Cathay General Bancorp Announces Record Earnings Increase of 78% to
$23.2 Million, or $0.46 Per Share, in Third Quarter LOS ANGELES,
Oct. 21 /PRNewswire-FirstCall/ -- Cathay General Bancorp (the
"Company") (NASDAQ:CATY), the holding company for Cathay Bank (the
"Bank"), today announced results for the third quarter of 2004.
Share and per share numbers for all periods presented reflect a
two-for-one stock split that became effective on September 28,
2004. STRONG FINANCIAL PERFORMANCE Third quarter 2004 Third quarter
2003 Net income $23.2 million $13.0 million Basic earnings per
share $0.47 $0.36 Diluted earnings per share $0.46 $0.36 Return on
average assets 1.60% 1.66% Return on average stockholders' equity
14.08% 16.55% Efficiency ratio 36.85% 34.42% THIRD QUARTER 2004
HIGHLIGHTS * Third quarter earnings increased $10.2 million, or
78%, compared to the same quarter a year ago. * Fully diluted
earnings per share reached $0.46 and increased 28% compared to the
same quarter a year ago. * Gross loans increased by $106.9 million,
or 3%, primarily in commercial mortgage loans, from June 30, 2004.
* Deposits increased by $33.1 million, or 1% from June 30, 2004. *
Return on average stockholders' equity was 14.08% and return on
average assets was 1.60% for the quarter ended September 30, 2004.
* Nonaccrual loans decreased $8.5 million from $26.7 million at
June 30, 2004, to $18.2 million at September 30, 2004. * Efficiency
ratio of 36.85% for the third quarter of 2004. * The Board of
Directors approved a two-for-one stock split of the Company's
common stock, in the form of a 100% stock dividend and on October 1
approved a 29% increase in the quarterly cash dividend from $.07 to
$.09 a share to be paid on October 22, 2004. "The third quarter net
income was another record and demonstrates the benefits of the
integration of General Bank and Cathay Bank. Continued strong
organic loan growth (achieved in spite of higher than normal loan
prepayments), an improved net interest margin, net credit
recoveries, and a decrease in noninterest expense from the second
quarter of 2004 were the main factors that contributed to the
record results. We are gratified to see continuing performance
improvement in sequential quarters, affirming that our integration
efforts have been largely successful," commented Dunson Cheng,
Chairman of the Board and President of the Company. "We continue to
be pleased by the level of retention of customers and key officers
from General Bank. Looking forward, by early 2005, we expect to
open a second branch in New York Chinatown and to relocate our
Boston main office to a new location to better serve our growing
customer base," said Peter Wu, Executive Vice Chairman and Chief
Operating Officer. "We were pleased that the profitability
performance of the Company and its strong stock price allowed the
Board to split our stock two-for-one in September and to increase
the dividend by 29% in October. We are optimistic that 2004 should
be another record year for Cathay General Bancorp," concluded
Dunson Cheng. INCOME STATEMENT REVIEW As of the close of business
on October 20, 2003, the Company completed its merger with GBC
Bancorp. The results of GBC Bancorp's operations have been included
in the Company's consolidated financial statements since October
20, 2003. The return on assets and return on equity after the
merger with GBC Bancorp are lower than in previous periods, due
primarily to the increases in assets and stockholders' equity as a
result of the merger. Net interest income before provision for loan
losses Our net interest income before provision for loan losses
increased to $54.8 million during the third quarter of 2004, or
98.9% higher than the $27.6 million during the same quarter a year
ago. The increase was due primarily to the merger with GBC Bancorp
and strong growth in loans. The net interest margin, on a fully
taxable-equivalent basis, increased 11 basis points from 4.02%
during the second quarter 2004 to 4.13% for the third quarter 2004.
