LOS ANGELES, April 17 /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 2008. STRONG FINANCIAL PERFORMANCE First Quarter 2008
First Quarter 2007 Net income $27.3 million $30.0 million Basic
earnings per share $0.55 $0.58 Diluted earnings per share $0.55
$0.57 Return on average assets 1.07% 1.45% Return on average
stockholders' equity 10.99% 12.87% Efficiency ratio 39.11% 38.44%
FIRST QUARTER HIGHLIGHTS -- First quarter earnings decreased $2.7
million, or 8.9%, compared to the same quarter a year ago. -- Fully
diluted earnings per share was $0.55, decreasing 3.5% compared to
the same quarter a year ago. -- Return on average assets was 1.07%
for the quarter ended March 31, 2008, compared to 1.23% for the
quarter ended December 31, 2007 and compared to 1.45% for the same
quarter a year ago. -- Return on average stockholders' equity was
10.99% for the quarter ended March 31, 2008, compared to 12.70% for
the quarter ended December 31, 2007, and compared to 12.87% for the
same quarter a year ago. -- Gross loans increased by $235.2
million, or 3.5%, for the quarter to $6.9 billion at March 31,
2008, from $6.7 billion at December 31, 2007. -- Non-accrual loans
decreased from $58.3 million at December 31, 2007 to $48.6 million
at March 31, 2008. "We are pleased to report solid earnings for the
first quarter of 2008 despite a challenging economic environment.
We continue to build our reserve for loan losses and capital in
light of the slowdown in the economy," commented Dunson Cheng,
Chairman of the Board, Chief Executive Officer, and President of
the Company. "We continue to manage the cost of deposits as short
term interest rates dropped sharply during the quarter and expect
an improvement in the net interest margin upon the renewal of our
certificates of deposits," said Peter Wu, Executive Vice Chairman
and Chief Operating Officer. "As we have demonstrated through many
recessions before, by remaining vigilant on credit quality and
attending to improving pricing for new loans, we are optimistic
that we shall emerge from this slowdown better positioned in our
marketplace," concluded Dunson Cheng. INCOME STATEMENT REVIEW Net
interest income before provision for credit losses Net interest
income before provision for credit losses increased to $75.2
million during the first quarter of 2008, $2.4 million, or 3.4%,
higher than the $72.8 million during the same quarter a year ago.
The increase was due primarily to the strong growth in loans and
investment securities offset by the impact of the decline in the
net interest margin. The net interest margin, on a fully
taxable-equivalent basis, was 3.16% for the first quarter of 2008.
The net interest margin decreased 27 basis points from 3.43% in the
fourth quarter of 2007 and decreased 67 basis points from 3.83% in
the first quarter of 2007. The decrease in the net interest margin
from prior quarters was primarily as a result of the lag in the
downward repricing of certificates of deposit. For the first
quarter of 2008, the yield on average interest-earning assets was
6.46% on a fully taxable-equivalent basis, and the cost of funds on
average interest-bearing liabilities equaled 3.80%. In comparison,
for the first quarter of 2007, the yield on average
interest-earning assets was 7.44% and cost of funds on average
interest-bearing liabilities equaled 4.27%. 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 to 2.66% for the quarter
ended March 31, 2008, from 3.17% for the same quarter a year ago
primarily due to the reasons discussed above. Provision for credit
losses The provision for credit losses was $7.5 million for the
first quarter of 2008 compared to $1.0 million for the first
quarter of 2007 and to $5.7 million for the fourth quarter of 2007.
