Valuation range the line at three costs of equity r 11% · 1.72× r 9% · 2.29× now 2.13×
0.0× 1.0× 2.0× 3.0× 4.0×
At r = 10% the line gives 1.97× for a 16.8% ROTCE; the market pays 2.13×, a 8% premium to the line .
Where it has traded quarter-end P/TBV · 20 quarters · Dec 31, 2021 → Sep 30, 2026 0.50× 1.00× 1.50× 2.00× 2.50× 2021 2022 2023 2024 2025 2026 2021-12-31 · 2.10× (close 78.68 · TBVPS 37.48) 2022-03-31 · 2.16× (close 79.02 · TBVPS 36.57) 2022-06-30 · 1.79× (close 64.80 · TBVPS 36.13) 2022-09-30 · 1.84× (close 67.14 · TBVPS 36.58) 2022-12-31 · 1.70× (close 65.90 · TBVPS 38.83) 2023-03-31 · 1.35× (close 55.50 · TBVPS 41.18) 2023-06-30 · 1.25× (close 52.79 · TBVPS 42.26) 2023-09-30 · 1.22× (close 52.71 · TBVPS 43.14) 2023-12-31 · 1.57× (close 71.95 · TBVPS 45.86) 2024-03-31 · 1.69× (close 79.11 · TBVPS 46.75) 2024-06-30 · 1.52× (close 73.23 · TBVPS 48.28) 2024-09-30 · 1.61× (close 82.74 · TBVPS 51.44) 2024-12-31 · 1.85× (close 95.76 · TBVPS 51.88) 2025-03-31 · 1.68× (close 89.76 · TBVPS 53.58) 2025-06-30 · 1.81× (close 100.98 · TBVPS 55.74) 2025-09-30 · 1.82× (close 106.45 · TBVPS 58.36) 2025-12-31 · 1.85× (close 112.39 · TBVPS 60.63) 2026-03-31 · 1.74× (close 106.76 · TBVPS 61.43) 2026-06-30 · 2.04× (close 129.09 · TBVPS 63.36) 2026-09-30 · 2.00× (close 123.93 · TBVPS 61.92) p75 1.85× med 1.77× p25 1.60× now 2.13× Five-year median 1.77×, middle half 1.60–1.85×, range 1.22–2.16×. Now 2.13×: +21% above its own median, higher than 95% of those quarters. Each quarter priced at its own TBVPS · the band is the 25th–75th percentile
Where the money goes TTM through Jun 30, 2026 · $B 0 1 2 3 4 Interest income: 4.3 $B 4.3 Interest income Interest expense: −1.6 $B −1.6 Interest expense NII: 2.7 $B 2.7 NII Non-interest income: 0.4 $B 0.4 Non-interest income Net revenue: 3.1 $B 3.1 Net revenue Operating expenses: −1.1 $B −1.1 Operating expenses Provision: −0.1 $B −0.1 Provision Pre-tax: 1.9 $B 1.9 Pre-tax Tax: −0.4 $B −0.4 Tax Net income: 1.4 $B 1.4 Net income
assets $86.0B ÷ TCE $8.6B = 10.0× leverage · ROA 1.67% × 10.0 = ROTCE 16.8%
Revenue mix NII vs. non-interest income · Regional peers (10) EWBC 88 / 12
Tier average 74 / 26
Efficiency 35.1% vs. tier 65.1% · ROTCE 16.8% vs. 13.3% · credit cost 4.3% vs. 4.1% · AOCI/TCE 0.0% vs. −13.8%.
Quarter by quarter 8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter