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Cathay General Bancorp Announces Third Quarter 2019 Results

LOS ANGELES, Oct. 16, 2019 /PRNewswire/ -- Cathay General Bancorp (the "Company", "we", "us", or "our" Nasdaq: CATY), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter ended September 30, 2019. The Company reported net income of $72.8 million, or $0.91 per share, for the third quarter of 2019.

Cathay General Bancorp (PRNewsFoto/Cathay General Bancorp) (PRNewsfoto/Cathay General Bancorp)

FINANCIAL PERFORMANCE


Three months ended

(unaudited)

September 30, 2019


June 30, 2019


September 30, 2018

Net income

$72.8 million


$72.2 million


$69.8 million

Basic earnings per common share

$0.91


$0.90


$0.86

Diluted earnings per common share

$0.91


$0.90


$0.85

Return on average assets

1.65%


1.69%


1.72%

Return on average total stockholders' equity

12.98%


13.27%


13.19%

Efficiency ratio

41.67%


44.53%


43.14%

THIRD QUARTER HIGHLIGHTS

  • Total loans, including loans held for sale, increased $171.8 million, or 4.9% annualized, to $14.8 billion for the quarter.
  • Total deposits increased $295.3 million, or 8.6% annualized, to $14.7 billion for the quarter.

"In the third quarter of 2019, our total loans increased $171.8 million, or 4.9% annualized, to $14.8 billion. We are pleased by the $295.3 million increase, or 8.6% annualized, in total deposits for the quarter," commented Pin Tai, Chief Executive Officer of the Company.

THIRD QUARTER INCOME STATEMENT REVIEW

Net income for the quarter ended September 30, 2019, was $72.8 million, an increase of $3.0 million, or 4.3%, compared to net income of $69.8 million for the same quarter a year ago. Diluted earnings per share for the quarter ended September 30, 2019, was $0.91 compared to $0.85 for the same quarter a year ago.

Return on average stockholders' equity was 12.98% and return on average assets was 1.65% for the quarter ended September 30, 2019, compared to a return on average stockholders' equity of 13.19% and a return on average assets of 1.72% for the same quarter a year ago.

Net interest income before provision for credit losses

Net interest income before provision for credit losses increased $1.9 million, or 1.3%, to $147.0 million during the third quarter of 2019, compared to $145.1 million during the same quarter a year ago. The increase was due primarily to a $3.1 million increase in interest recoveries and prepayment penalties, offset in part by an increase in interest expense from time deposits.

The net interest margin was 3.56% for the third quarter of 2019 compared to 3.83% for the third quarter of 2018 and 3.58% for the second quarter of 2019.

For the third quarter of 2019, the yield on average interest-earning assets was 4.80%, the cost of funds on average interest-bearing liabilities was 1.65%, and the cost of interest-bearing deposits was 1.60%. In comparison, for the third quarter of 2018, the yield on average interest-earning assets was 4.67%, the cost of funds on average interest-bearing liabilities was 1.15%, and the cost of interest-bearing deposits was 1.05%. The increase in the yield on average interest-earning assets resulted primarily from the higher interest recoveries and prepayment penalties discussed above. The net interest spread, defined as the difference between the yield on average interest-earning assets and the cost of funds on average interest-bearing liabilities, was 3.15% for the quarter ended September 30, 2019, compared to 3.52% for the same quarter a year ago.

