# EAST WEST BANCORP INC (EWBC) Informational only - not investment advice. CIK: 0001069157 SIC: 6022 State Commercial Banks SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1069157 Filing source: https://www.sec.gov/Archives/edgar/data/1069157/000106915726000009/ewbc-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 4293396000 | USD | 2025 | 2026-02-27 | | Net income | 1325188000 | USD | 2025 | 2026-02-27 | | Assets | 80434997000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001069157.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,137,481,000 | 1,325,119,000 | 1,651,703,000 | 1,882,300,000 | 1,595,042,000 | 1,618,734,000 | 2,321,231,000 | 3,693,805,000 | 4,193,196,000 | 4,293,396,000 | | Net income | 431,677,000 | 505,624,000 | 703,701,000 | 674,035,000 | 567,797,000 | 872,981,000 | 1,128,083,000 | 1,161,161,000 | 1,165,586,000 | 1,325,188,000 | | Diluted EPS | 2.97 | 3.47 | 4.81 | 4.61 | 3.97 | 6.10 | 7.92 | 8.18 | 8.33 | 9.52 | | Assets | 34,788,840,000 | 37,121,563,000 | 41,042,356,000 | 44,196,096,000 | 52,156,913,000 | 60,870,701,000 | 64,112,150,000 | 69,612,884,000 | 75,976,475,000 | 80,434,997,000 | | Liabilities | 31,361,099,000 | 33,279,612,000 | 36,618,382,000 | 39,178,479,000 | 46,887,738,000 | 55,033,483,000 | 58,127,538,000 | 62,662,050,000 | 68,253,421,000 | 71,535,795,000 | | Stockholders' equity | 3,427,741,000 | 3,841,951,000 | 4,423,974,000 | 5,017,617,000 | 5,269,175,000 | 5,837,218,000 | 5,984,612,000 | 6,950,834,000 | 7,723,054,000 | 8,899,202,000 | | Cash and cash equivalents | 1,878,503,000 | 2,174,592,000 | 3,001,377,000 | 3,261,149,000 | 4,017,971,000 | 3,912,935,000 | 3,481,784,000 | 4,614,984,000 | 5,250,742,000 | 4,188,139,000 | | Net margin | 37.95% | 38.16% | 42.60% | 35.81% | 35.60% | 53.93% | 48.60% | 31.44% | 27.80% | 30.87% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001069157.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 1.81 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 2.08 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 2.27 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 906,134,000 | 312,031,000 | 2.20 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 961,787,000 | 287,738,000 | 2.02 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 990,378,000 | 238,953,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,023,617,000 | 285,075,000 | 2.03 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 1,034,414,000 | 288,230,000 | 2.06 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,075,899,000 | 299,166,000 | 2.14 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 1,059,266,000 | 293,115,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,031,802,000 | 290,270,000 | 2.08 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,058,999,000 | 310,253,000 | 2.24 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,129,732,000 | 368,394,000 | 2.65 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,072,863,000 | 356,271,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,055,510,000 | 357,796,000 | 2.57 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1069157/000106915726000020/ewbc-20260331.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-05-08 Report date: 2026-03-31 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page Overview 58 Financial Review 59 Results of Operations 60 Net Interest Income 60 Noninterest Income 65 Noninterest Expense 66 Income Taxes 66 Operating Segment Results 67 Balance Sheet Analysis 69 Debt Securities 69 Loan Portfolio 71 Foreign Outstandings 77 Deposits 78 Capital 79 Regulatory Capital and Ratios 80 Risk Management 80 Credit Risk Management 81 Liquidity Risk Management 84 Market Risk Management 87 Critical Accounting Policies and Estimates 92 Reconciliation of GAAP to Non-GAAP Financial Measures 92 57 Overview The following discussion provides information about the results of operations, financial condition, liquidity and capital resources of East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company,” “we,” “our” or “EWBC”) and its subsidiaries, including its subsidiary bank, East West Bank and its subsidiaries (referred to herein as “East West Bank” or the “Bank”). This information is intended to facilitate the understanding and assessment of significant changes and trends related to the Company’s results of operations and financial condition. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the accompanying notes presented elsewhere in this Quarterly Report on Form 10-Q (this “Form 10-Q”), and the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the United States (“U.S.”) Securities and Exchange Commission (“SEC”) on February 27, 2026 (the “Company’s 2025 Form 10-K”). Organization and Strategy East West is a bank holding company incorporated in Delaware on August 26, 1998, and is registered under the Bank Holding Company Act of 1956, as amended. The Company commenced business on December 30, 1998 when, pursuant to a reorganization, it acquired all of the voting stock of the Bank, which became its principal asset. The Bank is an independent commercial bank headquartered in California that focuses on the financial service needs of individuals and businesses that operate in both the U.S. and Asia. Through over 110 locations in the U.S. and Asia, the Company provides a full range of consumer and commercial products and services through the following three business segments: (1) Consumer and Business Banking and (2) Commercial Banking, with the remaining operations recorded in (3) Treasury and Other. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. We are committed to enhancing long-term shareholder value by growing loans, deposits and revenue, improving profitability, and investing for the future while managing risks, expenses and capital. Our business model is built on customer loyalty and engagement, understanding our customers’ financial goals, and meeting our customers’ financial needs through our diverse products and services. We expect our relationship-focused business model to continue generating organic growth from existing customers and to expand our targeted customer bases. As of March 31, 2026, the Company had $82.9 billion in total assets and approximately 3,400 full-time equivalent employees. For additional information on our strategy, and the products and services provided by the Bank, see Item 1. Business — Organization and Banking Services in the Company’s 2025 Form 10-K. Current Developments Economic Developments Evolving geopolitical uncertainties, including armed conflict involving Iran or heightened tensions in other regions, as well as changes in trade policies and tariffs, continue to raise concerns about inflation, oil and energy price volatility, and supply chain disruptions. At its March and April 2026 meetings, the Federal Reserve maintained the federal funds target rate, reflecting a cautious stance as it manages persistent inflationary pressures and a gradually cooling labor market amid an increasingly uncertain global environment. These factors may create volatility that could affect both inflation and overall economic growth. The Company monitors changes in economic and industry conditions and their impacts on the Company’s business, customers, employees, communities and markets. Further discussion of the potential impacts on the Company’s business due to the economic environment has been provided in Item 1A. — Risk Factors — Risks Related to Geographic and Political Uncertainties and — Risks Related to Financial Matters in the Company’s 2025 Form 10-K. Regulatory Updates In March 2026, the federal banking agencies issued proposed revisions to the U.S. regulatory capital framework. The proposals would, among other things, modify aspects of the standardized approach to risk-based capital treatment of certain exposure categories that are material to the Company. The proposed changes address the definition of capital, the calculation of certain risk-weighted assets and future indexing of certain dollar-based thresholds. The Company has been monitoring these proposals and assessing their potential impacts on its regulatory capital position. 58 Financial Review Three Months Ended March 31, ($ and shares in thousands, except per share, and ratio data) 2026 2025 Summary of operations: Net interest income before provision for credit losses $ 671,193  $ 600,201  Noninterest income 102,556  92,102  Total revenue 773,749  692,303  Provision for credit losses 36,000  49,000  Noninterest expense 280,314  252,148  Income before income taxes 457,435  391,155  Income tax expense 99,639  100,885  Net income $ 357,796  $ 290,270  Per share: Basic earnings $ 2.59  $ 2.10  Diluted earnings $ 2.57  $ 2.08  Dividends declared $ 0.80  $ 0.60  Weighted-average number of shares outstanding: Basic 138,054  138,201  Diluted 138,919  139,291  Performance metrics: Return on average assets (“ROA”) 1.79  % 1.56  % Return on average common equity (“ROAE”) 16.04  % 14.96  % Return on average tangible common equity (“ROATCE”) (1) 16.92  % 15.92  % Common dividend payout ratio 31.16  % 28.97  % Net interest margin 3.49  % 3.35  % Efficiency ratio (2) 36.23  % 36.42  % At period end: March 31, 2026 December 31, 2025 Total assets $ 82,886,152  $ 80,434,997  Total loans $ 58,128,334  $ 56,899,148  Total deposits $ 68,919,555  $ 67,082,701  Common shares outstanding at period-end 136,979  137,579  Book value per share $ 65.70  $ 64.68  Tangible book value per share (1) $ 62.27  $ 61.27  (1)For additional information regarding the reconciliation of these non-U.S. Generally Accepted Accounting Principles (“GAAP”) financial measures, refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q. (2)Efficiency ratio is calculated as noninterest expense divided by total revenue. The Company’s net income for the first quarter 2026 was $358 million, a $68 million or 23% increase from the same prior year period. The year-over-year increase was primarily driven by higher net interest income before provision for credit losses, lower provision for credit losses, and increased noninterest income, partially offset by higher noninterest expense. Noteworthy aspects of the Company’s performance for the first quarter of 2026 included: •Net interest income and net interest margin. First quarter 2026 net interest income before provision for credit losses of $671 million increased $71 million or 12% from the first quarter of 2025. First quarter 2026 net interest margin of 3.49% increased 14 bps year-over-year. •Earnings per share growth. First quarter 2026 basic and diluted earnings per share both increased 23% to $2.59 and $2.57, respectively, from the first quarter of 2025. 59 •Profitability ratios. First quarter 2026 ROA, ROAE and the ROATCE of 1.79%, 16.04% and 16.92%, respectively, increased 23 bps, 108 bps and 100 bps year-over-year, respectively. ROATCE is a non-GAAP financial measure. For additional information regarding the reconciliation of non-GAAP financial measures, refer to Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q. •Efficiency ratios. First quarter 2026 efficiency ratio was 36.23%, compared with 36.42% for the same period in 2025. The improvement in the efficiency ratio was primarily due to higher net interest income before provision for credit losses and an increase in noninterest income. •Asset growth. Total assets reached $82.9 billion as of March 31, 2026, an increase of $2.5 billion from December 31, 2025, primarily driven by a $1.2 billion or 2% increase in net loans held-for-investment and an $881 million or 7% increase in available-for-sale (“AFS”) debt securities. •Deposit growth. Total deposits were $68.9 billion as of March 31, 2026, an increase of $1.8 billion or 3%, from December 31, 2025, primarily driven by growth in money market and noninterest-bearing demand deposits. •Capital levels. Stockholders’ equity was $9.0 billion as of March 31, 2026, up $100 million or 1%, from December 31, 2025. Book value per share of $65.70 as of March 31, 2026, increased $1.02 or 2%, compared with December 31, 2025. Tangible book value per share of $62.27 as of March 31, 2026, increased $1.00 or 2%, compared with December 31, 2025. Tangible book value per share is a non-GAAP financial measure. For additional details, see the reconciliation of non-GAAP financial measures presented under Item 2. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-Q. Results of Operations Net Interest Income The Company’s primary source of revenue is net interest income, which is the interest income earned on interest-earning assets less interest expense paid on interest-bearing liabilities. Net interest margin is the ratio of net interest income to average interest-earning assets. Net interest income and net interest margin are impacted by several factors, including changes in average balances and the composition of interest-earning assets and funding sources, market interest rate fluctuations and the slope of the yield curve, repricing characteristics and maturity of interest-earning assets and interest-bearing liabilities, the volume of noninterest-bearing sources of funds and asset quality. 60 Net interest income and net interest margin for the first quarter of 2026 increased year-over-year. The $71 million or 12% year-over-year increase in net interest income, and the 14 bp year-over-year increase in net interest margin primarily reflected lower interest-bearing deposit funding costs and Federal Home Loan Bank (“FHLB”) advances, and increases in loans and AFS debt securities’ average balances, partially offset by lower yields on loans, AFS debt securities, and interest-bearing cash and deposits with banks. Average interest-earning assets were $78.0 billion for the first quarter of 2026, an increase of $5.3 billion or 7% from the first quarter of 2025. The year-over-year increase in average interest-earning assets primarily reflected loan growth and increases in AFS debt securities, partially offset by decreases in interest-bearing cash and deposits with banks. The 27 bp year-over-year decrease in the yield on average interest-earning assets to 5.49% for the first quarter of 2026, primarily reflected the impact of lower benchmark interest rates on the loan portfolio. The average loan yield of 6.11% for the first quarter of 2026, decreased 28 bps, from the first quarter of 2025. The year-over-year decrease in the average loan yield primarily reflected the loan portfolio’s sensitivity to lower benchmark interest rates. Approximately 59% and 58% of loans held-for-investment were variable-rate as of Marc [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS TABLE OF CONTENTS Page Overview 35 Financial Review 36 Results of Operations 37 Net Interest Income 37 Noninterest Income 42 Noninterest Expense 43 Income Taxes 44 Operating Segment Results 44 Balance Sheet Analysis 47 Debt Securities 47 Loan Portfolio 49 Foreign Outstandings 55 Deposits 56 Capital 57 Regulatory Capital and Ratios 58 Risk Management 58 Credit Risk Management 59 Liquidity Risk Management 63 Market Risk Management 66 Critical Accounting Estimates 71 Reconciliation of GAAP to Non-GAAP Financial Measures 74 34 Overview The following discussion provides information about the results of operations, financial condition, liquidity and capital resources of the Company, including its subsidiary bank, East West Bank. This information is intended to facilitate the understanding and assessment of significant changes and trends related to the Company’s results of operations and financial condition. This discussion and analysis should be read in conjunction with the Consolidated Financial Statements and the accompanying notes presented elsewhere in this Form 10-K. For information on our business, see Item 1. Business in this Form 10-K. Current Economic Developments Evolving trade policies and tariffs and recent government shutdowns raised concerns about inflation, supply chain disruptions, and slower economic growth. The uncertain business environment led to a softening in the labor market, as companies adopted more cautious hiring practices, while reduced immigration further limited labor supply. The residential mortgage and CRE markets moderated but housing affordability pressures remained elevated. The Federal Reserve, which resumed lowering interest rates in late 2025, now faces heightened policy complexity in 2026. The transition to a new Chairman of the Federal Reserve, which is expected after Chairman Jerome Powell’s term expires in May 2026, adds additional uncertainty, particularly as leadership debates continue over balancing inflation risks against labor market softening. The economic uncertainty caused by these factors could result in decreased consumer spending and curb business investments. The Company monitors changes in economic and industry conditions and their impacts on the Company’s business, customers, employees, communities and markets. Further discussion of the potential impacts on the Company’s business due to the economic environment has been provided in Item 1A. — Risk Factors — Risks Related to Geographic and Political Uncertainties and — Risks Related to Financial Matters in this Form 10-K. 35 Financial Review Our MD&A analyzes the financial condition and results of operations of the Company for 2025 and 2024. Some tables include additional periods to comply with disclosure requirements or to illustrate trends in greater depth. The page locations of specific sections that we refer to are presented in the table of contents. To review our financial condition and results of operations