The provision for credit losses was based on the review of the
adequacy of the allowance for loan losses at March 31, 2008. The
provision for credit 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 credit 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, (Dollars in
thousands) 2008 2007 Charge-offs: Commercial loans $251 $3,029
Construction loans 4,130 190 Real estate loans 514 62 Total
charge-offs 4,895 3,281 Recoveries: Commercial loans 187 2,471
Installment and other loans 4 6 Total recoveries 191 2,477 Net
Charge-offs $4,704 $804 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 $6.5 million for the first quarter of 2008, an increase of
$640,000, or 10.9%, compared to the non-interest income of $5.9
million for the first quarter of 2007. Letters of credit
commissions increased $148,000, or 11.5%, to $1.4 million in the
first quarter of 2008 from $1.3 million in the same quarter of 2007
due primarily to increases in acceptance commissions. Other
operating income increased $757,000, or 24.8%, to $3.8 million in
the first quarter of 2008 from $3.1 million in the same quarter a
year ago primarily due to increases in commissions from foreign
currency and exchange transactions of $803,000 and increases in
venture capital income of $603,000 offset by decreases in other
fees on loans of $453,000 and by decreases in commissions from
official checks sales of $101,000. For the first quarter of 2008,
the Company recorded no securities gains compared to net securities
gains of $191,000 for the first quarter of 2007. Non-interest
expense Non-interest expense increased $1.7 million, or 5.7%, to
$32.0 million in the first quarter of 2008 compared to $30.2
million in the same quarter a year ago. The efficiency ratio was
39.11% for the first quarter of 2008 compared to 38.44% in the year
ago quarter and 38.62% for the fourth quarter of 2007. The increase
of non-interest expense from the first quarter a year ago to the
first quarter of 2008 was primarily due to a combination of the
following: -- Salaries and employee benefits increased $882,000, or
5.2%, from $17.0 million in the first quarter of 2007 to $17.9
million in the first quarter of 2008 due primarily to increases in
salaries and payroll taxes of $1.4 million and employee insurance
benefits of $306,000 due to the hiring of additional staff and the
opening of new branches. Partially offsetting these increases were
a $308,000 decrease in bonus expenses, a $204,000 decrease in stock
based compensation, and a $152,000 increase in deferred loan costs.
-- Occupancy expenses increased $515,000, or 18.6%, primarily due
to decreases in rental income of $286,000 and increases in rental
expenses of $107,000. -- Professional service expenses increased
$657,000, or 38.0%, primarily due to increases in appraisal
expenses of $201,000, in delivery expense of $165,000, and in
collection expenses of $135,000. -- Marketing expenses increased
$116,000, or 12.9%, due to higher media expenses and donations.
Offsetting the above overall increases was a $261,000 decrease in
other real estate owned expenses, a $119,000 decrease in operation
expenses of affordable housing investments, and a $101,000 decrease
in other operating expenses. In the first quarter of 2008, the
Company recorded an $871,000 reduction in operations of affordable
housing investments as a result of a cash distribution compared to
a $500,000 reduction in the year ago quarter. Income taxes The
effective tax rate was 35.4% for the first quarter of 2008,
compared to 36.8% for the same quarter a year ago and 36.2% for the
full year 2007. The lower effective tax rate for the first quarter
of 2008 was due to increases in low income housing tax credits, an
increased percentage of taxable income apportioned to lower tax
rate jurisdictions, and a lower taxable income in 2008. BALANCE
SHEET REVIEW Total assets increased by $40.4 million, or 0.4%, to
$10.44 billion at March 31, 2008, from year-end 2007 of $10.40
billion. The increase in total assets was represented primarily by
increases in available-for-sale securities of $103.9 million, or
4.4%, and increases in loans of $235.2 million, or 3.5% offset by
decreases of $211.1 million in reverse repurchase agreements. The
