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Section 1: 8-K (8-K)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
  
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)
October 18, 2018

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



Delaware
 
000-24939
 
95-4703316
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
135 N 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)
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨




1






East West Bancorp, Inc.
Current Report of Form 8-K


Item 2.02. Results of Operations and Financial Condition
 
On October 18, 2018, East West Bancorp, Inc. (the “Company”) announced, via press release, its financial results for the quarter ended September 30, 2018 (the “Press Release”). The Press Release is available on the Company’s website. The Press Release is “furnished” as Exhibit 99.1 to this Current Report on Form 8-K pursuant to General Instruction B.2 of Form 8-K and is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities under that Section. This exhibit shall not be incorporated by reference into any filings the Company has made or may make under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure

On October 18, 2018, the Company will hold a conference call to discuss its financial results for the quarter ended September 30, 2018, including the Press Release and other matters relating to the Company. The Company has also made available on its website presentation materials containing certain historical and forward-looking information relating to the Company (the “Presentation Materials”). The Presentation Materials are furnished as Exhibit 99.2 and are incorporated by reference in this Item 7.01. All information in Exhibit 99.2 is presented as of the particular date or dates referenced therein, and the Company does not undertake any obligation to, and disclaims any duty to, update any of the information provided. The information provided in Item 7.01 of this report, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall the information or Exhibit 99.2 be deemed incorporated by reference in any filings under the Securities Act.

Item 9.01. Financial Statements and Exhibits
 
(d) Exhibits
 
99.1           Press Release, dated October 18, 2018.
99.2           Presentation Materials, dated October 18, 2018.

 



2






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

 
 
EAST WEST BANCORP, INC.
 
 
Date: October 18, 2018
By:
/s/ Irene H. Oh
 
 
 
Irene H. Oh
 
 
Executive Vice President and Chief Financial Officer


3






EXHIBIT INDEX
 
Exhibit
Number
 
Description
99.1
 
Press Release, dated October 18, 2018.
99.2
 
Presentation Materials, dated October 18, 2018.




4



(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Exhibit


 
Exhibit 99.1
 
 
395394525_ewbclogoa07.jpg
East West Bancorp, Inc.
135 N. Los Robles Ave., 7th Fl.
Pasadena, CA 91101
Tel. 626.768.6000
NEWS RELEASE
 
 
 
 
 
 
FOR INVESTOR INQUIRIES, CONTACT:
Irene Oh
Julianna Balicka
Chief Financial Officer
Director of Strategy and Corporate Development
T: (626) 768-6360
T: (626) 768-6985
E: irene.oh@eastwestbank.com
E: julianna.balicka@eastwestbank.com


EAST WEST BANCORP REPORTS NET INCOME FOR THIRD QUARTER 2018
OF $171 MILLION AND DILUTED EARNINGS PER SHARE OF $1.17, BOTH UP BY 29% YEAR-OVER-YEAR


Pasadena, California October 18, 2018 - East West Bancorp, Inc. (“East West” or the “Company”) (Nasdaq: EWBC), parent company of East West Bank, the financial bridge between the United States and Greater China, today reported its financial results for the third quarter of 2018. For the third quarter of 2018, net income was $171 million, or $1.17 per diluted share, up by 29% year-over-year compared to $133 million, or $0.91 per diluted share, for the third quarter of 2017. Third quarter 2018 return on average assets of 1.76%, return on average equity of 16.2% and return on average tangible1 equity of 18.5% were all up significantly year-over-year.

“Total loans grew $968 million, or 13% annualized, to a record $31.2 billion as of September 30, 2018 from $30.2 billion as of June 30, 2018,” stated Dominic Ng, Chairman and Chief Executive Officer of East West. “Total deposits grew $853 million, or 10% annualized, to a record $33.6 billion as of September 30, 2018 from $32.8 billion as of June 30, 2018.”

“Driven by our sustained loan growth, net interest income reached a record $349 million in the third quarter of 2018, an increase of 2% quarter-over-quarter and 15% year-over-year,” continued Ng. “Our current quarter adjusted2 efficiency ratio of 39.9% was stable compared to the prior quarter. For the third quarter of 2018, our adjusted pre-tax, pre-provision income3 was $238 million, an increase of 1% quarter-over-quarter and an increase of 13% year-over-year.”

“In conclusion, with year-to-date results of strong loan growth and an expanding net interest margin, we are on track for another year of record earnings for 2018. Our net interest income continues to reach higher levels quarter after quarter, and our attractive profitability remains a valued proposition for shareholders,” concluded Ng.











 
 
 
 
1 See reconciliation of GAAP to non-GAAP financial measures in Table 15.
2 See reconciliation of GAAP to non-GAAP financial measures in Table 13.
3 See reconciliation of GAAP to non-GAAP financial measures in Table 13.

1



HIGHLIGHTS OF RESULTS

Quarterly Earnings Third quarter 2018 net income of $171.3 million and diluted earnings per share (“EPS”) of $1.17 both decreased by 1% compared to second quarter 2018 net income of $172.3 million and diluted EPS of $1.18. Net income and EPS both grew by 29% year-over-year.

Net Interest Income Growth and Net Interest Margin Third quarter 2018 net interest income was $348.7 million, a quarterly increase of $7.0 million, or 2%. Net interest income growth primarily reflected loan growth and loan yield expansion, partially offset by growth in time deposits and an increase in the cost of deposits. Third quarter 2018 net interest margin (“NIM”) of 3.76% declined by seven basis points linked quarter. Net interest income grew by 15% year-over-year, and NIM expanded by 24 basis points year-over-year.

