8-K

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

July 15, 2009

Date of Report (date of earliest event reported)

EAST WEST BANCORP, INC.

 (Exact name of registrant as specified in its charter)

Commission file number 000-24939

Delaware	95-4703316
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification Number)

135 N Los Robles Ave., 7th Floor, Pasadena, California 91101

(Address of principal executive offices including 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 (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

East West Bancorp, Inc.

Current Report of Form 8-K

Item 2.02. Results of Operations and Financial Condition.

On July 15, 2009, East West Bancorp, Inc. announced via press release its preliminary results of operations for the quarter ended June 30, 2009. A copy of the related press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(a) Not Applicable

(b) Not Applicable

(c) Exhibits

99.1 Exhibit 99.1 Press Release, dated June 30, 2009, issued by East West Bancorp, Inc.

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.

Date:  July 15, 2009

EAST WEST BANCORP, INC.
By:	/s/ Thomas J. Tolda
	Thomas J. Tolda  Executive Vice President and  Chief Financial Officer

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Exhibit 99.1 Press Release, dated July 15, 2009, issued by East West Bancorp, Inc.

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EX-99.1

Exihibit 99.1

FOR FURTHER INFORMATION AT THE COMPANY:

Tom Tolda

Chief Financial Officer

(626) 768-6788

EAST WEST BANCORP REPORTS SECOND QUARTER 2009 RESULTS;

NONACCRUAL LOANS DOWN 35% TO 1.90% OF TOTAL LOANS; TOTAL DELINQUENT LOANS DOWN 39%;

NET INTEREST MARGIN INCREASED 24 BASIS POINTS

Pasadena, CA – July 15, 2009 – East West Bancorp, Inc. (Nasdaq: EWBC), parent company of East West Bank, today reported financial results for the second quarter of 2009 with a net loss of $92.1 million. The net loss was primarily driven by a $151.4 million provision for loan losses and $37.4 million other than temporary impairment on investment securities.

“Despite the strong economic headwinds we continue to face in this prolonged recessionary climate, East West made substantial progress in the second quarter 2009.  Most significantly, we successfully completed a comprehensive stress test on our loan and investment portfolios, reduced nonaccrual loans by 35% to 1.90% of total loans and reduced total delinquent loans by 39% during the quarter.  Our continued aggressive stance in dealing with problem loans resulted in $133.9 million in net chargeoffs for the quarter, and we took a $37.4 million write-down on our trust preferred securities.  However, even with the ongoing economic challenges, we ended the quarter with record assets, record deposits, and strong levels of both capital and allowance for loan losses,” stated Dominic Ng, Chairman, President and Chief Executive Officer of East West.

“With our recent actions that have increased tangible common equity by $148.4 million, we believe that we have more than enough capital to withstand this prolonged downturn in the economy and will continue to work aggressively to reduce problem assets.  While we are working through the current credit challenges, we are also looking ahead to future opportunities for growth and expansion,” concluded Ng.

Second Quarter 2009 Highlights

· Nonaccrual Loans Down 35% – Total nonaccrual loans decreased by 35% or $85.8 million to $162.2 million as of June 30, 2009.  Nonaccrual loans were 1.90% of total loans as of quarter-end.

· Total Delinquent Loans Down 39% – Total loans delinquent 30 or more days decreased by 39% or $188.0 million as of June 30, 2009. Loan delinquencies fell across all categories – 30 to 59 day delinquent loans decreased 69% or $130.9 million, 60 to 89 day delinquent loans decreased 22% or $25.8 million, and 90+ days delinquent loans decreased 18% or $31.3 million, quarter over quarter.

· Increase in Net Interest Margin – Net interest income for the second quarter increased to $88.3 million, an 11% or $8.6 million increase over first quarter of 2009. The net interest margin for the quarter increased to 2.98%, up 24 basis points from the first quarter of 2009.

· Allowance for Loan Losses Strengthened – Total allowance for loan losses increased to $223.7 million, representing 2.62% of outstanding loans compared to 2.42% of outstanding loans in the previous quarter. We continued to increase the allowance for loan losses, recording provision for loan losses of $151.4 million and total net charge-offs of $133.9 million for the quarter. The allowance for loan losses to nonaccrual loans ratio was 138% as of June 30, 2009 compared to 79% as of March 31, 2009.

· Strong Deposit Growth – Total deposits grew to a record $8.7 billion as of June 30, 2009, up $204.8 million quarter over quarter. The strong increase in deposits was the result of a $203.4 million increase in core deposits quarter over quarter. Year over year, we have grown deposits by more than $1.1 billion through the introduction of new retail and commercial deposit products, while lowering the cost of deposits. The cost of deposits declined 34 basis points in the second quarter to 1.47%.

· Strong Core Operating Earnings Growth – Core operating earnings, excluding the impact of provision for loan losses and nonrecurring FDIC assessments and investment security and REO expense, totaled $56.0 million for the second quarter, a 14% increase from first quarter. Core operating earnings are a non-GAAP financial measure. See reconciliation of the GAAP financial measure to this non-GAAP financial measure in the tables attached.

· Capital Strengthened – On July 1, 2009, East West announced that it had entered into binding agreements with three shareholders of the Company’s Non-Cumulative Perpetual Convertible Preferred Stock, Series A (the “Series A Preferred Stock”) to exchange 8,127,990 shares of the Company’s common stock for 90,311 shares of the Series A Preferred Stock, or a total increase to tangible common equity of $90.3 million.  Additionally, on July 14, 2009, in private placement transactions, two customers of East West purchased a total of 5,000,000 newly issued shares of the Company’s common stock at a price of $5.50 per share, for an additional increase to equity of $27.5 million.

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Reduction of Problem Assets

Throughout the course of 2008 and the first half of 2009, we have actively reduced exposure to land and construction loans. Since December 31, 2007, we reduced total exposure to land and construction loans by nearly 50%. The overall credit risk on the $479.8 million in land loans and $945.1 million in construction loans has been reduced substantially. The quality of many of these loans has improved as borrowers brought additional capital and collateral to the projects. In other situations which were not as flexible, we sold a significant number of loans to new borrowers with stronger credit profiles. Construction projects are well along to completion, further reducing inherent risk of unfinished projects. During the second quarter, we sold $55.8 million in OREO and $166.3 million in loans - a total of $222.1 million. Year to date, we sold $79.8 million in OREO and $183.5 million in loans – a total of $263.3 million.

