Cathay General Bancorp Announces First Quarter 2019 Results

LOS ANGELES, April 17, 2019 /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 ended March 31, 2019.  The Company reported net income of $66.7 million, or $0.83 per share, for the first quarter of 2019. 

Cathay General Bancorp (PRNewsFoto/Cathay General Bancorp) (PRNewsfoto/Cathay General Bancorp)

FINANCIAL PERFORMANCE


Three months ended

(unaudited)

March 31, 2019


December 31, 2018


March 31, 2018

Net income

$66.7 million


$64.6 million


$63.8 million

Basic earnings per common share

$0.83


$0.80


$0.79

Diluted earnings per common share

$0.83


$0.80


$0.78

Return on average assets

1.61%


1.56%


1.65%

Return on average total stockholders' equity

12.57%


12.07%


12.99%

Efficiency ratio

45.42%


47.62%


43.35%

FIRST QUARTER HIGHLIGHTS

  • Diluted earnings per share increased 6.4% to $0.83 per share for the first quarter of 2019 compared to $0.78 per share for the same quarter a year ago.
  • Total loans increased $281.6 million, or 8.0% annualized, to $14.3 billion from $14.0 billion at December 31, 2018.

"For the first quarter of 2019, our total loans increased $281.6 million, or 8.0% annualized, to $14.3 billion.  We continued our stock buyback program in the first quarter and repurchased 233,700 shares of our common stock at an average cost of $36.80," commented Pin Tai, Chief Executive Officer and President of the Company.

FIRST QUARTER INCOME STATEMENT REVIEW

Net income for the quarter ended March 31, 2019, was $66.7 million, an increase of $2.9 million, or 4.5%, compared to net income of $63.8 million for the same quarter a year ago. Diluted earnings per share for the quarter ended March 31, 2019, was $0.83 compared to $0.78 for the same quarter a year ago.  

Return on average stockholders' equity was 12.57% and return on average assets was 1.61% for the quarter ended March 31, 2019, compared to a return on average stockholders' equity of 12.99% and a return on average assets of 1.65% for the same quarter a year ago.    

Net interest income before provision for credit losses

Net interest income before provision for credit losses increased $8.0 million, or 5.9%, to $143.3 million during the first quarter of 2019, compared to $135.3 million during the same quarter a year ago.  The increase was due primarily to increases in interest income from loans and securities, offset by an increase in interest expense from time deposits.

The net interest margin was 3.70% for the first quarter of 2019 compared to 3.75% for the first quarter of 2018 and 3.77% for the fourth quarter of 2018. 

For the first quarter of 2019, the yield on average interest-earning assets was 4.85%, the cost of funds on average interest-bearing liabilities was 1.55%, and the cost of interest-bearing deposits was 1.46%.  In comparison, for the first quarter of 2018, the yield on average interest-earning assets was 4.42%, the cost of funds on average interest-bearing liabilities was 0.92%, and the cost of interest-bearing deposits was 0.81%. The increase in the yield on average interest-earning assets resulted mainly from higher rates on loans.  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 3.30% for the quarter ended March 31, 2019, compared to 3.50% for the same quarter a year ago.

Provision/(reversal) for credit losses

The Company did not record a provision for credit losses in the first quarter of 2019 compared to a reversal for credit losses of $3.0 million for the first quarter of 2018.  The provision for credit losses was based on a review of the appropriateness of the allowance for loan losses at March 31, 2019.  The following table summarizes the charge-offs and recoveries for the periods indicated:


Three months ended


March 31, 2019


December 31, 2018


March 31, 2018


(In thousands) (Unaudited)

Charge-offs:






  Commercial loans

$              1,231


$                             -


$                    19

  Real estate loans (1)

-


2,186


-

     Total charge-offs 

1,231


2,186


19

Recoveries:






  Commercial loans

41


625


913

  Construction loans

1,044


44


44

  Real estate loans(1)

310


451


867

     Total recoveries

1,395


1,120


1,824

Net (recoveries)/charge-offs

$                (164)


$                      1,066


$            (1,805)







(1) Real estate loans include commercial mortgage loans, residential mortgage loans, and equity lines.

