CATY Cathay General Bancorp

LOS ANGELES, April 26 /PRNewswire-FirstCall/ -- Cathay General Bancorp (the "Company"), (NASDAQ:CATY), the holding company for Cathay Bank (the "Bank"), today announced results for the first quarter of 2007. STRONG FINANCIAL PERFORMANCE First Quarter 2007 First Quarter 2006 Net income $30.0 million $27.3 million Basic earnings per share $0.58 $0.54 Diluted earnings per share $0.57 $0.54 Return on average assets 1.45% 1.67% Return on average stockholders' equity 12.87% 14.06% Efficiency ratio 38.44% 36.07% FIRST QUARTER HIGHLIGHTS * First quarter earnings increased $2.7 million, or 9.6%, compared to the same quarter a year ago. * Fully diluted earnings per share reached $0.57, increasing 5.6% compared to the same quarter a year ago. * Return on average assets was 1.45% for the quarter ended March 31, 2007, compared to 1.54% for the quarter ended December 31, 2006 and compared to 1.67% for the same quarter a year ago. * Return on average stockholders' equity was 12.87% for the quarter ended March 31, 2007, compared to 13.03% for the quarter ended December 31, 2006, and compared to 14.06% for the same quarter a year ago. * Gross loans, excluding the loans acquired through United Heritage Bank, increased by $110.6 million, or 1.92% for the quarter to $5.9 billion at March 31, 2007. * The Company completed the acquisition of United Heritage Bank at the close of business on March 30, 2007. "We are pleased to report solid earnings for the first quarter of 2007 despite a challenging economic environment. Strong net interest income and an improvement in the efficiency ratio were the main factors that contributed to the solid first quarter results," commented Dunson Cheng, Chairman of the Board, Chief Executive Officer, and President of the Company. "We received the necessary regulatory approvals for our new Hong Kong branch as of April 4, 2007 and expect the office to open by the end of the second quarter. Our new Bellevue, Washington branch is expected to open in May, 2007, followed by our new Dallas, Texas, and Ontario, California branches early in the third quarter," said Peter Wu, Executive Vice Chairman and Chief Operating Officer. "In March, 2007, the Company's Board of Directors approved a new stock repurchase program for the repurchase of one million shares of its common stock, demonstrating the Company's continuing commitment to effective capital management and stockholder value. While loan growth has slowed, we are still optimistic that 2007 should be another record year for Cathay General Bancorp," concluded Dunson Cheng. INCOME STATEMENT REVIEW The comparability of financial information is affected by our acquisitions. Operating results include the operations of acquired entities from the date of acquisition. Net interest income before provision for loan losses Net interest income before provision for loan losses increased to $72.8 million during the first quarter of 2007, or 11.7% higher than the $65.1 million during the same quarter a year ago. The increase was due primarily to the increases in loans and securities and higher loan prepayment fees of $0.9 million. The net interest margin, on a fully taxable-equivalent basis, was 3.83% for the first quarter of 2007. The net interest margin decreased 18-basis points from 4.01% in the fourth quarter of 2006 and decreased 50-basis points from 4.33% in the first quarter of 2006. The decrease in the net interest margin was primarily as a result of the increases in investment securities that had lower yields than loans, repricing of time deposits to reflect higher market interest rates, and increased reliance on more expensive wholesale borrowings. For the first quarter of 2007, the yield on average interest-earning assets was 7.44% on a fully taxable-equivalent basis, and the cost of funds on average interest-bearing liabilities equaled 4.27%. In comparison, for the first quarter of 2006, the yield on average interest-earning assets was 6.94% and cost of funds on average interest-bearing liabilities equaled 3.18%. The interest spread, defined as the difference between the yield on average interest-earning