Total nonperforming assets as of June 30, 2009 were $278.9 million or 2.19% of total assets, compared to $303.8 million or 2.42% of total assets at March 31, 2009 and $263.9 million or 2.12% of total assets at December 31, 2008. The decrease in nonperforming assets was largely due to a decrease in nonaccrual loans of $85.8 million, partially offset by an increase in A/B notes of $77.2 million described in more detail in the paragraph below. Nonaccrual loans decreased during the quarter due to the sale of problem loans, fewer migrations into nonaccrual loans and the payoff and resolution of problem loans. Nonperforming assets as of June 30, 2009 included nonaccrual loans totaling $162.2 million, other real estate owned totaling $27.2 million and total loans modified or restructured totaling $89.5 million.

Nonperforming Assets Trend

(in millions)	Quarter Ended
	December 31, 2008			March 31, 2009			June 30, 2009
Nonaccrual loans	$	214.6		$	248.0		$	162.2
Modified or restructured loans		11.0			17.2			12.3
A/B notes		-			-			77.2
Total modified or restuctured loans		11.0			17.2			89.5
REO		38.3			38.6			27.2
Total nonperforming assets	$	263.9		$	303.8		$	278.9
Nonperforming assets to total assets		2.12	%		2.42	%		2.19	%
Nonaccrual loans to total loans		2.60	%		3.08	%		1.90	%
Allowance for loan losses to nonaccrual loans		83	%		79	%		138	%

Modified or Restructured Loans - A/B Notes

As of June 30, 2009, total modified or restructured loans were $89.5 million. This included $77.2 million of performing, accrual loans at market interest rates that were structured as A/B notes. In these A/B notes, the original loan was restructured into two notes where the A note represents the portion of the original loan which allows for an acceptable loan-to-value and debt coverage on the collateral and is expected to be collected in full. The B note represents the portion of the original loan which was the shortfall in value and was fully charged off. The A/B notes balance of $77.2 million as of June 30, 2009 is comprised of the A note balances only. The A notes are performing loans at market interest rates with adequate collateral and cash flow, but are required to be disclosed as troubled debt restructurings in the year in which they are restructured. We anticipate that these loans will no longer be considered troubled debt restructurings or nonperforming assets under generally accepted accounting principles in the year 2010.

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We have primarily utilized the A/B note restructures in two situations. First, $41.6 million or 54% of the restructures were for loans that were originally residential construction projects where the borrowers have made the decision to wait to sell the properties and rent them out until the market recovers. In these situations, we ordered new appraisals, valued the projects as rental properties and charged off any shortfalls in value as the B note. The resulting A notes are all current and have actual debt coverage and loan-to-value ratios that meet our underwriting guidelines. Second, $20.9 million or 27% of the restructures were to help preserve homeownership and keep responsible homeowners in their homes after steep declines in values have put them underwater.

These modifications were performed consistent with our own internal policies to assist homeowners and borrowers to keep their homes and businesses. Although these loans are reported as troubled debt restructurings in the current year, we believe that based on the underlying collateral and payment performance history, that we will receive full payment on these notes.

Reduction of Delinquent Loans

Total loan delinquencies as of June 30, 2009 decreased by $188.0 million or 39% from prior quarter. Loan delinquency fell across all delinquency categories and loan types. In particular, loans delinquent 30 to 59 days decreased 69% or $130.9 million, to $59.1 million. Delinquent loans decreased during the quarter due to the sale of problem loans, fewer migrations into delinquency categories and the payoff and resolution of delinquent loans.

Delinquent Loans Trend

(in millions)	Quarter Ended
	December 31, 2008			March 31, 2009			June 30, 2009
Loans delinquent 30-59 days	$	75.4		$	189.9		$	59.1
Loans delinquent 60-89 days		69.5			115.9			90.1
Loans delinquent 90+ days		182.1			178.8			147.4
Total delinquent loans	$	327.0		$	484.6		$	296.6
Total loans receivable	$	8,249.5		$	8,064.3		$	8,529.0
Delinquent loans to total loans ratio		3.96	%		6.01	%		3.48	%

During the second quarter, we recorded $151.4 million provision for loan losses, increasing the allowance for loan losses at June 30, 2009 to $223.7 million or 2.62% of outstanding loans. This compares to $195.5 million or 2.42% of outstanding loans at March 31, 2009.  For the second quarter of 2009, East West had net charge-offs of $133.9 million, largely resulting from land and construction loans. East West continues to record substantial provision for loan losses to ensure an adequate allowance for loan losses commensurate with the risk profile inherent in the loan portfolio.

4

Capital Adequacy and Results of East West Stress Test

Capital Strength

(Dollars in millions)	6/30/09 Ratio			Well Capitalized Regulatory Requirement			Total Excess Above Well Capitalized Requirement
Tier 1 leverage capital ratio		10.38	%		5.00	%	$	664.5
Tier 1 risk-based capital ratio		12.25	%		6.00	%	$	654.2
Total risk-based capital ratio		14.28	%		10.00	%	$	447.4

East West has always been committed to maintaining strong capital levels and has been well capitalized throughout this economic cycle. As of the end of the second quarter, East West significantly exceeded well capitalized requirements under all regulatory guidelines.

In this challenging economic environment, we recognize the importance of building capital and preparing for an even more severely stressed economic cycle. During the second quarter, management followed the tenets of the Supervisory Capital Assessment Program (SCAP) and applied the “more adverse” stress test guidelines to our loan and investment portfolios. East West was not one of the banks subject to the SCAP stress test; however, management believed that it was prudent risk management to conduct a similar test on our loan and investment portfolios. The loss assumptions we used in our stress test were similar to the indicative loss rates disclosed in the SCAP white paper.

Based on the result of our stress test, East West would remain more than well capitalized under all regulatory guidelines. The stress test simulates an economic downturn scenario that is more severe than what we are currently experiencing. Our stress test indicated that with additional tangible common equity of $101 million, we would have sufficient tangible common equity to maintain a 4.00% tangible common equity to risk-weighted assets ratio, even in a more severe economic environment.

Management took immediate actions to increase tangible common equity. In May 2009, we desecuritized our private label MBS securitizations, increasing tangible common equity by $30.6 million.  In late June, we entered into agreements to exchange 90,311 shares of Series A Preferred Stock into common stock, increasing tangible common equity by an additional $90.3 million. Further, East West entered into private placement transactions on July 14, 2009 to sell 5,000,000 shares of common stock at a price of $5.50 per share. Through these transactions, which have all been executed as of today, tangible common equity has increased by a total of $148.4 million, $47.4 million in excess of our desired additional tangible common equity goal.