Non-interest income

Non-interest income, which includes revenues from depository service fees, letters of credit commissions, equity securities gains (losses), wire transfer fees, and other sources of fee income, was $12.9 million for the first quarter of 2019, an increase of $7.6 million, or 143.4%, compared to $5.3 million for the first quarter of 2018, primarily due to an increase in the value of equity securities during 2019 of $4.2 million compared to a decrease in the value of equity securities during 2018 of $3.8 million.

Non-interest expense

Non-interest expense increased $10.0 million, or 16.4%, to $71.0 million in the first quarter of 2019 compared to $61.0 million in the same quarter a year ago.  The increase in non-interest expense in the first quarter of 2019 was primarily due to a $1.8 million increase in salaries and employee benefits expense, a $1.3 million increase in marketing expense, a $5.0 million increase in amortization expense for investments in low income housing and alternative energy partnerships and a $1.6 million increase in provision for unfunded commitments, when compared to the same quarter a year ago.  The efficiency ratio was 45.4% in the first quarter of 2019 compared to 43.4% for the same quarter a year ago.   

Income taxes

The effective tax rate for the first quarter of 2019 was 21.8% compared to 22.8% for the first quarter of 2018.  The effective tax rate includes the impact of low-income housing and alternative energy investment tax credits.  Income tax expense for the first quarter of 2019 was reduced by $0.5 million in benefits from the distribution of restricted stock units.

BALANCE SHEET REVIEW

Gross loans, were $14.3 billion at March 31, 2019, an increase of $281.6 million, or 2.0%, from $14.0 billion at December 31, 2018.  The increase was primarily due to increases of $109.8 million, or 3.0%, in residential mortgage loans, $164.7 million, or 2.4%, in commercial mortgage loans, and $23.2 million, or 9.3%, in home equity loans, and were partially offset by a decrease of $13.7 million, or 2.4%, in real estate construction loans.  The loan balances and composition at March 31, 2019, compared to December 31, 2018 and March 31, 2018, are presented below:


March 31, 2019


December 31, 2018


March 31, 2018


(In thousands) (Unaudited)

Commercial loans

$     2,736,195


$           2,741,965


$     2,436,421

Residential mortgage loans

3,803,692


3,693,853


3,198,750

Commercial mortgage loans

6,888,898


6,724,200


6,610,254

Equity lines

273,215


249,967


176,714

Real estate construction loans

567,789


581,454


587,927

Installment and other loans

7,633


4,349


4,473

Gross loans

$   14,277,422


$         13,995,788


$   13,014,539







Allowance for loan losses

(122,555)


(122,391)


(122,084)

Unamortized deferred loan fees

(1,549)


(1,565)


(3,289)

Total loans, net

$   14,153,318


$         13,871,832


$   12,889,166

Total deposits were $14.1 billion at March 31, 2019, an increase of $384.0 million, or 2.8%, from $13.7 billion at December 31, 2018.  The deposit balances and composition at March 31, 2019, compared to December 31, 2018 and March 31, 2018, are presented below:  


March 31, 2019


December 31, 2018


March 31, 2018


(In thousands) (Unaudited)

Non-interest-bearing demand deposits

$      2,760,377


$              2,857,443


$      2,741,321

NOW deposits

1,269,085


1,365,763


1,398,076

Money market deposits

1,839,468


2,027,404


2,203,948

Savings deposits

710,214


738,656


801,054

Time deposits

7,507,220


6,713,074


5,867,852

Total deposits

$    14,086,364


$            13,702,340


$    13,012,251

ASSET QUALITY REVIEW

At March 31, 2019, total non-accrual loans were $56.7 million, an increase of $14.9 million, or 35.6%, from $41.8 million at December 31, 2018, and an increase of $7.4 million, or 15.0%, from $49.3 million at March 31, 2018.         

