East West Bancorp Inc. said it turned to a profit in the fourth quarter even as the bank holding company increased its provision for loan losses and took an impairment write-down on its investment portfolio.

The Pasadena parent of East West Bank reported net income late Tuesday of $2.4 million (5 cents per share) compared with net income of $37.2 million (59 cents) a year ago. The bank reported a $31.2 million loss in its third quarter due to losses from bad loans.

The company’s fourth quarter included a $43 million provision for loan losses and a $9.7 million impairment write-down of securities. Non-performing assets totaled $264 million, or 2.1 percent of total assets, compared with $201 million or (1.7 percent) in the third quarter.

Total allowance for loan losses increased to $178 million, or 2.2 percent of outstanding loans. Total deposits increased to a record $8.1 billion, up 8 percent to $605.6 million from the third quarter.

The bank received nearly $307 million from the U.S. Treasury’s Capital Purchase Program in December. It had raised $200 million in a preferred stock offering in April.

“Our decisive actions in 2008 to significantly increase capital, liquidity, and reserve levels while minimizing credit exposures have better positioned us during this challenging economic environment,” Chief Executive Dominic Ng said in a statement. Total assets were up 5 percent from a year ago to $12.4 billion.

East West shares were up $1.11, or 12 percent, to $10.44 in morning trading on the Nasdaq.