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June 30, 2009 Pro Forma Capital Ratios After Completion of Private Preferred Stock Exchanges and Private Placement Common Stock Issuance

	6/30/2009 Pro Forma Capital Ratios
	Actual Ratios			+	After Impact of $90.3 Million Preferred Stock Exchanges (1)			+	After Impact of $27.5 Million Private Placement Common Stock Issuance (2)
Tier 1 leverage capital ratio		10.38	%			10.38	%			10.59	%
Tier 1 risk-based capital ratio		12.25	%			12.25	%			12.50	%
Total risk-based capital ratio		14.28	%			14.28	%			14.52	%
TCE/Risk-weighted assets		6.16	%			7.00	%			7.25	%

_________

(1) The agreements for the exchanges of preferred stock totaling $90.3 million were entered into on June 29th and June 30th of 2009 but did not settle until after June 30, 2009. The impact to tangible common equity was not reflected until after the settlement dates, which occurred in early July 2009.

(2) The $27.5 million private placement common stock issuance was executed on July 14, 2009 and settled on July 15, 2009.

International and Green Initiatives

In the second quarter we launched many initiatives that will provide future growth opportunities. During the quarter, we obtained approval to open a Representative Office in Taipei. East West’s growing physical presence in Asia includes a full service branch in Hong Kong and Representative Offices in Beijing and Shanghai. With our increasing presence in Asia, we will be better able to facilitate our customers’ lending and overall banking needs. Additionally, during the quarter, we successfully launched a global foreign exchange initiative and built a foreign exchange trading platform to further expand our international banking services. East West has also embraced “Green” initiatives and has partnered with organizations including the Los Angeles Lakers, Southern California Edison and Sempra Energy to support programs that foster conservation and efficient energy usage. These partnerships have raised our visibility on our “Green” initiatives and resulted in many new lending and deposit relationships.

Strong Deposit Growth

Total deposits as of June 30, 2009 increased to a record $8.7 billion, up $204.8 million or 10% annualized from $8.5 billion at March 31, 2009. The increase in deposits resulted from a strong increase in core deposits of $203.4 million or 21% annualized quarter over quarter.  We have successfully grown core deposits by introducing new deposit products, attracting new customers and expanding existing customer relationships. We continue to see strong growth in our retail banking division and have substantially increased small business accounts. Noninterest-bearing demand deposits totaled $1.3 billion as of June 30, 2009, or approximately 15% of total deposits.

With the success of increasing core deposits, the cost of deposits has decreased considerably. The cost of deposits for the second quarter decreased to 1.47%, a 34 basis point decrease from the first quarter of 2009.

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Second Quarter 2009 Operating Results

Net interest income for the second quarter totaled $88.3 million, an 11% increase over first quarter of 2009. The net interest margin for the second quarter was 2.98%, a 24 basis point increase from 2.74% in the prior quarter. We believe that the margin will continue to strengthen throughout the remainder of 2009, benefiting from growing core deposits, increasing yields on loans and investment securities, pay-downs of higher cost term FHLB borrowings and ongoing downward repricing of maturing higher cost time deposits.

Currently, we estimate that the net interest margin will approximate 3.10% to 3.15% for the third quarter of 2009 and 3.20% to 3.25% for the fourth quarter of 2009.

Excluding the non-cash charge for impairment of investment securities and gains on sales of investment securities, noninterest income for the second quarter totaled $9.6 million, compared to $10.5 million in the first quarter of 2009. See reconciliation of the GAAP financial measure to this non-GAAP financial measure in the tables attached. In the second quarter of 2009, we recorded $37.4 million write-downs on investment securities for other-than-temporary impairment on bank pooled trust preferred securities. As of June 30, 2009, the book value of the pooled trust preferred securities was $84.9 million, 3% of the total $2.8 billion of investment securities and less than 1% of $12.7 billion in total assets.

Noninterest expense totaled $57.9 million for the second quarter 2009, an increase of $6.5 million from the first quarter of 2009. The increase in noninterest expense quarter over quarter was primarily due to a $5.7 million special deposit insurance assessment by the FDIC and OREO expenses which were $1.7 million greater than in the first quarter. The remaining noninterest expenses decreased $845 thousand or 2% quarter over quarter. See reconciliation of the GAAP financial measure to this non-GAAP financial measure in the tables attached. We will continue to manage down all operating costs for the remainder of 2009; however, further cost containment may be offset by higher FDIC assessments and OREO expenses.

Extraordinary Item

In the month of May, we desecuritized three private label mortgage-backed securitizations which had $330.7 million in single family loans and $304.9 million in multi-family loans as underlying assets. As a result of these transactions, the investment securities on our balance sheet were replaced by the underlying loans totaling $635.6 million and we recorded an extraordinary loss, net of tax, of $5.4 million. This extraordinary item was the result of recording an allowance for loan losses for these single family and multifamily loans.

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Induced Conversion of Series A Preferred Stock

The agreements we entered into on June 29 and June 30, 2009 to exchange 90,311 shares of Series A Preferred Stock into common stock are considered to be an induced conversion. For these induced conversions, consideration paid to holders above the carrying amount of the preferred stock on our balance sheet of $14.8 million in July was accounted for as a preferred dividend in the second quarter of 2009, as we had entered into binding agreements before the end of the second quarter.

Dividend Payout

East West Bancorp’s Board of Directors has declared third quarter dividends on the common stock and remaining Series A Preferred Stock. The common stock cash dividend of $0.01 is payable on or about August 26, 2009 to shareholders of record on August 12, 2009. The dividend on the Series A Preferred Stock of $20.00 per share is payable on August 1, 2009 to shareholders of record on July 15, 2009. We will continue to review the dividend policy quarterly in light of the current economic environment.

About East West

East West Bancorp is a publicly owned company with $12.7 billion in assets and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly owned subsidiary, East West Bank, is the second largest independent commercial bank headquartered in Southern California with 71 branch locations. East West Bank serves the community with 69 branch locations across Southern and Northern California and a branch location in Houston, Texas. East West Bank has three international locations in Greater China, including a full-service branch in Hong Kong and representative offices in Beijing and Shanghai. For more information on East West Bancorp, visit the Company’s website at www.eastwestbank.com.