Provision/(reversal) for credit losses

The Company recorded a reversal for credit losses of $2.0 million in the third quarter of 2019 compared to a reversal of $1.5 million in the same quarter a year ago. The reversal for credit losses was based on our management's review of the appropriateness of the allowance for loan losses at September 30, 2019 and September 30, 2018. The following table summarizes the charge-offs and recoveries for the periods indicated:


Three months ended


Nine months ended September 30,


September 30, 2019


June 30, 2019


September 30, 2018


2019


2018


(In thousands) (Unaudited)

Charge-offs:










  Commercial loans

$ 3,356


$ 1,713


$ 122


$ 6,300


$ 629

  Real estate loans (1)

-


-


-


-


390

   Total charge-offs

3,356


1,713


122


6,300


1,019

Recoveries:










  Commercial loans

211


1,356


187


1,609


1,250

  Construction loans

-


30


44


1,073


132

  Real estate loans(1)

8,401


423


2,949


9,134


4,315

   Total recoveries

8,612


1,809


3,180


11,816


5,697

Net (recoveries)/charge-offs

$ (5,256)


$ (96)


$ (3,058)


$ (5,516)


$ (4,678)











(1) Real estate loans include commercial mortgage loans, residential mortgage loans, and equity lines.

Non-interest income

Non-interest income, which includes revenues from depository service fees, letters of credit commissions, equity securities gains (losses), wire transfer fees, and other sources of fee income, was $10.4 million for the third quarter of 2019, an increase of $2.6 million, or 33.3%, compared to $7.8 million for the third quarter of 2018. The increase was primarily due to an increase of $1.5 million in the valuation of interest rate swap contracts and an increase of $0.8 million from the sale of residential mortgages, when compared to the same quarter a year ago.

Non-interest expense

Non-interest expense decreased $0.4 million, or 0.6%, to $65.6 million in the third quarter of 2019 compared to $66.0 million in the same quarter a year ago. The decrease was primarily due to a $4.1 million decrease in the amortization of low income housing and alternative energy partnerships which was partially offset by a $1.4 million increase in salary and employee benefits and a $1.2 million increase in marketing expense, when compared to the same quarter a year ago. The efficiency ratio was 41.67% in the third quarter of 2019 compared to 43.1% for the same quarter a year ago.

Income taxes

The effective tax rate for the third quarter of 2019 was 22.4% compared to 21.1% for the third quarter of 2018. The income tax expense for the third quarter of 2019 included a $1.4 million adjustment to reflect the impact of the delay in installation of solar systems and $0.8 million adjustment for lower than expected low income housing tax credits. The effective tax rate for both quarters includes the impact of low-income housing and alternative energy investment tax credits.

BALANCE SHEET REVIEW

Gross loans, including loans held for sale, were $14.8 billion at September 30, 2019, an increase of $769.5 million, or 5.5%, from $14.0 billion at December 31, 2018. The increase was primarily due to increases of $353.7 million, or 9.6%, in residential mortgage loans, including loans held for sale, $411.4 million, or 6.1%, in commercial mortgage loans, $65.3 million, or 26.1%, in home equity loans, and $12.4 million, or 2.1%, in real estate construction loans, offset by a decrease of $73.9 million, or 2.7%, in commercial loans. The loan balances and composition at September 30, 2019, compared to December 31, 2018 and September 30, 2018, are presented below:


September 30, 2019


December 31, 2018


September 30, 2018


(In thousands) (Unaudited)

Commercial loans

$ 2,668,061


$ 2,741,965


$ 2,674,089

Residential mortgage loans

4,010,739


3,693,853


3,569,111

Commercial mortgage loans

7,135,599


6,724,200


6,580,254

Equity lines

315,252


249,967


221,599

Real estate construction loans

593,816


581,454


597,018

Installment and other loans

5,087


4,349


5,575

Gross loans

$ 14,728,554


$ 13,995,788


$ 13,647,646







Allowance for loan losses

(125,908)


(122,391)


(123,457)

Unamortized deferred loan fees

(1,081)


(1,565)


(2,086)

Total loans, net

$ 14,601,565


$ 13,871,832


$ 13,522,103







Loans held for sale

$ 36,778


$ -


$ -

Total deposits were $14.7 billion at September 30, 2019, an increase of $955.9 million, or 7.0%, from $13.7 billion at December 31, 2018. The deposit balances and composition at September 30, 2019, compared to December 31, 2018 and September 30, 2018, are presented below:


September 30, 2019


December 31, 2018


September 30, 2018


(In thousands) (Unaudited)

Non-interest-bearing demand deposits

$ 2,939,924


$ 2,857,443


$ 2,957,881

NOW deposits

1,282,267


1,365,763


1,409,463

Money market deposits

2,095,328


2,027,404


2,134,097

Savings deposits

721,547


738,656


747,814

Time deposits

7,619,203


6,713,074


6,331,823

Total deposits

$ 14,658,269


$ 13,702,340


$ 13,581,078

ASSET QUALITY REVIEW

At September 30, 2019, total non-accrual loans were $47.2 million, an increase of $5.4 million, or 12.9%, from $41.8 million at December 31, 2018, and an increase of $4.8 million, or 11.3%, from $42.4 million at September 30, 2018.

The allowance for loan losses was $125.9 million and the allowance for off-balance sheet unfunded credit commitments was $4.6 million at September 30, 2019, which represented the amount believed by management to be appropriate to absorb credit losses inherent in the loan portfolio, including unfunded credit commitments. The $125.9 million allowance for loan losses at September 30, 2019, increased $3.5 million, or 2.9%, from $122.4 million at December 31, 2018. The allowance for loan losses represented 0.85% of period-end gross loans, and 263.0% of non-performing loans at September 30, 2019. The comparable ratios were 0.87% of period-end gross loans, and 268.5% of non-performing loans at December 31, 2018. The changes in non-performing assets and troubled debt restructurings at September 30, 2019, compared to December 31, 2018 and September 30, 2018, are shown below:

(Dollars in thousands) (Unaudited)

September 30, 2019


December 31, 2018


% Change


September 30, 2018


% Change

Non-performing assets










Accruing loans past due 90 days or more

$ 683


$ 3,773


(82)


$ 6,681


(90)

Non-accrual loans:










  Construction loans

4,629


4,872


(5)


4,922


(6)

  Commercial mortgage loans

12,330


10,611


16


13,172


(6)

  Commercial loans

22,970


18,805


22


17,118


34

  Residential mortgage loans

7,271


7,527


(3)


7,199


1

Total non-accrual loans:

$ 47,200


$ 41,815


13


$ 42,411


11

    Total non-performing loans

47,883


45,588


5


49,092


(2)

Other real estate owned

11,329


12,674


(11)


8,741


30

    Total non-performing assets

$ 59,212


$ 58,262


2


$ 57,833


2

Accruing troubled debt restructurings (TDRs)

$ 41,647


$ 65,071


(36)


$ 74,598


(44)





















Allowance for loan losses

$ 125,908


$ 122,391


3


$ 123,457


2











Total gross loans outstanding, at period-end

$ 14,728,554


$ 13,995,788


5


$ 13,647,646


8











Allowance for loan losses to non-performing loans, at period-end

262.95%


268.47%




251.48%



Allowance for loan losses to gross loans, at period-end

0.85%


0.87%




0.90%



The ratio of non-performing assets to total assets was 0.3% at September 30, 2019, and December 31, 2018. Total non-performing assets increased $0.9 million, or 1.5%, to $59.2 million at September 30, 2019, compared to $58.3 million at December 31, 2018, primarily due to an increase of $5.4 million, or 12.9%, in non-accrual loans, offset in part by a decrease of $1.3 million, or 10.6%, in other real estate owned and a decrease of $3.1 million, or 81.9%, in accruing loans past due 90 days or more.

CAPITAL ADEQUACY REVIEW

At September 30, 2019, the Company's Tier 1 risk-based capital ratio of 12.41%, total risk-based capital ratio of 14.06%, and Tier 1 leverage capital ratio of 10.81%, calculated under the Basel III capital rules, continue to place the Company in the "well capitalized" category for regulatory purposes, which is defined as institutions with a Tier 1 risk-based capital ratio equal to or greater than 8%, a total risk-based capital ratio equal to or greater than 10%, and a Tier 1 leverage capital ratio equal to or greater than 5%. At December 31, 2018, the Company's Tier 1 risk-based capital ratio was 12.43%, total risk-based capital ratio was 14.15%, and Tier 1 leverage capital ratio was 10.83%.

