating of at least “Satisfactory” in its most recent examination. See the section captioned “Community Reinvestment Act” included elsewhere under this item.

The Bank and its Subsidiaries

East West Bank is subject to regulation and supervision governing, among other things, regulatory capital levels, the scope of its business, investments, reserves against deposits, the timing of the availability of deposited funds, and the nature and amount of collateral for certain loans. Bank regulatory agencies also have extensive discretion to impose various restrictions on management or operations and to issue policies and guidance in connection with their supervisory and enforcement activities and examination policies.

Regulatory Capital Requirements

The federal banking agencies have imposed capital adequacy requirements, known as the Basel III Capital Rules, intended to ensure that banking organizations maintain capital that is commensurate with the degree of risk associated with their operations. The Basel III Capital Rules define the components of regulatory capital, including Common Equity Tier 1 (“CET1”), Tier 1 and 2 capital, and set forth minimum capital adequacy ratios of capital to risk-weighted assets and total assets. The Basel III Capital Rules also prescribe a standardized approach for risk-weighting assets and include a number of risk-weighting categories that affect the denominator in banking institutions’ regulatory capital ratios.

Under the Basel III Capital Rules, to be considered adequately capitalized, standardized approach banking organizations, such as the Company and the Bank are required to maintain minimum capital ratios of at least 4.5% CET1 capital to risk-weighted assets, 6.0% Tier 1 capital to risk-weighted assets, 8.0% total risk-based capital (i.e., Tier 1 plus Tier 2 capital) to risk-weighted assets and a 4.0% Tier 1 leverage ratio of Tier 1 capital to average total consolidated assets. The Basel III Capital Rules also include a “capital conservation buffer” of 2.5% on top of each of the minimum risk-based capital ratios. Banking institutions with a risk-based capital ratio that meets or exceeds the minimum requirement but does not exceed the capital conservation buffer will face constraints on dividends, equity repurchases and discretionary bonus payments based on the amount of the shortfall. As of December 31, 2025, the Company’s and the Bank’s capital ratios exceeded the minimum capital adequacy requirements of the federal banking agencies, including the capital conservation buffer, and the Company and the Bank were classified as “well capitalized.” For additional discussion and disclosure see Item 7. MD&A — Regulatory Capital and Ratios and Note 16 — Regulatory Requirements and Matters to the Consolidated Financial Statements in this Form 10-K.

The Bank is also subject to additional capital requirements under the Prompt Corrective Action (“PCA”) regulations that implement Section 38 of the Federal Deposit Insurance Act (“FDIA”), as discussed below under the Prompt Corrective Action section.

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Prompt Corrective Action

The FDIA, as amended, requires federal banking agencies to take PCA with respect to insured depository institutions (“IDIs”) that do not meet minimum capital requirements. The FDIA includes the following five capital tiers: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” A depository institution’s capital tier will depend upon how its capital levels compare with various relevant capital measures and certain other factors, as established by regulations. The capital tiers in the PCA framework do not apply directly to bank holding companies (such as the Company); however, the Federal Reserve is authorized to take action at the bank holding company level based on the undercapitalized status of the bank holding company’s subsidiary banking institution. Under the federal banking agencies’ regulations implementing the PCA provisions of the FDIA, an IDI (such as the Bank) generally is classified in the following categories based on the capital measures indicated:
Risk-Based Capital Ratios
PCA CategoryTotal Capital Tier 1 Capital CET1 CapitalTier 1 Leverage
Well capitalized (1)
≥ 10%≥ 8%≥ 6.5%≥ 5%
Adequately capitalized≥ 8%≥ 6%≥ 4.5%≥ 4%
Undercapitalized< 8%< 6%< 4.5%< 4%
Significantly undercapitalized< 6%< 4%< 3.0%< 3%
Critically undercapitalizedTangible equity/Total assets ≤ 2%
(1)Additionally, to be classified as “well capitalized”, an IDI may not be subject to any written agreement, order, capital directive, or PCA directive issued by its primary federal regulator to meet and maintain a specific capital level for any capital measure.

An institution may be downgraded to, or deemed to be in, a capital category that is lower than indicated by its capital ratios, if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters. A bank’s capital category is determined solely for the purpose of applying PCA regulations and the capital category may not constitute an accurate representation of the bank’s overall financial condition or prospects for other purposes.

The FDIA generally prohibits a depository institution from making any capital distributions (including payment of any dividend) or paying any management fee to its parent holding company, if the depository institution would thereafter be “undercapitalized.” Undercapitalized institutions are subject to growth limitations and are required to submit capital restoration plans. If a depository institution fails to submit an acceptable plan, it is treated as if it is “significantly undercapitalized.” Significantly undercapitalized depository institutions may be subject to several requirements and restrictions, including orders to sell sufficient voting stock to become “adequately capitalized,” requirements to reduce total assets, cessation of receipt of deposits from correspondent banks and/or restrictions on interest rates paid on deposits. “Critically undercapitalized” institutions are subject to the appointment of a receiver or conservator. The FDIA also generally permits only “well capitalized” IDIs to accept brokered deposits, although an “adequately capitalized” institution may apply to the FDIC for a waiver of this restriction.

Stress Testing

Under the enhanced prudential standards adopted by the Federal Reserve, bank holding companies with $100 billion or more in total assets are subject to supervisory capital stress tests and internal liquidity stress testing requirements. Although the Company and the Bank are not required to conduct capital or liquidity stress tests, we conduct annual capital and quarterly liquidity stress tests as part of our risk management processes.

Consumer Financial Protection Bureau Supervision

The Dodd-Frank Act established the CFPB, which has the authority to implement, examine and enforce compliance with federal consumer financial laws that apply to banking institutions with total consolidated assets exceeding $10 billion (such as the Bank) and their affiliates. The CFPB has historically focused its supervisory, examination, and enforcement efforts on, among other things:
•risks to consumers and compliance with federal consumer financial laws when evaluating the policies and practices of a financial institution;
•unfair, deceptive, or abusive acts or practices;
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•rulemaking to implement various federal consumer statutes such as the Home Mortgage Disclosure Act, Truth in Lending Act, Real Estate Settlement Procedures Act, Electronic Fund Transfer Act, Equal Credit Opportunity Act, Fair Credit Billing Act, and the Consumer Financial Protection Act; and
•the markets in which firms operate and risks to consumers posed by activities in those markets.

The statutes and regulations that the CFPB enforces mandate certain disclosure and other requirements, and regulate the manner in which financial institutions must deal with consumers when taking deposits, making loans, collecting payments on loans, and providing other services. The CFPB’s rulemaking, examination and enforcement authority has affected and will continue to impact financial institutions that provide consumer financial products and services, including the Company and the Bank. These regulatory activities may limit the types of financial services and products the Company may offer. Failure to comply with federal and state laws prohibiting unfair, abusive, or fraudulent business practices, untrue or misleading advertising and unfair competition, can subject the Bank to various penalties, including, but not limited to, enforcement actions, injunctions, fines or criminal penalties, punitive damages, restitution to consumers, and the loss of certain contractual rights or business opportunities and may also result in significant reputational harm.

Federal Home Loan Bank and the Federal Reserve’s Reserve Requirements

The Bank is a member of the Federal Home Loan Bank (“FHLB”) of San Francisco. As an FHLB member, the Bank is required to own a certain amount of capital stock in the FHLB. The Bank may also access both short- and long-term secured credit from the FHLB.

The Federal Reserve requires all depository institutions to maintain reserves at specified levels against their transaction accounts either in the form of vault cash or an interest-bearing account at the Federal Reserve Bank (“FRB”), or a pass-through account as defined by the Federal Reserve. Reserve requirements are currently set at zero percent. The Bank is a member bank and stockholder of the FRB of San Francisco.

Dividends and Other Transfers of Funds

The principal source of liquidity of East West is dividends received from the Bank. Federal and California law limit the Bank’s ability to pay dividends to East West. Regulatory approval is required under federal law if the total of all dividends declared by the Bank in any calendar year would exceed the sum of the Bank’s net income for that year and its retained earnings for the preceding two years. Federal law also prohibits the Bank from paying dividends that would be greater than its undivided profits unless the Bank has received prior approval from the Federal Reserve. California law imposes its own limitations on capital distributions by California-chartered banks that could require the Bank to obtain the approval of the DFPI prior to making a distribution to East West. Furthermore, under the federal PCA regime, the Federal Reserve or FDIC may prohibit a bank holding company from paying any dividends if the holding company’s bank subsidiary is classified as “significantly undercapitalized” or, in some circumstances, “undercapitalized.” It is the Federal Reserve’s policy that a bank holding company should generally pay dividends on common stock only if the company’s net income available to common stockholders over the past four quarters, net of distributions, would be sufficient to fully fund the dividends, and if the prospective rate of earnings retention appears consistent with the company’s capital needs, asset quality and overall financial condition. It is also the Federal Reserve’s policy that a bank holding company should not maintain dividend levels that undermine the company’s ability to be a financial source of strength to its banking subsidiaries. The Federal Reserve requires bank holding companies to continuously review their dividend policy in light of their organizations’ financial condition and in compliance with regulatory capital requirements, and discourages payment ratios that are at maximum allowable levels, unless both asset quality and capital are strong.

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Transactions with Affiliates and Insiders

Pursuant to Sections 23A and 23B of the Federal Reserve Act, as implemented by the Federal Reserve’s Regulation W, banks are subject to restrictions that limit their ability to engage in transactions with their affiliates, including their parent bank holding companies. Regulation W limits the types, terms and amounts of these transactions and generally requires the transactions to be on an arm’s-length basis. In general, Regulation W requires that “covered transactions,” which include a bank’s extension of credit to or purchase of assets from an affiliate, be limited to 10% of the bank’s capital and surplus with respect to any one affiliate, and 20% of the bank’s capital and surplus with respect to the aggregate of all covered transactions with all affiliates. In addition, a bank generally may not extend credit to an affiliate unless the extension of credit is secured by specified amounts of collateral. The Dodd-Frank Act expanded the coverage and scope of the limitations on affiliate transactions by treating derivative transactions resulting in a bank’s credit exposure to an affiliate as covered transactions. In addition, the Volcker Rule under the Dodd-Frank Act establishes certain prohibitions, restrictions and requirements (known as “Super 23A” and “Super 23B”) on transactions between a covered fund and a banking entity that serves as an investment manager, investment adviser, organizer and offeror, or sponsor with respect to that covered fund, regardless of whether the banking entity has an ownership interest in the fund.

Federal law also limits a bank’s authority to extend credit to its directors, executive officers and principal stockholders, as well as to entities controlled by such persons (collectively, “insiders”). Among other things, extensions of credit to insiders are required to be made on terms that are substantially the same as, and follow credit underwriting procedures that are not less stringent than, those prevailing for comparable transactions with unaffiliated persons. The terms of such extensions of credit may not involve more than the normal risk of repayment or present other unfavorable features and may not exceed certain limitations on the amount of credit extended to such persons, individually and in the aggregate, which limits are based, in part, on the amount of the bank’s capital.

Community Reinvestment Act

Under the CRA, an IDI has a continuing and affirmative obligation to help serve the credit needs of its communities, including low- and moderate-income borrowers and neighborhoods. The Federal Reserve periodically evaluates a state member bank’s performance under applicable performance criteria and assigns a rating of “outstanding,” “satisfactory,” “needs to improve” or “substantial noncompliance.” The Federal Reserve takes this performance into account when reviewing applications by banks and their parent companies to expand branches, relocate, add subsidiaries and affiliates, expand into new financial activities and merge with or acquire other financial institutions. Unsatisfactory CRA performance may result in the denial of such applications.

On October 24, 2023, the federal banking agencies issued a final rule revising their framework for evaluating banks’ records of community investment under the CRA. On July 16, 2025, the agencies issued a proposal to rescind the October 2023 final rule and reinstate the CRA framework that existed prior to the October 2023 final rule. The Bank received a rating of “Outstanding” in its most recent performance evaluation, which was conducted as of August 12, 2024 using the CRA framework that existed prior to the October 2023 final rule.

FDIC Deposit Insurance Assessments

The FDIC insures the Bank’s customer deposits through the DIF up to $250,000 for each depositor, per FDIC-insured bank, for each account ownership category. The DIF is funded mainly through quarterly insurance assessments on insured banks based on their assessment base. The Dodd-Frank Act revised the FDIC’s fund management authority by establishing a minimum Designated Reserve Ratio of 1.35 percent of total estimated insured deposits and redefining the assessment base to be calculated as average consolidated total assets minus average tangible equity. The Bank’s DIF quarterly assessment is calculated by multiplying its assessment base by the applicable assessment rate. The assessment rate is calculated based on an institution’s risk profile, including capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk ratings, certain financial measures to assess an institution’s ability to withstand asset related stress and funding related stress, and a measure of loss severity that estimates the relative magnitude of potential losses to the FDIC in the event of the Bank’s failure.

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A 2022 FDIC rule increased the initial base deposit insurance assessment rate schedules uniformly by two basis points (“bps”) beginning in the first quarterly assessment period of 2023, and this increase will remain in effect until the reserve ratio of the DIF meets or exceeds 2 percent. In November 2023, the FDIC approved a final rule to implement a special deposit insurance assessment for eight quarters, starting with the first quarter of 2024, to recover losses to the DIF arising from bank failures that occurred in the Spring of 2023. The Company recognized the entire initial FDIC special assessment charge (the “FDIC charge”) of approximately $70 million in the fourth quarter of 2023, and recognized additional charges of $9 million in 2024 due to changes in the FDIC’s estimate of the DIF losses. In December 2025, the FDIC updated the estimated DIF losses and projected that the amount collected through the initial eight-quarter collection period would recover the entire amount of estimated losses. Accordingly, the Company recorded $9 million of FDIC special assessment reversals in 2025.

The FDIC may terminate a depository institution’s deposit insurance upon a finding that the institution’s financial condition is unsafe or unsound, that the institution has engaged in unsafe or unsound practices, or that the institution has violated any applicable rule, regulation, condition, or order imposed by the FDIC.

Bank Secrecy Act and Anti-Money Laundering

The Bank Secrecy Act (“BSA”), Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001 (“PATRIOT Act”), the Anti-Money Laundering Act of 2020 and other federal laws and regulations impose obligations on U.S. financial institutions to implement and maintain a program reasonably designed to prevent, detect and report money laundering and the financing of terrorism, verify the identity of their customers, and comply with recordkeeping and other requirements. Regulatory agencies require that the Bank have an effective governance structure for the program that includes effective oversight by our Board of Directors and management. We regularly evaluate and continue to enhance our program to comply with the BSA, the PATRIOT Act and other anti-money laundering (“AML”) laws, regulations and initiatives. Failure of a financial institution to maintain and implement adequate BSA/AML programs, or to comply with all applicable laws or regulations, could have serious legal, compliance, operational, financial and reputational consequences for the institution.

Office of Foreign Assets Control Regulation

The U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) is responsible for helping to ensure that U.S. financial institutions do not engage in transactions with certain prohibited parties, as defined by various executive orders and Acts of Congress. Federal banking regulators also examine banks for compliance with regulations administered by the OFAC for economic sanctions against designated foreign countries, designated nationals, and others. OFAC publishes lists of persons and organizations suspected of aiding, harboring or engaging in terrorist acts, known as Specially Designated Nationals and Blocked Persons. Generally, if a bank identifies a transaction or account relating to a person or entity on an OFAC list, it must freeze the account, block or reject the transaction, file a suspicious activity report and/or notify the appropriate authorities. Failure to comply with these sanctions could have serious legal, compliance, operational, financial, and reputational consequences, and result in civil monetary penalties on the Company and the Bank.

Privacy and Cybersecurity

Federal statutes and regulations, including the GLBA, require banking organizations to take certain actions to protect nonpublic consumer financial information. The Bank has a privacy policy that it must disclose to consumers annually. In some cases, the Bank must obtain a consumer’s consent before sharing information with an unaffiliated third party, and the Bank must allow a consumer to opt out of the Bank’s sharing of information with its affiliates for marketing and certain other purposes. These additional conditions affect the Bank’s information exchanges with credit reporting agencies. The Bank’s privacy practices and the effectiveness of its systems to protect consumer privacy are subjects covered in the Federal Reserve’s periodic compliance examinations.

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The interagency council of the federal banking agencies, the Federal Financial Institutions Examination Council (“FFIEC”), as well as the SEC, regularly issue guidance on cybersecurity practices and procedures that is intended to enhance cybersecurity risk management among financial institutions and their holding companies and affiliates. For example, the FFIEC has issued several policy statements and other guidance for banks in light of the growing risk posed by cybersecurity threats. The FFIEC has continued to focus on such matters as compromised customer credentials, cyber resilience and business continuity planning. Examinations by the banking agencies now include review of an institution’s information technology and its ability to thwart or mitigate cyber-attacks. The federal banking agencies require banking organizations to notify their primary federal regulator of significant computer security incidents within 36 hours of determining that such an incident has occurred. Effective December 2023, the SEC also has imposed Form 8-K disclosure obligations for a material cybersecurity incident, among other cybersecurity related disclosure obligations.

On April 8, 2025, the U.S. Department of Justice (the “DOJ”) final rule implementing Executive Order 14117 (“Preventing Access to Americans’ Bulk Sensitive Personal Data and U.S. Government-Related Data by Countries of Concern”) took effect, with certain specified compliance requirements taking effect on October 6, 2025. The final rule prohibits or restricts certain transactions involving access by “countries of concern” or “covered persons” to “government-related data” or “bulk U.S. sensitive personal data.” The list of countries of concern includes, among others, the People’s Republic of China, including Hong Kong and Macau. The final rule imposes certain diligence, security, audit and record-keeping requirements, and the Bank and its subsidiary, EWCN, have taken the necessary steps to comply with the rule, including by restricting access to data by subsidiaries, affiliates, and vendors.

Consumer data privacy and data protection are also the subject of state laws. For example, the Bank is subject to the California Consumer Privacy Act. Among other provisions, this statute grants consumers several rights, including the right to request to access, correct, and delete their personal information (subject to certain exceptions), and the right to opt out of the sale of their personal information and sharing of personal information for certain targeted advertising purposes. However, a consumer does not have these rights with respect to information that is collected, processed, sold, or disclosed pursuant to the GLBA or the California Financial Information Privacy Act. California also adopted new rules effective January 1, 2026, with different timing requirements depending on obligations related to cyber audits, risk assessments, and automated decision-making. Despite these evolving requirements, the Bank is not in the business of selling consumer or customer data.

The Bank’s subsidiary, EWCN, operates under China’s privacy, cybersecurity, and data security regulatory framework, which includes the Personal Information Protection Law, the Cybersecurity Law as amended effective January 1, 2026, the Data Security Law, and the Network Data Security Management Regulation that was effective January 1, 2025. EWCN has taken the necessary steps to comply with these laws, including adherence to local laws and regulations related to cross-border data sharing, and maintains policies, controls, and governance procedures designed to comply with these requirements, and also conducts periodic reviews of its data handling and network security practices. As China’s regulatory framework continues to evolve, EWCN will monitor developments and update its compliance program as applicable.

Climate-Related Laws and Regulations

During 2025, the federal banking agencies reduced their emphasis on climate-related risks by acknowledging that existing safety and soundness standards already require effective risk management practices. However, certain states, such as California, have continued to highlight climate-related financial risks as part of their sustainability objectives.

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 U.S. 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 U.S. 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. On December 9, 2025, California Air Resources Board communicated an August 10, 2026 deadline for the initial Scope 1 and Scope 2 GHG emissions reports required under SB 253, while reporting under SB 261 is deferred pending the outcome of litigation challenging the legislation. 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.

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Resolution Planning

FDIC rules require covered 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. If the FDIC deemed a resolution plan or informational filing not credible and the IDI then failed to resubmit a credible plan, the IDI could become subject to an enforcement action. The Bank completed and submitted its informational filing on October 1, 2025.

2025 Legislative Developments

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.

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 2025. 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 has been 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.

Future Legislation, Regulation and Supervision Activities

New statutes, regulations and policies that contain wide-ranging proposals for altering the structures, regulations and competitive relationships of financial institutions and public companies are regularly adopted. Such changes to applicable statutes, regulations, and policies may change the Company’s operating environment in substantial and unpredictable ways, increase the Company’s cost of conducting business, impede the efficiency of internal business processes, subject the Company to increased supervision activities and disclosure and reporting requirements, and restrict or expand the activities in which the Company may engage. Accordingly, such changes may have a significant influence on our operations and activities, financial condition, results of operations, growth plans or future prospects, and the overall growth and distribution of loans, investments and deposits. We cannot predict whether or in what form any statute, regulation or policy will be proposed or adopted or the extent to which our business may be affected by any new statute, regulation or policy.

Available Information

The Company’s website is www.eastwestbank.com. The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Proxy Statements, Current Reports on Form 8-K, amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, and other filings with the SEC are available free of charge at http://investor.eastwestbank.com under the heading “SEC Filings,” as soon as reasonably practicable after the Company electronically files such material with, or furnishes it to, the SEC. These reports are also available on the SEC’s website at www.sec.gov. In addition, the Company’s Code of Conduct, Corporate Governance Guidelines, charters of the Audit Committee, Compensation and Management Development Committee, Executive Committee, Risk Oversight Committee (“ROC”) and Nominating/Corporate Governance Committee, and other corporate governance materials are available on the Investor Relations section of the Company’s website. The information contained on the Company’s website as referenced in this report is not part of this report.

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Stockholders may also request a copy free of charge of any of the above-referenced reports and corporate governance documents by writing to: Investor Relations, East West Bancorp, Inc., 135 N. Los Robles Avenue, 7th Floor, Pasadena, California 91101; by calling (626) 768-6000; or by sending an e-mail to InvestorRelations@eastwestbank.com.

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ITEM 1A.  RISK FACTORS

We, like other financial institutions, face numerous risks inherent to our business, results of operations, and financial condition, many of which are beyond our control. The risk factors described below relate to known risks that could materially impact our business, results of operations, financial condition and the outcome of any matter as to which forward-looking statements contained in this Form 10-K are made. Although these risks are organized by headings and each risk is discussed separately, many are interrelated. In addition, there may be additional risks and uncertainties that may materially impact us in an adverse manner that are not presently known, that are not currently believed to be significant, or that are common to all businesses.

Risks Related to Geographic and Political Uncertainties

Unfavorable general economic, market, political or industry conditions, either domestically or internationally, may adversely affect our business, results of operations, and financial condition.

Our business and results of operations are affected by the financial markets and general economic conditions globally, particularly in the U.S. and Asia, including factors such as the level and volatility of short- and long-term interest rates, inflation, deflation, residential and commercial property prices, collateral asset prices, unemployment and under-employment levels, rental rates and occupancy levels, market or supply chain disruption, labor shortages, bankruptcies, household income, consumer behavior, fluctuations in both debt and equity capital markets and currencies, liquidity of the global financial markets, the availability and cost of capital and credit, government spending and the federal debt ceiling, investor sentiment and confidence in the financial markets, and sustainability of economic growth in the U.S. and Asia. The deterioration of any of these conditions could adversely affect our consumer and commercial business, securities and derivatives portfolios, the level of charge-offs and provision for credit losses, the carrying value of deferred tax assets, capital levels, liquidity, and results of operations. In addition, because our operations and the collateral securing our real estate lending portfolio are primarily concentrated in California, we may be particularly susceptible to adverse economic conditions in California. Any unfavorable economic, market, political, or industry conditions in California and other regions where we operate could lead to the following outcomes, among others:
•greater than expected losses in our credit exposure due to unforeseen economic conditions, which may, in turn, adversely impact our results of operations and financial condition;
•failure of our borrowers to make timely repayments of their loans, or a decrease in the value of real estate or other collateral securing the payment of such loans, which could result in credit losses, delinquencies, foreclosures and customer bankruptcies, and in turn have a material adverse effect on our results of operations and financial condition;
•a decrease in deposit balances and in the demand for loans and other products and services;
•disruptions in the capital markets or other events, including adverse actions by rating agencies and deteriorating investor expectations, which may result in an inability to borrow on favorable terms or at all from other financial institutions;
•an adverse effect on the value of the debt securities portfolio as a result of debt defaults; and
•a loss of confidence in the financial services industry, our market sector and the equity markets by investors, placing pressure on our stock price.

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We face risks associated with international operations.

A substantial number of our customers have economic and cultural ties to Asia. The Bank’s international presence includes locations in Hong Kong, China and Singapore. Our presence in Asia carries certain risks, including risks relating to our ability to generate revenues from foreign operations and to leverage and conduct business on an international basis, due to legal, regulatory, and tax requirements and restrictions, including restrictions relating to transactions involving access to certain data by persons outside of the U.S.; tariffs, trade barriers, or other trade restrictions; uncertainties regarding liability; difficulties in staffing and managing foreign operations; political and economic risks; and financial risks including currency and payment risks. For example, economic trade and political tensions, including tariffs and other punitive trade policies and disputes between the U.S. and other countries pose a risk to our business and customers. During 2025, the U.S. significantly increased tariffs on various trading partners, however, some of these tariffs were subsequently reversed or reduced. The timing and scope of future policy shifts remain uncertain. The imposition of tariffs, retaliatory tariffs, export controls or other trade restrictions on products, materials or other goods that our customers import or export could impact prices, reduce demand, or otherwise negatively impact our customers’ businesses and their ability to service debt. We may also experience a decrease in the demand for loans and other financial products or a deterioration in the credit quality of the loans extended to customers in industry sectors that are most sensitive to the trade restrictions.

Further, a downturn in economic growth, or in stock or real estate markets in Asia, among other things, may negatively impact asset values and the profitability and liquidity of our customers operating in that region. These risks could adversely affect the success of our international operations and could have a material adverse effect on our overall business, results of operations, and financial condition. In addition, we face risks that our employees and affiliates may fail to comply with applicable U.S. and foreign laws and regulations governing our international operations, including the U.S. Foreign Corrupt Practices Act and other anti-corruption laws. Failure to comply with such laws and regulations could, among other things, result in enforcement actions and fines against us, limitations on our conduct and reputational harm, any of which could have a material adverse effect on our business, results of operations and financial condition. Changes in such laws and regulations, regulatory oversight, foreign exchange controls, tariffs, or geopolitical conflict also may adversely impact our international operations.

Natural disasters, the effects of climate change and geopolitical events beyond our control could adversely affect our business, results of operations, and financial condition.

Natural disasters such as wildfires, earthquakes, extreme weather conditions, hurricanes, floods, droughts, widespread health emergencies or pandemics and other acts of nature, and geopolitical events involving political unrest, terrorism, or military conflicts have in the past, and may in the future, cause substantial damage and loss to real and personal property. These events can seriously harm our customers and adversely affect our business operations, including by impairing borrowers’ ability to service their loans, decreasing the level and duration of deposits by customers, eroding the value of loan collateral, or resulting in an increase in nonperforming assets, net charge-offs, and provision for credit losses. In addition, natural disasters and geopolitical events could also create macroeconomic challenges such as supply-chain shortages, volatile energy prices, tightened monetary policy and inflation, and economic instability, and otherwise cause a material adverse effect on our business, results of operations and financial condition.

Climate change also presents physical risks to us and our customers, including from discrete weather events, changing climate patterns and other disruptions, as well as transition risks of a shift to a low-carbon economy, including changes in policies, regulations, technologies, consumer sentiment and preferences. Regulatory changes regarding climate risk management and practices may result in higher regulatory and compliance risks and costs. Our reputation and client relationships may be damaged as a result of our practices related to climate change, including our direct or indirect involvement in, or decision not to participate in, certain industries or projects associated with causing climate change, as well as any decisions to conduct or change our activities in response to climate change considerations. Our ability to attract and retain employees may also be harmed if our response to climate change is perceived to be ineffective or insufficient. These climate-driven changes could materially and negatively impact our and our customers’ business, results of operations, financial condition and reputation.

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Risks Related to Financial Matters

A significant portion of our loan portfolio is secured by real estate and at a higher degree of risk from a downturn in real estate markets.

Since many of our loans are secured by real estate, a decline in the real estate markets could impact our business and financial condition. Real estate values and real estate markets are generally affected by changes in general economic conditions and employment levels, fluctuations in interest rates, the availability of loans to potential purchasers and the availability and demand for types of real property investments, changes in tax laws and other governmental statutes, regulations and policies, and natural disasters, such as wildfires and earthquakes, which are particularly prevalent in California, where a significant portion of our real estate collateral is located. If real estate values decline, the value of real estate collateral securing our loans could be significantly reduced. Our ability to recover on defaulted loans by foreclosing and selling the real estate collateral would be further diminished, and we would be more likely to suffer losses on defaulted loans. Furthermore, commercial real estate (“CRE”) loans typically involve larger balances to single borrowers or groups of related borrowers. Payments on these loans are often dependent on the successful operation or management of the properties, as well as the business and financial condition of the borrowers. Repayment of such loans may be subject to adverse conditions in the real estate market such as declining property values, rising interest rates, higher vacancy rates or tenant defaults, adverse economic conditions, shifts in demand for different types of properties, or changes in applicable government regulations. Borrowers’ inability to repay such loans may have an adverse effect on our business, results of operations and financial condition.

Our business is subject to interest rate risk and variations in interest rates may have a material adverse effect on our financial performance.

Our financial results depend substantially on net interest income, which is the difference between the interest income we earn on interest-earning assets and the interest expense we pay on interest-bearing liabilities. Interest-earning assets primarily include loans extended, securities held in our investment portfolio, and excess cash held to manage short-term liquidity. We fund our assets using deposits and borrowings. We offer interest-bearing deposit products, and a portion of our deposit balances are from noninterest-bearing products. We also enter into interest rate derivatives to manage interest rate risk exposure. The interest rates we receive on our interest-earning assets and pay on our interest-bearing liabilities could be affected by various factors, including macroeconomic challenges, Federal Reserve policies, market interest rate changes in response to inflation, competition, regulatory requirements or a change in our product mix. Changes in key variable market interest rates, such as the federal funds, national prime, or U.S. Treasury rates generally impact our interest rate spread. Because of the differences in maturities and repricing characteristics of our interest-earning assets and interest-bearing liabilities, changes in interest rates do not produce equivalent changes in interest income earned on interest-earning assets and interest expense paid on interest-bearing liabilities. Rising interest rates may cause our funding costs to increase at a faster pace than the yield we earn from our assets, which would cause our net interest margin to decrease. Higher interest rates may also result in lower loan production and increased charge-offs in certain segments of our loan portfolio. Falling interest rates may put negative pressure on net interest margin if interest-earning assets reprice faster than interest-bearing liabilities. Declining interest rates could also lead to higher loan refinancing activity, which, in turn, would increase the likelihood of prepayments of loans and mortgage related securities. Changes in interest rates also impact the value of our investments in debt securities, particularly debt securities with longer maturities. Accordingly, changes in levels of interest rates could materially and adversely affect our net interest income, net interest margin, cost of deposits, loan origination volume, average loan portfolio balance, asset quality, liquidity, and overall profitability.

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Inflation can have an adverse impact on our business and on our customers.

Inflation results in the value of assets or income from investments being worth less in the future due to a decrease in the value of money. Interest rates are likely to be higher during periods of elevated inflation and, together, these factors typically cause the value of our investment securities, particularly those with longer maturities, to decrease, although this effect is less pronounced for floating rate instruments than for fixed-rate instruments. Prolonged periods of inflation also may impact our profitability by negatively impacting our costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention, and negatively impacting the demand for our products and services. Moreover, our customers are also affected by inflation and the rising costs of goods and services used in their households and businesses, which could have a negative impact on their ability to repay their loans. Adverse changes in inflation and interest rates could negatively impact consumer and business confidence, and adversely affect the economy as well as our business, results of operations and financial condition.

The monetary policies of the federal government and its agencies could have a material adverse effect on our earnings.

The Federal Reserve Board regulates the supply of money and credit in the U.S. Its policies determine in large part the cost of funds for lending and investing and affect the return earned on those loans and investments, both of which in turn affect our net interest margin. It can also materially decrease the value of financial assets we hold. Federal Reserve policies may also adversely affect borrowers, potentially increasing the risk that they may fail to repay their loans, or could adversely create asset bubbles resulting from prolonged periods of accommodative policy. This, in turn, may result in volatile markets and rapidly declining collateral values. Changes in Federal Reserve personnel and policies are beyond our control. Consequently, the impact of these changes on our business, results of operations and financial condition is difficult to predict. While we monitor and manage exposure to changes in monetary policy through asset liability management and risk mitigation strategies, there can be no assurance that shifts in monetary policy, including as a result of the appointment of a new Chairman of the Federal Reserve, will not adversely affect our business, results of operations, and financial condition.

Further downgrades of the U.S. credit rating, potential automatic spending cuts or government shutdowns could negatively impact our business, results of operations and financial condition.

Over the past few years, U.S. debt ceiling and budget deficit concerns have increased the possibility of U.S. government shutdowns, automatic spending cuts, additional U.S. credit rating downgrades and economic slowdowns, or a recession in the U.S. As the federal debt level rises and interest rates remain at elevated levels, the cost of servicing the debt may increase and the perceived creditworthiness of the U.S. government may decrease. The impact of any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Adverse political and economic conditions could have an adverse effect on our business, results of operations and financial condition.

We are subject to fluctuations in foreign currency exchange rates.

