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___________________________________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934 Date of Report (Date of earliest event reported): April 15,
2004 CATHAY GENERAL BANCORP Delaware 0-18630 95-4274680 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 777 North Broadway, Los Angeles, California 90012 Registrant's telephone number, including area code:
(213) 625-4700 (Former Name or Former Address, if Changed Since Last Report) Item 7. Financial Statements and Exhibits. (c) Exhibits Item 12. Results of Operations and Financial Condition. The information in this Current Report on Form 8-K, including the exhibit, is
furnished pursuant to Item 12 and shall not be deemed "filed" for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liabilities under that Section. Furthermore, the
information in this Current Report on Form 8-K, including the exhibit, shall not
be deemed to be incorporated by reference into the filings of Cathay General
Bancorp under the Securities Act of 1933, as amended. On April 15, 2004, Cathay General Bancorp announced, in a press release, its
financial results for the quarter ended March 31, 2004. That press release is
attached hereto as exhibit 99.1. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized. Date: April 15, 2004 CATHAY GENERAL BANCORP By: /s/
Heng W.
Chen
Heng W. Chen
Executive Vice President and Chief
Financial Officer EXHIBIT INDEX Number
Exhibit 99.1 Press Release, dated April 15, 2004. EXHIBIT 99.1 CATHAY GENERAL BANCORP ANNOUNCES RECORD EARNINGS INCREASE OF
59% TO $19.9 MILLION, OR $0.79 PER SHARE, IN FIRST QUARTER Los Angeles, Calif., April 15: Cathay General Bancorp (the
"Company", NASDAQ: CATY), the holding company for Cathay Bank (the
"Bank"), today announced results for the first quarter of 2004. STRONG FINANCIAL PERFORMANCE First Quarter 2004 First Quarter 2003 Net income $19.9 million $12.5 million Basic earnings per share $0.80 $0.70 Diluted earnings per share $0.79 $0.69 Return on average assets 1.45% 1.79% Return on average stockholders' equity 12.71% 17.43% Efficiency ratio 41.94% 35.82% FIRST QUARTER HIGHLIGHTS "Our record results for the first quarter demonstrate
that we are well along the way to excellence together as we continue to
integrate General Bank and Cathay Bank. Continued strong organic loan growth, a
further improvement in the net interest margin, and low net credit losses were
all factors that contributed to the record results, which were achieved despite
higher expenses," commented Dunson Cheng, Chairman of the Board and
President of the Company. "The computer system conversion scheduled for this
upcoming weekend is expected to complete a substantial part of our integration
plans. We are pleased by the level of retention of customers and key officers to
date," said Peter Wu, Executive Vice Chairman and Chief Operating Officer. "We completed the first quarter of 2004 with strong
momentum in loan originations and 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 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 GBC merger. Net interest income before provision for loan losses Our net interest income before provision for loan losses
increased to $51.1 million during the first quarter of 2004, or 90.2% higher
than the $26.8 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 23 basis points from 3.84% during the fourth quarter 2003 to 4.07% for
the first quarter 2004, primarily as a result of increases in the yield on
investment securities from the sale of lower yielding securities. The net
interest margin increased from 4.04% in the first quarter of 2003 to 4.07% in
the first quarter of 2004, primarily as a result of decreases in rates paid on
certificates of deposits and wholesale borrowings. For the first quarter of 2004, the interest rate earned on
our average interest-earning assets was 5.09% on a fully taxable-equivalent
basis, and our cost of funds on average interest-bearing liabilities equaled
1.25%. In comparison, for the first quarter of 2003, the interest rate earned on
our average interest-earning assets was 5.38% and our cost of funds on average
interest-bearing liabilities equaled 1.69%. Provision for loan losses The provision for loan losses was zero for the first quarter
of 2004 compared to $2.2 million during the fourth quarter of 2003 and $1.7
million for the first 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 that
management believes should be sufficient to absorb loan losses inherent in the
Company's loan portfolio. Total net chargeoffs for the first quarter of 2004
were $7,000 compared to net recoveries for the fourth quarter of 2003 of
$191,000 and net charge-offs for the first quarter of 2003 of $230,000. For the
first quarter of 2004, chargeoffs and recoveries were both $2.3 million each.