The net interest margin increased from 3.80% in the third quarter
of 2003 to 4.13% in the third quarter of 2004, primarily as a
result of increases in the prime rate, higher yields on investment
securities, and interest collected from payoffs of several
nonaccrual loans. For the third quarter of 2004, the interest rate
earned on our average interest-earning assets was 5.25% on a fully
taxable-equivalent basis, and our cost of funds on average
interest-bearing liabilities equaled 1.37%. In comparison, for the
third quarter of 2003, the interest rate earned on our average
interest-earning assets was 5.02% and our cost of funds on average
interest-bearing liabilities equaled 1.47%. Provision for loan
losses The provision for loan losses was zero for both the second
and third quarters of 2004 compared to $1.7 million for the third
quarter of 2003. The provision for loan losses represents the
charge against current earnings that is determined by management,
through a credit review process, as the amount needed to maintain
an allowance for loan losses that management believes should be
sufficient to absorb loan losses inherent in the Company's loan
portfolio. Total chargeoffs and recoveries for the third quarter of
2004 were $2.4 million and $2.5 million, respectively, compared to
total chargeoffs and recoveries of $15,000 and $61,000,
respectively, for the third quarter of 2003. Total net recoveries
for the nine months in 2004 were $233,000 compared to net
charge-offs of $124,000 for the nine months in 2003. Non-interest
income Non-interest income, which includes revenues from service
charges on deposit accounts, letters of credit commissions,
securities gains (losses), gains (losses) from loan sales, wire
transfer fees, and other sources of fee income, was $4.7 million
for the third quarters of both 2004 and 2003. For the third quarter
of 2004, the Company recorded net securities losses of $0.3 million
compared to $1.7 million of net gains for the same quarter in 2003.
Letters of credit commissions increased $579,000, or 106.8%, from
$542,000 in the third quarter of 2003 to $1.1 million in the third
quarter of 2004. Comparing the third quarter of 2004 to the third
quarter of 2003, depository service fees increased $542,000, or
39.1% and other operating income increased $822,000, or 73.6%.
These increases were due primarily to the merger with GBC Bancorp.
Non-interest expense Non-interest expense increased $10.8 million
to $22.0 million in the third quarter of 2004 primarily due to the
merger with GBC Bancorp. The efficiency ratio was 36.85% for the
third quarter 2004 compared to 34.42% in the year ago quarter.
Salaries and employee benefits increased $6.0 million or 91.8% from
$6.5 million in the third quarter of 2003 to $12.5 million in the
third quarter of 2004 due to the merger with GBC Bancorp and a
$798,000 increase in compensation expense due to the amortization
of compensation expense associated with stock options granted after
the third quarter of 2003. Occupancy expense increased by $1.0
million or 92.1%, from $1.1 million in the third quarter of 2003 to
$2.1 million in the third quarter of 2004, due primarily to the
merger with GBC Bancorp. Computer and equipment expense increased
$646,000 or 84.3% from $766,000 in the third quarter of 2003 to
$1.4 million in the third quarter of 2004 due to the merger with
GBC Bancorp. Professional services expense increased $822,000 or
91.2% from $901,000 in the third quarter of 2003 to $1.7 million in
the third quarter of 2004 due to higher legal, consulting, and
other professional expenses primarily as a result of the merger
with GBC Bancorp. Amortization of core deposit intangibles
increased by $1.3 million due to the merger with GBC Bancorp. Other
operating expenses increased $690,000 or 109.5% due to the merger
with GBC Bancorp. Income taxes The effective tax rates for the
third quarter of 2004 and 2003 were 38.3% and 33.3%, respectively,
compared to 36.7% for the full year 2003. The effective tax rate
for the third quarter of 2004 of 38.3% increased from the full year
2003 effective tax rate of 36.7% because the tax benefit from the
Company's investments in affordable housing and other tax-exempt
investments comprises a smaller percentage of pretax income in 2004
compared to 2003. Quarterly comparisons with the first three