assets and the cost of funds on average interest-bearing liabilities, decreased primarily due to the reasons discussed above. Provision for loan losses The provision for loan losses was $1.0 million for the first quarter of 2007 compared to $1.5 million for the first quarter of 2006 and to no provision for the fourth quarter of 2006. The provision for loan losses was based on the review of the adequacy of the allowance for loan losses at March 31, 2007. The provision for loan losses represents the charge or credit against current earnings that is determined by management, through a credit review process, as the amount needed to establish an allowance that management believes to be sufficient to absorb loan losses inherent in the Company's loan portfolio. The following table summarizes the charge-offs and recoveries for the quarters as indicated: For the three months ended, March 31, March 31, December 31, (Dollars in thousands) 2007 2006 2006 Charge-offs $3,281 $265 $1,185 Recoveries 2,477 241 342 Net Charge-offs (Recoveries) $804 $24 $843 Non-interest income Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), gains (losses) on loan sales, wire transfer fees, and other sources of fee income, was $5.9 million for the first quarter of 2007, an increase of $809,000, or 15.9%, compared to the non-interest income of $5.1 million for the first quarter of 2006. For the first quarter of 2007, the Company recorded net securities gains of $191,000 compared to net securities gains of $27,000 for the same quarter in 2006. Letters of credit commissions increased $223,000, or 20.9%, to $1.3 million in the first quarter of 2007 from $1.1 million in the same quarter of 2006 due primarily to increases in export letters of credit commissions and documentary collection commissions due in part to the acquisition of Great Eastern Bank in April 2006. Depository service fees increased $91,000, or 7.3%, from $1.26 million in the first quarter of 2006 to $1.35 million in the first quarter of 2007 due primarily to the increases in overdraft and non-sufficient fund charges. In addition, other operating income increased $331,000, or 12.2%, to $3.1 million in the first quarter of 2007 from $2.7 million in the same quarter a year ago primarily due to increases in loan referral fees of $356,000, safe deposit box commissions of $156,000, wealth management commissions of $138,000, wire transfer fees of $121,000 and other miscellaneous income of $181,000 offset by a decrease in warrant income of $883,000. Non-interest expense Non-interest expense increased $4.9 million, or 19.4%, to $30.2 million in the first quarter of 2007 compared to the same quarter a year ago primarily due to increases in salaries and employee benefits expenses, occupancy expenses, and computer and equipment expenses. The efficiency ratio was 38.44% for the first quarter of 2007 compared to 36.07% in the year ago quarter and 38.82% for the fourth quarter of 2006. The increase of non-interest expense from the first quarter a year ago to the first quarter of 2007 was primarily due to the acquisitions of Great Eastern Bank and New Asia Bancorp in 2006, and a combination of the following: * Salaries and employee benefits increased $2.9 million, or 20.9%, from $14.04 million in the first quarter of 2006 to $16.98 million in the first quarter of 2007 due primarily to increases in salaries, payroll taxes, and benefits of $2.5 million. * Occupancy expenses increased $688,000, or 33.1%, due to increases in depreciation expenses, property taxes, rent expenses, utility expenses and repair and maintenance expenses due to acquisitions. * Computer and equipment expenses increased $615,000, or 38.2%, due to the increase in software license fees under a new data processing contract and in depreciation expenses. * Marketing expenses increased $206,000, or 29.6%, in the first quarter of 2007 compared to the same quarter a year ago due to increased donations, sponsorships, and charitable contributions. * OREO expenses increased $159,000 due to an additional writedown recorded in connection with the sale of a property which closed on April 20, 