The first quarter of 2004 chargeoffs included a $1.4 million chargeoff taken on
a construction loan which was subsequently sold and for which the Company had
previously provided a specific allocation in the allowance for loan losses. Non-interest income Non-interest income, which includes revenues from service
charges on deposit accounts, letters of credit commissions, securities gains
(losses), loan sales, wire transfer fees, and other sources of fee income, was
$4.4 million for the first quarter of 2004, a decrease of $0.4 million, or 8.2%,
compared to the non-interest income of $4.8 million for the first quarter of
2003. For the first quarter of 2004, the Company recorded net
securities losses of $0.2 million compared to $1.8 million of net gains for the
same quarter in 2003. Letters of credit commissions increased $456,000, or 91.6%,
from $498,000 in the first quarter of 2003 to $954,000 in the first quarter of
2004. Comparing the first quarter of 2004 to the first quarter of 2003,
depository service fees increased $602,000, or 45.2% and other operating income
increased $544,000, or 46.7%. These increases were due primarily to the merger
with GBC Bancorp. Non-interest expense Non-interest expense increased $11.9 million to $23.3 million
in the first quarter of 2004 primarily due to the merger with GBC Bancorp. The
efficiency ratio was 41.94% for the first quarter 2004 compared to 35.82% in the
year ago quarter. Salaries and employee benefits increased $5.6 million or 83.9%
from $6.6 million in the first quarter of 2003 to $12.2 million in the first
quarter of 2004 due to the merger with GBC Bancorp and a $0.6 million increase
in stock option expense due to the amortization of stock options granted after
the first quarter of 2003. Occupancy expense increased by $1.1 million or 117%
from $1.0 million in the first quarter of 2003 to $2.1 million in the first
quarter of 2004 due primarily to the merger with GBC Bancorp. Computer and
equipment expense increased $1.2 million or 148% from $0.8 million in the first
quarter of 2003 to $2.0 million in the first quarter of 2004 due to the
additional expenses associated with operating General Bank's data processing
systems and $0.5 million of conversion programming expenses. Professional
services expense increased $0.6 million or 55.2% from $1.0 million in the first
quarter of 2003 to $1.5 million in the first quarter of 2004 due to higher
legal, consulting and other professional expenses primarily as a result of the
merger with GBC Bancorp. Other real estate owned expense increased $0.4 million
due to the writeoff of the Company's remaining foreclosed real estate
property, which brings the Bank's other real estate owned to $1. Amortization
of core deposit intangibles increased by $1.3 million due to the merger with GBC
Bancorp. All other operating expenses increased $1.1 million or 139% due to the
merger with GBC Bancorp and $0.2 million in expenses related to the settlement
of the Company's 1997 and 1998 California income tax audits. Income taxes
(Exact name of registrant as specified in its charter)
(Address of principal executive offices) (Zip Code)
BALANCE SHEET REVIEW
Total assets increased by $144 million to $5.7 billion at March 31, 2004, up 2.6% from year-end 2003 of $5.5 billion. The increase in total assets was due primarily to increases in loans and investment securities.
The growth of gross loans to $3.4 billion as of March 31, 2004 from $3.3 billion as of December 31, 2003, represents growth of $117 million, or 3.5%, due primarily to increases in commercial real estate loans.
The changes in the loan composition from year-end 2003 are presented below:
(Dollar in thousands) |
March 31, 2004 |
December 31, 2003 |
% Change |
||
Loans |
|||||
Commercial |
$ 946,593 |
$ 956,382 |
(1) |
||
Residential mortgage |
272,141 |
262,954 |
3 |
||
Commercial mortgage |
1,856,754 |
1,715,434 |
8 |
||
Real estate construction |
339,080 |
359,339 |
(6) |
||
Installment |
7,688 |
11,452 |
(33) |
||
Other |
1,161 |
860 |
35 |
||
|
|
|
|
||
Gross loans and leases |
$ 3,423,417 |
$ 3,306,421 |
4 |
||
Allowance for loan losses |
(65,801) |
(65,808) |
(0) |
||
Unamortized deferred loan fees |
(11,234) |
|
(10,862) |
3 |
|
Total loans and leases, net |
$ 3,346,382 |
|
$ 3,229,751 |
|
4 |
The increase in total assets from year-end 2003 was funded primarily by the increase in wholesale borrowings. Total deposits decreased $57 million or 1.3% from December 31, 2003. The changes in the deposit composition from year-end 2003 are presented below:
(Dollars in thousands) |
March 31, 2004 |
December 31, 2003 |
% Change |
||
Deposits |
|||||
Non-interest-bearing deposits |
$ 635,035 |
$ 633,556 |
0 |
||
Interest-bearing checking deposits |
887,701 |
937,317 |
(5) |
||
Savings deposits |
421,353 |
425,076 |
(1) |
||
Time deposits under $100 |
550,124 |
559,305 |
(2) |
||
Time deposits of $100 or more |
1,877,234 |
|
1,872,827 |
0 |
|
Total deposits |
$ 4,371,447 |
|
$ 4,428,081 |
|
(1) |
Advances from the Federal Home Loan Bank increased to $373.4 million at March 31, 2004 compared to $258.3 million at December 31, 2003. Other liabilities increased to $101.1 million at March 31, 2004 from $60.5 million at December 31, 2003 due primarily to loan related activities.
