Latest news with #income
Yahoo
5 hours ago
- Business
- Yahoo
East West Bancorp Reports Earnings for Second Quarter of 2025, With Record Quarterly Revenue and Net Interest Income
Total revenue (FTE), pre-tax, pre-provision income, adjusted net income, and adjusted diluted earnings per share are non-GAAP financial measures. Total revenue (FTE) represents total revenue adjusted for tax exempt interest on certain investment securities and loans. Adjusted net income and adjusted diluted earnings per share ("EPS") represent net income and diluted EPS adjusted for certain tax-effected items. See reconciliation of GAAP to non-GAAP financial measures in Table 13 of East West's detailed 2Q25 earnings release and financial tables, available at . Tangible book value per share, return on average tangible common equity, adjusted return on average tangible common equity, and tangible common equity ratio are non-GAAP financial measures. Adjusted return on average tangible common equity represents return on tangible common equity adjusted for certain tax-effected items. See reconciliation of GAAP to non-GAAP measures in Table 14 of East West's detailed 2Q25 earnings release and financial tables, available at . "Credit trends were resilient, with criticized loans and nonperforming assets both declining quarter-over-quarter. Our capital levels increased during the quarter, with East West's tangible common equity ratio growing to 10%. This position of strength will allow us to support our customers with confidence and to capitalize on market opportunities. I am also proud to report that East West was again ranked as the best performing bank above $50 billion in assets by Bank Director, marking our third consecutive year and fourth title in the past five years," Ng concluded. PASADENA, Calif., July 22, 2025 --( BUSINESS WIRE )--East West Bancorp, Inc. ("East West" or the "Company") (Nasdaq: EWBC), parent company of East West Bank, reported its financial results for the second quarter of 2025. Second quarter 2025 net income was $310 million or $2.24 per diluted share. Total loans and deposits both reached new records as of June 30, 2025, at $55.0 billion and $65.0 billion respectively. Return on average common equity was 15.4% and the total stockholders' equity to assets ratio was 10.5% for the second quarter. Book value per share and tangible book value per share 1 both grew $1.97 quarter-over-quarter. Story Continues Conference Call East West will host a conference call to discuss second quarter 2025 earnings with the public on Tuesday, July 22, 2025, at 2:00 p.m. PT/5:00 p.m. ET. The public and investment community are invited to listen as management discusses second quarter 2025 results and operating developments. The following dial-in information is provided for participation in the conference call: calls within the U.S. - (877) 506-6399; calls within Canada – (855) 669-9657; international calls – (412) 902-6699. A presentation to accompany the earnings call, a listen-only live broadcast of the call, and information to access a replay one hour after the call will all be available on the Investor Relations page of the Company's website at About East West East West provides financial services that help customers reach further and connect to new opportunities. East West Bancorp, Inc. is a public company (Nasdaq: "EWBC") with total assets of $78.2 billion as of June 30, 2025. The Company's wholly-owned subsidiary, East West Bank, is the largest independent bank headquartered in Southern California, and operates over 110 locations in the United States and Asia. The Bank's markets in the United States include California, Georgia, Illinois, Massachusetts, Nevada, New York, Texas, and Washington. For more information on East West, visit Forward-Looking Statements Certain matters set forth herein (including any exhibits hereto) contain "forward-looking statements" that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. East West Bancorp, Inc. (referred to herein on an unconsolidated basis as "East West" and on a consolidated basis as the "Company," "we," "us," "our" or "EWBC") may make forward-looking statements in other documents that it files with, or furnishes to, the United States ("U.S.") Securities and Exchange Commission ("SEC") and management may make forward-looking statements to analysts, investors, media members and others. Forward-looking statements are those that do not relate to historical facts and that are based on current assumptions, beliefs, estimates, expectations and projections, many of which, by their nature, are inherently uncertain and beyond the Company's control. Forward-looking statements may relate to various matters, including the Company's financial condition, results of operations, plans, objectives, future performance, business or industry, and usually can be identified by the use of forward-looking words, such as "anticipates," "assumes," "believes," "can," "continues," "could," "estimates," "expects," "forecasts," "goal," "intends," "likely," "may," "might," "objective," "plans," "potential," "projects," "remains," "should," "target," "trend," "will," "would," or similar expressions or variations thereof, and the negative thereof, but these terms are not the exclusive means of identifying such statements. You should not place undue reliance on forward-looking statements, as they are subject to known and unknown risks and uncertainties. Factors that might cause future results to differ materially from historical performance and any forward-looking statements include, but are not limited to: changes in local, regional and global business, economic and political conditions and natural or geopolitical events; the soundness of other financial institutions and the impacts related to or resulting from bank failures and other industry volatility, including potential increased regulatory requirements, FDIC insurance premiums and assessments, and deposit withdrawals; changes in laws or the regulatory environment, including trade, monetary and fiscal policies and laws and current or potential disputes between the U.S. and the People's Republic of China, Singapore, and other countries; changes in the commercial and consumer real estate markets; changes in consumer or commercial spending, savings and borrowing habits, and patterns and behaviors; the Company's ability to compete effectively against financial institutions and other entities, including as a result of emerging technologies; the success and timing of the Company's business