Record Loans Total loans of $31.2 billion as of September 30, 2018 were up $968.3 million, or 13% linked quarter annualized, from $30.2 billion as of June 30, 2018. The largest increase in loans this quarter was in commercial and industrial loans, followed by single-family mortgages. Total loans grew by 9% year-over-year.

Record Deposits Total deposits of $33.6 billion as of September 30, 2018 were up $853.0 million, or 10% linked quarter annualized, from $32.8 billion as of June 30, 2018. The sequential quarter growth was largely from an increase in time deposits. Total deposits grew by 7% year-over-year.

Asset Quality Metrics The allowance for loan losses was $310.0 million, or 0.99% of loans held-for-investment (“HFI”), as of September 30, 2018, compared to $301.6 million, or 1.00% of loans HFI, as of June 30, 2018. For the third quarter of 2018, annualized net charge-offs were 0.05% of average loans HFI, compared to annualized net charge-offs of 0.14% of average loans HFI for the previous quarter. Non-purchased credit impaired (“Non-PCI”) nonperforming assets were $114.6 million, or 0.29% of total assets, as of September 30, 2018, compared to $103.5 million, or 0.27% of total assets, as of June 30, 2018.

Capital Levels Capital levels for East West continue to be strong. As of September 30, 2018, stockholders’ equity was $4.2 billion, or $29.29 per share. Tangible equity4 per common share was $25.91 as of September 30, 2018, an increase of 4% linked quarter and 14% year-over-year. As of September 30, 2018, the tangible equity to tangible assets ratio4 was 9.73%, the Common Equity Tier 1 (“CET1”) capital ratio was 12.3%, and the total risk-based capital ratio was 13.8%.























 
 
 
 
4 See reconciliation of GAAP to non-GAAP financial measures in Table 15.

2



QUARTERLY RESULTS SUMMARY
 
 
 
Quarter Ended
($ in millions, except per share data)
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
Net income
 
$
171.3

 
$
172.3

 
$
132.7

Adjusted net income (1)
 
$
171.3

 
$
172.3

 
$
130.5

Earnings per share (diluted)
 
$
1.17

 
$
1.18

 
$
0.91

Adjusted earnings per share (diluted) (1)
 
$
1.17

 
$
1.18

 
$
0.89

Book value per common share
 
$
29.29

 
$
28.39

 
$
26.17

Tangible equity (1) per common share
 
$
25.91

 
$
25.01

 
$
22.71

Tangible equity to tangible assets ratio (1)
 
9.73
%
 
9.64
%
 
9.17
%
Return on average assets (2)
 
1.76
%
 
1.84
%
 
1.46
%
Return on average equity (2)
 
16.2
%
 
17.0
%
 
14.0
%
Return on average tangible equity (1)(2)
 
18.5
%
 
19.5
%
 
16.3
%
Adjusted return on average assets (1)(2)
 
1.76
%
 
1.84
%
 
1.44
%
Adjusted return on average equity (1)(2)
 
16.2
%
 
17.0
%
 
13.8
%
Adjusted return on average tangible equity (1)(2)
 
18.5
%
 
19.5
%
 
16.1
%
Adjusted pre-tax, pre-provision profitability ratio (1)(2)
 
2.44
%
 
2.50
%
 
2.32
%
Net interest income
 
$
348.7

 
$
341.7

 
$
303.2

Net interest margin (2)
 
3.76
%
 
3.83
%
 
3.52
%
Cost of deposits (2)
 
0.78
%
 
0.64
%
 
0.40
%
Efficiency ratio
 
45.5
%
 
45.5
%
 
46.6
%
Adjusted efficiency ratio (1)
 
39.9
%
 
39.9
%
 
39.8
%
 
(1)
See reconciliation of GAAP to non-GAAP financial measures in Tables 12, 13, and 15.
(2)
Annualized.

MANAGEMENT OUTLOOK FOR 2018

We have updated our outlook for the full year 2018. We are lowering our anticipated provision for credit losses, narrowing our expected expense growth range, and adjusting the tax rate.

The revised items are as follows:
Provision for credit losses to range from $60 million to $65 million (lowered from a range of $70 million to $80 million, previously).
Noninterest expense, excluding amortization of tax credit investments and core deposit intangibles, to increase by approximately 9% year-over-year (narrowed from a percentage rate change in the high single digits, previously).
Projecting full year effective tax rate of approximately 14% (versus 13%, previously). Other tax items are unchanged: investment in tax-advantaged credits, excluding low income housing tax credits, of $115 million and associated tax credit amortization expense of $100 million for the full year.

We continue to expect end-of-period loans to increase by approximately 10% year-over-year; and anticipate full year net interest margin, excluding the impact of ASC 310-30 discount accretion income, to be approximately 3.75%.

3



OPERATING RESULTS SUMMARY

Third Quarter 2018 Compared to Second Quarter 2018

Net Interest Income and Net Interest Margin
Net interest income totaled $348.7 million, a 2% increase from $341.7 million. Net interest margin decreased by seven basis points to 3.76% from 3.83%.
Excluding the impact of ASC 310-30 discount accretion, adjusted5 net interest income of $345.9 million increased by 3% and adjusted5 NIM of 3.72% declined by 4 basis points. ASC 310-30 discount accretion income was $2.9 million, a decline from $6.3 million last quarter.
Average loans of $30.5 billion grew by $851.3 million, or 11% linked quarter annualized.
Average deposits of $33.2 billion grew by $864.8 million, or 11% linked quarter annualized.
The yield on loans expanded by seven basis points to 5.02% from 4.95%.
The yield on earning assets expanded by six basis points to 4.55% from 4.49%.
The cost of deposits increased by 14 basis points to 0.78% from 0.64%.
The cost of funds increased by 15 basis points to 0.86% from 0.71%.