Forward-Looking Statements

This release may contain forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and accordingly, the cautionary statements contained in East West Bancorp’s Annual Report on Form 10-K for the year ended Dec. 31, 2008 (See Item I -- Business, and Item 7 -- Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations), and other filings with the Securities and Exchange Commission are incorporated herein by reference. These factors include, but are not limited to: the effect of interest rate and currency exchange fluctuations; competition in the financial services market for both deposits and loans; EWBC’s ability to efficiently incorporate acquisitions into its operations; the ability of borrowers to perform as required under the terms of their loans; effect of additional provisions for loan losses; effect of any goodwill impairment, the ability of EWBC and its subsidiaries to increase its customer base; the effect of regulatory and legislative action, including California tax legislation and an announcement by the state’s Franchise Tax Board regarding the taxation of Registered Investment Companies; and regional and general economic conditions.  Actual results and performance in future periods may be materially different from any future results or performance suggested by the forward-looking statements in this release. Such forward-looking statements speak only as of the date of this release. East West expressly disclaims any obligation to update or revise any forward-looking statements found herein to reflect any changes in the Bank’s expectations of results or any change in event.

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EAST WEST BANCORP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(unaudited)

	June 30, 2009			March 31, 2009			December 31, 2008
Assets
Cash and cash equivalents	$	573,114		$	541,066		$	878,853
Short-term investments		554,293			329,288			228,441
Securities purchased under resale agreements		75,000			50,000			50,000
Investment securities held-to-maturity, at amortized cost		794,840			734,799			122,317
Investment securities available-for-sale, at fair value		1,381,810			1,994,403			2,040,194
Loans receivable (net of allowance for loan losses
of $223,700, $195,450 and $178,027)		8,289,229			7,865,925			8,069,377
Other real estate owned, net		27,188			38,634			38,302
Premiums on deposits acquired, net		18,973			20,065			21,190
Goodwill		337,438			337,438			337,438
Other assets		667,630			652,906			636,704
Total assets	$	12,719,515		$	12,564,524		$	12,422,816
Liabilities and Stockholders' Equity
Deposits	$	8,658,818		$	8,454,059		$	8,141,959
Federal funds purchased		22			22			28,022
Federal Home Loan Bank advances		1,173,238			1,233,269			1,353,307
Securities sold under repurchase agreements		1,020,080			998,061			998,430
Notes payable		11,578			14,597			16,506
Long-term debt		235,570			235,570			235,570
Accrued expenses and other liabilities		143,441			93,753			98,256
Total liabilities		11,242,747			11,029,331			10,872,050
Stockholders' equity		1,476,768			1,535,193			1,550,766
Total liabilities and stockholders' equity	$	12,719,515		$	12,564,524		$	12,422,816
Book value per common share	$	15.65		$	16.60		$	16.92
Number of common shares at period end		64,032			63,958			63,746
Ending Balances
	June 30, 2009			March 31, 2009			December 31, 2008
Loans receivable
Real estate - single family	$	883,447		$	517,844		$	491,315
Real estate - multifamily		1,017,803			689,728			677,989
Real estate - commercial		3,510,248			3,510,749			3,472,000
Real estate - land		479,808			544,892			576,564
Real estate - construction		945,107			1,154,782			1,260,724
Commercial		1,143,526			1,128,903			1,210,260
Trade finance		269,150			292,816			343,959
Consumer		279,872			224,601			216,642
Total gross loans receivable		8,528,961			8,064,315			8,249,453
Unearned fees, premiums and discounts		(16,032	)		(2,940	)		(2,049	)
Allowance for loan losses		(223,700	)		(195,450	)		(178,027	)
Net loans receivable	$	8,289,229		$	7,865,925		$	8,069,377
Deposits
Noninterest-bearing demand	$	1,326,952		$	1,297,151		$	1,292,997
Interest-bearing checking		338,696			352,334			363,285
Money market		1,999,464			1,806,985			1,323,402
Savings		405,837			411,104			420,133
Total core deposits		4,070,949			3,867,574			3,399,817
Time deposits less than $100,000		1,121,648			1,211,480			1,521,988
Time deposits $100,000 or greater		3,466,221			3,375,005			3,220,154
Total time deposits		4,587,869			4,586,485			4,742,142
Total deposits	$	8,658,818		$	8,454,059		$	8,141,959

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EAST WEST BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(unaudited)

	Quarter Ended
	June 30, 2009			March 31, 2009			June 30, 2008
Interest and dividend income	$	146,333		$	144,923		$	167,905
Interest expense		(58,073	)		(65,242	)		(75,729	)
Net interest income before provision for loan losses		88,260			79,681			92,176
Provision for loan losses		(151,422	)		(78,000	)		(85,000	)
Net interest (loss) income after provision for loan losses		(63,162	)		1,681			7,176
Noninterest (loss) income		(26,199	)		13,794			3,438
Noninterest expense		(57,912	)		(51,406	)		(55,655	)
Loss before benefit for income taxes		(147,273	)		(35,931	)		(45,041	)
Benefit for income taxes		60,548			13,465			19,154
Loss before extraordinary item	$	(86,725	)	$	(22,466	)	$	(25,887	)
Extraordinary item, net of tax		(5,366	)		-			-
Net loss after extraordinary item	$	(92,091	)	$	(22,466	)	$	(25,887	)
Preferred stock dividend, inducement, and amortization of preferred stock discount		(23,623	)		(8,743	)		-
Net loss available to common stockholders	$	(115,714	)	$	(31,209	)	$	(25,887	)
Net loss per share, basic	$	(1.83	)	$	(0.50	)	$	(0.41	)
Net loss per share, diluted	$	(1.83	)	$	(0.50	)	$	(0.41	)
Shares used to compute per share net loss:
- Basic		63,105			62,998			62,599
- Diluted		63,105			62,998			62,599

	Quarter Ended
	June 30, 2009			March 31, 2009			June 30, 2008
Noninterest (loss) income:
Impairment loss on investment securities	$	(37,447	)	$	(200	)	$	(9,945	)
Branch fees		4,991			4,793			4,339
Letters of credit fees and commissions		1,930			1,854			2,476
Net gain on sale of investment securities		1,680			3,521			3,433
Ancillary loan fees		1,356			2,229			984
Net gain on sale of loans		3			8			273
Other operating income		1,288			1,589			1,878
Total noninterest (loss) income	$	(26,199	)	$	13,794		$	3,438
Noninterest expense:
Compensation and employee benefits	$	16,509		$	17,108		$	25,790
Deposit insurance premiums and regulatory assessments		9,568			3,325			2,321
Other real estate owned expense		8,682			7,031			508
Occupancy and equipment expense		6,297			7,391			6,539
Legal expense		1,755			1,778			1,135
Amortization of investments in affordable housing partnerships		1,652			1,760			1,920
Data processing		1,141			1,142			1,135
Amortization and impairment writedowns of premiums on deposits acquired		1,092			1,125			1,827
Consulting expense		672			448			1,669
Other operating expense		10,544			10,298			12,811
Total noninterest expense	$	57,912		$	51,406		$	55,655

