Business
Cathay General Bancorp Announces Fourth Quarter and Full Year 2019 Results
LOS ANGELES, Jan. 22, 2020 /PRNewswire/ -- Cathay General Bancorp (the "Company", "we", "us", or "our" NASDAQ: CATY), the holding company for Cathay Bank,
About this update from Cathay General Bancorp
[{"type":"text","content":"LOS ANGELES, Jan. 22, 2020 /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 and year ended December 31, 2019. The Company reported net income of $67.4 million, or $0.84 per share, for the fourth quarter of 2019, and net income of $279.1 million, or $3.48 per share, for the year ended December 31, 2019. \n\n \n \n\n \nFINANCIAL PERFORMANCE\nThree months ended\nYear ended December 31,\n(unaudited)\nDecember 31, 2019\nSeptember 30, 2019\nDecember 31, 2018\n2019\n2018\nNet income\n$67.4 million\n$72.8 million\n$64.6 million\n$279.1 million\n$271.9 million\nBasic earnings per common share\n$0.85\n$0.91\n$0.80\n$3.49\n$3.35\nDiluted earnings per common share\n$0.84\n$0.91\n$0.80\n$3.48\n$3.33\nReturn on average assets\n1.49%\n1.65%\n1.56%\n1.61%\n1.70%\nReturn on average total stockholders' equity\n11.75%\n12.98%\n12.07%\n12.63%\n13.18%\nEfficiency ratio\n47.51%\n41.67%\n47.62%\n44.75%\n44.25%\nFULL YEAR HIGHLIGHTS\nTotal loans increased for the year by $1.1 billion, or 7.9%, to $15.1 billion from $14.0 billion in 2018. Total deposits increased for the year by $1.0 billion, or 7.3%, to $14.7 billion from $13.7 billion in 2018. \"We reported record net income of $279.1 million and record EPS of $3.48 in 2019. Strong loan growth of $1.1 billion in 2019, or 7.9%, was a major contributor to the record results.\" commented Pin Tai, Chief Executive Officer of the Company. \nFOURTH QUARTER INCOME STATEMENT REVIEW\nNet income for the quarter ended December 31, 2019, was $67.4 million, an increase of $2.8 million, or 4.3%, compared to net income of $64.6 million for the same quarter a year ago. Diluted earnings per share for the quarter ended December 31, 2019, was $0.84 compared to $0.80 for the same quarter a year ago.\nReturn on average stockholders' equity was 11.75% and return on average assets was 1.50% for the quarter ended December 31, 2019, compared to a return on average stockholders' equity of 12.07% and a return on average assets of 1.56% for the same quarter a year ago. \nNet interest income before provision for credit losses\nNet interest income before provision for credit losses decreased $4.2 million, or 2.9%, to $141.2 million during the fourth quarter of 2019, compared to $145....