, East West Bancorp,
Inc.09%
* Return on assets of 1.14% of total assets
* Efficiency ratio of 37. Return on average equity for the
first quarter of 2005 increased to 18. To take advantage of this offer,
visit http://www.
Start a simple filing system for storing documents regarding
charitable donations, major purchases and expenses.7 million shares
(82. We generated double-digit loan
growth this quarter across our commercial and consumer businesses.33 percent of total loans, REO and
repossessed assets at March 31, 2005 compared to 0.m.0 119.06 1.04 0.28 94.9

(1) Annualized.8
Commercial 1 ,758.1
Borrowings:
Federal funds purchased 188.0 100.9 0.1 (0.1) - 0.5 17.4
Other non-interest expense 11.8 83.7
Gain on sale of discontinued
operations, net of tax - - 2.2 0.82
Time 2,411.2 13.8 9.8 2.3 $26.9 0.9 4.3 34.9
Total non-performing assets $27.47% 0.2) (3.7 0.1

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5 million, up 39% from prior year
* Return on equity of 18.09% from the 17. We
feel we are well positioned within the industry to perform well in 2005.68% 9.79% (1)
Total risk-based capital ratio 10.8 million. People's does not undertake any obligation to update or revise any
forward -looking statements, whether as a result of new information, future
events or otherwise.0
Net security gains (losses) (0.5 2.4 28.17 1.3% 42.7%
Book value (end of period) $12.15 30.8 4.99 0.1 9,510.0
shares authorized; 94. June March
31, 31, 30, 30, 31,
(in millions , except per share data) 2005 2004 2004 2004 2004
Interest and dividend income:
Residential mortgage $36.6)
Total interest expense 28.3
Provision for loan losses 1.6 8.3 7.9 83.6 1.04 0.03 2.9 4 .01
Non-core deposits 141.3

Net interest
income/spread $91.1 5.90 0.2) (3. Sept.

balances withdraw

15 $9.

EAST WEST BANCORP, INC.

Experts Suggest How to Make Tax Returns Less Taxing By Filing Electronically

* Don't Procrastinate -- Schedule an appointment with yourself to
start getting your materials together and begin completing your
return. Excluding such items from the first quarter of 2004,
income from continuing operations would have increased 65 percent, from $18 .04 per share, or 14 percent, to $0. Purchased funds include borrowings,
brokered certificates of deposit and municipal deposits.7 million of nonrecurring expenses in 1Q04.
-- Average consumer non-interest-bearing deposits grew $82 million, or 8%.1 million in 1Q05 and $4.peoples.4
Non -interest expense (1) 81.7 227.03%
Return on average assets (2) 1.29 $0 .48 37.73 31.16 93.5 212.2 11.4 3,119.0) (72.5 146.8
Total deposits 9,046.0 -
Total borrowings 288.8
Total liabilities 9,641.5 25.8 18.4 16.5 55.0 2.5 $25.2

Diluted earnings per common share:
Income (loss) from continuing
operations $0.8 35.5 23.8 5.37
Consumer 1,149.7 0.4 23.01
Borrowings:
Federal funds
purchased 250.8 2.46
Commercial real estate finance 1,707.0 4.5 $ - - %
Savings , interest-bearing checking
and money market 4,176.49%

Excess of earning assets
over funding liabilities $571.5 0.3 $70.5) (2.

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33 in the prior year period. We will continue to stay
aggressive and focus on the generation of core deposits this year. Actual results and performance in future periods may be
materially different from any future results or performance suggested by the
forward-looking statements in this release. Such forward-looking statements
speak only as of the date of this release.15% (53)
Allowance for loan losses to total
loans 1. Electronic filing is
expected to grow at an average rate of 8. And you can earn
bonus points: paying taxes with credit or debit rewards cards can yield
rewards for each tax dollar paid.1
million, or $0. The
dividend is payable on May 15, 2005, to shareholders of record on May 1, 2005. On a split-adjusted basis, the new quarterly dividend rate will
be $0.
Operating expense equals People's total non-interest expense , excluding
amortization of acquisition-related intangibles, losses on real estate assets
and other items that may recur from time to time but that are deemed to occur
irregularly or infrequently.

-- The allowance for loan losses increased $0.
-- Occupancy and equipment decreased $1.
Such statements represent management's current beliefs, based upon information
available at the time the statements are made, with regard to the matters
addressed.
Factors of particular importance to People's include, but are not limited to:
(1) changes in general economic conditions , including interest rates; (2)
potential improvements or deterioration in credit quality; (3) competition
among providers of financial services; (4) residential mortgage and secondary
market activity; (5) changes in accounting and regulatory guidance applicable
to banks; and (6) price levels and conditions in the public securities markets
generally.3
Net income 31.38
Tangible book value (end of
period) 11.75 11.46
Allowance for loan losses
to non-performing loans 280.

