Cathay General Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
January 26, 2017 at 03:00 am IST
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Cathay General Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported net interest income before provision for credit losses of $109,902,000 compared to $99,416,000 a year ago. The increase was due primarily to an increase in interest income from loans, partially offset by an increase in interest expense from time and other deposits. Net interest income after reversal for credit losses was $109,902,000 compared to $102,416,000 a year ago. Income before income tax expense was $64,360,000 compared to $58,233,000 a year ago. Net income was $48,015,000 compared to $41,446,000 a year ago. Basic and diluted earnings per share were $0.60 compared to $0.51 for the same quarter a year ago. Return on average assets was 1.37% compared to 1.27% a year ago. Return on average total stockholders' equity was 10.52% compared to 9.40% a year ago.
For the year, the company reported net interest income before provision for credit losses of $417,870,000 compared to $379,742,000 a year ago. Net interest income after reversal for credit losses was $433,520,000 compared to $391,142,000 a year ago. Income before income tax expense was $242,200,000 compared to $221,096,000 a year ago. Net income was $175,099,000 or $2.19 per diluted share compared to $161,109,000 or $1.98 per diluted share a year ago. Return on average assets was 1.31% compared to 1.34% a year ago. Return on average total stockholders' equity was 9.88% compared to 9.52% a year ago. Book value per common share as at December 31, 2016 was $22.80 against $21.46 per share a year ago.
Cathay General Bancorp is the holding company of Cathay Bank, a California state-chartered commercial bank (the Bank). The Bank services individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located and provides commercial real estate loans, commercial loans, United States Small Business Administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for, household and other consumer expenditures. It offers products and services to businesses, such as checking and deposit, lines of credit, commercial and commercial real estate loans, merchant services and payment processing, treasury management services, international banking and financing services, and other customary banking services. It offers similar services that are available to consumers. It provides financial services to diverse commercial and professional businesses in its market areas.