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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-24939

EAST WEST BANCORP, INC.
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of incorporation or organization)

95-4703316
(I.R.S. Employer Identification No.)

135 North Los Robles Ave., 7th Floor, Pasadena, California 91101
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:
(626) 768-6000

Securities registered pursuant to Section 12(b) of the Act: 
Title of each class Trading
Symbol(s)
Name of each exchange
 on which registered
Common Stock, par value $0.001 per share EWBC The Nasdaq Global Select Market

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes No

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
Emerging growth company

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  No 
    Number of shares outstanding of the issuer’s common stock on the latest practicable date: 141,908,444 shares as of April 30, 2022.



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PART I — FINANCIAL INFORMATION
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
($ in thousands, except shares)
(Unaudited)
March 31,
2022
December 31,
2021
(Unaudited)
ASSETS
Cash and due from banks $ 571,571  $ 527,317 
Interest-bearing cash with banks 3,277,129  3,385,618 
Cash and cash equivalents 3,848,700  3,912,935 
Interest-bearing deposits with banks 816,125  736,492 
Assets purchased under resale agreements (“resale agreements”) 1,956,822  2,353,503 
Securities:
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $7,091,581 and $10,087,179)
6,729,431  9,965,353 
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,815,968)
2,997,702  — 
Loans held-for-sale 631  635 
Loans held-for-investment (net of allowance for loan losses of $545,685 and $541,579)
42,944,997  41,152,202 
Investments in qualified affordable housing partnerships, tax credit and other investments, net 607,985  628,263 
Premises and equipment (net of accumulated depreciation of $141,422 and $139,358)
95,898  97,302 
Goodwill 465,697  465,697 
Operating lease right-of-use assets 102,491  98,632 
Other assets 1,674,977  1,459,687 
TOTAL $ 62,241,456  $ 60,870,701 
LIABILITIES
Deposits:
Noninterest-bearing $ 24,927,768  $ 22,845,464 
Interest-bearing 30,010,593  30,505,068 
Total deposits 54,938,361  53,350,532 
Federal Home Loan Bank (“FHLB”) advances 74,619  249,331 
Assets sold under repurchase agreements (“repurchase agreements”) 300,000  300,000 
Long-term debt and finance lease liabilities 152,227  151,997 
Operating lease liabilities 109,656  105,534 
Accrued expenses and other liabilities 963,137  876,089 
Total liabilities 56,538,000  55,033,483 
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 168,375,288 and 167,790,645 shares issued
168  168 
Additional paid-in capital 1,902,874  1,893,557 
Retained earnings 4,863,721  4,683,659 
Treasury stock, at cost 26,118,768 and 25,882,691 shares
(668,382) (649,785)
Accumulated other comprehensive loss (“AOCI”), net of tax (394,925) (90,381)
Total stockholders’ equity 5,703,456  5,837,218 
TOTAL $ 62,241,456  $ 60,870,701 
See accompanying Notes to Consolidated Financial Statements.

3


EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
($ and shares in thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
2022 2021
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees $ 377,110  $ 342,008 
Debt securities 42,667  29,100 
Resale agreements 8,383  6,099 
Restricted equity securities 609  547 
Interest-bearing cash and deposits with banks 3,260  3,632 
Total interest and dividend income 432,029  381,386 
INTEREST EXPENSE
Deposits 12,989  21,822 
Short-term borrowings
42 
FHLB advances 578  3,069 
Repurchase agreements 2,016  1,978 
Long-term debt and finance lease liabilities 824  780 
Total interest expense 16,416  27,691 
Net interest income before provision for credit losses 415,613  353,695 
Provision for credit losses 8,000  — 
Net interest income after provision for credit losses 407,613  353,695 
NONINTEREST INCOME
Lending fees 19,438  18,357 
Deposit account fees 20,315  15,383 
Interest rate contracts and other derivative income 11,133  16,997 
Foreign exchange income 12,699  9,526 
Wealth management fees 6,052  6,911 
Net gains on sales of loans 2,922  1,781 
Gains on sales of AFS debt securities 1,278  192 
Other investment income 1,627  925 
Other income 4,279  2,794 
Total noninterest income 79,743  72,866 
NONINTEREST EXPENSE
Compensation and employee benefits 116,269  107,808 
Occupancy and equipment expense 15,464  15,922 
Deposit insurance premiums and regulatory assessments 4,717  3,876 
Deposit account expense 4,693  3,892 
Data processing 3,665  4,478 
Computer software expense 7,294  7,159 
Consulting expense 1,833  1,475 
Legal expense 718  1,502 
Other operating expense 20,897  19,607 
Amortization of tax credit and other investments 13,900  25,358 
Total noninterest expense 189,450  191,077 
INCOME BEFORE INCOME TAXES 297,906  235,484 
INCOME TAX EXPENSE 60,254  30,490 
NET INCOME $ 237,652  $ 204,994 
EARNINGS PER SHARE (“EPS”)
BASIC $ 1.67  $ 1.45 
DILUTED $ 1.66  $ 1.44 
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC 142,025  141,646 
DILUTED 143,223  142,844 
See accompanying Notes to Consolidated Financial Statements.