Our foreign currency translation exposure derives, in part, from our China subsidiary that has its functional currency denominated in Chinese Renminbi (“RMB”). In addition, as we continue to expand our cross-border business, we have a higher volume of customer transactions in foreign currencies. We have entered into derivative instruments to offset some of the impact of foreign exchange fluctuations. However, given the volatility of exchange rates, there is no assurance that we will be able to effectively manage foreign currency translation risk. Fluctuations in foreign currency exchange rates could have a material unfavorable impact on our net income, therefore adversely affecting our business, results of operations, and financial condition.

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Risks Related to Our Capital Resources and Liquidity

As a regulated entity, we are subject to capital requirements, and failure to meet these standards could adversely affect our financial condition.

We and the Bank are subject to certain capital and liquidity rules, including the Basel III Capital Rules, which establish the minimum capital adequacy requirements and may require us to increase our regulatory capital levels and/or targets even in the absence of actual adverse economic conditions or forecasts, and enhance capital planning based on hypothetical future adverse economic scenarios. As of December 31, 2025, we met the requirements of the Basel III Capital Rules, including the capital conservation buffer. Compliance with capital requirements may limit capital-intensive operations and increase operational costs, and we may be limited or prohibited from distributing dividends or repurchasing our stock. This could adversely affect our ability to expand or maintain present business levels, which may adversely affect our business, results of operations and financial condition. Additional information on the regulatory capital requirements applicable to us and the Bank is set forth in Item 1. Business — Supervision and Regulation — Regulatory Capital Requirements in this Form 10-K.

As a holding company, we depend on dividends and distributions from the Bank for our liquidity.

We derive most of our cash flow from dividends paid by the Bank. These dividends are the primary source from which we pay dividends on our common stock and principal and interest on our debt obligations. Various federal and California laws and regulations, as well as regulatory expectations, limit the amount of dividends that the Bank may pay to us. See Item 1. Business — Supervision and Regulation — Dividends and Other Transfers of Funds in this Form 10-K for a discussion of regulatory requirements applicable to dividends by us and the Bank. Although we have historically declared cash dividends on our common stock, we are not required to do so and there may be circumstances under which we would reduce or eliminate our common stock dividend in the future. This could adversely affect the market price of our common stock.

We are subject to liquidity risk, which could negatively affect the level or cost of our funding.

Market conditions or other events could negatively affect the level of or cost of funding, which in turn could affect our ongoing ability to accommodate liability maturities and deposit withdrawals, meet contractual obligations, or fund asset growth and new business initiatives at a reasonable cost, in a timely manner and without adverse consequences. Although we have implemented strategies to maintain sufficient and diverse sources of funding to accommodate planned, as well as unanticipated changes in assets, liabilities, and off-balance sheet commitments under various economic conditions, a substantial, unexpected or prolonged change in the level or cost of liquidity could have a material adverse effect on our business, results of operations, and financial condition. If the cost effectiveness or the availability of supply in the credit or wholesale funding markets is reduced for a prolonged period of time, our funding needs may require us to access funding and manage liquidity by other means. These alternatives may include generating client deposits, securitizing or selling loans, and further managing loan growth and investment opportunities. These alternative means of funding may not be available under stressed market conditions or realized in a timely fashion.

Any downgrades in our credit ratings could have a material adverse effect on our liquidity, cost of funding, cash flows, business, results of operations and financial condition.

Credit rating agencies evaluate us regularly, and their ratings are based on several factors, including our financial strength, capital adequacy, liquidity, asset quality and ability to generate earnings. Some of these factors are not entirely within our control, including conditions affecting the financial services industry as a whole. Severe downgrades in our credit ratings could impact our business and reduce our profitability in different ways, including a reduction in our access to capital markets, triggering additional collateral or funding obligations which could negatively affect our liquidity. In addition, our counterparties, as well as our clients, rely on our financial strength and stability and evaluate the risks of doing business with us on a regular basis. A decline in our credit ratings could result in a decrease in the number of counterparties and clients who may be willing to transact with us. Our borrowing costs may also be affected by various external factors, including market volatility and concerns or perceptions about the financial services industry. There can be no assurance that we can maintain our credit ratings nor that they will not be changed in the future.

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The proportion of our deposit account balances that exceed FDIC insurance limits may expose us to enhanced liquidity risk.

Deposits that exceed applicable FDIC insurance limits, and the possibility of the withdrawal of such deposits over a short period of time, pose a liquidity risk and have been a source of instability in the banking system during prior periods of stress. The ease and speed of the electronic withdrawals may increase this risk. If a significant portion of our deposits were to be withdrawn within a short period of time such that additional sources of funding would be required to meet withdrawal demands, we may be unable to obtain funding at favorable terms, which may have an adverse effect on our net interest margin. Moreover, obtaining adequate funding to meet our deposit obligations may be more challenging during periods of elevated interest rates and financial industry instability. Our ability to attract depositors during a time of actual or perceived distress or instability in the marketplace may be limited. Further, interest rates paid for borrowing generally exceed the interest rates paid on deposits. This spread may be exacerbated by higher prevailing interest rates. In addition, because our available-for-sale (“AFS”) debt securities lose value when interest rates rise, our ability to cover liquidity needs from sale or pledging of these securities may be negatively impacted during periods of elevated interest rates. Under these circumstances, we may be required to access additional funding from other sources in order to manage our liquidity risk.

Risks Related to Credit Matters

Our allowance for credit losses may not be adequate to cover actual losses.

We establish an allowance for credit losses in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which includes the allowance for loan and lease losses (“ALLL”) and the reserve for unfunded credit commitments. Our ALLL is based on our evaluation of risks associated with our loans held-for-investment portfolio, including historical loss experience, current borrower characteristics, current economic conditions, reasonable and supportable forecasts of future economic conditions, delinquencies, performing status, the size and composition of the loan portfolio, and concentrations within the portfolio. The allowance estimation process requires subjective and complex judgments, including analysis of economic conditions and how these economic conditions might impair the ability of our borrowers to repay their loans. Unexpected changes in economic, market, operating and other conditions in the U.S. and in the international markets could result in, among other things, greater than expected deterioration in credit quality of our loan portfolio or in the value of collateral securing these loans. Due to the inherent risk associated with accounting estimates, our ALLL and our reserve for losses associated with our unfunded credit commitments, which is determined using a similar methodology as that used to establish our ALLL, may not be adequate to absorb actual losses, and future provisions for such losses could have a material adverse effect on our business, results of operations, and financial condition.

We may be subject to increased credit risk and higher credit losses to the extent our loans are concentrated by loan type, industry segment, borrower type, or location of the borrower or collateral.

Our credit risk and credit losses can increase if our loans are concentrated in borrowers engaged in the same or similar activities, industries, or geographies or to borrowers who as a group may be uniquely or disproportionately affected by economic or market conditions, which could result in materially higher credit losses. For example, the Bank has a concentration of real estate loans in California. Potential deterioration in the California commercial or residential real estate markets or economic conditions could result in additional loan charge-offs and provision for loan losses, which could have a material adverse effect on our business, results of operations, and financial condition. If any industry, market sector, or collateral type were to experience economic difficulties, loan collectability from customers operating in those industries or sectors or holding such collateral types may deteriorate, which could have a material adverse impact on our business, results of operations, and financial condition.

A portion of our lending portfolio is made to non-depository financial institutions to fund their lending activities. Adverse conditions affecting these entities or broader market conditions could result in increased credit risk to us. In addition, a downturn in sectors served by these institutions could increase credit risk to us and negatively impact our business, results of operations, and financial condition.

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Risks Related to Our Operations

A cyber-attack, information or security breach, or failure of our operational or security systems or infrastructure, or those of third-party vendors, could disrupt our business, and adversely impact our results of operations, financial condition, cash flows, and liquidity, as well as damage our reputation.

Our business is highly dependent on the security and efficacy of our infrastructure, computer, network and data management systems, as well as those of third parties with which we interact. We face risks of loss resulting from, but not limited to, errors relating to transaction processing and technology, breaches of our internal control system or external compliance requirements, fraud or unauthorized transactions by employees or third parties, cybersecurity incidents, ineffective business continuation and disaster recovery activities. The potential for operational loss exposure exists throughout our organization and among our interactions with third parties, and is expected to increase as we expand our interconnectivity with our customers and other third parties. Any of these operational risk exposures, if realized, could adversely impact our results of operations, financial condition, cash flows, and liquidity, and result in regulatory action, significant litigation exposure and harm to our reputation.

Our ability to process transactions, provide service and conduct our business may be adversely affected by significant disruptions to us or our vendors, which can be caused by events that are wholly or partially beyond our control. These events include, and are not limited to, electrical, telecommunications, networking or other major physical infrastructure outages, cybersecurity incidents, pandemics, natural disasters, and political or social events, including terrorist acts, wars and civil disturbances. We have taken measures to implement backup systems and safeguards and frequently update our systems to support our operations and growth, requiring significant costs and creating risks associated with implementing and integrating new systems. To date, we have not experienced any known cybersecurity incidents resulting in a material impact on our business, financial condition, or operating results. However, we can provide no assurance that all of our security measures will be effective.

Third parties that facilitate our business activities could also be sources of operational and security risks to us. Our ability to implement backup systems or other safeguards with respect to third-party systems is limited. Furthermore, an attack on or failure of a third-party system may not be revealed to us in a timely manner, which could compromise our ability to respond effectively. Some third parties may engage vendors of their own, which introduces the risk that these “fourth parties” could be the source of operational and security failures. If a third party or fourth party with access to the customer account data on our systems experiences a breach or misappropriates such data, we and our customers could suffer material harm, including heightened risk of fraudulent transactions, losses from fraudulent transactions, increased operational costs to remediate any security breach, and reputational harm.

Cybersecurity risks, including ransomware, malware, social engineering, and phishing attacks, for financial institutions have significantly increased in recent years in part because of the proliferation of new technologies, the use of the internet and telecommunication technologies to conduct financial transactions, the significant increased use of remote workstations by employees in recent years, and the increased sophistication and activities of organized crime, hackers, terrorists, nation-states, and other threat actors. Our business and many of our customers may have experienced, and may experience again in the future, losses incurred due to fraud or theft related to customers, employees or third parties. These losses may negatively affect our business, results of operations, financial condition, reputation and prospects. We have limited ability to assure the safety and security of our customers’ transactions with us to the extent our customers are using their own devices or are a victim of cyberattacks, fraud or other scams by threat actors. Failure to mitigate breaches of security, or to comply with increasingly demanding new and changing industry standards and regulatory requirements could also result in violation of applicable privacy laws, reputational damage, regulatory fines, litigation exposure, increased security compliance costs, and could have an adverse effect on our business, results of operations and financial condition.

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Failure to keep pace with technological change could adversely affect our business. We may face risks associated with the utilization of information technology systems to support our operations effectively.

The financial services industry is continuously undergoing rapid technological change with frequent introductions of new technology-driven products and services, including recent rapid developments in artificial intelligence. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. Our future success depends, in part, on our ability to address the needs of our customers by using technology to provide products and services that will satisfy customer demands, as well as to create additional efficiencies in our operations. Many of our competitors have substantially greater resources to invest in technological solutions. We may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to our customers, and our efforts to use technological developments to improve the efficiency of our operations may not be effective or may lag our competitors. Failure to successfully keep pace with technological change affecting the financial services industry could have a material adverse impact on our business and, in turn, our results of operations and financial condition. In addition, if we do not implement systems effectively or if our outsourcing business partners do not perform their functions properly, there could be an adverse effect on us. There can be no assurance that we will be able to effectively maintain or improve our systems and processes, or utilize outsourced talent, to meet our business needs successfully. Any such failure could adversely affect our business, results of operations, financial condition and reputation.

We may be impacted by the actions, soundness or creditworthiness of other financial institutions, which can cause disruption within the industry and increase expenses.

Financial services institutions are interrelated as a result of trading, clearing, counterparty, or other relationships. We execute transactions with various counterparties in the financial industry, including broker-dealers, commercial banks, and investment banks. Defaults or failures of financial services institutions and instability in the financial services industry in general can lead to market-wide liquidity problems, increased credit risk and withdrawals of uninsured deposits. Such events could adversely affect our business, results of operations, and financial condition, as well as the market price and volatility of our common stock.

Bank failures may increase the risk of a recession or lead to regulatory changes and initiatives, such as enhanced capital, liquidity, or risk management requirements, which could adversely impact us. Changes to laws or regulations, or the imposition of additional restrictions through supervisory or enforcement activities, could have a material impact on our business. Regulatory changes could also adversely impact our ability to access funding, increase the cost of funding, limit our access to capital markets, and negatively impact our overall financial condition. The 2023 bank failures also resulted in a special assessment by the FDIC to replenish the DIF, which has increased our deposit insurance costs.

Our enterprise risk management program, and our controls and procedures, may not be effective at mitigating the risks to which we are subject, based upon our size, scope, and complexity.

We have established corporate governance and enterprise risk management policies and procedures intended to identify, measure, monitor, report, and analyze the types of risk to which we are subject, including capital, market, liquidity, credit, operational, compliance, legal, strategic, technology and reputational risks. Although we seek to manage our exposure to such risks, and employ a broad and diverse set of risk monitoring and mitigation techniques in the process, including internal controls and disclosure controls and procedures, those techniques are inherently limited because they cannot anticipate the existence or development of risks that are currently unknown or unanticipated. Any system of control and any system to reduce risk exposure, however well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the system are met. Further, in some cases we use analytical or forecasting models in our management of risks. If the models are inadequate, or are subject to ineffective governance, our risk management program may also prove ineffective. Actions taken to mitigate identified risks may prove less effective than anticipated. If our risk management program proves ineffective, we could suffer unexpected losses and reputational damage.

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We are dependent on key personnel and the loss of one or more of those key personnel may materially and adversely affect our prospects.

Competition for qualified personnel in the banking industry is intense and there is a limited number of qualified people with knowledge of, and experience in, the regional banking industry, especially in the West Coast markets, and in international banking operations, especially in Asia. The process of recruiting personnel with the combination of skills and attributes required to carry out our strategies is often lengthy. The labor market is currently challenging, with high employee turnover and increased wage pressure. In addition, the proliferation of hybrid work environments may exacerbate the challenges of attracting and retaining talented employees as job markets may be less constrained by physical geography. Our success depends, to a significant degree, on our ability to attract and retain highly-skilled and qualified personnel, as well as the continued contributions of those individuals. In particular, our success has been and continues to be highly dependent upon the abilities of certain key executives. Accordingly, we believe that our future success is dependent upon the development and, when needed, implementation of adequate succession plans. Although both the Board of Directors and management monitor our succession planning for our senior management team, the loss of key personnel, or the inability to recruit and retain qualified personnel in the future, could have an adverse effect on our business, financial condition, and operating results.

We face strong competition in the financial services industry, and we could lose business or suffer margin declines as a result.

We operate in a highly competitive environment. Our competitors include, but are not limited to, commercial banks, savings and loan associations, finance companies, brokerage firms, insurance companies, credit unions, mortgage banks, nonbank financial institutions, and other regional, national, and global financial institutions. Some of our major competitors include multinational financial service companies whose greater resources may afford them a marketplace advantage by enabling them to maintain numerous locations and mount extensive promotional and advertising campaigns. Areas of competition include interest rates on loans and deposits, customer service, and range of price and quality of products and services, including new technology-driven products and services. We also face competition from products outside of the traditional finance system, such as stablecoins. The enactment of the GENIUS Act in July 2025 has the potential to accelerate stablecoin adoption. If consumers and businesses shift to stablecoins for payments and liquidity management, we may face reduced demand for our traditional products. Ongoing or increased competition may put pressure on the pricing for our products and services or may cause us to lose market share, particularly with respect to traditional banking products such as loans and deposits. Failure to attract and retain banking customers may adversely impact our loan and deposit growth and in turn, our revenues.

We have engaged in and may continue to engage in further expansion through acquisitions, which could cause disruption to our business and may dilute existing stockholders’ interests.

There are risks associated with expanding through mergers and acquisitions. These risks include, among others, incorrectly assessing the asset quality of a bank acquired in a particular transaction, incurring greater than anticipated costs in integrating acquired business, failing to retain customers or employees, and the inability to profitably deploy assets acquired or realize synergies from a transaction. Additional country or region-specific risks are associated with transactions outside the U.S., including in China. To the extent we issue capital stock in connection with acquisition transactions, these transactions and related stock issuances may have a dilutive effect on our earnings per share (“EPS”) and share ownership.

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New products and services may subject us to additional risks.

From time to time, we may seek to implement new business arrangements or new lines of business or offer new products and services within existing lines of business. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. We may invest significant time and resources in developing and marketing new business arrangements, lines of business and/or new products and services. Initial timetables for the introduction and development of new business initiatives, new lines of business and/or new products or services may not be achieved, and price and profitability targets may not prove feasible, which could in turn have a material negative effect on our operating results. New business arrangements, new lines of business and/or new products or services also could subject us to additional regulatory requirements, increased scrutiny by our regulators and other legal risks. For example, we and other regional banks are increasingly partnering with fintech and other providers to distribute or market our products and services. Bank regulators have, and may in the future, hold banks responsible for the activities of these fintech companies, including in respect of BSA/AML and consumer compliance matters, or may take the view that these relationships present safety and soundness issues.

Our investments in certain tax-advantaged projects may not generate returns as anticipated, which could result in an adverse impact on our results of operations.

We invest in certain tax-advantaged investments that support qualified affordable housing projects, community development, and renewable energy resources. Our investments in these projects are designed to generate a return in part through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. We are subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, may fail to meet certain government compliance requirements and may not be able to be realized. The risk of not being able to realize, or of subsequently incurring a recapture of, the tax credits and other tax benefits depends on various factors, some of which are outside of our control, including changes in the applicable tax code, as well as the continued economic viability of the project and project operator. The OBBBA accelerated the phase‑out of many renewable energy tax credits, including solar and wind-related investment and production tax credits, which could require us to shift our tax credit investment strategy in the future. Any modification, repeal, expiration, delay or reinterpretation of applicable tax incentive regimes, or a project’s failure to satisfy evolving qualification or compliance standards, could reduce or eliminate anticipated tax benefits. The possible inability to realize these tax credits and other tax benefits would have a negative impact on our financial results.

Risks Related to Regulatory, Compliance and Legal Matters

Changes in regulation may require us to change our business practices, increase our costs, limit our ability to make investments and generate revenue, or otherwise adversely affect our business operations and/or competitiveness.

We are subject to extensive regulation under federal and state laws, as well as supervision and examinations by the DFPI, FDIC, Federal Reserve, SEC, CFPB in the U.S. and foreign regulators and other government authorities. We are also subject to enforcement oversight by the DOJ and state attorneys general. In addition, we face certain legal, reputational, and financial risks as a result of serving customers in new or evolving industries that are subject to changing, and at times conflicting laws. Changes to statutes, regulations or regulatory policies, including changes in interpretation or implementation of statutes, regulations, or policies could affect the manner in which we conduct business. Such changes could also subject us to additional costs and may limit the types of financial services and products we offer, and the investments we make. Further, as we increase in size additional regulatory requirements may become applicable to us.

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Given that banks operate in an extensively regulated environment under federal and state law, good standing with our regulators is of fundamental importance to the continuation and growth of our business. In the performance of their supervisory and enforcement duties, the U.S. federal and state regulators, and non-U.S. regulators, have significant discretion and power to initiate enforcement actions for violations of laws and regulations, and unsafe and unsound practices. Further, regulators and bank supervisors continue to exercise qualitative supervision of our industry and specific business operations and related matters. Violations of laws and regulations or deemed deficiencies in risk management or other qualitative practices also may be incorporated into our confidential bank supervisory ratings. A downgrade in these ratings, or other regulatory settlements, enforcement actions or supervisory criticisms, could impose additional risk management and other regulatory oversight requirements, limit our ability to pursue acquisitions or conduct other expansionary activities, require new or additional regulatory approvals before engaging in certain other business activities, and result in civil monetary penalties, other sanctions, and damage to our reputation, all of which could adversely affect our business, financial condition, results of operations and future prospects.

Failure to comply with laws, regulations, or policies could result in civil or criminal sanctions by U.S. federal and state, and non-U.S. agencies, the loss of FDIC insurance, the revocation of our banking charter, civil or criminal monetary penalties, and/or reputational damage, which could have a material adverse impact on our business, results of operations, and financial condition. We continue to adjust our business and operations, capital, policies, procedures, and controls to comply with these laws and regulations, final rulemaking, supervisory requirements and interpretations from the regulatory authorities. See Item 1. Business — Supervision and Regulation in this Form 10-K for more information about the regulations to which we are subject.

Changes to fiscal policies and tax legislation may adversely affect our business.

From time to time, the U.S. government may introduce new fiscal policies and tax laws or make substantial changes to existing tax legislation. These changes could have a material impact on our business and our customers’ business, results of operations, and financial condition. Our positions or our actions taken prior to such changes may be compromised by such changes. In addition, our actions taken in response to, or in reliance upon, such changes in the tax laws may impact our tax position in a manner that may result in an adverse financial condition. We also provide for current and deferred taxes in our financial statements, based on our results of operations and financial condition. We may take tax return filing positions for which the final determination of tax is uncertain, and our income tax expense could be increased if a federal, state, or local authority were to assess additional taxes that have not been provided for in our consolidated financial statements. There can be no assurance that we will achieve our anticipated effective tax rate. The U.S. government could further introduce new tax legislation or amend current tax laws in a manner that would adversely affect us.

In July 2025, the 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 2025. 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 certain changes to the Inflation Reduction Act and various limits on business and individual tax deductions, that are intended to offset part of the cost of the legislation. We are currently evaluating the impact of the OBBBA on our business and future tax strategies.

Complying with the Bank Secrecy Act and other anti-money laundering and sanctions statutes and regulations can increase our compliance costs and risks.

The BSA, the PATRIOT Act, and other laws and regulations require us and other financial institutions to institute and maintain an effective AML program and file suspicious activity reports and currency transaction reports when appropriate. We may provide banking services to customers considered to be higher risk customers, which subjects us to greater enforcement risk under the BSA and requires us to ensure our third-party vendors adhere to the BSA and related regulations. The Financial Crimes Enforcement Network may impose significant civil monetary penalties for violations of those requirements and has been engaging in coordinated enforcement efforts with the federal and state banking regulators, as well as the DOJ, Drug Enforcement Administration, and the Internal Revenue Service.

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We are also required to comply with the U.S. economic and trade sanctions administered by the OFAC regarding, among other things, the prohibition of transacting business with, and the need to freeze assets of, certain persons and organizations identified as a threat to the national security, foreign policy, or the U.S. economy. A violation of any AML or OFAC-related law or regulation could subject us to significant civil and criminal penalties as well as regulatory enforcement actions, which may include restrictions on our ability to pay dividends and the necessity to obtain regulatory approvals to proceed with certain aspects of our business plan, including any acquisition plans. Any of these violations could have a material adverse effect on our business, results of operations, financial condition, reputation, and future prospects.

We could face material legal and reputational harm if we fail to safeguard personal information.

We are subject to complex and evolving laws and regulations, both inside and outside the U.S., governing the privacy and protection of personal information. Individuals whose personal information may be protected by law can include our customers (and in some cases our customers’ customers), prospective customers, job applicants, employees, and the employees of our suppliers, and third parties. Complying with laws and regulations applicable to our collection, use, transfer, and storage of personal information can increase operating costs, impact the development and marketing of new products or services, and reduce operational efficiency. Any mishandling or misuse of personal information by us or a third party affiliated with us could expose us to litigation or regulatory fines, penalties or other sanctions. See Item 1. Business — Supervision and Regulation — Privacy and Cybersecurity in this Form 10-K for more information about the regulations governing customer data to which we are subject.

We are subject to significant financial and reputational risk arising from lawsuits and other legal proceedings.

We operate in a heavily regulated industry and face significant risks from lawsuits and proceedings brought by customers, borrowers, bank regulators and counterparties. These actions include claims for monetary damages, penalties, fines, and demands for injunctive relief. If these lawsuits or proceedings, whether founded or unfounded, are not resolved in a favorable manner to us, they could lead to significant financial obligations for us, as well as restrictions or changes to how we conduct our business. Although we establish accruals for legal matters when and as required by U.S. GAAP and certain expenses and liabilities in connection with such matters may or may not be covered by insurance, the amount of loss ultimately incurred in relation to those matters may be substantially higher than the amounts accrued and/or insured. As a participant in the financial services industry, we expect to continue to incur significant risks arising from litigation and government scrutiny related to our businesses and operations. Substantial legal liability and government scrutiny could adversely affect our business, results of operations, and financial condition. In addition, we may suffer significant reputational harm as a result of lawsuits and proceedings, adversely impacting our ability to attract and retain customers, employees, and investors. Moreover, it may be difficult to predict the outcome of certain legal proceedings, which may present additional uncertainty to our business prospects.

General Risk Factors

Changes in accounting standards or changes in how the accounting standards are interpreted or applied could materially impact our financial statements.

The preparation of our financial statements is based on accounting standards established by the Financial Accounting Standards Board (“FASB”) and the SEC. From time to time, these accounting standards may change, and such changes may have a material impact on our financial statements. In addition, the FASB, SEC, banking regulators, and our independent registered public accounting firm may amend or reverse their previous interpretations or positions on how various standards should be applied. These changes may be difficult to predict and could impact how we prepare and report our financial statements. In some cases, we could be required to adopt a new or revised standard retrospectively, potentially resulting in restatements to a prior period’s financial statements.

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Our consolidated financial statements are based in part on assumptions and estimates which, if incorrect, could cause unexpected losses in the future.

Pursuant to U.S. GAAP, we are required to use certain assumptions and estimates in preparing our financial statements, including in determining the allowance for credit loss, accrued liability for litigation, and the fair value of certain financial assets and liabilities, among other items. Our assumptions and estimates may be inaccurate or subjective, particularly in times of market stress or under unforeseen circumstances. Inaccurate assumptions or inadequate design of our forecasting models could result in incorrect or misleading information, and in turn could lead to inappropriate business decisions, such as an inadequate reserve for credit losses, and adversely impact our business, results of operations, and financial condition. Our significant accounting policies and use of estimates are fundamental to understanding our results of operations and financial condition. Some accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In addition, some significant accounting policies require significant judgments in applying complex accounting principles to individual transactions and determining the most appropriate treatment. We have procedures and processes in place to facilitate making these judgments. For a description of these policies, refer to Note 1 — Summary of Significant Accounting Policies to the consolidated financial statements and Item 7. MD&A – Critical Accounting Estimates in this Form 10-K.

Impairment of goodwill could result in a charge against earnings and thus a reduction in stockholders’ equity.

We test goodwill for impairment on an annual basis, or more frequently, if necessary. A significant decline in our expected future cash flows, a material change in interest rates, a significant adverse change in the business climate, slower growth rates, or a significant or sustained decline in the price of our common stock may necessitate taking future charges related to the impairment of goodwill. If we determine that a future write-down of goodwill is necessary, the amount of such an impairment charge could be significant and could adversely affect earnings as well as capital.

Anti-takeover provisions could negatively impact our stockholders.

Provisions of Delaware and California law and of our certificate of incorporation, as amended, and bylaws, as amended and restated, could make it more difficult for a third party to acquire control of us or could have the effect of discouraging a third party from attempting to acquire control of us. For example, our certificate of incorporation, as amended, requires the approval of the holders of at least two-thirds of the outstanding shares of voting stock to approve certain business combinations. We are also subject to Section 203 of the Delaware General Corporation Law, which would make it more difficult for another party to acquire us without the approval of the Board of Directors. Additionally, our certificate of incorporation, as amended, authorizes the Board of Directors to issue preferred stock which could be issued as a defensive measure in response to a takeover proposal.

Additionally, prior approval of the Federal Reserve and the DFPI is generally required for any person to acquire control of us, and control for these purposes may be presumed to exist when a person owns 10% or more of our outstanding common stock. Federal Reserve approval is also generally required for a bank holding company to acquire more than 5% of our outstanding common stock. These and other provisions could make it more difficult for a third party to acquire us, even if an acquisition might be in the best interest of the stockholders.

Managing reputational risk is important to attracting and maintaining customers, investors, and employees.

Threats to our reputation can come from many sources, including unethical practices, employee misconduct, failure to deliver minimum standards of service or quality, compliance deficiencies, and questionable or fraudulent activities of our customers or other threat actors. We have policies and procedures, including our Code of Conduct, in place to govern the personal conduct, action and work relationship of our employees with customers, fellow employees, competitors, governmental officials, and suppliers under both official and unofficial situations, in which employees may reasonably be perceived by others as acting as representatives of us. In addition, employees who fail to comply with the Code of Conduct may be subject to disciplinary action, termination of employment, and/or prosecution. However, these policies and procedures may not be fully effective. Negative publicity regarding our business, employees or customers, with or without merit, may result in the loss of customers, investors and employees, costly litigation, a decline in revenues and increased governmental scrutiny.

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The price of our common stock may be volatile or may decline.

The price of our common stock may fluctuate in response to various factors, some of which are outside our control. These factors include the risk factors discussed herein, as well as:
•actual or anticipated quarterly fluctuations in our results of operations and financial condition;
•changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts and rating agencies;
•speculation or changes in perception in the press or investment community;
•strategic actions and announcements by us or our competitors, such as acquisitions or restructurings;
•actions by institutional stockholders;
•addition or departure of key personnel;
•fluctuations in the stock price and operating results of our competitors;
•general market conditions and, in particular, market conditions in the financial services industry;
•anticipated, proposed or adopted regulatory changes or developments;
•cyclical fluctuations;
•trading volume of our common stock; and
•anticipated or pending investigations, proceedings or litigation that involve or affect us.

Industry factors, general economic and political conditions and events, such as cybersecurity incidents or terrorist attacks, economic downturn or recessions, interest rate changes, credit default trends, currency fluctuations, changes to fiscal, monetary or trade policies, or public health issues could also cause our stock price to decline regardless of our operating results. A significant decline in our stock price could result in substantial losses for stockholders.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

The Company maintains an Information Security Program to support the management of cybersecurity risk as an integral component of the Company’s enterprise risk management (“ERM”) framework. The Information Security Program encompasses the Company’s cybersecurity policies and practices, which focus on prevention, detection, mitigation and recovery from cybersecurity incidents. In addition, as part of the Information Security Program, the Company has a Security Incident Response Policy and Plan to enable a coordinated response to protect the integrity, security and resiliency of the Company’s information systems, to mitigate the risk of cybersecurity incidents and to escalate information regarding certain cybersecurity incidents to the appropriate management personnel and Board members in a timely fashion. The Information Security Program follows the Cyber Risk Institute Profile, which is a framework aligned with regulatory expectations for managing cyber risk in financial institutions.

The Information Security Program is supported by our three lines of defense model of risk management. The Information Security Team is the first line of defense under the Chief Information Security Officer and provides day-to-day cybersecurity operations including identification and reporting of internal and external threats, access control, data security, protective controls, detection of malicious or unauthorized activity, incident response, recovery planning, performance of vulnerability and third party information security assessments, and employee awareness and training programs. In addition, the Information Security Team works in coordination with the individual business lines that have direct and primary responsibility and accountability for identifying, controlling and monitoring cybersecurity risk embedded in their business activities.

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The Information Security Team uses industry service providers for security operations, monitoring, investigation and incident response, and the Bank also conducts periodic assessments in collaboration with consulting firms with cybersecurity domain expertise. As the second line of defense, the ERM Team under the Chief Risk Officer independently monitors the cybersecurity risk framework across the Company, as well as the effectiveness of the Information Security Program, and third party vendors’ vulnerability and penetration tests against the Company’s network. Furthermore, the Third-Party Risk Management Team, in conjunction with the ERM Team and the Information Security Team, oversees, identifies, monitors, investigates and addresses material risks from cybersecurity threats associated with the Company’s use of third-party service providers. The Third-Party Risk Management Team is also part of the independent risk management function of the Bank and included in the second line of defense. The ERM Team reports the status of the annual assessment of the effectiveness of the Information Security Program to the Chief Risk Officer, who reports to the Board’s ROC. When applicable, the Company obtains Statement on Standards for Attestation Engagement No. 18 reports or equivalent reports for vendor products and services hosted by third parties. Internal Audit serves as the third line of defense and provides additional independent assurance and evaluates the effectiveness of cybersecurity risk management. In addition, the Company regularly engages independent external assessors to perform assessments of its cybersecurity control environment and operating effectiveness.

In addition, the Company uses several internal training methods, through annual mandatory courses on security and privacy for all employees, as well as multiple simulated phishing attacks and regularly providing information security awareness materials throughout the year. The Company also maintains cybersecurity insurance.

Board Oversight

The Board’s ROC has primary oversight responsibility for management’s efforts to mitigate cybersecurity risk and respond to cybersecurity incidents. The ROC receives quarterly cybersecurity reports, including any reportable incidents, and reviews and approves the Information Security Program at least annually or whenever significant changes are made to the program. These updates include information regarding management’s ongoing efforts to manage cybersecurity risk and the steps management has taken to address and mitigate the evolving cybersecurity threat environment. The ROC members include independent directors from the Board who have expertise in areas relevant to their responsibilities over cybersecurity, including senior leadership experience in financial services and information technology.

