East West Bancorp Inc. (EWBC: Quote) reported first-quarter net income available to common stockholders of $66.37 million or $0.45 per share, up from $54.36 million or $0.37 per share in the same quarter of last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Earnings per share for the first quarter of 2012 was 22% higher than the prior year. This increase in earnings is reflective of healthy, profitable and prudent growth in our loan and deposit portfolios, which has resulted in a strong net interest margin of 4.21% and a reduced cost of deposits down to 0.47%.
Net interest income for the quarter rose to $218.92 million from $208.83 million in the prior year quarter. Non-interest income was $21.74 million, up from $11.04 million in year ago quarter.
The company expects earnings per share for the second quarter of 2012 to be in the range of $0.43 to $0.45 per share. Analysts expect the company to report earnings of $0.45 per share for the second-quarter.
The company currently estimates that earnings per share for the full year of 2012 will range from $1.78 to $1.82, or an increase of 11% to 14% from 2011. Also, this updated guidance for the full year 2012 is an increase of $0.04 per share from its previous guidance. Analysts expect the company to report earnings of $1.83 per share for fiscal 2012.
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by RTT Staff Writer
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