U.S. Markets closed

East West Bancorp: 1Q Earnings Snapshot

PASADENA, Calif. (AP) _ East West Bancorp Inc. (EWBC) on Thursday reported first-quarter net income of $164 million.

The Pasadena, California-based bank said it had earnings of $1.12 per share. Earnings, adjusted for one-time gains and costs, were $1.16 per share.

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.22 per share.

The bank holding company posted revenue of $505.4 million in the period. Its revenue net of interest expense was $404.6 million, which also missed Street forecasts. Six analysts surveyed by Zacks expected $411.1 million.

East West Bancorp shares have increased 19 percent since the beginning of the year. The stock has dropped 16 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EWBC at https://www.zacks.com/ap/EWBC