quarters of 2003 are impacted by the real estate investment trust
("REIT") state tax benefits which reduced income tax expense in the
first three quarters of 2003, and increased income tax expense in
the fourth quarter of 2003, when the previously recorded benefit
was reversed. As previously disclosed, on December 31, 2003, the
California Franchise Tax Board (FTB) announced its intent to list
certain transactions that in its view constitute potentially
abusive tax shelters. Included in the transactions subject to this
listing were transactions utilizing regulated investment companies
(RICs) and real estate investment trusts (REITs). As part of the
notification indicating the listed transactions, the FTB also
indicated its position that it intends to disallow tax benefits
associated with these transactions. While the Company continues to
believe that the tax benefits recorded in three prior years with
respect to its regulated investment company were appropriate and
fully defensible under California law, the Company has deemed it
prudent to participate in Voluntary Compliance Initiative - Option
2, requiring payment of all California taxes and interest on these
disputed 2000 through 2002 tax benefits, and permitting the Company
to claim a refund for these years while avoiding certain potential
penalties. The Company retains potential exposure for assertion of
an accuracy-related penalty should the FTB prevail in its position
in addition to the risk of not being successful in its refund
claims. As of September 30, 2004, the Company reflected a $12.3
million net state tax receivable for the years 2000, 2001, and 2002
after giving effect to reserves for loss contingencies on the
refund claims, or an equivalent of $8.0 million after giving effect
to Federal tax benefits. Although the Company believes its tax
deductions related to the regulated investment company were
appropriate and fully defensible, there can be no assurance of the
outcome of its refund claims, and an adverse outcome on the refund
claims could result in a loss of all or a portion of the $8.0
million net state tax receivable after giving effect to Federal tax
benefits. BALANCE SHEET REVIEW Total assets increased by $351.1
million to $5.9 billion at September 30, 2004, up 6.3% from
year-end 2003 of $5.5 billion. The increase in total assets was due
primarily to increases in loans and investment securities. The
increase in gross loans to $3.6 billion as of September 30, 2004,
from $3.3 billion as of December 31, 2003, represents growth of
$333.2 million, or 10.1%, due primarily to increases in commercial
mortgage loans. The growth in gross loans during the third quarter
was $106.9 million or 3.0%. The changes in the loan composition
from year-end 2003 are presented below: (Dollar in thousands)
September 30, 2004 December 31, 2003 % Change Loans Commercial
$941,283 $956,382 (2) Residential mortgage 315,170 262,954 20
Commercial mortgage 2,071,294 1,715,434 21 Real estate construction
298,948 359,339 (17) Installment 9,404 11,452 (18) Other 3,530 860
310 Gross loans and leases $3,639,629 $3,306,421 10 Allowance for
loan losses (66,041) (65,808) 0 Unamortized deferred loan fees
(11,284) (10,862) 4 Total loans and leases, net $3,562,304
$3,229,751 10 The increase in total assets from year-end 2003 was
funded primarily by the increase in wholesale borrowings and time
deposits of $100,000 or more. Total deposits increased $113.3
million or 2.6% from December 31, 2003, and $33.1 million or 0.7%
from June 30, 2004. The changes in the deposit composition from
year-end 2003 are presented below: (Dollars in thousands) September
30, 2004 December 31, 2003 % Change Deposits Non-interest- bearing
deposits $660,909 $633,556 4 Interest-bearing checking deposits
878,738 937,317 (6) Savings deposits 428,660 425,076 1 Time
deposits under $100 536,387 559,305 (4) Time deposits of $100 or
more 2,036,641 1,872,827 9 Total deposits $4,541,335 $4,428,081 3
Advances from the Federal Home Loan Bank increased $170.8 million
to $429.1 million at September 30, 2004, compared to $258.3 million
at December 31, 2003. ASSET QUALITY REVIEW Non-performing assets to
gross loans plus other real estate owned decreased to 0.80% at
September 30, 2004 from 1.19% at December 31, 2003, but increased
from 0.24% at September 30, 2003. More than two-thirds of the $11.0
million in loans past due 90 days or more and still accruing