2007. * Amortization of core deposit intangibles increased $364,000, or 26.0%, due to the acquisitions completed during 2006. * Other operating expenses increased $192,000, or 8.6%, primarily due to increases in printing and supply expenses and higher operating losses. Offsetting the above increases were a $355,000, or 27.3%, decrease in operations of affordable housing investments primarily due to a $500,000 cash distribution from a low income housing partnership which had been fully amortized in previous years. Income taxes The effective tax rate was 36.8% for the first quarter of 2007, compared to 37.0% for the same quarter a year ago and 36.4% for the full year 2006. The FASB issued Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN 48") which requires that the amount of recognized tax benefit should be the maximum amount which is more-likely-than-not to be realized and that amounts previously recorded that do not meet the requirements of FIN 48 be charged against retained earnings. As of December 31, 2006, the Company reflected a $12.1 million net state tax receivable related to payments it made in April 2004 under the Voluntary Compliance Initiative program of the California Franchise Tax Board for tax deductions related to its regulated investment company for the years 2000, 2001, and 2002. The Company has determined that its refund claim related to its regulated investment company is not more-likely-than-not to be realized and consequently, included the $7.9 million after tax amount related to its refund claim in its $8.5 million total cumulative effect adjustment for FIN 48 as an adjustment to the opening balance of retained earnings as of the January 1, 2007, effective date of FIN 48. BALANCE SHEET REVIEW Total assets increased by $662.3 million, or 8.3%, to $8.7 billion at March 31, 2007 from year-end 2006 of $8.0 billion. The increase in total assets was represented primarily by increases in investment securities, reverse repurchase agreements and loans funded by increases in repurchase agreements and FHLB borrowings. Securities purchased under agreements to resell increased $150.0 million and long-term certificates of deposit increased $50.0 million during the first quarter due to attractive rates available on these investments. Investment securities increased by $338.0 million during the first quarter due to purchases of callable agency securities which provided collateral for repurchase agreements. The growth of gross loans to $5.9 billion as of March 31, 2007, from $5.7 billion as of December 31, 2006, represents an increase of $149.2 million, or 2.6%, of which $38.6 million resulted from the acquisition of United Heritage Bank on March 30, 2007. The changes in the loan composition from December 31, 2006, are presented below: Type of Loans: March 31, 2007 December 31, 2006 % Change (Dollars in thousands) Commercial $1,258,234 $1,243,756 1 Residential mortgage 475,463 455,949 4 Commercial mortgage 3,341,377 3,226,658 4 Equity lines 114,137 118,473 (4) Real estate construction 687,989 685,206 0 Installment 16,212 13,257 22 Other 3,303 4,247 (22) Gross loans and leases $5,896,715 $5,747,546 3 Allowance for loan losses (65,317) (64,689) 1 Unamortized deferred loan fees (11,354) (11,984) (5) Total loans and leases, net $5,820,044 $5,670,873 3 At March 31, 2007, total deposits increased $49.4 million, or 0.9%, to $5.72 billion from December 31, 2006, of $5.68 billion, due primarily to $54.2 million from the acquisition of United Heritage Bank. The changes in the deposit composition from December 31, 2006, are presented below: Deposits March 31, 2007 December 31, 2006 % Change (Dollars in thousands) Non-interest-bearing demand $778,965 $781,492 (0) NOW 236,601 239,589 (1) Money market 677,406 657,689 3 Savings 351,432 358,827 (2) Time deposits under $100,000 1,032,774 1,007,637 2 Time deposits of $100,000 or more 2,647,562 2,630,072 1 Total deposits $5,724,740 $5,675,306 1 At March 31, 2007, brokered deposits increased $21.1 million to $268.8 million from $247.7 at December 31, 2006. Securities sold under agreement to repurchase increased $338.3 million from $400.0 million