LOS ANGELES, April 19, 2017 /PRNewswire/ — Cathay General Bancorp (the «Company», NASDAQ: CATY), the holding company for Cathay Bank, today announced net income of $48.9 million, or $0.61 per share, for the first quarter of 2017.

FINANCIAL PERFORMANCE

Three months ended

March 31, 2017

December 31, 2016

March 31, 2016

Net income

$48.9 million

$48.0 million

$46.2 million

Basic earnings per common share

$0.61

$0.61

$0.58

Diluted earnings per common share

$0.61

$0.60

$0.57

Return on average assets

1.42%

1.37%

1.43%

Return on average total stockholders’ equity

10.73%

10.52%

10.66%

Efficiency ratio

43.66%

45.39%

46.92%

FIRST QUARTER HIGHLIGHTS

  • Diluted earnings per share increased 7% to $0.61 per share for the first quarter of 2017 compared to $0.57 per share for the same quarter a year ago.
  • Total loans increased $164 million, or 6% annualized, excluding loans held for sale, to $11.4 billion for the quarter.  

«For the first quarter of 2017, our total loans increased $164 million or 6% annualized to $11.4 billion.  Also, our net interest margin increased to 3.49% during the first quarter compared to 3.36% in the fourth quarter of 2016 mainly as a result of the payoff of high cost borrowings and higher interest rates,» commented Pin Tai, Chief Executive Officer and President of the Company.

«We are happy to announce that on March 20, 2017, the Federal Reserve Board approved our application to acquire SinoPac Bancorp, the parent of Far East National Bank,» added Dunson Cheng, Executive Chairman of the Board of the Company.  The acquisition remains subject to receipt of Taiwan regulatory approvals and the satisfaction of customary conditions.

FIRST QUARTER INCOME STATEMENT REVIEW

Net income for the quarter ended March 31, 2017, was $48.9 million, an increase of $2.8 million, or 6.0%, compared to net income of $46.2 million for the same quarter a year ago.  Diluted earnings per share for the quarter ended March 31, 2017, was $0.61 compared to $0.57 for the same quarter a year ago.

Return on average stockholders’ equity was 10.73% and return on average assets was 1.42% for the quarter ended March 31, 2017, compared to a return on average stockholders’ equity of 10.66% and a return on average assets of 1.43% for the same quarter a year ago.   

Net interest income before provision for credit losses

Net interest income before provision for credit losses increased $9.7 million, or 9.5%, to $112.1 million during the first quarter of 2017 compared to $102.4 million during the same quarter a year ago.  The increase was due primarily to an increase in interest income from loans and a decrease in interest expense from securities sold under agreements to repurchase, partially offset by a decrease in interest income from investment securities.

The net interest margin was 3.49% for the first quarter of 2017 compared to 3.42% for the first quarter of 2016 and 3.36% for the fourth quarter of 2016. 

For the first quarter of 2017, the yield on average interest-earning assets was 4.07%, the cost of funds on average interest-bearing liabilities was 0.80%, and the cost of interest-bearing deposits was 0.69%.  In comparison, for the first quarter of 2016, the yield on average interest-earning assets was 4.09%, the cost of funds on average interest-bearing liabilities was 0.89%, and the cost of interest-bearing deposits was 0.69%. The decrease in the yield on average interest earning assets resulted mainly from higher deposits at the Federal Reserve Bank.  The net interest spread, defined as the difference between the yield on average interest-earning assets and the cost of funds on average interest-bearing liabilities, was 3.27% for the quarter ended March 31, 2017, compared to 3.20% for the same quarter a year ago.

Reversal for credit losses

Reversal for credit losses was $2.5 million for the first quarter of 2017 compared to $10.5 million for the first quarter of 2016.  The reversal for credit losses was based on a review of the appropriateness of the allowance for loan losses at March 31, 2017.  The following table summarizes the charge-offs and recoveries for the periods indicated:

Three months ended

March 31, 2017

December 31, 2016

March 31, 2016

(In thousands)

Charge-offs:

  Commercial loans

$  1,204

$       920

$  2,069

  Real estate loans (1)

555

118

259

     Total charge-offs 

1,759

1,038

2,328

Recoveries:

  Commercial loans

491

424

987

  Construction loans

49

46

7,276

  Real estate loans(1)

296

1,592

155

     Total recoveries

836

2,062

8,418

Net charge-offs

$       923

$   (1,024)

$ (6,090)

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

Non-interest income

Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), wire transfer fees, and other sources of fee income, was $6.7 million for the first quarter of 2017, a decrease of $823 thousand, or 10.9%, compared to $7.5 million for the first quarter of 2016.