interest are secured by real estate. Total non-performing assets
decreased to $29.2 million at September 30, 2004, compared with
$39.3 million at December 31, 2003, but increased from $4.9 million
at September 30, 2003 before the merger with GBC Bancorp. The
allowance for loan losses amounted to $66.0 million at September
30, 2004, and represented the amount that the Company believes
should be sufficient to absorb loan losses inherent in the
Company's loan portfolio. The allowance for loan losses represented
1.81% of period-end gross loans and 226% of non-performing loans at
September 30, 2004. The comparable ratios were 1.99% of gross loans
and 169% of non-performing loans at December 31, 2003. The changes
to the Company's asset quality are highlighted below: (In
thousands) September 30, 2004 December 31, 2003 % Change
Non-performing assets Accruing loans past due 90 days or more
$11,042 $5,916 87 Non-accrual loans 18,204 32,959 (45) Total
non-performing loans 29,246 38,875 (25) Other real estate owned --
400 (100) Total non-performing assets $29,246 $39,275 (26) Troubled
debt restructurings $1,010 $5,808 (83) The following table presents
the types of non-accrual loans as of the dates indicated: (In
thousands) September 30, 2004 December 31, 2003 Net change Type of
Non-accrual Loans Construction $3,279 $1,458 $1,821 Single/
multi-family Residence 152 799 (647) Commercial real estate 4,015
5,404 (1,389) Commercial and industrial 10,753 25,281 (14,528)
Other loans 5 17 (12) Total $18,204 $32,959 $(14,755) CAPITAL
ADEQUACY REVIEW The Tier 1 risk-based capital ratio of 10.41%,
total risk-based capital ratio of 11.66%, and Tier 1 leverage
capital ratio of 8.38%, continued to place the Company in the "well
capitalized" category, which is defined as institutions with a
total risk-based capital ratio equal to or greater than ten
percent, a Tier 1 risk-based capital ratio equal to or greater than
six percent and a Tier 1 leverage capital ratio equal to or greater
than five percent. At September 30, 2003, the Company's Tier 1
risk-based capital ratio was 13.63%, the total risk-based capital
ratio was 14.81%, and Tier 1 leverage capital ratio was 11.00%.
YEAR-TO-DATE REVIEW Net income was $65.2 million or $1.30 per
diluted share for the nine months ended September 30, 2004, an
increase of 68.1% in net income over the $38.8 million or $1.07 per
diluted share for the same period a year ago. The net interest
margin for the nine months ended September 30, 2004, increased 13
basis points to 4.07% compared to 3.94% in the same period a year
ago. Return on average stockholders' equity was 13.56% and return
on average assets was 1.53% for the nine months of 2004, compared
to a return on average stockholders' equity of 17.10% and a return
on average assets of 1.75% for the nine months ended September 30,
2003. The efficiency ratio for the nine months ended September 30,
2004 was 39.08% compared to 35.20% during the same period a year
ago. STOCK SPLIT AND INCREASE IN DIVIDEND On August 19, 2004, the
Company's Board of Directors approved a two-for-one stock split of
the Company's common stock, in the form of a 100% stock dividend,
paid on September 28, 2004 to stockholders of record on September
13, 2004. On October 1, 2004, the Company's Board of Directors
approved a 29% increase in the common stock dividend to $0.09 per
share payable on October 22, 2004. Share and per share numbers for
all periods presented reflect the two-for-one stock split that
became effective on September 28, 2004. ABOUT CATHAY GENERAL
BANCORP Cathay General Bancorp is the one-bank holding company for
Cathay Bank, a California state-chartered bank. Founded in 1962,
Cathay Bank offers a wide range of financial services. Cathay Bank
currently operates 29 branches in California, three branches in New
York State, two branches in Massachusetts, one in Houston, Texas,
one in Washington State, and representative offices in Hong Kong
and Shanghai, China. In addition, the Bank's subsidiaries, Cathay
Investment Company and GBC Investment & Consulting Company,
Inc., both maintain an office in Taipei. As part of its post-merger
integration plans to efficiently serve its customers, Cathay Bank
closed three additional branches in Southern California on October
15, 2004 and consolidated their operations with nearby branches.