growth of gross loans to $6.9 billion as of March 31, 2008, from
$6.7 billion as of December 31, 2007, represents an increase of
$235.2 million, or 3.5%, primarily due to increases in commercial
mortgage loans and commercial loans. The changes in the loan
composition from December 31, 2007, are presented below: Type of
Loans: March 31, 2008 December 31, 2007 % Change (Dollars in
thousands) Commercial $1,489,524 $1,435,861 4 Residential mortgage
571,609 555,703 3 Commercial mortgage 3,890,492 3,762,689 3 Equity
lines 119,438 108,004 11 Real estate construction 831,126 799,230 4
Installment 12,432 15,099 (18) Other 4,228 7,059 (40) Gross loans
and leases $6,918,849 $6,683,645 4 Allowance for loan losses
(67,428) (64,983) 4 Unamortized deferred loan fees (10,020)
(10,583) (5) Total loans and leases, net $6,841,401 $6,608,079 4 At
March 31, 2008, total deposits were $6.29 billion, an increase of
$10.1 million, or 0.2%, from $6.28 billion at December 31, 2007. In
the first quarter of 2008, time deposits of $100,000 or more
increased $119.6 million, or 4.1%, offset primarily by a decrease
of $109.3 million in brokered deposits. The changes in the deposit
composition from December 31, 2007, are presented below: Deposits
March 31, 2008 December 31, 2007 % Change (Dollars in thousands)
Non-interest-bearing demand $768,419 $785,364 (2) NOW 254,198
231,583 10 Money market 712,503 681,783 5 Savings 332,182 331,316 0
Time deposits under $100,000 1,164,561 1,311,251 (11) Time deposits
of $100,000 or more 3,056,641 2,937,070 4 Total deposits $6,288,504
$6,278,367 0 At March 31, 2008, brokered deposits decreased to
$523.3 million, a $109.3 million decrease from $632.6 million at
December 31, 2007. Securities sold under agreement to repurchase
increased $189.1 million from $1.4 billion at December 31, 2007, to
$1.6 billion at March 31, 2008, offset by a $185.9 million decrease
in advances from Federal Home Loan Bank. Advances from the Federal
Home Loan Bank decreased to $1.2 billion at March 31, 2008,
compared to $1.4 billion at December 31, 2007. ASSET QUALITY REVIEW
During the first quarter of 2008, $8.6 million of loans were placed
on non-accrual status. The new non-accruals included a $2.1 million
loan secured by an office building in San Jose, California, a $1.9
million construction loan in Texas, a $1.5 million commercial land
loan in Seattle, Washington, a $1.0 million loan secured by a
commercial real estate in Southern California, $1.5 million
commercial loans and $0.6 million residential mortgage loans.
During the first quarter, charge-offs of non-accrual loans totaled
$4.5 million comprised of $2.0 million for a construction loan in
the Central Valley, $1.6 million for a construction loan in the San
Fernando Valley, $0.5 million for a construction loan in Texas, and
$0.4 million for a construction loan in Palmdale, California. At
March 31, 2008, total residential construction loans were $367.1
million of which $26.6 million were in San Bernardino and Riverside
counties in California. At March 31, 2008, total non-accrual loans
of $48.6 million were comprised of eight construction loans
totaling $21.0 million, twenty commercial real estate loans
totaling $21.3 million, thirteen commercial loans totaling $4.4
million and nine residential mortgage loans totaling $1.9 million.
The $21.3 million of non-accrual commercial real estate loans were
comprised of $6.9 million of land loans, a $4.4 million loan and a
$2.1 million loan secured by office buildings in the San Jose,
California area, $3.1 million in loans secured by multi-family
residences, a $2.2 million loan secured by a motel in Texas, and
$2.6 million in loans secured by industrial buildings, a retail
store and a restaurant. At March 31, 2008, other real estate owned
is comprised of six properties, mainly a $9.2 million apartment
building in Texas, a $6.8 million shopping center in Texas, a $0.4
million retail building in New York State, and a $0.3 million
residential condominium unit in Southern California. Included in
troubled debt restructured loans at March 31, 2008, is an $11.1
million condominium conversion construction loan for a project in
San Diego County where the interest rate has been reduced to 6.0%.