strategies; the Company's ability to retain key officers and employees; changes in market interest rates, competition, regulatory requirements and product mix; changes in the Company's costs of operation, compliance and expansion; disruption, failure in, or breach of, the Company's operational or security systems or infrastructure, or those of third party vendors with which the Company does business, including as a result of cyber-attacks, and the disclosure or misuse of confidential information; the adequacy of the Company's risk management framework; future credit quality and performance, including expectations regarding future credit losses and allowance levels; adverse changes to the Company's credit ratings; legal proceedings, regulatory investigations and their resolution; the Company's capital requirements and its ability to generate capital internally or raise capital on favorable terms; the impact on the Company's liquidity due to changes in the Company's ability to receive dividends from its subsidiaries; and any strategic acquisitions or divestitures and the introduction of new or expanded products and services or other events that may directly or indirectly result in a negative impact on the financial performance of the Company and its customers. For a more detailed discussion of some of the factors that might cause such differences, see the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025 under the heading Item 1A. Risk Factors. You should treat forward-looking statements as speaking only as of the date they are made and based only on information then actually known to the Company. The Company does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law. View source version on Contacts For Investor Inquiries, Contact: Adrienne Atkinson Director of Investor Relations T: (626) 788-7536 E: For Media Inquiries, Contact: Angie Tang SVP - Corporate Communications T: (626) 768-6853 E:
Forbes
7 hours ago
- Business
- Forbes
2 Profitable Side Hustles You Can Start This Week
There are two simple moves that could change the way you earn money, without quitting your job or ... More adding 30 hours to your week. What if I told you that two profitable side hustles could change the way you earn money forever? And that you wouldn't have to quit your job or add 30 hours to your week to do it? Sounds like a late-night infomercial, right? But this isn't a gimmick. It's real. And it's already working for thousands of entrepreneurs who want more income, more freedom, and more leverage. In this article, I'll show you the only two side hustles I have seen working for business owners who are already running a business and crave more financial breathing room now. This is for you if: Let's break it down. Why You Need Profitable Side Hustles Now (Even If You're Already a Business Owner) If you're already running a business, you might be thinking: "Isn't this enough?" Maybe. But here's what I see behind the scenes with a lot of small business owners: That's where the right side hustle comes in to create a new revenue stream. Done right, a side hustle isn't just extra cash, it's: If your current business is your main money engine, think of a side hustle as your second income stream, quietly humming in the background, adding lift and leverage. And here's more good news. Side hustles can eventually increase the value of your business. Why? Because a business buyer sees diversified revenue streams. They see scalable systems. They see repeatable income that doesn't rely on you as the business owner. The Two Profitable Side Hustles That Work For Freedompreneurs Forget drop shipping and scammy Multi Level Marketing. If you want a smart, low-lift, high-leverage side hustle that fits your life and your business goals, these are the only two I recommend: Why it works: You create it once. It sells forever. Digital products are the ultimate freedom hack. No inventory. No shipping. No time zone drama. Just pure profit on repeat. Best part? You already have the knowledge people will pay for. Think about it: You don't need to be a social media influencer. You don't need a huge email list of potential clients. You just need a clear solution to a real problem. Examples of Digital Products that sell: These small but powerful digital products can sell on autopilot via your website, Kajabi or a simple landing page with Stripe. You don't need fancy design. Just clarity and usefulness. Why it works: You're already recommending tools, books, and services. Now you get paid for it. Affiliate marketing isn't about spammy links or pushing things you don't believe in. It's about getting rewarded for the referrals you're already making. You probably: Those tools often have affiliate programs you can sign up for with just a few clicks. Real example: A copywriter I know sends her onboarding clients a list of tools they need for their product launch: an email system, a simple landing page, and a design tool. She includes her affiliate links. That one email brings in $400+ a month. Pro tip: Be transparent. Say "this is an affiliate link, I only recommend what I love", and people will respect you more, not less. What These 2 Profitable Side Hustles Have In Common Both of these income streams share something crucial: they turn you from someone selling their time to an asset builder. You and your team are not just doing the work. You're building a business that works for you, even when you are not. Digital products and affiliate marketing: And if you ever decide to sell your business? These extra revenue streams make it more attractive. Why? Because buyers love businesses that: Action Plan To Start Profitable Side Hustles This Week Step 1: Pick one side hustle: digital product or affiliate marketing. Step 2: Set aside 90 minutes this week to: Step 3: Launch imperfectly. Send the link to 10 people who need it. Post about it once. Mention it in your next client call. That's it. That's the launch. Final Thoughts: Building Leverage With a Side Hustle You don't need to wait for a business buyer to build a profitable, exit-ready business. And you don't need to wait until burnout to find freedom. You can build leverage now. You can create more cashflow today. And it can start with one small side hustle. That doesn't take over your life. That doesn't need a team. And that doesn't rely on hustle culture. Just one smart idea. Shared with the right people. And sold simply. That's how freedompreneurs build valuable businesses. Two profitable side hustles at a time. Now go pick yours.
