LOS ANGELES, July 17, 2019 /PRNewswire/ -- Cathay General Bancorp (the "Company", "we", "us", or "our" Nasdaq: CATY), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter ended June 30, 2019.  The Company reported net income of $72.2 million, or $0.90 per share, for the second quarter of 2019. 

FINANCIAL PERFORMANCE


Three months ended

(unaudited)

June 30, 2019


March 31, 2019


June 30, 2018

Net income

$72.2 million


$66.7 million


$73.7 million

Basic earnings per common share

$0.90


$0.83


$0.91

Diluted earnings per common share

$0.90


$0.83


$0.90

Return on average assets

1.69%


1.61%


1.88%

Return on average total stockholders' equity

13.27%


12.57%


14.51%

Efficiency ratio

44.53%


45.42%


42.69%

SECOND QUARTER HIGHLIGHTS

  • Total loans increased $316.1 million, or 9.0% annualized, to $14.6 billion for the quarter.
  • Total deposits increased $276.6 million, or 8.1% annualized, to $14.4 billion for the quarter.

"In the second quarter of 2019, our total loans increased $316.1 million, or 9.0% annualized, to $14.6 billion.  We continued our stock buyback program in the second quarter and repurchased 641,894 shares of our common stock at an average cost of $35.84," commented Pin Tai, Chief Executive Officer and President of the Company.

SECOND QUARTER INCOME STATEMENT REVIEW

Net income for the quarter ended June 30, 2019, was $72.2 million, a decrease of $1.5 million, or 2.0%, compared to net income of $73.7 million for the same quarter a year ago. Diluted earnings per share for both the quarter ended June 30, 2019 and June 30, 2018, was $0.90.  

Return on average stockholders' equity was 13.27% and return on average assets was 1.69% for the quarter ended June 30, 2019, compared to a return on average stockholders' equity of 14.51% and a return on average assets of 1.88% for the same quarter a year ago.    

Net interest income before provision for credit losses

Net interest income before provision for credit losses increased $3.4 million, or 2.4%, to $143.4 million during the second quarter of 2019, compared to $140.0 million during the same quarter a year ago.  The increase was due primarily to increases in interest income from loans and securities, offset in part by an increase in interest expense from time deposits.

The net interest margin was 3.58% for the second quarter of 2019 compared to 3.83% for the second quarter of 2018 and 3.70% for the first quarter of 2019. 

For the second quarter of 2019, the yield on average interest-earning assets was 4.81%, the cost of funds on average interest-bearing liabilities was 1.65%, and the cost of interest-bearing deposits was 1.58%.  In comparison, for the second quarter of 2018, the yield on average interest-earning assets was 4.58%, the cost of funds on average interest-bearing liabilities was 1.03%, and the cost of interest-bearing deposits was 0.92%. The increase in the yield on average interest-earning assets resulted mainly from higher rates on loans.  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 3.16% for the quarter ended June 30, 2019, compared to 3.55% for the same quarter a year ago.

Provision/(reversal) for credit losses

There was no provision/(reversal) for credit losses recorded for the second quarter of 2019 or 2018, based on our management's review of the appropriateness of the allowance for loan losses at June 30, 2019.  The following table summarizes the charge-offs and recoveries for the periods indicated:


Three months ended


Six months ended June 30,


June 30, 2019


March 31, 2019


June 30, 2018


2019


2018


(In thousands) (Unaudited)

Charge-offs:










  Commercial loans

$            1,713


$              1,231


$               488


$ 2,944


$      507

  Real estate loans (1)

-


-


390


-


390

     Total charge-offs 

1,713


1,231


878


2,944


897

Recoveries:










  Commercial loans

1,356


41


150


1,397


1,063

  Construction loans

30


1,044


44


1,074


88

  Real estate loans(1)

423


310


499


733


1,366

     Total recoveries

1,809


1,395


693


3,204


2,517

Net (recoveries)/charge-offs

$                (96)


$                (164)


$               185


$   (260)


$ (1,620)











(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, equity securities gains (losses), wire transfer fees, and other sources of fee income, was $12.8 million for the second quarter of 2019, an increase of $5.0 million, or 64.1%, compared to $7.8 million for the second quarter of 2018, primarily due to higher gains from equity securities of $4.4 million and an increase of $1.1 million in wealth management fees.