Non-performing assets to gross loans and other real estate owned
was 1.01% at March 31, 2008, compared to 1.25% at December 31,
2007. Total non-performing assets decreased $13.8 million, or
16.4%, to $69.9 million at March 31, 2008, compared with $83.7
million at December 31, 2007, primarily due to a $9.6 million
decrease in non-accrual loans and a $4.7 million decrease in
accruing loans past due 90 days or more offset by a $552,000
increase in OREO. The allowance for loan losses were $67.4 million
and the allowance for off-balance sheet unfunded credit commitments
were $4.9 million at March 31, 2008, and represented the amount
that the Company believes to be sufficient to absorb credit losses
inherent in the Company's loan portfolio. The allowance for credit
losses, the sum of allowance for loan losses and for off-balance
sheet unfunded credit commitments, was $72.4 million at March 31,
2008, compared to $69.6 million at December 31, 2007. The allowance
for credit losses represented 1.05% of period-end gross loans and
136% of non-performing loans at March 31, 2008. The comparable
ratios were 1.04% of gross loans and 103% of non-performing loans
at December 31, 2007. Results of the changes to the Company's
non-performing assets and troubled debt restructurings are
highlighted below: (Dollars in thousands) March 31, 2008 December
31, 2007 %Change Non-performing assets Accruing loans past due 90
days or more $4,609 $9,265 (50) Non-accrual loans: Construction
21,050 29,677 (29) Commercial real estate 21,293 19,963 7
Commercial 4,416 6,664 (34) Real estate mortgage 1,879 1,971 (5)
Total non-accrual loans: $48,638 $58,275 (17) Total non-performing
loans 53,247 67,540 (21) Other real estate owned 16,699 16,147 3
Total non-performing assets $69,946 $83,687 (16) Troubled debt
restructurings $12,591 $12,601 (0) Allowance for loan losses
$67,428 $64,983 4 Allowance for off-balance sheet credit
commitments 4,927 4,576 8 Allowance for credit losses $72,355
$69,559 4 Total gross loans outstanding, at period-end $6,918,849
$6,683,645 4 Allowance for loan losses to non-performing loans, at
period-end 126.63% 96.21% Allowance for loan losses to gross loans,
at period-end 0.97% 0.97% Allowance for credit losses to
non-performing loans, at period-end 135.89% 102.99% Allowance for
credit losses to gross loans, at period-end 1.05% 1.04% CAPITAL
ADEQUACY REVIEW At March 31, 2008, the Tier 1 risk-based capital
ratio of 9.41%, total risk-based capital ratio of 10.88%, and Tier
1 leverage capital ratio of 7.83%, 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, 2007, the Company's Tier 1 risk-based capital ratio
was 9.09%, the total risk-based capital ratio was 10.52%, and Tier
1 leverage capital ratio was 7.83%. No shares were purchased during
the first quarter of 2008. At March 31, 2008, 622,500 shares remain
under the Company's November 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 31 branches in California, nine branches in New
York State, one in Massachusetts, two in Texas, three in Washington
State, three in the Chicago, Illinois area, one in New Jersey, one
in Hong Kong, and a representative office in Shanghai and in
Taipei. 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: deterioration in asset or
credit quality; acquisitions of other banks, if any; fluctuations
in interest rates; expansion into new market areas; earthquakes,
wildfires, or other natural disasters; competitive pressures;
changes in the availability of capital; legislative and regulatory
developments; 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, 2007, 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. 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 as of the date of this press release.
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 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) 2008 2007 % Change FINANCIAL PERFORMANCE Net interest income
before provision for credit losses $75,190 $72,752 3 Provision for
credit losses 7,500 1,000 650 Net interest income after provision
for credit losses 67,690 71,752 (6) Non-interest income 6,524 5,884
11 Non-interest expense 31,956 30,229 6 Income before income tax
expense 42,258 47,407 (11) Income tax expense 14,959 17,441 (14)
Net income $27,299 $29,966 (9) Net income per common share: Basic