4


EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
($ in thousands)
(Unaudited)
Three Months Ended March 31,
2022 2021
Net income $ 237,652  $ 204,994 
Other comprehensive (loss) income, net of tax:
Net changes in unrealized losses on AFS debt securities (169,270) (133,448)
Net changes in unrealized losses on securities transferred from AFS to HTM (110,680) — 
Net changes in unrealized (losses) gains on cash flow hedges (24,723) 432 
Foreign currency translation adjustments 129  (1,349)
Other comprehensive loss (304,544) (134,365)
COMPREHENSIVE (LOSS) INCOME $ (66,892) $ 70,629 
See accompanying Notes to Consolidated Financial Statements.

5


EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
($ in thousands, except shares)
(Unaudited)

Common Stock and
Additional Paid-in Capital
Retained Earnings Treasury Stock AOCI,
Net of Tax
Total
Stockholders’ Equity
Shares Amount
BALANCE, JANUARY 1, 2021 141,565,229  $ 1,858,519  $ 4,000,414  $ (634,083) $ 44,325  $ 5,269,175 
Net income —  —  204,994  —  —  204,994 
Other comprehensive loss —  —  —  —  (134,365) (134,365)
Issuance of common stock pursuant to various stock compensation plans and agreements 475,733  7,582  —  —  —  7,582 
Repurchase of common stock pursuant to various stock compensation plans and agreements (197,926) —  —  (14,983) —  (14,983)
Cash dividends on common stock ($0.33 per share)
—  —  (47,376) —  —  (47,376)
BALANCE, MARCH 31, 2021 141,843,036  $ 1,866,101  $ 4,158,032  $ (649,066) $ (90,040) $ 5,285,027 
BALANCE, JANUARY 1, 2022 141,907,954  $ 1,893,725  $ 4,683,659  $ (649,785) $ (90,381) $ 5,837,218 
Net income —  —  237,652  —  —  237,652 
Other comprehensive loss —  —  —  —  (304,544) (304,544)
Issuance of common stock pursuant to various stock compensation plans and agreements 588,114  9,317  —  —  —  9,317 
Repurchase of common stock pursuant to various stock compensation plans and agreements (239,548) —  —  (18,597) —  (18,597)
Cash dividends on common stock ($0.40 per share)
—  —  (57,590) —  —  (57,590)
BALANCE, MARCH 31, 2022 142,256,520  $ 1,903,042  $ 4,863,721  $ (668,382) $ (394,925) $ 5,703,456 

See accompanying Notes to Consolidated Financial Statements.

6


EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Unaudited)
Three Months Ended March 31,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 237,652  $ 204,994 
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,555  37,490 
Amortization of premiums and accretion of discount, net 11,824  5,770 
Stock compensation costs 8,433  7,817 
Deferred income tax (expense) benefit (7,083) 224 
Provision for credit losses 8,000  — 
Net gains on sales of loans (2,922) (1,781)
Gains on sales of AFS debt securities (1,278) (192)
Loans held-for-sale:
Originations and purchases (447) (5,718)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 461  7,644 
Proceeds from distributions received from equity method investees 3,227  2,505 
Net change in accrued interest receivable and other assets (81,628) 185,503 
Net change in accrued expenses and other liabilities 83,042  (101,574)
Other net operating activities 49  20 
Total adjustments 48,233  137,708 
Net cash provided by operating activities 285,885  342,702 
CASH FLOWS FROM INVESTING ACTIVITIES    
Net (increase) decrease in:    
Investments in qualified affordable housing partnerships, tax credit and other investments (32,853) (52,756)
Interest-bearing deposits with banks (79,633) 67,793 
Resale agreements:
Proceeds from paydowns and maturities 554,932  223,952 
Purchases (158,251) (923,990)
AFS debt securities:
Proceeds from sales 103,945  46,397 
Proceeds from repayments, maturities and redemptions 446,301  473,808 
Purchases (746,855) (2,969,640)
HTM debt securities:
Proceeds from repayments, maturities and redemptions 15,448  — 
Loans held-for-investment:
Proceeds from sales of loans originally classified as held-for-investment 135,517  147,115 
Purchases (225,065) (311,030)
Other changes in loans held-for-investment, net (1,697,590) (1,047,557)
Proceeds from distributions received from equity method investees 4,348  2,832 
Other net investing activities (2,758) (2,870)
Net cash used in investing activities (1,682,514) (4,345,946)
See accompanying Notes to Consolidated Financial Statements.