Non-interest expense

Non-interest expense increased $315 thousand, or 0.6%, to $51.9 million in the first quarter of 2017 compared to $51.6 million in the same quarter a year ago.  For the first quarter of 2017, amortization of investments in affordable housing and alternative energy partnerships increased $2.1 million offset by a $1.1 million decrease in salary and employee benefit expenses and a $1.1 million decrease in other operating expense when compared to the same quarter a year ago.  The efficiency ratio was 43.7% in the first quarter of 2017 compared to 46.9% for the same quarter a year ago.   

Income taxes

The effective tax rate for the first quarter of 2017 was 29.5% compared to 32.9% for the first quarter of 2016.  The effective tax rate includes the impact of low income housing tax credits and alternative energy tax investments.  Income tax expense for the first quarter of 2017 was also reduced by $2.6 million in benefits from the distribution of restricted stock units and exercises of stock options.

BALANCE SHEET REVIEW

Gross loans, excluding loans held for sale, were $11.4 billion at March 31, 2017, an increase of $164 million, or 1.5%, from $11.2 billion at December 31, 2016.  The increase was primarily due to $140.4 million, or 5.8%, in residential mortgage loans, $120.8 million, or 2.1%, in commercial mortgage loans, and $6.1 million, or 1.1%, in real estate construction loans partially offset by decreases of $95.9 million, or 4.3%, in commercial loans.  The loan balances and composition at March 31, 2017, compared to December 31, 2016, and to March 31, 2016, are presented below:

March 31, 2017

December 31, 2016

March 31, 2016

(In thousands)

Commercial loans

$        2,152,269

$             2,248,187

$       2,251,187

Residential mortgage loans

2,584,477

2,444,048

2,043,789

Commercial mortgage loans

5,906,084

5,785,248

5,445,574

Equity lines

163,877

171,711

168,284

Real estate construction loans

554,218

548,088

453,469

Installment & other loans

4,584

3,993

1,344

Gross loans

$      11,365,509

$           11,201,275

$     10,363,647

Allowance for loan losses

(115,544)

(118,966)

(134,552)

Unamortized deferred loan fees

(4,395)

(4,994)

(7,585)

Total loans, net

$      11,245,570

$           11,077,315

$     10,221,510

Loans held for sale

$               5,835

$                    7,500

$                      –

Total deposits were $11.6 billion at March 31, 2017, a decrease of $87 million, or 0.7%, from $11.7 billion at December 31, 2016, and an increase of $1.3 billion, or 12.2%, from $10.3 billion at March 31, 2016.  The deposit balances and composition at March 31, 2017, compared to December 31, 2016, and to March 31, 2016, are presented below:  

March 31, 2017

December 31, 2016

March 31, 2016

(In thousands)

Non-interest-bearing demand deposits

$      2,472,895

$            2,478,107

$      2,059,073

NOW deposits

1,260,232

1,230,445

992,278

Money market deposits

2,295,622

2,198,938

1,923,114

Savings deposits

727,342

719,949

602,154

Time deposits

4,831,184

5,047,287

4,747,497

Total deposits

$    11,587,275

$          11,674,726

$    10,324,116

ASSET QUALITY REVIEW

At March 31, 2017, total non-accrual loans were $48.0 million, a decrease of $1.7 million, or 3.5%, from $49.7 million at December 31, 2016, and an increase of $3.4 million, or 7.4%, from $44.6 million at March 31, 2016.         