for 2024 and a comparison between 2024 and 2023 results, see Item 7. MD&A of our 2024 Form 10-K, which was filed with the SEC on February 28, 2025. ($ and shares in thousands, except per share, and ratio data) 2025 2024 Summary of operations: Net interest income before provision for credit losses $ 2,552,629  $ 2,278,716  Noninterest income 379,227  335,218  Total revenue 2,931,856  2,613,934  Provision for credit losses 160,000  174,000  Noninterest expense 1,046,396  958,073  Income before income taxes 1,725,460  1,481,861  Income tax expense 400,272  316,275  Net income $ 1,325,188  $ 1,165,586  Per share: Basic earnings $ 9.58  $ 8.39  Diluted earnings $ 9.52  $ 8.33  Dividends declared $ 2.40  $ 2.20  Weighted-average number of shares outstanding: Basic 138,342  138,898  Diluted 139,130  139,958  Performance metrics: Return on average assets (“ROA”) 1.70  % 1.60  % Return on average common equity (“ROAE”) 16.01  % 15.93  % Return on average tangible common equity (“ROATCE”) (1) 16.99  % 17.05  % Common dividend payout ratio 25.30  % 26.58  % Net interest margin 3.41  % 3.27  % Efficiency ratio (2) 35.69  % 36.65  % At year end: Total assets $ 80,434,997  $ 75,976,475  Total loans $ 56,899,148  $ 53,726,637  Total deposits $ 67,082,701  $ 63,175,023  Common shares outstanding at period-end 137,579  138,437  Book value per share $ 64.68  $ 55.79  Tangible book value per share (1) $ 61.27  $ 52.39  (1)For additional information regarding the reconciliation of these non-U.S. GAAP financial measures, refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K. (2)Efficiency ratio is calculated as noninterest expense divided by total revenue. The Company’s 2025 net income was $1.3 billion, a $160 million or 14% increase from 2024. The increase was primarily driven by higher net interest income before provision for credit losses, increased noninterest income and a decrease in provision for credit losses, partially offset by higher noninterest expense and income tax expense. Noteworthy items about the Company’s performance for 2025 included: •Net interest income and net interest margin. Year-over-year net interest income before provision for credit losses increased $274 million or 12% to $2.6 billion in 2025. Full year 2025 net interest margin was 3.41%, a 14 bp increase year-over-year. 36 •Earnings per share growth. Full year 2025 basic EPS and diluted EPS both expanded 14% to $9.58 and $9.52, respectively. •Profitability ratios. Full year 2025 ROA and ROAE of 1.70% and 16.01%, respectively, expanded 10 bps and 8 bps, respectively, year-over-year. Full year 2025 ROATCE was 16.99%. ROATCE is a non-GAAP financial measure. For additional information regarding the reconciliation of non-GAAP financial measures, refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K. •Efficiency ratio. The efficiency ratio was 35.69% in 2025, a 96 bp improvement compared with 2024. The improvement in the efficiency ratio primarily reflected a year-over-year increase in net interest income before provision for credit losses. •Asset growth. Total assets reached $80.4 billion as of December 31, 2025, an increase of $4.5 billion or 6% year-over-year, primarily driven by loan growth of $3.0 billion or 6%, and an increase in AFS debt securities of $2.4 billion or 22%. •Deposit growth. Total deposits were $67.1 billion as of December 31, 2025, an increase of $3.9 billion or 6% year-over-year, primarily reflecting growth in time deposits and noninterest-bearing demand deposits. •Capital levels. Stockholders’ equity was $8.9 billion as of December 31, 2025, up $1.2 billion or 15%, from December 31, 2024. Book value per share of $64.68 as of December 31, 2025, increased $8.89 or 16% from December 31, 2024. Tangible book value per share of $61.27 as of December 31, 2025, increased $8.88 or 17% from December 31, 2024. Tangible book value per share is a non-GAAP financial measure. For additional details, see the reconciliation of non-GAAP financial measures presented under Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K. Results of Operations Net Interest Income The Company’s primary source of revenue is net interest income, which is the interest income earned on interest-earning assets less interest expense paid on interest-bearing liabilities. Net interest margin is the ratio of net interest income to average interest-earning assets. Net interest income and net interest margin are impacted by several factors, including changes in average balances and the composition of interest-earning assets and funding sources, market interest rate fluctuations and the slope of the yield curve, repricing characteristics and maturity of interest-earning assets and interest-bearing liabilities, the volume of noninterest-bearing sources of funds, and asset quality. Net interest income and net interest margin for 2025 increased year-over-year. The $274 million or 12% year-over-year increase in 2025 net interest income is primarily due to lower interest-bearing deposit funding costs and increases in the average balances of deposits, AFS debt securities and loans, partially offset by lower loan yields. The 14 bps year-over-year increase in 2025 net interest margin primarily reflected lower interest-bearing deposit costs, partially offset by an increase in AFS securities and decreases in the yield and balances of interest-bearing cash and deposits with banks. 37 Average interest-earning assets increased $5.2 billion or 7% to $74.9 billion in 2025. The year-over-year increase in average interest-earning assets primarily reflected increases in AFS debt securities and loan growth. The yield on average interest-earning assets was 5.73% in 2025, a decrease of 28 bps from 2024. The year-over-year decrease in the yield on average interest-earning assets primarily reflected the impact of lower benchmark interest rates of the loan portfolio. The average loan yield was 6.40% in 2025, a decrease of 27 bps from 2024. The year-over-year decrease in the average loan yield primarily reflected the loan portfolio’s sensitivity to lower benchmark interest rates. Excluding the $32 million discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans from the 2025 loans’ interest income, the adjusted average loan yield for 2025 was 6.34%, compared with 6.67% in 2024. Adjusted average loan yield is a non-GAAP financial ratio. For additional details, refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K. Approximately 58% of loans held-for-investment were variable-rate as of both December 31, 2025 and 2024. 38 Deposits are an important source of funds and impact both net interest income and net interest margin. Average deposits of $64.8 billion in 2025, increased $5.2 billion or 9% from 2024. Average noninterest-bearing deposits of $15.6 billion in 2025, increased $799 million or 5% from 2024. Average noninterest-bearing deposits made up 24% and 25% of average deposits in 2025 and 2024, respectively. The average cost of deposits was 2.46% in 2025, a decrease of 42 bps from 2024. The average cost of interest-bearing deposits was 3.24% in 2025, a decrease of 59 bps from 2024. These year-over-year decreases primarily reflected the impacts of lower benchmark interest rates and the Company’s efforts to reduce deposit costs. The average cost of funds calculation includes deposits, short-term borrowings, FHLB advances, assets sold under repurchase agreements (“repurchase agreements”) and long-term debt. In 2025, the average cost of funds was 2.56%, a decrease of 46 bps from 2024. The year-over-year decrease was mainly driven by the change in the average cost of deposits as discussed above. The Company utilizes various tools to manage interest rate risk. Refer to the Interest Rate Risk Management section of Item 7. MD&A — Risk Management — Market Risk Management for details. 39 The following table presents the interest spread, net interest margin, average balances, interest income and expense, and the average yield/rate by asset and liability component in 2025, 2024 and 2023: Year Ended December 31, 2025 2024 2023 ($ in thousands) Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/Rate Average Balance Interest Average Yield/Rate ASSETS Interest-earning assets: Interest-bearing cash and deposits with banks $ 4,264,056  $ 159,081  3.73 % $ 4,936,550  $ 231,794  4.70 % $ 4,638,630  $ 220,643  4.76 % Assets purchased under resale agreements (“resale agreements”) (1) 425,000  6,475  1.52 % 519,263  11,254  2.17 % 691,223  20,164  2.92 % Debt securities: AFS (2)(3) 12,516,569  572,959  4.58 % 8,811,274  399,280  4.53 % 6,105,999  225,592  3.69 % Held-to-maturity (“HTM”) (2) 2,890,503  48,978  1.69 % 2,935,937  49,785  1.70 % 2,976,237  50,598  1.70 % Total debt securities (2) 15,407,072  621,937  4.04 % 11,747,211  449,065  3.82 % 9,082,236  276,190  3.04 % Loans: Commercial and industrial (“C&I”) (2) 17,447,333  1,242,165  7.12 % (4) 16,492,472  1,294,451  7.85 % 15,499,899  1,190,940  7.68 % CRE (2) 20,709,803  1,281,156  6.19 % 20,316,013  1,292,973  6.36 % 19,824,272  1,227,795  6.19 % Residential mortgage 16,420,367  968,689  5.90 % 15,504,795  900,514  5.81 % 14,155,784  750,813  5.30 % Other consumer 47,456  2,651  5.59 % 55,500  3,041  5.48 % 65,181  3,198  4.91 % Total loans (2)(5)(6) 54,624,959  3,494,661  6.40 % (4) 52,368,780  3,490,979  6.67 % 49,545,136  3,172,746  6.40 % Restricted equity securities 161,400  11,242  6.97 % 147,080  10,104  6.87 % 82,177  4,062  4.94 % Total interest-earning assets $ 74,882,487  $ 4,293,396  5.73 % $ 69,718,884  $ 4,193,196  6.01 % $ 64,039,402  $ 3,693,805  5.77 % Noninterest-earning assets: Cash and due from banks 386,798  345,056  555,689  Allowance for loan, lease, and securities’ losses (763,105) (688,448) (625,785) Other assets 3,393,682  3,446,350  3,788,199  Total assets $ 77,899,862  $ 72,821,842  $ 67,757,505  LIABILITIES AND STOCKHOLDERS’ EQUITY Interest-bearing liabilities: Checking deposits $ 7,589,980  $ 183,262  2.41 % $ 7,731,828  $ 221,367  2.86 % $ 7,658,414  $ 179,200  2.34 % Money market deposits 15,685,199  488,496  3.11 % 13,970,375  525,870  3.76 % 11,680,540  399,482  3.42 % Savings deposits 1,719,422  13,519  0.79 % 1,770,041  17,764  1.00 % 2,128,943  15,573  0.73 % Time deposits 24,256,155  909,252  3.75 % 21,400,834  955,173  4.46 % 16,301,856  611,295  3.75 % Total interest-bearing deposits 49,250,756  1,594,529  3.24 % 44,873,078  1,720,174  3.83 % 37,769,753  1,205,550  3.19 % Bank Term Funding Program (“BTFP”), short-term borrowings and federal funds purchased 740  22  2.97 % 962,061  42,163  4.38 % 3,591,114  157,002  4.37 % FHLB advances 3,181,509  141,472  4.45 % 2,752,733  147,269  5.35 % 123,288  6,430  5.22 % Repurchase agreements 46,199  2,082  4.51 % 3,613  197  5.45 % 34,443  1,497  4.35 % Long-term debt and finance lease liabilities 35,780  2,662  7.44 % 58,467  4,677  8.00 % 152,790  11,072  7.25 % Total interest-bearing liabilities $ 52,514,984  $ 1,740,767  3.31 % $ 48,649,952  $ 1,914,480  3.94 % $ 41,671,388  $ 1,381,551  3.32 % Noninterest-bearing liabilities and stockholders’ equity: Demand deposits 15,598,605  14,799,961  17,192,978  Accrued expenses and other liabilities 1,509,865  2,056,755  2,410,154  Stockholders’ equity 8,276,408  7,315,174  6,482,985  Total liabilities and stockholders’ equity $ 77,899,862  $ 72,821,842  $ 67,757,505  Interest rate spread 2.42 % 2.07 % 2.45 % Net interest income and net interest margin $ 2,552,629  3.41 % $ 2,278,716  3.27 % $ 2,312,254  3.61 % (1)Includes the average balances and interest income for securities and loans purchased under resale agreements for 2023. There were no loans purchased under resale agreements for both 2025 and 2024. (2)Yields on tax-exempt debt securities and loans are not presented on a tax-equivalent basis. (3)Includes the amortization of net premiums on AFS debt securities of $26 million, $35 million and $31 million for 2025, 2024 and 2023, respectively. (4)Includes $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans during the twelve months ended December 31, 2025. Refer to Item 7. MD&A — Reconciliation of GAAP to Non-GAAP Financial Measures in this Form 10-K. (5)Average balances include nonperforming loans and loans held-for-sale. (6)Includes the accretion of net deferred loan fees and amortization of net premiums, which totaled $81 million for 2025 and $53 million for each of 2024 and 2023. 40 The following table summarizes the extent to which changes in (1) interest rates, and (2) volume of average interest-earning assets and average interest-bearing liabilities affected the Company’s net interest income for the periods presented. The total change for each category of interest-earning assets and interest-bearing liabilities is segmented into changes attributable to variations in volume and yield/rate. Changes that are not solely due to either volume or yield/rate are allocated proportionally based on the absolute value of the change related to average volume and average yield/rate. Year Ended December 31, 2025 vs. 2024 2024 vs. 2023 Changes Due to Changes Due to ($ in thousands) Total Change Volume Yield/Rate Total Change Volume Yield/Rate Interest-earning assets: Interest-bearing cash and deposits with banks $ (72,713) $ (28,990) $ (43,723) $ 11,151  $ 14,019  $ (2,868) Resale agreements (1) (4,779) (1,813) (2,966) (8,910) (4,382) (4,528) Debt securities: AFS 173,679  169,573  4,106  173,688  114,930  58,758  HTM (807) (770) (37) (813) (684) (129) Total debt securities 172,872  168,803  4,069  172,875  114,246  58,629  Loans: C&I (52,286) 72,271  (124,557) 103,511  77,492  26,019  CRE (11,817) 24,775  (36,592) 65,178  30,853  34,325  Residential mortgage 68,175  53,837  14,338  149,701  74,955  74,746  Other consumer (390) (448) 58  (157) (506) 349  Total loans 3,682  150,435  (146,753) 318,233  182,794  135,439  Restricted equity securities 1,138  996  142  6,042  4,045  1,997  Total interest and dividend income $ 100,200  $ 289,431  $ (189,231) $ 499,391  $ 310,722  $ 188,669  Interest-bearing liabilities: Checking deposits $ (38,105) $ (3,994) $ (34,111) $ 42,167  $ 1,734  $ 40,433  Money market deposits (37,374) 59,918  (97,292) 126,388  83,521  42,867  Savings deposits (4,245) (495) (3,750) 2,191  (2,930) 5,121  Time deposits (45,921) 118,165  (164,086) 343,878  213,823  130,055  Total interest-bearing deposits (125,645) 173,594  (299,239) 514,624  296,148  218,476  BTFP, short-term borrowings and federal funds purchased (42,141) (42,104) (37) (114,839) (115,219) 380  FHLB advances (5,797) 21,081  (26,878) 140,839  140,669  170  Repurchase agreements 1,885  1,925  (40) (1,300) (1,606) 306  Long-term debt and finance lease liabilities (2,015) (1,707) (308) (6,395) (7,443) 1,048  Total interest expense $ (173,713) $ 152,789  $ (326,502) $ 532,929  $ 312,549  $ 220,380  Changes in net interest income $ 273,913  $ 136,642  $ 137,271  $ (33,538) $ (1,827) $ (31,711) (1)Includes the average balances and interest income for securities and loans purchased under resale agreements for 2023. There were no loans purchased under resale agreements for both 2025 and 2024. 41 Noninterest Income The following table presents the components of noninterest income for the periods indicated: Year Ended December 31, ($ in thousands) 2025 2024 % Change from 2024 2023 Commercial and consumer deposit-related fees $ 111,844  $ 103,880  8  % $ 93,811  Lending and loan servicing fees 107,988  98,455  10  % 83,876  Foreign exchange income 58,905  54,605  8  % 48,276  Wealth management fees 50,000  38,627  29  % 26,994  Customer derivative income, net of mark-to-market adjustments: Customer derivative income 19,053  14,923  28  % 23,216  Derivative mark-to-market and credit valuation adjustments (2,197) 1,478  NM (3,016) Total customer derivative income, net of mark-to-market adjustments 16,856  16,401  3  % 20,200  Net gains (losses) on AFS debt securities 963  2,069  (53) % (6,862) Other investment income 10,868  5,611  94  % 9,348  Other income 21,803  15,570  40  % 17,469  Total noninterest income $ 379,227  $ 335,218  13  % $ 293,112  Noninterest income as a percentage of total revenue 13  % 13  % 11  % NM — Not meaningful. Noninterest income comprised 13% of total revenue in both 2025 and 2024. Noninterest income for 2025 was $379 million, a $44 million or 13% increase compared with 2024. The increase was primarily due to higher wealth management fees, lending and loan servicing fees, commercial and consumer deposit-related fees, other income, other investment income, and foreign exchange income. Commercial and consumer deposit-related fees were $112 million in 2025, an increase of $8 million or 8%, compared with 2024. This year-over-year increase was primarily due to analysis service fees, which reflected higher commercial customer activity and fee increases. Lending and loan servicing fees were $108 million in 2025, an increase of $10 million or 10%, compared with 2024. The year-over-year increase was primarily due to higher trade finance and credit enhancement fees driven by increased customer activity. Foreign exchange income was $59 million, an increase of $4 million or 8%, compared with 2024. The year-over-year increase was primarily due to increased customer activity and the favorable valuation of certain foreign currency denominated balance sheet items, partially offset by losses on foreign exchange trades. Wealth management fees were $50 million in 2025, an increase of $11 million or 29%, compared with 2024. The year-over-year increase primarily reflected higher customer demand for wealth management products such as fixed-rate corporate bonds and fixed annuities. Other investment income was $11 million in 2025, an increase of $5 million or 94% compared with 2024. The year-over-year increase primarily reflected $5 million of recoveries, $3 million of which were related to the Company’s previous investment in DC Solar recorded in other investment income, $1 million of fair value gains from the derivative liability-classified equity contract related to the 2023 Rayliant investment, and higher distributions from affordable housing partnership investments. Other income was $22 million in 2025, an increase of $6 million or 40% compared with 2024. The year-over-year increase primarily reflected $4 million increased income from bank-owned life insurance and a structuring fee received from an energy tax credit investment. 