EAST WEST BANCORP INC, DEF 14A filed on 4/11/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name EAST WEST BANCORP, INC.
Entity Central Index Key 0001069157
v3.24.1.u1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Pay Versus Performance

The following table sets forth information concerning the compensation of our CEO and other NEOs for each of the fiscal years ending December 31, 2023, 2022, 2021, and 2020, and our financial performance for each such fiscal year.

 

          Value of Initial $100
Investment Based on:		    

 

 

Year

 

Summary
Compensation
Table Total for
CEO1

 

Compensation
Actually Paid
Total to CEO

Average
Summary
Compensation
Table Total
for Non-CEO
NEOs2

 Average
Compensation
Actually Paid
to non-CEO
NEOs

 

Total
Shareholder
Return

 

Peer Group
Total
Shareholder
Return7

 

Net
Income
($ in
millions)

 

Return
on
Equity

20233 $8,358,550 $15,412,681 $1,948,256 $2,572,881 $161 $104 $1,161 17.91%
20224 $9,076,408 $6,591,588 $2,236,396 $2,110,635 $135 $105 $1,128 19.51%
20215 $8,649,172 $27,525,426 $1,938,007 $3,294,597 $162 $126 $873 15.70%
20206 $6,933,775 $13,751,400 $1,284,762 $1,961,710 $104 $90 $568 11.17%

 

1.The CEO in 2023, 2022, 2021, and 2020 was Dominic Ng.

 

2.The non-CEO NEOs were Christopher J. Del Moral-Niles, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Gary Teo in 2023, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Gary Teo in 2022, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Nick Huang in 2021, and Irene H. Oh, Douglas P. Krause, Andy Yen, Gary Teo, and Catherine Zhou in 2020.

 

3.The LTI Plan for the 2023-2025 performance period has an estimated payout of 175%. The LTI Plan for the 2022-2024 performance period has an estimated payout of 175%. The LTI Plan for the 2021-2023 performance period paid out at 178%.

 

4.The LTI Plan for the 2022-2024 performance period has an estimated payout of 175%. The LTI Plan for the 2021-2023 performance period has an estimated payout of 174%. The LTI Plan for the 2020-2022 performance period paid out at 182%.

 

5.The LTI Plan for the 2021-2023 performance period has an estimated payout of 175%. The LTI Plan for the 2020-2022 performance period has an estimated payout of 174%. The LTI Plan for the 2019-2021 performance period paid out at 182%.

 

6.The LTI Plan for the 2020-2022 performance period has an estimated payout of 175%. The LTI Plan for the 2019-2021 performance period has an estimated payout of 175%. The LTI Plan for the 2018-2020 performance period paid out at 167%.

 

7.The peer group used is the KBW Nasdaq BANK INDEX (“BKX”).
     
Named Executive Officers, Footnote The non-CEO NEOs were Christopher J. Del Moral-Niles, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Gary Teo in 2023, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Gary Teo in 2022, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Nick Huang in 2021, and Irene H. Oh, Douglas P. Krause, Andy Yen, Gary Teo, and Catherine Zhou in 2020.      
PEO Total Compensation Amount $ 8,358,550 [1],[2] $ 9,076,408 [1],[3] $ 8,649,172 [1],[4] $ 6,933,775 [5]
PEO Actually Paid Compensation Amount $ 15,412,681 [2] 6,591,588 [3] 27,525,426 [4] 13,751,400 [5]
Adjustment To PEO Compensation, Footnote

The following table reconciles the total compensation shown in the Summary Compensation Table to the compensation actually paid to NEOs shown in the Pay Versus Performance Table above.

 

  CEO Average of Non-CEO NEOs
Year 2023 2022 2021 2020 2023 2022 2021 2020
Summary Compensation Table Total $8,358,550 $9,076,408 $8,649,172 $6,933,775 $1,948,256 $2,236,396 $1,938,007 $1,284,762
Less: Fair Value of Stock Awards Granted in Fiscal Year (4,745,307) (4,538,539) (5,065,596) (4,487,082) (691,878) (669,169) (774,147) (474,638)
Add: Fair Value of Stock Awards Granted in Fiscal Year - Value at Yearend 7,767,249 6,470,141 9,535,338 10,627,632 970,333 953,841 1,118,976 1,060,278
Change in Fair Value for Stock Awards Granted in Prior Years that were Unvested at the End of Fiscal Year 1,451,398 (4,846,683) 10,881,577 1,180,999 153,827 (463,118) 781,123 100,365
Change in Fair Value of Stock Awards Granted in Prior Years that Vesting during the Fiscal Year 1,919,170 (237,471) 2,894,477 (1,009,781) 124,875 (18,447) 193,214 (56,099)
Add: Dividends Paid on Unvested Shares Units for the Fiscal Year 661,621 667,731 630,458 505,857 67,467 71,132 37,423 47,041
Compensation Actually Paid $15,412,681 $6,591,588 $27,525,426 $13,751,400 $2,572,881 $2,110,635 $3,294,597 $1,961,710
      
