East West Bancorp, Inc. (NASDAQ:EWBC) Q4 2019 Earnings Conference Call - Final Transcript
Jan 23, 2020 • 11:30 am ET
Good day and welcome to the East West Bancorp Fourth Quarter and Full Year 2019 Earnings Call.
I would now like to turn the conference over to Julianna Balicka, Director of Strategy and Corporate Development. Please go ahead.
Thank you, Sarah.
Good morning and thank you everyone, for joining us to review the financial results of East West Bancorp for the full year and the fourth quarter of 2019. With me on this conference call today are Dominic Ng, our Chairman and Chief Executive Officer, and Irene Oh, our Chief Financial Officer.
We would like to caution you that during the course of the call, management may make projections or other forward-looking statements regarding events or future financial performance of the company within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may differ materially from the actual results due to a number of risks and uncertainties. For more detailed description of the risk factors that could affect the company's operating results, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2018.
In addition, some of the numbers referenced on this call pertain to adjusted numbers. Please refer to our full year and fourth quarter earnings release for the reconciliation of GAAP to non-GAAP financial measures. During the course of this call, we will be referencing a slide deck that is available as part of the webcast on the Investor Relations website.
As a reminder, today's call is being recorded and will also be available in replay format on our Investor Relations website. I will now turn the call over to Dominic.
Thank you, Julianna.
Good morning and thank you everyone, for joining us for our full year and fourth quarter 2019 earnings call. I will begin our discussion with a summary of results on Slide 3. This morning, we reported full -year 2019 net income of $674 million or $4.61 per share, down by 4% compared to full-year 2018 net income of $704 million or $4.81 per share. Now excluding non-operating income -- I'm sorry, excluding non-operating items, we reported full-year 2019 adjusted net income of $708 million or $4.84 per share, an increase of 4% compared to full-year 2018 adjusted net income of $682 million or $4.66 per share.
Fourth quarter 2019 net income was $188 million or $1.29 per share, up by 10% compared to the third quarter net income of $171 million or $1.17 per share, and also up by 9% compared to the fourth quarter of 2018 net income of $173 million or $1.18 per share. Fourth quarter 2019 adjusted net income was $187 million or $1.28 per share, up by 9% quarter-over-quarter, and up by 8% year-over-year.
In 2019, East West achieved record full-year revenue of $1.7 billion which grew by 5% year-over-year, and record net interest income of $1.5 billion, which grew by 6% year-over-year. We ended