42 Noninterest Expense The following table presents the components of noninterest expense for the periods indicated: Year Ended December 31, ($ in thousands) 2025 2024 % Change from 2024 2023 Compensation and employee benefits $ 618,753  $ 550,734  12  % $ 508,538  Occupancy and equipment expense 66,129  64,399  3  % 64,528  Deposit account expense 35,218  47,390  (26) % 43,143  Computer and software related expenses 54,737  47,271  16  % 44,475  Deposit insurance premiums and regulatory assessments 31,725  45,736  (31) % 103,308  Other operating expense 165,039  148,301  11  % 136,305  Amortization of tax credit and CRA investments 74,795  54,242  38  % 120,299  Total noninterest expense $ 1,046,396  $ 958,073  9  % $ 1,020,596  Noninterest expense was $1.0 billion in 2025, an increase of $88 million or 9%, compared with 2024. The increase was primarily due to higher compensation and employee benefits, amortization of tax credit and CRA investments, other operating expense, and computer and software related expenses, partially offset by lower deposit insurance premiums and regulatory assessments, and deposit account expense. Compensation and employee benefits were $619 million in 2025, an increase of $68 million or 12%, compared with 2024. The year-over-year increase was primarily driven by $31 million of additional compensation expense recognized from the change in equity award expense recognition for retirement eligible employees, while the remaining increase was due to merit increases and staffing growth. Refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation for details related to the change in the timing of recognition for awards granted to retirement-eligible employees. Deposit account expense was $35 million in 2025, a decrease of $12 million or 26%, compared with 2024. The year-over-year decrease was primarily driven by lower balances and referral rates paid on certain deposit accounts. Computer and software related expenses were $55 million in 2025, an increase of $7 million or 16% compared with 2024. The year-over-year increases primarily reflected higher software expenses and data processing costs to support the Company’s growth. Deposit insurance premiums and regulatory assessments were $32 million in 2025, a decrease of $14 million or 31%, compared with 2024. The year-over-year decrease was primarily due to lower FDIC charges, which reflected a decrease in the estimated losses to the FDIC’s DIF. For additional information related to the FDIC charge, see Item 1. Business — Supervision and Regulation — FDIC Deposit Insurance Assessments in this Form 10-K. Other operating expense was $165 million in 2025, an increase of $17 million or 11%, compared with 2024. The year-over-year increase was primarily due to problem loan related expenses, higher consulting expenses for various Company initiatives, and other real estate owned (“OREO”) write-downs, partially offset by a decrease in interest paid on cash collateral. Amortization of tax credit and CRA investments was $75 million in 2025, an increase of $21 million or 38%, compared with 2024. The year-over-year increase was primarily due to the timing of tax credit investments that closed in a given period. 43 Income Taxes The following table presents income before income taxes, income tax expense and effective tax rate for the periods indicated: Year Ended December 31, ($ in thousands) 2025 2024 % Change from 2024 2023 Income before income taxes $ 1,725,460  $ 1,481,861  16% $ 1,459,770  Income tax expense $ 400,272  $ 316,275  27% $ 298,609  Effective tax rate 23.2  % 21.3  % 20.5  % Income tax expense for 2025, compared with 2024, increased $84 million or 27%, primarily due to higher pre-tax income, and the one-time revaluation of deferred tax assets due to the adoption of the California single sales factor apportionment method in 2025, partially offset by favorable adjustments driven by a lower California state tax apportionment. The differences between the 2025 and 2024 effective tax rates from the federal statutory rate of 21% were primarily due to state taxes, partially offset by tax credits associated with energy, affordable housing, historic and new market tax credit investments. Refer to Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K. Operating Segment Results The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Treasury and Other. These segments are defined based on customer type, the channels where customers are served, and the products and services provided. For a description of the Company’s internal management reporting process, including the segment cost allocation methodology, see Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K. Segment net interest income represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s internal funds transfer pricing process. Consumer and Business Banking The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platforms. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small- and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, private banking, treasury management, interest rate risk hedging and foreign exchange services. 44 The following table presents financial information for the Consumer and Business Banking segment for the periods indicated: Year Ended December 31, Change from 2024 ($ in thousands) 2025 2024 $ % 2023 Net interest income before provision for credit losses $ 1,079,288  $ 1,152,033  $ (72,745) (6) % $ 1,225,954  Noninterest income 120,779  108,773  12,006  11  % 103,210  Total revenue before provision for credit losses 1,200,067  1,260,806  (60,739) (5) % 1,329,164  Provision for credit losses 26,044  8,691  17,353  200  % 21,454  Compensation and employee benefits 240,500  217,612  22,888  11  % 203,387  Other noninterest expense 229,833  234,494  (4,661) (2) % 261,406  Total noninterest expense 470,333  452,106  18,227  4  % 464,793  Segment income before income taxes 703,690  800,009  (96,319) (12) % 842,917  Income tax expense 201,003  236,791  (35,788) (15) % 247,952  Segment net income $ 502,687  $ 563,218  $ (60,531) (11) % $ 594,965  Average loans $ 20,313,671  $ 18,966,662  $ 1,347,009  7  % $ 17,739,984  Average deposits $ 33,384,458  $ 30,815,912  $ 2,568,546  8  % $ 28,174,781  Consumer and Business Banking segment net income decreased $61 million or 11% year-over-year to $503 million in 2025, primarily due to a $73 million decrease in net interest income, a $23 million increase in compensation and employee benefits, and a $17 million increase in provision for credit losses, partially offset by a $12 million increase in noninterest income. The decrease in net interest income before provision for credit losses was primarily driven by the year-over-year decline in interest rates. The increase in noninterest income was mainly driven by higher wealth management fees in 2025. The increase in provision for credit losses was driven by loan growth and the worsening macroeconomic outlook in the residential mortgage loan sector in 2025. The increase in compensation and employee benefits was primarily due to staffing growth and increased wealth management commissions. The decrease in other noninterest expense was primarily driven by decreased deposit insurance premiums and regulatory assessments, from lower FDIC charges. Commercial Banking The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance, equipment financing, and loan syndication. Commercial deposit products and other financial services include treasury management, foreign exchange services, and interest rate and commodity risk hedging. 45 The following table presents financial information for the Commercial Banking segment for the periods indicated: Year Ended December 31, Change from 2024 ($ in thousands) 2025 2024 $ % 2023 Net interest income before provision for credit losses $ 1,028,314  $ 1,125,931  $ (97,617) (9) % $ 1,116,013  Noninterest income 218,177  197,780  20,397  10  % 168,502  Total revenue before provision for credit losses 1,246,491  1,323,711  (77,220) (6) % 1,284,515  Provision for credit losses 152,085  166,953  (14,868) (9) % 100,391  Compensation and employee benefits 246,303  234,240  12,063  5  % 217,663  Other noninterest expense 157,616  161,969  (4,353) (3) % 158,949  Total noninterest expense 403,919  396,209  7,710  2  % 376,612  Segment income before income taxes 690,487  760,549  (70,062) (9) % 807,512  Income tax expense 196,979  224,897  (27,918) (12) % 237,359  Segment net income $ 493,508  $ 535,652  $ (42,144) (8) % $ 570,153  Average loans $ 34,000,936  $ 32,996,221  $ 1,004,715  3  % $ 31,365,547  Average deposits $ 27,137,950  $ 25,820,956  $ 1,316,994  5  % $ 23,304,066  Commercial Banking segment net income decreased $42 million or 8% year-over-year to $494 million in 2025, primarily driven by a $98 million decrease in net interest income, partially offset by a $20 million increase in noninterest income and a $15 million decrease in provision for credit losses. The net interest income decrease was primarily driven by the year-over-year decline in interest rates. The noninterest income increase was primarily due to increases in lending and loan servicing fees, commercial deposit-related fees, and wealth management fees. The decrease in provision for credit losses was primarily driven by lower net charge-offs in the C&I portfolio. The increase in compensation and employee benefits was primarily driven by staffing growth. The decrease in other noninterest expense was primarily driven by the decreases in deposit account expense and deposit insurance premiums and regulatory assessments, partially offset by increased loan related expenses. Treasury and Other Centralized functions, including the corporate treasury activities of the Company, tax credit investment activity, eliminations of inter-segment amounts, and centrally managed departments, have been aggregated and included in the Treasury and Other segment. 46 The following table presents financial information for the Treasury and Other segment for the periods indicated: Year Ended December 31, Change from 2024 ($ in thousands) 2025 2024 $ % 2023 Net interest income (loss) before (reversal of) provision for credit losses $ 445,027  $ 752  $ 444,275  NM $ (29,713) Noninterest income 40,271  28,665  11,606  40  % 21,400  Total revenue (loss) before (reversal of) provision for credit losses 485,298  29,417  455,881  NM (8,313) (Reversal of) provision for credit losses (18,129) (1,644) (16,485) NM 3,155  Compensation and employee benefits 131,950  98,882  33,068  33  % 87,488  Other noninterest expense 40,194  10,876  29,318  270  % 91,703  Total noninterest expense 172,144  109,758  62,386  57  % 179,191  Segment income (loss) before income taxes 331,283  (78,697) 409,980  NM (190,659) Income tax expense (benefit) 2,290  (145,413) 147,703  NM (186,702) Segment net income (loss) $ 328,993  $ 66,716  $ 262,277  393  % $ (3,957) Average loans $ 310,352  $ 405,897  $ (95,545) (24) % $ 439,605  Average deposits $ 4,326,953  $ 3,036,171  $ 1,290,782  43  % $ 3,483,884  NM — Not meaningful. Treasury and Other segment income before income taxes increased $410 million in 2025, primarily driven by a $444 million increase in net interest income and $16 million increase in reversal of credit losses, partially offset by a $33 million increase in compensation and employee benefits and a $29 million increase in other noninterest expense. The net interest income increase was mainly driven by higher AFS debt securities’ interest income due to higher average balances and higher loan interest income, primarily due to $32 million of additional interest income from discount accretion and interest recoveries from the full payment on purchased credit impaired and workout loans. The increase in reversal of credit losses was primarily due to an $18 million reversal of credit losses related to the payoff of purchased credit impaired loans in the third quarter of 2025. The increase in compensation and employee benefits was primarily driven by additional compensation expense from a change in equity award expense recognition for retirement eligible employees recorded in the third quarter of 2025. Refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements in this Form 10-K for further details related to the change in the timing of recognition for awards granted to retirement-eligible employees. The increase in other noninterest expense was primarily driven by higher amortization of tax credit and CRA investments. Income tax expense is allocated to the Consumer and Business Banking and the Commercial Banking segments by applying statutory income tax rates to the respective segment income before income taxes. The income tax expense or benefit in the Treasury and Other segment consists of the remaining unallocated income tax expense or benefit after allocating income tax expense to the two core segments, and reflects the impact of tax credit investment activity. Balance Sheet Analysis Debt Securities The Company maintains a portfolio of high quality and liquid debt securities with a moderate duration profile. It closely manages the overall portfolio credit, interest rate and liquidity risks. The Company’s debt securities provide: •interest income for earnings and yield enhancement; •funding availability for needs arising during the normal course of business; •the ability to execute interest rate risk management strategies in response to changes in economic or market conditions; and 47 •collateral to support pledging agreements as required and/or to enhance the Company’s borrowing capacity. While the Company does not intend to sell its debt securities, it may sell AFS debt securities in response to changes in the balance sheet and related interest rate risk to meet liquidity, regulatory and strategic requirements. The following table presents the distribution of the Company’s AFS and HTM debt securities portfolio as of December 31, 2025 and 2024, and by credit ratings as of December 31, 2025: December 31, 2025 December 31, 2024 Rating as of December 31, 2025 (1) ($ in thousands) Amortized Cost Fair Value % of Fair Value Amortized Cost Fair Value % of Fair Value AAA/AA A BBB BB and Lower No Rating (2) AFS debt securities: U.S. Treasury securities $ 1,010,053  $ 993,913  7 % $ 676,300  $ 638,265  6 % 100 % — % — % — % — % U.S. government agency and U.S. government-sponsored enterprise debt securities 287,687  257,654  2 % 308,220  262,587  3 % 100 % — % — % — % — % U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) 10,544,278  10,397,991  79 % 8,447,303  8,164,474  75 % 100 % — % — % — % — % Municipal securities 277,275  243,102  2 % 287,301  250,153  2 % 100 % — % — % — % — % Non-agency mortgage-backed securities 667,195  584,735  4 % 808,762  692,078  6 % 95 % 3 % — % 2 % — % Corporate debt securities 554,158  464,981  4 % 653,500  526,166  5 % — % 38 % 59 % 3 % — % Foreign government bonds 247,249  238,455  2 % 244,803  233,880  2 % 46 % 54 % — % — % — % Asset-backed securities 31,886  31,389  0 % 35,086  34,715  0 % 30 % 17 % 53 % — % — % Collateralized loan obligations —  —  — % 44,500  44,493  1 % — % — % — % — % — % Total AFS debt securities $ 13,619,781  $ 13,212,220  100 % $ 11,505,775  $ 10,846,811  100 % 95 % 3 % 2 % 0 % — % HTM debt securities: U.S. Treasury securities $ 540,666  $ 524,887  21 % $ 535,080  $ 499,858  21 % 100 % — % — % — % — % U.S. government agency and U.S. government-sponsored enterprise debt securities 1,007,055  860,134  35 % 1,004,479  804,220  34 % 100 % — % — % — % — % U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (4) 1,136,874  943,227  38 % 1,190,221  943,134  39 % 100 % — % — % — % — % Municipal securities 185,463  151,498  6 % 187,633  140,542  6 % 100 % — % — % — % — % Total HTM debt securities $ 2,870,058  $ 2,479,746  100 % $ 2,917,413  $ 2,387,754  100 % 100 % — % — % — % — % Total debt securities $ 16,489,839  $ 15,691,966  $ 14,423,188  $ 13,234,565  (1)Credit ratings represent independent assessments of the credit quality of debt securities. The Company determines the credit rating of a debt security based on the lowest rating assigned by any of the nationally recognized statistical rating organizations (“NRSROs”) that have rated the security. Investment grade debt securities are those with ratings similar to BBB- or above (as defined by NRSROs) and are generally considered by the rating agencies and market participants to be low credit risk. Ratings percentages are allocated based on fair value. (2)For debt securities not rated by NRSROs, factors such as the priority in collections within the securitization structure, and whether contractual payments have historically been on time are considered in determining the credit risk of such securities. (3)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $9.6 billion of both amortized cost and fair value as of December 31, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024. (4)Includes GNMA HTM debt securities totaling $79 million of amortized cost and $65 million of fair value as of December 31, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024. 