During the third quarter of 2019, the Company repurchased 135,000 shares of common stock at an average cost of $34.76.

YEAR-TO-DATE REVIEW

Net income for the nine months ended September 30, 2019, was $211.8 million, an increase of $4.6 million, or 2.2%, compared to net income of $207.2 million for the same period a year ago. Diluted earnings per share was $2.64 for the nine months ended September 30, 2019, compared to $2.53 per share for the same period a year ago. The net interest margin for the nine months ended September 30, 2019 was 3.61%, compared to 3.80% for the same period a year ago.

Return on average stockholders' equity was 12.94% and return on average assets was 1.65% for the nine months ended September 30, 2019, compared to a return on average stockholders' equity of 13.56% and a return on average assets of 1.75% for the same period a year ago. The efficiency ratio for the nine months ended September 30, 2019 was 43.87%, compared to 43.05% for the same period a year ago.

CONFERENCE CALL

Cathay General Bancorp will host a conference call this afternoon to discuss its third quarter 2019 financial results. The call will begin at 3:00 p.m., Pacific Time. Analysts and investors may dial in and participate in the question-and-answer session. To access the call, please dial 1-855-761-3186 and enter Conference ID 7658775. A listen-only live Webcast of the call will be available at www.cathaygeneralbancorp.com and a recorded version is scheduled to be available for replay for 12 months after the call.

ABOUT CATHAY GENERAL BANCORP

Cathay General Bancorp is the 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 38 branches in California, 10 branches in New York State, four in Washington State, three in Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Cathay Bank's website is found at www.cathaybank.com. Cathay General Bancorp's website is found at www.cathaygeneralbancorp.com. Information set forth on such websites is not incorporated into this press release.

FORWARD-LOOKING STATEMENTS

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 regarding management's beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as "aims," "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "hopes," "intends," "may," "plans," "projects," "predicts," "potential," "possible," "optimistic," "seeks," "shall," "should," "will," and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from U.S. and international business and economic conditions; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; our ability to generate anticipated returns on our investments and financings, including in tax-advantaged projects; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters and geopolitical events; general economic or business conditions in Asia, and other regions where Cathay Bank has operations; failures, interruptions, or security breaches of our information systems; our ability to adapt our systems to technological changes; risk management processes and strategies; adverse results in legal proceedings; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in accounting standards or tax laws and regulations; market disruption and volatility; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuance of preferred stock; successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ability to consummate and realize the anticipated benefits of our acquisitions; the risk that integration of business operations following any acquisitions, will be materially delayed or will be more costly or difficult than expected; and general competitive, economic political, and market conditions and fluctuations.

These and other factors are further described in Cathay General Bancorp's Annual Report on Form 10-K for the year ended December 31, 2018 (Item 1A in particular), other reports filed with the Securities and Exchange Commission ("SEC"), and other filings Cathay General Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this press release. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements, which speak to the date of this press release. Cathay General Bancorp has no intention and undertakes no obligation to update any forward-looking statement or to publicly announce any revision of any forward-looking statement to reflect future developments or events, except as required by law.

CATHAY GENERAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)




Three months ended


Nine months ended September 30,

(Dollars in thousands, except per share data)


September 30, 2019


June 30, 2019


September 30, 2018


2019


2018












FINANCIAL PERFORMANCE











Net interest income before provision for credit losses


$ 147,000


$ 143,379


$ 145,084


$ 433,695


$ 420,458

Reversal for credit losses


(2,000)


-


(1,500)


(2,000)


(4,500)

Net interest income after reversal for credit losses


149,000


143,379


146,584


435,695


424,958

Non-interest income


10,388


12,794


7,835


36,103


20,912

Non-interest expense


65,580


69,546


65,964


206,096


190,023

Income before income tax expense


93,808


86,627


88,455


265,702


255,847

Income tax expense


20,973


14,383


18,698


53,944


48,610

Net income


$ 72,835


$ 72,244


$ 69,757


$ 211,758


$ 207,237












Net income per common share











Basic


$ 0.91


$ 0.90


$ 0.86


$ 2.64


$ 2.55

Diluted


$ 0.91


$ 0.90


$ 0.85


$ 2.64


$ 2.53












Cash dividends paid per common share


$ 0.31


$ 0.31


$ 0.24


$ 0.93


$ 0.72























SELECTED RATIOS











Return on average assets


1.65%


1.69%


1.72%


1.65%


1.75%

Return on average total stockholders' equity


12.98%


13.27%


13.19%


12.94%


13.56%

Efficiency ratio


41.67%


44.53%


43.14%


43.87%


43.05%

Dividend payout ratio


33.92%


34.26%


28.00%


35.14%


28.23%























YIELD ANALYSIS (Fully taxable equivalent)











Total interest-earning assets


4.80%


4.81%


4.67%


4.82%


4.56%

Total interest-bearing liabilities


1.65%


1.65%


1.15%


1.62%


1.03%

Net interest spread


3.15%


3.16%


3.52%


3.20%


3.53%

Net interest margin


3.56%


3.58%


3.83%


3.61%


3.80%























CAPITAL RATIOS


September 30, 2019


December 31, 2018


September 30, 2018





Tier 1 risk-based capital ratio


12.41%


12.43%


12.81%





Total risk-based capital ratio


14.06%


14.15%


14.60%





Tier 1 leverage capital ratio


10.81%


10.83%


11.03%







.






.



 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In thousands, except share and per share data)


September 30, 2019


December 31, 2018


September 30, 2018








Assets







Cash and due from banks


$ 257,189


$ 225,333


$ 204,178

Short-term investments and interest bearing deposits


567,957


374,957


377,839

Securities available-for-sale (amortized cost of $1,422,431 at September 30, 2019, $1,267,731 at December 31, 2018 and $1,320,843 at September 30, 2018)


1,427,438




1,242,509




1,283,060



Loans held for sale


36,778


-


-

Loans


14,728,554


13,995,788


13,647,646

Less: Allowance for loan losses


(125,908)


(122,391)


(123,457)

Unamortized deferred loan fees, net


(1,081)


(1,565)


(2,086)

Loans, net


14,601,565


13,871,832


13,522,103

Equity securities


32,862


25,098


23,522

Federal Home Loan Bank stock


17,250


17,250


17,250

Other real estate owned, net


11,329


12,674


8,741

Affordable housing investments and alternative energy partnerships, net


321,929


282,734


295,857

Premises and equipment, net


103,820


103,189


102,565

Customers' liability on acceptances


12,503


22,709


10,454

Accrued interest receivable


52,337


51,650


50,291

Goodwill


372,189


372,189


372,189

Other intangible assets, net


6,821


7,194


7,391

Right-of-use assets- operating leases


34,518


-


-

Other assets


148,481


175,419


186,282








Total assets


$ 18,004,966


$ 16,784,737


$ 16,461,722








Liabilities and Stockholders' Equity







Deposits







Non-interest-bearing demand deposits


$ 2,939,924


$ 2,857,443


$ 2,957,881

Interest-bearing deposits:







NOW deposits


1,282,267


1,365,763


1,409,463

Money market deposits


2,095,328


2,027,404


2,134,097

Savings deposits


721,547


738,656


747,814

Time deposits


7,619,203


6,713,074


6,331,823

Total deposits


14,658,269


13,702,340


13,581,078








Advances from the Federal Home Loan Bank


600,000


530,000


315,000

Other borrowings for affordable housing investments


30,767


17,298


17,332

Long-term debt


160,386


189,448


194,136

Deferred payments from acquisition


7,602


18,458


18,253

Acceptances outstanding


12,503


22,709


10,454

Lease liabilities - operating leases


36,142


-


-

Other liabilities


253,403


182,618


208,694

Total liabilities


15,759,072


14,662,871


14,344,947

Stockholders' equity


2,245,894


2,121,866


2,116,775

Total liabilities and equity


$ 18,004,966


$ 16,784,737


$ 16,461,722








Book value per common share


$ 28.18


$ 26.36


$ 25.93

Number of common shares outstanding


79,706,511


80,501,948


81,396,047

 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three months ended


Nine months ended September 30,



September 30, 2019

June 30, 2019

September 30, 2018


2019

2018



(In thousands, except share and per share data)

INTEREST AND DIVIDEND INCOME








Loan receivable, including loan fees


$ 187,827

$ 182,291

$ 168,179


$ 548,395

$ 478,128

Investment securities


8,687

8,477

7,546


24,454

21,212

Federal Home Loan Bank stock


301

298

303


903

1,079

Deposits with banks


1,016

1,383

838


4,289

3,667









Total interest and dividend income


197,831

192,449

176,866


578,041

504,086









INTEREST EXPENSE








Time deposits


40,378

39,491

22,135


113,992

56,593

Other deposits


6,626

5,588

5,474


17,591

14,892

Securities sold under agreements to repurchase


-

-

124


-

1,446

Advances from Federal Home Loan Bank


1,786

1,792

1,430


6,174

3,286

Long-term debt


1,948

2,007

2,220


6,087

6,465

Deferred payments from acquisition


93

192

399


502

946









Total interest expense


50,831

49,070

31,782


144,346

83,628









Net interest income before reversal for credit losses


147,000

143,379

145,084


433,695

420,458

Reversal for credit losses


(2,000)

-

(1,500)


(2,000)

(4,500)









Net interest income after reversal for credit losses


149,000

143,379

146,584


435,695

424,958









NON-INTEREST INCOME








Net gains/(losses) from equity securities


365

3,237

391


7,765

(4,580)

Securities (losses)/gains, net


(121)

13

(14)


(108)

(14)

Letters of credit commissions


1,602

1,577

1,459


4,733

4,110

Depository service fees


1,119

1,243

1,219


3,617

3,905

Gains from acquisition


-

-

-


-

340

Other operating income


7,423

6,724

4,780


20,096

17,151









Total non-interest income


10,388

12,794

7,835


36,103

20,912









NON-INTEREST EXPENSE








Salaries and employee benefits


31,915

33,153

30,514


97,200

91,491

Occupancy expense


5,579

5,489

5,186


16,617

15,808

Computer and equipment expense


2,741

2,833

2,772


8,453

8,477

Professional services expense


5,952

6,000

5,286


17,209

17,055

Data processing service expense


3,246

3,081

3,080


9,737

9,450

FDIC and State assessments


2,582

2,132

2,555


7,190

6,732

Marketing expense


2,436

979

1,263


5,556

5,521

Other real estate owned expense


190

369

(21)


839

(236)

Amortization of investments in low income housing and
alternative energy partnerships


6,997

9,102

11,115


26,909

21,989

Amortization of core deposit intangibles


172

171

190


515

704

Acquisition and integration costs


-

-

179


-

2,083

Other operating expense


3,770

6,237

3,845


15,871

10,949









Total non-interest expense


65,580

69,546

65,964


206,096

190,023









Income before income tax expense


93,808

86,627

88,455


265,702

255,847

Income tax expense


20,973

14,383

18,698


53,944

48,610

Net income


$ 72,835

$ 72,244

$ 69,757


$ 211,758

$ 207,237









Net income per common share:








Basic


$ 0.91

$ 0.90

$ 0.86


$ 2.64

$ 2.55

Diluted


$ 0.91

$ 0.90

$ 0.85


$ 2.64

$ 2.53









Cash dividends paid per common share


$ 0.31

$ 0.31

$ 0.24


$ 0.93

$ 0.72

Basic average common shares outstanding


79,736,814

80,106,329

81,311,899


80,096,855

81,224,555

Diluted average common shares outstanding


79,993,830

80,302,679

81,855,271


80,330,616

81,770,874

 