People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF CONDITION

March 31, Dec.3 24.0 - -
Loans:
Residential mortgage 3,363.4 7,232.6
Savings, interest-bearing checking
and money market 4,240.7 4,308.3 913.3 16.9 114.2 88.0 4.9 86.9
Insurance revenue 7.1) (4.4
Total non-interest income 37.7 39.8 26.29 0.4 17.13 7,718.4 14.98 185.6 1.5

Net interest income/spread $73.1 $8.44% 0.25 2.0 264.9 0.0 $73.

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Fully diluted earnings per share for the first
quarter increased 33% to a record $0. The effective tax rate for the quarter equaled 35.85% 5.10% (40)

Period End
Tier 1 risk-based capital ratio 9. Having
relevant forms easily accessible will encourage you to stay on task . People's Mutual Holdings, which owns 54."
Commenting on asset quality, Sherringham added, "Bankwide asset quality
remains strong, with first quarter 2005 net loan charge-offs of $0.

Selected Financial Terms
In addition to presenting financial information in accordance with
generally accepted accounting principles ("GAAP"), certain non-GAAP
information is also presented, such as operating revenue and the efficiency
ratio.7 $80.62% 3.5 74.3 2.6 10.3 17.0 $279.8 2,058.0 3,266.7
Time 2,532.9 240 .5 204.7
Total liabilities and
stockholders' equity $10,857 .4 17.7 107.5 17.3 28.4)
Income tax expense (benefit) 16.7 4.38 2,108 .07 8,818.5 2.7 2.7 16.4 4.93
Total earning assets $9,701.7 8.03%

(1) Average yields earned and rates paid are annualized.9 1.73 2.6 $2.

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29%
* Total cost of deposits of 1.8% compared to 34. Excluding the impact of a loan securitization, the annualized
loan growth for the first quarter of 2005 was a notable 24%.

76 to $1.30% and 4.78% 10.31% 786.
Whether you are embracing electronic filing and payment or using the
traditional, tried-and-true method, following these five easy tips will help
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People's Bank Reports Earnings of $31 Million or $0.33 Per Share; Raises Dividend 14 Percent

-- Net loan charge-offs decreased $1.
-- Net interest income increased $17.

-- Non-interest expense, excluding liability restructuring costs of $133.
-- Compensation and benefits decreased $1.1 $85.94 4.27 1.8% 47.6 225.
(2) March 31, 2005 capital ratios are preliminary.1
Securities:
Trading account securities, at fair
value 13.9 4,232.8
Subordinated notes 121.3 $10,717.8 $35.3 88.3 0.1 0.7
Securities purchased under
agreements to resell 0.5 21.3 1.4 8 .0 6.83)
Income from discontinued operations 0.3 1.90 1,116.6 $114.1 8.2 0 .3 2.49%

Net interest margin 3.5 $0.24
Loans:
Residential mortgage 3,112.01
Non-core deposits 211.00
Borrowings:
Federal funds purchased 281.6 10 .2 5.3) (2.2 $2.4 $2.

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98% in the previous
year."

Management Guidance
Based upon the performance and interest rate increases in the first
quarter 2005, the Company has updated its guidance for full year 2005.90% (2)
Net interest margin 4.12% 17
Nonaccrual loans to total loans 0.09% 79

(2) Excludes the amortization of intangibles and investments in
affordable housing partnerships . Seek help
from experts, and breathe a sigh of relief at the thought of not
having to sort through all the paperwork without assistance.8 million,
a 61 percent improvement from the first quarter of last year.peoples.

Commercial Banking
-- Average commercial banking loans grew $486 million, or 16%.
-- Average commercial non-interest-bearing deposits increased $70 million,
or 8%. These include all statements about People's plans, objectives ,
expectations and other statements that are not historical facts, and usually
use words such as "expect," "anticipate," "believe" and similar expressions.8)
All other non-interest income 1.7% 42.00 44.89 35.12% 0.0 264.90 0.94
Average stockholders'
equity to average assets 11.2 10.4 $309.1 2,046.4 1,140.1 7,933.9 $10 ,669.9 121.0 shares and 100.7 868.1 27.4 110.6 22.8 3.8 5.5 22.28 $0.24 $ (0.4 5.44 19.79
Time 2,310.4 1.0 $12.7 11.36 0.6 $0.

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SAN MARINO, Calif. Pretax income for the first quarter of 2005
totaled $36 .90% 59
Cost of funds 1.06% 0.83% 9. SAN FRANCISCO, In 2004 alone, the IRS estimates
that 55 million tax returns were filed electronically .0 million on a split-adjusted basis) of People's Bank common stock, will
accept dividends on only 3 percent of its shares.46 percent a year ago.0
million.1 billion at March 31,
2005 , a $682 million decrease from March 31, 2004.com.3 7.57% 3.29 0.

People's Bank and Subsidiaries
FINANCIAL HIGHLIGHTS - Continued

As of and for the Three Months Ended
March Dec.0 15.1 14.4 1.9
Securities purchased under agreements
to resell 25.1

People's Bank and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME

Three Months Ended
March Dec.2 19.3 21.3 7.9 73.4
Brokerage commissions 3.7 45.9 46.6)
Income (loss) from continuing
operations 29.33 0.30 0.4 4.6 $ - - % $2,076.0 21.4 0.7 $28.8 1 .1 25.8 11.32% 0.99 0.7) (5.

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7 billion
* First quarter net interest margin equaled 4.84% 3
Net chargeoffs to average loans
(annualized) 0. Remember that the sooner you start, the sooner you'll get
your refund .27 per share, for the first quarter of 2004.
For the first quarter of 2005, return on average assets was 1.

Conference Call
On April 22, 2005, at 11 a. The call may be heard
through http://www. Additional materials relating to the call may also
be accessed at People's Web site.

-- The allowance for loan losses decreased $2.2 million in 1Q04.
-- Net interest margin increased 59 basis points from 1Q04 and improved
5 basispoints from 4Q04 to 3.
-- Total fee-based revenues declined $1.
-- Short-term investments decreased $588 million . Through its
subsidiaries, People's provides brokerage and financial advisory services,
asset management, equipment leasing and financing, and insurance services.1)
Fee-based revenues 35.5 16.2 2,064.2
Total assets $10,857.7
Other liabilities 184.0
Securities 17 .7 80.4
Income (loss) from continuing
operations before income tax
expense (benefit) 45.7 36.1 14.27 1.1 0.12
Commercial 1,707.76% $9,877.63%

Funding liabilities:
Deposits:
Non-interest-bearing
deposits $2,100.1 2.27
Total core deposits 8,705.3 1.53% $88.25
Total core deposits 8,436.4 2.
(3) Represents an allocation of funding liabilities and interest expense
to discontinued operations. Sept.9
Consumer 1.4) (2.3 2.0 $68.1 (0.2 - - (0.

multifamily calculates

"

Balance Sheet Summary
At Management's Discussion
and Analysis of Consolidated Financial Condition and Results of Operations),
and other filings with the Securities and Exchange Commission are incorporated
herein by reference.06% 55
Noninterest expense/average
assets (2) 1.
Planning ahead and keeping organized will help ensure you maximize
deductions and minimize stress.3 percent."
Klein continued , "People's has delivered another quarter of strengthening
earnings through a focus on the fundamentals .
Sherringham, Executive Vice President and Chief Financial Officer.3 million in 1Q04, decreased
$3.

Treasury
-- Securities and short-term investments totaled $2.
-- Net security losses of $0.

It's Possible @ People's.1) (4.5 2.6 2,071.1 1,739.3)
Total loans, net 8,015.7 $2,227.0 8,862.4 96.3 21.8 2.8 17.1
Total fee-based revenues 35.2 (0.8 5.9 14.27

People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)

March 31, 2005 December 31, 2004
Three months ended Average Yield/ Average Yield/
(dollars in millions ) Balance Interest Rate Balance Interest Rate

Earning assets:
Short-term investments $43.2 1.45 3,229.7 $ - - %
Savings, interest-
bearing checking
and money market 4,193.4 34.0) (3.7 $33.0 $28.4) (3.3 7.5 $75.

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45 $0. Whether filing by mail or
online, electronic payment offers peace of mind that the payment is made
immediately, with proof of payment on the card statement.4 million, or $0.33 per share, for the first quarter of 2005,
compared to $119.9 million.62%.
-- FHLB stock decreased $63 million.9 83.25
Return on average stockholders'
equity (2) 10.13% 0.9
Tier 1 leverage capital(2) 10.2 93.4 195.4 86.6
Borrowings 2.1 81.3 1.6
Non-interest expense:
Compensation and benefits 47.8)
Discontinued operations:
Income from discontinued operations ,
net of tax 1.3
Income from discontinued
operations 1.02 0.65 - - -
Securities (2) 2,034.12
Repurchase agreements 6.2 1.1 3.67
Total deposits 8,647.4
Total non-accrual loans 26.8 0.6 $34.4 $35.1 )
Balance at end of period $73.