ASSET QUALITY REVIEW
Non-performing assets to gross loans plus other real estate owned decreased to 1.07% at March 31, 2004 from 1.19% at December 31, 2003, but increased from 0.24% at September 30, 2003. Total non-performing assets decreased to $36.6 million at March 31, 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 $65.8 million at March 31, 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 1.92% of period-end gross loans and 180% of non-performing loans at March 31, 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 results are highlighted below:
(In thousands) |
March 31, 2004 |
December 31, 2003 |
% Change |
||
Non-performing assets |
|||||
Accruing loans past due 90 days or more |
$ 3,728 |
$ 5,916 |
(37) |
||
Non-accrual loans |
32,913 |
|
32,959 |
(0) |
|
Total non-performing loans |
36,641 |
38,875 |
(6) |
||
Other real estate owned |
- |
|
400 |
(100) |
|
Total non-performing assets |
$ 36,641 |
|
$ 39,275 |
(7) |
|
Troubled debt restructurings |
$ 5,248 |
|
$ 5,808 |
|
(10) |
The following table presents the type of non-accrual loan as of dates indicated:
|
For the three months ended, |
||||
(In thousands) |
March 31, 2004 |
|
December 31, 2003 |
|
Net change |
Type of Non-accrual Loan |
|||||
Construction Loans |
$ 3,929 |
$ 1,458 |
$ 2,471 |
||
Single/ multi-family Residence |
1,069 |
799 |
270 |
||
Commercial real estate |
9,652 |
5,404 |
4,248 |
||
Commercial and industrial loans |
18,245 |
25,281 |
(7,036) |
||
Other loans |
18 |
17 |
1 |
||
|
|
|
|
|
|
Total |
$ 32,913 |
|
$ 32,959 |
|
$ (46) |
CAPITAL ADEQUACY REVIEW
The Tier 1 risk-based capital ratio of 10.37%, total risk-based capital ratio of 11.62%, and Tier 1 leverage capital ratio of 7.89%%, 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 March 31, 2003, the Company's Tier 1 risk-based capital, total risk-based capital and Tier 1 leverage capital ratios were 12.03%, 13.14%, and 9.93%, respectively.
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 38 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 intends to close three branches in Southern California and three branches in Northern California in April 2004 and to consolidate 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 March 31, |
||||
(Dollars in thousands, except per share data) |
|
2004 |
2003 |
% Change |
FINANCIAL PERFORMANCE |
||||
Net interest income before provision for loan losses |
$ 51,069 |
$ 26,847 |
90 |
|
Provision for loan losses |
|
- |
1,650 |
(100) |
Net interest income after provision for loan losses |
51,069 |
25,197 |
103 |
|
Non-interest income |
4,396 |
4,791 |
(8) |
|
Non-interest expense |
|
23,260 |
11,334 |
105 |
Income before income tax expense |
32,205 |
18,654 |
73 |
|
Income tax expense |
|
12,302 |
6,120 |
101 |
Net income |
|
$ 19,903 |
$ 12,534 |
59 |
Net income per common share: |
||||
Basic |
$ 0.80 |
$ 0.70 |
14 |
|
Diluted |
$ 0.79 |
$ 0.69 |
14 |
|
Cash dividends paid per common share |
$ 0.14 |
$ 0.14 |
- |
|
|
|
|
|
|
SELECTED RATIOS |
||||
Return on average assets |
1.45% |
1.79% |
(19) |
|
Return on average stockholders' equity |
12.71% |
17.43% |
(27) |
|
Efficiency ratio |
41.94% |
35.82% |
17 |
|
Dividend payout ratio |
17.45% |
20.10% |
(13) |
|
|
|
|
|
|
|
||||
YIELD ANALYSIS (Fully taxable equivalent) |