10

EAST WEST BANCORP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(unaudited)

	Year To Date
	June 30, 2009			June 30, 2008			% Change
Interest and dividend income	$	291,256		$	355,089			(18	)
Interest expense		(123,315	)		(163,294	)		(24	)
Net interest income before provision for loan losses		167,941			191,795			(12	)
Provision for loan losses		(229,422	)		(140,000	)		64
Net interest (loss) income after provision for loan losses		(61,481	)		51,795			(219	)
Noninterest (loss) income		(12,405	)		19,351			(164	)
Noninterest expense		(109,318	)		(108,545	)		1
Loss before benefit for income taxes		(183,204	)		(37,399	)		390
Benefit for income taxes		74,013			16,556			347
Net loss before extraordinary items	$	(109,191	)	$	(20,843	)		424
Extraordinary item, net of tax	$	(5,366	)	$	-		NA
Net loss after extraordinary item	$	(114,557	)	$	(20,843	)		450
Preferred stock dividend, inducement, and amortization of preferred stock discount		(32,366	)		-		NA
Net loss available to common stockholders	$	(146,923	)	$	(20,843	)		605
Net loss per share, basic	$	(2.33	)	$	(0.33	)		606
Net loss per share, diluted	$	(2.33	)	$	(0.33	)		606
Shares used to compute per share net loss:
- Basic		63,052			62,542			1
- Diluted		63,052			62,542			1

	Year To Date
	June 30, 2009			June 30, 2008			% Change
Noninterest (loss) income:
Impairment loss on investment securities	$	(37,647	)	$	(9,945	)		279
Branch fees		9,784			8,440			16
Net gain on sale of investment securities		5,201			7,767			(33	)
Letters of credit fees and commissions		3,784			5,153			(27	)
Ancillary loan fees		3,585			2,125			69
Net gain on sale of loans		11			2,128			(99	)
Other operating income		2,877			3,683			(22	)
Total noninterest (loss) income	$	(12,405	)	$	19,351			(164	)
Noninterest expense:
Compensation and employee benefits	$	33,617		$	49,058			(31	)
Other real estate owned expense		15,713			1,397			1,025
Occupancy and equipment expense		13,688			13,547			1
Deposit insurance premiums and regulatory assessments		12,893			3,513			267
Legal expense		3,533			3,035			16
Amortization of investments in affordable housing partnerships		3,412			3,635			(6	)
Data processing		2,283			2,331			(2	)
Amortization and impairment writedowns of premiums on deposits acquired		2,217			4,564			(51	)
Consulting expense		1,120			2,534			(56	)
Other operating expense		20,842			24,931			(16	)
Total noninterest expense	$	109,318		$	108,545			1

11

EAST WEST BANCORP, INC.

GAAP TO NON-GAAP RECONCILIATION

(In thousands)

(Unaudited)

	Quarter Ended
	June 30, 2009			March 31, 2009
Loss before benefit for income taxes	$	(147,273	)	$	(35,931	)
Add:
Provision for loan losses		151,422			78,000
Impairment loss on investment securities		37,447			200
FDIC special assessment		5,700			-
Other real estate owned expense		8,682			7,031
Core operating earnings (non-GAAP)	$	55,978		$	49,300
Noninterest (loss) income	$	(26,199	)	$	13,794
Add:
Impairment loss on investment securities		37,447			200
Net gain on sale of investment securities		(1,680	)		(3,521	)
Noninterest income (non-GAAP)	$	9,568		$	10,473
Noninterest expense	$	57,912		$	51,406
Add:
Other real estate owned expense		(8,682	)		(7,031	)
FDIC special assessment		(5,700	)		-
Core noninterest expense (non-GAAP)	$	43,530		$	44,375

12

EAST WEST BANCORP, INC.

SELECTED FINANCIAL INFORMATION

(In thousands)

(unaudited)

Average Balances	Quarter Ended
	June 30, 2009		March 31, 2009		June 30, 2008
Loans receivable
Real estate - single family	$	686,073	$	506,753	$	458,021
Real estate - multifamily		823,890		692,885		731,042
Real estate - commercial		3,516,257		3,465,505		3,494,118
Real estate - land		523,799		582,649		649,392
Real estate - construction		1,072,319		1,232,235		1,566,562
Commercial		1,112,869		1,179,183		1,227,891
Trade finance		274,388		309,586		448,471
Consumer		235,255		228,377		197,531
Total loans receivable		8,244,850		8,197,173		8,773,028
Investment securities held-to-maturity		792,209		422,493		-
Investment securities available-for-sale		1,820,789		2,280,766		1,990,262
Earning assets		11,909,122		11,802,045		11,125,104
Total assets		12,619,022		12,498,249		11,771,136
Deposits
Noninterest-bearing demand	$	1,300,676	$	1,238,551	$	1,405,040
Interest-bearing checking		356,756		361,569		412,422
Money market		1,822,470		1,487,178		1,103,522
Savings		415,828		410,232		468,541
Total core deposits		3,895,730		3,497,530		3,389,525
Time deposits less than $100,000		1,162,205		1,332,944		964,196
Time deposits $100,000 or greater		3,386,730		3,482,074		3,148,739
Total time deposits		4,548,935		4,815,018		4,112,935
Total deposits		8,444,665		8,312,548		7,502,460
Interest-bearing liabilities		9,664,662		9,595,665		9,005,974
Stockholders' equity		1,530,253		1,540,948		1,221,285

Selected Ratios	Quarter Ended
	June 30, 2009			March 31, 2009			June 30, 2008
For The Period
Return on average assets		-2.92	%		-0.72	%		-0.88	%
Return on average common equity		-43.81	%		-11.69	%		-8.48	%
Interest rate spread (3)		2.52	%		2.22	%		2.70	%
Net interest margin (3)		2.98	%		2.74	%		3.33	%
Yield on earning assets (3)		4.93	%		4.98	%		6.07	%
Cost of deposits		1.47	%		1.81	%		2.33	%
Cost of funds		2.12	%		2.44	%		2.92	%
Noninterest expense/average assets (1)		1.75	%		1.55	%		1.74	%
Efficiency ratio (4)		55.12	%		51.80	%		48.62	%
Net chargeoffs to average loans (2)		6.50	%		2.91	%		1.59	%
Gross loan chargeoffs	$	137,411		$	60,140		$	35,209
Loan recoveries	$	(3,535	)	$	(571	)	$	(366	)
Net loan chargeoffs	$	133,876		$	59,569		$	34,843

(1) Excludes the amortization of intangibles, amortization and impairment writedowns of premiums on deposits acquired, impairment writedown on goodwill, and amortization of investments in affordable housing partnerships.