Cathay Bank's website is found at http://www.cathaybank.com/.
FORWARD-LOOKING STATEMENTS AND OTHER NOTICES Statements made in
this press release, other than statements of historical fact, are
forward-looking statements within the meaning of the applicable
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include, but are not limited
to, such words as "believes," "expects," "anticipates," "intends,"
"plans," "estimates," "may," "will," "should," "could," "predicts,"
"potential," "continue," or the negative of such terms and other
comparable terminology or similar expressions. Forward-looking
statements are not guarantees. They involve known and unknown
risks, uncertainties, and other factors that may cause the actual
results, performance, or achievements, of Cathay General Bancorp to
be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties and other factors include,
but are not limited to, adverse developments or conditions related
to or arising from: the Company's ability to integrate its
operations after its recent merger with GBC Bancorp and realize the
benefits of that merger, demographic changes, fluctuations in
interest rates, inflation, competition, war and terrorism, general
economic or business conditions in California and other regions
where Cathay Bank has operations, such as the impact of the
California budget deficit, changes in business strategy, including
the formation of a real estate investment trust (REIT) and the
deregistration of its registered investment company (RIC), and
legislative and regulatory developments, particularly the potential
effects of recently enacted California tax legislation and the
subsequent Franchise Tax Board announcement on December 31, 2003,
regarding the taxation of REITs and RICs. These and other factors
are further described in Cathay General Bancorp's Annual Report on
Form 10-K for the year ended December 31, 2003, its reports and
registration statements filed (including those filed by GBC Bancorp
prior to the merger) with the Securities and Exchange Commission
("SEC") and other filings it makes in the future with the SEC from
time to time. Cathay General Bancorp has no intention and
undertakes no obligation to update any forward-looking statements
or to publicly announce the results of any revision of any
forward-looking statement to reflect future developments or events.
Cathay General Bancorp's filings with the SEC are available to the
public from commercial document retrieval services and at the
website maintained by the SEC at http://www.sec.gov/, or by request
directed to Cathay General Bancorp, 777 N. Broadway, Los Angeles,
CA 90012, Attention: Investor Relations (213) 625-4749. CATHAY
GENERAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) Three
months ended Nine months ended (Dollars in September 30, September
30, thousands, except per 2004 2003 %Change 2004 2003 %Change share
data) FINANCIAL PERFORMANCE Net interest income before provision
for loan losses $54,846 $27,571 99 $158,112 $81,221 95 Provision
for loan losses -- 1,650 (100) -- 4,950 (100) Net interest income
after provision for loan losses 54,846 25,921 112 158,112 76,271
107 Non-interest income 4,730 4,734 (0) 15,681 16,386 (4)
Non-interest expense 21,952 11,118 97 67,911 34,361 98 Income
before income tax expense 37,624 19,537 93 105,882 58,296 82 Income
tax expense 14,426 6,507 122 40,637 19,487 109 Net income $23,198
$13,030 78 $65,245 $38,809 68 Net income per common share: Basic
$0.47 $0.36 31 $1.31 $ 1.08 21 Diluted $0.46 $0.36 28 $1.30 $ 1.07
21 Cash dividends paid per common share $0.07 $0.14 (50) $0.21 $
