East West Bancorp (EWBC) 2008年年度报告「NASDAQ」.pdf

1、 April 23,2009 To Our Shareholders,Customers and Friends:East West Bank has enjoyed an outstanding reputation for many years as one of the top-performing banks in the country,so it is difficult to report a loss of$49.7 million for 2008.Having achieved record earnings every year for over a decade,wit

2、h net income of$161 million in 2007 and$143 million in 2006,this years loss represents a relatively minor setback and is the first we have reported in nearly 30 years.Our capital,liquidity and reserve positions are ample.This gives East West the strength to move forward and allows us to continue to

3、build our business in todays challenging economic environment.In my shareholder letter last year,I highlighted East Wests cross-cultural bridge strategy as one of our greatest strengths.For the past two decades,our vision to be recognized as the premier bridge between East and West has distinguished

4、 us from other community banks.This strategy continues to fill a profitable void in California banking and has proved to be a solid business model during one of the worst economic downturns in history.By staying true to our vision,East West continues to gain market share and achieve strong core earn

5、ings growth.The losses we sustained in 2008 were the result of the unprecedented series of negative economic and financial events that took place.Starting with the collapse of the U.S.housing market,leading to a credit crisis,then to a full fledged crisis in the global financial markets,and now to a

6、 recession.The impact of these events on East West was felt mainly in our investment securities portfolio and in our residential construction and land development loan portfolios.As a result of the federal takeover of mortgage giants Fannie Mae and Freddie Mac and the accompanying decline in value o