balances withdraw

82 to $1. These factors include, but are not limited to: the
effect of interest rate and currency exchange fluctuations; competition in the
financial services market for both deposits and loans; EWBC's ability to
efficiently incorporate acquisitions into its operations; the ability of EWBC
and its subsidiaries to increase its customer base; the effect of regulatory
and legislative action, including recently enacted California tax legislation
and an announcement by the state's Franchise Tax Board regarding the taxation
of Registered Investment Companies; and regional and general economic
conditions. East West expressly disclaims any
obligation to update or revise any forward-looking statements found herein to
reflect any changes in the Bank 's expectations of results or any change in
events.52% (7)
Nonperforming assets to total
assets 0., People's Bank
(Nasdaq: PBCT), an $11 billion financial services company, today announced net
income of $31." Sherringham continued, "Expense control continues to
be a significant area of focus, as evidenced by a $3.4 million reduction in
operating expenses from the year-ago quarter.5 million from December
31, 2004.4
million and nonrecurring expenses of $9.4 million.3 million, or 0.0 $73.3 35.0 34.8 83.0 0.26
Dividend payout ratio (3) 37.34 $12.00 27. June March
31, 31, 30, 30, 31,
(dollars in millions ) 2005 2004 2004 2004 2004
Financial Condition Data:
General:
Total assets $10,857 $10,718 $10,541 $10,660 $10,669
Loans 8,088 7,933 7,597 7,342 7,233
Allowance for loan losses 73 73 75 73 68
Securities, net 1,971 2,071 2,210 2,537 2,065
Deposits 9,046 8,862 8,812 8,949 8 ,793
Core deposits 8,829 8,681 8,550 8,728 8,547
Borrowings 289 341 222 225 296
Purchased funds 400 447 389 334 434
Subordinated notes 122 122 122 122 122
Stockholders' equity 1,216 1,200 1,184 1,157 1,159
Non-performing assets 27 29 34 35 33
Net loan charge -offs 0.11%
Non-performing assets to
total loans, REO and
repossessed assets 0.0 9.2 704.9 340.8 295.8 121.3 1,199.0 $32.8 5.1 85.1)
Net interest income after
provision for loan losses 89.3 35.9 13.10
Net income 0.1 2.1 2.4 8 .5

Non-performing loans as a percentage of
total loans 0.4)
Recoveries 0.

faxed checkbook

65% 1.32 per share, for the
first quarter of 2005.33 per share. Core deposits, a measure of stable
funding sources, equal total deposits , other than brokered certificates of
deposit (acquired in the wholesale market), municipal deposits (which are
seasonally variable by nature) and non-interest-bearing deposits utilized for
the operation of People's businesses.
-- Net loan charge-offs totaled $0.3
Provision for loan losses 1.6 37.2 196.5 25.7 45.34 $0.27
Dividends paid per share (3) 0 .1

Ratios:
Net loan charge-offs to
average loans (1) 0.5
Allowance for loan losses
to total loans 0.4 11.5) (68 .1 7,860.9 7,164.8
Federal Home Loan Bank advances 100.7
Commercial real estate finance 28.4 17.2 0.0
Interest allocated to discontinued
operations - - - - (3.7 26.6 37.3 38.2 (119.83 % $51.6 $119.2 3.57%

(1) Average yields earned and rates paid are annualized.
(2) Average balances and yields for securities available for sale are
based on amortized cost.5 3.1 0.46
Non-performing assets as a percentage
of stockholders' equity and
allowance for loan losses 2.09 2.5
Allowance for loan losses as a
percentage of total loans 0.5
Charge-offs (1.

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43% for the quarter
* Total nonperforming assets of 0.9%
for the first quarter of 2004 .

BRIDGEPORT, Conn.8 million, or $0."
Klein concluded, "Investing in our valuable banking franchise in
Connecticut, one of the most attractive banking markets in the nation,
continues to bear fruit. The call will be archived on the Web site
and available for approximately 90 days .
-- Non-interest income, excluding net security losses, declined $2.4
million.54 %
at December 31, 2004.


People's Bank and Subsidiaries
FINANCIAL HIGHLIGHTS

Three Months Ended
March Dec.15 11.17
Stock price:
High 42.99
Average diluted shares
outstanding (in millions) 94.88 93.04 % 0.2 11.8 9.7 16.1

Liabilities
Deposits:
Non-interest -bearing $2,272.2 shares,
93.9 shares and 93. Sept.4 20.2 0.3 25.5 38.4 0.2 96.62% 3.1 5.60
Repurchase agreements 145.7 13.8 2.45%
Non-performing assets as a percentage
of total loans , REO and repossessed
assets 0.45 0.48 0.91 0.94

People's Bank and Subsidiaries
ALLOWANCE FOR LOAN LOSSES

Three Months Ended
March Dec . June March
31, 31, 30, 30, 31,
2005 2004 2004 2004 2004
(in millions)
Balance at beginning of period $72.4
Commercial 0.

recurring mjk

"We are pleased with our continued operating performance and financial
position and believe we 're well positioned for continued healthy growth for
the full year 2005.78 to a new range of $1.
SELECTED FINANCIAL INFORMATION
(unaudited )
(Dollars in thousands)

Average Balances
Quarter Ended March 31,
2005 2004 % Change
Loans
Residential first mortgage $350 ,214 $152,421 130
Real estate - multifamily 1,131,729 832,924 36
Real estate - commercial 2,608,237 1,682,524 55
Real estate - construction 378,008 198,547 90
Commercial 429,448 316,625 36
Trade finance 157,963 120 ,029 32
Consumer 180,935 149,787 21
Total loans 5,236,534 3,452,857 52
Investment securities 579,986 416,762 39
Earning assets 5,877,973 3,982,620 48
Total assets 6,180,502 4,238,049 46