Noninterest Income
Noninterest income totaled $46.5 million, a decrease of $1.8 million or 4% from $48.3 million. Excluding the impact of all gains on sales, total fees and other operating income of $41.9 million in the third quarter of 2018 decreased by 6% from $44.6 million.
Decrease in derivative fees and other income reflected a lower volume of customer transactions, which was partially offset by an increase in the fair value of interest rate swaps.
Decrease in letters of credit fees and foreign exchange income reflected a decline in mark-to-market revaluations for foreign currency balance sheet items.

The following table presents total fees and other operating income for the three months ended September 30, 2018, June 30, 2018, and September 30, 2017.
($ in thousands)
 
Quarter Ended
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
Branch fees
 
$
9,777

 
$
10,140

 
$
10,393

Letters of credit fees and foreign exchange income
 
14,649

 
15,673

 
10,564

Ancillary loan fees and other income
 
6,795

 
5,841

 
5,987

Wealth management fees
 
3,535

 
4,501

 
3,461

Derivative fees and other income
 
4,595

 
6,570

 
6,663

Other fees and operating income
 
2,569

 
1,865

 
3,653

Total fees and other operating income
 
$
41,920

 
$
44,590

 
$
40,721

 
 
 
 
 
 
 

Noninterest Expense
Noninterest expense of $179.8 million included $157.7 million of adjusted6 noninterest expense, $20.8 million in amortization of tax credit and other investments, and $1.4 million in amortization of core deposit intangibles.
Adjusted noninterest expense of $157.7 million increased by $2.1 million, or 1%, linked quarter. The increase in noninterest expense compared to the prior quarter was mostly due to an increase in compensation and employee benefits, as well as an increase in other operating expenses, partially offset by decreases in consulting and legal expenses.
The adjusted efficiency ratio was unchanged at 39.9% in the third quarter compared to the prior quarter.








 
 
 
 
5 See reconciliation of GAAP to non-GAAP financial measures in Table 14.
6 See reconciliation of GAAP to non-GAAP financial measures in Table 13.


4



TAX RELATED ITEMS

Tax expense in the third quarter of 2018 was $33.6 million and the effective tax rate was 16%, compared to a tax expense of $24.6 million and an effective tax rate of 13% in the second quarter of 2018.
Currently, we are projecting a full year 2018 effective tax rate of approximately 14%, an increase from a projected rate of 13% previously.

CREDIT QUALITY

The allowance for loan losses totaled $310.0 million, or 0.99% of loans HFI, as of September 30, 2018, compared to $301.6 million, or 1.00% of loans HFI, as of June 30, 2018, and $285.9 million, or 1.00% of loans HFI, as of September 30, 2017.
The provision for credit losses recorded for the current quarter was $10.5 million, compared to $15.5 million for the second quarter of 2018, and $13.0 million for the third quarter of 2017.
Net charge-offs for the current quarter were $3.7 million, or annualized 0.05% of average loans HFI. This compares to net charge-offs of $10.6 million, or annualized 0.14% of average loans HFI, for the second quarter of 2018, and net charge-offs of $4.0 million, or annualized 0.06% of average loans HFI, for the third quarter of 2017.
Non-PCI nonperforming assets of $114.6 million, or 0.29% of total assets, as of September 30, 2018, increased from $103.5 million, or 0.27% of total assets, as of June 30, 2018, and decreased from $117.0 million, or 0.32% of total assets, as of September 30, 2017.

CAPITAL STRENGTH

Capital levels for East West continue to be strong. As of September 30, 2018, stockholders’ equity was $4.2 billion, or $29.29 per share. Tangible equity per common share was $25.91 as of September 30, 2018, an increase of 4% linked quarter and 14% year-over-year. The following table presents the regulatory capital ratios for the quarters ended September 30, 2018, June 30, 2018, and September 30, 2017.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EWBC Regulatory Capital Metrics
 
Basel III
($ in millions)
 
September 30,
2018
 
June 30,
2018
 
September 30,
2017
 
Minimum
Regulatory
Requirements
 
Well
Capitalized
Regulatory
Requirements
 
Fully Phased-
in Minimum
Regulatory
Requirements
 
 
 
 
 
 
 
 
 
 
 
 
 
CET1 capital ratio
 
12.3
%
 
12.2
%
 
11.4
%
 
4.5
%
 
6.5
%
 
7.0
%
Tier 1 risk-based capital ratio
 
12.3
%
 
12.2
%
 
11.4
%
 
6.0
%
 
8.0
%
 
8.5
%
Total risk-based capital ratio
 
13.8
%
 
13.7
%
 
12.9
%
 
8.0
%
 
10.0
%
 
10.5
%
Tier 1 leverage capital ratio
 
10.0
%
 
10.0
%
 
9.4
%
 
4.0
%
 
5.0
%
 
4.0
%
Risk-Weighted Assets (“RWA”) (b)
 
$
31,209

 
$
30,415

 
$
29,178

 
N/A

 
N/A

 
N/A

 
 
 
 
 
 
 

 
 

 
 

 
 
 
 
N/A Not applicable.
(a)
The Company’s September 30, 2018 regulatory capital ratios and RWA are preliminary.
(b)
Under regulatory guidelines, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories based on the nature of the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar value in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWA.


5



DIVIDEND PAYOUT AND CAPITAL ACTIONS

East West’s Board of Directors has declared fourth quarter 2018 dividends for the Company’s common stock. The common stock cash dividend of $0.23 per share is payable on November 15, 2018 to stockholders of record on November 1, 2018.


Conference Call

East West will host a conference call to discuss third quarter 2018 earnings with the public on Thursday, October 18, 2018 at 8:30 a.m. PT/11:30 a.m. ET. The public and investment community are invited to listen as management discusses third quarter 2018 results and operating developments.
The following dial-in information is provided for participation in the conference call: calls within the U.S. - (877) 506-6399; calls within Canada - (855) 669-9657; international calls - (412) 902-6699.
A presentation to accompany the earnings call will be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.
A listen-only live broadcast of the call will also be available on the Investor Relations page of the Company’s website at www.eastwestbank.com/investors.
A replay of the conference call will be available on October 18, 2018 at 11:30 a.m. Pacific Time through November 18, 2018. The replay numbers are: within the U.S. - (877) 344-7529; within Canada - (855) 669-9658; International calls - (412) 317-0088; and the replay access code is: 10124728.








































6



About East West

East West Bancorp, Inc. is a publicly owned company with total assets of $39.1 billion that trades on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly-owned subsidiary, East West Bank, is the premier bank exclusively focused on the United States and Greater China markets, and is one of the largest independent banks headquartered in California. With over 130 locations worldwide, East West operates in California, Georgia, Massachusetts, Nevada, New York, Texas and Washington in the United States. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen. For more information about East West, visit the Company’s website at www.eastwestbank.com.



Forward-Looking Statements
Certain matters set forth herein (including any exhibits hereto) constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations regarding future operating results. Forward-looking statements may include, but are not limited to, the use of forward-looking language, such as “likely result in,” “expects,” “anticipates,” “estimates,” “forecasts,” “projects,” “intends to,” or may include other similar words or phrases, such as “believes,” “plans,” “trend,” “objective,” “continues,” “remains,” or similar expressions, or future or conditional verbs, such as “will,” “would,” “should,” “could,” “may,” “might,” “can,” or similar verbs. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties, some of which are beyond our control, include, but are not limited to, our ability to compete effectively against other financial institutions in our banking markets; success and timing of our business strategies; the Company’s ability to retain key officers and employees; changes in interest rates on our net interest income and net interest margin; the effect of changes in the deposit mix on our funding costs and net interest margin; changes in our costs of operation, compliance and expansion; our ability to adopt and successfully integrate new technologies into our business in a strategic manner; impact of failure in, or breach of, our operational or security systems or infrastructure, or those of third parties with whom we do business, including as a result of cyber attacks; and other similar matters which could result in, among other things, confidential and/or proprietary information being disclosed or misused; adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; future credit quality and performance, including our expectations regarding future credit losses and allowance levels; impact of adverse changes to our credit ratings from the major credit rating agencies; impact of adverse judgments or settlements in litigation; changes in the commercial and consumer real estate markets; changes in the United States (“U.S.”) economy, including inflation, employment levels, rate of growth and general business conditions; changes in government interest rate policies; impact of political developments, wars or other hostilities that may disrupt or increase volatility in securities or otherwise affect economic conditions; changes in laws or the regulatory environment including regulatory reform initiatives and policies of the U.S. Department of Treasury, the Board of Governors of the Federal Reserve Board System, the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, the Consumer Financial Protection Bureau and the California Department of Business Oversight - Division of Financial Institutions; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on our business, business practices and cost of operations; heightened regulatory and governmental oversight and scrutiny of the Company’s business practices, including dealings with consumers; impact of reputational risk from negative publicity, fines and penalties and other negative consequences from regulatory violations and legal actions; impact of regulatory enforcement actions; changes in accounting standards as may be required by the Financial Accounting Standards Board or other regulatory agencies and their impact on critical accounting policies and assumptions; changes in income tax laws and regulations and the impact of the Tax Cuts and Jobs Act; impact of other potential federal tax changes and spending cuts; our capital requirements and our ability to generate capital internally or raise capital on favorable terms; changes in our ability to receive dividends from our subsidiaries; any future strategic acquisitions or divestitures; continuing consolidation in the financial services industry; changes in the equity and debt securities markets; fluctuations of our stock price; fluctuations in foreign currency exchange rates; a recurrence of significant turbulence or disruption in the capital or financial markets, which could result in, among other things, a reduction in the availability of funding or increased funding costs, reduced investor demand for mortgage loans and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our available-for-sale investment securities portfolio; changes in the economy of and monetary policy in the People’s Republic of China; impact of natural or man-made disasters or calamities or conflicts or other events that may directly or indirectly result in a negative impact on the Company’s financial performance; and other factors set forth in the Company’s public reports including its Annual Report on Form 10-K for the year ended December 31, 2017, and particularly the discussion of risk factors within that document. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the Company’s results could differ materially from those expressed in, implied or projected by such forward-looking statements. The Company assumes no obligation to update such forward-looking statements.