||||
Total interest-earning assets |
5.09% |
5.38% |
(5) |
|
Total interest-bearing liabilities |
1.25% |
1.69% |
(26) |
|
Net interest spread |
3.84% |
3.69% |
4 |
|
Net interest margin |
4.07% |
4.04% |
1 |
|
|
|
|
|
|
CAPITAL RATIOS |
||||
Tier 1 risk-based capital ratio |
10.37% |
12.03% |
(14) |
|
Total risk-based capital ratio |
11.62% |
13.14% |
(12) |
|
Tier 1 leverage capital ratio |
7.89% |
9.93% |
(21) |
CATHAY GENERAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(In thousands, except share and per share data) |
March 31, 2004 |
|
December 31, 2003 |
|
% change |
Assets |
|||||
Cash and due from banks |
$ 153,101 |
$ 111,699 |
37 |
||
Federal funds sold and securities purchased |
|||||
under agreements to resell |
- |
|
82,000 |
(100) |
|
Cash and cash equivalents |
153,101 |
193,699 |
(21) |
||
Investment securities (amortized cost of $1,751,707 in 2004 and |
|||||
$1,692,780 in 2003) |
1,780,485 |
1,707,962 |
4 |
||
Loans |
3,423,417 |
3,306,421 |
4 |
||
Less: Allowance for loan losses |
(65,801) |
(65,808) |
(0) |
||
Unamortized deferred loan fees |
(11,234) |
|
(10,862) |
3 |
|
Loans, net |
3,346,382 |
3,229,751 |
4 |
||
Other real estate owned, net |
- |
400 |
(100) |
||
Affordable housing investments, net |
34,837 |
32,977 |
6 |
||
Premises and equipment, net |
35,095 |
35,624 |
(1) |
||
11,996 |
11,731 |
2 |
|||
Accrued interest receivable |
19,643 |
21,553 |
(9) |
||
Goodwill |
241,223 |
241,728 |
(0) |
||
Other intangible assets, net |
51,418 |
52,730 |
(2) |
||
Other assets |
12,035 |
13,760 |
(13) |
||
|
|
|
|
||
Total assets |
$ 5,686,215 |
|
$ 5,541,915 |
3 |
|
Liabilities and Stockholders' Equity |
|||||
Deposits |
|||||
Non-interest-bearing demand deposits |
$ 635,035 |
$ 633,556 |
0 |
||
Interest-bearing deposits: |
|||||
NOW deposits |
282,030 |
279,679 |
1 |
||
Money market deposits |
605,671 |
657,638 |
(8) |
||
Savings deposits |
421,353 |
425,076 |
(1) |
||
Time deposits under $100 |
550,124 |
559,305 |
(2) |
||
Time deposits of $100 or more |
1,877,234 |
|
1,872,827 |
0 |
|
Total deposits |
4,371,447 |
|
4,428,081 |
(1) |
|
Federal funds purchased and securities sold |
|||||
under agreement to repurchase |
119,000 |
82,500 |
44 |
||
Advances from the Federal Home Loan Bank |
373,404 |
258,313 |
45 |
||
Other borrowings |
8,654 |
27,622 |
(69) |
||
Acceptances outstanding |
11,996 |
11,731 |
2 |
||
Junior subordinated notes |
53,871 |
53,856 |
100 |
||
Other liabilities |
101,160 |
|
60,516 |
67 |
|
Total liabilities |
5,039,532 |
|
4,922,619 |
2 |
|
Total stockholders' equity |
646,683 |
|
619,296 |
4 |
|
Total liabilities and stockholders' equity |
$ 5,686,215 |
|
$ 5,541,915 |
3 |
|
Book value per share |
$26.01 |
$24.97 |
4 |
||
Number of shares outstanding |
24,859,404 |
24,804,091 |
CATHAY GENERAL BANCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited
)
Three months ended March 31, |
|||
(In thousands, except share and per share data) |
|
2004 |
2003 |
INTEREST INCOME |
|||
Interest on loans |
$ 45,459 |
$ 26,936 |
|
Interest on securities available-for-sale |
18,579 |
8,871 |
|
Interest on federal funds sold and securities |
|||
Purchased under agreements to resell |
50 |
173 |
|
Interest on deposits with banks |
30 |
2 |
|
|
|
|
|