Deposits
Noninterest-bearing demand $1,045,326 $842,744 24
Interest-bearing checking 335,850 284,635 18
Money market 617,948 302,759 104
Savings 330,172 304,706 8
Total core deposits 2,329,296 1,734,844 34
Time deposits 2,285,926 1,571,103 45
Total deposits 4,615,222 3,305,947 40
Interest-bearing liabilities 4,534,894 2,961,864 53
Stockholders' equity 520,032 376 ,995 38

EAST WEST BANCORP, INC.52% 1.98% 1
Interest rate spread 3.
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Visa Check cards or credit cards to pay 2004 taxes.2 million, or $1.4 percent. Klein stated, "We are
pleased to reward our shareholders with a 13th consecutive annual dividend
increase which, combined with the decision to authorize a stock split,
reflects management 's positive outlook for People's future."
"Other key drivers of the bank's performance this quarter were an increase
in the net interest margin and continued expense control," said Philip R. "The 5
basis point improvement in the net interest margin to 3., Eastern Time, People's will host a
conference call to discuss this earnings announcement.
-- Net gains on sales of residential mortgage loans decreased $0. Sept.5 66.91 $12.37
Low 35.4 million for
the three months ended March 31, 2004.5 10.6
Total risk-based capital (2) 16.9 112.2 193.4

Stockholders' Equity
Common stock (without par value;
150.6
Additional paid-in capital 210.9
Subordinated notes 2.3 2.4
Non-interest income:
Fee-based revenues:
Service charges on deposit
accounts 15.8 17.1 15.8 $0.0 28.0 20.1 4.3 12.8 1.1 1.9 $697.43%

Funding liabilities:
Deposits:
Non-interest-bearing deposits $1,948.7 9.
(2) Average balances and yields for securities available for sale are
based on amortized cost.1 27 .35% 0.86 2.99 0.

balances remtech

Loan growth and operating efficiency for the first
quarter were both in line with our expectations and among the best in our
industry," commented Dominic Ng, Chairman, President and CEO of East West.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(In thousands, except per share amounts)

Quarter Ended March 31,
2005 2004 % Change

Interest and dividend income $84,756 $52,145 63
Interest expense (22,534) (10,062 ) 124
Net interest income 62,222 42,083 48
Provision for loan losses (4,370) (3,750) 17
Net interest income after
provision for loan losses 57,852 38,333 51
Noninterest income 6,500 8,037 (19)
Noninterest expense (27,718) (20,336) 36
Income before taxes 36,634 26,034 41
Income taxes (13,115) (9,089) 44
Net income $23,519 $16,945 39
Net income per share, basic (1) $0.34 32
Net income per share, diluted (1) $0.
The year-ago quarter 's results included the one-time net gain on sale of
People's credit card business, balance sheet restructuring costs and other
nonrecurring charges.17 percent
and return on average stockholders ' equity was 10.
In addition, as announced yesterday, the Board of Directors authorized a 3-
for -2 stock split effective on May 15, 2005 for shareholders of record as of
May 1, 2005. Annualized net
loan charge-offs as a percent of average loans for the first quarter were only
4 basis points .

1Q Financial Highlights (1Q 2005 compared with 1Q 2004 unless otherwise
indicated )

Summary
-- Net income totaled $31.3 million.8 66.30 $0.4 2.4 1 .2 1,688.7
Retained earnings 933.6
Accumulated other comprehensive
income (loss) (21.2) 0.8
Total stockholders' equity 1,216.4 $35.3 18.4 72.5 2.8 6.7 12.17 1,821.7 9.0 2.07 8,633.3 0.33 0.73
Allowance for loan losses as a
percentage of non-performing loans 280.0 $68.1)
Residential mortgage (0.

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First Quarter Highlights

* Record net income of $23.9 million reported in the prior year. The primary
driver for the growth in earnings in the first quarter was an increase in net
interest income resulting from loan growth as well as continued operating
efficiencies.84 for
the full year 2005.25% 1
Yield on earning assets 5.94% (1)
Tier 1 leverage capital ratio 8.
As an added incentive for filing taxes electronically, H+R Block and
Link2Gov will offer a rebate on service fees to Visa cardholders that make
their 2004 Federal Tax payment with their payment cards.
This release contains information about People's core deposits and
purchased funds (both non-GAAP measures).
-- Provision for loan losses increased $1.
-- Total loans at March 31, 2005 surpassed $8 billion.03% of average
commercial banking loans.

Access People's Bank on the World Wide Web at http://www.5 36.4 9.27 $1.61 11.45 11.00 33.0 10.2 984.8 295.5 299.0 shares, 150.6 shares issued
and outstanding) 94.8 1,158.9 $10,669.1
Commercial 23.6 10.9 91.8 2.8 2.3 3.8 8.0
Other non-interest income 1.4
Occupancy and equipment 15.4 (77.25 $0.1 17.27
Loans:
Residential mortgage 3,300.6 36.6 1.4 1.5 1.7 1.8 9.00
Consumer 980.2 8.8 1.8) (4.

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(Nasdaq: EWBC), parent company of East West Bank, one of the nation's
premier community banks and a leading institution focused on the
Chinese-American and other niche markets, today reported financial results for
the first quarter of 2005.5 million, 39% higher than the
$16. The
growth in the loan portfolio continues to be strong, although at lower levels
than the remarkable growth achieved in 2004.

FOR FURTHER INFORMATION AT THE COMPANY:

Julia Gouw
Chief Financial Officer
(626) 583-3512

EAST WEST BANCORP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(In thousands, except per share amounts)

March 31, December 31,
2005 2004 % Change
Assets
Cash and cash equivalents $105,052 $93,075 13
Investment securities
available-for-sale 604,115 534,552 13
Loans (net of allowance for loan
losses of $53,868 and $50,884) 5,336,061 5,080,454 5
Premiums on deposits acquired, net 7,120 7,723 (8)
Goodwill 43,802 43,702 0
Other assets 274,878 269,374 2
Total assets $6,371,028 $6,028,880 6

Liabilities and Stockholders' Equity
Deposits $4,742,125 $4,522,517 5
Short-term borrowings 31,500 -- 100
FHLB advances 925,693 860,803 8
Accrued expenses and other
liabilities 69,525 62,757 11
Notes payable 10,680 11,018 (3)
Junior subordinated debt 57,476 57,476 0
Total liabilities 5,836,999 5,514,571 6
Stockholders' equity 534 ,029 514,309 4
Total liabilities and
stockholders' equity $6,371,028 $6,028,880 6
Book value per share $10.19 per share , to $29.0 million, after excluding
$6. June March
31, 31, 30, 30, 31,
(dollars in millions, except per 2005 2004 2004 2004 2004
share data)
Operating Data:
Net interest income $91.0 4.3 83.30 0.36 0.4 209.2 11.9 10.2 196.3 $10,717 .4 2,402.6 $34.8 11.7 16.2 1.6 5.7 227.2 3.2 3.87 4,246.3 1.1 2.18 121.7 1.

People's Bank and Subsidiaries
AVERAGE BALANCE, INTEREST AND YIELD/RATE ANALYSIS (1)

March 31, 2004
Three months ended Average Yield/
(dollars in millions) Balance Interest Rate

Earning assets:
Short-term investments $268.89
Commercial 1,341.3 4.9 21.94
Federal Home Loan Bank advances 652.0 9.76
Total funding liabilities $9,129.94%

Net interest margin 3.9
Residential mortgage 5.6
Real estate owned ("REO ") and
repossessed assets, net 0.5 $75.2)
Commercial real estate finance - 3.

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52%
* Gross loans increased to a record $5.6 million, a 41% increase over the year ago figure. We believe
that an estimate of 23% EPS growth, combined with our dedication to
maintaining superior asset quality, demonstrates our commitment to balanced,
sustainable shareholder value.29% 4.27% 11
Cost of deposits 1. Our average
commercial banking, home equity and residential mortgage loan portfolios
increased a combined $928 million, or 13 percent, since the first quarter of
2004.33 per share.
-- The ratio of non-performing commercial banking loans to total
commercial banking loans was 0.

Consumer Financial Services
-- Average home equity loan portfolios increased $254 million, or 31%.28
Diluted earnings per share 0.29 0.29 0.58 21.97 93.33 0. 31, March 31,
(in millions ) 2005 2004 2004
Assets
Cash and due from banks $282.7 333.0 977.4 25.2 24.5 36.0
Net security gains (losses ) (0.7 0.7 1.6 1.4 $28.71%
Securities purchased
under agreements to resell 16.14
Total deposits 8,847.8 22.91
Federal Home Loan
Bank advances 125.7 4.0 2.0 21. June March
31, 31, 30, 30, 31,
(dollars in millions) 2005 2004 2004 2004 2004
Non-accrual loans:
Commercial $11.3 $12.2 1. Sept.1 (0. June March
31, 31, 30, 30, 31,
2005 2004 2004 2004 2004
(in millions)
Consumer $0.

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"This was another outstanding quarter, with our highest ever net income and
earnings per share, achieved while maintaining exceptional asset quality and
loss ratios.
SELECTED FINANCIAL INFORMATION
(unaudited)


Selected Ratios Quarter Ended March 31,
2005 2004 % Change
For The Period
Return on average assets 1.60% (5)
Return on average equity 18.09% 17.01% 35.14% 0.visa.
* Seek Expert Help -- If completing this year's tax return seems
overwhelming, know that you don't have to go it alone.com by selecting Investor Relations, News and
Events, Conference Calls.1 (0.33 0.29 0.73 31.71

(1) Includes liability restructuring costs totaling $133. Sept.4
Tier 1 risk-based
capital(2) 14.8
Short -term investments 116.8
Securities available for sale, at
fair value 1,955.6
Premises and equipment, net 148.2 148.2 109.0 9,518.7) (12.9 26.1 12.9 11.4
Total interest on loans 102.0 73.1 3.7 16.0 7.3 83.3 23.8 4.4 5.33 2,310.93
Subordinated notes 121.65
Total loans 7,142.0 88.7 0 .7 $10.9 0.7 0.