(2) Annualized.

(3) Yields on certain securities have been adjusted upward to a "fully taxable equivalent" basis in order to reflect the effect of income which is exempt from federal income taxation at the current statutory tax rate.

(4) Represents noninterest expense, excluding the amortization of intangibles, amortization and impairment writedowns of premiums on deposits acquired, impairment writedown on goodwill, and investments in affordable housing partnerships, divided by the  aggregate of net interest income before provision for loan losses and noninterest income, excluding impairment writedowns on investment securities.

13

EAST WEST BANCORP, INC.

SELECTED FINANCIAL INFORMATION

(In thousands)

(unaudited)

Average Balances	Year To Date June 30,				%
	2009		2008		Change
Loans receivable
Real estate - single family	$	596,913	$	451,081		32
Real estate - multifamily		758,744		714,792		6
Real estate - commercial		3,491,166		3,557,946		(2	)
Real estate - land		552,917		660,495		(16	)
Real estate - construction		1,151,836		1,575,306		(27	)
Commercial		1,145,842		1,255,352		(9	)
Trade finance		291,890		456,891		(36	)
Consumer		231,835		192,279		21
Total loans receivable		8,221,143		8,864,142		(7	)
Investment securities held-to-maturity		608,372		-	NA
Investment securities available-for-sale		2,050,106		1,914,642		7
Earning assets		11,856,477		11,087,927		7
Total assets		12,557,996		11,780,012		7
Deposits
Noninterest-bearing demand	$	1,270,716	$	1,399,920		(9	)
Interest-bearing checking		358,492		407,631		(12	)
Money market		1,655,476		1,099,111		51
Savings		413,046		469,989		(12	)
Total core deposits		3,697,730		3,376,651		10
Time deposits less than $100,000		1,247,101		951,241		31
Time deposits $100,000 or greater		3,434,140		3,088,157		11
Total time deposits		4,681,241		4,039,398		16
Total deposits		8,378,971		7,416,049		13
Interest-bearing liabilities		9,629,422		9,045,283		6
Stockholders' equity		1,535,532		1,189,223		29

Selected Ratios	Year To Date June 30,						%
	2009			2008			Change
For The Period
Return on average assets		-1.82	%		-0.35	%		420
Return on average common equity		-27.66	%		-3.51	%		689
Interest rate spread (3)		2.38	%		2.82	%		(16	)
Net interest margin (3)		2.86	%		3.48	%		(18	)
Yield on earning assets (3)		4.96	%		6.44	%		(23	)
Cost of deposits		1.64	%		2.59	%		(37	)
Cost of funds		2.28	%		3.14	%		(27	)
Noninterest expense/average assets (1)		1.65	%		1.69	%		(2	)
Efficiency ratio (4)		53.51	%		45.12	%		19
Net chargeoffs to average loans (2)		4.71	%		1.36	%		246
Gross loan chargeoffs	$	197,551		$	60,792			225
Loan recoveries	$	(4,106	)	$	(566	)		625
Net loan chargeoffs	$	193,445		$	60,226			221
Period End
Tier 1 risk-based capital ratio		12.25	%		11.04	%		11
Total risk-based capital ratio		14.28	%		13.01	%		10
Tier 1 leverage capital ratio		10.38	%		10.01	%		4

(1) Excludes the amortization of intangibles, amortization and impairment writedowns of premiums on deposits acquired, impairment writedown on goodwill, and amortization of investments in affordable housing partnerships.

(2) Annualized.

(3) Yields on certain securities have been adjusted upward to a "fully taxable equivalent" basis in order to reflect the effect of income which is exempt from federal income taxation at the current statutory tax rate.

(4) Represents noninterest expense, excluding the amortization of intangibles, amortization and impairment writedowns of premiums on deposits acquired, impairment writedown on goodwill, and investments in affordable housing partnerships, divided by the aggregate of net interest income before provision for loan losses and noninterest income, excluding impairment writedowns on investment securities.

14

EAST WEST BANCORP, INC.

QUARTER TO DATE AVERAGE BALANCES, YIELDS AND RATES PAID

(In thousands)

(unaudited)

	Quarter Ended
	June 30, 2009								March 31, 2009
	Average								Average
	Volume			Interest		Yield (1)			Volume			Interest		Yield (1)
ASSETS
Interest-earning assets:
Short-term investments	$	876,386		$	2,509		1.15	%	$	731,573		$	2,976		1.65	%
Securities purchased under resale agreements (term)		51,374			1,292		9.95	%		50,000			1,250		10.00	%
Investment securities held-to-maturity
Taxable		769,432			11,883		6.18	%		405,851			6,695		6.60	%
Tax-exempt (2)		22,777			374		6.57	%		16,642			277		6.66	%
Investment securities available-for-sale		1,820,789			18,183		4.01	%		2,280,766			22,493		4.00	%
Loans receivable		8,244,850			111,669		5.43	%		8,197,173			110,816		5.48	%
Federal Home Loan Bank and Federal Reserve
Bank stocks		123,514			545		1.76	%		120,040			506		1.69	%
Total interest-earning assets		11,909,122			146,455		4.93	%		11,802,045			145,013		4.98	%
Noninterest-earning assets:
Cash and due from banks		113,853								122,899
Allowance for loan losses		(198,802	)							(186,058	)
Other assets		794,849								759,363
Total assets	$	12,619,022							$	12,498,249
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Checking accounts		356,756			324		0.36	%		361,569			393		0.44	%
Money market accounts		1,822,470			6,140		1.35	%		1,487,178			5,694		1.55	%
Savings deposits		415,828			659		0.64	%		410,232			702		0.69	%
Time deposits less than $100,000		1,162,205			6,947		2.40	%		1,332,944			9,618		2.93	%
Time deposits $100,000 or greater		3,386,730			16,820		1.99	%		3,482,074			20,666		2.41	%
Federal funds purchased		4,849			3		0.24	%		2,445			3		0.49	%
Federal Home Loan Bank advances		1,273,640			13,142		4.14	%		1,285,070			13,877		4.38	%
Securities sold under repurchase agreements		1,006,614			12,004		4.72	%		998,583			11,872		4.76	%
Long-term debt		235,570			2,034		3.42	%		235,570			2,417		4.10	%
Total interest-bearing liabilities		9,664,662			58,073		2.41	%		9,595,665			65,242		2.76	%
Noninterest-bearing liabilities:
Demand deposits		1,300,676								1,238,551
Other liabilities		123,431								123,085
Stockholders' equity		1,530,253								1,540,948
Total liabilities and stockholders' equity	$	12,619,022							$	12,498,249
Interest rate spread							2.52	%							2.22	%
Net interest income and net yield
on interest-earning assets (2)				$	88,382		2.98	%				$	79,771		2.74	%

(1) Annualized

(2) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.