Role of Management

At the management level, the Information Technology Steering Committee has overall responsibility for identifying, assessing, and managing information security risks, including cybersecurity risk. The Information Technology Steering Committee provides cybersecurity reports periodically to the ROC and is comprised of the Company’s senior information technology, information security and third party risk management leaders, including the Chief Risk Officer and Chief Information Security Officer. The Chief Risk Officer is responsible for managing cybersecurity risk and coordinating with the Chief Information Security Officer to ensure the Company’s cybersecurity risk profile is managed in a manner consistent with its risk appetite. The Chief Risk Officer also provides periodic reports to the Board’s ROC, outlining the overall status of the Company’s Information Security Program and its compliance with regulatory guidelines, and coordinating and reporting on incident response. The Chief Information Security Officer is responsible for the day-to-day management of the Information Security Program and Security Incident Response Policy and Plan. The Chief Risk Officer has held various leadership roles at the bank, including over 13 years previously serving as the Company’s Chief Financial Officer. The Chief Information Security Officer has over 25 years of work experience in technology and cybersecurity at financial institutions. The majority of Information Security Team members have over 10 years of cybersecurity experience and cumulatively hold over 80 active professional certifications in related fields.

Material Cybersecurity Threat Risk

To date, the Company has not experienced any known cybersecurity incidents that have materially affected its business strategy, results of operations or financial condition. However, we can provide no assurance that all of our security measures will be effective. For additional information regarding cybersecurity threats, please refer to Item 1, Business – Supervision and Regulation – Privacy and Cybersecurity and Item 1A, Risk Factors – Risks Related to Our Operations.

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ITEM 2. PROPERTIES

East West’s corporate headquarters is located at 135 North Los Robles Avenue, Pasadena, California, an eight-story office building, of which it owns 50%. The Company operates in 20 owned and over 90 leased locations in the U.S. and Asia. In the U.S., the Bank’s main operations and administrative offices are located in Southern California. All properties occupied by the Bank are available to be used across all business segments and for corporate purposes.

The Company believes that its facilities are adequate and suitable for its business needs. It evaluates its current and projected space needs and may determine that certain premises or facilities are no longer necessary for its operations. The Company believes that, if necessary, it could secure alternative properties on similar terms without adversely affecting its operations.

ITEM 3. LEGAL PROCEEDINGS

See Note 12 — Commitments and Contingencies — Litigation to the Consolidated Financial Statements in this Form 10-K, which is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.
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PART II 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information, Holders of Common Stock and Dividends

The Company’s common stock is traded on the Nasdaq Global Select Market under the symbol “EWBC”. As of January 31, 2026, the Company had 652 stockholders of record of the Company’s common stock. The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by banks, brokers and other nominees.

A discussion of dividend restrictions is set forth in Item 1. Business — Supervision and Regulation — Dividends and Other Transfers of Funds and Note 16 — Regulatory Requirements and Matters to the Consolidated Financial Statements in this Form 10-K. For information regarding dividends, see Item 7. MD&A — Balance Sheet Analysis — Capital in this Form 10-K.

Securities Authorized for Issuance under Equity Compensation Plans

For information regarding securities authorized for issuance under the Company’s equity compensation plans, see Note 13 — Stock Compensation Plans to the Consolidated Financial Statements and Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters in this Form 10-K.

Five-Year Stock Performance

The following graph and table compare the Company’s five-year cumulative total return on its common stock with the cumulative total return of the Standard & Poor’s (“S&P”) 500 Index and the Keefe, Bruyette & Woods Nasdaq Bank Index (“BKX Index”). The cumulative total shareholder return assumes the investment of $100 in the Company’s common stock and in each index on December 31, 2020 and the reinvestment of common stock dividends. The returns shown are based on historical results and are not intended to suggest future performance.

The S&P 500 Index is utilized as a benchmark against performance and is a commonly referenced U.S. equity benchmark consisting of leading companies from different economic sectors. The BKX Index is designed to track the performance of the leading banks and thrifts that are publicly-traded in the U.S., and comprises 24 banking stocks representing the large U.S. national money centers, regional banks and thrift institutions.
2199
December 31,
Index202020212022202320242025
East West Bancorp, Inc.$100.00$157.99$135.17$152.37$211.44$254.35
BKX Index
$100.00$128.71$105.40$133.10$166.40$196.16
S&P 500 Index$100.00$138.33$108.73$107.76$147.85$196.01
Repurchases of Equity Securities by the Issuer and Affiliated Purchasers

The following table summarizes the Company’s common stock repurchase activity during the fourth quarter of 2025:
Calendar Month
Total Number of Shares Purchased (1)
Average Price Paid per Share of Common StockTotal 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)
October— $— — $216 
November10,428 $99.83 10,428 $215 
December— $— — $215 
Fourth quarter10,428 $99.83 10,428 
(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 repurchase of up to $300 million of East West stock, which will remain valid until December 31, 2026.

Refer to Item 7. MD&A — Balance Sheet Analysis — Capital and Item 8. Financial Statements — Note 14 — Stockholders’ Equity and Earnings Per Share for information regarding repurchases under the Company’s common share repurchase program.

ITEM 6. [RESERVED]
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EAST WEST BANCORP, INC.
ITEM 7. 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 the Company, including its subsidiary bank, East West 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 Form 10-K. For information on our business, see Item 1. Business in this Form 10-K.

Current Economic Developments

Evolving trade policies and tariffs and recent government shutdowns raised concerns about inflation, supply chain disruptions, and slower economic growth. The uncertain business environment led to a softening in the labor market, as companies adopted more cautious hiring practices, while reduced immigration further limited labor supply. The residential mortgage and CRE markets moderated but housing affordability pressures remained elevated. The Federal Reserve, which resumed lowering interest rates in late 2025, now faces heightened policy complexity in 2026. The transition to a new Chairman of the Federal Reserve, which is expected after Chairman Jerome Powell’s term expires in May 2026, adds additional uncertainty, particularly as leadership debates continue over balancing inflation risks against labor market softening. 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 Geographic and Political Uncertainties and — Risks Related to Financial Matters in this Form 10-K.

35

Financial Review

Our MD&A analyzes the financial condition and results of operations of the Company for 2025 and 2024. Some tables include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. The page locations of specific sections that we refer to are presented in the table of contents. To review our financial condition and results of operations for 2024 and a comparison between 2024 and 2023 results, see Item 7. MD&A of our 2024 Form 10-K, which was filed with the SEC on February 28, 2025.

($ and shares in thousands, except per share, and ratio data)20252024
Summary of operations:
Net interest income before provision for credit losses$2,552,629 $2,278,716 
Noninterest income379,227 335,218 
Total revenue2,931,856 2,613,934 
Provision for credit losses160,000 174,000 
Noninterest expense1,046,396 958,073 
Income before income taxes1,725,460 1,481,861 
Income tax expense400,272 316,275 
Net income$1,325,188 $1,165,586 
Per share:
Basic earnings$9.58 $8.39 
Diluted earnings$9.52 $8.33 
Dividends declared$2.40 $2.20 
Weighted-average number of shares outstanding:
Basic138,342 138,898 
Diluted139,130 139,958 
Performance metrics:
Return on average assets (“ROA”)1.70 %1.60 %
Return on average common equity (“ROAE”)16.01 %15.93 %
Return on average tangible common equity (“ROATCE”) (1)
16.99 %17.05 %
Common dividend payout ratio25.30 %26.58 %
Net interest margin3.41 %3.27 %
Efficiency ratio (2)
35.69 %36.65 %
At year end:
Total assets $80,434,997 $75,976,475 
Total loans$56,899,148 $53,726,637 
Total deposits$67,082,701 $63,175,023 
Common shares outstanding at period-end137,579 138,437 
Book value per share$64.68 $55.79 
Tangible book value per share (1)
$61.27 $52.39 
(1)For additional information regarding the reconciliation of these non-U.S. GAAP financial measures, refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K.
(2)Efficiency ratio is calculated as noninterest expense divided by total revenue.

The Company’s 2025 net income was $1.3 billion, a $160 million or 14% increase from 2024. The increase was primarily driven by higher net interest income before provision for credit losses, increased noninterest income and a decrease in provision for credit losses, partially offset by higher noninterest expense and income tax expense. Noteworthy items about the Company’s performance for 2025 included:

•Net interest income and net interest margin. Year-over-year net interest income before provision for credit losses increased $274 million or 12% to $2.6 billion in 2025. Full year 2025 net interest margin was 3.41%, a 14 bp increase year-over-year.

36

•Earnings per share growth. Full year 2025 basic EPS and diluted EPS both expanded 14% to $9.58 and $9.52, respectively.

•Profitability ratios. Full year 2025 ROA and ROAE of 1.70% and 16.01%, respectively, expanded 10 bps and 8 bps, respectively, year-over-year. Full year 2025 ROATCE was 16.99%. ROATCE is a non-GAAP financial measure. For additional information regarding the reconciliation of non-GAAP financial measures, refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K.

•Efficiency ratio. The efficiency ratio was 35.69% in 2025, a 96 bp improvement compared with 2024. The improvement in the efficiency ratio primarily reflected a year-over-year increase in net interest income before provision for credit losses.

•Asset growth. Total assets reached $80.4 billion as of December 31, 2025, an increase of $4.5 billion or 6% year-over-year, primarily driven by loan growth of $3.0 billion or 6%, and an increase in AFS debt securities of $2.4 billion or 22%.

•Deposit growth. Total deposits were $67.1 billion as of December 31, 2025, an increase of $3.9 billion or 6% year-over-year, primarily reflecting growth in time deposits and noninterest-bearing demand deposits.

•Capital levels. Stockholders’ equity was $8.9 billion as of December 31, 2025, up $1.2 billion or 15%, from December 31, 2024. Book value per share of $64.68 as of December 31, 2025, increased $8.89 or 16% from December 31, 2024. Tangible book value per share of $61.27 as of December 31, 2025, increased $8.88 or 17% from 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 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K.

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.

727

Net interest income and net interest margin for 2025 increased year-over-year. The $274 million or 12% year-over-year increase in 2025 net interest income is primarily due to lower interest-bearing deposit funding costs and increases in the average balances of deposits, AFS debt securities and loans, partially offset by lower loan yields. The 14 bps year-over-year increase in 2025 net interest margin primarily reflected lower interest-bearing deposit costs, partially offset by an increase in AFS securities and decreases in the yield and balances of interest-bearing cash and deposits with banks.

37

1396

Average interest-earning assets increased $5.2 billion or 7% to $74.9 billion in 2025. The year-over-year increase in average interest-earning assets primarily reflected increases in AFS debt securities and loan growth. The yield on average interest-earning assets was 5.73% in 2025, a decrease of 28 bps from 2024. The year-over-year decrease in the yield on average interest-earning assets primarily reflected the impact of lower benchmark interest rates of the loan portfolio.

1726

The average loan yield was 6.40% in 2025, a decrease of 27 bps from 2024. The year-over-year decrease in the average loan yield primarily reflected the loan portfolio’s sensitivity to lower benchmark interest rates. Excluding the $32 million discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans from the 2025 loans’ interest income, the adjusted average loan yield for 2025 was 6.34%, compared with 6.67% in 2024. Adjusted average loan yield is a non-GAAP financial ratio. For additional details, refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K. Approximately 58% of loans held-for-investment were variable-rate as of both December 31, 2025 and 2024.

38

2050
2052

Deposits are an important source of funds and impact both net interest income and net interest margin. Average deposits of $64.8 billion in 2025, increased $5.2 billion or 9% from 2024. Average noninterest-bearing deposits of $15.6 billion in 2025, increased $799 million or 5% from 2024. Average noninterest-bearing deposits made up 24% and 25% of average deposits in 2025 and 2024, respectively.

The average cost of deposits was 2.46% in 2025, a decrease of 42 bps from 2024. The average cost of interest-bearing deposits was 3.24% in 2025, a decrease of 59 bps from 2024. 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, short-term borrowings, FHLB advances, assets sold under repurchase agreements (“repurchase agreements”) and long-term debt. In 2025, the average cost of funds was 2.56%, a decrease of 46 bps from 2024. The year-over-year decrease was mainly driven by the change in the average 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 7. MD&A — Risk Management — Market Risk Management for details.

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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 in 2025, 2024 and 2023:
Year Ended December 31,
202520242023
($ in thousands)Average BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/RateAverage BalanceInterestAverage Yield/Rate
ASSETS
Interest-earning assets:
Interest-bearing cash and deposits with banks$4,264,056 $159,081 3.73%$4,936,550 $231,794 4.70%$4,638,630 $220,643 4.76%
Assets purchased under resale agreements (“resale agreements”) (1)
425,000 6,475 1.52%519,263 11,254 2.17%691,223 20,164 2.92%
Debt securities:
AFS (2)(3)
12,516,569 572,959 4.58%8,811,274 399,280 4.53%6,105,999 225,592 3.69%
Held-to-maturity (“HTM”) (2)
2,890,503 48,978 1.69%2,935,937 49,785 1.70%2,976,237 50,598 1.70%
Total debt securities (2)
15,407,072 621,937 4.04%11,747,211 449,065 3.82%9,082,236 276,190 3.04%
Loans:
Commercial and industrial (“C&I”) (2)
17,447,333 1,242,165 7.12%
(4)
16,492,472 1,294,451 7.85%15,499,899 1,190,940 7.68%
CRE (2)
20,709,803 1,281,156 6.19%20,316,013 1,292,973 6.36%19,824,272 1,227,795 6.19%
Residential mortgage16,420,367 968,689 5.90%15,504,795 900,514 5.81%14,155,784 750,813 5.30%
Other consumer47,456 2,651 5.59%55,500 3,041 5.48%65,181 3,198 4.91%
Total loans (2)(5)(6)
54,624,959 3,494,661 6.40%
(4)
52,368,780 3,490,979 6.67%49,545,136 3,172,746 6.40%
Restricted equity securities161,400 11,242 6.97%147,080 10,104 6.87%82,177 4,062 4.94%
Total interest-earning assets$74,882,487 $4,293,396 5.73%$69,718,884 $4,193,196 6.01%$64,039,402 $3,693,805 5.77%
Noninterest-earning assets:
Cash and due from banks386,798 345,056 555,689 
Allowance for loan, lease, and securities’ losses(763,105)(688,448)(625,785)
Other assets3,393,682 3,446,350 3,788,199 
Total assets$77,899,862 $72,821,842 $67,757,505 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Checking deposits$7,589,980 $183,262 2.41%$7,731,828 $221,367 2.86%$7,658,414 $179,200 2.34%
Money market deposits15,685,199 488,496 3.11%13,970,375 525,870 3.76%11,680,540 399,482 3.42%
Savings deposits1,719,422 13,519 0.79%1,770,041 17,764 1.00%2,128,943 15,573 0.73%
Time deposits24,256,155 909,252 3.75%21,400,834 955,173 4.46%16,301,856 611,295 3.75%
Total interest-bearing deposits49,250,756 1,594,529 3.24%44,873,078 1,720,174 3.83%37,769,753 1,205,550 3.19%
Bank Term Funding Program (“BTFP”), short-term borrowings and federal funds purchased740 22 2.97%962,061 42,163 4.38%3,591,114 157,002 4.37%
FHLB advances3,181,509 141,472 4.45%2,752,733 147,269 5.35%123,288 6,430 5.22%
Repurchase agreements46,199 2,082 4.51%3,613 197 5.45%34,443 1,497 4.35%
Long-term debt and finance lease liabilities35,780 2,662 7.44%58,467 4,677 8.00%152,790 11,072 7.25%
Total interest-bearing liabilities$52,514,984 $1,740,767 3.31%$48,649,952 $1,914,480 3.94%$41,671,388 $1,381,551 3.32%
Noninterest-bearing liabilities and stockholders’ equity:
Demand deposits15,598,605 14,799,961 17,192,978 
Accrued expenses and other liabilities1,509,865 2,056,755 2,410,154 
Stockholders’ equity8,276,408 7,315,174 6,482,985 
Total liabilities and stockholders’ equity$77,899,862 $72,821,842 $67,757,505 
Interest rate spread2.42%2.07%2.45%
Net interest income and net interest margin$2,552,629 3.41%$2,278,716 3.27%$2,312,254 3.61%
(1)Includes the average balances and interest income for securities and loans purchased under resale agreements for 2023. There were no loans purchased under resale agreements for both 2025 and 2024.
(2)Yields on tax-exempt debt securities and loans are not presented on a tax-equivalent basis.
(3)Includes the amortization of net premiums on AFS debt securities of $26 million, $35 million and $31 million for 2025, 2024 and 2023, 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 twelve months ended December 31, 2025. Refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K.
(5)Average balances include nonperforming loans and loans held-for-sale.
(6)Includes the accretion of net deferred loan fees and amortization of net premiums, which totaled $81 million for 2025 and $53 million for each of 2024 and 2023.
40

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.
Year Ended December 31,
2025 vs. 20242024 vs. 2023
Changes Due toChanges Due to
($ in thousands)Total ChangeVolumeYield/RateTotal ChangeVolumeYield/Rate
Interest-earning assets:
Interest-bearing cash and deposits with banks$(72,713)$(28,990)$(43,723)$11,151 $14,019 $(2,868)
Resale agreements (1)
(4,779)(1,813)(2,966)(8,910)(4,382)(4,528)
Debt securities:
AFS173,679 169,573 4,106 173,688 114,930 58,758 
HTM(807)(770)(37)(813)(684)(129)
Total debt securities172,872 168,803 4,069 172,875 114,246 58,629 
Loans:
C&I(52,286)72,271 (124,557)103,511 77,492 26,019 
CRE(11,817)24,775 (36,592)65,178 30,853 34,325 
Residential mortgage68,175 53,837 14,338 149,701 74,955 74,746 
Other consumer(390)(448)58 (157)(506)349 
Total loans3,682 150,435 (146,753)318,233 182,794 135,439 
Restricted equity securities1,138 996 142 6,042 4,045 1,997 
Total interest and dividend income$100,200 $289,431 $(189,231)$499,391 $310,722 $188,669 
Interest-bearing liabilities:
Checking deposits$(38,105)$(3,994)$(34,111)$42,167 $1,734 $40,433 
Money market deposits(37,374)59,918 (97,292)126,388 83,521 42,867 
Savings deposits(4,245)(495)(3,750)2,191 (2,930)5,121 
Time deposits(45,921)118,165 (164,086)343,878 213,823 130,055 
Total interest-bearing deposits(125,645)173,594 (299,239)514,624 296,148 218,476 
BTFP, short-term borrowings and federal funds purchased(42,141)(42,104)(37)(114,839)(115,219)380 
FHLB advances(5,797)21,081 (26,878)140,839 140,669 170 
Repurchase agreements1,885 1,925 (40)(1,300)(1,606)306 
Long-term debt and finance lease liabilities(2,015)(1,707)(308)(6,395)(7,443)1,048 
Total interest expense$(173,713)$152,789 $(326,502)$532,929 $312,549 $220,380 
Changes in net interest income
$273,913 $136,642 $137,271 $(33,538)$(1,827)$(31,711)
(1)Includes the average balances and interest income for securities and loans purchased under resale agreements for 2023. There were no loans purchased under resale agreements for both 2025 and 2024.

41

Noninterest Income

The following table presents the components of noninterest income for the periods indicated:
Year Ended December 31,
($ in thousands)20252024% Change from 20242023
Commercial and consumer deposit-related fees$111,844 $103,880 8 %$93,811 
Lending and loan servicing fees107,988 98,455 10 %83,876 
Foreign exchange income58,905 54,605 8 %48,276 
Wealth management fees50,000 38,627 29 %26,994 
Customer derivative income, net of mark-to-market adjustments:
Customer derivative income19,053 14,923 28 %23,216 
Derivative mark-to-market and credit valuation adjustments(2,197)1,478 NM(3,016)
Total customer derivative income, net of mark-to-market adjustments16,856 16,401 3 %20,200 
Net gains (losses) on AFS debt securities
963 2,069 (53)%(6,862)
Other investment income10,868 5,611 94 %9,348 
Other income21,803 15,570 40 %17,469 
Total noninterest income$379,227 $335,218 13 %$293,112 
Noninterest income as a percentage of total revenue
13 %13 %11 %
NM — Not meaningful.

Noninterest income comprised 13% of total revenue in both 2025 and 2024. Noninterest income for 2025 was $379 million, a $44 million or 13% increase compared with 2024. The increase was primarily due to higher wealth management fees, lending and loan servicing fees, commercial and consumer deposit-related fees, other income, other investment income, and foreign exchange income.

Commercial and consumer deposit-related fees were $112 million in 2025, an increase of $8 million or 8%, compared with 2024. This year-over-year increase was primarily due to analysis service fees, which reflected higher commercial customer activity and fee increases.

Lending and loan servicing fees were $108 million in 2025, an increase of $10 million or 10%, compared with 2024. The year-over-year increase was primarily due to higher trade finance and credit enhancement fees driven by increased customer activity.

Foreign exchange income was $59 million, an increase of $4 million or 8%, compared with 2024. The year-over-year increase was primarily due to increased customer activity and the favorable valuation of certain foreign currency denominated balance sheet items, partially offset by losses on foreign exchange trades.

Wealth management fees were $50 million in 2025, an increase of $11 million or 29%, compared with 2024. The year-over-year increase primarily reflected higher customer demand for wealth management products such as fixed-rate corporate bonds and fixed annuities.

Other investment income was $11 million in 2025, an increase of $5 million or 94% compared with 2024. The year-over-year increase primarily reflected $5 million of recoveries, $3 million of which were related to the Company’s previous investment in DC Solar recorded in other investment income, $1 million of fair value gains from the derivative liability-classified equity contract related to the 2023 Rayliant investment, and higher distributions from affordable housing partnership investments.

Other income was $22 million in 2025, an increase of $6 million or 40% compared with 2024. The year-over-year increase primarily reflected $4 million increased income from bank-owned life insurance and a structuring fee received from an energy tax credit investment.

42

Noninterest Expense

The following table presents the components of noninterest expense for the periods indicated:
Year Ended December 31,
($ in thousands)20252024% Change from 20242023
Compensation and employee benefits$618,753 $550,734 12 %$508,538 
Occupancy and equipment expense66,129 64,399 3 %64,528 
Deposit account expense35,218 47,390 (26)%43,143 
Computer and software related expenses54,737 47,271 16 %44,475 
Deposit insurance premiums and regulatory assessments31,725 45,736 (31)%103,308 
Other operating expense165,039 148,301 11 %136,305 
Amortization of tax credit and CRA investments
74,795 54,242 38 %120,299 
Total noninterest expense$1,046,396 $958,073 9 %$1,020,596 

Noninterest expense was $1.0 billion in 2025, an increase of $88 million or 9%, compared with 2024. The increase was primarily due to higher compensation and employee benefits, amortization of tax credit and CRA investments, other operating expense, and computer and software related expenses, partially offset by lower deposit insurance premiums and regulatory assessments, and deposit account expense.

Compensation and employee benefits were $619 million in 2025, an increase of $68 million or 12%, compared with 2024. The year-over-year increase was primarily driven by $31 million of additional compensation expense recognized 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 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation for details related to the change in the timing of recognition for awards granted to retirement-eligible employees.

Deposit account expense was $35 million in 2025, a decrease of $12 million or 26%, compared with 2024. The year-over-year decrease was primarily driven by lower balances and referral rates paid on certain deposit accounts.

Computer and software related expenses were $55 million in 2025, an increase of $7 million or 16% compared with 2024. The year-over-year increases primarily reflected higher software expenses and data processing costs to support the Company’s growth.

Deposit insurance premiums and regulatory assessments were $32 million in 2025, a decrease of $14 million or 31%, compared with 2024. The year-over-year decrease was primarily due to lower FDIC charges, which reflected a decrease in the estimated losses to the FDIC’s DIF. For additional information related to the FDIC charge, see Item 1. Business — Supervision and Regulation — FDIC Deposit Insurance Assessments in this Form 10-K.

Other operating expense was $165 million in 2025, an increase of $17 million or 11%, compared with 2024. The year-over-year increase 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 a decrease in interest paid on cash collateral.

Amortization of tax credit and CRA investments was $75 million in 2025, an increase of $21 million or 38%, compared with 2024. The year-over-year increase was primarily due to the timing of tax credit investments that closed in a given period.

43

Income Taxes

The following table presents income before income taxes, income tax expense and effective tax rate for the periods indicated:
Year Ended December 31,
($ in thousands)20252024% Change from 20242023
Income before income taxes$1,725,460 $1,481,861 16%$1,459,770 
Income tax expense$400,272 $316,275 27%$298,609 
Effective tax rate23.2 %21.3 %20.5 %

Income tax expense for 2025, compared with 2024, increased $84 million or 27%, primarily due to higher pre-tax income, and the one-time revaluation of deferred tax assets due to the adoption of the California single sales factor apportionment method in 2025, partially offset by favorable adjustments driven by a lower California state tax apportionment. The differences between the 2025 and 2024 effective tax rates from the federal statutory rate of 21% were primarily due to state taxes, partially offset by tax credits associated with energy, affordable housing, historic and new market tax credit investments. Refer to Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K.

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 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K.

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 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.

44

The following table presents financial information for the Consumer and Business Banking segment for the periods indicated:
Year Ended December 31,
Change from 2024
($ in thousands)20252024$%2023
Net interest income before provision for credit losses
$1,079,288 $1,152,033 $(72,745)(6)%$1,225,954 
Noninterest income120,779 108,773 12,006 11 %103,210 
Total revenue before provision for credit losses
1,200,067 1,260,806 (60,739)(5)%1,329,164 
Provision for credit losses26,044 8,691 17,353 200 %21,454 
Compensation and employee benefits240,500 217,612 22,888 11 %203,387 
Other noninterest expense229,833 234,494 (4,661)(2)%261,406 
Total noninterest expense 470,333 452,106 18,227 4 %464,793 
Segment income before income taxes703,690 800,009 (96,319)(12)%842,917 
Income tax expense201,003 236,791 (35,788)(15)%247,952 
Segment net income$502,687 $563,218 $(60,531)(11)%$594,965 
Average loans$20,313,671 $18,966,662 $1,347,009 7 %$17,739,984 
Average deposits$33,384,458 $30,815,912 $2,568,546 8 %$28,174,781 

Consumer and Business Banking segment net income decreased $61 million or 11% year-over-year to $503 million in 2025, primarily due to a $73 million decrease in net interest income, a $23 million increase in compensation and employee benefits, and a $17 million increase in provision for credit losses, partially offset by a $12 million increase in noninterest income.

The decrease in net interest income before provision for credit losses was primarily driven by the year-over-year decline in interest rates. The increase in noninterest income was mainly driven by higher wealth management fees in 2025. The increase in provision for credit losses was driven by loan growth and the worsening macroeconomic outlook in the residential mortgage loan sector in 2025. The increase in compensation and employee benefits 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, equipment financing, and loan syndication. 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 following table presents financial information for the Commercial Banking segment for the periods indicated:
Year Ended December 31,
Change from 2024
($ in thousands)20252024$%2023
Net interest income before provision for credit losses
$1,028,314 $1,125,931 $(97,617)(9)%$1,116,013 
Noninterest income218,177 197,780 20,397 10 %168,502 
Total revenue before provision for credit losses
1,246,491 1,323,711 (77,220)(6)%1,284,515 
Provision for credit losses152,085 166,953 (14,868)(9)%100,391 
Compensation and employee benefits246,303 234,240 12,063 5 %217,663 
Other noninterest expense157,616 161,969 (4,353)(3)%158,949 
Total noninterest expense403,919 396,209 7,710 2 %376,612 
Segment income before income taxes690,487 760,549 (70,062)(9)%807,512 
Income tax expense196,979 224,897 (27,918)(12)%237,359 
Segment net income$493,508 $535,652 $(42,144)(8)%$570,153 
Average loans$34,000,936 $32,996,221 $1,004,715 3 %$31,365,547 
Average deposits$27,137,950 $25,820,956 $1,316,994 5 %$23,304,066 

Commercial Banking segment net income decreased $42 million or 8% year-over-year to $494 million in 2025, primarily driven by a $98 million decrease in net interest income, partially offset by a $20 million increase in noninterest income and a $15 million decrease in provision for credit losses.

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 lending and loan servicing fees, commercial deposit-related fees, and wealth management fees. The decrease in provision for credit losses was primarily driven by lower net charge-offs in the C&I portfolio. The increase in compensation and employee benefits was primarily driven by staffing growth. 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 table presents financial information for the Treasury and Other segment for the periods indicated:
Year Ended December 31,
Change from 2024
($ in thousands)20252024$%2023
Net interest income (loss) before (reversal of) provision for credit losses$445,027 $752 $444,275 NM$(29,713)
Noninterest income 40,271 28,665 11,606 40 %21,400 
Total revenue (loss) before (reversal of) provision for credit losses
485,298 29,417 455,881 NM(8,313)
(Reversal of) provision for credit losses
(18,129)(1,644)(16,485)NM3,155 
Compensation and employee benefits131,950 98,882 33,068 33 %87,488 
Other noninterest expense40,194 10,876 29,318 270 %91,703 
Total noninterest expense172,144 109,758 62,386 57 %179,191 
Segment income (loss) before income taxes
331,283 (78,697)409,980 NM(190,659)
Income tax expense (benefit)
2,290 (145,413)147,703 NM(186,702)
Segment net income (loss)
$328,993 $66,716 $262,277 393 %$(3,957)
Average loans$310,352 $405,897 $(95,545)(24)%$439,605 
Average deposits$4,326,953 $3,036,171 $1,290,782 43 %$3,483,884 
NM — Not meaningful.

Treasury and Other segment income before income taxes increased $410 million in 2025, primarily driven by a $444 million increase in net interest income and $16 million increase in reversal of credit losses, partially offset by a $33 million increase in compensation and employee benefits and a $29 million increase in other noninterest expense.

The net interest income increase was mainly driven by higher AFS debt securities’ interest income 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 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements in this Form 10-K for further details related to the change in the timing of recognition for awards granted to retirement-eligible employees. The increase in other noninterest expense was primarily driven by higher amortization of tax credit and CRA investments.

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
47

•collateral to support pledging agreements as required and/or to enhance the Company’s borrowing capacity.

While the Company does not intend to sell 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.

The following table presents the distribution of the Company’s AFS and HTM debt securities portfolio as of December 31, 2025 and 2024, and by credit ratings as of December 31, 2025:
December 31, 2025
December 31, 2024
Rating as of December 31, 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$1,010,053 $993,913 7%$676,300 $638,265 6%100%—%—%—%—%
U.S. government agency and U.S. government-sponsored enterprise debt securities287,687 257,654 2%308,220 262,587 3%100%—%—%—%—%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3)
10,544,278 10,397,991 79%8,447,303 8,164,474 75%100%—%—%—%—%
Municipal securities277,275 243,102 2%287,301 250,153 2%100%—%—%—%—%
Non-agency mortgage-backed securities667,195 584,735 4%808,762 692,078 6%95%3%—%2%—%
Corporate debt securities554,158 464,981 4%653,500 526,166 5%—%38%59%3%—%
Foreign government bonds247,249 238,455 2%244,803 233,880 2%46%54%—%—%—%
Asset-backed securities31,886 31,389 0%35,086 34,715 0%30%17%53%—%—%
Collateralized loan obligations— — —%44,500 44,493 1%—%—%—%—%—%
Total AFS debt securities$13,619,781 $13,212,220 100%$11,505,775 $10,846,811 100%95%3%2%0%—%
HTM debt securities:
U.S. Treasury securities$540,666 $524,887 21%$535,080 $499,858 21%100%—%—%—%—%
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,055 860,134 35%1,004,479 804,220 34%100%—%—%—%—%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (4)
1,136,874 943,227 38%1,190,221 943,134 39%100%—%—%—%—%
Municipal securities185,463 151,498 6%187,633 140,542 6%100%—%—%—%—%
Total HTM debt securities$2,870,058 $2,479,746 100%$2,917,413 $2,387,754 100%100%—%—%—%—%
Total debt securities$16,489,839 $15,691,966 $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 $9.6 billion of both amortized cost and fair value as of December 31, 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 $79 million of amortized cost and $65 million of fair value as of December 31, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024.

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As of December 31, 2025, 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 3.0 and 5.9, respectively, compared with 2.0 and 6.2, respectively, as of December 31, 2024. The effective duration of AFS debt securities increased primarily due to the longer maturities of newly purchased AFS securities, while the HTM debt securities’ effective duration declined slightly due to the general runoff of the portfolio.

Available-for-Sale Debt Securities

AFS debt securities increased $2.4 billion or 22% to $13.2 billion in 2025 from December 31, 2024, 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 $406 million as of December 31, 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 December 31, 2025 and 2024. There was $2 million of allowance for credit losses against AFS debt securities as of December 31, 2025, which was recognized as Provision for credit losses on the Consolidated Statement of Income. In comparison, there was no allowance for credit losses against AFS debt securities as of December 31, 2024.

Held-to-Maturity Debt Securities

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

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

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 composition of the loan portfolio as of December 31, 2025 was similar to the composition as of December 31, 2024.

The following charts present the composition of the Company’s total loan portfolio by loan type as of December 31, 2025 and 2024:
21990232651552199023265165

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Total loans held-for-investment of $56.9 billion as of December 31, 2025 increased $3.2 billion or 6% from December 31, 2024, reflecting well-balanced growth across major loan types. For additional information on the Company’s 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-K.