Non-interest expense

Non-interest expense increased $6.4 million, or 10.1%, to $69.5 million in the second quarter of 2019 compared to $63.1 million in the same quarter a year ago.  The increase in non-interest expense in the second quarter of 2019 was primarily due to a $2.6 million increase in salaries and employee benefits expense, a $4.0 million increase in amortization expense for investments in low income housing and alternative energy partnerships and a $2.2 million increase in provision for unfunded commitments, offset in part by a $2.4 million decrease in marketing expenses when compared to the same quarter a year ago.  The efficiency ratio was 44.5% in the second quarter of 2019 compared to 42.7% for the same quarter a year ago.   

Income taxes

The effective tax rate for the second quarter of 2019 was 16.6% compared to 13.0% for the second quarter of 2018.  The effective tax rate includes the impact of low-income housing and alternative energy investment tax credits. 

BALANCE SHEET REVIEW

Gross loans were $14.6 billion at June 30, 2019, an increase of $597.7 million, or 4.3%, from $14.0 billion at December 31, 2018.  The increase was primarily due to increases of $273.3 million, or 7.4%, in residential mortgage loans, $221.4 million, or 3.3%, in commercial mortgage loans, $52.4 million, or 21.0%, in home equity loans, $31.0 million, or 1.1%, in commercial loans, and $17.4 million, or 3.0%, in real estate construction loans.  The loan balances and composition at June 30, 2019, compared to December 31, 2018 and June 30, 2018, are presented below:


June 30, 2019


December 31, 2018


June 30, 2018


(In thousands) (Unaudited)

Commercial loans

$  2,772,982


$           2,741,965


$  2,576,649

Residential mortgage loans

3,967,135


3,693,853


3,378,875

Commercial mortgage loans

6,945,562


6,724,200


6,615,791

Equity lines

302,351


249,967


191,445

Real estate construction loans

598,849


581,454


581,917

Installment and other loans

6,631


4,349


4,060

Gross loans

$ 14,593,510


$         13,995,788


$ 13,348,737







Allowance for loan losses

(122,651)


(122,391)


(121,899)

Unamortized deferred loan fees

(1,415)


(1,565)


(3,248)

Total loans, net

$ 14,469,444


$         13,871,832


$ 13,223,590

Total deposits were $14.4 billion at June 30, 2019, an increase of $660.6 million, or 4.8%, from $13.7 billion at December 31, 2018.  The deposit balances and composition at June 30, 2019, compared to December 31, 2018 and June 30, 2018, are presented below:  


June 30, 2019


December 31, 2018


June 30, 2018


(In thousands) (Unaudited)

Non-interest-bearing demand deposits

$    2,758,344


$              2,857,443


$    2,835,314

NOW deposits

1,267,464


1,365,763


1,381,617

Money market deposits

1,909,097


2,027,404


2,263,991

Savings deposits

716,206


738,656


790,125

Time deposits

7,711,811


6,713,074


5,833,499

Total deposits

$ 14,362,922


$            13,702,340


$ 13,104,546

ASSET QUALITY REVIEW

At June 30, 2019, total non-accrual loans were $54.7 million, an increase of $12.9 million, or 30.9%, from $41.8 million at December 31, 2018, and an increase of $2.0 million, or 3.8%, from $52.7 million at June 30, 2018.         

