East West Bancorp, Inc. (NASDAQ:EWBC) Q1 2023 Earnings Call Transcript

And those performance stocks are working out really well, not just by the way, for a senior executive, but in fact, throughout the whole bank, every single employee, including part-time teller, every single one, stock grant every single year.Since 1998, when we have completed our management buyout, since that day in June of 1998, we started giving stock grant every year to every single employee exactly the same amount, we started with $1,000 a year. We — and inched up to $2,000 a year, but every year. At Lunar New Year, we provide the stock grant to every single employee.And this is something that worked out really well for East West, every single 3,000-plus associates at the bank have stock ownership. They believe that they are owner of the East West Bank.

Every single employee think that I work for them, because they are a shareholder. So — and that’s kind of like mutually beneficial relationship, I think, working out just fine for us.So we will continue to look into opportunity, but when it comes to shall we buy and not buy and all that, I mean right now, with all these SEC stuff, we try not to do too much as we don’t want to get into any kind of hassle. Let’s put it that way.Jordan Hymowitz Yeah.Irene Oh I will just add that Monday, I took all the cash right hand and bough stock. Hopefully, investors know that when the CFO buys, management has confidence in the bank.Operator This concludes our question-and-answer session. I would like to turn the conference back over to Dominic for any closing remarks.Dominic Ng Well, thank you so much for having the interesting call.

With that, I am looking forward to speaking with all of you in July. Thank you.Operator The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.