7



EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
($ and shares in thousands, except per share data)
(unaudited)
Table 1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
% Change
 
 
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
Qtr-o-Qtr
 
Yr-o-Yr
Assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
 
$
408,049

 
$
415,653

 
$
364,328

 
(1.8
)%
 
12.0
 %
 
Interest-bearing cash with banks
 
1,810,738

 
1,881,818

 
1,372,421

 
(3.8
)
 
31.9

 
Cash and cash equivalents
 
2,218,787

 
2,297,471

 
1,736,749

 
(3.4
)
 
27.8

 
Interest-bearing deposits with banks
 
400,900

 
360,900

 
404,946

 
11.1

 
(1.0
)
 
Securities purchased under resale agreements (“resale agreements”) (1)
 
1,035,000

 
975,000

 
1,250,000

 
6.2

 
(17.2
)
 
Investment securities
 
2,676,510

 
2,707,444

 
2,956,776

 
(1.1
)
 
(9.5
)
 
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock
 
73,729

 
73,524

 
73,322

 
0.3

 
0.6

 
Loans held-for-sale (“HFS”)
 
3,114

 
14,658

 
178

 
(78.8
)
 
      NM

 
Loans held-for-investment (net of allowance for loan losses of $310,041, $301,550 and $285,926)
 
30,900,144

 
29,928,829

 
28,239,431

 
3.2

 
9.4

 
Investments in qualified affordable housing partnerships, net
 
148,097

 
152,556

 
178,344

 
(2.9
)
 
(17.0
)
 
Investments in tax credit and other investments, net
 
232,194

 
242,595

 
203,758

 
(4.3
)
 
14.0

 
Goodwill
 
465,547

 
465,547

 
469,433

 

 
(0.8
)
 
Other assets
 
919,084

 
854,430

 
795,029

 
7.6

 
15.6

 
Total assets
 
$
39,073,106


$
38,072,954


$
36,307,966

 
2.6
%
 
7.6
%
 
 
 
 
 
 
 
 
 


 


Liabilities and Stockholders’ Equity
 
 

 
 

 
 

 


 


 
Deposits
 
$
33,629,124

 
$
32,776,132

 
$
31,311,662

 
2.6
%
 
7.4
%
 
Short-term borrowings
 
56,411

 
58,523

 
24,813

 
(3.6
)
 
127.3

 
FHLB advances
 
325,596

 
325,020

 
323,323

 
0.2

 
0.7

 
Securities sold under repurchase agreements (“repurchase agreements”) (1)
 
50,000

 
50,000

 
50,000

 

 

 
Long-term debt
 
156,770

 
161,704

 
176,513

 
(3.1
)
 
(11.2
)
 
Accrued expenses and other liabilities
 
610,355

 
587,291

 
639,759

 
3.9

 
(4.6
)
 
Total liabilities
 
34,828,256

 
33,958,670

 
32,526,070

 
2.6

 
7.1

 
Stockholders’ equity
 
4,244,850

 
4,114,284

 
3,781,896

 
3.2

 
12.2

 
Total liabilities and stockholders’ equity
 
$
39,073,106

 
$
38,072,954

 
$
36,307,966

 
2.6
%
 
7.6
%
 
 
 
 
 
 
 
 
 


 


 
Book value per common share
 
$
29.29

 
$
28.39

 
$
26.17

 
3.2
%
 
11.9
%
 
Tangible equity (2) per common share
 
$
25.91

 
$
25.01

 
$
22.71

 
3.6

 
14.1

 
Tangible equity to tangible assets ratio (2)
 
9.73
%
 
9.64
%
 
9.17
%
 
1.0

 
6.2

 
Number of common shares at period-end
 
144,929

 
144,905

 
144,511

 
0.0

 
0.3

 
 
 
 
 
 
NM Not Meaningful
(1)
Resale and repurchase agreements have been reported net, pursuant to Accounting Standards Codification (“ASC”) 210-20-45, Balance Sheet Offsetting. As of each of September 30, 2018, June 30, 2018 and September 30, 2017, $400.0 million out of $450.0 million of gross repurchase agreements were eligible for netting against gross resale agreements.
(2)
See reconciliation of GAAP to non-GAAP financial measures in Table 15.

8



EAST WEST BANCORP, INC. AND SUBSIDIARIES
TOTAL LOANS AND DEPOSITS DETAIL
($ in thousands)
(unaudited)
Table 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
% Change
 
 
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
Qtr-o-Qtr
 
Yr-o-Yr
Loans:
 
 
 
 
 
 
 
 
 
 
Commercial lending:
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial (“C&I”)
 
$
11,517,054

 
$
11,059,019

 
$
10,645,156

 
4.1
%
 
8.2
%
 
Commercial real estate (“CRE”)
 
9,262,327

 
9,054,567

 
8,843,776

 
2.3

 
4.7

 
Multifamily residential
 
2,090,563

 
2,032,522

 
1,876,956

 
2.9

 
11.4

 
Construction and land
 
605,033

 
623,837

 
683,404

 
(3.0
)
 
(11.5
)
Consumer lending:
 
 
 
 
 
 
 
 
 
 
 
Single-family residential
 
5,684,587

 
5,316,895

 
4,356,009

 
6.9

 
30.5

 
Home equity lines of credit (“HELOCs”)
 
1,717,440

 
1,769,511

 
1,767,420

 
(2.9
)
 
(2.8
)
 
Other consumer
 
333,181

 
374,028

 
352,636

 
(10.9
)
 
(5.5
)
 
Total loans held-for-investment (1)(2)
 
31,210,185


30,230,379


28,525,357

 
3.2

 
9.4

Loans HFS
 
3,114

 
14,658

 
178

 
(78.8
)
 
         NM

 
Total loans (1)(2)
 
31,213,299

 
30,245,037

 
28,525,535

 
3.2

 
9.4

Allowance for loan losses
 
(310,041
)
 
(301,550
)
 
(285,926
)
 
2.8

 
8.4

 
Net loans (1)(2)
 