$0.55 $0.58 (5) Diluted $0.55 $0.57 (4) Cash dividends paid per
common share $0.105 $0.090 17 SELECTED RATIOS Return on average
assets 1.07% 1.45% (26) Return on average stockholders' equity
10.99% 12.87% (15) Efficiency ratio 39.11% 38.44% 2 Dividend payout
ratio 18.98% 15.60% 22 YIELD ANALYSIS (Fully taxable equivalent)
Total interest-earning assets 6.46% 7.44% (13) Total
interest-bearing liabilities 3.80% 4.27% (11) Net interest spread
2.66% 3.17% (16) Net interest margin 3.16% 3.83% (17) CAPITAL
RATIOS March 31, 2008 March 31, 2007 December 31, 2007 Tier 1
risk-based capital ratio 9.41% 9.40% 9.09% Total risk-based capital
ratio 10.88% 10.92% 10.52% Tier 1 leverage capital ratio 7.83%
8.78% 7.83% CATHAY GENERAL BANCORP CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited) (In thousands, except share and per March 31,
December 31, % share data) 2008 2007 change Assets Cash and due
from banks $115,171 $118,437 (3) Short-term investments 3,670 2,278
61 Securities purchased under agreements to resell 305,000 516,100
(41) Long-term certificates of deposit - 50,000 (100) Securities
available-for-sale (amortized cost of $2,438,702 in 2008 and
$2,348,606 in 2007) 2,451,549 2,347,665 4 Trading securities 93
5,225 (98) Loans 6,918,849 6,683,645 4 Less: Allowance for loan
losses (67,428) (64,983) 4 Unamortized deferred loan fees, net
(10,020) (10,583) (5) Loans, net 6,841,401 6,608,079 4 Federal Home
Loan Bank stock 66,473 65,720 1 Other real estate owned, net 16,699
16,147 3 Affordable housing investments, net 97,730 94,000 4
Premises and equipment, net 82,706 76,848 8 Customers' liability on
acceptances 31,191 53,148 (41) Accrued interest receivable 42,197
53,032 (20) Goodwill 319,285 319,873 (0) Other intangible assets,
net 34,324 36,097 (5) Other assets 35,418 39,883 (11) Total assets
$10,442,907 $10,402,532 0 Liabilities and Stockholders' Equity
Deposits Non-interest-bearing demand deposits $768,419 $785,364 (2)
Interest-bearing deposits: NOW deposits 254,198 231,583 10 Money
market deposits 712,503 681,783 5 Savings deposits 332,182 331,316
0 Time deposits under $100,000 1,164,561 1,311,251 (11) Time
deposits of $100,000 or more 3,056,641 2,937,070 4 Total deposits
6,288,504 6,278,367 0 Federal funds purchased 37,000 41,000 (10)
Securities sold under agreements to repurchase 1,580,162 1,391,025
14 Advances from the Federal Home Loan Bank 1,189,287 1,375,180
(14) Other borrowings from financial institutions 20,629 8,301 149
Other borrowings from affordable housing investments 19,654 19,642
0 Long-term debt 171,136 171,136 - Acceptances outstanding 31,191
53,148 (41) Minority interest in consolidated subsidiaries 8,500
8,500 - Other liabilities 92,388 84,314 10 Total liabilities
9,438,451 9,430,613 0 Commitments and contingencies - - - Total
stockholders' equity 1,004,456 971,919 3 Total liabilities and
stockholders' equity $10,442,907 $10,402,532 0 Book value per share
$20.34 $19.70 3 Number of common stock shares outstanding
49,382,350 49,336,187 0 CATHAY GENERAL BANCORP CONDENSED
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited) Three months ended March 31, (Dollars in thousands,
except per share data) 2008 2007 INTEREST AND DIVIDEND INCOME Loan
receivable, including loan fees $117,025 $114,179 Securities
available-for-sale - taxable 28,506 21,815 Securities
available-for-sale - nontaxable 366 599 Federal Home Loan Bank
stock 753 509 Agency preferred stock 716 164 Federal funds sold and
securities purchased under agreements to resell 6,480 3,802
Deposits with banks 454 786 Total interest and dividend income
154,300 141,854 INTEREST EXPENSE Time deposits of $100,000 or more
31,868 31,152 Other deposits 17,235 17,987 Securities sold under
agreements to repurchase 14,625 5,717 Advances from Federal Home
Loan Bank 12,121 11,781 Long-term debt 2,849 1,976 Short-term
borrowings 412 489 Total interest expense 79,110 69,102 Net
interest income before provision for credit losses 75,190 72,752
Provision for credit losses 7,500 1,000 Net interest income after
provision for credit losses 67,690 71,752 NON-INTEREST INCOME
Securities gains, net - 191 Letters of credit commissions 1,440
1,292 Depository service fees 1,272 1,346 Other operating income
3,812 3,055 Total non-interest income 6,524 5,884 NON-INTEREST
EXPENSE Salaries and employee benefits 17,859 16,977 Occupancy