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44 from $0.01%

Financial Summary
First quarter net income was a record $23. We continue to
make investments in our operating infrastructure to sustain our continued
growth. The increased EPS guidance is based on the following
assumptions:

* Annualized loan growth of 18% to 20% for the remainder of 2005

* Annualized deposit growth of 15% to 18% for the remainder of 2005

* Annual increase in noninterest expense of 19% to 22 %

* An effective tax rate between 36% and 38%

* A stable interest rate environment and a net interest margin between
4.80 4
Number of shares at period end 52,620 52,501 0


Ending Balances March 31 , December 31,
2005 2004 % Change
Loans
Residential first mortgage $378,387 $327,554 16
Real estate - multifamily 1,185,273 1,121,107 6
Real estate - commercial 2,654,493 2,556,827 4
Real estate - construction 395,889 348,501 14
Commercial 417,953 438,537 (5)
Trade finance 177,657 155,809 14
Consumer 181,992 185,159 (2)
Total gross loans $5,391,644 $5,133,494 5
Unearned fees, premiums and discounts (1,715) (2,156) (20)
Allowance for loan losses (53,868) (50,884) 6
Net loans $5,336,061 $5,080,454 5

Deposits
Noninterest-bearing demand $1,171,685 $1,097,851 7
Interest-bearing checking 333,000 334,747 (1)
Money market 623,491 507,949 23
Savings 320,275 340,399 (6)
Total core deposits 2,448,451 2,280,946 7
Time deposits 2,293,674 2,241,571 2
Total deposits $4,742,125 $4,522,517 5

EAST WEST BANCORP, INC .44 $0.43% 0.70% (3)
Efficiency ratio (2) 37.16% (14)
Allowance for loan losses
to nonaccrual loans 1408. Visa cardholders who
purchase and file using an H+R Block online product and pay their tax bill
with a Visa card will receive a rebate on their Link2Gov service fee for
payment made on or before October 17, 2005.com/paytaxes.
* Get Organized -- Gather all the necessary documents including W2
forms, 1099s, receipts for charitable donations, tuition, medical
and moving expenses, and property value assessments.
* Manage your Finances -- If you owe money, you can file
electronically and then wait to pay by credit or debit card on April
15 to help organize your finances and ensure you have enough funds
available to pay your amount due.
People's Board of Directors voted to increase the quarterly dividend on
its common stock by $0. The combination of reduced
expenses and revenue growth led to a significant improvement in our efficiency
ratio this quarter."
Non-performing assets equaled 0. Operating revenue is based on income from continuing operations reduced
by gains and losses other than from the sale of residential mortgage loans and
excluding other items that may recur from time to time but that are deemed to
occur irregularly or infrequently.5 million.1) - 0.2 (0.5 8.45 0.3
Stockholders' equity to
total assets 11.7 14.7 17.5 1,838.7
Consumer 1,153.9
Less allowance for loan losses (73.0 8,793.2
Interest expense:
Deposits 23.6 10.4 5.5 46.8 (41.4 4.7 0.7 23.2 0.38 - - -
Total borrowings 382.19
Funding liabilities
allocated to discontinued
operations (3) - - - - - -
Total funding
liabilities $9,351.23% $9,180.02
Subordinated notes 221.9 1.5 7.8 9.9 0.5 $2.

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35%

Mr.64% 1. Instead of hunting for old receipts, prepare for next
year by tracking your expenses and donations in a spreadsheet .22 per share. On the deposit front, we are also pleased by the growth in average core
demand deposits , which increased by $152 million, or 8 percent, on a year-
over-year basis.62 percent from the
fourth quarter of last year reflects a combination of the bank's slightly
asset-sensitive position and the continued substitution of securities with
higher-yielding loans.

Certain statements contained in this release are forward-looking in
nature.3 2.4
Gain on sale of discontinued
operations, net of tax - - 2.2

Selected Statistical Data:
Net interest margin (2) 3.29 0.0% 8.66
Close (end of period) 40.48 0.91 0.3 10.9 1,395.2 17.8)
Net gains on sales of residential
mortgage loans 0.9 40.0 0.2 196.6 197.0 $27.0 $119.1 6.9 6.5 1.5 2.
(3) Represents an allocation of funding liabilities and interest expense
to discontinued operations.22%
Securities purchased under
agreements to resell - - -
Securities (2) 2,290.8 5.2 11.6 225.1)
Provision for loan losses 1.

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07% 0.4 percent until 2010, proving that
Americans are quickly recognizing the many benefits of electronic filing
including: increased privacy and security, fewer errors, quicker processing
and refunds delivered in half the time (in as few as 10 days using Direct
Deposit).
President and Chief Executive Officer John A.4 million.53% at March 31, 2005 compared to 0.
-- Average residential mortgage loans increased $188 million, or 6%.


