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East West Bancorp's Q3 compensation and employee benefits expense rises 16.7%

Pasadena, Calif.-based East West Bancorp Inc. on Oct. 18 reported third-quarter net income of $171.3 million, or $1.17 per share, up from net income of $132.7 million, or 91 cents per share, in the year-ago quarter.

The S&P Global Market Intelligence GAAP mean estimate for third-quarter EPS was $1.14.

The company's net interest income for the quarter was $348.7 million, up from the prior-year period's $303.2 million.

Noninterest expenses for the quarter totaled $526.4 million, up by 8.3% from the prior-year period's $486.2 million. Compensation and employee benefits expense climbed 16.7% to $285.8 million, data processing expense rose 11.2% to $10.0 million, and deposit-related expense hiked 12.6% to $8.2 million. Legal expense was down by 25.7% to $6.6 million.

Total loans grew 9% year over year and increased 3% from the prior quarter to $31.21 billion.

Total deposits rose 7% from the year-ago period and increased 3% from the second quarter to $33.63 billion.

Net interest margin was 3.76%, compared to 3.83% in the linked quarter and 3.52% in the year-ago quarter.