7


EAST WEST BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
($ in thousands)
(Unaudited)
(Continued)

Three Months Ended March 31,
2022 2021
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 1,584,344  4,690,658 
Net decrease in short-term borrowings (31) (21,143)
FHLB advances:
Proceeds 100  — 
Repayment (175,100) — 
Long-term debt and lease liabilities:
Repayment of long-term debt and lease liabilities (229) (315)
Common stock:
Stocks tendered for payment of withholding taxes (18,597) (14,983)
Cash dividends paid (58,900) (48,213)
Net cash provided by financing activities 1,331,587  4,606,004 
Effect of exchange rate changes on cash and cash equivalents 807  (1,598)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (64,235) 601,162 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,912,935  4,017,971 
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,848,700  $ 4,619,133 
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Interest $ 20,881  $ 29,680 
Income tax refund $ 581  $ — 
Noncash investing and financing activities:
Securities transferred from AFS to HTM debt securities $ 3,010,003  $ — 
Loans transferred from held-for-investment to held-for-sale $ 133,217  $ 145,872 
Loans transferred to other real estate owned (“OREO”) and other foreclosed assets $ —  $ 10,360 

See accompanying Notes to Consolidated Financial Statements.

8


EAST WEST BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Note 1 Basis of Presentation

East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Quarterly Report on Form 10-Q (“this Form 10-Q”) include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of March 31, 2022, East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trusts are not included on the Consolidated Financial Statements.

The unaudited interim Consolidated Financial Statements are presented in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the most recently filed annual report on Form 10-K, and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission on February 28, 2022 (the “Company’s 2021 Form 10-K”). In addition, certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current period presentation.

The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting period, and the related disclosures. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual results could be materially different from those estimates. Hence, the current period’s results of operations are not necessarily indicative of results that may be expected for any future interim period or for the year as a whole. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements.

Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies

Recent Accounting Pronouncements
Standard Required Date of Adoption Description Effect on Financial Statements
Standards Not Yet Adopted
Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Trouble Debt Restructurings and the Vintage Disclosures

January 1, 2023
ASU 2022-02 eliminates the troubled debt restructuring (“TDRs”) accounting model for creditors and requires companies to apply the general loan modification guidance under ASC 310-20-35-9 through 35-11 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. In addition, companies are no longer required to use a discounted cash flow method to measure the allowance for credit losses as a result of a modification or restructuring with a borrower experiencing financial difficulty. The guidance also introduces new disclosure requirements related to restructuring of financing receivables made to debtors experiencing financial difficulty, and requires public companies to prospectively begin disclosing current-period gross write-off information by year of origination in the vintage disclosures.
The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt ASU 2022-02 on January 1, 2023.



9


Significant Accounting Policies Update

During the three months ended March 31, 2022, the Company transferred $3.01 billion in fair value of debt securities from AFS to HTM.

Transfer between Categories of Debt Securities Upon transfer of a debt security from the AFS to HTM category, the security’s new amortized cost is reset to fair value, reduced by any previous write-offs but excluding any allowance for credit losses. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income over the remaining life of the securities as effective yield adjustments, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. For transfers of securities from the AFS to HTM category, any allowance for credit losses that was previously recorded under the AFS model is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. The reversal and re-establishment of the allowance for credit losses are recorded in provision for credit losses.

Held-to-Maturity Debt Securities Debt securities that the Company has the intent and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of allowance for credit losses. HTM debt securities are generally placed on nonaccrual status using factors similar to those described for loans. The amortized cost of the Company’s HTM debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on HTM debt securities, as the Company reverses any accrued interest against interest income if a debt security is placed on nonaccrual status. Any cash collected on nonaccrual HTM securities is applied to reduce the security’s amortized cost basis and not as interest income. Generally, the Company returns an HTM security to accrual status when all delinquent interest and principal become current under the contractual terms of the security, and the collectability of remaining principal and interest is no longer doubtful.