CBS News
8 hours ago
- Business
- CBS News
New York is home to the country's 2 wealthiest suburbs, ranking finds. See which towns made the list.
There's a new report identifying the wealthiest suburbs in America, and a pair of communities just outside New York City are first and second on the list. a personal finance website, recently put out its ranking of the "50 Wealthiest Suburbs" in the country for 2025. The study looked at which suburbs have the highest average household incomes. Scarsdale is the country's wealthiest suburb for a second year in a row. The town that's home to about 18,000 people had an average household income of $601,193 for 2023, which was almost $200,000 more than any other suburb on the list. The average home value in Scarsdale is just over $1.2 million, according to the report. Coming in at No. 2 is another Westchester County community - Rye. Rye has an average household income of $421,259, and its average home value is actually more than Scarsdale at $1.875 million. The next NYC suburb on the ranking is No. 26, Tenafly, N.J., a borough in Bergen County that has an average household income of about $306,000 and home value of $1.28 million. Close behind at 28th is Summit, N.J. in Union County, which has an average household income of more than $304,000 and an average home value of $1.34 million. Rounding out the NYC suburbs represented on the list are Westfield, N.J. at No. 33 (average household income of $297,367), No. 34 Greenwich, Conn. ($297,081), No. 41 Ridgewood, N.J. ($288,861) and No. 46 Dix Hills, N.Y. ($270,581). Affordability continues to be a challenge for anyone looking to buy a home in New York or its suburbs. A July report from real estate listing service OneKey MLS found that the median sales price for single-family homes in the New York metro area is up to $775,000. The report said the inventory of available homes is shrinking. "While buyer interest remains strong, the market continues to be defined by limited inventory and affordability pressures," OneKey MLS CEO Richard Haggerty said in a statement. "As we move through the remainder of the year, we expect steady demand and gradual price growth to persist as supply continues to lag behind."
France 24
10 hours ago
- Health
- France 24
The Bright Side: Madd fruit boosts Senegalese economy during rainy season
The tangy and rich in vitamin C Madd fruit, eaten fresh or processed, is a crucial source of income for thousands of families who live off its harvest in the region of Casamance, south of Senegal. In the village of Thiobon, over 450 kilometres south of Dakar, local producers are sustaining the sector and thanks to a 2024 Protected Geographical Indication, Madd is becoming more widely available. Backed by the World Intellectual Property Organisation, the UN's Food and Agriculture Organisation and the French Development Agency, this classification is bringing new hope to an entire community. From Dakar's markets to Casamance villages, people are willing to pay more than 14,000 CFA francs this year – just over €20 – for a sack of the fruit. 'The fixed price works well for us. If there's a lot or a little amount of Madd, people still buy it at the same price, so that's an advantage for us who harvest it," explained 29-year-old Madd picker, Lansana Mané. Madd is only harvested for three months a year and processing remains largely artisanal, which is a challenge for producers. 'We don't yet have large-scale systems, so we rely on a few freezers in our processing units,' said Maimouna Sambou Diedhiou, president of the Association for the Protection and Promotion of the Madd Geographical Indication of Casamance. 'Manual work limits production to small quantities, making year-round operations difficult. One of the biggest challenges is industrialising the process and creating systems to preserve semi-processed products, like Madd nuts.' According to industry insiders, the Madd sector generates an average of 500 million CFA francs, more than €750,000 each year.