Commercial

The commercial loan portfolio, which includes C&I and total CRE loans, comprised 70% of total loans held-for-investment as of both December 31, 2025 and 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 $27.7 billion and $25.8 billion as of December 31, 2025 and 2024, respectively, with a utilization rate of 67% as of both dates. As of December 31, 2025, total C&I loans were $18.7 billion, up $1.3 billion or 7% 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 $1.0 billion and $845 million as of December 31, 2025 and 2024, respectively. The Company also has a portfolio of loans to non-depository financial institutions. This portfolio totaled $7.6 billion and $6.0 billion as of December 31, 2025 and 2024, respectively, which primarily consisted of capital call lending and other credit facilities extended to these institutions. The majority of the C&I loans had variable interest rates as of both December 31, 2025, and 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 December 31, 2025, and 2024:
December 31, 2025December 31, 2024
($ in thousands)Amount%Amount%
Industry:
Real estate investment & management$2,319,896 13%$2,381,186 14%
Capital call lending2,258,895 12%2,230,457 13%
Media & entertainment2,227,571 12%2,031,242 12%
Manufacturing & wholesale1,162,245 6%1,074,073 6%
Financial services1,160,853 6%1,005,216 6%
Infrastructure & clean energy1,113,387 6%963,165 5%
Food production & distribution1,109,996 6%664,135 4%
Healthcare703,769 4%685,550 4%
Technology & telecommunications679,036 4%770,521 4%
Hospitality & leisure646,926 3%575,815 3%
Oil & gas595,102 3%576,605 3%
Art finance503,326 3%548,065 3%
Equipment finance447,117 2%470,132 3%
General & Other3,722,636 20%3,420,996 20%
Total C&I$18,650,755 100%$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 and include 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 $3 million as of both December 31, 2025 and 2024. The following table summarizes the Company’s total CRE loans by property type as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
($ in thousands)Amount%
Weighted-Avg. LTV (%) (1)
Amount%
Weighted-Avg. LTV (%) (1)
Property types:
Multifamily$5,112,328 24%50%$4,953,442 24%51%
Retail
4,509,328 21%47%4,347,032 21%48%
Industrial
4,213,307 20%46%3,972,389 20%46%
Hotel
2,482,765 12%51%2,404,385 12%52%
Office
2,233,910 11%52%2,125,210 11%54%
Healthcare
858,653 4%51%788,806 4%52%
Construction and land742,357 3%51%666,162 3%49%
Other
1,109,125 5%49%1,017,518 5%50%
Total CRE loans$21,261,773 100%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 December 31, 2025 and 2024. The distribution of the total CRE loan portfolio largely reflects the Company’s geographical branch footprint, which is primarily concentrated in California:
December 31, 2025
($ in thousands)CRE%Multifamily Residential%Construction and Land%Total CRE%
Geographic markets:
Southern California$7,908,374 51%$2,387,149 47%$252,265 34%$10,547,788 50%
Northern California2,760,043 18%914,479 18%149,090 20%3,823,612 18%
California10,668,417 69%3,301,628 65%401,355 54%14,371,400 68%
Texas1,129,088 7%488,276 10%154,241 21%1,771,605 8%
New York831,276 6%349,909 7%35,397 5%1,216,582 6%
Washington504,643 3%158,186 3%14,036 2%676,865 3%
Arizona339,272 2%205,264 4%38,192 5%582,728 3%
Nevada321,332 2%160,103 3%883 0%482,318 2%
Other markets1,613,060 11%448,962 8%98,253 13%2,160,275 10%
Total loans$15,407,088 100%$5,112,328 100%$742,357 100%$21,261,773 100%
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December 31, 2024
($ 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%

The percentage of total CRE loans located in California was 68% and 69% as of December 31, 2025 and 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 losses. 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 Geographic and Political Uncertainties and Risks Related to Financial Matters in this 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 December 31, 2025 and 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 December 31, 2025, of the 58% of our CRE portfolio that had variable rates, 52% 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 December 31, 2025, of the 51% of our multifamily residential portfolio that had variable rates, 50% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 50% of our multifamily residential loan portfolio that was variable rate, half 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 $544 million in loans outstanding, and $419 million in unfunded commitments as of December 31, 2025, compared with $506 million in loans outstanding, and $391 million in unfunded commitments as of December 31, 2024. Land loans totaled $198 million and $160 million as of December 31, 2025 and 2024, respectively.

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Consumer

Residential mortgage loans are primarily originated through the Bank’s branch network. The average residential mortgage loan size was $439 thousand and $437 thousand as of December 31, 2025 and 2024, respectively. The following tables summarize the Company’s single-family residential and HELOC loan portfolios by geography and lien priority as of December 31, 2025 and 2024:
December 31, 2025
($ in thousands)Single-Family Residential%HELOCs%Total Residential Mortgage%
Geographic markets:
Southern California$6,031,124 40%$914,803 48%$6,945,927 41%
Northern California2,026,767 14%392,461 20%2,419,228 14%
California8,057,891 54%1,307,264 68%9,365,155 55%
New York4,067,708 27%286,995 15%4,354,703 26%
Washington761,739 5%188,146 10%949,885 6%
Massachusetts566,462 4%68,375 4%634,837 4%
Georgia520,039 3%21,500 1%541,539 3%
Nevada493,670 3%38,072 2%531,742 3%
Texas513,038 4%— —%513,038 3%
Other markets22,002 0%1,545 0%23,547 0%
Total$15,002,549 100%$1,911,897 100%$16,914,446 100%
Lien priority:
First mortgage$15,002,549 100%$1,337,066 70%$16,339,615 97%
Junior lien mortgage— —%574,831 30%574,831 3%
Total$15,002,549 100%$1,911,897 100%$16,914,446 100%
December 31, 2024
($ 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%
Nevada
447,097 3%32,578 2%479,675 3%
Texas
468,461 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 December 31, 2025 and 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 December 31, 2025 and 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 December 31, 2025 and 2024, respectively, with a utilization rate of 35% as of December 31, 2025, compared with 34% as of December 31, 2024. 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 December 31, 2025 and 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 December 31, 2025 and 2024. As a result, these loans have historically experienced low delinquency and loss rates. Substantially all of the Company’s HELOCs were variable-rate loans as of both December 31, 2025 and 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.

The following table presents the contractual loan maturities by loan category and the contractual distribution of loans to changes in interest rates as of December 31, 2025:
($ in thousands)Due within one yearDue after one year through five yearsDue after five years through fifteen yearsDue after fifteen yearsTotal
Commercial:
C&I$7,205,052 $10,007,972 $1,271,071 $166,660 $18,650,755 
CRE:
CRE1,617,809 8,270,872 5,305,762 212,645 15,407,088 
Multifamily residential248,996 1,466,639 1,695,988 1,700,705 5,112,328 
Construction and land360,801 350,819 883 29,854 742,357 
Total CRE2,227,606 10,088,330 7,002,633 1,943,204 21,261,773 
Total commercial9,432,658 20,096,302 8,273,704 2,109,864 39,912,528 
Consumer:
Residential mortgage:
Single-family residential1,706 4,662 1,225,792 13,770,389 15,002,549 
HELOCs18 2,086 69,382 1,840,411 1,911,897 
Total residential mortgage1,724 6,748 1,295,174 15,610,800 16,914,446 
Other consumer16,894 30,335 3,969 — 51,198 
Total consumer18,618 37,083 1,299,143 15,610,800 16,965,644 
Total loans held-for-investment$9,451,276 $20,133,385 $9,572,847 $17,720,664 $56,878,172 
Distribution of loans to changes in interest rates:
Variable-rate loans$7,576,769 $16,565,061 $4,484,401 $4,710,511 $33,336,742 
Fixed-rate loans1,803,047 2,443,855 2,041,943 4,859,312 11,148,157 
Hybrid adjustable-rate loans71,460 1,124,469 3,046,503 8,150,841 12,393,273 
Total loans held-for-investment$9,451,276 $20,133,385 $9,572,847 $17,720,664 $56,878,172 

54

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 December 31, 2025 and 2024:
December 31,
20252024
($ in thousands)Amount% of Total Consolidated AssetsAmount% of Total Consolidated Assets
Hong Kong branch:
Cash and cash equivalents$860,332 1%$730,227 1%
AFS debt securities (1)
$684,513 1%$752,840 1%
Loans held-for-investment (2)
$1,133,442 1%$968,973 1%
Total assets$2,692,309 3%$2,474,447 3%
China subsidiary bank branches:
Cash and cash equivalents$640,986 1%$656,971 1%
AFS debt securities (3)
$128,600 0%$127,582 0%
Loans held-for-investment (2)
$1,223,236 2%$1,141,444 2%
Total assets$2,012,751 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 both December 31, 2025 and 2024.
(2)Primarily comprised of C&I loans as of both December 31, 2025 and 2024.
(3)Comprised of foreign government bonds as of both December 31, 2025 and 2024.

The following table presents the total revenue generated by the Company’s international branches in 2025, 2024 and 2023:
Year Ended December 31,
202520242023
($ in thousands)Amount% of Total Consolidated RevenueAmount% of Total Consolidated RevenueAmount% of Total Consolidated Revenue
Hong Kong branch:
Total revenue$73,938 3%$69,809 3%$55,747 2%
China subsidiary bank branches:
Total revenue$29,351 1%$29,790 1%$32,569 1%

55

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. Additional funding is provided by short- and long-term borrowings, and long-term debt. See Item 7. MD&A — Risk Management — Liquidity Risk Management in this Form 10-K for a discussion of the Company’s liquidity management. The following table summarizes the Company’s deposits by product type as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024Change
($ in thousands)Amount%Amount%$%
Deposits by product:
Noninterest-bearing demand$16,697,099 25 %$15,450,428 24 %$1,246,671 8 %
Interest-bearing checking7,989,255 12 %7,940,692 13 %48,563 1 %
Money market15,439,729 23 %14,816,511 23 %623,218 4 %
Savings1,671,804 2 %1,751,620 3 %(79,816)(5)%
Time deposits25,284,814 38 %23,215,772 37 %2,069,042 9 %
Total deposits$67,082,701 100 %$63,175,023 100 %$3,907,678 6 %

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 $67.1 billion as of December 31, 2025 increased $3.9 billion or 6%, compared with the prior year, primarily due to growth in time and noninterest-bearing demand deposits.

The following table provides a breakdown of the Company’s deposits by segment and region as of December 31, 2025 and 2024:
Change
($ in thousands)
December 31, 2025
December 31, 2024
$%
Deposits by segment/region:
Consumer and Business Banking - U.S. (1)
$34,494,368 $32,832,926 $1,661,442 5 %
Commercial Banking - U.S. (1)
24,367,113 23,405,769 961,344 4 %
International Branches (2)
3,875,631 3,412,262 463,369 14 %
Treasury and Other - U.S. (3)
4,345,589 3,524,066 821,523 23 %
Total deposits$67,082,701 $63,175,023 $3,907,678 6 %
(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.

Customer deposit accounts in the U.S. offices are insured by the FDIC for up to $250,000. The deposits in the Company’s subsidiary bank in China and the branch in Hong Kong are insured by each jurisdiction’s deposit insurance authority for up to 500,000 RMB and 800,000 Hong Kong Dollars, respectively. Uninsured deposits represent the portion of deposit accounts that exceed the insurance limits of the FDIC and each foreign jurisdiction. The Company calculates its uninsured deposits based on the methodologies and assumptions used for regulatory reporting.

The following table presents total uninsured deposits by location as of December 31, 2025 and 2024:
($ in thousands)DomesticChinaHong KongTotal
Uninsured deposits as of 12/31/2025
$33,431,037 $1,525,527 $2,230,760 $37,187,324 
Uninsured deposits as of 12/31/2024
$32,767,680 $1,453,223 $1,848,652 $36,069,555 

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Uninsured time deposits totaled $15.2 billion as of December 31, 2025. The following table presents the maturity distribution for uninsured customer time deposits by location as of December 31, 2025:
($ in thousands)DomesticChinaHong KongTotal
Three months or less $5,675,930 $245,779 $1,390,501 $7,312,210 
Over three months through six months4,613,729 170,569 80,090 4,864,388 
Over six months through 12 months 2,262,244 242,880 24,867 2,529,991 
Over 12 months46,229 402,128 — 448,357 
Total$12,598,132 $1,061,356 $1,495,458 $15,154,946 

Uninsured deposits, per regulatory requirements, represent the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit as reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report. 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 December 31, 2025 and 2024, after certain adjustments:
($ in thousands)December 31, 2025December 31, 2024
Uninsured deposits, per regulatory requirements (1)
$33,431,037 $32,767,680 
Less: Collateralized deposits(4,464,567)(4,781,377)
Affiliate deposits(131,106)(485,824)
Uninsured deposits, excluding collateralized and affiliate deposits(a)$28,835,364 $27,500,479 
Total domestic deposits per Call Report(b)$63,460,378 $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 7 — MD&A — Results of Operations — Net Interest Income in this Form 10-K. See also the discussion of the impact of deposits on liquidity in Item 7. MD&A — Liquidity Risk Management in this Form 10-K.

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 increased $1.2 billion or 15% from $7.7 billion as of December 31, 2024 to $8.9 billion as of December 31, 2025. This increase was primarily due to $1.3 billion of net income and $240 million of other comprehensive income, partially offset by $335 million of cash dividends declared and $134 million from open-market common stock repurchases and tax withheld in the form of stock repurchase on vested RSUs. For other factors that contributed to the changes in stockholders’ equity, refer to Item 8. Financial Statements — Consolidated Statement of Changes in Stockholders’ Equity in this Form 10-K.

On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of East West common stock, which will remain valid until December 31, 2026. The Company repurchased $115 million and $144 million of its common stock in 2025 and 2024, respectively.
57

The Company paid a cash dividend of $2.40 and $2.20 per share in 2025 and 2024, respectively. In January 2026, the Company’s Board of Directors declared a first quarter 2026 cash dividend of $0.80 per share, which represents a 33%, or 20 cents per common share, increase from the previous quarterly cash dividend of $0.60 per common share. The dividend was paid on February 17, 2026, to stockholders of record as of February 2, 2026.

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 this Form 10-K for additional details.

The following table presents the Company’s and the Bank’s capital ratios as of December 31, 2025 and 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
December 31, 2025
December 31, 2024 (1)
CompanyBankCompanyBankMinimum Regulatory RequirementsMinimum Regulatory Requirements including Capital Conservation BufferWell-Capitalized Requirements
Risk-based capital ratios:
CET1 capital (2)
15.1%13.9%14.3%13.4%4.5%7.0%6.5%
Tier 1 capital (3)
15.1%13.9%14.3%13.4%6.0%8.5%8.0%
Total capital16.4%15.1%15.6%14.7%8.0%10.5%10.0%
Tier 1 leverage (2)
10.9%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 December 31, 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 December 31, 2025 and 2024, the Company and the Bank continued to exceed all “well-capitalized” capital requirements and the required minimum capital requirements under the Basel III Capital Rules. Total risk-weighted assets increased $2.8 billion from December 31, 2024 to $57.8 billion as of December 31, 2025, primarily 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 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, BSA/AML & OFAC, strategic, and technology risk.

58

The 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-K.

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The following table presents the Company’s criticized loans as of December 31, 2025 and 2024:
Change
($ in thousands)
December 31, 2025
December 31, 2024
$%
Criticized loans:
Special mention loans$344,876 $447,290 $(102,414)(23)%
Classified loans (1)
796,273 725,863 70,410 10 %
Total criticized loans (2)
$1,141,149 $1,173,153 $(32,004)(3)%
Special mention loans to loans held-for-investment0.61 %0.83 %
Classified loans to loans held-for-investment1.40 %1.35 %
Criticized loans to loans held-for-investment2.01 %2.18 %
(1)Consists of substandard, doubtful and loss categories.
(2)Excludes loans HFS.

Criticized loans decreased by $32 million or 3%, to $1.1 billion from December 31, 2024, primarily driven by decreases in C&I and multifamily residential loans, partially offset by increases in CRE and construction and land 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 December 31, 2025 and 2024:
Change
($ in thousands)
December 31, 2025
December 31, 2024
$%
Commercial:
C&I$52,244 $86,165 $(33,921)(39)%
CRE:
CRE38,546 2,430 36,116 NM
Multifamily residential292 4,572 (4,280)(94)%
Construction and land27,810 11,316 16,494 146 %
Total CRE66,648 18,318 48,330 264 %
Consumer:
Residential mortgage:
Single-family residential29,641 32,423 (2,782)(9)%
HELOCs17,167 22,046 (4,879)(22)%
Total residential mortgage46,808 54,469 (7,661)(14)%
Other consumer142 66 76 115 %
Total nonaccrual loans165,842 159,018 6,824 4 %
OREO, net21,183 35,077 (13,894)(40)%
Nonperforming loans HFS20,976 — 20,976 100 %
Total nonperforming assets$208,001 $194,095 $13,906 7 %
Nonperforming assets to total assets 0.26%0.26%
Nonaccrual loans to loans held-for-investment 0.29%0.30%
ALLL to nonaccrual loans488.28%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 this Form 10-K.

Nonaccrual loans of $166 million as of December 31, 2025 increased $7 million or 4% from December 31, 2024, primarily driven by increases in CRE and construction and land due to additional loans being transferred to nonaccrual status, partially offset by a decrease in C&I nonaccrual loans due to charge offs and transfers to OREO. As of December 31, 2025, $27 million or 16% 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 December 31, 2025 and 2024:
Total Accruing Past Due Loans (1)
Change
Percentage of Total Loans Outstanding
($ in thousands)
December 31, 2025
December 31, 2024
$%
December 31, 2025
December 31, 2024
Commercial:
C&I$26,044 $22,855 $3,189 14 %0.14 %0.13 %
CRE:
CRE13,994 5,640 8,354 148 %0.09 %0.04 %
Multifamily residential1,253 931 322 35 %0.02 %0.02 %
Construction and land— 927 (927)(100)%0.00 %0.14 %
Total CRE15,247 7,498 7,749 103 %0.07 %0.04 %
Total commercial41,291 30,353 10,938 36 %0.10 %0.08 %
Consumer:
Residential mortgage:
Single-family residential73,684 54,937 18,747 34 %0.49 %0.39 %
HELOCs34,650 19,364 15,286 79 %1.81 %1.07 %
Total residential mortgage108,334 74,301 34,033 46 %0.64 %0.46 %
Other consumer77 107 (30)(28)%0.15 %0.16 %
Total consumer108,411 74,408 34,003 46 %0.64 %0.46 %
Total$149,702 $104,761 $44,941 43 %0.26 %0.19 %
(1)There were no accruing loans past due 90 days or more as of both December 31, 2025 and 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, Note 1 — Summary of Significant Accounting Policies and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K.

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The following table presents the allowance for credit losses allocated by loan portfolio segments, debt securities and unfunded credit commitments as of the periods indicated:
December 31,
20252024
($ in thousands)Allowance Allocation % of Loan Type to Total LoansAllowance Allocation% of Loan Type to Total Loans
ALLL
Commercial:
C&I$475,613 33%$384,319 32%
CRE:
CRE221,494 27%218,677 28%
Multifamily residential36,555 9%32,117 9%
Construction and land15,468 1%17,497 1%
Total CRE273,517 37%268,291 38%
Total commercial749,130 70%652,610 70%
Consumer:
Residential mortgage:
Single-family residential53,463 27%44,816 27%
HELOCs5,804 3%3,132 3%
Total residential mortgage59,267 30%47,948 30%
Other consumer1,376 0%1,494 0%
Total consumer60,643 30%49,442 30%
Total ALLL$809,773 100%$702,052 100%
Allowance for debt securities$1,900 $— 
Allowance for unfunded credit commitments$48,690 $39,526 
Total allowance for credit losses$860,363 $741,578 
Loans held-for-investment$56,878,172 $53,726,637 
ALLL to loans held-for-investment1.42%1.31%

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The following table presents net charge-offs and the net charge-offs to average loans ratios based on the loan categories as of the periods indicated:
December 31,
20252024
($ in thousands)Net Charge-Offs (Recoveries)Average Loans Held-for-Investment
% of Net Charge-Offs (Recoveries) to Average Loans Held-for-Investment
Net Charge-Offs (Recoveries)Average Loans Held-for-Investment% of Net Charge-Offs (Recoveries) to Average Loans Held-for-Investment
Commercial:
C&I$34,275 $17,440,477 0.20 %$118,908 $16,490,180 0.72 %
CRE:
CRE24,008 15,003,349 0.16 %13,823 14,587,444 0.09 %
Multifamily residential(52)4,991,171 0.00 %(426)5,061,821 (0.01)%
Construction and land1,984 715,283 0.28 %2,086 666,748 0.31 %
Total CRE25,940 20,709,803 0.13 %15,483 20,316,013 0.08 %
Total commercial60,215 38,150,280 0.16 %134,391 36,806,193 0.37 %
Consumer:
Residential mortgage:
Single-family residential(249)14,571,485 0.00 %26 13,753,247 0.00 %
HELOCs(16)1,848,861 0.00 %(58)1,751,500 0.00 %
Total residential mortgage(265)16,420,346 0.00 %(32)15,504,747 0.00 %
Other consumer(111)47,456 (0.23)%4,259 55,500 7.67 %
Total consumer(376)16,467,802 0.00 %4,227 15,560,247 0.03 %
Total$59,839 $54,618,082 0.11 %$138,618 $52,366,440 0.26 %

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.

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.

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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 $67.1 billion as of December 31, 2025, compared with $63.2 billion as of December 31, 2024. The Company’s loan-to-deposit ratio was 85% as of both December 31, 2025 and 2024. See Item 7. — MD&A — Balance Sheet Analysis — Deposits in this Form 10-K 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 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 December 31, 2025 and 2024, respectively. As of December 31, 2025, the FHLB advances were comprised of an overnight advance of $250 million with an interest rate of 4.02% and $2.8 billion of term advances that had fixed and floating interest rates ranging from 3.87% to 4.01% and with remaining maturities of six days to one year. The Company also held long-term debt of $32 million in the form of junior subordinated debt as of both December 31, 2025 and 2024, which qualifies as Tier 2 capital for regulatory capital purposes. Refer to Note 10 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-K 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 December 31, 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 sources of 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 December 31, 2025 and 2024:
Change
($ in thousands)December 31, 2025December 31, 2024$%
Cash and cash equivalents$4,188,139 $5,250,742 $(1,062,603)(20)%
Interest-bearing deposits with banks16,189 48,198 (32,009)(66)%
Unused secured borrowing capacity from:
FHLB11,849,692 9,928,152 1,921,540 19 %
FRB (1)
13,235,104 12,383,005 852,099 7 %
Unpledged and prepositioned securities
Unpledged securities
6,326,512 7,819,531 (1,493,019)(19)%
Securities prepositioned for FRB SRF (2)
4,581,604 — 4,581,604 NM
Total available liquidity
$40,197,240 $35,429,628 $4,767,612 13 %
NM — Not meaningful.
(1)The Company had no outstanding borrowings with the FRB as of December 31, 2025 and 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 $40.2 billion as of December 31, 2025, compared with $35.4 billion as of December 31, 2024. The increase in borrowing capacity was primarily due to an increase in total 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 the following Notes to the Consolidated Financial Statements in this Form 10-K:

•Note 7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net
•Note 9 — Deposits
•Note 10 — Federal Home Loan Bank Advances and Long-Term Debt

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 December 31, 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 12 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-K.

The Consolidated Statement of Cash Flows summarizes the Company’s sources and uses of cash by type of activity for 2025, 2024 and 2023. Excess cash generated by operating and investing activities may be used to repay outstanding debt or invest in liquid assets.

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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 this Form 10-K. East West held $664 million and $395 million in cash and cash equivalents as of December 31, 2025 and 2024, respectively. Management believes that East West has sufficient sources of liquidity to meet the projected cash obligations for the coming year.

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 December 31, 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. For more details on how economic conditions may impact our liquidity, see Item 1A. Risk Factors in this 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. The ROC of the Company’s Board of Directors has primary oversight responsibility and has given the ALCO the task of market risk management. The ALCO establishes guidelines, risk measures and limits, and monitors compliance with the policies and risk limits pertaining to market risk management activities.

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.

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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.

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 year ended December 31, 2025, the Company assumed a weighted-average beta of 56% for total deposits, an increase of approximately 1% from December 31, 2024. This 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.

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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.

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 December 31, 2025 and 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)
December 31,
20252024
Change in Interest Rates (in bps)%%
+2005.6%4.7 %
+1003.2%3.5 %
-100(3.2)%(4.0)%
-200(5.9)%(7.4)%
(1)The percentage change represents net interest income change over a 12-month period under market 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 decreased under the falling rate scenarios as of December 31, 2025, reflecting updated assumptions on deposit mix and a shift in balance sheet composition toward a higher proportion of fixed-rate assets.

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
December 31,
20252024
Change in Interest Rates (in bps)%%
+200 Rate ramp3.4%4.3%
+100 Rate ramp1.7 %2.3%
-100 Rate ramp(1.5)%(2.4)%
-200 Rate ramp(3.0)%(4.6)%

As of December 31, 2025, the Company’s net interest income profile remains asset-sensitive under both instantaneous parallel and gradual shifts in interest rates, 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”). A declining rate environment could negatively impact the net interest income. However, this potential impact could be partially mitigated by several structural factors, including balance sheet growth and mix evolution, ongoing reinvestment of cash flows into assets at rates above legacy lower yielding instruments, and prevailing yield‑curve conditions.

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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 1.27% 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.

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 December 31, 2025 and 2024.
Economic Value of Equity Volatility (1)
December 31,
20252024
Change in Interest Rates (in bps)%%
+200(14.1)%(12.5)%
+100(6.6)%(5.2)%
-1005.2 %4.6 %
-2009.5 %9.5 %
(1)The percentage change represents net present value change of the balance sheet as of the analysis date versus the various interest rate scenarios.

As of December 31, 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.

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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 EWCN. 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.

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 December 31, 2025, the Company anticipates performance by all of its counterparties and has not incurred any related credit losses.

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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 December 31, 2025 and 2024:
December 31, 2025
Weighted-Average
($ in thousands)Notional AmountFair Value AssetsFair Value LiabilitiesFixed Rate
Floating Rate (1)
Remaining Term (in months)
Cash flow hedges
Derivative contracts hedging loans:
Interest rate swaps - Receive fixed pay floating (2)
$4,000,000 $39,997 $139 5.66 %5.71 %28.6
Interest rate collars - Buy floor sell cap250,000 — — Cap: 4.58%
Floor: 1.50%		3.87 %5.0
Total cash flow hedges$4,250,000 $39,997 $139 
December 31, 2024
Weighted-Average
($ in thousands)Notional AmountFair Value AssetsFair Value LiabilitiesFixed 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 (2)
1,000,000 3,839 5,893 3.90 %N/A67.8
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)Forward starting swaps with a total notional value of $1 billion became effective during 2025.

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

Critical Accounting Estimates

The Company’s significant accounting policies are described in Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in this 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 is a brief description of the Company’s critical accounting estimates involving significant judgments.

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Allowance for Credit Losses

The Company’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Company’s financial assets measured at amortized cost, including loans and certain lending-related commitments. The allowance for credit losses involves significant judgment on various matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of key credit risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. For additional information on these judgments and the Company’s policies and methodologies used to determine the allowance for credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Loan and Lease Losses and Unfunded Credit Commitments, and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K.

A critical judgment in the process is estimating the Company’s allowance for credit losses related to macroeconomic forecasts that are incorporated into quantitative methods. As any one economic outlook is inherently uncertain, the Company utilizes a baseline as well as upside and downside scenarios that are applied based on a probability weighting, to better reflect management’s estimate of the expected credit losses given existing market conditions and the changes in the economic environment. Changes in the Company’s assumptions and economic forecasts could significantly affect its estimate of expected credit losses, which could potentially lead to significant changes in the estimate from one reporting period to the next. For further discussion on the economic forecast incorporated into the 2025 model, see Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K.

The allowance for credit losses is sensitive to changes in macroeconomic forecast assumptions. Given the dynamic relationship between macroeconomic variables within the Company’s models, it is difficult to estimate the impact of a change in any one factor or input on the allowance. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and input may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. However, to provide additional context regarding the sensitivity of the allowance for credit losses to changes in key variables, the Company compared the quantitative modeled estimate when applying a 100% probability weighting to the downside scenario rather than the weighting of multiple scenarios used to estimate the allowance for credit losses at December 31, 2025. Without considering model overlays and qualitative adjustments which could result in a materially different estimate, this sensitivity analysis would have been approximately $423 million higher.

This analysis demonstrates the sensitivity to the allowance for credit losses to key quantitative assumptions and is not intended to estimate changes in the overall allowance for credit losses as it does not capture all the potentially unknown variables that could arise in the forecast period, but it provides an approximation of a possible outcome under hypothetical severe conditions. Management believes that the estimate for the allowance for credit losses was reasonable and appropriate as of December 31, 2025.

Fair Value Estimates

Certain financial instruments are carried at fair value on the Consolidated Balance Sheet on a recurring basis, including AFS debt securities, certain equity securities and derivatives. Changes in fair value are recorded either through earnings or other comprehensive income (loss). Other financial instruments, such as certain individually evaluated loans held-for-investment, loans held-for-sale, affordable housing partnership, tax credit and CRA investments, OREO and other nonperforming assets, are not carried at fair value each period but may require nonrecurring fair value adjustments primarily due to application of lower of cost or fair value accounting or write-downs of individual assets.

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In determining the fair value of financial instruments, the Company uses market prices of the same or similar instruments whenever such prices are available. Changes in market conditions, such as reduced liquidity in the capital markets or changes in secondary market activities, may increase variability or reduce the availability of market prices used to determine fair value. If observable market prices are unavailable or impracticable to obtain, then fair value is estimated using modeling techniques such as discounted cash flows analysis. These modeling techniques incorporate management’s assessments regarding the assumptions that market participants would use in pricing the asset or the liability, including the risks inherent in a particular valuation technique and the risk of nonperformance. The use of methodologies or assumptions different than those used by the Company could result in different estimates of fair value of financial instruments.

Significant judgment is also required to determine the fair value hierarchy for certain financial instruments. When fair values are based on valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement, the financial assets and liabilities are classified as Level 3 of the fair value hierarchy established under Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurement.

The following table presents the Company’s assets recorded at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy.
December 31,
20252024
($ in thousands)
Total Balance (1)
Level 3
Total Balance (1)
Level 3
Total assets measured at fair value on a recurring basis$13,648,713 $522 $11,395,533 $239 
Total assets measured at fair value on a nonrecurring basis33,239 33,239 85,872 85,872 
Total assets measured at fair value(a)$13,681,952 (b)$33,761 (d)$11,481,405 (f)$86,111 
Total assets(c)$80,434,997 (e)$75,976,475 
Level 3 assets at fair value as a percentage of total assets(b)/(c)0.04%(f)/(e)0.11%
Level 3 assets at fair value as a percentage of total assets at fair value(b)/(a)0.25%(f)/(d)0.75%
(1)Before derivative netting adjustments.

For a complete discussion on the Company’s fair value hierarchy of financial instruments, fair value measurement techniques and assumptions, and the impact on the Consolidated Financial Statements, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Fair Value and Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K.

Goodwill Impairment

The valuation and testing methodologies used in the Company’s analysis of goodwill impairment are discussed in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill, Note 8 — Goodwill, and Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K.

The Company performed its annual goodwill impairment test on all three reporting units using a qualitative assessment. The qualitative test indicated that it was more likely than not that the fair values of all the Company’s reporting units exceeded their carrying values. The Company concluded that the goodwill allocated to its reporting units was not impaired as of December 31, 2025.

In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market considerations, financial performance, the Company’s stock price and other relevant entity- and reporting-unit specific considerations.

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Income Taxes

The Company files income tax returns in the jurisdictions in which it conducts business and evaluates income tax expense in two components: current and deferred income tax expense. Accrued taxes represent the net estimated amount due to or due from various tax jurisdictions in the current year and deferred tax assets represent amounts available to reduce income taxes payable in future years. The Company’s interpretations of the tax laws, including the U.S., its states and the municipalities, and the tax jurisdictions in Hong Kong and China, are complex and subject to audit by taxing authorities that disputes may occur regarding its view on a tax position taken by the Company.

In estimating accrued taxes, the Company assesses the appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent, and other pertinent information. The income tax laws are complex and subject to different interpretations by the Company and the relevant government taxing authorities. Significant judgment is required in determining the tax accruals and in evaluating the tax positions, including evaluating uncertain tax positions. Changes in the estimate of accrued taxes occur periodically due to changes in tax rates, tax credits, interpretations of tax laws, the status of examinations by the tax authorities, and newly enacted statutory, judicial, and regulatory guidance that could impact the relative merits and risks of tax positions. These changes, when they occur, impact tax expense and can materially affect our operating results and financial condition. The Company reviews its tax positions on a quarterly basis and adjusts to accrued taxes as new information becomes available. The Company believes that adequate provisions have been recorded for all income tax uncertainties consistent with ASC 740, Income Taxes as of December 31, 2025. For further information on the Company’s accounting for income taxes and significant tax attributes, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes and Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K.

Recently Adopted Accounting Standards

For detailed discussion and disclosure on new accounting pronouncements adopted, see Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-K.

Reconciliation of GAAP to Non-GAAP Financial Measures

To supplement the Company’s 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 discussed in this Form 10-K include but are not limited to ROATCE, tangible book value per share, 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.