Allowance for Credit Losses on Held-to-Maturity Debt Securities For each major HTM debt security type, the allowance for credit losses is estimated collectively for groups of securities with similar risk characteristics. For securities that do not share similar risk characteristics, the losses are estimated individually. Debt securities that are either guaranteed or issued by the U.S. government or government-sponsored enterprises, are highly rated by major rating agencies, and have a long history of no credit losses are an example of such securities to which the Company applies a zero credit loss assumption. Any expected credit loss is provided through the allowance for credit losses on HTM debt securities and deducted from the amortized cost basis of the security, so that the balance sheet reflects the net amount the Company expects to collect.

Note 3 — Fair Value Measurement and Fair Value of Financial Instruments

Fair Value Determination

Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy described below is based on the quality and reliability of the information used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to prices derived from data lacking transparency. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories:

Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets.
Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data.
Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities.

10


The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities on a recurring basis, as well as the general classification of these instruments pursuant to the fair value hierarchy.

Available-for-Sale Debt Securities — The fair value of AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectation and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include new issue data, monthly payment information, whole loan collateral performance, tranche evaluation and “To Be Announced” prices. In valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices.

On a monthly basis, the Company validates the valuations provided by third-party pricing service providers to ensure that the fair value determination is consistent with the applicable accounting guidance and the financial instruments are properly classified in the fair value hierarchy. To perform this validation, the Company evaluates the fair values of securities by comparing the fair values provided by the third-party pricing service providers to prices from other available independent sources for the same securities. When significant variances in prices are identified, the Company further compares inputs used by different sources to ascertain the reliability of these sources. On a quarterly basis, the Company reviews the documentation received from the third-party pricing service providers regarding the valuation inputs and methodology used for each category of securities.

When available, the Company uses quoted market prices to determine the fair value of AFS debt securities that are classified as Level 1. Level 1 AFS debt securities consist of U.S. Treasury securities. When pricing is unavailable from third-party pricing service providers for certain securities, the Company requests market quotes from various independent external brokers and utilizes the average quoted market prices. In addition, the Company obtains market quotes from other official published sources. As these valuations are based on observable inputs in the current marketplace, they are classified as Level 2. The Company periodically communicates with the independent external brokers to validate their pricing methodology. Information such as pricing sources, pricing assumptions, data inputs and valuation techniques are reviewed periodically.

Equity Securities — Equity securities consisted of mutual funds as of both March 31, 2022 and December 31, 2021. The Company invested in these mutual funds for Community Reinvestment Act (“CRA”) purposes. The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be put back to the transfer agents at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2.

11


Interest Rate Contracts The Company enters into interest rate swap and option contracts that are not designated as hedging instruments with its borrowers to lock in attractive intermediate and long-term interest rates, resulting in the customer obtaining a synthetic fixed-rate loan. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions. The Company also enters into interest rate swap contracts with institutional counterparties to hedge against certain variable interest rate borrowings and variable interest rate loans. These interest rate swap contracts with institutional counterparties were designated as cash flow hedges. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement, the Company incorporates credit valuation adjustments to appropriately reflect both its own and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. Considering the observable nature of all other significant inputs utilized, the Company classifies these derivative instruments as Level 2.

Foreign Exchange Contracts The Company enters into foreign exchange contracts to accommodate the business needs of its customers. For a majority of the foreign exchange contracts with its customers, the Company entered into offsetting foreign exchange contracts with third-party financial institutions to manage its exposure. 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, primarily foreign currency denominated deposits that it offers to its customers. The fair value of foreign exchange contracts is determined at each reporting period based on changes in the foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts is classified as Level 2. As of March 31, 2022 and December 31, 2021, the Bank held foreign currency non-deliverable forward contracts to hedge its net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary in China. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency non-deliverable forward contracts is determined by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include spot rates and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2.

Credit Contracts — The Company may periodically enter into credit risk participation agreements (“RPAs”) to manage the credit exposure on interest rate contracts associated with the syndicated loans. The Company may enter into protection sold or protection purchased RPAs with institutional counterparties. The fair value of RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. Since the majority of the inputs used to value the RPAs are observable, RPAs are classified as Level 2.
12


Equity Contracts — As part of the loan origination process, the Company periodically obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans. As of March 31, 2022 and December 31, 2021, the warrants included on the Consolidated Financial Statements were from both public and private companies. The Company values these warrants based on the Black-Scholes option pricing model. For warrants from public companies, the model uses the underlying stock price, stated strike price, warrant expiration date, risk-free interest rate based on a duration-matched U.S. Treasury rate, and market-observable company-specific option volatility as inputs to value the warrants. Due to the observable nature of the inputs used in deriving the estimated fair value, warrants from public companies are classified as Level 2. For warrants from private companies, the model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and option volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Since both option volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private company warrants. Due to the unobservable nature of the option volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement of uncertainty analysis on the option volatility and liquidity discount assumptions is performed.