at December 31, 2006, to $738.3 million at March 31, 2007. Advances from the Federal Home Loan Bank increased $260.0 million to $974.7 million at March 31, 2007, compared to $714.7 million at December 31, 2006. Federal funds purchased decreased $37.0 million to $13.0 million at March 31, 2007, from $50.0 million at December 31, 2006. On March 30, 2007, Cathay General Bancorp issued $46.4 million of junior subordinated debt which generated $45.0 million of Tier 1 capital. ASSET QUALITY REVIEW Non-performing assets to gross loans and other real estate owned was 0.63% at March 31, 2007, compared to 0.62% at December 31, 2006. Total non-performing assets increased $1.6 million, or 4.6%, to $37.2 million at March 31, 2007, compared with $35.6 million at December 31, 2006, primarily due to a $10.1 million increase in non-accrual loans, including $0.6 million from the acquisition of United Heritage Bank, offset by a $7.7 million decrease in accruing loans past due 90 days or more and by a $748,000 decrease in OREO. Included in nonaccrual loans at March 31, 2007 was one well-secured land loan for $12.0 million which was reduced by a $8.5 million payment received on April 26, 2007 and the remaining $3.5 million is expected to be repaid in full by early May, 2007. In addition, on April 20, 2007, the sale of a $4.1 million OREO was completed at its recorded book value as of March 31, 2007. The allowance for loan losses amounted to $65.3 million at March 31, 2007, and represented the amount that the Company believes to be sufficient to absorb loan losses inherent in the Company's loan portfolio. The allowance for loan losses represented 1.11% of period-end gross loans and 200% of non-performing loans at March 31, 2007. The comparable ratios were 1.13% of gross loans and 213% of non-performing loans at December 31, 2006. Results of the changes to the Company's non-performing assets and troubled debt restructurings are highlighted below: (Dollars in thousands) March 31, 2007 December 31, 2006 % Change Non-performing assets Accruing loans past due 90 days or more $262 $8,008 (97) Non-accrual loans 32,462 22,322 45 Total non-performing loans 32,724 30,330 8 Other real estate owned 4,511 5,259 (14) Total non-performing assets $37,235 $35,589 5 Troubled debt restructurings $955 $955 -- CAPITAL ADEQUACY REVIEW At March 31, 2007, the Tier 1 risk-based capital ratio of 9.40%, total risk-based capital ratio of 10.92%, and Tier 1 leverage capital ratio of 8.78%, continue to place the Company in the "well capitalized" category, which is defined as institutions with a Tier 1 risk-based capital ratio equal to or greater than 6%, 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, 2006, the Company's Tier 1 risk-based capital ratio was 9.40%, the total risk-based capital ratio was 11.00%, and Tier 1 leverage capital ratio was 8.98%. During the first quarter of 2007, the Company repurchased 877,903 shares of its common stock for $29.9 million, or $34.11 average cost per share. No shares were repurchased during 2006. On March 6, 2007, the Company completed the March 18, 2005, repurchase program with 1.0 million shares of its common stock repurchased for $33.9 million, or $33.91 average cost per share. On March 7, 2007, the Company announced a new program to repurchase an additional 1.0 million shares of its common stock. At March 31, 2007, 573,800 shares remain under the Company's March 7, 2007 repurchase program. 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 30 branches in California, nine branches in New York State, one in Massachusetts, one in Houston, Texas, two in Washington State, three in Chicago, Illinois, one in New Jersey, a loan production office in Dallas and representative offices in Taipei, Hong Kong, and Shanghai. 