74

The following tables present the reconciliations of U.S. GAAP to non-GAAP financial measures for 2025 and 2024:
Year Ended December 31,
($ in thousands)20252024
Net income(a)$1,325,188 $1,165,586 
Add: Amortization of mortgage servicing assets1,124 1,322 
Tax effect of amortization adjustments (1)
(315)(393)
Tangible net income (non-GAAP)(b)$1,325,997 $1,166,515 
Average stockholders’ equity(c)$8,276,408 $7,315,174 
Less: Average goodwill(465,697)(465,697)
Average mortgage servicing assets(4,684)(5,953)
Average tangible book value (non-GAAP)(d)$7,806,027 $6,843,524 
ROAE
(a)/(c)16.01%15.93%
ROATCE (non-GAAP)(b)/(d)16.99%17.05%
December 31,
($ and shares in thousands, except per share data)20252024
Stockholders’ equity(a)$8,899,202 $7,723,054 
Less: Goodwill(465,697)(465,697)
Mortgage servicing assets(4,119)(5,234)
Tangible book value (non-GAAP)(b)$8,429,386 $7,252,123 
Number of common shares at period-end(c)137,579 138,437 
Book value per share(a)/(c)$64.68 $55.79 
Tangible book value per share (non-GAAP)(b)/(c)$61.27 $52.39 
Year Ended December 31,
20252024
Average loan yield
Interest income on loans(d)$3,494,661 $3,490,979 
Less: Loan payoff discount accretion and interest recoveries(32,296)— 
Adjusted interest income on loans(e)$3,462,365 $3,490,979 
Average loans(f)$54,624,959 $52,368,780 
Average loan yield(d)/(f)6.40 %6.67 %
Adjusted average loan yield(e)/(f)6.34 %6.67 %
(1)Applied blended statutory rate of 28.02% for 2025 and 29.73% for 2024.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    For quantitative and qualitative disclosures regarding market risk in the Company’s portfolio, see Item 7. MD&A — Risk Management — Market Risk Management and Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K.
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EAST WEST BANCORP, INC.
ITEM 8.  FINANCIAL STATEMENTS
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors
East West Bancorp, Inc.:

Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of East West Bancorp, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three‑year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 27, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Allowance for loan and lease losses for commercial loans evaluated on a collective pool basis
As discussed in Notes 1 and 6 to the consolidated financial statements, the Company’s allowance for loan and lease losses (“ALLL”) is established as management’s estimate of expected credit losses inherent in the Company’s lending activities. As of December 31, 2025 the ALLL was $810 million, which includes the ALLL for commercial loans evaluated on a collective pool basis (the commercial collective ALLL). The ALLL is the portion of the loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for estimated prepayments. The Company measured the expected credit losses on a collective pool basis when similar risk characteristics existed. The December 31, 2025 commercial collective ALLL included quantitative and qualitative components. The Company developed and documented the commercial collective ALLL methodology at the portfolio segment level. The commercial collective ALLL methodology used various models and estimation techniques based on the Company’s historical loss experience, current borrower
77

characteristics, which included internal risk ratings, current conditions, and reasonable and supportable macroeconomic forecasts. The commercial loan portfolio is comprised of commercial and industrial (“C&I”) and commercial real estate (“CRE”), which also included multifamily residential, and construction and land loans. The Company’s C&I lifetime loss rate model estimated credit losses by estimating a loss rate expected over the life of a loan which is applied to the amortized cost basis, excluding accrued interest receivables, to determine expected credit losses. The Company’s CRE model applies projected probability of defaults (“PDs”) and loss given defaults (“LGDs”) to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss. The Company incorporated forward-looking information using macroeconomic scenarios, which included variables that are considered key drivers of increases and decreases in credit losses. A probability-weighted multiple scenario forecast over a reasonable and supportable forecast period is incorporated into both the quantitative models. The Company’s C&I lifetime loss rate model reverts to the historical average loss rate, expressed through the loan-level lifetime loss rate, after the reasonable and supportable forecast period. The Company’s CRE model considers the contractual life of the loans and the forecast of future economic conditions return to long-run historical economic trends within the reasonable and supportable period. In order to estimate the life of a loan under both quantitative models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. The Company also considered qualitative factors in determining the commercial collective ALLL, if these factors have not already been captured by the quantitative model.
We identified the December 31, 2025 commercial collective ALLL as a critical audit matter. A high degree of audit effort, including specialized skills and knowledge, and subjective and complex auditor judgment was involved in the assessment due to significant measurement uncertainty. Specifically, the assessment encompassed the evaluation of the commercial collective ALLL methodology, including an evaluation of the conceptual soundness and performance of the methods and models used to estimate (1) the quantitative component and its significant data elements and assumptions, which included portfolio segments, historic loss experience, reasonable and supportable forecast period, internal risk ratings, probability-weighted macroeconomic forecast scenarios, contractual term of the loan adjusted for estimated prepayments, and (2) the qualitative component. In addition, auditor judgment was required to evaluate the sufficiency of audit evidence obtained.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s measurement of the commercial collective ALLL estimates, including controls over the:

•development of the commercial collective ALLL methodology

•continued use and appropriateness of changes made to the quantitative models

•performance monitoring of the quantitative models

•identification and determination of the significant data elements and assumptions used in the quantitative models

•development of the qualitative component

•analysis of the commercial collective ALLL results, trends, and ratios.

We evaluated the Company’s process to develop the commercial collective ALLL estimates by testing the models, significant data elements and assumptions that the Company used, and considered the relevance and reliability of such models, data, factors, and assumptions. We performed ratio and trend analysis over key ratios and peer comparison information relevant to the commercial collective ALLL. In addition, we involved credit risk professionals with specialized skills and knowledge, who assisted in:

•evaluating the Company’s commercial collective ALLL methodology for compliance with U.S. generally accepted accounting principles

•evaluating judgments made by the Company relative to the assessment, conceptual soundness and performance testing of the quantitative models, which are based on historical loss experience by comparing them to relevant Company-specific metrics and trends and the applicable industry and regulatory practices

•evaluating the judgments made by the Company in selecting the macroeconomic forecast scenarios, including the reasonable and supportable period and the related probability-weighted macroeconomic forecast scenarios

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•determining whether the loan portfolio is pooled based on loans with similar risk characteristics by comparing to the Company’s business environment and relevant industry practices

•evaluating risk ratings for a selection of collectively evaluated loans

•evaluating the conceptual soundness of the framework used to develop the qualitative factors and the effect of those factors on the commercial collective ALLL compared with relevant credit risk factors and consistency with credit trends and identified limitations of the underlying quantitative models.

We also assessed the sufficiency of the audit evidence obtained related to the commercial collective ALLL estimates by evaluating the:

•cumulative results of audit procedures

•qualitative aspects of the Company’s accounting practices

•potential bias in accounting estimates.


/s/ KPMG LLP


We have served as the Company’s auditor since 2009.

Los Angeles, California
February 27, 2026


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EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands, except shares)
December 31,
20252024
ASSETS
Cash and due from banks$656,125 $360,734 
Interest-bearing cash with banks3,532,014 4,890,008 
Cash and cash equivalents4,188,139 5,250,742 
Interest-bearing deposits with banks16,189 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 $13,619,781 and $11,505,775)
13,212,220 10,846,811 
Held-to-maturity (“HTM”), at amortized cost (fair value of $2,479,746 and $2,387,754)
2,870,058 2,917,413 
Loans held-for-sale20,976 — 
Loans held-for-investment (net of allowance for loan and lease losses (“ALLL”) of $809,773 and $702,052)
56,068,399 53,024,585 
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net969,492 926,640 
Premises and equipment (net of accumulated depreciation of $175,297 and $166,154)
82,310 82,233 
Operating lease right-of-use assets125,407 81,967 
Goodwill465,697 465,697 
Other assets1,991,110 1,907,189 
TOTAL$80,434,997 $75,976,475 
LIABILITIES
Deposits:
Noninterest-bearing$16,697,099 $15,450,428 
Interest-bearing50,385,602 47,724,595 
Total deposits67,082,701 63,175,023 
Federal Home Loan Bank (“FHLB”) advances3,000,000 3,500,000 
Long-term debt and finance lease liabilities35,645 35,974 
Operating lease liabilities138,206 89,263 
Accrued expenses and other liabilities1,279,243 1,453,161 
Total liabilities71,535,795 68,253,421 
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 170,487,574 and 169,925,379 shares issued
170 170 
Additional paid-in capital2,111,316 2,030,712 
Retained earnings8,301,522 7,311,542 
Treasury stock, at cost 32,908,712 and 31,488,080 shares
(1,168,196)(1,034,110)
Accumulated other comprehensive loss (“AOCI”), net of tax(345,610)(585,260)
Total stockholders’ equity8,899,202 7,723,054 
TOTAL$80,434,997 $75,976,475 

See accompanying Notes to Consolidated Financial Statements.

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EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
Year Ended December 31,
202520242023
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees$3,494,661 $3,490,979 $3,172,746 
Debt securities
621,937 449,065 276,190 
Resale agreements6,475 11,254 20,164 
Restricted equity securities11,242 10,104 4,062 
Interest-bearing cash and deposits with banks159,081 231,794 220,643 
Total interest and dividend income4,293,396 4,193,196 3,693,805 
INTEREST EXPENSE
Deposits1,594,529 1,720,174 1,205,550 
Federal funds purchased and other short-term borrowings22 42,163 157,002 
FHLB advances141,472 147,269 6,430 
Securities sold under repurchase agreements (“repurchase agreements”)2,082 197 1,497 
Long-term debt and finance lease liabilities2,662 4,677 11,072 
Total interest expense1,740,767 1,914,480 1,381,551 
Net interest income before provision for credit losses2,552,629 2,278,716 2,312,254 
Provision for credit losses160,000 174,000 125,000 
Net interest income after provision for credit losses2,392,629 2,104,716 2,187,254 
NONINTEREST INCOME
Commercial and consumer deposit-related fees111,844 103,880 93,811 
Lending and loan servicing fees107,988 98,455 83,876 
Foreign exchange income58,905 54,605 48,276 
Wealth management fees50,000 38,627 26,994 
Customer derivative income, net of mark-to-market adjustments16,856 16,401 20,200 
Net gains (losses) on AFS debt securities
963 2,069 (6,862)
Other investment income10,868 5,611 9,348 
Other income21,803 15,570 17,469 
Total noninterest income 379,227 335,218 293,112 
NONINTEREST EXPENSE
Compensation and employee benefits618,753 550,734 508,538 
Occupancy and equipment expense66,129 64,399 64,528 
Deposit account expense35,218 47,390 43,143 
Computer and software related expenses54,737 47,271 44,475 
Deposit insurance premiums and regulatory assessments31,725 45,736 103,308 
Other operating expense165,039 148,301 136,305 
Amortization of tax credit and CRA investments74,795 54,242 120,299 
Total noninterest expense1,046,396 958,073 1,020,596 
INCOME BEFORE INCOME TAXES1,725,460 1,481,861 1,459,770 
Income tax expense400,272 316,275 298,609 
NET INCOME$1,325,188 $1,165,586 $1,161,161 
EARNINGS PER SHARE (“EPS”)
BASIC$9.58 $8.39 $8.23 
DILUTED$9.52 $8.33 $8.18 
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC138,342 138,898 141,164 
DILUTED139,130 139,958 141,902 

See accompanying Notes to Consolidated Financial Statements.

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EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
($ in thousands)
Year Ended December 31,
202520242023
Net income$1,325,188 $1,165,586 $1,161,161 
Other comprehensive income, net of tax:
Net changes in unrealized gains on AFS debt securities178,328 48,845 81,763 
Amortization of unrealized losses on debt securities transferred from AFS to HTM
10,592 10,884 11,171 
Net changes in unrealized gains (losses) on cash flow hedges
48,996 (23,411)52,155 
Foreign currency translation adjustments1,734 (982)(56)
Other comprehensive income239,650 35,336 145,033 
COMPREHENSIVE INCOME$1,564,838 $1,200,922 $1,306,194 

See accompanying Notes to Consolidated Financial Statements.

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EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
($ in thousands, except shares and per share data)
Common Stock and Additional Paid-in Capital
SharesAmountRetained EarningsTreasury StockAOCI, Net of TaxTotal Stockholders’ Equity
BALANCE, DECEMBER 31, 2022140,947,846 $1,936,557 $5,582,546 $(768,862)$(765,629)$5,984,612 
Cumulative-effect of change in accounting principle (1)
— — (4,262)— — (4,262)
Net income— — 1,161,161 — — 1,161,161 
Other comprehensive income— — — — 145,033 145,033 
Issuance of common stock pursuant to various stock compensation plans and agreements913,185 44,430 — — — 44,430 
Repurchase of common stock pursuant to various stock compensation plans and agreements(327,573)— — (23,751)— (23,751)
Repurchase of common stock pursuant to the stock repurchase program(1,506,091)— — (82,174)— (82,174)
Cash dividends on common stock ($1.92 per share)
— — (274,215)— — (274,215)
BALANCE, DECEMBER 31, 2023140,027,367 $1,980,987 $6,465,230 $(874,787)$(620,596)$6,950,834 
Cumulative-effect of change in accounting principle (2)
— — (9,482)— — (9,482)
Net income— — 1,165,586 — — 1,165,586 
Other comprehensive income— — — — 35,336 35,336 
Issuance of common stock pursuant to various stock compensation plans and agreements553,149 49,895 — — — 49,895 
Repurchase of common stock pursuant to various stock compensation plans and agreements(199,871)— — (14,877)— (14,877)
Repurchase of common stock pursuant to the stock repurchase program(1,943,346)— — (144,446)— (144,446)
Cash dividends on common stock ($2.20 per share)
— — (309,792)— — (309,792)
BALANCE, DECEMBER 31, 2024138,437,299 $2,030,882 $7,311,542 $(1,034,110)$(585,260)$7,723,054 
Net income— — 1,325,188 — — 1,325,188 
Other comprehensive income— — — — 239,650 239,650 
Issuance of common stock pursuant to various stock compensation plans and agreements562,195 80,604 — — — 80,604 
Repurchase of common stock pursuant to various stock compensation plans and agreements(208,108)— — (19,156)— (19,156)
Repurchase of common stock pursuant to the stock repurchase program(1,212,524)— — (114,930)— (114,930)
Cash dividends on common stock ($2.40 per share)
— — (335,208)— — (335,208)
BALANCE, DECEMBER 31, 2025137,578,862 $2,111,486 $8,301,522 $(1,168,196)$(345,610)$8,899,202 
(1)Represents the change in the Company’s ALLL as a result of the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures on January 1, 2023.
(2)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.

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EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
Year Ended December 31,
202520242023
CASH FLOWS FROM OPERATING ACTIVITIES   
Net income$1,325,188 $1,165,586 $1,161,161 
Adjustments to reconcile net income to net cash provided by operating activities:   
Provision for credit losses160,000 174,000 125,000 
Depreciation, amortization and accretion, net213,164 212,338 174,183 
Stock compensation costs76,189 45,535 39,867 
Deferred income tax benefit(7,775)(14,283)(49,139)
Net (gains) losses on AFS debt securities(963)(2,069)6,862 
Net losses (gains) on other real estate owned (“OREO”) write-downs and sales10,275 7,275 (3,451)
Loans held-for-sale:
Originations and purchases(4,105)(2,881)(116)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale4,102 3,020 — 
Net change in accrued interest receivable and other assets (97,306)63,743 (146,270)
Net change in accrued expenses and other liabilities(167,970)(242,443)105,304 
Other operating activities, net(9,099)1,846 11,508 
Total adjustments176,512 246,081 263,748 
Net cash provided by operating activities1,501,700 1,411,667 1,424,909 
CASH FLOWS FROM INVESTING ACTIVITIES   
Net (increase) decrease in:   
Affordable housing partnership, tax credit and CRA investments(351,786)(378,305)(228,550)
Interest-bearing deposits with banks33,115 (38,352)128,523 
Assets purchased under resale agreements:
Proceeds from paydowns and maturities— 360,000 219,917 
Purchases— — (212,725)
AFS debt securities:
Proceeds from sales952,413 1,428,829 3,138 
Proceeds from repayments, maturities and redemptions 3,851,138 1,547,058 1,470,819 
Purchases(6,939,256)(7,599,454)(1,549,846)
Loans held-for-investment:
Proceeds from sales of loans originally classified as held-for-investment310,408 715,088 711,862 
Purchases (963,327)(1,000,637)(600,930)
Other changes in loans held-for-investment, net(2,486,715)(1,341,549)(4,166,572)
Proceeds from sales of OREO and other foreclosed assets36,122 33,055 3,721 
Proceeds from repayments and redemptions of HTM debt securities
62,832 54,249 61,744 
Redemption (purchases) of FHLB stock, net14,024 (84,079)— 
Other investing activities, net4,527 8,894 (88,262)
Net cash used in investing activities(5,476,505)(6,295,203)(4,247,161)

See accompanying Notes to Consolidated Financial Statements.

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EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Continued)
Year Ended December 31,
202520242023
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in deposits3,863,717 7,108,377 144,468 
Net change in short-term borrowings2 (4,500,000)4,500,000 
FHLB advances:
Proceeds2,500,000 4,000,400 6,000,000 
Repayments(3,000,000)(500,400)(6,000,000)
Repurchase agreements:
Repayment— — (300,000)
Extinguishment cost— — (3,872)
Repayment of lease liabilities and junior subordinated debt (836)(117,437)(871)
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements3,212 3,023 3,208 
Stock tendered for payment of withholding taxes(19,239)(14,877)(23,751)
Repurchase of common stock pursuant to the stock repurchase program(115,590)(143,082)(82,174)
Cash dividends paid(334,041)(308,478)(274,554)
Net cash provided by financing activities2,897,225 5,527,526 3,962,454 
Effect of exchange rate changes on cash and cash equivalents14,977 (8,232)(7,002)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS(1,062,603)635,758 1,133,200 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR5,250,742 4,614,984 3,481,784 
CASH AND CASH EQUIVALENTS, END OF YEAR$4,188,139 $5,250,742 $4,614,984 
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the year for:   
Interest$1,742,199 $2,057,967 $1,213,319 
Income taxes, net$278,182 $246,945 $291,685 
Noncash investing and financing activities:
Loans transferred from held-for-investment to held-for-sale$331,227 $659,322 $739,379 
Loans transferred to OREO or other foreclosed assets$33,513 $67,379 $11,141 

See accompanying Notes to Consolidated Financial Statements.

85



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

Note 1 — Summary of Significant Accounting Policies

Organization

East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) 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 Bank is the Company’s principal asset. As of December 31, 2025, the Company operated in over 110 locations in the United States (“U.S.”) and Asia. In the U.S., the Bank’s corporate headquarters and main administrative offices are located in California, and its branches are located in California, Texas, New York, Washington, Georgia, Massachusetts and Nevada. In Asia, East West’s presence includes branches in China and Hong Kong, and representative offices in China and Singapore. The Bank has a banking subsidiary based in China — East West Bank (China) Limited (“EWCN”).

Significant Accounting Policies

Basis of Presentation — The accounting and reporting policies of the Company conform with the U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and common practices in the banking industry. 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 period, and the related disclosures. Actual results could differ materially from those estimates. Certain items on the Consolidated Financial Statements and notes for the prior years have been reclassified to conform to the 2025 presentation.

Principles of Consolidation — The Consolidated Financial Statements in this Form 10-K include the accounts of East West and its subsidiaries that are majority owned and in which the Company has a controlling financial interest, and variable interest entities (“VIE”) in which the Company has determined to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a VIE.

For a VIE, a controlling financial interest is where the Company has the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE. For an entity that does not meet the definition of a VIE, the entity is determined to be a voting interest entity. The Company consolidates a voting interest entity if it can exert control over the financial and operating policies of an investee, which can occur if the Company has a more than 50% voting interest in the entity. For unconsolidated entities, the Company uses the proportional amortization method (“PAM”), equity, cost or measurement alternative method based on the Company’s voting or economic interest.

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.

Cash and Cash Equivalents — Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank (“FRB”) of San Francisco and other financial institutions, money market funds, and federal funds sold with original maturities up to three months.

Interest-Bearing Deposits with Banks — Interest-bearing deposits with banks include cash placed with other banks with original maturities greater than three months and less than one year.

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Assets Purchased under Resale Agreements and Securities Sold under Repurchase Agreements — Resale agreements are recorded as receivables based on the values at which the securities or loans are acquired. Repurchase agreements are accounted for as collateralized financing transactions and recorded as liabilities based on the values at which the securities are sold. The Company monitors the values of the underlying assets collateralizing the resale and repurchase agreements, including accrued interest, and obtains or posts additional collateral in order to maintain the appropriate collateral requirements for the transactions. For allowance for credit losses on resale agreements, refer to the Allowance for Collateral-Dependent Financial Assets section of this note for details.

Debt Securities — Debt securities are recorded on the Consolidated Balance Sheet as of their trade dates. The Company initially classifies its debt securities as trading securities, AFS or HTM debt securities based on management’s intention on the date of the purchase. Debt securities are purchased for liquidity and investment purposes, as part of asset/liability management and other strategic activities.

Debt securities for which the Company has the positive intention and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of allowance for credit losses. Debt securities not classified as trading securities or HTM securities are classified as AFS. AFS debt securities are reported at fair value, net of the allowance for credit losses, with unrealized gains and losses recorded in AOCI, net of applicable income taxes. For details of the allowance for credit losses on debt securities, refer to the Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Debt Securities sections of this note. Interest income, including any amortization of premium or accretion of discount, is included in debt securities interest and dividend income in the Company’s Consolidated Statement of Income. The Company recognizes realized gains and losses on the sale of AFS debt securities in earnings, using the specific identification method.

Upon transfer of a debt security from the AFS to HTM category, the security’s new amortized cost is reset to fair value, reduced by any previous write-offs but excluding any allowance for credit losses. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income over the remaining life of the securities as effective yield adjustments, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. For transfers of securities from the AFS to HTM category, any allowance for credit losses that was previously recorded under the AFS model is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. The reversal and re-establishment of the allowance for credit losses are recorded in the provision for credit losses.

Equity Securities — The Company’s equity securities include both marketable and non-marketable equity securities. Marketable equity securities with readily determinable fair values are recorded at fair value with unrealized gains and losses due to changes in fair value, and are included in Other investment income on the Consolidated Statement of Income. Marketable equity securities include mutual fund investments, which are included in Affordable housing partnership, tax credit and CRA investments, net on the Consolidated Balance Sheet.

Non-marketable equity securities including tax credit investments, and other equity investments that do not have readily determinable fair values are recorded in Affordable housing partnership, tax credit and CRA investments, net, and Other assets on the Consolidated Balance Sheet and are accounted for under one of the following accounting methods:
•Equity Method — When the Company has the ability to exercise significant influence over the investee.
•Proportional Amortization Method — For qualifying tax credit investments, the Company amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income.
•Cost Method — The cost method is applied to restricted equity securities held for membership and regulatory purposes, such as FRB of San Francisco and FHLB stock. These investments are held at their cost minus impairment. If impaired, the carrying value is written down to the fair value of the security.
•Measurement Alternative — This method is applied to all remaining non-marketable equity securities. These securities are carried at cost adjusted for impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar security of the same issuer.
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The Company’s impairment review for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, the expectations of cash flows, capital needs and the viability of its business model. For equity and cost method investments, the Company reduces the asset’s carrying value when the Company considers declines in value to be other-than-temporary impairment (“OTTI”). For securities accounted for under the measurement alternative, the Company reduces the asset value when the fair value is less than the carrying value, without the consideration of recovery.

Loans Held-for-Sale — Loans are initially classified as loans held-for-sale when they are individually identified as being available for immediate sale and management has committed to a formal plan to sell them. Loans held-for-sale are carried at lower of cost or fair value. Subject to periodic review under the Company’s evaluation process, including asset/liability and credit risk management, the Company may transfer certain loans from held-for-investment to held-for-sale measured at lower of cost or fair value. Any write-downs in the carrying amount of the loan at the date of transfer are recorded as charge-offs to the ALLL. Loan origination fees on loans held-for-sale, net of certain costs in processing and closing the loans, are deferred until the time of sale and are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. A valuation allowance is established if the fair value of such loans is lower than their cost. If the loan or a portion of the loan cannot be sold, it is subsequently transferred back to the loans held-for-investment portfolio from the loans held-for-sale portfolio at the lower of cost or fair value on the transfer date.

Loans Held-for-Investment — At the time of commitment to originate or purchase a loan, the loan is determined to be held-for-investment if it is the Company’s intent to hold the loan to maturity or for the foreseeable future. Loans held-for-investment are stated at their outstanding principal, reduced by an ALLL and net of deferred loan fees or costs, or unearned fees on originated loans, net of unamortized premiums or unaccreted discounts from purchased loans. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method. Discounts/premiums on purchased loans are accreted/amortized to interest income using the effective interest method over the remaining contractual maturity. Interest on loans is calculated using the simple-interest method on daily balances of the principal amounts outstanding. Generally, loans are placed on nonaccrual status when they become 90 days past due or more. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Loans are also placed on nonaccrual status when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of principal or interest becomes uncertain, regardless of the length of past due status. Once a loan is placed on nonaccrual status, interest accrual is discontinued and all unpaid accrued interest is reversed against interest income. Interest payments received on nonaccrual loans are reflected as a reduction of principal and not as interest income. A loan is returned to accrual status when the borrower has demonstrated a satisfactory payment trend subject to management’s assessment of the borrower’s ability to repay the loan.

Loan Modifications — The Company applies the general loan modification guidance provided in ASC 310-20 to all loan modifications, including modifications made to borrowers experiencing financial difficulty. Under ASC 310-20-35-9 to 310-20-35-10, a modification is treated as a new loan only if the following two conditions are met: (1) the terms of the new loan are at least as favorable to the Company as the terms for comparable loans to other customers with similar collection risks; and (2) modifications to the terms of the original loan are more than minor. If either condition is not met, the modification is accounted for as the continuation of the existing loan with any effect of the modification treated as a prospective adjustment to the loan’s effective interest rate. A modification may vary by program and by borrower-specific characteristics, and may include rate reductions, principal forgiveness, term extensions, and payment delays, and is intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of collateral. The Company applies the same credit loss methodology it uses for similar loans that were not modified. ASC 310-10-50-42 requires disclosures of modification made to borrowers experiencing financial difficulty in the forms of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions or a combination of these types of modifications.

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Allowance for Loan and Lease Losses — The ALLL is established as management’s estimate of expected credit losses inherent in the Company’s lending activities; it is increased by the provision for credit losses and decreased by net charge-offs. The ALLL is evaluated quarterly by management based on regular reviews of the collectability of the Company’s loans, and more often if deemed necessary. The Company develops and documents the ALLL methodology at the portfolio segment level. The commercial loan portfolio is comprised of commercial and industrial (“C&I”), commercial real estate (“CRE”), multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans.

The ALLL represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual loans. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. When the loan is deemed uncollectible, it is the Company’s policy to charge off the uncollectible amount against the ALLL.

The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an ALLL for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status.

The ALLL is reported on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income.

Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the Company considers both the likelihood that funding will occur, and the expected credit losses on the commitments that are expected to fund over their estimated lives.

The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance.

The allowance for unfunded credit commitments is included in the Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements.

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Allowance for Credit Losses on Available-for-Sale Debt Securities — For each reporting period, each AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost of the AFS debt security, excluding accrued interest. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the AFS debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt security’s ratings and other qualitative factors. For AFS debt securities that are guaranteed or issued by the U.S. government, or government-sponsored enterprises of high credit quality, the Company applies a zero credit loss assumption.

When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income.

The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure.

Allowance for Credit Losses on Held-to-Maturity Debt Securities — For each major HTM debt security type, the allowance for credit losses is estimated collectively for groups of securities with similar risk characteristics. For securities that do not share similar risk characteristics, the losses are estimated individually. The Company applies a zero credit loss assumption to certain HTM debt securities, including debt securities that are either guaranteed or issued by the U.S. government or government-sponsored enterprises, are highly rated by nationally recognized statistical rating organizations (“NRSROs”), and have a long history of no credit losses. Any expected credit loss is recorded through the allowance for credit losses and deducted from the amortized cost basis of the security, reflecting the net amount the Company expects to collect.

The amortized cost of the Company’s HTM debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on HTM debt securities, as the Company reverses any accrued interest against interest income if a debt security is placed on nonaccrual status. The criteria used to place HTM debt securities on nonaccrual are largely similar to those described for loans. Any cash collected on nonaccrual HTM debt securities is applied to reduce the security’s amortized cost basis and not as interest income. Generally, the Company returns an HTM security to accrual status when all delinquent interest and principal become current under the contractual terms of the security, and the collectability of remaining principal and interest is no longer doubtful.

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Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral less the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement.

Allowance for Purchased Credit Deteriorated Assets — Purchased assets that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed Purchased Credit Deteriorated (“PCD”) assets. For PCD HTM debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Under this approach, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses. At the acquisition date, the initial allowance for credit losses determined on a collective basis is allocated to individual assets in accordance with ASC 326-20-30-13. Subsequent changes in the allowance for credit losses on PCD assets are recognized as Provision for credit losses (or reversal of provision for credit losses) on the Consolidated Statement of Income.

Premises and Equipment, Net — The Company’s premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed based on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of estimated useful lives for the principal classes of assets are as follows:
Premises and EquipmentUseful Lives
Buildings 25 years
Building improvements
15 years
Furniture, fixtures and equipment, including computer equipment
3 to 7 years
Leasehold improvementsRemaining term of lease or useful life, whichever is shorter

The Company reviews its long-lived assets for impairment annually, or when events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. An asset is considered impaired when the fair value, which is the expected undiscounted cash flows over the remaining useful life, is less than the net book value. The excess of the net book value over its fair value is charged as impairment loss to noninterest expense.

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Goodwill — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in an acquisition. Goodwill is tested for impairment on an annual basis as of December 31, or more frequently if an event occurs or circumstances change that indicate a potential impairment at the reporting unit level. The Company assesses goodwill for impairment at each operating segment level. The Company organizes its operations into three reporting segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. For information on how the reporting units are identified and the components are aggregated, see Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K. The Company has the option to perform a qualitative assessment of goodwill or elect to bypass the qualitative test and proceed directly to a quantitative test. If the Company performs a qualitative assessment of goodwill to test for impairment and concludes it is more likely than not that a reporting unit’s fair value is greater than its carrying value, quantitative tests are not required. If the qualitative analysis indicates that it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company is required to perform a quantitative assessment to determine if there is goodwill impairment. Factors considered in the qualitative assessments include but are not limited to macroeconomic conditions, industry and market considerations, financial performance of the respective operating segment and other relevant entity- and reporting-unit specific considerations. A quantitative valuation involves determining the fair value of each reporting unit and comparing the fair value to its corresponding carrying value. Goodwill impairment loss is recorded as a charge to noninterest expense and an adjustment to the carrying value of goodwill. Subsequent reversals of goodwill impairment are not allowed.

Derivatives — As part of its asset/liability management strategy, the Company uses derivative financial instruments to mitigate exposure to interest rate and foreign currency risks, and to assist customers with their risk management objectives. Derivatives utilized by the Company primarily include swaps, forwards and option contracts. Derivative instruments are included in Other assets or Accrued expenses and other liabilities on the Consolidated Balance Sheet at fair value. All derivatives designated as fair value hedges and hedges of the net investments in certain foreign operations are linked to specific hedged items or to groups of specific assets and liabilities on the Consolidated Balance Sheet. Cash flow hedges are linked to the forecasted transactions related to a recognized asset/liability or to groups of recognized assets/liabilities. The related cash flows impacts of derivatives are recognized on the Cash flows from operating activities section on the Consolidated Statement of Cash Flows.

The Company uses accounting hedges based on the exposure being hedged as either fair value hedges, cash flow hedges or hedges of the net investments in certain foreign operations. For fair value hedges of interest rate risk, changes in fair value of derivatives are reported in the same line item where the earnings effect of the hedged item is presented, as Interest expense or Interest and dividend income on the Consolidated Statement of Income. Changes in fair value of derivatives designated as hedges of the net investments in foreign operations are recorded as a component of AOCI. For cash flow hedges of floating-rate interest payments or receipts, the change in the fair value of hedges is recognized in AOCI on the Consolidated Balance Sheet and reclassified to earnings in the same period when the hedged cash flows impact earnings. The changes in the fair value of the hedging instrument are recorded in the same income statement line item as the hedged item’s expense or income is recorded. For example, fair value changes of hedges on borrowings are recorded within Interest expense, and fair value changes of hedges on loan assets are recorded as interest income within Interest and dividend income on the Consolidated Statements of Income.

To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not sought), a derivative must be highly effective in offsetting the risk designated as being hedged at the inception and on an ongoing basis. The Company evaluates the hedge effectiveness and formally documents its hedging relationships at inception, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Subsequent to inception, on a quarterly basis, the Company assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in the fair value of the hedged items or the cash flows of attributable hedged risks. The quarterly assessment is performed on both a prospective basis (to reconfirm forward-looking expectations that the hedge will be highly effective) and a retrospective basis (to determine whether the hedging relationship was highly effective).

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The Company discontinues hedge accounting prospectively when (i) a derivative is no longer highly effective in offsetting the risk being hedged; (ii) a derivative expires, or is sold, terminated or exercised, or (iii) the Company determines that designation of a derivative as a hedge is no longer appropriate. If a fair value hedge is discontinued, the derivative will continue to be recorded on the Consolidated Balance Sheet at fair value with changes in fair value recognized on the Consolidated Statement of Income. When the hedged net investment is discontinued, any amounts that have not yet been recognized in earnings remain in AOCI until the net investment is either sold or substantially liquidated where the changes in the fair value of the derivatives are reclassified out of AOCI into Foreign exchange income on the Consolidated Statement of Income. If a cash flow hedge is discontinued but the hedged forecasted cash flow is still expected to happen, the derivative net gain or loss will remain in AOCI and be reclassified into earnings in the periods in which the hedged forecasted cash flow affects earnings. If a cash flow hedge is discontinued and it becomes probable that the forecasted cash flow is not expected to happen, the derivative net gain or loss will be reclassified into earnings immediately.