The allowance for loan losses was $122.6 million and the allowance for off-balance sheet unfunded credit commitments was $3.9 million at March 31, 2019, which represented the amount believed by management to be appropriate to absorb credit losses inherent in the loan portfolio, including unfunded credit commitments.  The $122.6 million allowance for loan losses at March 31, 2019, increased $0.2 million, or 0.2%, from $122.4 million at December 31, 2018.  The allowance for loan losses represented 0.86% of period-end gross loans, and 216.2% of non-performing loans at March 31, 2019.  The comparable ratios were 0.87% of period-end gross loans, and 268.5% of non-performing loans at December 31, 2018.  The changes in non-performing assets and troubled debt restructurings at March 31, 2019, compared to December 31, 2018 and March 31, 2018, are shown below:

(Dollars in thousands) (Unaudited)

March 31, 2019


December 31, 2018


% Change


March 31, 2018


% Change

Non-performing assets










Accruing loans past due 90 days or more

$                     -


$                      3,773


(100)


$                     -


-

Non-accrual loans:










  Construction loans

4,801


4,872


(1)


8,113


(41)

  Commercial mortgage loans

17,940


10,611


69


17,780


1

  Commercial loans

26,499


18,805


41


15,916


66

  Residential mortgage loans

7,443


7,527


(1)


7,519


(1)

Total non-accrual loans:

$            56,683


$                    41,815


36


$            49,328


15

Total non-performing loans

56,683


45,588


24


49,328


15

 Other real estate owned

12,522


12,674


(1)


9,291


35

Total non-performing assets

$            69,205


$                    58,262


19


$            58,619


18

Accruing  troubled  debt  restructurings (TDRs)

$            62,948


$                    65,071


(3)


$            82,785


(24)





















Allowance for loan losses

$         122,555


$                  122,391


-


$         122,084


-











Total gross loans outstanding, at period-end 

$    14,277,422


$            13,995,788


2


$    13,014,539


10











Allowance for loan losses to non-performing loans, at period-end 

216.21%


268.47%




247.49%



Allowance for loan losses to gross loans, at period-end 

0.86%


0.87%




0.94%



The ratio of non-performing assets, to total assets was 0.4% at March 31, 2019, compared to 0.3% at December 31, 2018.  Total non-performing assets increased $10.9 million, or 18.7%, to $69.2 million at March 31, 2019, compared to $58.3 million at December 31, 2018, primarily due to an increase of $14.9 million, or 35.6%, in non-accrual loans, offset in part by a decrease of $3.8 million, or 100.0%, in accruing loans past due 90 days or more. 

CAPITAL ADEQUACY REVIEW

At March 31, 2019, the Company's Tier 1 risk-based capital ratio of 12.42%, total risk-based capital ratio of 14.12%, and Tier 1 leverage capital ratio of 10.68%, calculated under the Basel III capital rules, continue to place the Company in the "well capitalized" category for regulatory purposes, which is defined as institutions with a Tier 1 risk-based capital ratio equal to or greater than 8%, a total risk-based capital ratio equal to or greater than 10%, and a Tier 1 leverage capital ratio equal to or greater than 5%. At December 31, 2018, the Company's Tier 1 risk-based capital ratio was 12.43%, total risk-based capital ratio was 14.15%, and Tier 1 leverage capital ratio was 10.83%.

CONFERENCE CALL

Cathay General Bancorp will host a conference call this afternoon to discuss its first quarter 2019 financial results. The call will begin at 3:00 p.m., Pacific Time. Analysts and investors may dial in and participate in the question-and-answer session. To access the call, please dial 1-855-761-3186 and enter Conference ID 2569409. A listen-only live Webcast of the call will be available at www.cathaygeneralbancorp.com and a recorded version is scheduled to be available for replay for 12 months after the call.

ABOUT CATHAY GENERAL BANCORP                                                       

Cathay General Bancorp is the holding company for Cathay Bank, a California state-chartered bank. Founded in 1962, Cathay Bank offers a wide range of financial services. Cathay Bank currently operates 40 branches in California, 11 branches in New York State, four in Washington State, three in Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Cathay Bank's website is found at www.cathaybank.com. Cathay General Bancorp's website is found at www.cathaygeneralbancorp.com.  Information set forth on such websites is not incorporated into this press release.