48 As of December 31, 2025, the Company’s AFS and HTM debt securities portfolios had an effective duration (defined as the sensitivity of the value of the portfolio to interest rate changes) of 3.0 and 5.9, respectively, compared with 2.0 and 6.2, respectively, as of December 31, 2024. The effective duration of AFS debt securities increased primarily due to the longer maturities of newly purchased AFS securities, while the HTM debt securities’ effective duration declined slightly due to the general runoff of the portfolio. Available-for-Sale Debt Securities AFS debt securities increased $2.4 billion or 22% to $13.2 billion in 2025 from December 31, 2024, primarily due to the purchases of GNMA securities. The Company’s AFS debt securities are carried at fair value with non-credit related unrealized gains and losses, net of tax, reported in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income. Pre-tax net unrealized losses on AFS debt securities were $406 million as of December 31, 2025, compared with $659 million as of December 31, 2024. Of the AFS debt securities with gross unrealized losses, substantially all were rated investment grade as of both December 31, 2025 and 2024. There was $2 million of allowance for credit losses against AFS debt securities as of December 31, 2025, which was recognized as Provision for credit losses on the Consolidated Statement of Income. In comparison, there was no allowance for credit losses against AFS debt securities as of December 31, 2024. Held-to-Maturity Debt Securities All HTM debt securities were issued, guaranteed, or supported by the U.S. government or government-sponsored enterprises. Accordingly, the Company applied a zero credit loss assumption for these securities and no allowance for credit loss was recorded as of both December 31, 2025 and 2024. For additional information on AFS and HTM securities, see Note 1 — Summary of Significant Accounting Policies, Note 2 — Fair Value Measurement and Fair Value of Financial Instruments and Note 4 — Securities to the Consolidated Financial Statements in this Form 10-K. Loan Portfolio The Company offers a broad range of financial products designed to meet the credit needs of its borrowers. The Company’s loan portfolio segments include commercial loans, which consist of C&I, CRE, multifamily residential, and construction and land loans, as well as consumer loans, which consist of single-family residential, home equity lines of credit (“HELOCs”) and other consumer loans. The composition of the loan portfolio as of December 31, 2025 was similar to the composition as of December 31, 2024. The following charts present the composition of the Company’s total loan portfolio by loan type as of December 31, 2025 and 2024: 49 Total loans held-for-investment of $56.9 billion as of December 31, 2025 increased $3.2 billion or 6% from December 31, 2024, reflecting well-balanced growth across major loan types. For additional information on the Company’s loans held-for-investment outstanding balances, see Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K. Commercial The commercial loan portfolio, which includes C&I and total CRE loans, comprised 70% of total loans held-for-investment as of both December 31, 2025 and 2024. The Company actively monitors the commercial lending portfolio for credit risk and reviews credit exposures for sensitivity to changing economic conditions. Commercial — Commercial and Industrial Loans. Total C&I loan commitments were $27.7 billion and $25.8 billion as of December 31, 2025 and 2024, respectively, with a utilization rate of 67% as of both dates. As of December 31, 2025, total C&I loans were $18.7 billion, up $1.3 billion or 7% from December 31, 2024. The C&I loan portfolio includes loans and financing for businesses across a wide spectrum of industries. The Company offers a variety of C&I products, including but not limited to commercial business lending, working capital lines of credit, trade finance, letters of credit, asset-based lending, asset-backed finance, project finance and equipment financing. Additionally, the Company has a portfolio of broadly syndicated C&I loans, which represent revolving or term loan facilities that are marketed and sold primarily to institutional investors. This portfolio totaled $1.0 billion and $845 million as of December 31, 2025 and 2024, respectively. The Company also has a portfolio of loans to non-depository financial institutions. This portfolio totaled $7.6 billion and $6.0 billion as of December 31, 2025 and 2024, respectively, which primarily consisted of capital call lending and other credit facilities extended to these institutions. The majority of the C&I loans had variable interest rates as of both December 31, 2025, and 2024. The C&I portfolio is well-diversified by industry. The Company monitors concentrations within the C&I loan portfolio by industry and customer exposure, and has exposure limits by industry and loan product. The following table presents the industry mix within the Company’s C&I loan portfolio as of December 31, 2025, and 2024: December 31, 2025 December 31, 2024 ($ in thousands) Amount % Amount % Industry: Real estate investment & management $ 2,319,896  13 % $ 2,381,186  14 % Capital call lending 2,258,895  12 % 2,230,457  13 % Media & entertainment 2,227,571  12 % 2,031,242  12 % Manufacturing & wholesale 1,162,245  6 % 1,074,073  6 % Financial services 1,160,853  6 % 1,005,216  6 % Infrastructure & clean energy 1,113,387  6 % 963,165  5 % Food production & distribution 1,109,996  6 % 664,135  4 % Healthcare 703,769  4 % 685,550  4 % Technology & telecommunications 679,036  4 % 770,521  4 % Hospitality & leisure 646,926  3 % 575,815  3 % Oil & gas 595,102  3 % 576,605  3 % Art finance 503,326  3 % 548,065  3 % Equipment finance 447,117  2 % 470,132  3 % General & Other 3,722,636  20 % 3,420,996  20 % Total C&I $ 18,650,755  100 % $ 17,397,158  100 % Commercial — Total Commercial Real Estate Loans. The total CRE portfolio consists of CRE, multifamily residential, and construction and land loans. The Company’s underwriting parameters for CRE loans are established in compliance with supervisory guidance and include property type, geography and loan-to-value (“LTV”). 50 The Company’s total CRE loan portfolio is well-diversified by property type with an average CRE loan size of $3 million as of both December 31, 2025 and 2024. The following table summarizes the Company’s total CRE loans by property type as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 ($ in thousands) Amount % Weighted-Avg. LTV (%) (1) Amount % Weighted-Avg. LTV (%) (1) Property types: Multifamily $ 5,112,328  24 % 50 % $ 4,953,442  24 % 51 % Retail 4,509,328  21 % 47 % 4,347,032  21 % 48 % Industrial 4,213,307  20 % 46 % 3,972,389  20 % 46 % Hotel 2,482,765  12 % 51 % 2,404,385  12 % 52 % Office 2,233,910  11 % 52 % 2,125,210  11 % 54 % Healthcare 858,653  4 % 51 % 788,806  4 % 52 % Construction and land 742,357  3 % 51 % 666,162  3 % 49 % Other 1,109,125  5 % 49 % 1,017,518  5 % 50 % Total CRE loans $ 21,261,773  100 % 49 % $ 20,274,944  100 % 50 % (1)Weighted-average LTV is based on most recent LTV, using the most recent available appraisal and current loan commitment. The following tables provide a summary of the Company’s CRE, multifamily residential, and construction and land loans by geography as of December 31, 2025 and 2024. The distribution of the total CRE loan portfolio largely reflects the Company’s geographical branch footprint, which is primarily concentrated in California: December 31, 2025 ($ in thousands) CRE % Multifamily Residential % Construction and Land % Total CRE % Geographic markets: Southern California $ 7,908,374  51 % $ 2,387,149  47 % $ 252,265  34 % $ 10,547,788  50 % Northern California 2,760,043  18 % 914,479  18 % 149,090  20 % 3,823,612  18 % California 10,668,417  69 % 3,301,628  65 % 401,355  54 % 14,371,400  68 % Texas 1,129,088  7 % 488,276  10 % 154,241  21 % 1,771,605  8 % New York 831,276  6 % 349,909  7 % 35,397  5 % 1,216,582  6 % Washington 504,643  3 % 158,186  3 % 14,036  2 % 676,865  3 % Arizona 339,272  2 % 205,264  4 % 38,192  5 % 582,728  3 % Nevada 321,332  2 % 160,103  3 % 883  0 % 482,318  2 % Other markets 1,613,060  11 % 448,962  8 % 98,253  13 % 2,160,275  10 % Total loans $ 15,407,088  100 % $ 5,112,328  100 % $ 742,357  100 % $ 21,261,773  100 % 51 December 31, 2024 ($ in thousands) CRE % Multifamily Residential % Construction and Land % Total CRE % Geographic markets: Southern California $ 7,516,638  51 % $ 2,316,404  47 % $ 230,297  35 % $ 10,063,339  50 % Northern California 2,693,768  19 % 992,406  20 % 163,633  24 % 3,849,807  19 % California 10,210,406  70 % 3,308,810  67 % 393,930  59 % 13,913,146  69 % Texas 1,091,626  8 % 467,796  9 % 131,963  20 % 1,691,385  8 % New York 732,694  5 % 249,357  5 % 44,597  7 % 1,026,648  5 % Washington 493,972  3 % 155,022  3 % 10,401  1 % 659,395  3 % Arizona 348,877  2 % 182,955  4 % 23,903  4 % 555,735  3 % Nevada 293,927  2 % 139,292  3 % —  — % 433,219  2 % Other markets 1,483,838  10 % 450,210  9 % 61,368  9 % 1,995,416  10 % Total loans $ 14,655,340  100 % $ 4,953,442  100 % $ 666,162  100 % $ 20,274,944  100 % The percentage of total CRE loans located in California was 68% and 69% as of December 31, 2025 and 2024, respectively. Changes in California’s economy and real estate values could have a significant impact on the collectability of these loans and the required level of allowance for loan losses. For additional information related to the higher degree of risk from a downturn in the California economic and real estate markets, see Item 1A. Risk Factors — Risks Related to Geographic and Political Uncertainties and Risks Related to Financial Matters in this Form 10-K. Commercial — Commercial Real Estate Loans. The Company focuses on providing financing to experienced real estate investors and developers who have moderate levels of leverage, many of whom are long-time customers of the Bank. The Company seeks to underwrite loans with conservative standards for cash flows, debt service coverage and LTV. Owner-occupied properties comprised 20% of the CRE loans as of both December 31, 2025 and 2024. The remainder were non-owner-occupied properties, where 50% or more of the debt service for the loan is typically provided by rental income from an unaffiliated third party. Interest rates on CRE loans may be fixed, variable or hybrid. The Company offers derivative hedging products to our customers to manage their interest rate risks. As of December 31, 2025, of the 58% of our CRE portfolio that had variable rates, 52% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 57% of our CRE portfolio that had variable rates, 54% had customer-level interest rate derivative contracts in place. Commercial — Multifamily Residential Loans. The multifamily residential loan portfolio is largely comprised of loans secured by residential properties with five or more units. The Company offers a variety of first lien mortgages, including fixed- and variable-rate loans, as well as hybrid loans with interest rates that adjust annually after an initial fixed rate period of three to ten years. The Company also offers hedging products to our customers to manage their interest rate risks. As of December 31, 2025, of the 51% of our multifamily residential portfolio that had variable rates, 50% had customer-level interest rate derivative contracts in place. In comparison, as of December 31, 2024, of the 50% of our multifamily residential loan portfolio that was variable rate, half had customer-level interest rate derivative contracts in place. Commercial — Construction and Land Loans. Construction and land loans provide financing for a portfolio of projects diversified by real estate property type. Construction loan exposure was comprised of $544 million in loans outstanding, and $419 million in unfunded commitments as of December 31, 2025, compared with $506 million in loans outstanding, and $391 million in unfunded commitments as of December 31, 2024. Land loans totaled $198 million and $160 million as of December 31, 2025 and 2024, respectively. 52 Consumer Residential mortgage loans are primarily originated through the Bank’s branch network. The average residential mortgage loan size was $439 thousand and $437 thousand as of December 31, 2025 and 2024, respectively. The following tables summarize the Company’s single-family residential and HELOC loan portfolios by geography and lien priority as of December 31, 2025 and 2024: December 31, 2025 ($ in thousands) Single-Family Residential % HELOCs % Total Residential Mortgage % Geographic markets: Southern California $ 6,031,124  40 % $ 914,803  48 % $ 6,945,927  41 % Northern California 2,026,767  14 % 392,461  20 % 2,419,228  14 % California 8,057,891  54 % 1,307,264  68 % 9,365,155  55 % New York 4,067,708  27 % 286,995  15 % 4,354,703  26 % Washington 761,739  5 % 188,146  10 % 949,885  6 % Massachusetts 566,462  4 % 68,375  4 % 634,837  4 % Georgia 520,039  3 % 21,500  1 % 541,539  3 % Nevada 493,670  3 % 38,072  2 % 531,742  3 % Texas 513,038  4 % —  — % 513,038  3 % Other markets 22,002  0 % 1,545  0 % 23,547  0 % Total $ 15,002,549  100 % $ 1,911,897  100 % $ 16,914,446  100 % Lien priority: First mortgage $ 15,002,549  100 % $ 1,337,066  70 % $ 16,339,615  97 % Junior lien mortgage —  — % 574,831  30 % 574,831  3 % Total $ 15,002,549  100 % $ 1,911,897  100 % $ 16,914,446  100 % December 31, 2024 ($ in thousands) Single-Family Residential % HELOCs % Total Residential Mortgage % Geographic markets: Southern California $ 5,475,929  39 % $ 853,858  47 % $ 6,329,787  39 % Northern California 1,825,462  13 % 379,692  21 % 2,205,154  14 % California 7,301,391  52 % 1,233,550  68 % 8,534,941  53 % New York 4,303,815  31 % 266,529  15 % 4,570,344  29 % Washington 715,968  5 % 187,220  10 % 903,188  6 % Massachusetts 457,147  3 % 66,181  4 % 523,328  3 % Georgia 466,790  3 % 20,040  1 % 486,830  3 % Nevada 447,097  3 % 32,578  2 % 479,675  3 % Texas 468,461  3 % —  — % 468,461  3 % Other markets 14,777  0 % 5,530  0 % 20,307  0 % Total $ 14,175,446  100 % $ 1,811,628  100 % $ 15,987,074  100 % Lien priority: First mortgage $ 14,175,446  100 % $ 1,322,957  73 % $ 15,498,403  97 % Junior lien mortgage —  — % 488,671  27 % 488,671  3 % Total $ 14,175,446  100 % $ 1,811,628  100 % $ 15,987,074  100 % 53 Consumer — Single-Family Residential Loans. The Company offers a variety of single-family residential mortgage loan programs, including fixed- and variable-rate loans, as well as hybrid loans with interest rates that adjust on a regular basis, typically annually, after an initial fixed rate period. The Company was in a first lien position in all of its single-family residential loans as of both December 31, 2025 and 2024. Many of these loans are reduced documentation loans, for which a substantial down payment is required, resulting in a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 52% as of both December 31, 2025 and 2024. These loans have historically experienced low delinquency and loss rates. Consumer — Home Equity Lines of Credit. Total HELOC commitments were $5.5 billion and $5.3 billion as of December 31, 2025 and 2024, respectively, with a utilization rate of 35% as of December 31, 2025, compared with 34% as of December 31, 2024. Substantially all of the Company’s unfunded HELOC commitments are unconditionally cancellable. The Company was in a first lien position for 70% and 73% of total outstanding HELOCs as of December 31, 2025 and 2024, respectively. Many of these loans are reduced documentation loans, which have a low LTV ratio at origination, typically 65% or less. The weighted-average LTV ratio was 46% as of both December 31, 2025 and 2024. As a result, these loans have historically experienced low delinquency and loss rates. Substantially all of the Company’s HELOCs were variable-rate loans as of both December 31, 2025 and 2024. All originated commercial and consumer loans are subject to the Company’s conservative underwriting guidelines and loan origination standards. Management believes that the Company’s underwriting criteria and procedures adequately consider the unique risks associated with these products. The Company conducts quality control procedures and periodic audits, including the review of lending and legal requirements, to ensure that the Company is in compliance with these requirements. The following table presents the contractual loan maturities by loan category and the contractual distribution of loans to changes in interest rates as of December 31, 2025: ($ in thousands) Due within one year Due after one year through five years Due after five years through fifteen years Due after fifteen years Total Commercial: C&I $ 7,205,052  $ 10,007,972  $ 1,271,071  $ 166,660  $ 18,650,755  CRE: CRE 1,617,809  8,270,872  5,305,762  212,645  15,407,088  Multifamily residential 248,996  1,466,639  1,695,988  1,700,705  5,112,328  Construction and land 360,801  350,819  883  29,854  742,357  Total CRE 2,227,606  10,088,330  7,002,633  1,943,204  21,261,773  Total commercial 9,432,658  20,096,302  8,273,704  2,109,864  39,912,528  Consumer: Residential mortgage: Single-family residential 