East West Bancorp Inc. reported third quarter net income of $35.6 million (58 cents per share) up 20 percent from $28.6 million (52 cents) for the same period a year earlier.

Net interest income for the Pasadena-based bank was up 33 percent to $95.4 million and the bank credited the strong California economy for the increased profits.

“California has more population and more wealth – and that translates into good opportunities for banks,” Julia Gouw, East West’s chief financial officer, said.

Shares in East West were down 34 cents to $36.16 in early trading Friday despite meeting analysis’s estimates.