WASHINGTON (dpa-AFX) - East West Bancorp Inc. (EWBC), the parent company of East West Bank, Wednesday reported third-quarter net income available to common shareholders of $60.7 million or $0.41 per share, compared to $40.2 million or $0.27 per share last year.
On average, 17 analysts polled by Thomson Reuters expected earnings of $0.39 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net interest income for the quarter was $237.8 million, compared to $227.4 million last year. Non-interest loss for the quarter was $13.5 million, compared to non-interest income of $12.5 million last year.
Analysts estimated revenues of $205.0 million for the quarter.
Adjusted net interest margin for the third quarter was 3.98 percent, flat over last year.
Provisions for loan losses were lower at $22.0 million compared to $26.5 million last year.
Looking forward to the fourth quarter, the company said it expects earnings in a range of $0.40 to $0.41 per share. Analysts currently estimate earnings of $0.41 per share for the quarter.
The company lifted its full year 2011 earnings guidance to a range of $1.57 to $1.58 per share, from the previous range of $1.52 to $1.54 per share. Analysts currently estimate earnings of $1.54 per share for the full year.
East West declared fourth quarter dividends on the common stock and Series A Preferred Stock. The common stock cash dividend of $0.05 is payable on or about November 24 to shareholders as of November 10. The dividend on the Series A Preferred Stock of $20.00 per share is payable on November 1 to shareholders as of October 15.
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