0.28 (25) SELECTED RATIOS Return on average assets 1.60% 1.66% (4)
1.53% 1.75% (13) Return on average stockholders' equity 14.08%
16.55% (15) 13.56% 17.10% (21) Efficiency ratio 36.85% 34.42% 7
39.08% 35.20% 11 Dividend payout ratio 15.02% 38.89% (61) 16.00%
26.00% (38) YIELD ANALYSIS (Fully taxable equivalent) Total
interest-earning assets 5.25% 5.02% 5 5.14% 5.24% (2) Total
interest-bearing liabilities 1.37% 1.47% (7) 1.30% 1.57% (17) Net
interest spread 3.88% 3.55% 9 3.84% 3.67% 5 Net interest margin
4.13% 3.80% 9 4.07% 3.94% 3 CAPITAL RATIOS September 30, December
31, September 30, 2004 2003 2003 Tier 1 risk-based capital ratio
10.41% 9.95% 13.63% Total risk-based capital ratio 11.66% 11.21%
14.81% Tier 1 leverage capital ratio 8.38% 7.97% 11.00% CATHAY
GENERAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION (Unaudited) (In thousands, except share and per share
data) September 30, 2004 December 31, 2003 % change Assets Cash and
due from banks $104,377 $111,699 (7) Federal funds sold and
securities purchased under agreements to resell -- 82,000 (100)
Cash and cash equivalents 104,377 193,699 (46) Investment
securities (amortized cost of $1,787,245 in 2004 and $1,692,780 in
2003) 1,795,060 1,707,962 5 Loans 3,639,629 3,306,421 10 Less:
Allowance for loan losses (66,041) (65,808) 0 Unamortized deferred
loan fees, net (11,284) (10,862) 4 Loans, net 3,562,304 3,229,751
10 Other real estate owned, net -- 400 (100) Affordable housing
investments, net 41,887 32,977 27 Premises and equipment, net
33,445 35,624 (6) Customers' liability on acceptances 17,496 11,731
49 Accrued interest receivable 19,997 21,553 (7) Goodwill 241,014
241,728 (0) Other intangible assets, net 48,817 52,730 (7) Other
assets 28,646 13,760 108 Total assets $5,893,043 $5,541,915 6
Liabilities and Stockholders' Equity Deposits Non-interest-bearing
demand deposits $660,909 $633,556 4 Interest-bearing deposits: NOW
deposits 256,743 279,679 (8) Money market deposits 621,995 657,638
(5) Savings deposits 428,660 425,076 1 Time deposits under $100
536,387 559,305 (4) Time deposits of $100 or more 2,036,641
1,872,827 9 Total deposits 4,541,335 4,428,081 3 Federal funds
purchased and securities sold under agreement to repurchase 77,500
82,500 (6) Advances from the Federal Home Loan Bank 429,077 258,313
66 Other borrowings 15,651 27,622 (43) Acceptances outstanding
17,496 11,731 49 Junior subordinated notes 53,901 53,856 0 Other
liabilities 80,735 60,516 33 Total liabilities 5,215,695 4,922,619
6 Total stockholders' equity 677,348 619,296 9 Total liabilities
and stockholders' equity $5,893,043 $5,541,915 6 Book value per
share $13.59 $12.48 9 Number of shares outstanding 49,848,804
49,608,182 CATHAY GENERAL BANCORP CONDENSED CONSOLIDATED STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three months ended
Nine months ended (In thousands, September 30, September 30, except
share and per share data) 2004 2003 2004 2003 INTEREST INCOME
Interest on loans $51,022 $27,562 $144,251 $81,532 Interest on
securities 18,775 8,959 55,454 26,506 Interest on federal funds
sold and securities Purchased under agreements to resell 25 11 102
312 Interest on deposits with banks 37 21 102 35 Total interest
income 69,859 36,553 199,909 108,385 INTEREST EXPENSE Time deposits
of $100 or more 8,230 4,712 22,855 14,944 Other deposits 4,439
2,381 12,104 7,660 Other borrowed funds 2,344 1,889 6,838 4,560
Total interest expense 15,013 8,982 41,797 27,164 Net interest
income before provision for loan losses 54,846 27,571 158,112
81,221 Provision for loan losses -- 1,650 -- 4,950 Net interest
income after provision for loan losses 54,846 25,921 158,112 76,271