The Company also offers various interest rate, commodity and foreign exchange derivative products to customers. These derivative contracts are recorded at fair value with changes in fair value recorded in Customer derivative income or Foreign exchange income on the Consolidated Statement of Income.

As part of its loan origination process, the Company may periodically receive equity warrants to purchase preferred and/or common stock of the public or private companies to which it provides loans. Separately, the Company granted performance-based restricted stock units (“RSUs”) as part of its consideration for an investment made during the third quarter of 2023. The vesting of these performance-based RSUs is contingent on the investee meeting certain financial performance targets during the future performance period. These equity contracts are accounted for as derivatives and recorded at fair value in Other assets or Accrued expenses and other liabilities on the Consolidated Balance Sheet with changes in fair value recorded in Lending fees, for equity warrants related to the loan origination process, or Other investment income, for performance-based RSU’s, on the Consolidated Statement of Income.

The Company is exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. Valuation of derivative assets and liabilities reflect the value of the instrument inclusive of the nonperformance risk. The Company uses master netting arrangements to mitigate counterparty credit risk in derivative transactions. To the extent the derivatives are subject to master netting arrangements, the Company takes into account the impact of master netting arrangements that allow the Company to set off all derivative contracts executed with the same counterparty on a net basis, and to offset the net derivative position with the related cash and securities collateral. The Company elects to offset derivative transactions with the same counterparty on the Consolidated Balance Sheet when a derivative transaction has a legally enforceable master netting arrangement and when it is eligible for netting under ASC 210-20-45-1, Balance Sheet Offsetting: Netting Derivative Positions on Balance Sheet. Derivative balances and related cash collateral are presented net on the Consolidated Balance Sheet. In addition, the Company applies the Settlement to Market treatment for the cash variation margin received/pledged on our interest rate and commodity contracts cleared through certain centrally cleared counterparties. As a result, derivative balances with these counterparties are considered settled by the variation margin.

Fair Value — The Company records or discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. Fair value measurements are based on the exit price notion that maximizes the use of observable inputs and minimizes the use of unobservable inputs. However, for certain instruments, the Company must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in the measurement of fair value.

All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that assigns the highest priority to quoted prices in active markets and the lowest priority to prices derived from data lacking transparency. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories:

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•Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets.
•Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data.
•Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities.

For additional information on fair value, see Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K.

Stock-Based Compensation — The Company grants time-based RSUs, which include service conditions for vesting. RSUs that vest in the form of shares of the Company’s common stock are classified as equity. Compensation cost for these time-based awards is based on the quoted market price of the Company’s common stock at the grant date. RSUs that will be settled in cash instead of shares are liability classified awards and compensation cost for these awards is adjusted to fair value based on changes in the Company’s stock price up to the settlement date. In addition, the Company grants performance-based RSUs, which contain additional performance goals and market conditions that are required to be met in order for the awards to vest. Compensation expense for these performance-based RSUs is based on the grant-date fair value considering both performance and market conditions. Subsequently, the Company evaluates the probable outcome of the performance conditions quarterly and makes cumulative adjustments for current and prior periods in compensation expense in the period of change. Market conditions subsequent to the grant date have no impact on the amount of compensation expense.

Compensation cost is amortized on a straight-line basis over the requisite service period for the entire award, 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 $31 million of additional compensation expense in 2025. Forfeitures are estimated at the time of grant and are updated quarterly. If the estimated forfeitures are revised, a cumulative effect of changes in estimated forfeitures for the current and prior periods is recognized in compensation expense in the period of change. Excess tax benefits and deficiencies on share-based payment awards are recognized within Income tax expense on the Consolidated Statement of Income. Refer to Note 13 — Stock Compensation Plans to the Consolidated Financial Statements in this Form 10-K for additional information.

Revenue from Contracts with Customers — The Company recognizes two primary types of revenue on its Consolidated Statement of Income: Net interest income and Noninterest income. The Company’s revenue from contracts with customers consists of service charges and fees related to deposit accounts, card income and wealth management fees. These revenue streams as described below comprised 43%, 43% and 41% of total noninterest income for the years ended December 31, 2025, 2024 and 2023, respectively.
•Deposit Service Charges and Related Fee Income — The Company offers a range of deposit products to individuals and businesses, which includes savings, money market, checking and time deposit accounts. In addition to ongoing maintenance charges, treasury management and business account analysis services are offered to commercial deposit customers. Other optional services such as various in-branch services, automated teller machine/debit card usage, wire transfer services or check orders are also offered. The monthly account fees may vary with the amount of average monthly deposit balances maintained, or the Company may charge a fixed monthly account maintenance fee if certain average balances are not maintained. In addition, each time a deposit customer selects an optional service, the Company may earn transaction fees, generally recognized by the Company at the point when the transaction occurs. For business analysis accounts, commercial deposit customers receive an earnings credit based on their account balance, which can be used to offset the cost of banking and treasury management services. Business analysis accounts that are assessed fees in excess of earnings credits received are typically charged at the end of each month, after all transactions are known and the credits are calculated. Deposit service charges and related fee income are recognized in all operating segments and included in Commercial and consumer deposit-related account fees on the Consolidated Statement of Income.

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•Wealth Management Fees — The Company provides investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter-end based on actual transaction details received from the broker-dealer with whom the Company engages. Wealth management fees are recognized in both consumer and business banking, and commercial banking segments.
•Card Income — Card income primarily consists of merchant referral fees where the Company provides marketing and referral services to acquiring banks for merchant card processing services and earns variable referral fees based on transaction activities. The Company satisfies its performance obligation over time as the Company identifies, solicits, and refers business customers who are provided such services. Card income is recognized in the consumer and business banking, and commercial banking segments and is included in Commercial and consumer deposit-related fees on the Consolidated Statement of Income.

Income Taxes — The Company files consolidated federal income tax returns, foreign tax returns, and various combined and separate company state tax returns. The calculation of the Company’s income tax provision and related tax accruals requires the use of estimates and judgments. Income tax expense consists of two components: current and deferred. Current tax expense represents taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions. Income tax liabilities (receivables) represent the estimated amounts due to (due from) the various taxing jurisdictions where the Company has established a tax presence and are reported in Accrued expenses and other liabilities or Other assets on the Consolidated Balance Sheets. Deferred tax expense results from changes in deferred tax assets and liabilities between periods, and is determined using the balance sheet method. Under the balance sheet method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards and tax credit carryforwards. Management regularly reviews the Company’s tax positions and deferred tax balances. In concluding whether a valuation allowance is required, the Company considers all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. Factors considered in this analysis include the Company’s ability to generate future taxable income, implement tax-planning strategies (as defined in ASC 740, Income Taxes) and utilize taxable income from prior carryback years (if such carryback is permitted under the applicable tax law), as well as future reversals of existing taxable temporary differences. To the extent a deferred tax asset is no longer expected more-likely-than-not to be realized, a valuation allowance is established. Deferred tax assets net of deferred tax liabilities are included in Other assets on the Consolidated Balance Sheet.

The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. Uncertain tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Tax benefits not meeting our realization criteria represent unrecognized tax benefits. The Company establishes a liability for potential taxes, interest and penalties related to uncertain tax positions based on facts and circumstances, including the interpretation of existing law, new judicial or regulatory guidance, and the status of tax audits.

The Company uses the PAM for affordable housing partnership investments, whereby the associated tax credits are recognized as a reduction to tax expense. Upon the adoption of ASU 2023-02 on January 1, 2024, the Company also began applying the PAM to new markets, historic, production and renewable energy tax credit investments. The Company also holds investments in other tax credit investments using either equity method or the measurement alternative method of accounting. These tax credits are recognized on the Consolidated Financial Statements to the extent they are utilized on the Company’s income tax returns in the year the credit arises under the flow through method of accounting.

From time to time, the Company purchases tax credits. The purchased credit is either recorded as an adjustment to income taxes refundable (payable) or as a deferred tax asset, or if the purchased credit is expected to be carried forward to be utilized on future income tax returns, the difference between the purchase price, including direct costs to acquire the credit, and the purchased tax credit is recognized as a deferred credit. The deferred credit is recognized in income tax expense in proportion to the reversal of the associated deferred tax asset.
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Earnings Per Share — Basic EPS is computed by dividing net income by the weighted-average number of outstanding common shares. Outstanding common shares include contingently issuable shares when the contingent condition has been satisfied. Employee share-based payment awards in the form of shares that vest when an employee retires or become retirement-eligible are treated as contingently issuable shares. Diluted EPS is computed by taking net income, adjusted for fair value changes of liability-classified equity contracts that are share-settled, divided by the weighted-average number of common shares outstanding during each period, plus any incremental dilutive common share equivalents calculated for outstanding time- and performance-based RSUs and contingently issuable shares computed using the treasury stock method.

Foreign Currency Translation — When the functional currency of a foreign operation differs from the Company’s reporting currency, the U.S. dollar (“USD”), the assets and liabilities of the foreign operations are translated, for consolidation purposes, from the functional currency to the Company’s reporting currency using period-end spot foreign exchange rates. Revenues and expenses of the foreign operations are translated, for the purpose of consolidation, from its functional currency into the reporting currency USD at the transaction date foreign exchange rates. The effects of these translation adjustments are reported in the Foreign currency translation adjustments account within Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of any related hedged effects. For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the USD as their functional currency, the effects of changes in exchange rates are reported in Foreign exchange income on the Consolidated Statement of Income.

Accounting Pronouncement Adopted in 2025
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

December 31, 2025

Early adoption is permitted.
ASU 2023-09 amends the disclosure requirements for income tax rate reconciliation and income taxes paid. The guidance requires public business entities to provide on an annual basis:

•A reconciliation of statutory tax rate to effective tax rate, using both percentages and reporting currency amounts, into specific categories with reconciling items at or above 5% of the statutory federal income rate.
•The amount of income taxes paid (net of refunds) disaggregated by federal, state and foreign taxes, with further disaggregation by individual jurisdictions that are equal to 5% or more of income taxes paid.
•Income (or loss) before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) disaggregated by federal, state and foreign.
The Company adopted ASU 2023-09 on December 31, 2025, retrospectively by providing the revised disclosures for all periods presented.

Recent Accounting Pronouncements Yet to be Adopted
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements
January 1, 2027

Early adoption is permitted.
ASU 2025-09 addresses five specific matters:

1.Broadens the set of hedged risk that may be combined within a group of individual forecasted transactions in a cash flow hedge.
2.Enables entities to apply cash flow hedge accounting on “choose-your-rate” debt.
3.Broadens situations where hedge accounting can be applied to forecasted purchases and sales of nonfinancial assets.
4.Removes the requirement to perform net written option assessment for a compound derivative when it is designated as a hedging instrument.
5.In the case of a dual hedge where a foreign- currency-denominated debt instrument is designated as the hedging instrument in a net investment hedge and a hedged item in a fair value of interest rate risk, the ASU requires the debt instruments’ fair value-hedge basis adjustment be excluded when performing the net investment hedge effectiveness assessment.

This guidance must be applied prospectively for all hedging relationships. The Company may elect to adopt this ASU amendments for hedging relationships as of the adoption date.
The Company is currently evaluating the impact of this guidance and does not expect adoption to have a material impact on the Company’s Consolidated Financial Statements.

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Recent Accounting Pronouncements Yet to be Adopted (Continued)
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU No. 2025-08, Financial Instruments—Credit Losses (Topic 326)
January 1, 2027

Early adoption is permitted.
ASU 2025-08 broadens the population of financial assets that are within scope of the gross up approach under ASC 326 to include purchased seasoned loans which are defined as:

•Non-PCD loans that are obtained in a business combination.
•Non-PCD loans that are (1) obtained in an asset acquisition or upon consolidation of a VIE that is not a business and (2) are acquired more than 90 days after their origination date by a transferee that was not involved in their origination.

The guidance introduces an accounting policy election to use the amortized cost basis of the asset rather than the discounted cash flow analysis to subsequently measure the credit losses on purchased seasoned loans.

The new guidance is not applicable to credit card loans, ASC 606 receivables, or debt securities. The guidance must be applied prospectively.
The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.
ASU No. 2024-03, Income Statement —Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
December 31, 2027

Early adoption is permitted.
ASU 2024-03 requires public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements. Disclosures of disaggregated expenses include the following:

•The amounts of (a) purchases of inventory; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion and amortization of capitalized costs related to oil- and gas-producing activities in each relevant expense caption.
•A qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.

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 this 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 third-party pricing service providers, including brokers who have experience in valuing these securities. 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.

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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.

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, EWCN, a non-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.

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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, which is an unobservable input. 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 the majority of significant inputs used in deriving the estimated fair value, credit contracts are classified as Level 2.

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 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 measure of operating profit of the investee to be achieved during the future performance period, as well as the Company’s stock price. 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 use of significant unobservable inputs in their valuation, 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-K.

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.

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The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2025
($ in thousands)Level 1Level 2Level 3Total Fair Value
AFS debt securities:
U.S. Treasury securities$993,913 $— $— $993,913 
U.S. government agency and U.S. government sponsored enterprise debt securities— 257,654 — 257,654 
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 265,338 — 265,338 
Residential mortgage-backed securities— 10,132,653 — 10,132,653 
Municipal securities— 243,102 — 243,102 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 190,948 — 190,948 
Residential mortgage-backed securities— 393,787 — 393,787 
Corporate debt securities— 464,981 — 464,981 
Foreign government bonds— 238,455 — 238,455 
Asset-backed securities— 31,389 — 31,389 
Total AFS debt securities$993,913 $12,218,307 $— $13,212,220 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$22,098 $4,298 $— $26,396 
Total affordable housing partnership, tax credit and CRA investments, net$22,098 $4,298 $— $26,396 
Other assets:
Equity securities$630 $— $— $630 
Total other assets$630 $— $— $630 
Derivative assets:
Interest rate contracts$— $298,558 $— $298,558 
Foreign exchange contracts— 44,340 — 44,340 
Credit contracts— 25 — 25 
Equity contracts— — 522 522 
Commodity contracts— 66,022 — 66,022 
Gross derivative assets$— $408,945 $522 $409,467 
Netting adjustments (2)
$— $(257,525)$— $(257,525)
Net derivative assets$— $151,420 $522 $151,942 
Derivative liabilities:
Interest rate contracts$— $256,870 $— $256,870 
Foreign exchange contracts— 43,160 — 43,160 
Equity contracts (3)
— — 13,734 13,734 
Credit contracts— 51 — 51 
Commodity contracts— 72,158 — 72,158 
Gross derivative liabilities$— $372,239 $13,734 $385,973 
Netting adjustments (2)
$— $(101,640)$— $(101,640)
Net derivative liabilities$— $270,599 $13,734 $284,333 
Refer to table footnotes on the following page.
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Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2024
($ 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 obligations (“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 $9.6 billion and $7.2 billion of fair value as of December 31, 2025 and 2024, respectively.
(2)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information.
(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.
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For the years ended December 31, 2025, 2024 and 2023, Level 3 fair value measurements that were measured on a recurring basis consisted of warrant equity contracts issued by private companies and liability-classified contingently issuable shares of the Company. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Derivative assets:
Equity contracts
Beginning balance$239 $336 $323 
Total losses included in earnings (1)
(156)(97)(79)
Issuances (2)
439 — 92 
Ending balance$522 $239 $336 
Derivative liabilities:
Equity contracts (3)
Beginning balance$15,119 $15,119 $— 
Total gains included in earnings (4)
(1,385)— — 
Issuances— — 15,119 
Ending balance$13,734 $15,119 $15,119 
(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.
(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.
(4)Included in Other investment income 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 December 31, 2025 and 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 Inputs
Weighted- Average of Inputs
December 31, 2025
Derivative assets:
Equity contracts$522 Black-Scholes option pricing modelEquity volatility
34% — 53%
40%
(1)
Liquidity discount47%47%
Derivative liabilities:
Equity contracts (2)
$13,734 Internal model
Payout % based on operating revenue and measure of operating profit of investee
35%35%
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 measure of operating profit of investee
84%84%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of December 31, 2025 and 2024.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in an investment.

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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, loans held-for-sale 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 OTTI 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.

103

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 December 31, 2025 and 2024:
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2025
($ in thousands)Level 1Level 2Level 3Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $5,916 $5,916 
CRE:
CRE— — 13,335 13,335 
Total loans held-for-investment$— $— $19,251 $19,251 
Affordable housing partnership, tax credit and CRA investments, net$— $— $953 $953 
OREO (1)
$— $— $13,035 $13,035 
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2024
($ in thousands)Level 1Level 2Level 3Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $48,384 $48,384 
CRE:
CRE— — 1,678 1,678 
Construction and land— — 11,316 11,316 
Total commercial— — 61,378 61,378 
Consumer:
Residential mortgage:
HELOCs— — 108 108 
Total consumer— — 108 108 
Total loans held-for-investment$— $— $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 subsequent to its initial classification as OREO and is included in Other assets on the Consolidated Balance Sheet.

104

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 years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Loans held-for-investment:
Commercial:
C&I$(40,996)$(43,754)$(6,152)
CRE:
CRE(21,830)(78)(1,183)
Construction and land— (2,289)— 
Total CRE(21,830)(2,367)(1,183)
Total commercial(62,826)(46,121)(7,335)
Consumer:
Residential mortgage:
Single-family residential— (1,392)— 
HELOCs— — (40)
Total consumer— (1,392)(40)
Total loans held-for-investment$(62,826)$(47,513)$(7,375)
Affordable housing partnership, tax credit and CRA investments, net(550)(685)(1,140)
OREO(7,381)(7,735)— 
Total nonrecurring fair value losses$(70,757)$(55,933)$(8,515)

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 December 31, 2025 and 2024:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of InputsWeighted-Average of Inputs
December 31, 2025
Loans held-for-investment$4,516 Fair value of collateralDiscount
75% — 100%
75%
(1)
$14,735 Fair value of propertySelling cost
8%
8%
Affordable housing partnership, tax credit and CRA investments, net$953 Individual analysis of each investmentExpected future tax
benefits and distributions		NMNM
OREO$13,035 Fair value of propertySelling cost8%8%
December 31, 2024
Loans held-for-investment$910 Fair value of collateralDiscount50%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 distributions		NMNM
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 both December 31, 2025 and 2024.
105

Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of December 31, 2025 and 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.
December 31, 2025
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,188,139 $4,188,139 $— $— $4,188,139 
Interest-bearing deposits with banks$16,189 $— $16,189 $— $16,189 
Resale agreements$425,000 $— $351,065 $— $351,065 
HTM debt securities$2,870,058 $524,887 $1,954,859 $— $2,479,746 
Restricted equity securities, at cost$153,484 $— $153,484 $— $153,484 
Loans held-for-sale$20,976 $— $20,976 $— $20,976 
Loans held-for-investment, net$56,068,399 $— $— $54,665,865 $54,665,865 
Mortgage servicing rights$4,119 $— $— $7,114 $7,114 
Accrued interest receivable$315,669 $— $315,669 $— $315,669 
Financial liabilities:
Demand, checking, savings and money market deposits$41,797,887 $— $41,797,887 $— $41,797,887 
Time deposits$25,284,814 $— $25,285,076 $— $25,285,076 
FHLB advances$3,000,000 $— $3,001,878 $— $3,001,878 
Long-term debt$32,320 $— $32,070 $— $32,070 
Accrued interest payable$60,513 $— $60,513 $— $60,513 
December 31, 2024
($ 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 

106

Note 3 — Securities Purchased under Resale 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 collateral 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 December 31, 2025 and 2024. Gross securities purchased under resale agreements were $425 million as of both December 31, 2025 and 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 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 table presents the resale agreements included on the Consolidated Balance Sheet as of December 31, 2025 and 2024:
Gross Amounts Not Offset on the Consolidated Balance Sheet
($ in thousands)Gross Amounts of Recognized AssetsGross Amounts Offset on the Consolidated Balance SheetNet Amounts of Assets Presented on the Consolidated Balance Sheet
Collateral Received (1)
Net Amount
Resale agreements as of December 31, 2025
$425,000 $— $425,000 $(350,953)$74,047 
Resale agreements as of December 31, 2024
$425,000 $— $425,000 $(329,603)$95,397 
(1)Represents the fair value of collateral 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.

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-K for additional information.
107

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 December 31, 2025 and 2024:
December 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,010,053 $837 $(16,977)$— $993,913 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,687 — (30,033)— 257,654 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities292,564 86 (27,312)— 265,338 
Residential mortgage-backed securities10,251,714 68,588 (187,649)— 10,132,653 
Municipal securities
277,275 20 (34,193)— 243,102 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities214,987 — (22,139)(1,900)190,948 
Residential mortgage-backed securities452,208 — (58,421)— 393,787 
Corporate debt securities554,158 6 (89,183)— 464,981 
Foreign government bonds247,249 437 (9,231)— 238,455 
Asset-backed securities31,886 — (497)— 31,389 
Total AFS debt securities13,619,781 69,974 (475,635)(1,900)13,212,220 
HTM debt securities
U.S. Treasury securities540,666 — (15,779)— 524,887 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,055 — (146,921)— 860,134 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities474,747 — (69,471)— 405,276 
Residential mortgage-backed securities662,127 — (124,176)— 537,951 
Municipal securities185,463 — (33,965)— 151,498 
Total HTM debt securities2,870,058 — (390,312)— 2,479,746 
Total debt securities$16,489,839 $69,974 $(865,947)$(1,900)$15,691,966 

108

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 securities11,505,775 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 included in Other assets on the Consolidated Balance Sheet. As of December 31, 2025 and 2024, the accrued interest receivables were $54 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 this Form 10-K.
(2)Includes GNMA AFS debt securities totaling $9.6 billion of both amortized cost and fair value as of December 31, 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 $79 million of amortized cost and $65 million of fair value as of December 31, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024.
109

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, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2025 and 2024:
December 31, 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$323,019 $(1,627)$575,638 $(15,350)$898,657 $(16,977)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 257,654 (30,033)257,654 (30,033)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 256,503 (27,312)256,503 (27,312)
Residential mortgage-backed securities1,052,833 (5,480)1,582,952 (182,169)2,635,785 (187,649)
Municipal securities— — 237,214 (34,193)237,214 (34,193)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 190,948 (22,139)190,948 (22,139)
Residential mortgage-backed securities— — 393,787 (58,421)393,787 (58,421)
Corporate debt securities— — 454,975 (89,183)454,975 (89,183)
Foreign government bonds— — 90,769 (9,231)90,769 (9,231)
Asset-backed securities— — 31,389 (497)31,389 (497)
Total AFS debt securities$1,375,852 $(7,107)$4,071,829 $(468,528)$5,447,681 $(475,635)
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
($ 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)

110

As of December 31, 2025, the Company had 429 AFS debt securities in a gross unrealized loss position, primarily consisting of 222 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 47 corporate debt securities, and 66 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 this 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 December 31, 2025 were mainly comprised of the following:
•Corporate debt securities — The market value movement as of December 31, 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 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 December 31, 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 $2 million was recognized through allowance for credit losses as of December 31, 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 been on time. Accordingly, the Company believes the risk of credit losses on the remaining securities is low.

As of both December 31, 2025 and 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 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 entire amortized cost basis of these securities.

The Company recorded $2 million in allowance for credit losses related to a non-agency commercial mortgage-backed security as of December 31, 2025, which was recognized as a provision for credit losses, compared with no allowance for credit losses provided against these securities as of 2024. In addition, there was no provision for credit losses recognized for both the years ended December 31, 2024 and 2023.

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 this Form 10-K.

111

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of December 31, 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 December 31, 2025 and 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, the impairment write-off of AFS debt securities, and the related tax (benefit) expense included in earnings for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Gross realized gains from sales (1)
$963 $2,069 $3,138 
Credit losses$(1,900)$— $— 
Impairment write-off (1)
$— $— $(10,000)
Related tax (benefit) expense
$(277)$612 $(2,029)
(1)During 2023, the Company recognized $7 million in net losses on AFS securities as a component of Noninterest income in the Company’s Consolidated Statement of Income, consisting of a $10 million impairment write-off on a subordinated debt security, partially offset by a $3 million gain on the sale of the same security.

Interest Income

The following table presents the composition of interest income on debt securities for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Taxable interest$607,311 $429,003 $255,475 
Nontaxable interest14,626 20,062 20,715 
Total interest income on debt securities$621,937 $449,065 $276,190 

112

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 December 31, 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$440,969 $472,570 $96,514 $— $1,010,053 
Fair value432,148 465,270 96,495 — 993,913 
Weighted-average yield (1)
1.11%2.75%3.84%—%2.14%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost— 26,677 203,514 57,496 287,687 
Fair value— 26,256 182,396 49,002 257,654 
Weighted-average yield (1)
—%1.58%2.07%2.16%2.04%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 53,961 98,540 10,391,777 10,544,278 
Fair value— 52,339 91,020 10,254,632 10,397,991 
Weighted-average yield (1) (2)
—%2.82%2.83%4.79%4.76%
Municipal securities
Amortized cost7,300 19,206 22,614 228,155 277,275 
Fair value7,219 18,679 19,438 197,766 243,102 
Weighted-average yield (1) (2)
1.15%2.50%2.40%2.26%2.26%
Non-agency mortgage-backed securities
Amortized cost— 1,324 — 665,871 667,195 
Fair value— 1,320 — 583,415 584,735 
Weighted-average yield (1)
—%3.35%—%2.28%2.28%
Corporate debt securities
Amortized cost15,158 26,500 437,500 75,000 554,158 
Fair value15,116 26,204 361,829 61,832 464,981 
Weighted-average yield (1)
4.07%5.23%2.38%2.09%2.53%
Foreign government bonds
Amortized cost118,665 28,584 50,000 50,000 247,249 
Fair value118,935 28,751 49,904 40,865 238,455 
Weighted-average yield (1)
2.31%1.81%4.34%1.50%2.50%
Asset-backed securities
Amortized cost— — — 31,886 31,886 
Fair value— — — 31,389 31,389 
Weighted-average yield (1)
—%—%—%4.65%4.65%
Total AFS debt securities
Amortized cost$582,092 $628,822 $908,682 $11,500,185 $13,619,781 
Fair value$573,418 $618,819 $801,082 $11,218,901 $13,212,220 
Weighted-average yield (1)
1.44%2.76%2.63%4.55%4.21%
113

($ 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$—$540,666$—$—$540,666
Fair value—524,887——524,887
Weighted-average yield (1)
—%1.05%—%—%1.05%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost—105,467556,098345,4901,007,055
Fair value—97,497479,123283,514860,134
Weighted-average yield (1)
—%1.37%1.91%2.04%1.90%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—48,732178,114910,0281,136,874
Fair value—45,124153,739744,364943,227
Weighted-average yield (1) (2)
—%1.48%1.81%1.67%1.68%
Municipal securities
Amortized cost——13,958171,505185,463
Fair value——12,638138,860151,498
Weighted-average yield (1) (2)
—%—%2.35%1.99%2.02%
Total HTM debt securities
Amortized cost$—$694,865$748,170$1,427,023$2,870,058
Fair value$—$667,508$645,500$1,166,738$2,479,746
Weighted-average yield (1)
—%1.13%1.89%1.79%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 December 31, 2025 and 2024, AFS and HTM debt securities with carrying values of $4.6 billion and $5.4 billion, respectively, were pledged to secure borrowings and for other purposes required or permitted by law. As of December 31, 2025, $4.6 billion of AFS and HTM debt securities were prepositioned for the 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 December 31, 2025 and 2024:
December 31,
($ in thousands)20252024
FRB of San Francisco stock
$66,179 $63,930 
FHLB stock87,305 101,329 
Total restricted equity securities$153,484 $165,259 

114

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 EWCN. 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 in this Form 10-K.

The following table presents the notional amounts and fair values of the Company’s derivatives as of December 31, 2025 and 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 $3 million, respectively, as of December 31, 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 $15 million, respectively, as of December 31, 2024. Total gross derivative asset and liability fair values are then adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
December 31, 2025December 31, 2024
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts$4,250,000 $39,997 $139 $5,250,000 $5,647 $35,211 
Derivatives not designated as hedging instruments:
Interest rate contracts$18,987,277 $258,561 $256,731 $17,005,381 $379,664 $378,961 
Commodity contracts (1)
— 66,022 72,158 — 48,499 45,328 
Foreign exchange contracts4,550,101 44,340 43,160 5,201,460 89,083 71,254 
Credit contracts (2)
303,421 25 51 168,999 1 12 
Equity contracts— 522 (3)13,734 (4)— 239 (3)15,119 (4)
Total derivatives not designated as hedging instruments$23,840,799 $369,470 $385,834 $22,375,840 $517,486 $510,674 
Gross derivative assets/liabilities$409,467 $385,973 $523,133 $545,885 
Less: Master netting agreements(74,138)(74,138)(111,124)(111,124)
Less: Cash collateral received/paid(183,387)(27,502)(316,168)(1,160)
Net derivative assets/liabilities$151,942 $284,333 $95,841 $433,601 
(1)The notional amount of the Company’s commodity contracts totaled 16 million barrels of crude oil and 364 million units of natural gas, measured in million British thermal units (“MMBTUs”) as of December 31, 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 December 31, 2025 and 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.

115

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 December 31, 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 December 31, 2025, the Company expects to reclassify an estimated $8 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 years ended December 31, 2025, 2024 and 2023. The after-tax impact of cash flow hedges on AOCI is shown in Note 15 — Accumulated Other Comprehensive (Loss) Income to the Consolidated Financial Statements in this Form 10-K.
Year Ended December 31,
($ in thousands)202520242023
Gains (losses) recognized in AOCI:
Interest rate contracts
$48,016 $(124,382)$(5,767)
Losses (gains) reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)$— $— $(696)
Interest and dividend income (for cash flow hedges on loans)20,959 91,083 82,153 
Noninterest income— — (1,614)(1)
Total$20,959 $91,083 $79,843 
(1)Represents the amounts in AOCI reclassified into earnings resulting from forecasted cash flows that were no longer probable to occur.

Net Investment Hedges — The Company entered into foreign currency forward contracts to hedge a portion of the Bank’s investment in EWCN, 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. There was no active net investment hedge during the year ended December 31, 2025. The following table presents the pre-tax gains recognized in AOCI on net investment hedges for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Gains recognized in AOCI
$— $586 $2,571 

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 December 31, 2025 and 2024.

116

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 December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$7,566,889 $47,448 $206,794 $6,854,372 $11,828 $361,256 
Written options1,463,110 — 1,900 1,458,428 — 4,953 
Collars and corridors444,604 311 20 181,039 80 440 
Subtotal9,474,603 47,759 208,714 8,493,839 11,908 366,649 
Foreign exchange contracts:
Forwards and spot1,156,203 23,661 2,831 996,486 11,693 24,201 
Swaps785,956 13,272 661 1,504,469 16,117 25,366 
Written options63,460 — 73 — — — 
Subtotal2,005,619 36,933 3,565 2,500,955 27,810 49,567 
Total$11,480,222 $84,692 $212,279 $10,994,794 $39,718 $416,216 
Economic hedges and other:
Interest rate contracts:
Swaps$7,604,959 $208,860 $47,682 $6,872,075 $362,323 $12,228 
Purchased options1,463,110 1,922 — 1,458,428 4,990 — 
Collars and corridors
444,605 20 335 181,039 443 84 
Subtotal9,512,674 210,802 48,017 8,511,542 367,756 12,312 
Foreign exchange contracts:
Forwards and spot234,278 1,602 3,498 86,750 2,318 1,738 
Swaps2,246,744 5,718 36,083 2,613,755 58,955 19,949 
Purchased options63,460 87 14 — — — 
Subtotal2,544,482 7,407 39,595 2,700,505 61,273 21,687 
Total$12,057,156 $218,209 $87,612 $11,212,047 $429,029 $33,999 
117

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 December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Fair ValueFair Value
($ and units in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps4,255 Barrels$205 $28,533 4,830 Barrels$4,682 $6,874 
Collars3,747 Barrels21 13,622 5,477 Barrels1,604 3,362 
Subtotal8,002 Barrels226 42,155 10,307 Barrels6,286 10,236 
Natural gas:
Swaps112,599 MMBTUs5,814 18,403 141,736 MMBTUs13,095 17,708 
Collars71,945 MMBTUs1,879 6,693 62,045 MMBTUs6,061 4,556 
Written options— MMBTUs— — 1,234 MMBTUs167 — 
Subtotal184,544 MMBTUs7,693 25,096 205,015 MMBTUs19,323 22,264 
Total$7,919 $67,251 $25,609 $32,500 
Economic hedges:
Commodity contracts:
Crude oil:
Swaps4,255 Barrels$25,309 $11 4,830 Barrels$4,479 $3,893 
Collars3,747 Barrels8,724 21 5,477 Barrels1,547 76 
Subtotal8,002 Barrels34,033 32 10,307 Barrels6,026 3,969 
Natural gas:
Swaps110,506 MMBTUs18,258 3,963 139,136 MMBTUs13,323 5,056 
Collars68,965 MMBTUs5,812 912 61,341 MMBTUs3,541 3,650 
Purchased options— MMBTUs— — 1,234 MMBTUs— 153 
Subtotal179,471 MMBTUs24,070 4,875 201,711 MMBTUs16,864 8,859 
Total$58,103 $4,907 $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 $590 thousand and $170 thousand as of December 31, 2025 and 2024, respectively.

118

The following table presents the notional amounts and the gross fair values of RPAs sold and purchased outstanding as of December 31, 2025 and 2024:
December 31, 2025December 31, 2024
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
RPAs — protection sold (1)
$133,756 $— $51 $133,174 $— $12 
RPAs — protection purchased
169,665 25 — 35,825 1 — 
Total RPAs$303,421 $25 $51 $168,999 $1 $12 
(1)All reference entities of the protection sold RPAs were investment grade. The weighted-average remaining maturities were 2.7 years and 1.6 years as of December 31, 2025 and 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 an investment the Company made 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-K.

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 years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)Classification on Consolidated Statement of Income202520242023
Derivatives not designated as hedging instruments:
Interest rate contractsCustomer derivative income, net of mark-to-market adjustments$(3,142)$549 $(2,989)
Foreign exchange contractsForeign exchange income52,295 54,073 52,817 
Credit contractsCustomer derivative income, net of mark-to-market adjustments(15)— (1)
Equity contracts - warrantsLending and loan servicing fees283 (97)13 
Equity contracts - performance-based RSUs
Other investment income
1,385 — — 
Commodity contractsCustomer derivative income, net of mark-to-market adjustments960 929 (25)
Net gains$51,766 $55,454 $49,815 

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 December 31, 2025, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $3 million, for which $3 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 minimal additional collateral as of both December 31, 2025 and 2024.

119

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 December 31, 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$409,467 $(74,138)$(183,387)

$151,942 $(42,779)

$109,163 
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$385,973 $(74,138)$(27,502)

$284,333 $— 

$284,333 
($ 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 Sheet
Net Amounts Presented on the Consolidated Balance Sheet
Gross 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 December 31, 2025 and 2024, respectively.
(2)Includes $16 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 December 31, 2025 and 2024, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements were $184 million and $322 million as of December 31, 2025 and 2024, respectively. Of the gross cash collateral received, $183 million and $316 million were used to offset against derivative assets as of December 31, 2025 and 2024, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements were $29 million and $1 million as of December 31, 2025 and 2024, respectively. Of the gross cash collateral pledged, $28 million and $1 million were used to offset against derivative liabilities as of December 31, 2025 and 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 may have balance sheet netting related to resale agreements. Refer to Note 3 — Securities Purchased under Resale Agreements to the Consolidated Financial Statements in this Form 10-K 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-K for fair value measurement disclosures on derivatives.
120

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 December 31, 2025 and 2024:
($ in thousands)December 31, 2025December 31, 2024
Commercial:
C&I$18,650,755 $17,397,158 
CRE:
CRE15,407,088 14,655,340 
Multifamily residential5,112,328 4,953,442 
Construction and land742,357 666,162 
Total CRE21,261,773 20,274,944 
Total commercial39,912,528 37,672,102 
Consumer:
Residential mortgage:
Single-family residential15,002,549 14,175,446 
HELOCs1,911,897 1,811,628 
Total residential mortgage16,914,446 15,987,074 
Other consumer51,198 67,461 
Total consumer16,965,644 16,054,535 
Total loans held-for-investment (1)
$56,878,172 $53,726,637 
ALLL(809,773)(702,052)
Loans held-for-investment, net (1)
$56,068,399 $53,024,585 
(1)Includes $26 million and $46 million of net deferred loan fees and net unamortized premiums as of December 31, 2025 and 2024, respectively.

Accrued interest receivable on loans held-for-investment was $251 million and $255 million as of December 31, 2025 and 2024, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income recognized and reversed on nonaccrual loans was $7 million and $5 million, respectively, for the year ended December 31, 2025, compared with immaterial amounts for each of the years ended December 31, 2024 and 2023. For the Company’s accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements in this Form 10-K. The Company also has loans held-for-sale. For the Company’s accounting policy on loans held-for-sale, refer to Note 1 — Summary of Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements in this Form 10-K.

The Company’s FRB and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $41.8 billion and $38.2 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of December 31, 2025 and 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.”
•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.”
121

•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.

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 December 31, 2025 and 2024. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from the term loans by vintage year columns.
December 31, 2025
Term Loans by Origination Year
($ in thousands)20252024202320222021PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$3,013,368 $1,717,361 $880,267 $536,461 $391,413 $302,893 $11,308,551 $67,968 $18,218,282 
Criticized (accrual)572 35,223 1,662 93,562 83,813 6,771 158,626 — 380,229 
Criticized (nonaccrual)
2,922 4,733 26,810 1,640 9,525 6,526 88 — 52,244 
Total C&I3,016,862 1,757,317 908,739 631,663 484,751 316,190 11,467,265 67,968 18,650,755 
Gross write-offs (2)
2,617 1,199 28,752 4,643 1,063 3,170 24 — 41,468 
CRE:
Pass2,615,789 1,562,420 2,015,433 3,188,363 1,708,927 3,607,918 78,712 47,512 14,825,074 
Criticized (accrual)30,275 29,807 116,862 134,018 48,569 183,937 — — 543,468 
Criticized (nonaccrual)
3,317 — 4,172 7,439 12,330 11,288 — — 38,546 
Subtotal CRE2,649,381 1,592,227 2,136,467 3,329,820 1,769,826 3,803,143 78,712 47,512 15,407,088 
Gross write-offs
8,932 — — 160 19 15,126 — — 24,237 
Multifamily residential:
Pass895,323 338,209 478,782 1,138,693 663,916 1,547,124 32,207 3,820 5,098,074 
Criticized (accrual)— — — 5,175 — 8,787 — — 13,962 
Criticized (nonaccrual)
— — — — — 292 — — 292 
Subtotal multifamily residential895,323 338,209 478,782 1,143,868 663,916 1,556,203 32,207 3,820 5,112,328 
Gross write-offs
— — — — — 8 — — 8 
Construction and land:
Pass246,380 109,799 247,482 90,086 13,437 3,462 3,901 — 714,547 
Criticized (nonaccrual)
— 8,897 — 18,913 — — — — 27,810 
Subtotal construction and land246,380 118,696 247,482 108,999 13,437 3,462 3,901 — 742,357 
Total CRE3,791,084 2,049,132 2,862,731 4,582,687 2,447,179 5,362,808 114,820 51,332 21,261,773 
Total CRE gross write-offs (2)
8,932 — — 160 19 15,134 — — 24,245 
Total commercial$6,807,946 $3,806,449 $3,771,470 $5,214,350 $2,931,930 $5,678,998 $11,582,085 $119,300 $39,912,528 
Total commercial gross write-offs (2)
$11,549 $1,199 $28,752 $4,803 $1,082 $18,304 $24 $— $65,713 
122

December 31, 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)
$2,861,764 $1,837,821 $2,349,242 $2,808,694 $1,860,110 $3,228,996 $— $— $14,946,627 
Criticized (accrual)3,157 3,646 5,589 5,427 235 9,356 — — 27,410 
Criticized (nonaccrual) (3)
4,566 891 3,445 4,617 1,620 13,373 — — 28,512 
Subtotal single-family residential mortgage2,869,487 1,842,358 2,358,276 2,818,738 1,861,965 3,251,725 — — 15,002,549 
Gross write-offs (2)
— 14 — — — — — — 14 
HELOCs:
Pass13,652 4,796 4,740 5,258 11,233 22,213 1,750,894 70,577 1,883,363 
Criticized (accrual)1,879 — 97 140 287 526 6,784 1,654 11,367 
Criticized (nonaccrual)
1,288 13 379 2,610 1,232 7,033 — 4,612 17,167 
Subtotal HELOCs16,819 4,809 5,216 8,008 12,752 29,772 1,757,678 76,843 1,911,897 
Gross write-offs
— — — — — — — 6 6 
Total residential mortgage2,886,306 1,847,167 2,363,492 2,826,746 1,874,717 3,281,497 1,757,678 76,843 16,914,446 
Total residential mortgage gross write-offs (2)
— 14 — — — — — 6 20 
Other consumer:
Pass25,146 — — 4,635 129 5,570 15,576 — 51,056 
Criticized (nonaccrual)
— — 49 — — — 93 — 142 
Total other consumer25,146 — 49 4,635 129 5,570 15,669 — 51,198 
Total consumer$2,911,452 $1,847,167 $2,363,541 $2,831,381 $1,874,846 $3,287,067 $1,773,347 $76,843 $16,965,644 
Total consumer gross write-offs (2)
$—$14$—$—$—$—$—$6$20
Total loans held-for-investment:
Pass$9,671,422 $5,570,406 $5,975,946 $7,772,190 $4,649,165 $8,718,176 $13,189,841 $189,877 $55,737,023 
Criticized (accrual)35,883 68,676 124,210 238,322 132,904 209,377 165,410 1,654 976,436 
Criticized (nonaccrual)
12,093 14,534 34,855 35,219 24,707 38,512 181 4,612 164,713 
Total$9,719,398 $5,653,616 $6,135,011 $8,045,731 $4,806,776 $8,966,065 $13,355,432 $196,143 $56,878,172 
Total loans held-for-investment gross write-offs (2)
$11,549 $1,213 $28,752 $4,803 $1,082 $18,304 $24 $6 $65,733 
123

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 
124

December 31, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
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 (2)
— 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)During the year ended December 31, 2025, $53 million of total commercial loans, comprised of C&I revolving loans, were converted to term loans. In comparison, $7 million of total commercial loans, comprised of CRE and C&I revolving loans, and $29 million of total commercial loans, primarily comprised of CRE revolving loans, were converted to term loans during the years ended December 31, 2024 and 2023, respectively. During the years ended December 31, 2025, 2024 and 2023, respectively, $2 million, $22 million and $44 million of total consumer loans, comprised of HELOCs, were converted to term loans.
(2)Excludes gross write-offs associated with loans the Company sold or settled.
(3)As of each of December 31, 2025 and 2024, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
125

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 December 31, 2025 and 2024:
December 31, 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$18,572,467 $25,962 $82 $26,044 $52,244 $18,650,755 
CRE:
CRE15,354,548 10,525 3,469 13,994 38,546 15,407,088 
Multifamily residential5,110,783 1,253 — 1,253 292 5,112,328 
Construction and land714,547 — — — 27,810 742,357 
Total CRE21,179,878 11,778 3,469 15,247 66,648 21,261,773 
Total commercial39,752,345 37,740 3,551 41,291 118,892 39,912,528 
Consumer:
Residential mortgage:
Single-family residential14,899,224 46,010 27,674 73,684 29,641 15,002,549 
HELOCs1,860,080 23,328 11,322 34,650 17,167 1,911,897 
Total residential mortgage16,759,304 69,338 38,996 108,334 46,808 16,914,446 
Other consumer50,979 56 21 77 142 51,198 
Total consumer16,810,283 69,394 39,017 108,411 46,950 16,965,644 
Total$56,562,628 $107,134 $42,568 $149,702 $165,842 $56,878,172 
December 31, 2024
($ 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 

126

The following table presents the amortized cost of loans on nonaccrual status for which there was no related ALLL as of December 31, 2025 and 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)December 31, 2025December 31, 2024
Commercial:
C&I$21,723 $79,591 
CRE33,705 — 
Multifamily residential— 4,210 
Construction and land
27,810 11,316 
Total commercial83,238 95,117 
Consumer:
Single-family residential6,095 6,279 
HELOCs4,081 15,380 
Total consumer10,176 21,659 
Total nonaccrual loans with no related ALLL$93,414 $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 $21 million of foreclosed assets as of December 31, 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 $16 million as of both December 31, 2025 and 2024.

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.

127

The following tables present the amortized cost of loans that were modified during the years ended December 31, 2025, 2024 and 2023 by loan class and modification type:
Year Ended December 31, 2025
Modification Type
Combination:
($ in thousands)
Interest Rate Reduction
Term ExtensionPayment Delay
Term Extension/ Payment Delay
Rate Reduction /Term Extension/ Payment Delay
Rate Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$6,057 $77,039 $51,904 $33,450 $— $19,579 $188,029 1.01 %
CRE— 167,286 — — — — 167,286 1.09 %
Multifamily— 275 — — — — 275 0.01 %
Land and construction— 9,451 — — — — 9,451 1.27 %
Total commercial6,057 254,051 51,904 33,450 — 19,579 365,041 0.91 %
Consumer:
Single-family residential— — 29,545 2,402 — — 31,947 0.21 %
HELOCs— — 14,883 909 407 1,172 17,371 0.91 %
Total consumer— — 44,428 3,311 407 1,172 49,318 0.29 %
Total$6,057 $254,051 $96,332 $36,761 $407 $20,751 $414,359 0.73 %
Year Ended December 31, 2024
Modification Type
Combination:
($ 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$57,102 $26,420 $— $— $— $83,522 0.48 %
CRE86,258 — — 6,052 — 92,310 0.63 %
Total commercial143,360 26,420 — 6,052 — 175,832 0.47 %
Consumer:
Single-family residential— 15,397 222 — 140 15,759 0.11 %
HELOCs— 14,303 — — 517 14,820 0.82 %
Total consumer— 29,700 222 — 657 30,579 0.19 %
Total$143,360 $56,120 $222 $6,052 $657 $206,411 0.38 %
128

Year Ended December 31, 2023
Modification Type
Combination:
($ in thousands)Term ExtensionPayment Delay
Term Extension/ Payment Delay
Rate Reduction/ Term Extension
Reduction/ Payment Delay
TotalModification as a % of Loan Class
Commercial:
C&I$62,704 $6,842 $— $— $— $69,546 0.42 %
CRE13,939 — — 32,470 — 46,409 0.31 %
Total commercial76,643 6,842 — 32,470 — 115,955 0.31 %
Consumer:
Single-family residential— 10,202 3,967 — — 14,169 0.11 %
HELOCs— 3,148 1,170 — 815 5,133 0.30 %
Total consumer— 13,350 5,137 — 815 19,302 0.13 %
Total$76,643 $20,192 $5,137 $32,470 $815 $135,257 0.26 %

The following tables present the financial effects of the loan modifications for the years ended December 31, 2025, 2024 and 2023 by loan class and modification type:
Year Ended December 31, 2025
Financial Effects of Loan Modifications
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)
Weighted-Average Payment Delay (in years)
Commercial:
C&I3.38 %1.10.8
CRE— %3.20.0
Multifamily— %10.00.0
Land and construction— %0.80.0
Consumer:
Single-family residential— %15.03.5
HELOCs0.97 %15.34.8
Year Ended December 31, 2024
Financial Effects of Loan Modifications
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay
(in years)
Commercial:
C&I— %2.11.7
CRE1.28 %2.70.0
Consumer:
Single-family residential1.63 %10.01.3
HELOCs0.25 %0.01.7
129

Year Ended December 31, 2023
Financial Effects of Loan Modifications
($ in thousands)Principal ForgivenessWeighted-Average Interest Rate ReductionWeighted-Average Term Extension (in years)Weighted-Average Payment Delay
(in years)
Commercial:
C&I$371 
(1)
— %
(1)
1.30.9
CRE— 3.00 %2.10.0
Consumer:
Single-family residential— — %9.31.8
HELOCs— 0.11 %14.24.6
Total$371 
(1)Comprised of C&I loans modified during the year ended December 31, 2023 where the interest was waived in addition to principal forgiveness. No recorded investment was outstanding as of December 31, 2023.

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 years ended December 31, 2025, 2024 and 2023.
Loans Modified that Subsequently Defaulted During the Year Ended December 31, 2025
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Commercial:
C&I$206 $5,073 $— $— $5,279 
CRE29,991 — — — 29,991 
Total commercial30,197 5,073 — — 35,270 
Consumer:
Single-family residential— 3,706 — 1,038 4,744 
HELOCs— 3,869 746 483 5,098 
Total consumer— 7,575 746 1,521 9,842 
Total$30,197 $12,648 $746 $1,521 $45,112 
Loans Modified that Subsequently Defaulted During the Year Ended December 31, 2024
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Commercial:
C&I$3,684 $4,937 $— $— $8,621 
Total commercial3,684 4,937 — — 8,621 
Consumer:
Single-family residential— 10,223 141 2,462 12,826 
HELOCs— 4,690 517 — 5,207 
Total consumer— 14,913 658 2,462 18,033 
Total$3,684 $19,850 $658 $2,462 $26,654 
130

Loans Modified that Subsequently Defaulted During the Year Ended December 31, 2023
($ in thousands)Term ExtensionPayment DelayCombination: Rate Reduction/ Payment DelayCombination: Term Extension/ Payment DelayTotal
Consumer:
Single-family residential$— $267 $— $— $267 
HELOCs— 749 — — 749 
Total consumer— 1,016 — — 1,016 
Total$— $1,016 $— $— $1,016 

The Company monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans that were modified during the years ended December 31, 2025, 2024 and 2023.
Payment Performance as of December 31, 2025
($ in thousands)Current30-89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$185,058 $806 $2,165 $188,029 
CRE167,286 — — 167,286 
Multifamily residential275 — — 275 
Construction and land9,451 — — 9,451 
Total commercial362,070 806 2,165 365,041 
Consumer:
Single-family residential25,119 5,577 1,251 31,947 
HELOCs13,217 2,886 1,268 17,371 
Total consumer38,336 8,463 2,519 49,318 
Total$400,406 $9,269 $4,684 $414,359 
Total nonaccrual loans included above
$11,888 $206 $4,684 $16,778 
Payment Performance as of December 31, 2024
($ in thousands)Current30-89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$71,324 $12,198 $— $83,522 
CRE92,310 — — 92,310 
Total commercial163,634 12,198 — 175,832 
Consumer:
Single-family residential9,082 4,218 2,459 15,759 
HELOCs8,591 3,069 3,160 14,820 
Total consumer17,673 7,287 5,619 30,579 
Total$181,307 $19,485 $5,619 $206,411 
Total nonaccrual loans included above$9,209 $142 $5,619 $14,970 
131

Payment Performance as of December 31, 2023
($ in thousands)Current30-89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$52,087 $8,153 $9,306 $69,546 
CRE46,409 — — 46,409 
Total commercial98,496 8,153 9,306 115,955 
Consumer:
Single-family residential11,197 2,425 547 14,169 
HELOCs4,207 177 749 5,133 
Total consumer15,404 2,602 1,296 19,302 
Total$113,900 $10,755 $10,602 $135,257 
Total nonaccrual loans included above$8,666 $310 $10,602 $19,578 

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

Allowance for Credit Losses

The Company has a current expected credit losses (“CECL”) 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.

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.

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There were no changes to the reasonable and supportable forecast period, and no changes to the reversion to the historical loss experience method in 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 ratingUnemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
CRE, Multifamily residential, and Construction and landDelinquency 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 approachImmaterial - 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.

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.

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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 depend 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 December 31, 2025, collateral-dependent commercial and consumer loans totaled $69 million and $10 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 December 31, 2025 and 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.

The following tables summarize the activity in the ALLL by portfolio segments for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, 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 
ALLL recognized on PCD loans
18,175 — — — — — — 18,175 
Provision for (reversal of) credit losses on loans(a)106,941 26,825 4,386 (45)8,398 2,656 (229)148,932 
Gross charge-offs(44,996)(24,237)(8)(1,996)(57)(6)(152)(71,452)
Gross recoveries10,721 229 60 12 306 22 263 11,613 
Total net (charge-offs) recoveries(34,275)(24,008)52 (1,984)249 16 111 (59,839)
Foreign currency translation adjustment453 — — — — — — 453 
ALLL, end of period$475,613 $221,494 $36,555 $15,468 $53,463 $5,804 $1,376 $809,773 
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Year Ended December 31, 2024
CommercialConsumer
CREResidential Mortgage
($ 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)110,791 61,908 (2,684)9,114 (10,176)(873)4,096 172,176 
Gross charge-offs(125,413)(14,236)(10)(2,289)(35)(15)(4,259)(146,257)
Gross recoveries6,505 413 436 203 9 73 — 7,639 
Total net (charge-offs) recoveries(118,908)(13,823)426 (2,086)(26)58 (4,259)(138,618)
Foreign currency translation adjustment(249)— — — — — — (249)
ALLL, end of period$384,319 $218,677 $32,117 $17,497 $44,816 $3,132 $1,494 $702,052 
Year Ended December 31, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
ALLL, beginning of period$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
Impact of ASU 2022-02 adoption5,683 337 6 — 1 1 — 6,028 
Provision for (reversal of) credit losses on loans(a)45,319 27,007 10,454 11,537 19,384 (424)294 113,571 
Gross charge-offs(36,573)(7,048)(3)(10,413)— (138)(197)(54,372)
Gross recoveries6,803 432 545 236 69 33 — 8,118 
Total net (charge-offs) recoveries(29,770)(6,616)542 (10,177)69 (105)(197)(46,254)
Foreign currency translation adjustment(247)— — — — — — (247)
ALLL, end of period$392,685 $170,592 $34,375 $10,469 $55,018 $3,947 $1,657 $668,743 

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 12 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-K for additional information related to unfunded credit commitments. The following table summarizes the activity in the allowance for unfunded credit commitments for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$39,526 $37,699 $26,264 
Provision for credit losses on unfunded credit commitments(b)9,168 1,824 11,429 
Foreign currency translation adjustments(4)3 6 
Allowance for unfunded credit commitments, end of period48,690 39,526 37,699 
Provision for credit losses on loans, leases and unfunded credit commitments(a) + (b)$158,100 $174,000 $125,000 

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The allowance for credit losses on loans, leases and unfunded credit commitments was $858 million as of December 31, 2025, 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 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.

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 December 31, 2025, the Company assigned the same weightings to its baseline, while applying slightly lower and higher weightings to the upside and downside scenarios, respectively, as compared with December 31, 2024. The current baseline economic forecast continues to reflect key risks such as a weakening labor market, still-elevated interest rates, inflation, and concerns over global conflicts. Compared with December 2024, the December 2025 baseline forecast for GDP growth showed mild improvement in the near term, while the forecast for the unemployment rate showed an uptick beginning in 2026 and beyond. The downside scenario assumed the economy falls into recession in the first quarter of 2026 as a result of tariffs, rising inflation, still-elevated interest rates, political tensions, and reduced credit availability. The upside scenario assumed a more optimistic economic outlook, including stronger growth, stable financial markets, and full employment starting in the first quarter of 2026.

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 years ended December 31, 2025, 2024 and 2023:
Year Ended December 31, 2025
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$282,252 $39,475 $9,500 $— $331,227 
Sales (2)(3)
$264,445 $39,475 $11,316 $1,232 $316,468 
Purchases (4)
$450,314 $— $— $515,390 $965,704 
Year Ended December 31, 2024
Commercial Consumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$649,187 $9,417 $718 $— $659,322 
Sales (2)(3)
$650,256 $9,417 $718 $2,997 $663,388 
Purchases (4)
$612,364 $— $— $387,629 $999,993 
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Year Ended December 31, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREConstruction and LandSingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$647,943 $83,282 $8,154 $— $739,379 
Sales (2)(3)
$674,919 $86,749 $8,154 $— $769,822 
Purchases (4)
$106,493 $— $— $493,282 $599,775 
(1)Includes write-downs to the ALLL related to loans transferred from held-for-investment to held-for-sale of $2 million for each of the years ended December 31, 2025 and 2024, and $5 million for the year ended December 31, 2023.
(2)Includes originated loans sold of $219 million, $508 million and $513 million for the years ended December 31, 2025, 2024 and 2023, respectively. Originated loans sold consisted primarily of C&I and CRE loans for the years ended December 31, 2025 and 2023, and consisted primarily of C&I loans for the year ended December 31, 2024.
(3)Includes $97 million, $156 million and $256 million of purchased loans sold in the secondary market for the years ended December 31, 2025, 2024 and 2023, 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 the affordable housing partnership, tax credit and CRA investments discussed above are VIEs, 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 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 in this Form 10-K. For discussion on the Company’s impairment evaluation and monitoring process of 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-K.

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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 December 31, 2025 and 2024:
December 31,
20252024
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments$483,021 $172,343 $500,217 $280,919 
Tax credit and CRA investments140,723 43,878 160,429 21,202 
Equity method of accounting and other:
Tax credits and CRA investments345,748 
(2)
121,275 265,994 
(2)
105,743 
Total$969,492 $337,496 $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 December 31, 2025 and 2024, respectively.

The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Tax credits and benefits (1):
PAM:
Affordable housing partnership investments$87,214 $70,335 $60,939 
Tax credit and CRA investments111,906 110,260 — 
Equity method of accounting and other:
Tax credit and CRA investments119,098 64,720 124,433 
Total tax credits and benefits$318,218 $245,315 $185,372 
Amortization (2):
PAM:
Affordable housing partnership investments (3)
$60,078 $46,113 $43,041 
Tax credit and CRA investments (4)
88,883 90,113 — 
Equity method of accounting and other:
Tax credit and CRA investments (5) (6)
74,795 54,242 120,299 
Total amortization$223,756 $190,468 $163,340 
(1)Includes purchased tax credits and was recorded in Income tax expense on the Consolidated Statement of Income for the years ended December 31, 2025, 2024 and 2023.
(2)Amortization of investments in affordable housing partnership, tax credit and CRA investments is included in Depreciation, amortization, and accretion, net on the Consolidated Statement of Cash Flows.
(3)Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the years ended December 31, 2025, 2024 and 2023.
(4)Following the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the years ended December 31, 2025 and 2024.
(5)Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the years ended December 31, 2025, 2024 and 2023.
(6)Includes impairment charges of $1 million for the year ended December 31, 2024, and net impairment recoveries of $1 million for the year ended December 31, 2023. The activity was primarily related to historic tax credits.

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As of December 31, 2025, the Company’s unfunded commitments related to investments in affordable housing partnership, tax credit and CRA investments, net are estimated to be funded as follows:
($ in thousands)Amount
2026$279,856 
202743,982 
20286,034 
20291,440 
20301,931 
Thereafter4,253 
Total$337,496 

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

Note 8 — Goodwill

Total goodwill was $466 million as of both December 31, 2025 and 2024. The Company’s goodwill impairment test is performed annually, as of December 31, or more frequently if events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. The Company completed its annual goodwill impairment test as of December 31, 2025 by using a qualitative assessment, and concluded goodwill was not impaired. 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 this Form 10-K.

As of December 31, 2025, the Company held an equity method investment totaling $108 million of which $101 million was comprised of equity method goodwill.

Note 9 — Deposits

The following table presents the composition of the Company’s deposits as of December 31, 2025 and 2024:
December 31,
($ in thousands)20252024
Deposits:
Noninterest-bearing demand$16,697,099 $15,450,428 
Interest-bearing checking7,989,255 7,940,692 
Money market15,439,729 14,816,511 
Savings:
Domestic office1,503,006 1,583,657 
Foreign office168,798 167,963 
Time deposits (1):
Domestic office22,694,862 21,128,657 
Foreign office2,589,952 2,087,115 
Total deposits$67,082,701 $63,175,023 
(1)The aggregate amount of time deposits that met or exceeded the deposit insurance limit was $18.3 billion and $16.5 billion as of December 31, 2025 and 2024, respectively.

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The following table presents the scheduled maturities of time deposits for the five years succeeding December 31, 2025:
($ in thousands)Amount
2026$24,796,653 
2027415,251 
202868,605 
20292,908 
20301,397 
Total$25,284,814 

Note 10 — 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 December 31, 2025 and 2024:
December 31,
20252024
($ in thousands)Interest RateMaturity DatesAmountAmount
Parent company
Junior subordinated debt (1) — floating
5.53%12/15/2035$32,320 $32,001 
Bank
FHLB advances (2):
Floating (3)
3.87% — 3.96%
2026$2,000,000 $3,000,000 
Fixed
3.87% — 4.01%
2026750,000 500,000 
Overnight (4)
4.02%1/2/2026250,000 — 
Total FHLB advances$3,000,000 $3,500,000 
(1)As of December 31, 2025, the outstanding junior subordinated debt was issued by MCBI Statutory Trust I and had a stated interest rate of 3-month CME Term Secured Overnight Financing Rate ("SOFR") + 1.81%. The contractual interest rates for junior subordinated debt were 5.53% and 6.17% as of December 31, 2025 and 2024, respectively.
(2)The weighted-average interest rate for FHLB advances was 3.94% as of December 31, 2025.
(3)Floating interest rates are based on the SOFR plus the established spread.
(4)Overnight interest rates are based on the Standard Credit Program’s Advance Rate, as published by the FHLB.

FHLB Advances

The Bank’s available borrowing capacity from FHLB advances totaled $11.8 billion as of December 31, 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 December 31, 2025, all advances were secured by real estate loans.

Long-Term Debt — Junior Subordinated Debt

As of December 31, 2025, East West had one statutory business trust for the purpose of holding junior subordinated debt issued to third party investors. The proceeds from these issuances represent liabilities of East West to the Trust and are reported as a component of Long-term debt on the Consolidated Balance Sheet. Interest payments on these securities are disbursed quarterly and are deductible for tax purposes. Outstanding principal amounts included $35 million of junior subordinated debt and $1 million of trust preferred securities as of December 31, 2025.

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Note 11 — Income Taxes

The following table presents the components of income before income taxes and income tax expense (benefit) for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Income before income taxes:
U.S.$1,686,561 $1,429,104 $1,425,756 
Foreign38,899 52,757 34,014 
Total income before income taxes1,725,460 1,481,861 1,459,770 
Current income tax expense:
Federal250,521 166,268 172,428 
State149,291 153,891 173,080 
Foreign8,235 10,399 2,240 
Total current income tax expense408,047 330,558 347,748 
Deferred income tax (benefit) expense:
Federal(20,242)(6,467)(24,319)
State12,897 (5,582)(23,415)
Foreign(430)(2,234)(1,405)
Total deferred income tax benefit(7,775)(14,283)(49,139)
Total income tax expense:
Federal230,279 159,801 148,109 
State162,188 148,309 149,665 
Foreign7,805 8,165 835 
Total income tax expense$400,272 $316,275 $298,609 

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The following table presents the reconciliation of the federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
($ in thousands)AmountPercentAmountPercentAmountPercent
Statutory U.S. federal tax rate$362,347 21.0%$311,191 21.0%$306,552 21.0%
U.S. federal
Tax credits (1)
Tax credits and benefits under the PAM, net of amortization(29,268)(1.7)(26,147)(1.8)(4,299)(0.3)
Energy tax credit — solar
(42,406)(2.5)(52,722)(3.5)(70,364)(4.8)
Energy tax credit — energy storage
(34,408)(2.0)(11,143)(0.7)— — 
New markets tax credit— — — — (21,378)(1.5)
Other tax credits(23,802)(1.4)(18,906)(1.3)(34,076)(2.3)
Changes in valuation allowance13,353 0.8 — — — — 
Nontaxable or nondeductible items
Nondeductible FDIC insurance premiums8,474 0.5 7,719 0.5 7,007 0.5 
Other nontaxable or nondeductible items4,899 0.3 (15,041)(1.0)217 0.0 
Other, net7,549 0.4 (3,879)(0.3)(4,544)(0.3)
U.S. state and local income taxes, net of U.S. federal income tax effect (2)
125,638 7.3 116,091 7.8 118,236 8.1 
Foreign tax effects7,805 0.5 8,165 0.5 835 0.1 
Changes in unrecognized tax benefits91 0.0 947 0.1 423 0.0 
Effective tax rate$400,272 23.2%$316,275 21.3%$298,609 20.5%
(1)Following the adoption of ASU 2023-02 on January 1, 2024, the Company expanded the PAM to include qualifying investments in new markets, historic, production and energy tax credit programs, in addition to affordable housing partnerships.
(2)California state taxes made up the majority (greater than 50 percent) of state and local taxes.

The following table presents the income taxes paid (net of refunds received) by the Company for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Federal$65,981 $68,371 $140,000 
State
California120,000 102,061 100,000 
New York67,001 59,049 36,732 
Other states
12,080 11,278 14,953 
Foreign13,120 6,186 — 
Total$278,182 $246,945 $291,685 

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The following table summarizes the tax effects of temporary differences that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2025 and 2024:
December 31,
($ in thousands)20252024
Deferred tax assets:
Allowance for credit losses and nonperforming assets valuation allowance$251,494 $233,879 
Net unrealized losses on AFS debt and transferred securities
142,141 223,814 
Stock compensation and other accrued compensation46,825 41,118 
Lease liabilities40,714 27,644 
Tax credit and capital loss carryforwards
51,193 11,122 
Basis difference in investments
16,430 17,708 
Nonaccrual loans’ interest income
8,306 8,809 
State taxes6,548 5,808 
FDIC special assessment charge2,615 16,843 
Other13,435 14,665 
Total deferred tax assets$579,701 $601,410 
Valuation allowance(13,353)— 
Total deferred tax assets, net of valuation allowance$566,348 $601,410 
Deferred tax liabilities:
Operating lease right-of-use assets$37,225 $25,647 
Basis difference in investments
26,203 25,587 
Net unrealized gains on derivative hedges
14,704 — 
Equipment lease financing7,206 10,395 
Other7,006 26,437 
Total deferred tax liabilities$92,344 $88,066 
Net deferred tax assets$474,004 $513,344 

The Company has not repatriated and does not intend to repatriate earnings from its foreign subsidiary. The Company determined such earnings are to be indefinitely reinvested in the local jurisdiction. The related unrecognized deferred tax liability on these earnings is immaterial.

As of December 31, 2025, the Company had deferred tax assets of $46 million related to tax credit carryforwards and $5 million related to state capital loss carryforwards. The Company’s tax credit carryforwards included $13 million of foreign tax credits as of December 31, 2025, which may not be fully utilized before they expire in 2034. The Company’s remaining carryforwards are expected to be fully utilized before they start to expire in 2028. The Company concluded that a valuation allowance was necessary to reduce the deferred tax assets associated with the foreign tax credits and recorded a $13 million valuation allowance as of December 31, 2025. For the remaining deferred tax assets it is more likely than not that there will be sufficient taxable income of appropriate nature in future years to realize these assets. For further information on the Company’s valuation policy on deferred taxes, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes to the Consolidated Financial Statements in this Form 10-K.