Yahoo
a day ago
- Business
- Yahoo
Gamblers will pay more taxes in 2026 and beyond when Trump's 'Big, Beautiful Bill' hits
Gamblers lost a bit of a tax break in the nearly 900-page mega tax-and-spending bill that President Donald Trump signed into law July 4. If you won $1,000 betting on the Super Bowl in 2025, for example, you still could claim up to $1,000 in gambling losses if you itemize all your deductions when you file your federal income tax return next year. And you wouldn't be taxed on that win in this example. But the game's over when tax rules for gambling change beginning in 2026. What are the tax rules when it comes to gambling? What remains true: You can claim gambling losses up to the amount of your winnings only if you itemize all your deductions. Most people don't itemize these days because they get a better tax break by taking the standard deduction. The amount of losses you can deduct are limited by your winnings. Deductible losses still will not be able to exceed total winnings for the year. How the new tax law changes things for legal gamblers What's changed: Beginning in 2026, the tax law shifts just enough to irk plenty of people who dream big by heading to the casino, betting online, or buying lottery tickets. A $1,000 win in 2026 and afterward will mean that you can only deduct 90% of your losses ‒ or $900 in this example. Someone who wins in this example would pay taxes on $100 in winnings in 2026 when they file that year's tax return. Economic outcomes: Trump's mega tax and spending law will have small economic impact, forecasters say "Instead of gambling losses being deductible to the full extent of gambling winnings, they're going to be limited to 90%," said Tom O'Saben, enrolled agent and director of tax content and government relations for the National Association of Tax Professionals, which has 23,000 members. Make no mistake, the new 90% limit has no impact on the 2025 tax returns that will be filed early next year. It would only apply to winnings and losses that take place in 2026 and after. Casual gamblers cannot deduct expenses related to their lodging, transportation, or food and other incidental expenses during their gambling, Mark Steber, chief tax information officer for Jackson Hewitt Tax Services, told the Detroit Free Press, part of the USA TODAY Network, earlier this year. And that's still true going forward. Yet, he noted, someone who is a professional gambler and considered self-employed would be eligible to deduct travel and lodging expenses while working. The new tax law, though, clarifies that any expense related to carrying on gambling activities ‒ such as travel, admission fees and lodging related to professional gambling ‒ would be treated as a gambling loss and then subject to that 90% cap, O'Saben explained in a presentation on July 9 to tax professionals. As a result, everyone from professional poker players to young gamblers using an app to bet on football is screaming foul and viewing the change as a 10% penalty of sorts. Some already want to see the new tax rule changed On July 7, U.S. Rep. Dina Titus introduced legislation to restore the 100% deduction for gamblers. The Nevada Democrat calls her bill the My FAIR BET Act ‒ which calls for "Fair Accounting for Income Realized from Betting Earnings Taxation." "It gives everyone ‒ from recreational gamblers to high-stakes gamblers ‒ a fair shake," Titus said in a statement. "We should be encouraging players to properly report their winnings and wager using legal operators. The Senate change will only push people to not report their winnings and to use unregulated platforms.' The American Gaming Association applauds Titus for introducing the FAIR BET Act, as the group would like to see congressional leaders and the Trump administration restore the long-standing tax treatment of gaming losses, according to a group spokesperson. The industry group ‒ whose members include DraftKings, MGM Resorts International, Churchill Downs, FireKeepers Casino Hotel, Cherokee Nation Entertainment and other big names ‒ earlier in the spring urged congressional leadership to not only "maintain the deduction for taxpayers who itemize, but ‒ as a matter of fairness ‒ Congress should consider allowing for non-itemizers to net their gambling wins and losses for purposes of reporting adjusted gross income." "Under current policy," according to the letter sent in May to congressional leaders, "most taxpayers do not itemize and many gaming customers are subject to the mismatch of being taxed on the full amount of their gross gaming wins with no ability to net their losses." "As a result, those who are in a losing position at the end of the year are in effect being taxed on income they have not received," according to the letter. Others are speaking out on social media, too. A Nevada-based tax preparer posted on X that high-stakes gamblers will be hurt if this law with the 90% limit stays in place and goes into effect in 2026. "But so will the average gambler who 'gets lucky,' " said Russell Fox, whose profile also proclaims that he's a poker player. "Vegas was built on the dream, and if that dream is removed (or drastically lessened) by a bad law, Vegas will be hurt." I'd imagine the same would be true for casinos in a million other spots where many people choose to legally gamble. Contact personal finance columnist Susan Tompor: stompor@ Follow her on X @tompor. This article originally appeared on Detroit Free Press: Tax break to change for gambling with Trump's 'Big, Beautiful Bill' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