15

EAST WEST BANCORP, INC.

YEAR TO DATE AVERAGE BALANCES, YIELDS AND RATES PAID

(In thousands)

(unaudited)

	Year To Date June 30,
	2009								2008
	Average								Average
	Volume			Interest		Yield (1)			Volume			Interest		Yield (1)
ASSETS
Interest-earning assets:
Short-term investments (2)	$	804,379		$	5,485		1.38	%	$	135,373		$	1,589		2.35	%
Securities purchased under resale agreements (term)		50,691			2,542		9.97	%		57,143			3,817		13.40	%
Investment securities held-to-maturity
Taxable		588,646			18,578		6.31	%		-			-		-
Tax-exempt (3)		19,726			651		6.60	%		-			-		-
Investment securities available-for-sale (4)		2,050,106			40,676		4.00	%		1,914,642			53,499		5.60	%
Loans receivable		8,221,143			222,485		5.46	%		8,864,142			293,431		6.64	%
Federal Home Loan Bank and Federal Reserve
Bank stocks		121,786			1,051		1.73	%		116,627			3,472		5.97	%
Total interest-earning assets		11,856,477			291,468		4.96	%		11,087,927			355,808		6.44	%
Noninterest-earning assets:
Cash and due from banks		118,351								137,057
Allowance for loan losses		(192,465	)							(113,098	)
Other assets		775,633								668,126
Total assets	$	12,557,996							$	11,780,012
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing liabilities:
Checking accounts		358,492			717		0.40	%		407,631			2,048		1.01	%
Money market accounts		1,655,476			11,834		1.44	%		1,099,111			14,582		2.66	%
Savings deposits		413,046			1,361		0.66	%		469,989			2,412		1.03	%
Time deposits less than $100,000		1,247,101			16,565		2.68	%		951,241			16,401		3.46	%
Time deposits $100,000 or greater		3,434,140			37,486		2.20	%		3,088,157			60,346		3.92	%
Federal funds purchased		3,653			6		0.33	%		129,405			1,746		2.71	%
Federal Home Loan Bank advances		1,279,323			27,019		4.26	%		1,663,188			37,223		4.49	%
Securities sold under repurchase agreements		1,002,621			23,876		4.74	%		1,000,991			21,819		4.37	%
Long-term debt		235,570			4,451		3.76	%		235,570			6,717		5.72	%
Total interest-bearing liabilities		9,629,422			123,315		2.58	%		9,045,283			163,294		3.62	%
Noninterest-bearing liabilities:
Demand deposits		1,270,716								1,399,920
Other liabilities		122,326								145,586
Stockholders' equity		1,535,532								1,189,223
Total liabilities and stockholders' equity	$	12,557,996							$	11,780,012
Interest rate spread							2.38	%							2.82	%
Net interest income and net yield
on interest-earning assets (3)				$	168,153		2.86	%				$	192,514		3.48	%

(1) Annualized

(2) Year to date June 30, 2008, includes short-term securities purchased under resale agreements.

(3) Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.

(4) Year to date June 30, 2008, amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.

16

EAST WEST BANCORP, INC.

QUARTERLY ALLOWANCE FOR LOAN LOSSES RECAP

(In thousands)

(unaudited)

	Quarter Ended
	6/30/2009			3/31/2009			12/31/2008			9/30/2008			6/30/2008
LOANS
Allowance balance, beginning of period	$	195,450		$	178,027		$	177,155		$	168,413		$	117,120
Allowance for unfunded loan commitments and letters of credit		1,442			(1,008	)		(625	)		5,437			1,136
Provision for loan losses		151,423			78,000			43,000			43,000			85,000
Impact of desecuritization		9,262			-			-			-			-
Net Charge-offs:
Real estate - single family		14,058			3,832			1,756			1,022			632
Real estate - multifamily		2,256			1,624			524			1,006			436
Real estate - commercial		12,472			2,790			750			663			(3	)
Real estate - land		33,183			12,523			9,039			19,128			16,337
Real estate - residential construction		30,634			16,347			17,127			13,557			15,726
Real estate - commercial construction		28,602			1,977			-			-			-
Commercial		11,577			18,146			8,054			3,474			640
Trade finance		774			1,032			4,026			750			922
Consumer		320			1,298			227			95			153
Total net charge-offs		133,876			59,569			41,503			39,695			34,843
Allowance balance, end of period	$	223,700		$	195,450		$	178,027		$	177,155		$	168,413
UNFUNDED LOAN COMMITMENTS AND LETTERS OF CREDIT:
Allowance balance, beginning of period	$	7,349		$	6,341		$	5,716		$	11,153		$	12,289
Provision for unfunded loan commitments and letters of credit		(1,442	)		1,008			625			(5,437	)		(1,136	)
Allowance balance, end of period	$	5,907		$	7,349		$	6,341		$	5,716		$	11,153
GRAND TOTAL, END OF PERIOD	$	229,607		$	202,799		$	184,368		$	182,871		$	179,566
Nonperforming assets to total assets		2.19	%		2.42	%		2.12	%		1.71	%		1.64	%
Allowance for loan losses to total gross loans at end of period		2.62	%		2.42	%		2.16	%		2.14	%		1.95	%
Allowance for loan losses and unfunded loan commitments to total gross loans at end of period		2.69	%		2.51	%		2.23	%		2.21	%		2.07	%
Allowance to nonaccrual loans at end of period		137.94	%		78.81	%		82.95	%		99.92	%		98.59	%
Nonaccrual loans to total loans		1.90	%		3.08	%		2.60	%		2.14	%		1.97	%