NON-INTEREST INCOME Securities gains (losses), net (257) 1,690 961
7,343 Letters of credit commissions 1,121 542 3,218 1,536
Depository service fees 1,927 1,385 5,759 4,190 Other operating
income 1,939 1,117 5,743 3,317 Total non-interest income 4,730
4,734 15,681 16,386 NON-INTEREST EXPENSE Salaries and employee
benefits 12,541 6,537 37,879 20,261 Occupancy expense 2,102 1,094
6,035 2,999 Computer and equipment expense 1,412 766 5,262 2,418
Professional services expense 1,723 901 4,948 2,845 FDIC and State
assessments 245 145 778 402 Marketing expense 568 392 1,833 1,241
Other real estate owned expense 27 10 543 139 Operations of
affordable housing investments 681 596 2,076 1,824 Amortization of
core deposit intangibles 1,333 47 4,000 143 Other operating expense
1,320 630 4,557 2,089 Total non-interest expense 21,952 11,118
67,911 34,361 Income before income tax expense 37,624 19,537
105,882 58,296 Income tax expense 14,426 6,507 40,637 19,487 Net
income 23,198 13,030 65,245 38,809 Other comprehensive income
(loss), net of tax 12,146 (4,639) (4,640) 780 Total comprehensive
income $35,344 $8,391 $60,605 $ 39,589 Net income per common share:
Basic $0.47 $ 0.36 $1.31 $1.08 Diluted $0.46 $ 0.36 $1.30 $1.07
Cash dividends paid per common share $0.07 $ 0.14 $0.21 $0.28 Basic
average common shares outstanding 49,829,314 36,067,164 49,754,594
36,035,810 Diluted average common shares outstanding 50,476,343
36,446,996 50,327,490 36,330,670 CATHAY GENERAL BANCORP AVERAGE
BALANCES - SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited)
For the three months ended, (In thousands) September 30, September
30, June 30, 2004 2003 2004 Interest-earning assets Federal funds
sold and securities purchased under agreements to resell $8,810
$6,054 $16,462 Investment securities 1,755,309 939,232 1,780,452
Loans and leases 3,565,067 1,981,930 3,478,180 Deposits with banks
4,866 2,285 5,900 Total interest-earning assets $5,334,052
$2,929,501 $5,280,994 Interest-bearing liabilities Interest-bearing
checking deposits $864,847 $347,964 $873,219 Savings deposits
425,175 317,156 423,052 Time deposits 2,570,964 1,494,803 2,465,099
Total interest-bearing deposits $3,860,986 $2,159,923 $3,761,370
Other borrowed funds 499,204 262,445 572,163 Total interest-bearing
liabilities 4,360,190 2,422,368 4,333,533 Non-interest-bearing
demand deposits 669,797 326,803 659,806 Total deposits and other
borrowed funds $5,029,987 $2,749,171 $4,993,339 Total average
assets $5,778,209 $3,108,858 $5,731,908 Total average stockholders'
equity $655,309 $312,393 $641,866 For the nine months ended, (In
thousands) September 30, September 30, 2004 2003 Interest-earning
assets Federal funds sold and securities purchased under agreements
to resell $16,425 $35,218 Investment securities 1,759,921 822,773
Loans and leases 3,458,690 1,948,381 Deposits with banks 5,280
1,299 Total interest-earning assets $5,240,316 $2,807,671
Interest-bearing liabilities Interest-bearing checking deposits
$889,317 $342,346 Savings deposits 421,917 308,217 Time deposits
2,489,704 1,466,330 Total interest-bearing deposits $3,800,938
$2,116,893 Other borrowed funds 495,931 190,052 Total
interest-bearing liabilities 4,296,869 2,306,945
Non-interest-bearing demand deposits 654,911 296,652 Total deposits
and other borrowed funds $4,951,780 $2,603,597 Total average assets
$5,681,833 $2,968,371 Total average stockholders' equity $642,531
$303,510 DATASOURCE: Cathay General Bancorp CONTACT: Heng W. Chen
of Cathay General Bancorp, +1-213-625-4752 Web site:
http://www.cathaybank.com/
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