$
30,903,258

 
$
29,943,487

 
$
28,239,609

 
3.2
%
 
9.4
%
 
 
 
 
 
 
 
 
 
 
 


Deposits:
 
 

 
 

 
 

 
 
 


 
Noninterest-bearing demand
 
$
10,794,370

 
$
10,739,333

 
$
10,992,674

 
0.5
%
 
(1.8
)%
 
Interest-bearing checking
 
4,383,672

 
4,323,698

 
4,108,859

 
1.4

 
6.7

 
Money market
 
7,608,191

 
7,634,850

 
7,939,031

 
(0.3
)
 
(4.2
)
 
Savings
 
2,100,958

 
2,218,228

 
2,476,557

 
(5.3
)
 
(15.2
)
 
Total core deposits
 
24,887,191

 
24,916,109

 
25,517,121

 
(0.1
)
 
(2.5
)
 
Time deposits
 
8,741,933

 
7,860,023

 
5,794,541

 
11.2

 
50.9

 
Total deposits
 
$
33,629,124

 
$
32,776,132


$
31,311,662

 
2.6
%
 
7.4
%
 
 
 
 
 
 
 
 
 
 
 
 
NM Not Meaningful
(1)
Includes $(42.4) million, $(40.4) million and $(29.2) million as of September 30, 2018, June 30, 2018 and September 30, 2017, respectively, of net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts.
(2)
Includes ASC 310-30 discount of $24.5 million, $26.8 million and $39.1 million as of September 30, 2018, June 30, 2018 and September 30, 2017, respectively.


9



EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
September 30, 2018
% Change
 
 
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
Qtr-o-Qtr
 
Yr-o-Yr
Interest and dividend income
 
$
422,185

 
$
400,311

 
$
339,910

 
5.5
%
 
24.2
%
Interest expense
 
73,465

 
58,632

 
36,755

 
25.3

 
99.9

Net interest income before provision for credit losses
 
348,720

 
341,679

 
303,155

 
2.1

 
15.0

Provision for credit losses
 
10,542

 
15,536

 
12,996

 
(32.1
)
 
(18.9
)
Net interest income after provision for credit losses
 
338,178

 
326,143

 
290,159

 
3.7

 
16.5

Noninterest income
 
46,502

 
48,268

 
49,470

 
(3.7
)
 
(6.0
)
Noninterest expense
 
179,815

 
177,419

 
164,345

 
1.4

 
9.4

Income before income taxes
 
204,865

 
196,992

 
175,284

 
4.0

 
16.9

Income tax expense
 
33,563

 
24,643

 
42,624

 
36.2

 
(21.3
)
Net income
 
$
171,302

 
$
172,349

 
$
132,660

 
(0.6
)%
 
29.1
%
Earnings per share (“EPS”)
 
 

 
 

 
 

 


 


- Basic
 
$
1.18

 
$
1.19

 
$
0.92

 
(0.6
)%
 
28.8
%
- Diluted
 
$
1.17

 
$
1.18

 
$
0.91

 
(0.7
)
 
28.9

Weighted average number of shares outstanding
 
 
 
 
 
 
 


 


- Basic
 
144,921

 
144,899

 
144,498

 
0.0
%
 
0.3
%
- Diluted
 
146,173

 
146,091

 
145,882

 
0.1

 
0.2

 
 
 
 
 
 
 
 
 


 


 
 
 
Three Months Ended
 
September 30, 2018
% Change
 
 
 
September 30, 2018
 
June 30, 2018
 
September 30, 2017
 
Qtr-o-Qtr
 
Yr-o-Yr
Noninterest income:
 
 

 
 

 
 

 


 


 
Branch fees
 
$
9,777

 
$
10,140

 
$
10,393

 
(3.6
)%
 
(5.9
)%
 
Letters of credit fees and foreign exchange income
 
14,649

 
15,673

 
10,564

 
(6.5
)
 
38.7

 
Ancillary loan fees and other income
 
6,795

 
5,841

 
5,987

 
16.3

 
13.5

 
Wealth management fees
 
3,535

 
4,501

 
3,461

 
(21.5
)
 
2.1

 
Derivative fees and other income
 
4,595

 
6,570

 
6,663

 
(30.1
)
 
(31.0
)
 
Net gains on sales of loans
 
1,145

 
2,354

 
2,360

 
(51.4
)
 
(51.5
)
 
Net gains on sales of available-for-sale investment securities
 
35

 
210

 
1,539

 
(83.3
)
 
(97.7
)
 
Net gains on sales of fixed assets
 
3,402

 
1,114

 
1,043

 
205.4

 
226.2

 
Net gain on sale of business
 

 

 
3,807

 

 
(100.0
)
 
Other fees and operating income
 
2,569

 
1,865

 
3,653

 
37.7

 
(29.7
)
Total noninterest income
 
$
46,502

 
$
48,268

 
$
49,470

 
(3.7
)%
 
(6.0
)%
Noninterest expense:
 
 

 
 

 
 

 


 


 
Compensation and employee benefits
 
$
96,733

 
$
93,865

 
$
79,583

 
3.1
%
 
21.5
%
 
Occupancy and equipment expense
 
17,292

 
16,707

 
16,635

 
3.5

 
3.9

 
Deposit insurance premiums and regulatory assessments
 
6,013

 
5,832

 
5,676

 
3.1

 
5.9

 
Legal expense
 
1,544

 
2,837

 
3,316

 
(45.6
)
 
(53.4
)
 
Data processing
 
3,289

 
3,327

 
3,004

 
(1.1
)
 