The allowance for loan losses was $115.5 million and the allowance for off-balance sheet unfunded credit commitments was $3.4 million at March 31, 2017, which represented the amount believed by management to be appropriate to absorb credit losses inherent in the loan portfolio, including unfunded commitments.  The $115.5 million allowance for loan losses at March 31, 2017, decreased $3.5 million, or 2.9%, from $119.0 million at December 31, 2016.  The allowance for loan losses represented 1.02% of period-end gross loans, excluding loans held for sale, and 240.9% of non-performing loans at March 31, 2017.  The comparable ratios were 1.06% of period-end gross loans, excluding loans held for sale, and 239.5% of non-performing loans at December 31, 2016.  The changes in non-performing assets and troubled debt restructurings at March 31, 2017, compared to December 31, 2016, and to March 31, 2016, are highlighted below:

(Dollars in thousands)

March 31, 2017

December 31, 2016

% Change

March 31, 2016

% Change

Non-performing assets

Accruing loans past due 90 days or more

$                     –

$                             –

$                     –

Non-accrual loans:

  Construction loans

5,361

5,458

(2)

6,179

(13)

  Commercial mortgage loans

21,117

20,078

5

28,537

(26)

  Commercial loans

13,865

15,710

(12)

2,645

424

  Residential mortgage loans

7,613

8,436

(10)

7,282

5

Total non-accrual loans:

$             47,956

$                     49,682

(3)

$             44,643

7

Total non-performing loans

47,956

49,682

(3)

44,643

7

 Other real estate owned

19,865

20,070

(1)

27,271

(27)

Total non-performing assets

$             67,821

$                     69,752

(3)

$             71,914

(6)

Accruing  troubled  debt  restructurings (TDRs)

$             80,419

$                     65,393

23

$             90,172

(11)

Non-accrual loans held for sale

$               5,835

$                       7,500

(22)

$                       –

100

Allowance for loan losses

$           115,544

$                   118,966

(3)

$           134,552

(14)

Total gross loans outstanding, at period-end (1)

$      11,365,509

$              11,201,275

1

$      10,363,647

10

Allowance for loan losses to non-performing loans, at period-end (2)

240.94%

239.45%

301.40%

Allowance for loan losses to gross loans, at period-end (1)

1.02%

1.06%

1.30%

(1) Excludes loans held for sale at period-end.

(2) Excludes non-accrual loans held for sale at period-end.

The ratio of non-performing assets, excluding non-accrual loans held for sale, to total assets was 0.5% at March 31, 2017, compared to 0.5% at December 31, 2016.  Total non-performing assets decreased $2.0 million, or 2.8%, to $67.8 million at March 31, 2017, compared to $69.8 million at December 31, 2016, primarily due to a decrease of $1.7 million, or 3.5%, in non-accrual loans and a decrease of $205 thousand, or 1.0%, in other real estate owned. 

CAPITAL ADEQUACY REVIEW

At March 31, 2017, the Company’s common equity Tier 1 capital ratio of 13.05%, Tier 1 risk-based capital ratio of 14.06%, total risk-based capital ratio of 15.14%, and Tier 1 leverage capital ratio of 11.77%, calculated under the Basel III capital rules, continue to place the Company in the «well capitalized» category for regulatory purposes, which is defined as institutions with a common equity tier 1 capital ratio equal to or greater than 6.5%, a Tier 1 risk-based capital ratio equal to or greater than 8%, a total risk-based capital ratio equal to or greater than 10%, and a Tier 1 leverage capital ratio equal to or greater than 5%. At December 31, 2016, the Company’s common equity Tier 1 capital ratio was 12.84%, Tier 1 risk-based capital ratio was 13.85%, total risk-based capital ratio was 14.97%, and Tier 1 leverage capital ratio was 11.57%.

CONFERENCE CALL

Cathay General Bancorp will host a conference call this afternoon to discuss its first quarter 2017 financial results. The call will begin at 3:00 p.m., Pacific Time. Analysts and investors may dial in and participate in the question-and-answer session. To access the call, please dial 1-855-761-3186 and enter Conference ID 4551475. A listen-only live Webcast of the call will be available at www.cathaygeneralbancorp.com and a recorded version is scheduled to be available for replay for 12 months after the call.