Commodity Contracts — The Company enters into energy commodity contracts in the form of swaps and options with its oil and gas loan customers to allow them to hedge against the risk of fluctuation in energy commodity prices. The fair value of the commodity option contracts is determined using the Black-Scholes model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized.
13


The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021:
($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of March 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
AFS debt securities:
U.S. Treasury securities $ 637,974  $ —  $ —  $ 637,974 
U.S. government agency and U.S. government-sponsored enterprise debt securities —  304,395  —  304,395 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities —  600,323  —  600,323 
Residential mortgage-backed securities —  2,068,485  —  2,068,485 
Municipal securities —  298,659  —  298,659 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities —  445,325  —  445,325 
Residential mortgage-backed securities —  806,782  —  806,782 
Corporate debt securities —  630,512  —  630,512 
Foreign government bonds —  253,811  —  253,811 
Asset-backed securities —  71,362  —  71,362 
Collateralized loan obligations (“CLOs”) —  611,803  —  611,803 
Total AFS debt securities
$ 637,974  $ 6,091,457  $   $ 6,729,431 
Investments in tax credit and other investments:
Equity securities $ 21,137  $ 4,357  $ —  $ 25,494 
Total investments in tax credit and other investments
$ 21,137  $ 4,357  $   $ 25,494 
Derivative assets:
Interest rate contracts $ —  $ 188,101  $ —  $ 188,101 
Foreign exchange contracts —  16,122  —  16,122 
Equity contracts —  309  314 
Commodity contracts —  484,563  —  484,563 
Gross derivative assets $   $ 688,791  $ 309  $ 689,100 
Netting adjustments (1)
$ —  $ (190,316) $ —  $ (190,316)
Net derivative assets $   $ 498,475  $ 309  $ 498,784 
Derivative liabilities:
Interest rate contracts $ —  $ 236,569  $ —  $ 236,569 
Foreign exchange contracts —  12,035  —  12,035 
Credit contracts —  67  —  67 
Commodity contracts —  443,358  —  443,358 
Gross derivative liabilities $   $ 692,029  $   $ 692,029 
Netting adjustments (1)
$ —  $ (435,081) $ —  $ (435,081)
Net derivative liabilities $   $ 256,948  $   $ 256,948 
14


($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Fair Value
AFS debt securities:
U.S. Treasury securities $ 1,032,681  $ —  $ —  $ 1,032,681 
U.S. government agency and U.S. government-sponsored enterprise debt securities —  1,301,971  —  1,301,971 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities —  1,228,980  —  1,228,980 
Residential mortgage-backed securities —  2,928,283  —  2,928,283 
Municipal securities —  523,158  —  523,158 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities —  496,443  —  496,443 
Residential mortgage-backed securities —  881,931  —  881,931 
Corporate debt securities —  649,665  —  649,665 
Foreign government bonds —  257,733  —  257,733 
Asset-backed securities —  74,558  —  74,558 
CLOs —  589,950  —  589,950 
Total AFS debt securities
$ 1,032,681  $ 8,932,672  $   $ 9,965,353 
Investments in tax credit and other investments:
Equity securities $ 22,130  $ 4,474  $ —  $ 26,604 
Total investments in tax credit and other investments
$ 22,130  $ 4,474  $   $ 26,604 
Derivative assets:
Interest rate contracts $ —  $ 240,222  $ —  $ 240,222 
Foreign exchange contracts —  21,033  —  21,033 
Equity contracts —  215  220 
Commodity contracts —  222,709  —  222,709 
Gross derivative assets $   $ 483,969  $ 215  $ 484,184 
Netting adjustments (1)
$ —  $ (100,953) $ —  $ (100,953)
Net derivative assets $   $ 383,016  $ 215  $ 383,231 
Derivative liabilities:
Interest rate contracts $ —  $ 179,962  $ —  $ 179,962 
Foreign exchange contracts —  15,501  —  15,501 
Credit contracts —  141  —  141 
Commodity contracts —  194,567  —  194,567 
Gross derivative liabilities $   $ 390,171  $   $ 390,171 
Netting adjustments (1)
$ —  $ (232,727) $ —  $ (232,727)
Net derivative liabilities $   $ 157,444  $   $ 157,444 
(1)Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