17

EAST WEST BANCORP, INC

TOTAL NON-PERFORMING ASSETS AS OF JUNE 30, 2009

(in thousands)

(unaudited)

	Total Nonaccrual Loans						Total Modified or Restructured Loans
	90+ Days Delinquent		Under 90+ Days Delinquent		Total Nonaccrual Loans (1)		Modified or Restructured Loans		A/B Loans		Total Modified or Restructured Loans		REO Assets		Total Non-Performing Assets
Loan Type
Real estate - single family	$	5,181	$	-	$	5,181	$	376	$	14,121	$	14,497	$	4,921	$	24,599
Real estate - multifamily		7,938		-		7,938		2,720		46,418		49,138		281		57,357
Real estate - commercial		19,786		4,590		24,376		2,178		8,277		10,455		2,887		37,718
Real estate - land		35,660		1,656		37,316		-		375		375		13,307		50,998
Real estate - residential construction		46,176		-		46,176		-		-		-		4,154		50,330
Real estate - commercial construction		20,629		-		20,629		-		8,022		8,022		-		28,651
Commercial		8,034		8,067		16,101		7,001		-		7,001		626		23,728
Trade Finance		3,706		-		3,706		-		-		-		211		3,917
Consumer		339		412		751		-		-		-		801		1,552
Total	$	147,449	$	14,725	$	162,174		12,275		77,213		89,488	$	27,188	$	278,850

(1) Total TDR loans included in Nonaccrual loans $5,236.

EAST WEST BANCORP, INC

TOTAL NON-PERFORMING ASSETS AS OF MARCH 31, 2009

(in thousands)

(unaudited)

	Total Nonaccrual Loans
	90+ Days Delinquent		Under 90+ Days Delinquent		Total Nonaccrual Loans (1)		Modified or Restructured Loans		REO Assets		Total Non- Performing Assets
Loan Type
Real estate - single family	$	18,515	$	634	$	19,149	$	2,793	$	671	$	22,613
Real estate - multifamily		9,863		-		9,863		4,481		887		15,231
Real estate - commercial		12,465		42,724		55,189		3,270		4,240		62,699
Real estate - land		63,052		6,233		69,285		-		17,934		87,219
Real estate - residential construction		28,433		14,196		42,629		-		13,278		55,907
Real estate - commercial construction		28,604		-		28,604		-		-		28,604
Commercial		16,798		5,000		21,798		6,602		1,236		29,636
Trade Finance		177		-		177		-		270		447
Consumer		839		482		1,321		-		118		1,439
Total	$	178,746	$	69,269	$	248,015	$	17,146	$	38,634	$	303,795

(1) Total TDR loans included in Nonaccrual loans $2,508.

EAST WEST BANCORP, INC

TOTAL NON-PERFORMING ASSETS AS OF DECEMBER 31, 2008

(in thousands)

(unaudited)

	Total Nonaccrual Loans
	90+ Days Delinquent		Under 90+ Days Delinquent		Total Nonaccrual Loans (1)		Modified or Restructured Loans		REO Assets		Total Non- Performing Assets
Loan Type
Real estate - single family	$	13,519	$	-	$	13,519	$	1,201	$	419	$	15,139
Real estate - multifamily		11,845		-		11,845		3,519		1,136		16,500
Real estate - commercial		24,680		-		24,680		2,406		4,882		31,968
Real estate - land		66,185		12,892		79,077		-		10,307		89,384
Real estate - residential construction		27,052		8,766		35,818		-		21,146		56,964
Real estate - commercial construction		30,581		-		30,581		-		-		30,581
Commercial		6,570		10,604		17,174		3,866		142		21,182
Trade Finance		65		-		65		-		270		335
Consumer		1,654		194		1,848		-		-		1,848
Total	$	182,151	$	32,456	$	214,607	$	10,992	$	38,302	$	263,901

(1) Total TDR loans included in Nonaccrual loans $42.

18

EAST WEST BANCORP, INC

DELINQUENT LOANS BY LOAN CATEGORIES AS OF JUNE 30, 2009

(in thousands)

(unaudited)

Loan Type	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent Loans
Real estate - single family	$	553	$	6,775	$	5,181	$	12,509
Real estate - multifamily		1,960		5,618		7,938		15,516
Real estate - commercial		33,416		28,341		19,786		81,543
Real estate - land		1,570		22,190		35,660		59,420
Real estate - residential construction		17,331		6,789		46,176		70,296
Real estate - commercial construction		-		-		20,629		20,629
Commercial		4,021		19,480		8,034		31,535
Trade finance		-		408		3,706		4,114
Consumer		244		458		339		1,041
Total Delinquent Loans	$	59,095	$	90,059	$	147,449	$	296,603

EAST WEST BANCORP, INC

DELINQUENT LOANS BY LOAN CATEGORIES AS OF MARCH 31, 2009

(in thousands)

(unaudited)

Loan Type	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent Loans
Real estate - single family	$	31,105	$	4,226	$	18,515	$	53,846
Real estate - multifamily		17,310		2,585		9,863		29,758
Real estate - commercial		68,964		25,929		12,465		107,358
Real estate - land		12,835		8,969		63,052		84,856
Real estate - residential construction		31,166		61,286		28,433		120,885
Real estate - commercial construction		19,512		4,545		28,604		52,661
Commercial		4,317		3,751		16,798		24,866
Trade finance		4,123		4,468		177		8,768
Consumer		613		110		839		1,562
Total Delinquent Loans	$	189,945	$	115,869	$	178,746	$	484,560

EAST WEST BANCORP, INC

DELINQUENT LOANS BY LOAN CATEGORIES AS OF DECEMBER 31, 2008

(in thousands)

(unaudited)

Loan Type	30-59 Days Delinquent		60-89 Days Delinquent		90+ Days Delinquent		Total Delinquent Loans
Real estate - single family	$	16,708	$	6,237	$	13,519	$	36,464
Real estate - multifamily		9,372		2,382		11,845		23,599
Real estate - commercial		21,036		18,364		24,680		64,080
Real estate - land		9,335		19,002		66,185		94,522
Real estate - residential construction		13,242		9,379		27,052		49,673
Real estate - commercial construction		-		-		30,581		30,581
Commercial		3,970		13,918		6,570		24,458
Trade finance		374		-		65		439
Consumer		1,326		252		1,654		3,232
Total Delinquent Loans	$	75,363	$	69,534	$	182,151	$	327,048

19