ABOUT CATHAY GENERAL BANCORP                                                  

Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 34 branches in California, 12 branches in New York State, three in the Chicago, Illinois area, three in Washington State, two in Texas, one in Maryland, one in Massachusetts, one in Nevada, 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. Cathay General Bancorp’s website is found at http://www.cathaygeneralbancorp.com.  Information set forth on such websites is not incorporated into this press release.

FORWARD-LOOKING STATEMENTS

Statements made in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management’s beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as «aims,» «anticipates,» «believes,» «can,» «continue,» «could,» «estimates,» «expects,» «hopes,» «intends,» «may,» «plans,» «projects,» «predicts,» «potential,» «possible,» «optimistic,» «seeks,» «shall,» «should,» «will,» and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from U.S. and international business and economic conditions; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters and geopolitical events; general economic or business conditions in Asia, and other regions where Cathay Bank has operations; failures, interruptions, or security breaches of our information systems; our ability to adapt our systems to technological changes; risk management processes and strategies; adverse results in legal proceedings; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in accounting standards or tax laws and regulations; market disruption and volatility; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuance of preferred stock; successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our pending acquisition of SinoPac Bancorp, including the possibility that any of the anticipated benefits of the proposed acquisition will not be realized or will not be realized within the expected time period; the failure to satisfy conditions to completion of the proposed acquisition or the merger of Cathay Bank and Far East National Bank, including receipt of required regulatory approvals; the failure of the proposed acquisition or the merger of Cathay Bank and Far East National Bank to be completed for any reason; the inability to complete the proposed acquisition or the merger of Cathay Bank and Far East National Bank in a timely manner; the risk that integration of SinoPac Bancorp’s and Far East National Bank’s operations with those of the Company and Cathay Bank will be materially delayed or will be more costly or difficult than expected; the diversion of management’s attention from ongoing business operations and opportunities; the challenges of integrating and retaining key employees; the effect of the announcement of the proposed acquisition on the Company’s, SinoPac Bancorp’s, Far East National Bank’s or the combined companies’ respective customer relationships and operating results; the possibility that the proposed acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; and general competitive, economic political, and market conditions and fluctuations.

These and other factors are further described in Cathay General Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2016 (Item 1A in particular), other reports filed with the Securities and Exchange Commission («SEC»), and other filings Cathay General Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this press release. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements, which speak to the date of this press release. Cathay General Bancorp has no intention and undertakes no obligation to update any forward-looking statement or to publicly announce any revision of any forward-looking statement to reflect future developments or events, except as required by law.

CATHAY GENERAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

Three months ended

(Dollars in thousands, except per share data)

March 31, 2017

December 31, 2016

March 31, 2016

FINANCIAL PERFORMANCE

Net interest income before provision for credit losses    

$          112,114

$                109,902

$          102,368

Reversal for credit losses

(2,500)

(10,500)

Net interest income after reversal for credit losses

114,614

109,902

112,868

Non-interest income

6,718

7,961

7,541

Non-interest expense

51,886

53,503

51,571

Income before income tax expense

69,446

64,360

68,838

Income tax expense

20,505

16,345

22,675

Net income

$            48,941

$                  48,015

$            46,163

Net income per common share

Basic

$                0.61

$                      0.61

$                0.58

Diluted

$                0.61

$                      0.60

$                0.57

 Cash dividends paid per common share  

$                0.21

$                      0.21

$                0.18

SELECTED RATIOS

Return on average assets

1.42%

1.37%

1.43%

Return on average total stockholders’ equity

10.73%

10.52%

10.66%

Efficiency ratio

43.66%

45.39%

46.92%

Dividend payout ratio

34.24%

34.79%

30.72%

YIELD ANALYSIS (Fully taxable equivalent)

Total interest-earning assets

4.07%

4.00%

4.09%

Total interest-bearing liabilities

0.80%

0.86%

0.89%

Net interest spread

3.27%

3.14%

3.20%

Net interest margin

3.49%

3.36%

3.42%

CAPITAL RATIOS

March 31, 2017

December 31, 2016

March 31, 2016

Common Equity Tier 1 capital ratio

13.05%

12.84%

12.60%

Tier 1 risk-based capital ratio

14.06%

13.85%

13.67%

Total risk-based capital ratio

15.14%

14.97%

14.93%

Tier 1 leverage capital ratio

11.77%

11.57%

11.73%

.