People's Bank is a diversified financial services company providing
consumer and commercial banking services, in addition to insurance and
financial advisory services. The bank is a leader in supermarket banking, with
67 of its 154 branches located in Super Stop + Shop stores. All forward-looking statements are subject to risks and
uncertainties that could cause People's actual results or financial condition
to differ materially from those expressed in or implied by such statements.2 $88.5 4.23% 3.7 69.95 38.
(2) Annualized.23 % 0.99 0.6 15.8 16.5
Other assets 190.5
Short-term investments 0.0 3.5 8.0 34.6 17.5
Professional and outside service
fees 6.0
Net income $31.01 0.38
Commercial real
estate finance 1,827.1 27.2 14.60
Total loans 7,984.9 5.02
Total earning
assets $10,078.2 1.39 220.41 239.7 18.3 0.6) 1.4
Commercial real estate finance 7.4 32.9 1.2 $33.3
Net loan charge-offs (0 .7 $1.3 0.3 $2.

checkbooks recurring

4 billion
* Total deposits increased to $4.
Management has increased its estimate for diluted earnings per share from the
previously stated range of $1. Ng commented on the Bank's outlook for 2005, "Our outlook for the
full year 2005 calls for an approximate 23% growth in EPS, driven primarily by
our continued market share gains in our lending and deposit activities .00% 1.
* Plan Ahead -- It's never too early to start thinking about next
year's taxes.

Based on the closing stock
price on April 20, 2005, the dividend yield on People's Bank common stock is
3.4 million, or $0.8 million in 1Q04.0 27.4 9.6
Efficiency ratio 62.3

Per Common Share Data:
Basic earnings per share $0.78 $12.7
Securities held to maturity, at
amortized cost 1.5
Total loans 8,088.8
Goodwill and other acquisition-
related intangibles 109.2 2,346.9 93.8
Consumer 14.1 1.1 - - - -
Total interest and dividend income 119.9 104.7 33.1 8.2 3.6
Other fees 9.6 0.3 1.0 34.6
Liability restructuring costs - - - - 133.5
Total non-interest expense 81.0 2.3 $0.8 4.48 1,551 .9 0.90
Total borrowings 1,079.

People's Bank and Subsidiaries
NON-PERFORMING ASSETS

March Dec.4 33.5 212.0 $73.0 4.3

People's Bank and Subsidiaries
NET LOAN CHARGE-OFFS (RECOVERIES )

Three Months Ended
March Dec.

recurring checkbooks

East West Bancorp Reports Record Earnings of $23.5 Million or a 39 % Increase for First Quarter of 2005

33 33
Shares used to compute
per share net income:
- Basic (1) 52,245 49,138 6
- Diluted (1) 53,963 50,694 6

Quarter Ended March 31,
2005 2004 % Change
Noninterest income:
Letters of credit fees
and commissions $2,537 $2,113 20
Branch fees 1,593 1,795 (11)
Ancillary loan fees 517 637 (19)
Income from secondary market
activities 192 851 (77)
Gain on securities
available-for-sale 448 1,194 (62)
Other 1 ,213 1,447 (16)
Total $6,500 $8,037 (19)

Noninterest expense:
Compensation and employee
benefits $12,854 $9,168 40
Occupancy and equipment expense 3,258 2,404 36
Amortization of investments in
affordable housing partnerships 1,681 1,855 (9)
Data processing 569 461 23
Amortization of positive intangibles 603 518 16
Deposit insurance premiums and
regulatory assessments 223 178 25
Other 8,530 5,752 48
Total $27,718 $20,336 36

(1) Prior period amounts have been restated to reflect the 2 for 1
stock split on June 21, 2004.83% 3. The
allowance for loan losses as a percentage of non-performing loans was 280
percent at March 31, 2005, compared to 209 percent at March 31, 2004. Management considers this measure to be
more representative of People's ongoing profitability, as the excluded items
are generally related to external market conditions and non-routine
transactions.
The efficiency ratio, which is derived in part from operating revenue and
represents an approximate measure of the cost required by People's to generate
a dollar of revenue, is the ratio of operating expense to operating revenue .
-- Debt securities decreased $15 million.9 2.2 3.47% 3.63 $12.99 34.95 30 .
(3) Reflects the waiver of dividends on the substantial majority of the
common shares owned by People's Mutual Holdings.2 11.3
Total cash and cash equivalents 398.4
Total securities 1,970.9
Commercial real estate finance 1,813.5 194.1 $2,137.9
Net interest income 91.4 12.7 2.32 $0.1 3.3 102.8 0.14%

Excess of earning
assets over funding
liabilities $726.2 $107.8 13.3 1.5 0.09
Funding liabilities allocated to
discontinued operations (3) (819.5 7.4 209.9 0.0 $72.1) (0.1) - 0.1 -
Total $0.8 $4.

mmr recordkeeper

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