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CATHAY BANCORP ANNOUNCES THIRD QUARTER EARNINGS

 LOS ANGELES, Nov. 3 /PRNewswire/ -- Cathay Bancorp Inc. (NASDAQ: CATY), the holding company of Cathay Bank, today announced its 1993 third quarter net income of $2,400,000, or $0.31 per share, compared with $2,433,000, or $0.32 per share for the third quarter of 1992. The decrease in the third quarter net income was mainly due to a higher provision for loan losses. The year-to-date net income was $6,822,000, or $0.89 per share, vs. $7,471,000, or $0.99 per share, a year ago. A higher provision for loan losses and some legal settlement expenses contributed to the decrease in the year-to-date net income.
 From Sept. 30, 1992, to Sept. 30, 1993, total assets increased 6 percent from $819,296,000 to $865,882,000; loans, net of the allowance for loan losses, decreased 2 percent from $601,358,000 to $589,812,000; securities held for investment increased 54 percent from $83,041,000 to $127,548,000; deposits rose 5 percent from $736,262,000 to $776,661,000; and stockholders' equity increased 9 percent from $73,830,000 to $80,271,000.
 Cathay Bancorp Inc. is the one-bank holding company for Cathay Bank. The bank now operates nine branches in Southern California, two branches in Northern California and two overseas offices in Taiwan and Hong Kong.
 CATHAY BANCORP INC.
 Financial Highlights
 (Amounts in thousands, except per share data)
 (Unaudited)
 Third Quarter YTD
 1993 1992 9/30/93 9/30/92
 Net interest income $9,180 $8,717 $27,686 $24,963
 Provision for loan losses 1,680 863 3,418 1,892
 Net interest income after
 provision for loan losses 7,500 7,854 24,268 23,071
 Non-interest income 1,947 1,839 4,902 5,021
 Non-interest expense 5,744 5,630 18,379 15,924
 Income before income
 tax expense 3,703 4,063 10,791 12,168
 Income tax expense 1,303 1,630 3,969 4,697
 Net income 2,400 2,433 6,822 7,471
 Net income per common share 0.31 0.32 0.89 0.99
 (Unaudited)
 Sept. 30,
 1993 1992
 Financial Ratios
 Return on average stockholders' equity 11.81 pct 14.27 pct
 Return on average assets 1.08 pct 1.29 pct
 Equity capital to assets 9.27 pct 9.01 pct
 (Unaudited)
 Sept. 30,
 1993 1992
 Total assets $865,882 $819,296
 Net loans 589,812 601,358
 Allowance for loan losses 6,408 5,597
 Total deposits 776,661 736,262
 Stockholders' equity 80,271 73,830
 Book value per share 10.44 9.72
 -0- 11/3/93
 /CONTACT: Monica Chen of Cathay Bancorp, 213-625-4749/
 (CATY)


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

JL-MF -- LA053 -- 0376 11/03/93 18:06 EST
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Publication:PR Newswire
Date:Nov 3, 1993
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