Non-PEO NEO Average Total Compensation Amount [6] $ 1,948,256 [2] 2,236,396 [3] 1,938,007 [4] 1,284,762 [5]
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,572,881 [2] 2,110,635 [3] 3,294,597 [4] 1,961,710 [5]
Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. TSR

 

      
Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Net Income

 

      
Compensation Actually Paid vs. Company Selected Measure

Compensation Actually Paid vs. ROE

 

      
Tabular List, Table
Important Financial Performance Measurement
Return on Assets   Return on Equity   Total Shareholder Return
      
Total Shareholder Return Amount $ 161 [2] 135 [3] 162 [4] 104 [5]
Peer Group Total Shareholder Return Amount [7] 104 [2] 105 [3] 126 [4] 90 [5]
Net Income (Loss) $ 1,161,000,000 [2] $ 1,128,000,000 [3] $ 873,000,000 [4] $ 568,000,000 [5]
Company Selected Measure Amount 17.91 [2] 19.51 [3] 15.7 [4] 11.17 [5]
PEO Name       Dominic Ng
Measure:: 1        
Pay vs Performance Disclosure        
Name Return on Assets      
Measure:: 2        
Pay vs Performance Disclosure        
Name Return on Equity      
Measure:: 3        
Pay vs Performance Disclosure        
Name Total Shareholder Return      
PEO | Summary Compensation Table Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 8,358,550 $ 9,076,408 $ 8,649,172 $ 6,933,775
PEO | Fair Value of Stock Awards Granted in Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,745,307) (4,538,539) (5,065,596) (4,487,082)
PEO | Fair Value of Stock Awards Granted in Fiscal Year Value at Yearend [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,767,249 6,470,141 9,535,338 10,627,632
PEO | Fair Value for Stock Awards Granted in Prior Years that were Unvested at the End of Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,451,398 (4,846,683) 10,881,577 1,180,999
PEO | Fair Value of Stock Awards Granted in Prior Years that Vesting during the Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,919,170 (237,471) 2,894,477 (1,009,781)
PEO | Dividends Paid on Unvested Shares Units for the Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 661,621 667,731 630,458 505,857
PEO | Compensation Actually Paid [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 15,412,681 6,591,588 27,525,426 13,751,400
Non-PEO NEO | Summary Compensation Table Total [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,948,256 2,236,396 1,938,007 1,284,762
Non-PEO NEO | Fair Value of Stock Awards Granted in Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (691,878) (669,169) (774,147) (474,638)
Non-PEO NEO | Fair Value of Stock Awards Granted in Fiscal Year Value at Yearend [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 970,333 953,841 1,118,976 1,060,278
Non-PEO NEO | Fair Value for Stock Awards Granted in Prior Years that were Unvested at the End of Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 153,827 (463,118) 781,123 100,365
Non-PEO NEO | Fair Value of Stock Awards Granted in Prior Years that Vesting during the Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 124,875 (18,447) 193,214 (56,099)
Non-PEO NEO | Dividends Paid on Unvested Shares Units for the Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 67,467 71,132 37,423 47,041
Non-PEO NEO | Compensation Actually Paid [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 2,572,881 $ 2,110,635 $ 3,294,597 $ 1,961,710
[1] The CEO in 2023, 2022, 2021, and 2020 was Dominic Ng.
[2] The LTI Plan for the 2023-2025 performance period has an estimated payout of 175%. The LTI Plan for the 2022-2024 performance period has an estimated payout of 175%. The LTI Plan for the 2021-2023 performance period paid out at 178%.
[3] The LTI Plan for the 2022-2024 performance period has an estimated payout of 175%. The LTI Plan for the 2021-2023 performance period has an estimated payout of 174%. The LTI Plan for the 2020-2022 performance period paid out at 182%.
[4] The LTI Plan for the 2021-2023 performance period has an estimated payout of 175%. The LTI Plan for the 2020-2022 performance period has an estimated payout of 174%. The LTI Plan for the 2019-2021 performance period paid out at 182%.
[5] The LTI Plan for the 2020-2022 performance period has an estimated payout of 175%. The LTI Plan for the 2019-2021 performance period has an estimated payout of 175%. The LTI Plan for the 2018-2020 performance period paid out at 167%.
[6] The non-CEO NEOs were Christopher J. Del Moral-Niles, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Gary Teo in 2023, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Gary Teo in 2022, Irene H. Oh, Douglas P. Krause, Parker L. Shi, and Nick Huang in 2021, and Irene H. Oh, Douglas P. Krause, Andy Yen, Gary Teo, and Catherine Zhou in 2020.
[7] The peer group used is the KBW Nasdaq BANK INDEX (“BKX”).