1,706  4,662  1,225,792  13,770,389  15,002,549  HELOCs 18  2,086  69,382  1,840,411  1,911,897  Total residential mortgage 1,724  6,748  1,295,174  15,610,800  16,914,446  Other consumer 16,894  30,335  3,969  —  51,198  Total consumer 18,618  37,083  1,299,143  15,610,800  16,965,644  Total loans held-for-investment $ 9,451,276  $ 20,133,385  $ 9,572,847  $ 17,720,664  $ 56,878,172  Distribution of loans to changes in interest rates: Variable-rate loans $ 7,576,769  $ 16,565,061  $ 4,484,401  $ 4,710,511  $ 33,336,742  Fixed-rate loans 1,803,047  2,443,855  2,041,943  4,859,312  11,148,157  Hybrid adjustable-rate loans 71,460  1,124,469  3,046,503  8,150,841  12,393,273  Total loans held-for-investment $ 9,451,276  $ 20,133,385  $ 9,572,847  $ 17,720,664  $ 56,878,172  54 Foreign Outstandings The Company’s international branches, which include the branch in Hong Kong and the subsidiary bank’s branches in China, are subject to the general risks inherent in conducting business in foreign countries, such as regulatory, economic and political uncertainties, and foreign currency exchange rate risks. The following table presents the major financial assets held in the Company’s international branches as of December 31, 2025 and 2024: December 31, 2025 2024 ($ in thousands) Amount % of Total Consolidated Assets Amount % of Total Consolidated Assets Hong Kong branch: Cash and cash equivalents $ 860,332  1 % $ 730,227  1 % AFS debt securities (1) $ 684,513  1 % $ 752,840  1 % Loans held-for-investment (2) $ 1,133,442  1 % $ 968,973  1 % Total assets $ 2,692,309  3 % $ 2,474,447  3 % China subsidiary bank branches: Cash and cash equivalents $ 640,986  1 % $ 656,971  1 % AFS debt securities (3) $ 128,600  0 % $ 127,582  0 % Loans held-for-investment (2) $ 1,223,236  2 % $ 1,141,444  2 % Total assets $ 2,012,751  3 % $ 1,971,922  3 % (1)Comprised of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, U.S. Treasury securities, and foreign government bonds as of both December 31, 2025 and 2024. (2)Primarily comprised of C&I loans as of both December 31, 2025 and 2024. (3)Comprised of foreign government bonds as of both December 31, 2025 and 2024. The following table presents the total revenue generated by the Company’s international branches in 2025, 2024 and 2023: Year Ended December 31, 2025 2024 2023 ($ in thousands) Amount % of Total Consolidated Revenue Amount % of Total Consolidated Revenue Amount % of Total Consolidated Revenue Hong Kong branch: Total revenue $ 73,938  3 % $ 69,809  3 % $ 55,747  2 % China subsidiary bank branches: Total revenue $ 29,351  1 % $ 29,790  1 % $ 32,569  1 % 55 Deposits Deposits are the Company’s primary source of funding, the cost of which has a significant impact on the Company’s net interest income and net interest margin. Additional funding is provided by short- and long-term borrowings, and long-term debt. See Item 7. MD&A — Risk Management — Liquidity Risk Management in this Form 10-K for a discussion of the Company’s liquidity management. The following table summarizes the Company’s deposits by product type as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Change ($ in thousands) Amount % Amount % $ % Deposits by product: Noninterest-bearing demand $ 16,697,099  25  % $ 15,450,428  24  % $ 1,246,671  8  % Interest-bearing checking 7,989,255  12  % 7,940,692  13  % 48,563  1  % Money market 15,439,729  23  % 14,816,511  23  % 623,218  4  % Savings 1,671,804  2  % 1,751,620  3  % (79,816) (5) % Time deposits 25,284,814  38  % 23,215,772  37  % 2,069,042  9  % Total deposits $ 67,082,701  100  % $ 63,175,023  100  % $ 3,907,678  6  % The Company’s strategy is to grow and retain relationship-based deposits to provide a stable and low-cost source of funding and liquidity. The Company offers a wide variety of deposit products to meet the needs of its consumer and commercial customers. As a result, we believe our deposit base is seasoned, stable and well-diversified. Total deposits of $67.1 billion as of December 31, 2025 increased $3.9 billion or 6%, compared with the prior year, primarily due to growth in time and noninterest-bearing demand deposits. The following table provides a breakdown of the Company’s deposits by segment and region as of December 31, 2025 and 2024: Change ($ in thousands) December 31, 2025 December 31, 2024 $ % Deposits by segment/region: Consumer and Business Banking - U.S. (1) $ 34,494,368  $ 32,832,926  $ 1,661,442  5  % Commercial Banking - U.S. (1) 24,367,113  23,405,769  961,344  4  % International Branches (2) 3,875,631  3,412,262  463,369  14  % Treasury and Other - U.S. (3) 4,345,589  3,524,066  821,523  23  % Total deposits $ 67,082,701  $ 63,175,023  $ 3,907,678  6  % (1)Excludes deposits presented under International Branches. (2)Deposits of our Hong Kong branch and China subsidiary bank branches are a subset of Commercial Banking segment deposits. (3)Treasury and Other segment deposits reflect wholesale, public funds, and brokered deposits, primarily managed by the Company’s Treasury department. Customer deposit accounts in the U.S. offices are insured by the FDIC for up to $250,000. The deposits in the Company’s subsidiary bank in China and the branch in Hong Kong are insured by each jurisdiction’s deposit insurance authority for up to 500,000 RMB and 800,000 Hong Kong Dollars, respectively. Uninsured deposits represent the portion of deposit accounts that exceed the insurance limits of the FDIC and each foreign jurisdiction. The Company calculates its uninsured deposits based on the methodologies and assumptions used for regulatory reporting. The following table presents total uninsured deposits by location as of December 31, 2025 and 2024: ($ in thousands) Domestic China Hong Kong Total Uninsured deposits as of 12/31/2025 $ 33,431,037  $ 1,525,527  $ 2,230,760  $ 37,187,324  Uninsured deposits as of 12/31/2024 $ 32,767,680  $ 1,453,223  $ 1,848,652  $ 36,069,555  56 Uninsured time deposits totaled $15.2 billion as of December 31, 2025. The following table presents the maturity distribution for uninsured customer time deposits by location as of December 31, 2025: ($ in thousands) Domestic China Hong Kong Total Three months or less $ 5,675,930  $ 245,779  $ 1,390,501  $ 7,312,210  Over three months through six months 4,613,729  170,569  80,090  4,864,388  Over six months through 12 months 2,262,244  242,880  24,867  2,529,991  Over 12 months 46,229  402,128  —  448,357  Total $ 12,598,132  $ 1,061,356  $ 1,495,458  $ 15,154,946  Uninsured deposits, per regulatory requirements, represent the portion of deposit accounts in U.S. offices that exceed the FDIC insurance limit as reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report. Management believes that presenting uninsured domestic deposits with an adjustment to exclude collateralized and affiliate deposits provides a more accurate view of the deposits at risk, given that collateralized deposits are secured, and affiliate deposits are not customer-facing and are eliminated in consolidation. The following table summarizes the Company’s uninsured domestic deposit balances reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report as of December 31, 2025 and 2024, after certain adjustments: ($ in thousands) December 31, 2025 December 31, 2024 Uninsured deposits, per regulatory requirements (1) $ 33,431,037  $ 32,767,680  Less: Collateralized deposits (4,464,567) (4,781,377) Affiliate deposits (131,106) (485,824) Uninsured deposits, excluding collateralized and affiliate deposits (a) $ 28,835,364  $ 27,500,479  Total domestic deposits per Call Report (b) $ 63,460,378  $ 60,326,394  Uninsured deposits, excluding collateralized and affiliate deposits, ratio (a) / (b) 45  % 46  % (1)Uninsured deposits, per regulatory requirements, represent the portion of deposit accounts in U.S. branches that exceed the FDIC insurance limit as reported on Schedule RC-O Memo, Item 2 of the Bank’s Call Report. Additional information regarding the impact of deposits on net interest income, with a comparison of average deposit balances and rates, is provided in Item 7 — MD&A — Results of Operations — Net Interest Income in this Form 10-K. See also the discussion of the impact of deposits on liquidity in Item 7. MD&A — Liquidity Risk Management in this Form 10-K. Capital The Company maintains a strong capital base to support its anticipated asset growth, operating needs, and credit risk exposures, and to ensure that the Company and the Bank are in compliance with all regulatory capital guidelines. The Company engages in regular capital planning processes on at least an annual basis to optimize the use of available capital and to appropriately plan for future capital needs, allocating capital to existing and future business activities. Furthermore, the Company conducts capital stress tests as part of its capital planning process. The stress tests enable the Company to assess the impact of adverse changes in the economy and interest rates on its capital base. The Company’s stockholders’ equity increased $1.2 billion or 15% from $7.7 billion as of December 31, 2024 to $8.9 billion as of December 31, 2025. This increase was primarily due to $1.3 billion of net income and $240 million of other comprehensive income, partially offset by $335 million of cash dividends declared and $134 million from open-market common stock repurchases and tax withheld in the form of stock repurchase on vested RSUs. For other factors that contributed to the changes in stockholders’ equity, refer to Item 8. Financial Statements — Consolidated Statement of Changes in Stockholders’ Equity in this Form 10-K. On January 22, 2025, the Company’s Board of Directors authorized the repurchase of up to $300 million of East West common stock, which will remain valid until December 31, 2026. The Company repurchased $115 million and $144 million of its common stock in 2025 and 2024, respectively. 57 The Company paid a cash dividend of $2.40 and $2.20 per share in 2025 and 2024, respectively. In January 2026, the Company’s Board of Directors declared a first quarter 2026 cash dividend of $0.80 per share, which represents a 33%, or 20 cents per common share, increase from the previous quarterly cash dividend of $0.60 per common share. The dividend was paid on February 17, 2026, to stockholders of record as of February 2, 2026. Regulatory Capital and Ratios The federal banking agencies have risk-based capital adequacy requirements intended to ensure that banking organizations maintain capital that is commensurate with the degree of risk associated with their operations. The Company and the Bank are each subject to these regulatory capital adequacy requirements. See Item 1. Business — Supervision and Regulation — Regulatory Capital Requirements and Regulatory Capital - Related Development in this Form 10-K for additional details. The following table presents the Company’s and the Bank’s capital ratios as of December 31, 2025 and 2024 under the Basel III Capital Rules, and those required by regulatory agencies for capital adequacy and well-capitalized classification purposes: Basel III Capital Rules December 31, 2025 December 31, 2024 (1) Company Bank Company Bank Minimum Regulatory Requirements Minimum Regulatory Requirements including Capital Conservation Buffer Well-Capitalized Requirements Risk-based capital ratios: CET1 capital (2) 15.1 % 13.9 % 14.3 % 13.4 % 4.5 % 7.0 % 6.5 % Tier 1 capital (3) 15.1 % 13.9 % 14.3 % 13.4 % 6.0 % 8.5 % 8.0 % Total capital 16.4 % 15.1 % 15.6 % 14.7 % 8.0 % 10.5 % 10.0 % Tier 1 leverage (2) 10.9 % 10.0 % 10.4 % 9.8 % 4.0 % 4.0 % 5.0 % (1)The Current Expected Credit Losses (“CECL”) transition provision permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the allowance for credit losses under CECL for each period until December 31, 2021, followed by a three-year phase-out period in which the aggregate benefit is reduced by 25% in 2022, 50% in 2023 and 75% in 2024. Our capital ratios as of December 31, 2024 include a delay of 25% of the estimated impact of CECL on regulatory capital. The CECL transition was no longer in effect as of December 31, 2025. (2)CET1 capital and Tier 1 leverage well-capitalized requirements apply to the Bank only. There are no well-capitalized requirements on CET1 capital ratio or Tier 1 leverage ratio for bank holding companies. (3)Well-capitalized Tier 1 capital ratio requirements for the Company and the Bank are 6.0% and 8.0%, respectively. The Company is committed to maintaining strong capital levels to assure its investors, customers and regulators that the Company and the Bank are financially sound. As of both December 31, 2025 and 2024, the Company and the Bank continued to exceed all “well-capitalized” capital requirements and the required minimum capital requirements under the Basel III Capital Rules. Total risk-weighted assets increased $2.8 billion from December 31, 2024 to $57.8 billion as of December 31, 2025, primarily due to loan growth. Risk Management Overview In the normal course of business, the Company is exposed to a variety of risks, some of which are inherent to the financial services industry and others which are more specific to the Company’s business. The Company operates under a Board-approved ERM program. The Company’s ERM program outlines the company-wide approach to risk management and oversight, and describes the structures and practices employed to manage current and emerging risks inherent to the Company. The Company’s ERM program incorporates risk management throughout the organization in identifying, managing, monitoring, and reporting risks. It identifies the Company’s major risk categories as: credit, liquidity, market, operational, reputational, legal, compliance, BSA/AML & OFAC, strategic, and technology risk. 58 The ROC of the Board of Directors monitors the ERM program through such identified enterprise risk categories and provides oversight of the Company’s risk appetite and control environment. The ROC provides focused oversight of the Company’s identified enterprise risk categories on behalf of the full Board of Directors. Under the authority of the ROC, management committees apply targeted strategies to manage the risks to which the Company’s operations are exposed. The Company’s ERM program is executed along the three lines of defense model, which provides for a consistent and standardized risk management control environment across the enterprise. The first line of defense is comprised of revenue generating, operational and support units. The second line of defense is comprised of risk management and control functions that provide independent risk oversight of first line activities and report to the Chief Risk Officer. The Chief Risk Officer reports to both the ROC and the Chief Executive Officer. The third line of defense is comprised of the Internal Audit and Independent Asset Review (“IAR”) functions. Internal Audit reports to the Chief Audit Executive (“CAE”) who reports to the Board’s Audit Committee. Internal Audit provides assurance and evaluates the effectiveness of risk management, control, and governance processes as established by the Company. IAR serves as an internal loan review and independent credit risk monitoring function within the Bank that works under the direction of the CAE and reports to the Audit Committee. IAR provides management and the Audit Committee with an objective and independent assessment of the Bank’s credit profile and credit risk management processes. Further discussion and analysis of selected primary risk areas are discussed in the following subsections of Risk Management. Credit Risk Management Credit risk is the risk that a borrower or a counterparty will fail to perform according to the terms and conditions of a loan, investment or derivative and expose the Company to loss. Credit risk exists with many of the Company’s assets and exposures such as loans, debt securities and certain derivatives. The majority of the Company’s credit risk is associated with lending activities. The ROC has primary oversight responsibility for the identified enterprise risk categories including credit risk. The ROC monitors management’s assessment of asset quality, credit risk trends, credit quality administration, underwriting standards, and portfolio credit risk management strategies and processes, such as diversification and liquidity, all of which enable management to control credit risk. At the management level, the Credit Risk Management Committee has primary oversight responsibility for credit risk. The Senior Credit Supervision function manages credit policy for the line of business transactional credit risk, assuring that all exposure is risk-rated according to the requirements of the credit risk rating policy. The Senior Credit Supervision function in connection with the ERM function, also evaluates and reports the overall credit risk exposure to senior management and the ROC including concentration limits and key risk indicators. Reporting directly to the Board’s Audit Committee, the IAR function provides additional validation support to the Company’s robust credit risk management culture by performing an independent and objective assessment of underwriting and documentation quality and serves as an assurance function for the risk rating of the Company’s loan portfolios. A key focus of our credit risk management is adherence to a well-controlled underwriting and loan monitoring process. The Company assesses the overall performance and credit quality of the loans held-for-investment portfolio through an integrated analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: Credit Quality, Nonperforming Assets, and Allowance for Credit Losses. Credit Quality The Company utilizes a credit risk rating system to assist in monitoring credit quality. Loans are evaluated using the Company’s internal credit risk rating of 1 through 10. For more information on the Company’s credit quality indicators and internal credit risk ratings, refer to Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K. 59 The following table presents the Company’s criticized loans as of December 31, 2025 and 2024: Change ($ in thousands) December 31, 2025 December 31, 2024 $ % Criticized loans: Special mention loans $ 344,876  $ 447,290  $ (102,414) (23) % Classified loans (1) 796,273  725,863  70,410  10  % Total criticized loans (2) $ 1,141,149  $ 1,173,153  $ (32,004) (3) % Special mention loans to loans held-for-investment 0.61  % 0.83  % Classified loans to loans held-for-investment 1.40  % 1.35  % Criticized loans to loans held-for-investment 2.01  % 2.18  % (1)Consists of substandard, doubtful and loss categories. (2)Excludes loans HFS. Criticized loans decreased by $32 million or 3%, to $1.1 billion from December 31, 2024, primarily driven by decreases in C&I and multifamily residential loans, partially offset by increases in CRE and construction and land loans. Nonperforming Assets Nonperforming assets are comprised of nonaccrual loans, OREO and other nonperforming assets. Other nonperforming assets and OREO are repossessed assets and properties, respectively, acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. Nonperforming assets may also include nonperforming loans HFS. The following table presents nonperforming assets information as of December 31, 2025 and 2024: Change ($ in thousands) December 31, 2025 December 31, 2024 $ % Commercial: C&I $ 52,244  $ 86,165  $ (33,921) (39) % CRE: CRE 38,546  2,430  36,116  NM Multifamily residential 292  4,572  (4,280) (94) % Construction and land 27,810  11,316  16,494  146  % Total CRE 66,648  18,318  48,330  264  % Consumer: Residential mortgage: Single-family residential 29,641  32,423  (2,782) (9) % HELOCs 17,167  22,046  (4,879) (22) % Total residential mortgage 46,808  54,469  (7,661) (14) % Other consumer 142  66  76  115  % Total nonaccrual loans 165,842  159,018  6,824  4  % OREO, net 21,183  35,077  (13,894) (40) % Nonperforming loans HFS 20,976  —  20,976  100  % Total nonperforming assets $ 208,001  $ 194,095  $ 13,906  7  % Nonperforming assets to total assets 0.26 % 0.26 % Nonaccrual loans to loans held-for-investment 0.29 % 0.30 % ALLL to nonaccrual loans 488.28 % 441.49 % NM — Not meaningful. 60 Loans are generally placed on nonaccrual status at the earlier of when they become 90 days past due or when the full collection of principal or interest becomes uncertain regardless of the length of past due status. Collectability is generally assessed based on economic and business conditions, the borrower’s financial condition and the adequacy of collateral, if any. For additional details regarding the Company’s nonaccrual loan policy, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements in this Form 10-K. Nonaccrual loans of $166 million as of December 31, 2025 increased $7 million or 4% from December 31, 2024, primarily driven by increases in CRE and construction and land due to additional loans being transferred to nonaccrual status, partially offset by a decrease in C&I nonaccrual loans due to charge offs and transfers to OREO. As of December 31, 2025, $27 million or 16% of nonaccrual loans were less than 90 days delinquent. In comparison, $49 million or 31% of nonaccrual loans were less than 90 days delinquent as of December 31, 2024. The following table presents the accruing loans past due by portfolio segment as of December 31, 2025 and 2024: Total Accruing Past Due Loans (1) Change Percentage of Total Loans Outstanding ($ in thousands) December 31, 2025 December 31, 2024 $ % December 31, 2025 December 31, 2024 Commercial: C&I $ 26,044  $ 22,855  $ 3,189  14  % 0.14  % 0.13  % CRE: CRE 13,994  5,640  8,354  148  % 0.09  % 0.04  % Multifamily residential 1,253  931  322  35  % 0.02  % 0.02  % Construction and land —  927  (927) (100) % 0.00  % 0.14  % Total CRE 15,247  7,498  7,749  103  % 0.07  % 0.04  % Total commercial 41,291  30,353  10,938  36  % 0.10  % 0.08  % Consumer: Residential mortgage: Single-family residential 73,684  54,937  18,747  34  % 0.49  % 0.39  % HELOCs 34,650  19,364  15,286  79  % 1.81  % 1.07  % Total residential mortgage 108,334  74,301  34,033  46  % 0.64  % 0.46  % Other consumer 77  107  (30) (28) % 0.15  % 0.16  % Total consumer 108,411  74,408  34,003  46  % 0.64  % 0.46  % Total $ 149,702  $ 104,761  $ 44,941  43  % 0.26  % 0.19  % (1)There were no accruing loans past due 90 days or more as of both December 31, 2025 and 2024. Allowance for Credit Losses The Company maintains its allowance for credit losses at a level it believes is sufficient to provide appropriate reserves to absorb estimated future credit losses in accordance with GAAP. For additional information on the policies, methodologies and judgments used to determine the allowance for credit losses, see Item 7. MD&A — Critical Accounting Estimates, Note 1 — Summary of Significant Accounting Policies and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K. 61 The following table presents the allowance for credit losses allocated by loan portfolio segments, debt securities and unfunded credit commitments as of the periods indicated: December 31, 2025 2024 ($ in thousands) Allowance Allocation  % of Loan Type to Total Loans Allowance Allocation % of Loan Type to Total Loans ALLL Commercial: C&I $ 475,613  33 % $ 384,319  32 % CRE: CRE 221,494  27 % 218,677  28 % Multifamily residential 36,555  9 % 32,117  9 % Construction and land 15,468  1 % 17,497  1 % Total CRE 273,517  37 % 268,291  38 % Total commercial 749,130  70 % 652,610  70 % Consumer: Residential mortgage: Single-family residential 53,463  27 % 44,816  27 % HELOCs 5,804  3 % 3,132  3 % Total residential mortgage 59,267  30 % 47,948  30 % Other consumer 1,376  0 % 1,494  0 % Total consumer 60,643  30 % 49,442  30 % Total ALLL $ 809,773  100 % $ 702,052  100 % Allowance for debt securities $ 1,900  $ —  Allowance for unfunded credit commitments $ 48,690  $ 39,526  Total allowance for credit losses $ 860,363  $ 741,578  Loans held-for-investment $ 56,878,172  $ 53,726,637  ALLL to loans held-for-investment 1.42 % 1.31 % 62 The following table presents net charge-offs and the net charge-offs to average loans ratios based on the loan categories as of the periods indicated: December 31, 2025 2024 ($ in thousands) Net Charge-Offs (Recoveries) Average Loans Held-for-Investment % of Net Charge-Offs (Recoveries) to Average Loans Held-for-Investment Net Charge-Offs (Recoveries) Average Loans Held-for-Investment % of Net Charge-Offs (Recoveries) to Average Loans Held-for-Investment Commercial: C&I $ 34,275  $ 17,440,477  0.20  % $ 118,908  $ 16,490,180  0.72  % CRE: CRE 24,008  15,003,349  0.16  % 13,823  14,587,444  0.09  % Multifamily residential (52) 4,991,171  0.00  % (426) 5,061,821  (0.01) % Construction and land 1,984  715,283  0.28  % 2,086  666,748  0.31  % Total CRE 25,940  20,709,803  0.13  % 15,483  20,316,013  0.08  % Total commercial 60,215  38,150,280  0.16  % 134,391  36,806,193  0.37  % Consumer: Residential mortgage: Single-family residential (249) 14,571,485  0.00  % 26  13,753,247  0.00  % HELOCs (16) 1,848,861  0.00  % (58) 1,751,500  0.00  % Total residential mortgage (265) 16,420,346  0.00  % (32) 15,504,747  0.00  % Other consumer (111) 47,456  (0.23) % 4,259  55,500  7.67  % Total consumer (376) 16,467,802  0.00  % 4,227  15,560,247  0.03  % Total $ 59,839  $ 54,618,082  0.11  % $ 138,618  $ 52,366,440  0.26  % Liquidity Risk Management Liquidity. Liquidity risk arises from the Company’s inability to meet its customer deposit withdrawals and obligations to other counterparties as they come due, or to obtain adequate funding at a reasonable cost to meet those obligations. Liquidity risk also considers the stability of deposits. The objective of liquidity management is to manage the potential mismatch of asset and liability cash flows. Maintaining an adequate level of liquidity depends on the institution’s ability to efficiently meet both expected and unexpected cash flow and collateral needs without adversely affecting daily operations or the financial condition of the institution. To achieve this objective, the Company analyzes its liquidity risk, maintains readily available liquid assets, and utilizes diverse funding sources including its stable core deposit base. The ROC has primary oversight responsibility over liquidity risk management. At the management level, the Company’s Asset/Liability Committee (“ALCO”) establishes the liquidity guidelines that govern the day-to-day active management of the Company’s liquidity position by requiring sufficient asset-based liquidity to cover potential funding requirements and avoid over-dependence on volatile, less reliable funding markets. These guidelines are established and monitored for both the Bank and East West on a stand-alone basis to ensure that East West can serve as a source of strength for its subsidiaries. The ALCO regularly monitors the Company’s liquidity status and related management processes, and provides regular reports on the Company’s liquidity position relative to policy limits and guidelines to the Board of Directors. The Company believes its liquidity management practices have been effective under normal operating and stressed market conditions. 63 The Company also maintains a Contingency Funding Plan that utilizes early-warning indicators that are monitored to provide timely detection of adverse liquidity situations and enable management to promptly respond. The Contingency Funding Plan describes the procedures, roles and responsibilities, and communication protocols for managing any identified emerging liquidity problem. Management monitors the early-warning indicators defined in the Contingency Funding Plan, which include metrics for measuring the Company’s internal liquidity status as well as company-specific and market-wide external factors. When early warning indicators are triggered, management will evaluate the severity of the emerging liquidity problem and exercise appropriate management actions to address any liquidity and funding shortfalls. Liquidity Sources — Deposits. The Company’s primary source of funding is from deposits, generated by its banking business, which we believe is a relatively stable and low-cost source of funding. Our loans are funded by deposits, which amounted to $67.1 billion as of December 31, 2025, compared with $63.2 billion as of December 31, 2024. The Company’s loan-to-deposit ratio was 85% as of both December 31, 2025 and 2024. See Item 7. — MD&A — Balance Sheet Analysis — Deposits in this Form 10-K for further details related to the Company’s deposits. Other Liquidity Sources. In addition to deposits, the Company has access to various sources of wholesale financing, including borrowing capacity with the FHLB and FRB discount window, FRB Standing Repurchase Agreement Facility (“SRF”), and several master repurchase agreements with major brokerage companies to sustain an adequate liquid asset portfolio, meet daily cash demands and allow management flexibility to execute its business strategy. However, general financial market and economic conditions could impact our access and cost of external funding. Additionally, the Company’s access to capital markets is affected by the ratings received from various credit rating agencies. Sources of funding included $3.0 billion and $3.5 billion of FHLB advances as of December 31, 2025 and 2024, respectively. As of December 31, 2025, the FHLB advances were comprised of an overnight advance of $250 million with an interest rate of 4.02% and $2.8 billion of term advances that had fixed and floating interest rates ranging from 3.87% to 4.01% and with remaining maturities of six days to one year. The Company also held long-term debt of $32 million in the form of junior subordinated debt as of both December 31, 2025 and 2024, which qualifies as Tier 2 capital for regulatory capital purposes. Refer to Note 10 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in this Form 10-K for additional information on the junior subordinated debt. The Company has pledged loans and/or debt securities to the FHLB and the FRB discount window as collateral. Additionally, effective in the third quarter of 2025, the Company prepositioned unpledged debt securities as collateral for overnight repurchase agreements at the FRB SRF. The Company has established operational procedures to enable borrowing against these assets, including regular monitoring of the total pool of loans and debt securities eligible as collateral. Eligibility of collateral is defined in guidelines from the FHLB and FRB and is subject to change at their discretion. The Company operated below its established risk limits for liquidity measures as of December 31, 2025. Accordingly, the Company believes the cash and cash equivalents, and available collateralized borrowing capacity described below provide sufficient liquidity above its expected cash needs. 64 The Company maintains its sources of liquidity in the form of cash and cash equivalents, unpledged and prepositioned debt securities, and secured borrowing capacity with eligible loans and debt securities pledged as collateral. The following table presents the Company’s total available liquidity as of December 31, 2025 and 2024: Change ($ in thousands) December 31, 2025 December 31, 2024 $ % Cash and cash equivalents $ 4,188,139  $ 5,250,742  $ (1,062,603) (20) % Interest-bearing deposits with banks 16,189  48,198  (32,009) (66) % Unused secured borrowing capacity from: FHLB 11,849,692  9,928,152  1,921,540  19  % FRB (1) 13,235,104  12,383,005  852,099  7  % Unpledged and prepositioned securities Unpledged securities 6,326,512  7,819,531  (1,493,019) (19) % Securities prepositioned for FRB SRF (2) 4,581,604  —  4,581,604  NM Total available liquidity $ 40,197,240  $ 35,429,628  $ 4,767,612  13  % NM — Not meaningful. (1)The Company had no outstanding borrowings with the FRB as of December 31, 2025 and 2024. (2)The Company enrolled as an eligible counterparty with the FRB SRF in the third quarter of 2025. The Company’s total available liquidity increased to $40.2 billion as of December 31, 2025, compared with $35.4 billion as of December 31, 2024. The increase in borrowing capacity was primarily due to an increase in total securities available to be pledged or prepositioned and loans pledged, as well as a decrease in FHLB advances outstanding. Cash Requirements. In the ordinary course of business, the Company enters into contractual obligations that require future cash payments, including funding for customer deposit withdrawals, repayments for short- and long-term borrowings and other cash commitments. For additional information on these obligations, see the following Notes to the Consolidated Financial Statements in this Form 10-K: •Note 7 — Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net •Note 9 — Deposits •Note 10 — Federal Home Loan Bank Advances and Long-Term Debt The Company also has off-balance sheet arrangements which represent transactions that are not recorded on the Consolidated Balance Sheet. The Company’s off-balance sheet arrangements include (1) commitments to extend credit, such as loan commitments, commercial letters of credit for foreign and domestic trade, standby letters of credit (“SBLCs”), and financial guarantees, to meet the financing needs of its customers, (2) future interest obligations related to customer deposits and the Company’s borrowings, and (3) transactions with unconsolidated entities that provide financing, liquidity, market risk or credit risk support to the Company, or engage in leasing, hedging or research and development services with the Company. A portion of these commitments are expected to expire unused or only partially used, therefore the total commitment amounts do not necessarily represent future cash requirements. The Company does not expect the total commitment amounts as of December 31, 2025 to have a material current or future impact on the Company’s financial conditions or results of operations. Additional information about the Company’s loan commitments, commercial letters of credit and SBLCs is provided in Note 12 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-K. The Consolidated Statement of Cash Flows summarizes the Company’s sources and uses of cash by type of activity for 2025, 2024 and 2023. Excess cash generated by operating and investing activities may be used to repay outstanding debt or invest in liquid assets. 