expense 3,283 2,768 Computer and equipment expense 2,244 2,225
Professional services expense 2,385 1,728 FDIC and State
assessments 291 259 Marketing expense 1,017 901 Other real estate
owned (income) expense (17) 244 Operations of affordable housing
investments 825 944 Amortization of core deposit intangibles 1,752
1,765 Other operating expense 2,317 2,418 Total non-interest
expense 31,956 30,229 Income before income tax expense 42,258
47,407 Income tax expense 14,959 17,441 Net income 27,299 29,966
Other comprehensive gain, net of tax 7,990 4,683 Total
comprehensive income $35,289 $34,649 Net income per common share:
Basic $0.55 $0.58 Diluted $0.55 $0.57 Cash dividends paid per
common share $0.105 $0.090 Basic average common shares outstanding
49,346,285 51,684,754 Diluted average common shares outstanding
49,531,531 52,295,229 CATHAY GENERAL BANCORP AVERAGE BALANCES -
SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) For the
three months ended, (Dollars in thousands) March 31, 2008 Average
Yield/Rate Interest-earning assets Average Balance (1)(2) Loans and
leases (1) $6,804,599 6.92% Taxable securities 2,250,823 5.09%
Tax-exempt securities (2) 69,668 8.94% FHLB stock 65,753 4.61%
Federal funds sold and securities purchased under agreements to
resell 419,675 6.21% Deposits with banks 24,885 7.34% Total
interest-earning assets $9,635,403 6.46% Interest-bearing
liabilities Interest-bearing demand deposits $237,611 0.82% Money
market 701,552 2.20% Savings deposits 330,504 0.54% Time deposits
4,180,871 4.26% Total interest-bearing deposits $5,450,538 3.62%
Federal funds purchased 43,341 3.54% Securities sold under
agreements to repurchase 1,559,336 3.77% Other borrowed funds
1,156,238 4.23% Long-term debt 171,136 6.70% Total interest-bearing
liabilities 8,380,589 3.80% Non-interest-bearing demand deposits
780,579 Total deposits and other borrowed funds $9,161,168 Total
average assets $10,302,295 Total average stockholders' equity
$998,917 (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%. For the three months ended, (Dollars in thousands) March 31,
2007 Average Yield/Rate Interest-earning assets Average Balance
(1)(2) Loans and leases (1) $5,787,959 8.00% Taxable securities
1,578,706 5.60% Tax-exempt securities (2) 75,549 6.16% FHLB stock
44,957 4.59% Federal funds sold and securities purchased under
agreements to resell 217,662 7.08% Deposits with banks 47,822 6.67%
Total interest-earning assets $7,752,655 7.44% Interest-bearing
liabilities Interest-bearing demand deposits $232,656 1.26% Money
market 666,454 3.08% Savings deposits 344,336 1.00% Time deposits
3,654,859 4.72% Total interest-bearing deposits $4,898,305 4.07%
Federal funds purchased 25,244 5.33% Securities sold under
agreements to repurchase 616,418 3.76% Other borrowed funds 923,273
5.24% Long-term debt 105,156 7.62% Total interest-bearing
liabilities 6,568,396 4.27% Non-interest-bearing demand deposits
772,268 Total deposits and other borrowed funds $7,340,664 Total
average assets $8,389,776 Total average stockholders' equity
$944,314 (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%. For the three months ended, (Dollars in thousands) December
31, 2007 Average Yield/Rate Interest-earning assets Average Balance
(1)(2) Loans and leases (1) $6,574,603 7.48% Taxable securities
2,115,571 5.49% Tax-exempt securities (2) 51,098 6.41% FHLB stock
55,637 4.70% Federal funds sold and securities purchased under
agreements to resell 466,084 7.60% Deposits with banks 60,316 7.90%
Total interest-earning assets $9,323,309 7.01% Interest-bearing
liabilities Interest-bearing demand deposits $229,450 1.03% Money
market 755,556 2.97% Savings deposits 335,504 0.77% Time deposits
4,130,688 4.64% Total interest-bearing deposits $5,451,198 4.02%
Federal funds purchased 45,859 4.65% Securities sold under
agreements to repurchase 1,267,643 3.73% Other borrowed funds
1,155,823 4.54% Long-term debt 171,136 7.38% Total interest-bearing
liabilities 8,091,659 4.12% Non-interest-bearing demand deposits
798,313 Total deposits and other borrowed funds $8,889,972 Total
average assets $9,986,980 Total average stockholders' equity
$965,805 (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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Cathay General Bancorp (NASDAQ:CATY)
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