East West Posts Solid Q3, Shares Slip

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Despite posting strong third quarter earnings, shares in East West Bancorp Inc. were down more than 3 percent Thursday.


East West reported third-quarter net income of $41 million (67 cents per share), a 16 percent jump from $36 million (58 cents) from the same period a year earlier. Analysts polled by Thomson Financial were looking for earnings of 64 cents per share.


Income collected from fees and other charges for the Pasadena-based holding company for East West Bank increased 73 percent to $14 million during the third quarter boosted by a $1.3 million gain on the sale of bank premises and a $2.8 million gain on sales of investment securities during the quarter, the bank company said.


Shares in East West Bancorp fell 3.2 percent to $35.31 in afternoon trading Thursday on the Nasdaq.

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