65 Liquidity for East West. In addition to bank level liquidity management, the Company manages liquidity at the parent company level for various operating needs including payment of dividends, repurchases of common stock, principal and interest payments on its borrowings, acquisitions and additional investments in its subsidiaries. East West’s primary source of liquidity is from cash dividends distributed by its subsidiary, East West Bank. The Bank is subject to various statutory and regulatory restrictions on its ability to pay dividends as discussed in Item 1. Business — Supervision and Regulation — Dividends and Other Transfers of Funds in this Form 10-K. East West held $664 million and $395 million in cash and cash equivalents as of December 31, 2025 and 2024, respectively. Management believes that East West has sufficient sources of liquidity to meet the projected cash obligations for the coming year. Liquidity Stress Testing. The Company utilizes liquidity stress analysis to determine the appropriate amounts of liquidity to maintain at the Company, foreign subsidiary and foreign branch to meet contractual and contingent cash outflows under a range of scenarios. Scenario analyses include assumptions about significant changes in key funding sources, market triggers, potential uses of funding and economic conditions in certain countries. In addition, Company specific events are incorporated into the stress testing. Liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over various time horizons and under a variety of stressed conditions. Given the range of potential stresses, the Company maintains contingency funding plans on a consolidated basis and for individual entities. As of December 31, 2025, the Company believes it has adequate liquidity resources to conduct operations and meet other needs in the ordinary course of business, and is not aware of any events that are reasonably likely to have a material adverse effect on its liquidity, capital resources or operations. For more details on how economic conditions may impact our liquidity, see Item 1A. Risk Factors in this Form 10-K. Market Risk Management Market risk refers to the risk of potential loss due to adverse movements in market risk factors, including interest rates, foreign exchange rates, commodity prices, and credit spreads. The Company is primarily exposed to interest rate risk through its core business activities of extending loans and acquiring deposits. The ROC of the Company’s Board of Directors has primary oversight responsibility and has given the ALCO the task of market risk management. The ALCO establishes guidelines, risk measures and limits, and monitors compliance with the policies and risk limits pertaining to market risk management activities. Interest Rate Risk Management Interest rate risk is the risk that market fluctuations in interest rates can have a negative impact on the Company’s earnings and capital stemming from mismatches in the Company’s asset and liability cash flows primarily arising from customer-related activities such as lending and deposit-taking. The Company is subject to interest rate risk because: •Assets and liabilities may mature or reprice at different times. If assets reprice faster than liabilities and interest rates are generally rising, earnings will initially increase; •Assets and liabilities may reprice at the same time but by different amounts; •Short- and long-term market interest rates may change by different amounts. For example, the shape of the yield curve may affect the yield of new loans and funding costs differently; •The remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change. For example, if long-term mortgage interest rates increase sharply, mortgage-related products may pay down at a slower rate than anticipated, which could impact portfolio income and valuation; or •Interest rates may have a direct or indirect effect on loan demand, collateral values, mortgage origination volume, and the fair value of other financial instruments. The ALCO coordinates the overall management of the Company’s interest rate risk, meets regularly to review the Company’s open market positions and establishes policies to monitor and limit exposure to market risk. Interest rate risk management is carried out primarily through strategies involving the Company’s loan portfolio, debt securities portfolio, available funding channels and capital market activities. In addition, the Company’s policies permit the use of derivative instruments to assist in managing interest rate risk. 66 The Company measures and monitors interest rate risk exposure through various risk management tools, which include a simulation model that performs monthly interest rate sensitivity analyses under multiple interest rate scenarios against a baseline. The simulation model incorporates the market’s forward rate expectations and the Company’s earning assets and liabilities. The Company uses a dynamic balance sheet, incorporating expected forward growth and/or deposit product mix shift to perform the interest rate sensitivity analyses. The simulated interest rate scenarios include an instantaneous parallel shift in the yield curve and a gradual parallel shift in the yield curve (“linear rate ramp”). In addition, the Company also performs simulations using other alternative interest rate scenarios, including various permutations of the yield curve flattening, steepening or inverting. The Company uses the results of these simulations to formulate and gauge strategies to achieve a desired risk profile within its capital and liquidity guidelines. The Company’s net interest income volatility simulations are based on a dynamic balance sheet approach and market forward rates to better reflect the interest rate risk on the Company’s financial statements. The Company’s simulation scenarios use parallel shocks for both instantaneous and gradual net interest income simulations, as well as economic value of equity (“EVE”) simulations. These simulations conform with industry-standard scenario definitions and enhance interpretability and comparability. The net interest income simulation model is based on the maturity and repricing characteristics of the Company’s interest rate sensitive assets, liabilities, and related derivative contracts. This model also incorporates various assumptions, which management believes to be reasonable but may have a significant impact on the results. These key assumptions include the timing and magnitude of changes in interest rates, the yield curve evolution and shape, the correlation between various interest rate indices, financial instruments’ future repricing characteristics and spread relative to benchmark rates, and the effect of interest rate floors and caps. The modeled results are highly sensitive to deposit mix and deposit beta assumptions, which are derived from a regression analysis of the Company’s historical deposit data. Simulation results are highly dependent on modeled behaviors and input assumptions. To the extent that actual behaviors are different from the assumptions used in the models, there could be material changes to the interest rate sensitivity results. The key behavioral models impacting interest rate sensitivity simulations include deposit repricing, deposit balance forecasts, and mortgage prepayments. These models and assumptions are documented, supported, and periodically back-tested to assess the reasonableness and effectiveness. The Company also regularly monitors the sensitivity of the other important modeling assumptions, such as loan and security prepayments and early withdrawal on fixed-rate customer liabilities. The Company makes appropriate calibrations to the model as needed and continually validates the model, methodology and results. Changes to key model assumptions are reviewed by the Technical ALCO, a subcommittee of ALCO. Scenario results do not reflect strategies that the management could employ to limit the impact of changing interest rate expectations. The simulation does not represent a forecast of the Company’s net interest income but is a tool utilized to assess the risk of the impact of changing market interest rates across a range of interest rate environments. The Company employs a variety of quantitative and qualitative approaches to capture historical deposit repricing and balance behaviors. These historical observations are performed at a granular level based on key product characteristics, including distinctions for brokered, public, and large commercial deposits, which are then combined with forward-looking market expectations and the competitive landscape to generate the deposit repricing and balance forecasting models. The Company uses these deposit repricing models to forecast deposit interest expense. The repricing models provide sufficient granularity to reflect key behavioral differences across product and customer types. The deposit beta, which defines the sensitivity of deposit rates to changes in the effective federal funds rate, is a key parameter of the deposit rate forecast. For the year ended December 31, 2025, the Company assumed a weighted-average beta of 56% for total deposits, an increase of approximately 1% from December 31, 2024. This increase was primarily due to deposit product mix changes. As loan and debt security prepayment assumptions are key components of the Company’s model, the Company incorporates third-party vendor models to forecast prepayment behavior on mortgage loans and securities, which have mortgage loans as underlying collateral. These third-party vendor models have access to more comprehensive industry-level data that captures specific borrower and collateral characteristics over a variety of interest rate cycles. The Company will periodically assess and adjust the vendor models when appropriate to include its own available observations and expectations. 67 Twelve-Month Net Interest Income Simulation Net interest income simulation modeling measures interest rate risk through earnings volatility. The simulation projects the cash flow changes in interest rate sensitive assets and liabilities, expressed in terms of net interest income, over a specified time horizon for defined interest rate scenarios. Net interest income simulations provide insight into the impact of market rate changes on earnings, which help guide risk management decisions. The Company assesses interest rate risk by comparing the changes of net interest income in different interest rate scenarios. The following table presents the Company’s net interest income sensitivity related to an instantaneous and sustained parallel shift in market interest rates by 100 and 200 bps as of December 31, 2025 and 2024, on a balance sheet assuming market implied forward rates and a dynamic balance sheet with forecasted loan and deposit growth on the date of analysis. Net Interest Income Volatility (1) December 31, 2025 2024 Change in Interest Rates (in bps) % % +200 5.6 % 4.7  % +100 3.2 % 3.5  % -100 (3.2) % (4.0) % -200 (5.9) % (7.4) % (1)The percentage change represents net interest income change over a 12-month period under market forward rates and expected balance sheet growth as of the analysis date versus various interest rate scenarios. The composition of the Company’s loan portfolio creates sensitivity to interest rate movements due to a mismatch of repricing behavior between the floating-rate loan portfolio and deposit products. In the table above, the net interest income volatility expressed in relation to base-case net interest income decreased under the falling rate scenarios as of December 31, 2025, reflecting updated assumptions on deposit mix and a shift in balance sheet composition toward a higher proportion of fixed-rate assets. The Company also models scenarios based on gradual shifts in interest rates and assesses the corresponding impacts. These interest rate scenarios provide additional information to estimate the Company’s underlying interest rate risk. The rate ramp table below shows the net interest income volatility under a gradual parallel shift of the market implied forward rates, in even monthly increments over the first 12 months, with the full shift passed through to the forward rates thereafter. The results are based on a dynamic balance sheet with expected loan and deposit growth as of the date of the analysis. Net Interest Income Volatility December 31, 2025 2024 Change in Interest Rates (in bps) % % +200 Rate ramp 3.4 % 4.3 % +100 Rate ramp 1.7  % 2.3 % -100 Rate ramp (1.5) % (2.4) % -200 Rate ramp (3.0) % (4.6) % As of December 31, 2025, the Company’s net interest income profile remains asset-sensitive under both instantaneous parallel and gradual shifts in interest rates, with a higher proportion of interest-earning assets repricing in the near term, compared to interest-bearing liabilities. This position is primarily driven by a significant volume of variable-rate loans indexed to Prime and Term Secured Overnight Financing Rate (“SOFR”). A declining rate environment could negatively impact the net interest income. However, this potential impact could be partially mitigated by several structural factors, including balance sheet growth and mix evolution, ongoing reinvestment of cash flows into assets at rates above legacy lower yielding instruments, and prevailing yield‑curve conditions. 68 To reduce volatility, the Company has designated $4.3 billion in notional value of interest rate contracts as cash flow hedges, which are estimated to mitigate net interest income variability by approximately 1.27% of base net interest income for every 100 basis point change in interest rates. A portion of the Company’s interest-bearing deposit portfolio consists of non-maturity deposits that are not directly indexed to short-term rates but remain sensitive to rate changes. The Company actively manages deposit pricing and employs quantitative models to evaluate and forecast deposit behavior under various interest rate scenarios. Actual results may differ from modeled projections due to variations in earning asset growth and changes in deposit composition driven by customer preferences. Modeled outcomes are highly dependent on behavioral assumptions, including deposit mix shifts and customer rate sensitivity. Economic Value of Equity at Risk EVE is a cash flow calculation that takes the present value of all asset cash flows and subtracts the present value of all liability cash flows. This calculation is used for asset/liability management and measures changes in the present value of the bank’s assets and liabilities due to changes in interest rates. The economic value approach provides a comparatively broader scope than the net interest income volatility approach since it represents the discounted present value of cash flows over the expected life of the instruments. Due to this longer horizon, EVE is useful to identify risks arising from repricing, prepayment and maturity gaps between assets and liabilities on the balance sheet, as well as from off-balance sheet derivative exposures, over their lifetime. This long-term economic perspective into the Company’s interest rate risk profile allows the Company to identify anticipated negative effects of interest rate fluctuations. However, the difference in time horizons can cause the EVE analysis to diverge from the shorter-term net interest income analysis presented above. Given the uncertainty of the magnitude, timing and direction of future interest rate movements, the shape of the yield curve, and potential changes to the balance sheet, actual results may vary from those predicted by the Company’s model. The following table presents the Company’s EVE sensitivity related to an instantaneous parallel shift in market interest rates by 100 and 200 bps as of December 31, 2025 and 2024. Economic Value of Equity Volatility (1) December 31, 2025 2024 Change in Interest Rates (in bps) % % +200 (14.1) % (12.5) % +100 (6.6) % (5.2) % -100 5.2  % 4.6  % -200 9.5  % 9.5  % (1)The percentage change represents net present value change of the balance sheet as of the analysis date versus the various interest rate scenarios. As of December 31, 2025, the Company’s EVE is expected to decrease when interest rates rise. The EVE sensitivity represents a duration mismatch between fixed-rate assets versus fixed-rate liabilities where more fixed- rate assets are expected to produce more stable net interest income in the short term but may lead to decreases in net present value of future cash flows. 69 Derivatives It is the Company’s policy not to speculate on the future direction of interest rates, foreign currency exchange rates and commodity prices. However, the Company periodically enters into derivative transactions in order to manage its exposure to market risk, primarily interest rate risk and foreign currency risk. The Company believes these derivative transactions, when properly structured and managed, provide a hedge against inherent risk in certain assets and liabilities or against risk in specific transactions. Hedging transactions may be implemented using a variety of derivative instruments such as swaps, forwards, options and collars. The Company uses interest rate contracts to hedge the variability in interest received on certain floating-rate commercial loans. Foreign exchange derivatives are used in net investment hedging strategies to mitigate the risk of changes in the U.S. dollar equivalent value of a designated monetary amount of the Company’s net investment in EWCN. Prior to entering any hedge accounting activity, the Company analyzes the costs and benefits of the hedge in comparison to alternative strategies. The Company also repositions its hedging derivatives portfolio based on the current assessment of economic and financial conditions, including the interest rate and foreign currency environments, balance sheet composition and trends, and the relative mix of its cash and derivative positions. In addition, the Company enters into derivative transactions in order to accommodate its customers with their business needs or to assist customers with their risk management objectives, such as managing exposure to fluctuations in interest rates, foreign currencies and commodity prices. To economically hedge against the derivative contracts entered into with the Company’s customers, the Company enters into offsetting derivative contracts with third-party financial institutions, some of which are cleared through central clearing organizations. The exposures from derivative transactions are collateralized by cash and/or eligible securities based on limits as set forth in the respective agreements between the Company and counterparty financial institutions. The fair value changes of the derivative contracts traded with third-party financial institutions are expected to be largely comparable to the fair value changes of the derivative transactions executed with customers throughout the terms of these contracts, except for the credit valuation adjustment component of the contracts and the spread variances between the customer derivatives and the offsetting financial counterparty positions. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities and to meet funding needs in certain foreign currencies. The Company is subject to credit risk associated with the counterparties to the derivative contracts. This counterparty credit risk is a multi-dimensional form of risk, affected by both the exposure and credit quality of the counterparty, both of which are sensitive to market-induced changes. The Company’s Credit Risk Management Committee provides oversight of credit risk and the Company has guidelines in place to manage counterparty concentration, tenor limits, and collateral. The Company manages the credit risk of its derivative positions by diversifying its positions among various counterparties, by entering into legally enforceable master netting agreements, and by requiring collateral arrangements, where possible. The Company may also transfer counterparty credit risk related to interest rate swaps to third-party financial institutions through the use of credit risk participation agreements. Certain derivative contracts are required to be cleared through central clearing organizations, to further mitigate counterparty credit risk, where variation margin is applied daily as settlement to the fair value of the derivative contracts. In addition, the Company incorporates credit valuation adjustments and other market standard methodologies to appropriately reflect the counterparty’s and the Company’s own nonperformance risk in the fair value measurement of its derivatives. As of December 31, 2025, the Company anticipates performance by all of its counterparties and has not incurred any related credit losses. 70 The following tables summarize certain information on derivative instruments designated as accounting hedges and utilized by the Company in its management of interest rate risk as of December 31, 2025 and 2024: December 31, 2025 Weighted-Average ($ in thousands) Notional Amount Fair Value Assets Fair Value Liabilities Fixed Rate Floating Rate (1) Remaining Term (in months) Cash flow hedges Derivative contracts hedging loans: Interest rate swaps - Receive fixed pay floating (2) $ 4,000,000  $ 39,997  $ 139  5.66  % 5.71  % 28.6 Interest rate collars - Buy floor sell cap 250,000  —  —  Cap: 4.58% Floor: 1.50% 3.87  % 5.0 Total cash flow hedges $ 4,250,000  $ 39,997  $ 139  December 31, 2024 Weighted-Average ($ in thousands) Notional Amount Fair Value Assets Fair Value Liabilities Fixed Rate Floating Rate (1) Remaining Term (in months) Cash flow hedges Derivative contracts hedging loans: Interest rate swaps - Receive fixed pay floating $ 4,000,000  $ 1,808  $ 29,102  4.95  % 6.47  % 23.8 Interest rate swaps - Receive fixed pay floating - Forward starting (2) 1,000,000  3,839  5,893  3.90  % N/A 67.8 Interest rate collars - Buy floor sell cap 250,000  —  216  Cap: 4.58% Floor: 1.50% 4.55  % 17.0 Total cash flow hedges $ 5,250,000  $ 5,647  $ 35,211  (1)Floating rates are indexed to SOFR or Prime. (2)Forward starting swaps with a total notional value of $1 billion became effective during 2025. Additional information on the Company’s derivatives is presented in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives, Note 2 — Fair Value Measurement and Fair Value of Financial Instruments, and Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K. Critical Accounting Estimates The Company’s significant accounting policies are described in Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-K. Certain of these policies include critical accounting estimates, which are subject to valuation assumptions, subjective or complex judgments about matters that are inherently uncertain, and it is likely that materially different amounts could be reported under different assumptions and conditions. The Company has procedures and processes in place to facilitate making these judgments. The following is a brief description of the Company’s critical accounting estimates involving significant judgments. 71 Allowance for Credit Losses The Company’s allowance for credit losses represents management’s estimate of expected credit losses over the remaining expected life of the Company’s financial assets measured at amortized cost, including loans and certain lending-related commitments. The allowance for credit losses involves significant judgment on various matters including development and weighting of macroeconomic forecasts, incorporation of historical loss experience, assessment of key credit risk characteristics, assignment of risk ratings, valuation of collateral, and the determination of remaining expected life. For additional information on these judgments and the Company’s policies and methodologies used to determine the allowance for credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Loan and Lease Losses and Unfunded Credit Commitments, and Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K. A critical judgment in the process is estimating the Company’s allowance for credit losses related to macroeconomic forecasts that are incorporated into quantitative methods. As any one economic outlook is inherently uncertain, the Company utilizes a baseline as well as upside and downside scenarios that are applied based on a probability weighting, to better reflect management’s estimate of the expected credit losses given existing market conditions and the changes in the economic environment. Changes in the Company’s assumptions and economic forecasts could significantly affect its estimate of expected credit losses, which could potentially lead to significant changes in the estimate from one reporting period to the next. For further discussion on the economic forecast incorporated into the 2025 model, see Note 6 — Loans Receivable and Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-K. The allowance for credit losses is sensitive to changes in macroeconomic forecast assumptions. Given the dynamic relationship between macroeconomic variables within the Company’s models, it is difficult to estimate the impact of a change in any one factor or input on the allowance. Changes in the factors and inputs considered may not occur at the same rate and may not be consistent across all geographies or product types, and changes in factors and input may be directionally inconsistent, such that improvement in one factor may offset deterioration in others. However, to provide additional context regarding the sensitivity of the allowance for credit losses to changes in key variables, the Company compared the quantitative modeled estimate when applying a 100% probability weighting to the downside scenario rather than the weighting of multiple scenarios used to estimate the allowance for credit losses at December 31, 2025. Without considering model overlays and qualitative adjustments which could result in a materially different estimate, this sensitivity analysis would have been approximately $423 million higher. This analysis demonstrates the sensitivity to the allowance for credit losses to key quantitative assumptions and is not intended to estimate changes in the overall allowance for credit losses as it does not capture all the potentially unknown variables that could arise in the forecast period, but it provides an approximation of a possible outcome under hypothetical severe conditions. Management believes that the estimate for the allowance for credit losses was reasonable and appropriate as of December 31, 2025. Fair Value Estimates Certain financial instruments are carried at fair value on the Consolidated Balance Sheet on a recurring basis, including AFS debt securities, certain equity securities and derivatives. Changes in fair value are recorded either through earnings or other comprehensive income (loss). Other financial instruments, such as certain individually evaluated loans held-for-investment, loans held-for-sale, affordable housing partnership, tax credit and CRA investments, OREO and other nonperforming assets, are not carried at fair value each period but may require nonrecurring fair value adjustments primarily due to application of lower of cost or fair value accounting or write-downs of individual assets. 72 In determining the fair value of financial instruments, the Company uses market prices of the same or similar instruments whenever such prices are available. Changes in market conditions, such as reduced liquidity in the capital markets or changes in secondary market activities, may increase variability or reduce the availability of market prices used to determine fair value. If observable market prices are unavailable or impracticable to obtain, then fair value is estimated using modeling techniques such as discounted cash flows analysis. These modeling techniques incorporate management’s assessments regarding the assumptions that market participants would use in pricing the asset or the liability, including the risks inherent in a particular valuation technique and the risk of nonperformance. The use of methodologies or assumptions different than those used by the Company could result in different estimates of fair value of financial instruments. Significant judgment is also required to determine the fair value hierarchy for certain financial instruments. When fair values are based on valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement, the financial assets and liabilities are classified as Level 3 of the fair value hierarchy established under Accounting Standards Codification (“ASC”) 820-10, Fair Value Measurement. The following table presents the Company’s assets recorded at fair value and the portion of such assets that are classified within level 3 of the fair value hierarchy. December 31, 2025 2024 ($ in thousands) Total Balance (1) Level 3 Total Balance (1) Level 3 Total assets measured at fair value on a recurring basis $ 13,648,713  $ 522  $ 11,395,533  $ 239  Total assets measured at fair value on a nonrecurring basis 33,239  33,239  85,872  85,872  Total assets measured at fair value (a) $ 13,681,952  (b) $ 33,761  (d) $ 11,481,405  (f) $ 86,111  Total assets (c) $ 80,434,997  (e) $ 75,976,475  Level 3 assets at fair value as a percentage of total assets (b)/(c) 0.04 % (f)/(e) 0.11 % Level 3 assets at fair value as a percentage of total assets at fair value (b)/(a) 0.25 % (f)/(d) 0.75 % (1)Before derivative netting adjustments. For a complete discussion on the Company’s fair value hierarchy of financial instruments, fair value measurement techniques and assumptions, and the impact on the Consolidated Financial Statements, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Fair Value and Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K. Goodwill Impairment The valuation and testing methodologies used in the Company’s analysis of goodwill impairment are discussed in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill, Note 8 — Goodwill, and Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K. The Company performed its annual goodwill impairment test on all three reporting units using a qualitative assessment. The qualitative test indicated that it was more likely than not that the fair values of all the Company’s reporting units exceeded their carrying values. The Company concluded that the goodwill allocated to its reporting units was not impaired as of December 31, 2025. In evaluating whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company assesses relevant events and circumstances such as macroeconomic conditions, industry and market considerations, financial performance, the Company’s stock price and other relevant entity- and reporting-unit specific considerations. 73 Income Taxes The Company files income tax returns in the jurisdictions in which it conducts business and evaluates income tax expense in two components: current and deferred income tax expense. Accrued taxes represent the net estimated amount due to or due from various tax jurisdictions in the current year and deferred tax assets represent amounts available to reduce income taxes payable in future years. The Company’s interpretations of the tax laws, including the U.S., its states and the municipalities, and the tax jurisdictions in Hong Kong and China, are complex and subject to audit by taxing authorities that disputes may occur regarding its view on a tax position taken by the Company. In estimating accrued taxes, the Company assesses the appropriate tax treatment of transactions and filing positions after considering statutes, regulations, judicial precedent, and other pertinent information. The income tax laws are complex and subject to different interpretations by the Company and the relevant government taxing authorities. Significant judgment is required in determining the tax accruals and in evaluating the tax positions, including evaluating uncertain tax positions. Changes in the estimate of accrued taxes occur periodically due to changes in tax rates, tax credits, interpretations of tax laws, the status of examinations by the tax authorities, and newly enacted statutory, judicial, and regulatory guidance that could impact the relative merits and risks of tax positions. These changes, when they occur, impact tax expense and can materially affect our operating results and financial condition. The Company reviews its tax positions on a quarterly basis and adjusts to accrued taxes as new information becomes available. The Company believes that adequate provisions have been recorded for all income tax uncertainties consistent with ASC 740, Income Taxes as of December 31, 2025. For further information on the Company’s accounting for income taxes and significant tax attributes, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes and Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K. Recently Adopted Accounting Standards For detailed discussion and disclosure on new accounting pronouncements adopted, see Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-K. Reconciliation of GAAP to Non-GAAP Financial Measures To supplement the Company’s Consolidated Financial Statements presented in accordance with U.S. GAAP, the Company uses certain non-GAAP measures of financial performance. Non-GAAP financial measures are not prepared in accordance with, or as an alternative to U.S. GAAP. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance that either excludes or includes amounts, or is subject to adjustments that have such an effect, that are not normally excluded or included in the most directly comparable financial measure that is calculated and presented in accordance with U.S. GAAP. The non-GAAP financial measures discussed in this Form 10-K include but are not limited to ROATCE, tangible book value per share, and adjusted loan yield. Certain additional non-GAAP financial measures that are components of the foregoing non-GAAP financial measures are also set forth and reconciled in the table below. The Company believes these non-GAAP financial measures, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding its performance, and allow comparability to prior periods. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. 74 The following tables present the reconciliations of U.S. GAAP to non-GAAP financial measures for 2025 and 2024: Year Ended December 31, ($ in thousands) 2025 2024 Net income (a) $ 1,325,188  $ 1,165,586  Add: Amortization of mortgage servicing assets 1,124  1,322  Tax effect of amortization adjustments (1) (315) (393) Tangible net income (non-GAAP) (b) $ 1,325,997  $ 1,166,515  Average stockholders’ equity (c) $ 8,276,408  $ 7,315,174  Less: Average goodwill (465,697) (465,697) Average mortgage servicing assets (4,684) (5,953) Average tangible book value (non-GAAP) (d) $ 7,806,027  $ 6,843,524  ROAE (a)/(c) 16.01 % 15.93 % ROATCE (non-GAAP) (b)/(d) 16.99 % 17.05 % December 31, ($ and shares in thousands, except per share data) 2025 2024 Stockholders’ equity (a) $ 8,899,202  $ 7,723,054  Less: Goodwill (465,697) (465,697) Mortgage servicing assets (4,119) (5,234) Tangible book value (non-GAAP) (b) $ 8,429,386  $ 7,252,123  Number of common shares at period-end (c) 137,579  138,437  Book value per share (a)/(c) $ 64.68  $ 55.79  Tangible book value per share (non-GAAP) (b)/(c) $ 61.27  $ 52.39  Year Ended December 31, 2025 2024 Average loan yield Interest income on loans (d) $ 3,494,661  $ 3,490,979  Less: Loan payoff discount accretion and interest recoveries (32,296) —  Adjusted interest income on loans (e) $ 3,462,365  $ 3,490,979  Average loans (f) $ 54,624,959  $ 52,368,780  Average loan yield (d)/(f) 6.40  % 6.67  % Adjusted average loan yield (e)/(f) 6.34  % 6.67  % (1)Applied blended statutory rate of 28.02% for 2025 and 29.73% for 2024.