 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

March 31, 2017

December 31, 2016

March 31, 2016

Assets

Cash and due from banks

$                    190,522

$                    218,017

$                    192,642

Short-term investments and interest bearing deposits

630,058

967,067

432,384

Securities available-for-sale (amortized cost of $1,230,785 at March 31, 2017, $1,317,012 at December 31, 2016, and $1,476,424 at March 31, 2016)

1,227,729

1,314,345

1,485,124

Loans held for sale

5,835

7,500

Loans

11,365,509

11,201,275

10,363,647

Less:  Allowance for loan losses

(115,544)

(118,966)

(134,552)

 Unamortized deferred loan fees, net

(4,395)

(4,994)

(7,585)

 Loans, net

11,245,570

11,077,315

10,221,510

Federal Home Loan Bank stock

17,250

17,250

17,250

Other real estate owned, net

19,865

20,070

27,271

Affordable housing investments and alternative energy partnerships, net

245,854

251,077

212,795

Premises and equipment, net

105,025

105,607

108,231

Customers’ liability on acceptances

11,300

12,182

26,843

Accrued interest receivable

35,690

37,299

32,517

Goodwill

372,189

372,189

372,189

Other intangible assets, net

2,749

2,949

3,497

Other assets

114,321

117,902

129,766

Total assets

$               14,223,957

$               14,520,769

$               13,262,019

Liabilities and Stockholders’ Equity

Deposits

Non-interest-bearing demand deposits

$                 2,472,895

$                 2,478,107

$                 2,059,073

Interest-bearing deposits:

NOW deposits

1,260,232

1,230,445

992,278

Money market deposits

2,295,622

2,198,938

1,923,114

Savings deposits

727,342

719,949

602,154

Time deposits 

4,831,184

5,047,287

4,747,497

Total deposits

11,587,275

11,674,726

10,324,116

Securities sold under agreements to repurchase

150,000

350,000

400,000

Advances from the Federal Home Loan Bank

325,000

350,000

475,000

Other borrowings for affordable housing investments

17,614

17,662

17,792

Long-term debt

119,136

119,136

119,136

Acceptances outstanding

11,300

12,182

26,843

Other liabilities

155,731

168,524

164,459

Total liabilities

12,366,056

12,692,230

11,527,346

     Commitments and contingencies

Stockholders’ Equity

Common stock, $0.01 par value, 100,000,000 shares authorized, 88,022,322 issued and 79,811,679 outstanding at March 31, 2017, 87,820,920 issued and 79,610,277 outstanding at December 31, 2016, and 87,047,371 issued and 78,836,728 outstanding at March 31, 2016

880

878

870

Additional paid-in-capital

892,583

895,480

882,825

Accumulated other comprehensive income/(loss), net

(3,642)

(3,715)

(1,073)

Retained earnings

1,207,669

1,175,485

1,091,640

Treasury stock, at cost (8,210,643 shares at March 31, 2017, at December 31, 2016, and at March 31, 2016)

(239,589)

(239,589)

(239,589)

Total equity

1,857,901

1,828,539

1,734,673

Total liabilities and equity

$               14,223,957

$               14,520,769

$               13,262,019

Book value per common share

$                        23.16

$                        22.80

$                        21.88

Number of common shares outstanding

79,811,679

79,610,277

78,836,728

 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three months ended

March 31, 2017

December 31, 2016

March 31, 2016

(In thousands, except share and per share data)

INTEREST AND  DIVIDEND INCOME

Loan receivable, including loan fees

$         124,910

$                 124,570

$         114,890

Investment securities

4,406

4,452

6,859

Federal Home Loan Bank stock

412

977

347

Deposits with banks

1,076

669

249

Total interest and dividend income

130,804

130,668

122,345

INTEREST EXPENSE

Time deposits 

10,982

11,150

10,857

Other deposits

4,446

4,311

3,640

Securities sold under agreements to repurchase

1,550

3,633

3,934

Advances from Federal Home Loan Bank

288

217

106

Long-term debt

1,424

1,455

1,440

Total interest expense

18,690

20,766

19,977

Net interest income before reversal for credit losses

112,114

109,902

102,368

Reversal for credit losses

(2,500)