15


For the three months ended March 31, 2022 and 2021, Level 3 fair value measurements that were measured on a recurring basis consisted of warrants issued by private companies. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2022 and 2021:
($ in thousands) Three Months Ended March 31,
2022 2021
Equity contracts
Beginning balance $ 215  $ 273 
Total gains (losses) included in earnings (1)
(1)
Issuances 91  — 
Ending balance $ 309  $ 272 
(1)Includes unrealized gains (losses) recorded in Lending fees on the Consolidated Statement of Income.

The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of March 31, 2022 and December 31, 2021. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands) Fair Value
Measurements
(Level 3)
Valuation
Technique
Unobservable
Inputs
Range of Inputs
Weighted-
Average of Inputs (1)
March 31, 2022
Derivative assets:
Equity contracts $ 309 
Black-Scholes option pricing model
Equity volatility
41% — 57%
48%
Liquidity discount 47% 47%
December 31, 2021
Derivative assets:
Equity contracts $ 215 
Black-Scholes option pricing model
Equity volatility
44% — 54%
49%
Liquidity discount 47% 47%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of March 31, 2022 and December 31, 2021.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis include certain individually evaluated loans held-for-investment, investments in qualified affordable housing partnerships, tax credit and other investments, OREO, loans held-for-sale, and other nonperforming assets. Nonrecurring fair value adjustments result from impairment on certain individually evaluated loans held-for-investment and investments in qualified affordable housing partnerships, tax credit and other investments, from write-downs of OREO and other nonperforming assets, or from the application of lower of cost or fair value on loans held-for-sale.

Individually Evaluated Loans Held-For-Investment — Individually evaluated loans held-for-investment are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment:

Discounted cash flow valuation techniques that consist of developing an expected stream of cash flows over the life of the loans, and then calculating the present value of the loans by discounting the expected cash flows at a designated discount rate.
When the repayment of an individually evaluated loan is dependent on the sale of the collateral, the fair value of the loan is determined based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal valuation if a third-party appraisal is not required by regulations, or unavailable. An internal valuation utilizes one or more valuation techniques such as the income, market and/or cost approaches.

16


Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — The Company conducts due diligence on its investments in qualified affordable housing partnerships, tax credit and other investments prior to the initial investment date and through the placed-in-service date. After these investments are either acquired or placed into service, the Company continues its periodic monitoring process to ensure book values are realizable and that there is no significant tax credit recapture risk. This monitoring process includes the quarterly review of the financial statements, the annual review of tax returns of the investment entity, the annual review of the financial statements of the guarantor (if any) and a comparison of the actual performance of the investment against the financial projections prepared at the time when the investment was made. The Company assesses its tax credit and other investments for possible other-than-temporary impairment (“OTTI”) on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors:

expected future cash flows that are less than the carrying amount of the investment;
changes in the economic, market or technological environment that could adversely affect the investee’s operations; and
other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment.

All available information is considered in assessing whether a decline in value is other-than-temporary. Generally, none of the aforementioned factors are individually conclusive and the relative importance placed on individual facts may vary depending on the situation. In accordance with ASC 323-10-35-32, an impairment charge would only be recognized in earnings for a decline in value that is determined to be other-than-temporary.

Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure and at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3.

Other Nonperforming Assets Other nonperforming assets are recorded at fair value upon transfers from loans to foreclosed assets. Subsequently, foreclosed assets are recorded at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised values of the collateral or management’s estimates of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. The fair value measurement of other nonperforming assets is classified within one of the three levels in a valuation hierarchy based upon the observability of inputs to the valuation as of the measurement date.