Total interest income |
|
64,118 |
35,982 |
INTEREST EXPENSE |
|||
Time deposits of $100 or more |
7,234 |
5,200 |
|
Other deposits |
3,732 |
2,681 |
|
Other borrowed funds |
2,083 |
1,254 |
|
|
|
|
|
Total interest expense |
|
13,049 |
9,135 |
Net interest income before provision for loan losses |
51,069 |
26,847 |
|
Provision for loan losses |
- |
1,650 |
|
|
|
|
|
Net interest income after provision for loan losses |
|
51,069 |
25,197 |
NON-INTEREST INCOME |
|||
Securities (losses) gains |
(202) |
1,795 |
|
Letters of credit commissions |
954 |
498 |
|
Depository service fees |
1,935 |
1,333 |
|
Other operating income |
1,709 |
1,165 |
|
|
|
|
|
Total non-interest income |
|
4,396 |
4,791 |
NON-INTEREST EXPENSE |
|||
Salaries and employee benefits |
12,218 |
6,643 |
|
Occupancy expense |
2,128 |
981 |
|
Computer and equipment expense |
2,033 |
820 |
|
Professional services expense |
1,547 |
997 |
|
FDIC and State assessments |
270 |
130 |
|
Marketing expense |
699 |
389 |
|
Other real estate owned expense |
477 |
46 |
|
Operations of affordable housing investments |
749 |
525 |
|
Amortization of core deposit intangibles |
1,333 |
47 |
|
Other operating expense |
1,806 |
756 |
|
|
|
|
|
Total non-interest expense |
|
23,260 |
11,334 |
Income before income tax expense |
32,205 |
18,654 |
|
Income tax expense |
12,302 |
6,120 |
|
|
|
|
|
Net income |
|
19,903 |
12,534 |
Other comprehensive income (loss), net of tax |
|
7,877 |
(1,429) |
Total comprehensive income |
|
$ 27,780 |
$ 11,105 |
Net income per common share: |
|||
Basic |
$ 0.80 |
$ 0.70 |
|
Diluted |
$ 0.79 |
$ 0.69 |
|
Cash dividends paid per common share |
$ 0.14 |
$ 0.14 |
|
Basic average common shares outstanding |
24,835,650 |
18,003,791 |
|
Diluted average common shares outstanding |
25,092,652 |
18,117,001 |
CATHAY GENERAL BANCORP
AVERAGE BALANCES - SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
|
For the three months ended, |
||||
(In thousands) |
March 31, 2004 |
|
December 31, 2003 |
|
March 31, 2003 |
Interest-earning assets |
|||||
Federal funds sold and securities purchased |
|||||
under agreements to resell |
$ 24,088 |
$ 52,413 |
$ 57,622 |
||
Investment securities |
1,744,760 |
1,695,971 |
728,838 |
||
Loans and Leases, net of unamortized deferred loan fees |
3,320,172 |
3,046,301 |
1,887,691 |
||
Deposits with banks |
5,077 |
2,200 |
830 |
||
|
|
|
|
|
|
Total interest-earning assets |
$ 5,094,097 |
|
$ 4,796,885 |
|
$ 2,674,981 |
Interest-bearing liabilities |
|||||
Interest-bearing checking deposits |
$ 930,151 |
$ 857,695 |
$ 337,922 |
||
Savings deposits |
417,487 |
398,674 |
290,233 |
||
Time deposits |
2,432,373 |
2,256,619 |
|
1,430,745 |
|
Total interest-bearing deposits |
$ 3,780,011 |
|
$ 3,512,988 |
$ 2,058,900 |
|
Other borrowed funds |
416,390 |
|
469,686 |
|
139,589 |
Total interest-bearing liabilities |
4,196,401 |
3,982,674 |
2,198,489 |
||
Non-interest-bearing demand deposits |
638,559 |
546,414 |
295,042 |
||
|
|
|
|
|
|
Total deposits and other borrowed funds |
$ 4,834,960 |
|
$ 4,529,088 |
|
$ 2,493,531 |
Total average assets |
$ 5,537,873 |
$ 5,189,506 |
$ 2,844,276 |
||
Total average stockholders' equity |
$ 629,996 |
$ 554,510 |
$ 291,608 |
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