(10,500)

Net interest income after reversal for credit losses

114,614

109,902

112,868

NON-INTEREST INCOME

Securities (losses)/gains, net

(466)

1,757

(206)

Letters of credit commissions

1,123

1,241

1,281

Depository service fees

1,508

1,369

1,323

Other operating income

4,553

3,594

5,143

Total non-interest income

6,718

7,961

7,541

NON-INTEREST EXPENSE

Salaries and employee benefits

25,871

26,035

26,931

Occupancy expense

4,699

4,728

4,369

Computer and equipment expense

2,724

2,417

2,580

Professional services expense

4,256

4,705

4,368

Data processing service expense

2,532

2,401

2,250

FDIC and State assessments

2,520

2,072

2,589

Marketing expense

871

1,778

796

Other real estate owned expense

61

244

295

Amortization of investments in low income housing and alternative energy partnerships

4,850

4,638

2,794

Amortization of core deposit intangibles

172

172

172

Other operating expense

3,330

4,313

4,427

Total non-interest expense

51,886

53,503

51,571

Income before income tax expense

69,446

64,360

68,838

Income tax expense

20,505

16,345

22,675

Net income

$           48,941

$                   48,015

$           46,163

Net income per common share:

Basic

$               0.61

$                       0.61

$               0.58

Diluted

$               0.61

$                       0.60

$               0.57

Cash dividends paid per common share

$               0.21

$                       0.21

$               0.18

Basic average common shares outstanding

79,703,593

79,171,401

79,734,519

Diluted average common shares outstanding

80,413,178

80,007,934

80,393,849

 

CATHAY GENERAL BANCORP

AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited)

Three months ended

(In thousands)

March 31, 2017

December 31, 2016

March 31, 2016

Interest-earning assets

Average Balance

Average
Yield/Rate (1)

Average Balance

Average
Yield/Rate (1)

Average Balance

Average
Yield/Rate (1) 

Loans (1)

$11,289,364

4.49%

$11,080,313

4.47%

$10,290,571

4.49%

Taxable investment securities 

1,234,071

1.45%

1,339,848

1.32%

1,555,849

1.77%

FHLB stock

17,250

9.69%

18,290

21.25%

17,250

8.09%

Deposits with banks

486,045

0.90%

560,896

0.47%

164,598

0.61%

Total interest-earning assets

$13,026,730

4.07%

$12,999,347

4.00%

$12,028,268

4.09%

Interest-bearing liabilities

Interest-bearing demand deposits

$  1,237,398

0.17%

$  1,144,082

0.17%

$     965,779

0.16%

Money market deposits

2,276,057

0.65%

2,176,268

0.65%

1,925,410

0.63%

Savings deposits

713,198

0.16%

666,867

0.17%

620,627

0.16%

Time deposits

4,857,876

0.92%

4,982,911

0.89%

4,900,488

0.89%

Total interest-bearing deposits

$  9,084,529

0.69%

$  8,970,128

0.69%

$  8,412,304

0.69%

Securities sold under agreements to repurchase

189,444

3.32%

350,000

4.13%

400,000

3.96%

Other borrowed funds

101,546

1.15%

148,675

0.58%

84,784

0.50%

Long-term debt

119,136

4.85%

119,136

4.86%

119,136

4.86%

Total interest-bearing liabilities

9,494,655

0.80%

9,587,939

0.86%

9,016,224

0.89%

Non-interest-bearing demand deposits

2,471,165

2,400,404

2,033,694

Total deposits and other borrowed funds

$11,965,820

$11,988,343

$11,049,918

Total average assets

$13,997,964

$13,992,093

$12,972,572

Total average equity

$  1,850,254

$  1,814,981

$  1,741,744

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

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cathay-general-bancorp-announces-first-quarter-2017-results-300442184.html

SOURCE Cathay General Bancorp