The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2022 and December 31, 2021:
($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis
as of March 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair Value
Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”) $ —  $ —  $ 78,354  $ 78,354 
Commercial real estate (“CRE”):
CRE —  —  24,186  24,186 
Total commercial     102,540  102,540 
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”) —  —  1,097  1,097 
Total consumer     1,097  1,097 
Total loans held-for-investment $   $   $ 103,637  $ 103,637 
17


($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Fair Value
Measurements
Loans held-for-investment:
Commercial:
C&I $ —  $ —  $ 102,349  $ 102,349 
CRE:
CRE —  —  21,891  21,891 
Total commercial     124,240  124,240 
Consumer:
Residential mortgage:
HELOCs —  —  2,744  2,744 
Total consumer     2,744  2,744 
Total loans held-for-investment $   $   $ 126,984  $ 126,984 
Other nonperforming assets $ 391  $   $   $ 391 

The following table presents the increase (decrease) in fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three months ended March 31, 2022 and 2021:
($ in thousands) Three Months Ended March 31,
2022 2021
Loans held-for-investment:
Commercial:
C&I $ (10,424) $ (5,309)
CRE:
CRE 2,864  (7,062)
Multifamily residential —  (16)
Construction and land —  (71)
Total commercial (7,560) (12,458)
Consumer:
Residential mortgage:
HELOCs (37)
Total consumer 3  (37)
Total loans held-for-investment $ (7,557) $ (12,495)
Other nonperforming assets $   $ (3,890)

18


The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of March 31, 2022 and December 31, 2021:
($ in thousands) Fair Value
Measurements
(Level 3)
Valuation
Techniques
Unobservable
Inputs
Range of 
Inputs
Weighted-
Average of Inputs (1)
March 31, 2022
Loans held-for-investment $ 44,881  Discounted cash flows Discount
4% — 6%
4%
$ 34,570  Fair value of collateral Discount
15% — 77%
30%
$ 24,186  Fair value of property Selling cost
8%
8%
December 31, 2021
Loans held-for-investment $ 64,919  Discounted cash flows Discount
4% — 15%
7%
$ 38,537  Fair value of collateral Discount
15% — 75%
41%
$ 23,528  Fair value of property Selling cost
8%
8%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of March 31, 2022 and December 31, 2021.

Disclosures about Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of March 31, 2022 and December 31, 2021, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial assets and liabilities are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
($ in thousands) March 31, 2022
Carrying
Amount
Level 1 Level 2 Level 3 Estimated
Fair Value
Financial assets:
Cash and cash equivalents $ 3,848,700  $ 3,848,700  $ —  $ —  $ 3,848,700 
Interest-bearing deposits with banks $ 816,125  $ —  $ 816,125  $ —  $ 816,125 
Resale agreements $ 1,956,822  $ —  $ 1,906,530  $ —  $ 1,906,530 
HTM debt securities $ 2,997,702  $ 499,275  $ 2,316,693  $ —  $ 2,815,968 
Restricted equity securities, at cost $ 77,682  $ —  $ 77,682  $ —  $ 77,682 
Loans held-for-sale $ 631  $ —  $ 631  $ —  $ 631 
Loans held-for-investment, net $ 42,944,997  $ —  $ —  $ 42,698,185  $ 42,698,185 
Mortgage servicing rights $ 5,927  $ —  $ —  $ 9,853  $ 9,853 
Accrued interest receivable $ 155,730  $ —  $ 155,730  $ —  $ 155,730 
Financial liabilities:
Demand, checking, savings and money market deposits $ 46,708,274  $ —  $ 46,708,274  $ —  $ 46,708,274 
Time deposits $ 8,230,087  $ —  $ 8,202,829  $ —  $ 8,202,829 
FHLB advances $ 74,619  $ —  $ 75,265  $ —  $ 75,265 
Repurchase agreements $ 300,000  $ —  $ 309,225  $ —  $ 309,225 
Long-term debt $ 147,729  $ —  $ 148,298  $ —  $ 148,298 
Accrued interest payable $ 6,970  $ —  $ 6,970  $ —  $ 6,970 
19


($ in thousands) December 31, 2021
Carrying
Amount
Level 1 Level 2 Level 3 Estimated
Fair Value
Financial assets:
Cash and cash equivalents $ 3,912,935  $ 3,912,935  $ —  $ —  $ 3,912,935 
Interest-bearing deposits with banks $ 736,492  $ —  $ 736,492  $ —  $ 736,492 
Resale agreements $ 2,353,503  $ —  $ 2,335,901  $ —  $ 2,335,901 
Restricted equity securities, at cost $ 77,434  $ —  $ 77,434  $ —  $ 77,434 
Loans held-for-sale $ 635  $ —  $ 635  $ —  $ 635 
Loans held-for-investment, net $ 41,152,202  $ —  $ —  $ 41,199,599  $ 41,199,599 
Mortgage servicing rights $ 5,706  $ —  $ —  $ 9,104  $ 9,104 
Accrued interest receivable $ 159,833  $ —  $ 159,833  $ —  $ 159,833 
Financial liabilities:
Demand, checking, savings and money market deposits $ 45,388,550  $ —  $ 45,388,550  $ —  $ 45,388,550 
Time deposits $ 7,961,982  $ —  $ 7,966,116  $ —  $ 7,966,116 
FHLB advances $ 249,331  $ —  $ 250,372  $ —  $ 250,372 
Repurchase agreements $ 300,000  $ —  $ 310,525  $ —  $ 310,525 
Long-term debt $ 147,658  $ —  $ 151,020  $ —  $ 151,020 
Accrued interest payable $ 11,435  $ —  $ 11,435  $ —  $ 11,435 

