WASHINGTON (dpa-AFX) - East West Bancorp, Inc. (EWBC) Wednesday reported third-quarter net income of $71 million or $0.48 per share, compared to $62 million or $0.41 per share last year.
On average, 15 analysts polled by Thomson Reuters expected earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter fell to $222 million from $238 million a year ago. Analysts on consensus estimated revenues of $203.88 million.
Adjusted net interest margin for the quarter fell to 3.95% from 3.98% in the prior year.
Non interest income for the quarter was lower at $2.8 million, compared to $13.5 million a year ago.
Provision for loan losses, excluding covered loans, for the quarter decreased to $13 million from $22 million a year ago.
Looking ahead to the fourth quarter, the company expects earnings of $0.47 to $0.49 per share. Analysts currently expect earnings of $0.48 per share.
For the full year 2012, the company expects earnings of $1.87 to $1.89 per share, compared to prior guidance of $1.84 to $1.86 per share. Analysts currently estimate earnings of $1.87 per share.
East West has declared fourth quarter dividends on the common stock and Series A Preferred Stock.
The common stock cash dividend of $0.10 is payable on or about November 23 to shareholders of record on November 9. The dividend on the Series A Preferred Stock of $20.00 per share is payable on November 1 to shareholders of record on October 15.
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