9.5

 
Consulting expense
 
2,683

 
5,120

 
4,087

 
(47.6
)
 
(34.4
)
 
Deposit related expense
 
2,600

 
2,922

 
2,413

 
(11.0
)
 
7.7

 
Computer software expense
 
5,478

 
5,549

 
4,393

 
(1.3
)
 
24.7

 
Other operating expense
 
23,394

 
20,779

 
21,411

 
12.6

 
9.3

 
Amortization of tax credit and other investments
 
20,789

 
20,481

 
23,827

 
1.5

 
(12.8
)
Total noninterest expense
 
$
179,815

 
$
177,419

 
$
164,345

 
1.4
%
 
9.4
%
 
 
 
 
 
 
 
 
 
 
 
 


10



EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(unaudited)
Table 4
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
September 30, 2018
% Change
 
 
 
September 30, 2018
 
September 30, 2017
 
Yr-o-Yr
Interest and dividend income
 
$
1,194,369

 
$
965,354

 
23.7
%
Interest expense
 
177,277

 
99,986

 
77.3

Net interest income before provision for credit losses
 
1,017,092

 
865,368

 
17.5

Provision for credit losses
 
46,296

 
30,749

 
50.6

Net interest income after provision for credit losses
 
970,796

 
834,619

 
16.3

Noninterest income
 
169,214

 
212,542

 
(20.4
)
Noninterest expense
 
526,369

 
486,188

 
8.3

Income before income taxes
 
613,641

 
560,973

 
9.4

Income tax expense
 
82,958

 
140,247

 
(40.8
)
Net income
 
$
530,683

 
$
420,726

 
26.1
%
EPS
 
 

 
 

 


- Basic
 
$
3.66

 
$
2.91

 
25.8
%
- Diluted
 
$
3.63

 
$
2.88

 
25.9

Weighted average number of shares outstanding
 
 
 
 
 


- Basic
 
144,829

 
144,412

 
0.3
%
- Diluted
 
146,158

 
145,849

 
0.2

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
September 30, 2018
% Change
 
 
 
September 30, 2018
 
September 30, 2017
 
Yr-o-Yr
Noninterest income:
 
 

 
 

 
 
 
Branch fees
 
$
30,347

 
$
30,638

 
(0.9
)%
 
Letters of credit fees and foreign exchange income
 
39,924

 
34,370

 
16.2

 
Ancillary loan fees and other income
 
18,217

 
16,876

 
7.9

 
Wealth management fees
 
10,989

 
11,177

 
(1.7
)
 
Derivative fees and other income
 
17,855

 
12,934

 
38.0

 
Net gains on sales of loans
 
5,081

 
6,660

 
(23.7
)
 
Net gains on sales of available-for-sale investment securities
 
2,374

 
6,733

 
(64.7
)
 
Net gains on sales of fixed assets
 
5,602

 
74,092

 
(92.4
)
 
Net gain on sale of business
 
31,470

 
3,807

 
               NM

 
Other fees and operating income
 
7,355

 
15,255

 
(51.8
)
Total noninterest income
 
$
169,214


$
212,542

 
(20.4
)%
Noninterest expense:
 
 

 
 

 


 
Compensation and employee benefits
 
$
285,832

 
$
244,930

 
16.7
%
 
Occupancy and equipment expense
 
50,879

 
47,829

 
6.4

 
Deposit insurance premiums and regulatory assessments
 
18,118

 
17,384

 
4.2

 
Legal expense
 
6,636

 
8,930

 
(25.7
)
 
Data processing
 
10,017

 
9,009

 
11.2

 
Consulting expense
 
10,155

 
10,775

 
(5.8
)
 
Deposit related expense
 
8,201

 
7,283

 
12.6

 
Computer software expense
 
16,081

 
13,823

 
16.3

 
Other operating expense
 
61,780

 
60,166

 
2.7

 
Amortization of tax credit and other investments
 
58,670

 
66,059

 
(11.2
)
Total noninterest expense
 
$
526,369

 
$
486,188

 
8.3
%
 
 
 
 
 
 
 
 
NM Not Meaningful

11



EAST WEST BANCORP, INC. AND SUBSIDIARIES
SELECTED AVERAGE BALANCES
($ in thousands)
(unaudited)
Table 5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
September 30, 2018
% Change
 
Nine Months Ended
 
September 30, 2018
% Change
 
 
 
September 30,
2018
 
June 30,
2018
 
September 30,
2017
 
Qtr-o-Qtr
 
Yr-o-Yr
 
September 30,
2018
 
September 30,
2017
 
Yr-o-Yr
Loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial lending:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
C&I
 
$
11,127,338

 
$
10,747,074

 
$
10,259,807

 
3.5
%
 
8.5
%
 
$
10,863,851

 
$
10,066,832

 
7.9
%
 
CRE
 
9,134,784

 
9,038,228

 
8,518,461

 
1.1

 
7.2

 
9,060,338

 
8,339,620

 
8.6

 
Multifamily residential
 
2,056,456

 
1,970,538

 
1,808,236

 
4.4

 
13.7

 
1,990,913

 
1,743,179

 
14.2

 
Construction and land
 
622,272

 
667,997

 
672,875

 
(6.8
)
 
(7.5
)
 
649,150

 
667,299

 
(2.7
)
Consumer lending:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Single-family residential
 
5,495,824

 
5,103,008

 
4,163,900

 
7.7

 
32.0

 
5,126,073

 
3,850,221

 
33.1

 
HELOCs
 
1,741,890

 
1,787,036

 
1,768,952

 
(2.5
)
 