CATHAY GENERAL BANCORP

AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited)



Three months ended

(In thousands)

September 30, 2019


June 30, 2019


September 30, 2018










Interest-earning assets

Average Balance
 

Average
Yield/Rate (1)


Average Balance
 

Average
Yield/Rate (1)


Average Balance
 

Average
Yield/Rate (1)

Loans (1)

$14,662,847

5.08%


$14,365,544

5.09%


$ 13,434,018

4.97%

Taxable investment securities

1,498,569

2.30%


1,441,005

2.36%


1,399,031

2.14%

FHLB stock

17,250

6.92%


17,250

6.93%


17,250

6.95%

Deposits with banks

188,772

2.14%


235,019

2.36%


178,434

1.86%










Total interest-earning assets

$16,367,438

4.80%


$16,058,818

4.81%


$15,028,733

4.67%










Interest-bearing liabilities









Interest-bearing demand deposits

$ 1,281,629

0.18%


$ 1,265,105

0.18%


$ 1,396,436

0.20%

Money market deposits

2,028,039

1.11%


1,857,384

1.00%


2,234,139

0.79%

Savings deposits

726,763

0.19%


731,512

0.20%


780,412

0.18%

Time deposits

7,623,238

2.10%


7,570,131

2.09%


5,997,268

1.46%

Total interest-bearing deposits

$11,659,669

1.60%


$11,424,132

1.58%


$10,408,255

1.05%

Securities sold under agreements to repurchase

-



-

0.00%


16,304

3.02%

Other borrowed funds

362,698

2.05%


353,799

2.25%


307,298

2.36%

Long-term debt

165,023

4.68%


169,761

4.74%


194,136

4.54%

Total interest-bearing liabilities

12,187,390

1.65%


11,947,692

1.65%


10,925,993

1.15%










Non-interest-bearing demand deposits

2,805,582



2,789,644



2,877,646











Total deposits and other borrowed funds

$14,992,972



$14,737,336



$13,803,639


Total average assets

$17,483,376



$17,157,578



$16,134,349


Total average equity

$ 2,226,591



$ 2,184,251



$ 2,097,786





















Nine months ended




(In thousands)

September 30, 2019


September 30, 2018













Interest-earning assets

Average Balance
 

Average
Yield/Rate (1)


Average Balance
 

Average
Yield/Rate (1)




Loans (1)

$14,374,397

5.10%


$13,126,693

4.87%




Taxable investment securities

1,404,046

2.33%


1,357,818

2.09%




FHLB stock

17,268

6.99%


18,975

7.60%




Deposits with banks

245,971

2.33%


281,883

1.74%













Total interest-earning assets

$16,041,682

4.82%


$14,785,369

4.56%













Interest-bearing liabilities









Interest-bearing demand deposits

$ 1,285,180

0.18%


$ 1,394,743

0.19%




Money market deposits

1,933,898

1.02%


2,230,365

0.70%




Savings deposits

725,257

0.20%


807,402

0.20%




Time deposits

7,421,255

2.05%


5,833,807

1.30%




Total interest-bearing deposits

$11,365,590

1.55%


$10,266,317

0.93%




Securities sold under agreements to repurchase

-



66,300

2.92%




Other borrowed funds

392,483

2.27%


287,771

1.97%




Long-term debt

172,567

4.72%


194,136

4.45%




Total interest-bearing liabilities

11,930,640

1.62%


10,814,524

1.03%













Non-interest-bearing demand deposits

2,790,367



2,796,831














Total deposits and other borrowed funds

$14,721,007



$13,611,355





Total average assets

$17,153,196



$15,864,583





Total average equity

$ 2,187,621



$ 2,042,837























(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.

 

Cision

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