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 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 "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: expansion into new market areas; acquisitions of other banks, if any; fluctuations in interest rates; demographic changes; earthquake or other natural disasters; competitive pressures; deterioration in asset or credit quality; changes in the availability of capital; legislative and regulatory developments; changes in business strategy; and general economic or business conditions in California and other regions where Cathay Bank has operations. These and other factors are further described in Cathay General Bancorp's Annual Report on Form 10-K for the year ended December 31, 2006, its reports and registration statements filed 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) 2007 2006 % Change FINANCIAL PERFORMANCE Net interest income before provision for loan losses $72,752 $65,141 12 Provision for loan losses 1,000 1,500 (33) Net interest income after provision for loan losses 71,752 63,641 13 Non-interest income 5,884 5,075 16 Non-interest expense 30,229 25,326 19 Income before income tax expense 47,407 43,390 9 Income tax expense 17,441 16,054 9 Net income $29,966 $27,336 10 Net income per common share: Basic $0.58 $0.54 7 Diluted $0.57 $0.54 6 Cash dividends paid per common share $0.09 $0.09 -- SELECTED RATIOS Return on average assets 1.45% 1.67% (13) Return on average stockholders' equity 12.87% 14.06% (8) Efficiency ratio 38.44% 36.07% 7 Dividend payout ratio 15.60% 16.53% (6) YIELD ANALYSIS (Fully taxable equivalent) Total interest-earning assets 7.44% 6.94% 7 Total interest-bearing liabilities 4.27% 3.18% 34 Net interest spread 3.17% 3.76% (16) Net interest margin 3.83% 4.33% (12) CAPITAL RATIOS March 31, March 31, December 31, 2007 2006 2006 Tier 1 risk-based capital ratio 9.40% 10.26% 9.40% Total risk-based capital ratio 10.92% 11.31% 11.00% Tier 1 leverage capital ratio 8.78% 9.61% 8.98% CATHAY GENERAL BANCORP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share data) March 31, 2007 December 31, 2006 % change Assets Cash and due from banks $93,191 $114,798 (19) Federal funds sold 3,912 18,000 (78) Cash and cash equivalents 97,103 132,798 (27) Short-term investments 15,525 16,379 (5) Securities purchased under agreements to resell 150,000 -- 100 Long-term certificates of deposit 50,000 -- 100 Securities available-for-sale (amortized cost of $1,873,558 in 2007 and $1,543,667 in 2006) 1,860,194 1,522,223 22 Trading securities 5,316 5,309 0 Loans 5,896,715 5,747,546 3 Less: Allowance for loan losses (65,317) (64,689) 1 Unamortized deferred loan fees, net (11,354) (11,984) (5) Loans, net 5,820,044 5,670,873 3 Federal Home Loan Bank stock 50,094 34,348 46 Other real estate owned, net 4,511 5,259 (14) Affordable housing investments, net 85,623 87,289 (2) Premises and equipment, net 75,352 72,934 3 Customers' liability on acceptances 24,987 27,040 (8) Accrued interest receivable 44,605 39,267 14 Goodwill 320,500 316,752 1 Other intangible assets, net 41,610 42,987 (3) Other assets 43,315 53,050 (18) Total assets $8,688,779 $8,026,508 8 Liabilities and Stockholders' Equity Deposits Non-interest-bearing demand deposits $778,965 $781,492 (0) Interest-bearing deposits: NOW deposits 236,601 239,589 (1) Money market deposits 677,406 657,689 3 Savings deposits 351,432 358,827 (2) Time deposits under $100,000 1,032,774 1,007,637 2 Time deposits of $100,000 or more 2,647,562 2,630,072 1 Total deposits 5,724,740 5,675,306 1 Federal funds purchased 13,000 50,000 (74) Securities sold under agreement to repurchase 738,300 400,000 85 Advances from the Federal Home Loan Bank 974,680 714,680 36 Other borrowings from financial institutions 10,000 10,000 -- Other borrowings from affordable housing investments 19,777 19,981 (1) Long-term debt 150,517 104,125 45 Acceptances outstanding 24,987 27,040 (8) Minority interest in consolidated subsidiaries 8,500 8,500 -- Other liabilities 85,640 73,802 16 Total liabilities 7,750,141 7,083,434 9 Commitments and contingencies -- -- -- Total stockholders' equity 938,638 943,074 (0) Total liabilities and stockholders' equity $8,688,779 $8,026,508 8 Book value per share $18.35 $18.16 1 Number of common stock shares outstanding 51,154,356 51,930,955 (1) CATHAY GENERAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited) Three months ended March 31, (Dollars in thousands, 2007 2006 except per share data) INTEREST AND DIVIDEND INCOME Loan receivable, including