Printer Friendly

CATHAY BANCORP ANNOUNCES SECOND QUARTER EARNINGS AND RESTATED FIRST QUARTER EARNINGS

 LOS ANGELES, Aug. 17 /PRNewswire/ -- Cathay Bancorp Inc. (NASDAQ: CATY), the holding company of Cathay Bank, today announced its 1993 second quarter net income of $2,327,000 or $0.30 per share, compared with $2,538,000 or $0.34 per share for the second quarter of 1992. The year-to-date net income was $4,422,000 or $.58 per share, vs. $5,038,000 or $.67 per share a year ago. The primary reason for the decrease in net income was due to a legal settlement expense of $1,245,000 coupled with higher provision for loan losses.
 Cathay Bancorp Inc. also announced its restatement of the first quarter net income from $2,630,000 or $.34 per share to $2,095,000 or $.27 per share, compared with $2,500,000 or $.33 per share for the first quarter of 1992. The restatement of the first quarter earnings was due to the recognition of an accrual of $910,000 in legal settlement expense.
 Total assets as of June 30, 1993, increased to $845,962,000, up 9 percent from $777,437,000 a year ago. Loans, after the allowance for loan losses, increased to $596,752,000, up 2 percent from $584,079,000 a year ago, while deposits rose 10 percent to $758,264,000 from $690,006,000. Stockholders' equity was up 9 percent from $72,155,000 as of June 30, 1992, to $78,676,000 as of June 30, 1993.
 Cathay Bancorp Inc. is the one-bank holding company for Cathay Bank. The bank now operates 9 branches in Southern California, 2 branches in Northern California, and two overseas offices in Taiwan and Hong Kong.
 CATHAY BANCORP
 Financial Highlights
 (Restated)
 (Unaudited)
 (Amounts in thousands First Quarter
 except per share data) 1993 1992
 Net interest income $9,078 $7,807
 Provision for loan losses 600 652
 Net interest income after
 provision for loan losses 8,478 7,155
 Non-interest income 1,447 1,783
 Non-interest expense 6,618 4,914
 Income before income
 tax expense 3,307 4,024
 Income tax expense 1,212 1,524
 Net income 2,095 2,500
 Net income per common share 0.27 0.33
 (Unaudited)
 March 31,
 Financial ratios 1993 1992
 Return on average
 stockholders' equity 11.38 pct 15.18 pct
 Return on average assets 1.05 pct 1.43 pct
 Equity capital to assets 9.07 pct 9.34 pct
 (Unaudited)
 March 31,
 1993 1992
 Total assets $849,699 $751,676
 Net loans 600,534 553,819
 Allowance for loan losses 6,357 5,828
 Total deposits 761,956 666,211
 Stockholders' equity 77,100 70,198
 Book value per share 10.09 9.29
 CATHAY BANCORP
 Financial Highlights
 (Unaudited)
 Second Quarter Year-to-Date
 June 30,
 (Amounts in thousands 1993 1992 1993 1992
 except per share data)
 Net interest income $9,428 $8,569 $18,506 $16,246
 Provision for loan losses 1,138 377 1,738 1,029
 Net interest income after
 provision for loan losses 8,290 8,192 16,768 15,217
 Non-interest income 1,508 1,269 2,955 3,182
 Non-interest expense 6,017 5,380 12,635 10,294
 Income before income
 tax expense 3,781 4,081 7,088 8,105
 Income tax expense 1,454 1,543 2,666 3,067
 Net income 2,327 2,538 4,422 5,038
 Net income per common share 0.30 0.34 0.58 0.67
 (Unaudited)
 June 30,
 Financial ratios 1993 1992
 Return on average
 stockholders' equity 11.73 pct 14.86 pct
 Return on average assets 1.09 pct 1.38 pct
 Equity capital to assets 9.30 pct 9.28 pct
 (Unaudited)
 June 30,
 1993 1992
 Total assets $845,962 $777,437
 Net loans 596,752 584,079
 Allowance for loan losses 6,800 6,112
 Total deposits 758,264 690,006
 Stockholders' equity 78,676 72,155
 Book value per share 10.27 9.52
 -0- 8/17/93
 /CONTACT: Monica Chen of Cathay Bancorp, 213-625-4749/
 (CATY)


CO: Cathay Bancorp Inc.; Cathay Bank ST: California IN: FIN SU: ERN

LS-LM -- LA042 -- 3803 08/17/93 20:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 17, 1993
Words:690
Previous Article:NORTHWEST PIPELINE FILES SYSTEM EXPANSION PROJECT APPLICATION
Next Article:QUANTUM HEALTH RESOURCES APPOINTS ROBERT J. ERRA TO BOARD OF DIRECTORS; ANNOUNCES STRATEGIC PROMOTIONS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters