East West Bancorp reports Q1 adj. EPS $1.16, consensus $1.22
Reports Q1 book value per share $31.56. Reports Q1 CET1 capital ratio 12.4%. Reports Q1 net charge-offs 0.18%. "We started off the year with solid balance sheet growth. Our total assets reached a record $42.1B. Total loans grew $478M, or 6% annualized, to a record $32.9B from $32.4B as of December 31, 2018," stated Dominic Ng, Chairman and CEO of East West. "Total deposits grew $834M, or 10% annualized, to a record $36.3B from $35.4B at the end of 2018. Our Q1 net interest margin, excluding the impact of accretion, was 3.77%1, a quarter-over-quarter increase of four basis points from 3.73%, and a year-over-year increase of 10 basis points from 3.67%," continued Ng. "Our balance sheet growth, the profitability of our business, and our capital levels are strong. As of March 31, our tangible equity to tangible assets ratio was 9.9%, an increase of 16 basis points quarter-over-quarter. I am pleased to announce that East West's board approved a 20% increase to the quarterly common stock dividend. Our quarterly dividend will increase to 27.5c per share, up from 23c per share. We are optimistic about the year ahead, and look forward to delivering another year of strong returns for our shareholders," concluded Ng.