The allowance for loan losses was $122.7 million and the allowance for off-balance sheet unfunded credit commitments was $4.6 million at June 30, 2019, which represented the amount believed by management to be appropriate to absorb credit losses inherent in the loan portfolio, including unfunded credit commitments.  The $122.7 million allowance for loan losses at June 30, 2019, increased $0.3 million, or 0.2%, from $122.4 million at December 31, 2018.  The allowance for loan losses represented 0.84% of period-end gross loans, and 177.2% of non-performing loans at June 30, 2019.  The comparable ratios were 0.87% of period-end gross loans, and 268.5% of non-performing loans at December 31, 2018.  The changes in non-performing assets and troubled debt restructurings at June 30, 2019, compared to December 31, 2018 and June 30, 2018, are shown below:

(Dollars in thousands) (Unaudited)

June 30, 2019


December 31, 2018


% Change


June 30, 2018


% Change

Non-performing assets










Accruing loans past due 90 days or more

$         14,469


$                      3,773


283


$                   -


-

Non-accrual loans:










  Construction loans

4,702


4,872


(3)


8,040


(42)

  Commercial mortgage loans

14,515


10,611


37


17,154


(15)

  Commercial loans

28,070


18,805


49


19,212


46

  Residential mortgage loans

7,461


7,527


(1)


8,322


(10)

Total non-accrual loans:

$         54,748


$                    41,815


31


$         52,728


4

  Total non-performing loans

69,217


45,588


52


52,728


31

 Other real estate owned

11,329


12,674


(11)


8,220


38

  Total non-performing assets

$         80,546


$                    58,262


38


$         60,948


32

Accruing  troubled  debt  restructurings (TDRs)

$         64,898


$                    65,071


(0)


$         84,487


(23)





















Allowance for loan losses

$       122,651


$                  122,391


-


$       121,899


-











Total gross loans outstanding, at period-end 

$ 14,593,510


$            13,995,788


4


$ 13,348,737


9











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

177.20%


268.47%




231.18%



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

0.84%


0.87%




0.91%



The ratio of non-performing assets, to total assets was 0.5% at June 30, 2019, compared to 0.3% at December 31, 2018.  Total non-performing assets increased $22.2 million, or 38.1%, to $80.5 million at June 30, 2019, compared to $58.3 million at December 31, 2018, primarily due to an increase of $12.9 million, or 30.9%, in non-accrual loans, and an increase of $10.7 million, or 283.5%, in accruing loans past due 90 days or more, offset in part by a decrease of $1.3 million, or 10.6%, in other real estate owned.

CAPITAL ADEQUACY REVIEW

At June 30, 2019, the Company's Tier 1 risk-based capital ratio of 12.26%, total risk-based capital ratio of 13.92%, and Tier 1 leverage capital ratio of 10.73%, 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 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, 2018, the Company's Tier 1 risk-based capital ratio was 12.43%, total risk-based capital ratio was 14.15%, and Tier 1 leverage capital ratio was 10.83%.

YEAR-TO-DATE REVIEW

Net income for the six months ended June 30, 2019, was $138.9 million, an increase of $1.4 million, or 1.0%, compared to net income of $137.5 million for the same period a year ago.  Diluted earnings per share was $1.73 compared to $1.68 per share for the same period a year ago.  The net interest margin for the six months ended June 30, 2019, was 3.64% compared to 3.79% for the same period a year ago.

Return on average stockholders' equity was 12.92% and return on average assets was 1.65% for the six months ended June 30, 2019, compared to a return on average stockholders' equity of 13.76% and a return on average assets of 1.76% for the same period a year ago.  The efficiency ratio for the six months ended June 30, 2019, was 44.98% compared to 43.01% for the same period a year ago. 

CONFERENCE CALL

Cathay General Bancorp will host a conference call this afternoon to discuss its second quarter 2019 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 5666716. 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 39 branches in California, 10 branches in New York State, four in Washington State, three in Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Cathay Bank's website is found at www.cathaybank.com. Cathay General Bancorp's website is found at 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; our ability to generate anticipated returns on our investments and financings, including in tax-advantaged projects; 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 ability to consummate and realize the anticipated benefits of our acquisitions; the risk that integration of business operations following any acquisitions, will be materially delayed or will be more costly or difficult than expected; 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, 2018 (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


Six months ended June 30,

(Dollars in thousands, except per share data)