(1.5
)
 
1,769,253

 
1,779,236

 
(0.6
)
 
Other consumer
 
319,473

 
332,885

 
337,548

 
(4.0
)
 
(5.4
)
 
330,703

 
336,695

 
(1.8
)
 
Total loans (1)(2)
 
$
30,498,037

 
$
29,646,766

 
$
27,529,779

 
2.9
%
 
10.8
%
 
$
29,790,281

 
$
26,783,082

 
11.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investment securities
 
$
2,727,219

 
$
2,735,023

 
$
2,963,122

 
(0.3
)%
 
(8.0
)%
 
$
2,771,727

 
$
3,060,688

 
(9.4
)%
Interest-earning assets
 
$
36,822,293

 
$
35,767,808

 
$
34,208,533

 
2.9
%
 
7.6
%
 
$
36,039,382

 
$
33,542,941

 
7.4
%
Total assets
 
$
38,659,262

 
$
37,568,895

 
$
35,937,567

 
2.9
%
 
7.6
%
 
$
37,874,434

 
$
35,290,542

 
7.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 

 
 

 
 

 
 
 
 
 
 

 
 

 
 
 
Noninterest-bearing demand
 
$
10,639,554

 
$
10,984,950

 
$
10,655,860

 
(3.1
)%
 
(0.2
)%
 
$
10,968,958

 
$
10,323,254

 
6.3
%
 
Interest-bearing checking
 
4,515,256

 
4,387,479

 
4,014,290

 
2.9

 
12.5

 
4,487,314

 
3,830,004

 
17.2

 
Money market
 
7,613,030

 
7,880,601

 
7,997,648

 
(3.4
)
 
(4.8
)
 
7,919,845

 
7,968,457

 
(0.6
)
 
Savings
 
2,194,792

 
2,214,793

 
2,423,312

 
(0.9
)
 
(9.4
)
 
2,286,402

 
2,334,752

 
(2.1
)
 
Total core deposits
 
24,962,632

 
25,467,823

 
25,091,110

 
(2.0
)
 
(0.5
)
 
25,662,519

 
24,456,467

 
4.9

 
Time deposits
 
8,277,129

 
6,907,174

 
5,974,793

 
19.8

 
38.5

 
6,976,359

 
5,873,217

 
18.8

 
Total deposits
 
$
33,239,761

 
$
32,374,997

 
$
31,065,903

 
2.7
%
 
7.0
%
 
$
32,638,878

 
$
30,329,684

 
7.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing liabilities
 
$
23,190,465

 
$
21,938,134

 
$
20,989,149

 
5.7
%
 
10.5
%
 
$
22,233,394

 
$
20,813,224

 
6.8
%
Stockholders’ equity
 
$
4,197,675

 
$
4,062,311

 
$
3,756,207

 
3.3
%
 
11.8
%
 
$
4,061,977

 
$
3,630,062

 
11.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes ASC 310-30 discount of $25.9 million, $30.0 million and $41.9 million for the three months ended September 30, 2018, June 30, 2018 and September 30, 2017, respectively, and $29.9 million and $45.3 million for the nine months ended September 30, 2018 and 2017, respectively.
(2)
Includes loans HFS.

12



EAST WEST BANCORP, INC. AND SUBSIDIARIES
QUARTER-TO-DATE AVERAGE BALANCES, YIELDS AND RATES
($ in thousands)
(unaudited)
Table 6
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
September 30, 2018
 
June 30, 2018
 
 
 
Average
 
 
 
Average
 
Average
 
 
 
Average
 
 
 
Balance
 
Interest
 
Yield/Rate (1)
 
Balance
 
Interest
 
Yield/Rate (1)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Interest-earning assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing cash and deposits with banks
 
$
2,521,002

 
$
13,353

 
2.10
%
 
$
2,316,194

 
$
11,715

 
2.03
%
 
Resale agreements (2)
 
1,002,500

 
7,393

 
2.93
%
 
996,154

 
7,182

 
2.89
%
 
Investment securities
 
2,727,219

 
15,180

 
2.21
%
 
2,735,023

 
15,059

 
2.21
%
 
Loans (3)
 
30,498,037

 
385,538

 
5.02
%
 
29,646,766

 
365,555

 
4.95
%
 
FHLB and FRB stock
 
73,535

 
721

 
3.89
%
 
73,671

 
800

 
4.36
%
 
Total interest-earning assets
 
36,822,293

 
422,185

 
4.55
%
 
35,767,808

 
400,311

 
4.49
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noninterest-earning assets:
 
 

 
 

 
 

 
 

 
 

 
 

 
Cash and due from banks
 
424,350

 
 
 
 
 
432,401

 
 

 
 

 
Allowance for loan losses
 
(301,557
)
 
 
 
 
 
(292,645
)
 
 

 
 

 
Other assets
 
1,714,176

 
 
 
 
 
1,661,331

 
 

 
 

 
Total assets
 
$
38,659,262

 
 

 
 

 
$
37,568,895

 
 

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
 

 
 

 
 

 
 

 
 

Interest-bearing liabilities:
 
 

 
 

 
 

 
 

 
 

 
 

 
Checking deposits
 
$
4,515,256

 
$
9,551

 
0.84
%
 
$
4,387,479

 
$
8,416

 
0.77
%
 
Money market deposits
 
7,613,030

 
21,411

 
1.12
%
 
7,880,601

 
18,805

 
0.96
%
 
Savings deposits
 
2,194,792

 
2,308

 
0.42
%
 
2,214,793

 
2,035

 
0.37