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25.01.2017 22:35
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Cathay General Bancorp Announces Fourth Quarter and Full Year 2016 Results
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PR Newswire
LOS ANGELES, Jan. 25, 2017
LOS ANGELES, Jan. 25, 2017 /PRNewswire/ -- Cathay General Bancorp (the "Company", NASDAQ: CATY), the holding company for Cathay Bank, today announced net income of $48.0 million, or $0.60 per share, for the fourth quarter of 2016, and net income of $175.1 million, or $2.19 per share, for the year ended December 31, 2016.
FINANCIAL PERFORMANCE
| | Three months ended | | Year ended December 31, | ||||||
| | December 31, 2016 | | September 30, 2016 | | December 31, 2015 | | 2016 | | 2015 |
| Net income | $48.0 million | | $46.1 million | | $41.4 million | | $175.1 million | | $161.1 million |
| Basic earnings per common share | $0.61 | | $0.58 | | $0.51 | | $2.21 | | $2.00 |
| Diluted earnings per common share | $0.60 | | $0.58 | | $0.51 | | $2.19 | | $1.98 |
| Return on average assets | 1.37% | | 1.38% | | 1.27% | | 1.31% | | 1.34% |
| Return on average total stockholders' equity | 10.52% | | 10.30% | | 9.40% | | 9.88% | | 9.52% |
| Efficiency ratio | 45.39% | | 45.05% | | 49.22% | | 49.79% | | 49.15% |
FULL YEAR HIGHLIGHTS
- Diluted earnings per share increased 17.6% to $0.60 per share for the fourth quarter of 2016 compared to $0.51 per share for the same quarter a year ago.
- Total loans increased $1.0 billion, or 10.2%, excluding loans held for sale, during 2016, to $11.2 billion at December 31, 2016, compared to $10.2 billion at December 31, 2015.
- Total assets for the year increased $1.2 billion to $14.5 billion at December 31, 2016 from $13.3 billion at December 31, 2015.
"In the fourth quarter of 2016, our gross loans, excluding loans held for sale, grew by $191 million to $11.2 billion. The loan growth for 2016 was $1.0 billion, representing an increase of 10.2% for the year. For the fourth quarter of 2016, our total deposits, increased $736 million to $11.7 billion compared to the third quarter. For 2016, total deposits grew by $1.2 billion representing an increase of 11.1% for the year. Also, in November 2016, we increased our dividend by 16.7% to $.21 per share from the $.18 per share paid previously," commented Pin Tai, Chief Executive Officer and President of the Company.
"The transaction to acquire Sinopac Bancorp, the parent of Far East National Bank, continues to progress and we expect it to be completed in the next several months," added Dunson Cheng, Executive Chairman of the Board of the Company.
FOURTH QUARTER INCOME STATEMENT REVIEW
Net income for the quarter ended December 31, 2016, was $48.0 million, an increase of $6.6 million, or 15.8%, compared to net income of $41.4 million for the same quarter a year ago. Diluted earnings per share for the quarter ended December 31, 2016, was $0.60 compared to $0.51 for the same quarter a year ago.
Return on average stockholders' equity was 10.52% and return on average assets was 1.37% for the quarter ended December 31, 2016, compared to a return on average stockholders' equity of 9.40% and a return on average assets of 1.27% for the same quarter a year ago.
Net interest income before provision for credit losses
Net interest income before provision for credit losses increased $10.5 million, or 10.5%, to $109.9 million during the fourth quarter of 2016 compared to $99.4 million during the same quarter 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.
The net interest margin was 3.36% for the fourth quarter of 2016 compared to 3.30% for the fourth quarter of 2015 and 3.36% for the third quarter of 2016.
For the fourth quarter of 2016, the yield on average interest-earning assets was 4.00%, the cost of funds on average interest-bearing liabilities was 0.86%, and the cost of interest-bearing deposits was 0.69%. In comparison, for the fourth quarter of 2015, the yield on average interest-earning assets was 3.97%, the cost of funds on average interest-bearing liabilities was 0.89%, and the cost of interest-bearing deposits was 0.69%. 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 3.14% for the quarter ended December 31, 2016, compared to 3.08% for the same quarter a year ago.
Reversal for credit losses
Reversal for credit losses was zero for the fourth quarter of 2016 compared to $3.0 million for the fourth quarter of 2015. The reversal for credit losses was based on a review of the appropriateness of the allowance for loan losses at December 31, 2016. A provision or reversal for credit losses represents a charge against or benefit toward current earnings that is determined by management, through a credit review process, as the amount needed to establish an allowance that management believes to be sufficient to absorb credit losses inherent in the Company's loan portfolio, including unfunded commitments. The following table summarizes the charge-offs and recoveries for the periods indicated:
| | Three months ended | | Year ended December 31, | ||||||
| | December 31, 2016 | | September 30, 2016 | | December 31, 2015 | | 2016 | | 2015 |
| | (In thousands) | ||||||||
| Charge-offs: | | | | | | | | | |
| Commercial loans | $ 920 | | $ 3,278 | | $ 9,672 | | $ 12,955 | | $ 16,426 |
| Real estate loans (1) | 118 | | 4,626 | | 227 | | 5,948 | | 4,001 |
| Total charge-offs | 1,038 | | 7,904 | | 9,899 | | 18,903 | | 20,427 |
| Recoveries: | | | | | | | | | |
| Commercial loans | $ 424 | | 2,006 | | 1,534 | | 4,144 | | 4,618 |
| Construction loans | 46 | | 548 | | 39 | | 7,917 | | 202 Werbung Mehr Nachrichten zur Cathay General Bancorp Aktie kostenlos abonnieren
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