Exhibit 99
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
SOURCE Cathay General Bancorp
-0- 10/21/2004
/CONTACT: Heng W. Chen of Cathay General Bancorp, +1-213-625-4752/
/Web site: http://www.cathaybank.com /
(CATY)
CO: Cathay General Bancorp
ST: California
IN: FIN
SU: ERN STS DIV