June 30, 2019


March 31, 2019


June 30, 2018


2019


2018












FINANCIAL PERFORMANCE











Net interest income before provision for credit losses    


$       143,379


$                  143,316


$       140,031


$286,695


$275,374

Reversal for credit losses


-


-


-


-


(3,000)

Net interest income after reversal for credit losses


143,379


143,316


140,031


286,695


278,374

Non-interest income


12,794


12,921


7,767


25,715


13,077

Non-interest expense


69,546


70,970


63,088


140,516


124,059

Income before income tax expense


86,627


85,267


84,710


171,894


167,392

Income tax expense


14,383


18,588


11,046


32,971


29,912

Net income


$         72,244


$                    66,679


$         73,664


$138,923


$137,480












Net income per common share











Basic


$              0.90


$                         0.83


$              0.91


$       1.73


$       1.69

Diluted


$              0.90


$                         0.83


$              0.90


$       1.73


$       1.68












 Cash dividends paid per common share  


$              0.31


$                         0.31


$              0.24


$       0.62


$       0.48























SELECTED RATIOS











Return on average assets


1.69%


1.61%


1.88%


1.65%


1.76%

Return on average total stockholders' equity


13.27%


12.57%


14.51%


12.92%


13.76%

Efficiency ratio


44.53%


45.42%


42.69%


44.98%


43.01%

Dividend payout ratio


34.26%


37.44%


26.47%


35.79%


28.34%























YIELD ANALYSIS (Fully taxable equivalent)











Total interest-earning assets


4.81%


4.85%


4.58%


4.83%


4.50%

Total interest-bearing liabilities


1.65%


1.55%


1.03%


1.60%


0.97%

Net interest spread


3.16%


3.30%


3.55%


3.23%


3.53%

Net interest margin


3.58%


3.70%


3.83%


3.64%


3.79%























CAPITAL RATIOS


June 30, 2019


December 31, 2018


June 30, 2018





Tier 1 risk-based capital ratio


12.26%


12.43%


12.59%





Total risk-based capital ratio


13.92%


14.15%


14.38%





Tier 1 leverage capital ratio


10.73%


10.83%


10.96%







.






.



 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In thousands, except share and per share data)


June 30, 2019


December 31, 2018


June 30, 2018








Assets







Cash and due from banks


$                206,123


$                  225,333


$                195,392

Short-term investments and interest bearing deposits


351,603


374,957


208,749

Securities available-for-sale (amortized cost of $1,468,452 at June 30, 2019, $1,267,731 at December 31, 2018 and $1,510,142 at June 30, 2018)


1,471,584


1,242,509


1,475,949

Loans


14,593,510


13,995,788


13,348,737

Less:  Allowance for loan losses


(122,651)


(122,391)


(121,899)

 Unamortized deferred loan fees, net


(1,415)


(1,565)


(3,248)

 Loans, net


14,469,444


13,871,832


13,223,590

Equity securities


32,498


25,098


23,131

Federal Home Loan Bank stock


17,250


17,250


17,250

Other real estate owned, net


11,329


12,674


8,220

Affordable housing investments and alternative energy partnerships, net


301,410


282,734


308,464

Premises and equipment, net


102,919


103,189


102,415

Customers' liability on acceptances


9,616


22,709


22,366

Accrued interest receivable


55,711


51,650


48,178

Goodwill


372,189


372,189


372,189

Other intangible assets, net


6,782


7,194


7,462

Right-of-use assets- operating leases


36,515


-


-

Other assets


161,033


175,419


184,391








Total assets


$          17,606,006


$            16,784,737


$          16,197,746








Liabilities and Stockholders' Equity







Deposits







Non-interest-bearing demand deposits


$             2,758,344


$              2,857,443


$             2,835,314

Interest-bearing deposits:







