East West Bancorp Inc. said that its first quarter net income jumped 22 percent as the county’s second largest local bank benefited from growth in its loan and deposit portfolios.
After the markets closed on Tuesday, the Pasadena holding company for East West Bank reported net income of $66.4 million (45 cents a share), compared with $54.4 million (37 cents) in the same quarter last year.
Analysts polled by Thomson Reuters on average expected the company to report earnings of 43 cents a share.
Net interest income for the quarter rose 4.8 percent to $219 million. Non-interest income nearly doubled to $21.7 million. Core deposits rose 2 percent to a record $10.6 billion.
Shares earlier closed up 46 cents, or 2 percent, to $22.49 on the Nasdaq.