Note 4 — Assets Purchased under Resale Agreements and Sold under Repurchase Agreements

Assets Purchased under Resale Agreements

In resale agreements, the Company is exposed to credit risk for both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for the efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is also the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of both March 31, 2022 and December 31, 2021.

Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $1.33 billion as of both March 31, 2022 and December 31, 2021. The weighted-average yields were 1.63% and 1.57% for the three months ended March 31, 2022 and 2021, respectively.

Loans Purchased under Resale Agreements — Total loans purchased under resale agreements were $621.8 million and $1.02 billion as of March 31, 2022 and December 31, 2021, respectively. The weighted-average yields were 1.60% and 2.02% for the three months ended March 31, 2022 and 2021, respectively.

Assets Sold under Repurchase Agreements — As of March 31, 2022, securities sold under the repurchase agreements consisted of U.S. Treasury securities and U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities. Gross repurchase agreements were $300.0 million as of both March 31, 2022 and December 31, 2021. The weighted-average interest rates were 2.62% and 2.67% for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, all repurchase agreements will mature in 2023.

20


Balance Sheet Offsetting

The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by the third-party trustees.

The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of March 31, 2022 and December 31, 2021:
($ in thousands) March 31, 2022
Assets Gross
Amounts
of Recognized
Assets
Gross Amounts
Offset on the
Consolidated
Balance Sheet
Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet
Gross Amounts Not Offset on the
Consolidated Balance Sheet
Net
Amount
Collateral Received
Resale agreements $ 1,956,822  $ —  $ 1,956,822  $ (1,918,204)
(1)
$ 38,618 
Liabilities Gross
Amounts
of Recognized
Liabilities
Gross Amounts
Offset on the
Consolidated
Balance Sheet
Net Amounts of
Liabilities Presented
on the Consolidated
Balance Sheet
Gross Amounts Not Offset on the
Consolidated Balance Sheet
Net
Amount
Collateral Pledged
Repurchase agreements $ 300,000  $ —  $ 300,000  $ (290,172)
(2)
$ 9,828 
($ in thousands) December 31, 2021
Gross
Amounts
of Recognized
Assets
Gross Amounts
Offset on the
Consolidated
Balance Sheet
Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet
Gross Amounts Not Offset on the
Consolidated Balance Sheet
Assets Net
Amount
Collateral Received
Resale agreements $ 2,353,503  $ —  $ 2,353,503  $ (2,327,687)
(1)
$ 25,816 
Liabilities Gross
Amounts
of Recognized
Liabilities
Gross Amounts
Offset on the
Consolidated
Balance Sheet
Net Amounts of
Liabilities Presented
on the Consolidated
Balance Sheet
Gross Amounts Not Offset on the
Consolidated Balance Sheet
Net
Amount
Collateral Pledged
Repurchase agreements $ 300,000  $ —  $ 300,000  $ (300,000)
(2)
$ — 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.

In addition to the amounts included in the tables above, the Company also has balance sheet netting related to derivatives. Refer to Note 6 Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

21


Note 5 — Securities

The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2022 and December 31, 2021:
($ in thousands) March 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
AFS debt securities:
U.S. Treasury securities $ 676,330  $ 64  $ (38,420) $ 637,974 
U.S. government agency and U.S. government-sponsored enterprise debt securities 326,555  119  (22,279) 304,395 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities 632,660  1,185  (33,522) 600,323 
Residential mortgage-backed securities 2,180,621  733  (112,869) 2,068,485 
Municipal securities 317,952  749  (20,042) 298,659 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities 468,203  647  (23,525) 445,325 
Residential mortgage-backed securities 855,502  (48,727) 806,782 
Corporate debt securities 683,502  2,107  (55,097) 630,512 
Foreign government bonds 260,846  635  (7,670) 253,811 
Asset-backed securities 72,160  —  (798) 71,362 
CLOs 617,250  —  (5,447) 611,803 
Total AFS debt securities 7,091,581  6,246  (368,396) 6,729,431