NOW deposits


1,267,464


1,365,763


1,381,617

Money market deposits


1,909,097


2,027,404


2,263,991

Savings deposits


716,206


738,656


790,125

Time deposits 


7,711,811


6,713,074


5,833,499

Total deposits


14,362,922


13,702,340


13,104,546








Securities sold under agreements to repurchase


-


-


50,000

Advances from the Federal Home Loan Bank


550,000


530,000


480,000

Other borrowings for affordable housing investments


30,820


17,298


17,382

Long-term debt


169,761


189,448


194,136

Deferred payments from acquisition


18,843


18,458


36,015

Acceptances outstanding


9,616


22,709


22,366

Lease liabilities - operating leases


37,858


-


-

Other liabilities


226,889


182,618


228,468

Total liabilities


15,406,709


14,662,871


14,132,913

Stockholders' equity


2,199,297


2,121,866


2,064,833

Total liabilities and equity


$          17,606,006


$            16,784,737


$          16,197,746








Book value per common share


$                     27.55


$                      26.36


$                     25.32

Number of common shares outstanding


79,818,003


80,501,948


81,255,683

 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three months ended


Six months ended June 30,



June 30, 2019

March 31, 2019

June 30, 2018


2019

2018



(In thousands, except share and per share data)

INTEREST AND  DIVIDEND INCOME








Loan receivable, including loan fees


$       182,291

$         178,277

$       158,659


$    360,568

$    309,949

Investment securities


8,477

7,290

7,208


15,767

13,666

Federal Home Loan Bank stock


298

304

380


602

776

Deposits with banks


1,383

1,890

1,273


3,273

2,829









Total interest and dividend income


192,449

187,761

167,520


380,210

327,220









INTEREST EXPENSE








Time deposits 


39,491

34,123

18,730


73,614

34,458

Other deposits


5,588

5,377

4,832


10,965

9,418

Securities sold under agreements to repurchase


-

-

608


-

1,322

Advances from Federal Home Loan Bank


1,792

2,596

885


4,388

1,856

Long-term debt


2,007

2,132

2,163


4,139

4,245

Deferred payments from acquisition


192

217

271


409

547









Total interest expense


49,070

44,445

27,489


93,515

51,846









Net interest income before reversal for credit losses


143,379

143,316

140,031


286,695

275,374

Reversal for credit losses


-

-

-


-

(3,000)









Net interest income after reversal for credit losses


143,379

143,316

140,031


286,695

278,374









NON-INTEREST INCOME








Net gains/(losses) from equity securities


3,237

4,163

(1,124)


7,400

(4,971)

Securities gains, net


13

-

-


13

-

Letters of credit commissions


1,577

1,554

1,376


3,131

2,651

Depository service fees


1,243

1,255

1,241


2,498

2,686

Gains from acquisition


-

-

-


-

340

Other operating income


6,724

5,949

6,274


12,673

12,371









Total non-interest income


12,794

12,921

7,767


25,715

13,077









NON-INTEREST EXPENSE








Salaries and employee benefits


33,153

32,132

30,600


65,285

60,977

Occupancy expense


5,489

5,549

5,170


11,038

10,622

Computer and equipment expense


2,833

2,879

2,611


5,712

5,705

Professional services expense


6,000

5,257

5,730


11,257

11,769

Data processing service expense


3,081

3,410

3,151


6,491

6,370

FDIC and State assessments


2,132

2,476

2,142


4,608

4,177

Marketing expense


979

2,141

3,400


3,120

4,258

Other real estate owned expense


369

280

(3)


649

(215)

Amortization of investments in low income housing and alternative energy partnerships


9,102

10,810

5,113


19,912

10,874

Amortization of core deposit intangibles


171

172

280


343

514

Acquisition and integration costs


-

-

1,735


-

1,904

Other operating expense


6,237

5,864

3,159


12,101

7,104









Total non-interest expense


69,546

70,970

63,088


140,516

124,059









Income before income tax expense


86,627

85,267

84,710


171,894

167,392

Income tax expense


14,383

18,588

11,046


32,971

29,912

Net income


$         72,244

$            66,679

$         73,664


$    138,923

$    137,480









Net income per common share:








Basic


$              0.90

$                0.83

$              0.91


$           1.73

$           1.69

Diluted


$              0.90

$                0.83

$              0.90


$           1.73

$           1.68









Cash dividends paid per common share


$              0.31

$                0.31

$              0.24


$           0.62

$           0.48

Basic average common shares outstanding


80,106,329

80,455,317

81,236,315


80,279,859

81,180,160

Diluted average common shares outstanding


80,302,679

80,703,134

81,774,986


80,501,800

81,727,977

 

CATHAY GENERAL BANCORP

AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited)



Three months ended

(In thousands)

June 30, 2019


March 31, 2019


June 30, 2018










Interest-earning assets

Average Balance

Average
Yield/Rate (1)


Average Balance

Average
Yield/Rate (1)


Average Balance

Average
Yield/Rate (1)

Loans (1)

$14,365,544

5.09%


$14,088,488

5.13%


$13,020,212

4.89%

Taxable investment securities 

1,441,005

2.36%


1,270,053

2.33%


1,368,718

2.11%

FHLB stock

17,250

6.93%


17,304

7.13%


17,489

8.73%

Deposits with banks

235,019

2.36%


312,779

2.45%


274,569

1.86%










Total interest-earning assets

$16,058,818

4.81%


$15,688,624

4.85%


$14,680,988

4.58%










Interest-bearing liabilities









Interest-bearing demand deposits

$   1,265,105

0.18%


$   1,309,109

0.19%


$   1,381,065

0.20%

Money market deposits

1,857,384

1.00%


1,915,030

0.94%


2,201,162

0.68%

Savings deposits

731,512

0.20%


717,393

0.19%


804,064

0.20%

Time deposits

7,570,131

2.09%


7,064,254

1.96%


5,848,849

1.28%

Total interest-bearing deposits

$11,424,132

1.58%


$11,005,786

1.46%


$10,235,140

0.92%

Securities sold under agreements to repurchase

-

0.00%


-

0.00%


83,517

2.92%

Other borrowed funds

353,799

2.25%


462,043

2.47%


237,231

1.95%

Long-term debt

169,761

4.74%


183,115

4.72%


194,136

4.47%

Total interest-bearing liabilities

11,947,692

1.65%


11,650,944

1.55%


10,750,024

1.03%










Non-interest-bearing demand deposits

2,789,644



2,775,545



2,760,643











Total deposits and other borrowed funds

$14,737,336



$14,426,489



$13,510,667


Total average assets

$17,157,578



$16,811,249



$15,746,786


Total average equity

$   2,184,251



$   2,151,192



$   2,036,674












Six months ended




(In thousands)

June 30, 2019


June 30, 2018













Interest-earning assets

Average Balance

Average
Yield/Rate (1)


Average Balance

Average
Yield/Rate (1)




Loans (1)

$14,227,782

5.11%


$12,970,484

4.82%




Taxable investment securities 

1,356,001

2.34%


1,336,871

2.06%




FHLB stock

17,277

7.03%


19,852

7.89%




Deposits with banks

275,044

2.40%


334,465

1.71%













Total interest-earning assets

$15,876,104

4.83%


$14,661,672

4.50%













Interest-bearing liabilities









Interest-bearing demand deposits

$   1,286,985

0.19%


$   1,393,883

0.19%




Money market deposits

1,886,048

0.97%


2,228,446

0.66%




Savings deposits

724,492

0.20%


821,121

0.21%




Time deposits

7,318,590

2.03%


5,750,722

1.21%




Total interest-bearing deposits

$11,216,115

1.52%


$10,194,172

0.87%




Securities sold under agreements to repurchase

-

0.00%


91,713

2.91%




Other borrowed funds

407,622

2.37%


277,845

1.74%




Long-term debt

176,401

4.73%


194,136

4.41%




Total interest-bearing liabilities

11,800,138

1.60%


10,757,866

0.97%













Non-interest-bearing demand deposits

2,782,633



2,755,754














Total deposits and other borrowed funds

$14,582,771



$13,513,620





Total average assets

$16,985,370



$15,727,466





Total average equity

$   2,167,812



$   2,014,908














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

 

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SOURCE Cathay General Bancorp


Source: Cathay General Bancorp