loan fees $114,179 $90,086 Securities available-for-sale - taxable 21,815 13,146 Securities available-for-sale - nontaxable 599 722 Federal Home Loan Bank stock 509 348 Agency preferred stock 164 209 Federal funds sold and securities purchased under agreements to resell 3,802 28 Deposits with banks 786 67 Total interest and dividend income 141,854 104,606 INTEREST EXPENSE Time deposits of $100,000 or more 31,152 21,438 Other deposits 17,987 9,893 Securities sold under agreements to repurchase 5,717 2,513 Advances from Federal Home Loan Bank 11,781 3,799 Long-term debt 1,976 1,041 Short-term borrowings 489 781 Total interest expense 69,102 39,465 Net interest income before provision for loan losses 72,752 65,141 Provision for loan losses 1,000 1,500 Net interest income after provision for loan losses 71,752 63,641 NON-INTEREST INCOME Securities gains, net 191 27 Letters of credit commissions 1,292 1,069 Depository service fees 1,346 1,255 Other operating income 3,055 2,724 Total non-interest income 5,884 5,075 NON-INTEREST EXPENSE Salaries and employee benefits 16,977 14,040 Occupancy expense 2,768 2,080 Computer and equipment expense 2,225 1,610 Professional services expense 1,728 1,641 FDIC and State assessments 259 249 Marketing expense 901 695 Other real estate owned expense 244 85 Operations of affordable housing investments 944 1,299 Amortization of core deposit intangibles 1,765 1,401 Other operating expense 2,418 2,226 Total non-interest expense 30,229 25,326 Income before income tax expense 47,407 43,390 Income tax expense 17,441 16,054 Net income 29,966 27,336 Other comprehensive gain (loss), net of tax 4,683 (6,839) Total comprehensive income $34,649 $20,497 Net income per common share: Basic $0.58 $0.54 Diluted $0.57 $0.54 Cash dividends paid per common share $0.09 $0.09 Basic average common shares outstanding 51,684,754 50,226,768 Diluted average common shares outstanding 52,295,229 50,797,859 CATHAY GENERAL BANCORP AVERAGE BALANCES - SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) For the three months ended, (Dollars in thousands) March 31, 2007 March 31, 2006 December 31, 2006 Interest- earning Average Average Average Average Average Average assets Balance Yield/Rate Balance Yield/Rate Balance Yield/Rate (1)(2) (1)(2) (1)(2) Loans and leases (1) $5,787,959 8.00% $4,838,651 7.55% $5,628,885 8.10% Taxable securities 1,578,706 5.60% 1,161,798 4.59% 1,442,358 5.44% Tax-exempt securities (2) 75,549 6.16% 86,755 6.54% 77,977 6.86% FHLB & FRB stock 44,957 4.59% 29,756 4.74% 34,917 5.62% Federal funds sold and securities purchased under agreements to resell 217,662 7.08% 2,622 4.33% 2,744 5.06% Deposits with banks 47,822 6.67% 19,340 1.41% 13,068 3.67% Total interest- earning assets $7,752,655 7.44% $6,138,922 6.94% $7,199,949 7.53% Interest-bearing liabilities Interest-bearing demand deposits $232,656 1.26% $242,462 0.95% $231,415 1.27% Money market 666,454 3.08% 575,759 2.30% 636,143 2.94% Savings deposits 344,336 1.00% 357,795 0.77% 359,894 0.99% Time deposits 3,654,859 4.72% 3,095,301 3.51% 3,609,594 4.61% Total interest- bearing deposits $4,898,305 4.07% $4,271,317 2.97% $4,837,046 3.96% Federal funds purchased 25,244 5.33% 45,028 4.53% 43,940 5.40% Securities sold under agreements to repurchase 616,418 3.76% 280,000 3.64% 400,000 4.46% Other borrowed funds 923,273 5.24% 384,913 4.30% 635,190 5.25% Long-term debt 105,156 7.62% 53,982 7.82% 104,125 7.64% Total interest- bearing liabili- ties 6,568,396 4.27% 5,035,240 3.18% 6,020,301 4.20% Non-interest- bearing demand deposits 772,268 717,599 786,132 Total deposits and other borrowed funds $7,340,664 $5,752,839 $6,806,433 Total average assets $8,389,776 $6,628,833 $7,844,168 Total average stockholders' equity $944,314 $788,565 $929,564 (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. (2) The average yield has been adjusted to a fully taxable-equivalent basis for certain securities of states and political subdivisions and other securities held using a statutory Federal income tax rate of 35%. 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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