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The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Beginning balance$4,670 $1,193 $477 
Additions for tax positions related to prior years— 2,698 
(1)
459 
Deductions for tax positions related to prior years(446)— — 
Additions for tax positions related to current year547 779 257 
Settlements with taxing authorities(2,019)
(2)
— — 
Ending balance$2,752 $4,670 $1,193 
(1)In 2024, the increase in positions related to prior years primarily related to proposed adjustments resulting from examination of the Company’s state tax returns.
(2)In 2025, the Company settled an issue related to the examination of the Company’s prior years’ state tax returns.

The Company recognizes interest and penalties, as applicable, related to the underpayment of income taxes as a component of Income tax expense on the Consolidated Statement of Income. The Company recorded net interest expense of $1 million for each of the years ended December 31, 2025 and 2024. In comparison, net interest and penalties expense was immaterial for the year ended 2023. Total accrued interest included in Accrued expenses and other liabilities on the Consolidated Balance Sheet was $232 thousand and $1 million as of December 31, 2025 and 2024, respectively.

The Company files federal income tax returns, as well as returns in various state and foreign jurisdictions. We are routinely examined by tax authorities in these various jurisdictions. The Company is subject to federal income tax examination for the tax years 2022 and forward. With few exceptions, the Company is also subject to tax examination in various state and local jurisdictions for the tax years 2021 and forward. The Company does not believe that the outcome of unresolved issues or claims in any of the tax jurisdictions is likely to have a material impact on the Company’s Consolidated Financial Statements. The Company believes that adequate provisions have been recorded for all income tax uncertainties consistent with ASC 740, Income Taxes as of December 31, 2025.

Note 12 — 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.

The following table presents the Company’s credit-related commitments as of December 31, 2025 and 2024:
December 31,
20252024
($ 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$4,927,242 $3,887,543 $716,718 $92,460 $9,623,963 $9,128,040 
Commercial letters of credit and SBLCs1,265,040 560,517 153,113 977,620 2,956,290 2,917,029 
Total$6,192,282 $4,448,060 $869,831 $1,070,080 $12,580,253 $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.

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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 December 31, 2025, total letters of credit of $3.0 billion consisted of SBLCs of $2.9 billion and commercial letters of credit of $31 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 December 31, 2025 and 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 $49 million and $39 million as of December 31, 2025 and 2024, respectively. For further information on the allowance for unfunded credit commitments, refer to Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K

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 December 31, 2025 and 2024:
Maximum Potential Future Payments
Carrying Value (1)
December 31,December 31,
2025202420252024
($ 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$15 $323 $2,799 $3,137 $4,375 $3,137 $4,375 
Multifamily residential loans sold or securitized with recourse124 40 14,832 14,996 14,996 15,895 17,770 
Total $139 $363 $17,631 $18,133 $19,371 $19,032 $22,145 
(1)Represents the unpaid principal balance.

The Company continues to experience minimal losses from the single-family and multifamily residential loan portfolios sold or securitized with recourse and recorded an immaterial recourse reserve as of December 31, 2025 and 2024.

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.

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While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information known to the Company as of December 31, 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 13 — 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 December 31, 2025, 2024 and 2023. The total number of shares available for grant under the 2021 Stock Incentive Plan was approximately 3 million as of December 31, 2025.

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 years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
($ in thousands)202520242023
Stock compensation costs$76,189 $45,535 $39,867 
Related net tax benefits for stock compensation plans$3,041 $997 $8,959 

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 RSU grants are time-based vesting awards, other RSUs 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 in this 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 year ended December 31, 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 
Granted473,818 $95.20 88,660 $95.34 
Vested(359,890)$78.17 (87,992)$81.35 
Forfeited(110,516)$80.18 — $— 
Outstanding, December 31, 2025
1,352,024 $81.51 282,729 $83.87 

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The weighted-average grant date fair value of the time-based RSUs granted during the years ended December 31, 2025, 2024, and 2023 was $95.20, $76.44, and $73.13, respectively. The weighted-average grant date fair value of the performance-based RSUs granted during the years ended December 31, 2025, 2024 and 2023 was $95.34, $80.28 and $79.93, respectively. The total fair value of time-based RSUs that vested during the years ended December 31, 2025, 2024 and 2023 was $34 million, $25 million and $39 million, respectively. The total fair value of performance-based RSUs that vested during the years ended December 31, 2025, 2024, and 2023 was $14 million, $12 million and $21 million, respectively.

As of December 31, 2025, there was $35 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 1.8 years, and $5 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 1.8 years.

Employee Stock Purchase Plan — The 1998 Employee Stock Purchase Plan (the “Purchase Plan”) provides eligible employees of the Company the right to purchase shares of its common stock at a discount. Employees can purchase shares at 90% of the fair market price subject to an annual purchase limitation of $22,500 per employee. As of December 31, 2025, the Purchase Plan qualifies as a non-compensatory plan under Section 423 of the Internal Revenue Code and, accordingly, no compensation expense has been recognized. 2,000,000 shares of the Company’s common stock were authorized for sale under the Purchase Plan. During the years ended December 31, 2025 and 2024, 36,863 shares totaling $3 million and 41,563 shares totaling $3 million, respectively, were sold to employees under the Purchase Plan. As of December 31, 2025, there were 73,388 shares available under the Purchase Plan.

Note 14 — Stockholders’ Equity and Earnings Per Share

The following table presents the basic and diluted EPS calculations for the years ended December 31, 2025, 2024 and 2023. 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 this Form 10-K.
Year Ended December 31,
($ and shares in thousands, except per share data)202520242023
Basic:
Net income$1,325,188 $1,165,586 $1,161,161 
Basic weighted-average number of shares outstanding
138,342 
(1)
138,898 141,164 
Basic EPS$9.58 $8.39 $8.23 
Diluted:
Net income$1,325,188 $1,165,586 $1,161,161 
Less: Fair value changes of liability-classified equity contracts, net of tax (2)
(996)— — 
Net income, diluted
$1,324,192 $1,165,586 $1,161,161 
Basic weighted-average number of shares outstanding
138,342 
(1)
138,898 141,164 
Add: Dilutive impact of unvested RSUs and liability-classified equity contracts that are share-settled788 1,060 738 
Diluted weighted-average number of shares outstanding139,130 139,958 141,902 
Diluted EPS$9.52 $8.33 $8.18 
(1)Includes retirement-eligible employees’ awards.
(2)Applied blended statutory tax rate of 28.02% for the year ended December 31, 2025.

Approximately nine thousand, six thousand and 283 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computation for the years ended December 31, 2025, 2024 and 2023, respectively.

Stock Repurchase Program — On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of its common stock. The Company repurchased $115 million and $144 million of its common stock in the years ended December 31, 2025 and 2024, respectively. All repurchases were made on the open market at currently prevailing prices.

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Note 15 — Accumulated Other Comprehensive (Loss) Income

The following table presents the changes in the components of AOCI balances for the years ended December 31, 2025, 2024 and 2023:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, December 31, 2022$(694,815)$(49,531)$(21,283)$(765,629)
Net unrealized gains (losses) arising during the period
76,930 (4,277)(56)72,597 
Amounts reclassified from AOCI16,004 56,432 — 72,436 
Changes, net of tax92,934 52,155 (56)145,033 
Balance, December 31, 2023$(601,881)$2,624 $(21,339)$(620,596)
Net unrealized gains (losses) arising during the period50,302 (87,447)(982)(38,127)
Amounts reclassified from AOCI9,427 64,036 — 73,463 
Changes, net of tax59,729 (23,411)(982)35,336 
Balance, December 31, 2024$(542,152)$(20,787)$(22,321)$(585,260)
Net unrealized gains arising during the period
177,668 34,108 1,734 213,510 
Amounts reclassified from AOCI11,252 14,888 — 26,140 
Changes, net of tax188,920 48,996 1,734 239,650 
Balance, December 31, 2025$(353,232)$28,209 $(20,587)$(345,610)
(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 investments in non-U.S. operations, including related hedges.

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The following table presents the components of other comprehensive (loss) income, reclassifications to net income and the related tax effects for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
($ in thousands)Before-TaxTax Effect Net-of-TaxBefore-TaxTax Effect Net-of-TaxBefore-TaxTax Effect Net-of-Tax
Debt securities:
Net unrealized gains on AFS debt securities arising during the period
$252,366 $(74,698)$177,668 $71,259 $(20,957)$50,302 $109,216 $(32,286)$76,930 
Reclassification adjustments:
Net realized losses (gains) on AFS debt securities reclassified into net income (1)
937 (277)660 (2,069)612 (1,457)6,862 
(2)
(2,029)4,833 
Amortization of unrealized losses on transferred securities (3)
15,038 (4,446)10,592 15,452 (4,568)10,884 15,860 (4,689)11,171 
Net change268,341 (79,421)188,920 84,642 (24,913)59,729 131,938 (39,004)92,934 
Cash flow hedges:
Net unrealized gains (losses) arising during the period
48,016 (13,908)34,108 (124,382)36,935 (87,447)(5,767)1,490 (4,277)
Net realized losses reclassified into net income (4)
20,959 (6,071)14,888 91,083 (27,047)64,036 79,843 (23,411)56,432 
Net change68,975 (19,979)48,996 (33,299)9,888 (23,411)74,076 (21,921)52,155 
Foreign currency translation adjustments, net of hedges:
Net unrealized gains (losses) arising during the period
1,641 93 1,734 (809)(173)(982)698 (754)(56)
Net change1,641 93 1,734 (809)(173)(982)698 (754)(56)
Other comprehensive income
$338,957 $(99,307)$239,650 $50,534 $(15,198)$35,336 $206,712 $(61,679)$145,033 
(1)Pre-tax amounts were reported in Net gains (losses) 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 the net loss related to an AFS debt security that was written-off in the first quarter of 2023 and subsequently sold during the fourth quarter of 2023.
(3)Represents unrealized losses amortized over the remaining useful lives of securities that were transferred from the AFS to HTM portfolio in 2022.
(4)Pre-tax amounts related to cash flow hedges on variable rate loans and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income. In 2023, pre-tax amount also includes the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income.

Note 16 — Regulatory Requirements and Matters

The Company and the Bank are subject to regulatory capital adequacy requirements administered by the respective federal banking agencies that are based largely under the Basel III Capital Rules. As standardized approaches institutions, the Basel III Capital Rules require that banking organizations, such as the Company and the Bank, to maintain a minimum Common Equity Tier 1 (“CET1”) capital ratio of at least 4.5%, a Tier 1 capital ratio of at least 6.0%, a total capital ratio of at least 8.0%, and a Tier 1 leverage ratio of a least 4.0% to be considered adequately capitalized. Failure to meet the minimum capital requirements can result in certain mandatory actions and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. The Company and the Bank are also subject to maintaining a capital conservation buffer of 2.5% above the minimum risk-based capital ratios under the Basel III Capital Rules. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but which does not exceed the capital conservation buffer will face constraints on dividends, share repurchases and executive compensation based on the amount of the shortfall.

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The Federal Deposit Insurance Corporation Improvement Act of 1991 requires that the federal regulatory agencies adopt regulations defining capital categories for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Under the agencies’ Prompt Corrective Action regulations, failure of a bank to be well capitalized results in an escalating series of adverse regulatory consequences.

As of both December 31, 2025 and 2024, the Company and the Bank were both categorized as well capitalized based on applicable U.S. regulatory capital ratio requirements in accordance with Basel III standardized approaches, as set forth in the table below. The Company believes that no changes in conditions or events have occurred since December 31, 2025, which would result in changes that would cause the Company or the Bank to fall below the well capitalized level. The following table presents the regulatory capital information of the Company and the Bank as of December 31, 2025 and 2024:
Basel III
December 31, 2025
December 31, 2024 (1)
($ in thousands)AmountRatioAmountRatioMinimum Regulatory Requirements
Minimum Regulatory Requirements including Capital Conservation Buffer (3)
Well-Capitalized Requirement
Total capital (to risk-weighted assets)
Company$9,480,208 16.4%$8,561,797 15.6%8.0%10.5%10.0%
East West Bank$8,694,701 15.1%$8,053,389 14.7%8.0%10.5%10.0%
Tier 1 capital (to risk-weighted assets)
Company$8,721,523 15.1%$7,839,816 14.3%6.0%8.5%6.0%
East West Bank$7,973,536 13.9%$7,367,996 13.4%6.0%8.5%8.0%
CET1 capital (to risk-weighted assets)
Company (2)
$8,721,523 15.1%$7,839,816 14.3%4.5%7.0%N/A
East West Bank$7,973,536 13.9%$7,367,996 13.4%4.5%7.0%6.5%
Tier 1 leverage capital (to adjusted quarterly average assets)
Company (2)
$8,721,523 10.9%$7,839,816 10.4%4.0%4.0%N/A
East West Bank$7,973,536 10.0%$7,367,996 9.8%4.0%4.0%5.0%
N/A — Not applicable.
(1)Reflected a delay of the estimated impact of CECL on regulatory capital in accordance with regulatory capital rules.
(2)The well-capitalized requirements for CET1 capital and Tier 1 leverage capital apply only to the Bank since there is no CET1 capital ratio or Tier 1 leverage capital ratio component in the definition of a well-capitalized bank holding company.
(3)Includes a 2.5% capital conservation buffer requirement above the minimum risk-based capital ratios, where applicable.

Note 17 — 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.

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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, equipment financing, and loan syndication. Commercial deposit products and other financial services include treasury management, foreign exchange services and interest rate and commodity risk hedging.

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.

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The following tables present the operating results and other key financial measures for the individual operating segments as of and for the years ended December 31, 2025, 2024 and 2023:
($ in thousands)Consumer and Business BankingCommercial BankingTreasury and OtherTotal
Year Ended December 31, 2025
Net interest income before provision for (reversal of) credit losses
$1,079,288 $1,028,314 $445,027 $2,552,629 
Noninterest income120,779 218,177 40,271 379,227 
Total revenue before provision for (reversal of) credit losses
1,200,067 1,246,491 485,298 2,931,856 
Provision for (reversal of) credit losses
26,044 152,085 (18,129)160,000 
Compensation and employee benefits240,500 246,303 131,950 618,753 
Other noninterest expense (1)
229,833 157,616 40,194 427,643 
Total noninterest expense470,333 403,919 172,144 1,046,396 
Segment income before income taxes
703,690 690,487 331,283 1,725,460 
Segment net income$502,687 $493,508 $328,993 $1,325,188 
Average balances:
Loans$20,313,671 $34,000,936 $310,352 $54,624,959 
Deposits$33,384,458 $27,137,950 $4,326,953 $64,849,361 
As of December 31, 2025
Segment assets$21,384,121 $37,393,886 $21,656,990 $80,434,997 
($ in thousands)Consumer and Business BankingCommercial BankingTreasury and OtherTotal
Year Ended December 31, 2024
Net interest income before provision for (reversal of) credit losses
$1,152,033 $1,125,931 $752 $2,278,716 
Noninterest income108,773 197,780 28,665 335,218 
Total revenue before provision for (reversal of) credit losses
1,260,806 1,323,711 29,417 2,613,934 
Provision for (reversal of) credit losses
8,691 166,953 (1,644)174,000 
Compensation and employee benefits217,612 234,240 98,882 550,734 
Other noninterest expense (1)
234,494 161,969 10,876 407,339 
Total noninterest expense452,106 396,209 109,758 958,073 
Segment income (loss) before income taxes800,009 760,549 (78,697)1,481,861 
Segment net income$563,218 $535,652 $66,716 $1,165,586 
Average balances:
Loans$18,966,662 $32,996,221 $405,897 $52,368,780 
Deposits$30,815,912 $25,820,956 $3,036,171 $59,673,039 
As of December 31, 2024
Segment assets$20,084,814 $35,646,939 $20,244,722 $75,976,475 
152

($ in thousands)Consumer and Business BankingCommercial BankingTreasury and OtherTotal
Year Ended December 31, 2023
Net interest income (loss) before provision for credit losses$1,225,954 $1,116,013 $(29,713)$2,312,254 
Noninterest income103,210 168,502 21,400 293,112 
Total revenue (loss) before provision for credit losses1,329,164 1,284,515 (8,313)2,605,366 
Provision for credit losses21,454 100,391 3,155 125,000 
Compensation and employee benefits203,387 217,663 87,488 508,538 
Other noninterest expense (1)
261,406 158,949 91,703 512,058 
Total noninterest expense464,793 376,612 179,191 1,020,596 
Segment income (loss) before income taxes842,917 807,512 (190,659)1,459,770 
Segment net income (loss)$594,965 $570,153 $(3,957)$1,161,161 
Average balances:
Loans$17,739,984 $31,365,547 $439,605 $49,545,136 
Deposits$28,174,781 $23,304,066 $3,483,884 $54,962,731 
As of December 31, 2023
Segment assets$19,165,172 $35,020,106 $15,427,606 $69,612,884 
(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.

Note 18 — Parent Company Condensed Financial Statements

The following tables present the Parent Company-only condensed financial statements:

CONDENSED BALANCE SHEET
December 31,
($ in thousands)20252024
ASSETS
Cash and cash equivalents
$664,002 $394,919 
Investments in subsidiaries:
Bank8,151,065 7,251,084 
Nonbank11,003 10,423 
Other assets130,535 125,552 
TOTAL $8,956,605 $7,781,978 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Long-term debt$32,320 $32,001 
Other liabilities25,083 26,923 
Stockholders’ equity8,899,202 7,723,054 
TOTAL $8,956,605 $7,781,978 

153

CONDENSED STATEMENT OF INCOME
Year Ended December 31,
($ in thousands)202520242023
Dividends from subsidiaries:
Bank$750,000 $540,000 $704,000 
Nonbank66 127 322 
Other investment income (losses) (1)
2,115 (954)(2,738)
Other income714 31 — 
Total income752,895 539,204 701,584 
Interest expense on long-term debt2,527 4,507 10,889 
Compensation and employee benefits11,132 7,283 7,204 
Other expense (income) (2)
1,850 1,839 (1,086)
Total expense15,509 13,629 17,007 
Income before income tax benefit and equity in undistributed income of subsidiaries
737,386 525,575 684,577 
Income tax benefit3,510 4,143 5,844 
Undistributed earnings of subsidiaries, primarily bank584,292 635,868 470,740 
Net income$1,325,188 $1,165,586 $1,161,161 
(1)Includes $1 million in DC Solar recoveries for the year ended December 31, 2025.
(2)Includes $307 thousand and $3 million in DC Solar recoveries for the years ended December 31, 2025 and 2023, respectively.

CONDENSED STATEMENT OF CASH FLOWS
Year Ended December 31,
($ in thousands)202520242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,325,188 $1,165,586 $1,161,161 
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank(584,292)(635,868)(470,740)
Deferred income tax expense62 2,788 948 
Net change in other assets(5,549)(6,912)(4,160)
Net change in other liabilities(1,686)(802)(47)
Other operating activities, net1,083 1,265 2,443 
Net cash provided by operating activities734,806 526,057 689,605 
CASH FLOWS FROM INVESTING ACTIVITIES
AFS debt securities:
Proceeds from maturities
1,945,000 — — 
Purchases
(1,944,333)— — 
Redemption of trust preferred securities— 3,558 — 
Other investing activities, net(732)(494)(95,095)
Net cash (used in) provided by investing activities(65)3,064 (95,095)
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term debt:
Repayment of junior subordinated debt
— (116,558)— 
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements3,212 3,023 3,208 
Stock tendered for payment of withholding taxes(19,239)(14,877)(23,751)
Repurchase of common stock pursuant to the stock repurchase program(115,590)(143,082)(82,174)
Cash dividends paid(334,041)(308,478)(274,554)
Net cash used in financing activities(465,658)(579,972)(377,271)
Net increase (decrease) in cash and cash equivalents
269,083 (50,851)217,239 
Cash and cash equivalents, beginning of year394,919 445,770 228,531 
Cash and cash equivalents, end of year$664,002 $394,919 $445,770 
154

Note 19 — Subsequent Events

On January 22, 2026, the Company’s Board of Directors declared first quarter 2026 cash dividends for the Company’s common stock. The common stock cash dividend of $0.80 per share was paid on February 17, 2026 to stockholders of record as of February 2, 2026.

155

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

As of December 31, 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 December 31, 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 U.S. Securities and Exchange Commission (“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.

Management’s Annual Report on Internal Control over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act). The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial statements for external purposes in accordance with U.S. GAAP.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies or procedures may deteriorate.

Management evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025 using the criteria set forth in Internal Control — Integrated Framework 2013 issued by the Committee of Sponsoring Organization of the Treadway Commission. Based on this evaluation, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2025.

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the quarter ended December 31, 2025, that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

Report of Independent Registered Public Accounting Firm

KPMG LLP, the independent registered public accounting firm that audited the Company’s Consolidated Financial Statements, issued an audit report on the effectiveness of internal control over financial reporting as of December 31, 2025. The audit report is presented on the following page.

156

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholders and Board of Directors
East West Bancorp, Inc.:

Opinion on Internal Control Over Financial Reporting
We have audited East West Bancorp, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders’ equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 27, 2026 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Los Angeles, California
February 27, 2026
157

ITEM 9B.  OTHER INFORMATION

During the three months ended December 31, 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).

ITEM 9C.  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.
PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The names of the Company’s executive officers, and biographical information for each, is set forth in Item 1. Business — Information about our Executive Officers in this Form 10-K.

The other information required by this item will be set forth in the following sections of the Company’s definitive proxy statement for its 2026 Annual Meeting of Stockholders (the “2026 Proxy Statement”), which will be filed with the SEC pursuant to Regulation 14A within 120 days of the Company’s fiscal year ended December 31, 2025, and this information is incorporated herein by reference:
•Summary Information about Director Nominees
•Board of Directors and Nominees
•Director Nominee Qualifications and Experience
•Director Independence, Financial Experts and Risk Management Experience
•Board Leadership Structure
•Board Meetings
•Board Committees

The Company has adopted a Code of Conduct that applies to its principal executive officer, principal financial and accounting officer, controller, and persons performing similar functions. The Code of Conduct is posted on the Company’s website at www.eastwestbank.com/govdocs. Any amendments to, or waivers from, the Company’s Code of Conduct will be disclosed on the Company’s website at http://investor.eastwestbank.com.

ITEM 11. EXECUTIVE COMPENSATION

Information regarding the Company’s executive compensation will be set forth in the following sections of the 2026 Proxy Statement and this information is incorporated herein by reference:
•Director Compensation
•Compensation Discussion and Analysis

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Information concerning security ownership of certain beneficial owners and management not otherwise included herein will be set forth in the 2026 Proxy Statement under the heading “Stock Ownership of Principal Stockholders, Directors and Management” and this information is incorporated herein by reference.

158

Securities Authorized for Issuance under Equity Compensation Plans

The following table sets forth the total number of shares available for issuance under the Company’s employee equity compensation plans as of December 31, 2025:
Plan CategoryNumber of Securities to be Issued upon Exercise of Outstanding OptionsWeighted-Average Exercise Price of Outstanding OptionsNumber of Securities Remaining Available for Future Issuance under Equity Compensation Plans
Equity compensation plans approved by security holders— $— 3,097,839 
(1)
Equity compensation plans not approved by security holders— — — 
Total— $— 3,097,839 
(1)Represents future shares available under the stockholder-approved 2021 Stock Incentive Plan effective March 4, 2021.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

Information regarding certain relationships and related transactions will be set forth in the following sections of the 2026 Proxy Statement and this information is incorporated herein by reference:
•Director Independence, Financial Experts and Risk Management Experience
•Certain Relationships and Related Transactions

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Our independent registered public accounting firm is KPMG LLP, Los Angeles, CA, PCAOB ID: 185.

Information regarding principal accountant fees and services will be set forth in the 2026 Proxy Statement under the heading “Ratification of Auditors” and this information is incorporated herein by reference.

159

PART IV

ITEM 15.  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(1)Financial Statements

The following financial statements of East West Bancorp, Inc. and its subsidiaries, and the auditor’s report thereon, are filed as part of this report under Item 8. Financial Statements:
Page
77
80
81
82
83
84
86

(2)Financial Statement Schedules

All financial statement schedules for East West Bancorp, Inc. and its subsidiaries have been included in this Form 10-K in the Consolidated Financial Statements or the related notes thereto, or they are either inapplicable or not required.

(3)Exhibits

A list of exhibits to this Form 10-K is set forth below.
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/A 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).]
4.1
Specimen Common Stock Certificate of Registrant [Incorporated by reference to Exhibit 4.1 from Registrant’s Registration Statement on Form S-4/A filed with the Commission on November 5, 1998 (File No. 333-63605).]
4.2
Form of Certificate of the Registrant’s 8.00% Non-Cumulative Perpetual Convertible Preferred Stock, Series A [Incorporated by reference to Exhibit 4.1 from Registrant’s Current Report on Form 8-K, filed with the Commission on April 30, 2008 (File No. 000-24939).]
4.3
Description of Securities [Incorporated by reference to Exhibit 4.3 from Registrant’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on February 27, 2020 (File No. 000-24939).]
160

10.1.1
Employment Agreement – Dominic Ng* [Incorporated by reference to Exhibit 10.1 from Registrant’s Registration Statement on Form S-4 filed with the Commission on September 17, 1998 (File No. 333-63605).]
10.1.2
Amendment to Employment Agreement – Dominic Ng* [Incorporated by reference to Exhibit 10.1 from Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the Commission on May 9, 2025 (File No. 000-24939).]
10.2.1
Employment Agreement – Douglas P. Krause* [Incorporated by reference to Exhibit 10.5 from Registrant’s Registration Statement on Form S-4 filed with the Commission on September 17, 1998 (File No. 333-63605).]
10.2.2
Amendment to Employment Agreement – Douglas P. Krause* [Incorporated by reference to Exhibit 10.2 from Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the Commission on May 9, 2025 (File No. 000-24939).]
10.3.1
Employment Agreement – Irene H. Oh* [Incorporated by reference to Exhibit 10.1 from Registrant’s Current Report on Form 8-K filed with the Commission on December 22, 2016 (File No. 000-24939).]
10.3.2
Amendment to Employment Agreement – Irene H. Oh* Filed herewith.
10.4.1
Employment Agreement – Parker Shi* [Incorporated by reference to Exhibit 10.1 from Registrant’s Current Report on Form 8-K filed with the Commission on December 6, 2021 (File No. 000-24939).]
10.4.2
Amendment to Employment Agreement - Parker Shi* Filed herewith.
10.5
Employment Agreement – Christopher Del Moral-Niles.* [Incorporated by reference to Exhibit 10.3 from Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the Commission on May 9, 2025 (File No. 000-24939).]
10.6.1
East West Bancorp, Inc. 2016 Stock Incentive Plan, as amended and restated* [Incorporated by reference to Exhibit A from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 21, 2016 (File No. 000-24939).]
10.6.2
East West Bancorp, Inc. 2021 Stock Incentive Plan, as amended and restated* [Incorporated by reference to Appendix A from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 15, 2021 (File No. 000-24939).]
10.6.3
East West Bancorp, Inc. 2017 Performance-Based Bonus Plan, as amended* [Incorporated by reference to Exhibit A from Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on April 19, 2017 (File No. 000-24939).]
10.6.4
East West Bancorp, Inc. 1999 Spirit of Ownership Restricted Stock Program* [Incorporated by reference to Exhibit 10.4 from Registrant’s Current Report on Form 8-K filed with the Commission on March 9, 2005 (File No. 000-24939).]
10.6.5
East West Bank Amended and Restated Deferred Compensation Plan*. Filed herewith.
10.7
East West Bancorp, Inc. 1998 Employee Stock Purchase Plan* [Incorporated by reference to Exhibit 10.7 from Registrant’s Registration Statement on Form S-4 filed with the Commission on September 17, 1998 (File No. 333-63605).]
19
21.1
23.1
Consent of Independent Registered Public Accounting Firm KPMG LLP. Filed herewith.
24
Power of Attorney. Filed herewith.
31.1
Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
31.2
Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
32.1
Chief Executive Officer Certification 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
Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.
97
East West Bancorp, Inc. Executive Compensation Clawback Policy [Incorporated by reference to Exhibit 97 from Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Commission on February 29, 2024 (File No. 000-24939).]
101.INSThe instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCHXBRL Taxonomy Extension Schema Document. Filed herewith.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document. Filed herewith.
101.DEFXBRL Taxonomy Extension Definition Linkbase Document. Filed herewith.
101.LABXBRL Taxonomy Extension Label Linkbase Document. Filed herewith.
101.PREXBRL Taxonomy Extension Presentation Linkbase Document. Filed herewith.
104Cover Page Interactive Data (formatted as Inline XBRL and contained in Exhibit 101 filed herewith). Filed herewith.
* Denotes management contract or compensatory plan or arrangement.
161


ITEM 16.  FORM 10-K SUMMARY

Not applicable.

162

GLOSSARY OF ACRONYMS

AFSAvailable-for-saleGHGGreenhouse gas
ALCOAsset/Liability CommitteeGLBAGramm-Leach-Bliley Act of 1999
ALLLAllowance for loan and lease lossesGNMAGovernment National Mortgage Association
AMLAnti-money launderingHELOCHome equity line of credit
AOCIAccumulated other comprehensive (loss) incomeHTMHeld-to-maturity
ASCAccounting Standards CodificationIARIndependent Asset Review
ASUAccounting Standards UpdateIDIInsured depository institution
BHC ActBank Holding Company Act of 1956, as amendedLCHLondon Clearing House
BKX Index
Keefe, Bruyette & Woods Nasdaq Bank Index
LGDLoss given default
BSABank Secrecy ActLTVLoan-to-value
BTFPBank Term Funding ProgramMD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
C&ICommercial and industrial MMBTUMillion British thermal unit
CECLCurrent expected credit lossesNAVNet asset value
CET1Common Equity Tier 1
NRSROs
Nationally recognized statistical rating organizations
CFPBConsumer Financial Protection BureauOBBBAThe One Big Beautiful Bill Act
CLOCollateralized loan obligationOFACOffice of Foreign Assets Control
CMEChicago Mercantile ExchangeOREOOther real estate owned
CODMChief operating decision makerOTTIOther-than-temporary impairment
CRACommunity Reinvestment ActPAMProportionate amortization method
CRECommercial real estatePATRIOT ActUniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001
DFPICalifornia Department of Financial Protection and InnovationPCAPrompt Corrective Action
DIFDeposit Insurance FundPCDPurchased credit deteriorated
DOJThe U.S. Department of JusticePDProbability of default
EPSEarnings per shareRMBChinese Renminbi
ERMEnterprise risk management ROAReturn on average assets
EVEEconomic value of equityROAE
Return on average common equity
EWCN
East West Bank (China) Limited
ROATCEReturn on average tangible common equity
FASBFinancial Accounting Standards BoardROCRisk Oversight Committee
FDIAFederal Deposit Insurance ActRPACredit risk participation agreement
FDICFederal Deposit Insurance CorporationRSURestricted stock unit
FFIECFederal Financial Institutions Examination CouncilS&P Standard & Poor's
FHLBFederal Home Loan BankSBLCStandby letter of credit
FINRAFinancial Industry Regulatory Authority, Inc.SECU.S. Securities and Exchange Commission
FRBFederal Reserve BankSOFRSecured Overnight Financing Rate
FTPFunds transfer pricingSRFStanding Repurchase Agreement Facility
GAAPGenerally accepted accounting principlesU.S.United States
GDPGross Domestic ProductUSDU.S. dollar
GENIUS ActThe Guiding and Establishing National Innovation for U.S. Stablecoins ActVIEVariable interest entity
163

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.
EAST WEST BANCORP, INC.
(Registrant)
By/s/ DOMINIC NG
Dominic Ng
Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
SignatureTitleDate
/s/ DOMINIC NGChairman, Chief Executive Officer and Director
(Principal Executive Officer)		February 27, 2026
Dominic Ng
   
/s/ CHRISTOPHER J. DEL MORAL-NILESExecutive Vice President and
Chief Financial Officer
(Principal Financial and Accounting Officer)		February 27, 2026
Christopher J. Del Moral-Niles
   
MANUEL P. ALVAREZ*DirectorFebruary 27, 2026
Manuel P. Alvarez
PETER BABEJ*
Director
February 27, 2026
Peter Babej
MOLLY CAMPBELL*DirectorFebruary 27, 2026
Molly Campbell
ARCHANA DESKUS*DirectorFebruary 27, 2026
Archana Deskus
SERGE DUMONT*DirectorFebruary 27, 2026
Serge Dumont
MARK HUTCHINS*
DirectorFebruary 27, 2026
Mark Hutchins
PAUL H. IRVING*DirectorFebruary 27, 2026
Paul H. Irving
SABRINA KAY*DirectorFebruary 27, 2026
Sabrina Kay
JACK C. LIU*DirectorFebruary 27, 2026
Jack C. Liu
LESTER M. SUSSMAN*
Lead Director
February 27, 2026
Lester M. Sussman
* Dominic Ng, by signing his name hereto, does hereby sign this document on behalf of each of the above named directors of the registrant pursuant to powers of attorney duly executed by such persons.

Dated: February 27, 2026
By/s/ DOMINIC NG
Dominic Ng
Attorney-In-Fact
Chairman and Chief Executive Officer
164

What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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