FORWARD-LOOKING STATEMENTS

Statements made in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management's beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as "aims," "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "hopes," "intends," "may," "plans," "projects," "predicts," "potential," "possible," "optimistic," "seeks," "shall," "should," "will," and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from U.S. and international business and economic conditions; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters and geopolitical events; general economic or business conditions in Asia, and other regions where Cathay Bank has operations; failures, interruptions, or security breaches of our information systems; our ability to adapt our systems to technological changes; risk management processes and strategies; adverse results in legal proceedings; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in accounting standards or tax laws and regulations; market disruption and volatility; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuance of preferred stock; successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ability to consummate and realize the anticipated benefits of our acquisitions; the risk that integration of business operations following any acquisitions, will be materially delayed or will be more costly or difficult than expected; and general competitive, economic political, and market conditions and fluctuations.

These and other factors are further described in Cathay General Bancorp's Annual Report on Form 10-K for the year ended December 31, 2018 (Item 1A in particular), other reports filed with the Securities and Exchange Commission ("SEC"), and other filings Cathay General Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this press release. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements, which speak to the date of this press release. Cathay General Bancorp has no intention and undertakes no obligation to update any forward-looking statement or to publicly announce any revision of any forward-looking statement to reflect future developments or events, except as required by law.   

CATHAY GENERAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)




Three months ended


(Dollars in thousands, except per share data)


March 31, 2019


December 31, 2018


March 31, 2018










FINANCIAL PERFORMANCE








Net interest income before provision for credit losses    


$         143,316


$                  145,441


$         135,343


Reversal for credit losses


-


-


(3,000)


Net interest income after reversal for credit losses


143,316


145,441


138,343


Non-interest income


12,921


10,795


5,310


Non-interest expense


70,970


74,396


60,971


Income before income tax expense


85,267


81,840


82,682


Income tax expense


18,588


17,192


18,866


Net income


$            66,679


$                    64,648


$            63,816










Net income per common share








Basic


$                0.83


$                         0.80


$                0.79


Diluted


$                0.83


$                         0.80


$                0.78










 Cash dividends paid per common share  


$                0.31


$                         0.31


$                0.24


















SELECTED RATIOS








Return on average assets


1.61%


1.56%


1.65%


Return on average total stockholders' equity


12.57%


12.07%


12.99%


Efficiency ratio


45.42%


47.62%


43.35%


Dividend payout ratio


37.44%


38.59%


30.51%


















YIELD ANALYSIS (Fully taxable equivalent)








Total interest-earning assets


4.85%


4.76%


4.42%


Total interest-bearing liabilities


1.55%


1.36%


0.92%


Net interest spread


3.30%


3.40%


3.50%


Net interest margin


3.70%


3.77%


3.75%


















CAPITAL RATIOS


March 31, 2019


December 31, 2018


March 31, 2018


Tier 1 risk-based capital ratio


12.42%


12.43%


12.51%


Total risk-based capital ratio


14.12%


14.15%


14.37%


Tier 1 leverage capital ratio


10.68%


10.83%


10.61%




.






 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In thousands, except share and per share data)


March 31, 2019


December 31, 2018


March 31, 2018








Assets







Cash and due from banks


$                194,928


$                  225,333


$                199,713

Short-term investments and interest bearing deposits


343,452


374,957


524,012

Securities available-for-sale (amortized cost of $1,322,579 at March 31, 2019, $1,267,731 at December 31, 2018 and $1,277,791 at March 31, 2018)


1,309,853


1,242,509


1,247,234

Loans


14,277,422


13,995,788


13,014,539

Less:  Allowance for loan losses


(122,555)


(122,391)


(122,084)

 Unamortized deferred loan fees, net


(1,549)


(1,565)


(3,289)

 Loans, net


14,153,318


13,871,832


12,889,166

Equity securities


29,261


25,098


18,025

Federal Home Loan Bank stock


17,250


17,250


17,250

Other real estate owned, net


12,522


12,674


9,291

Affordable housing investments and alternative energy partnerships, net


285,831


282,734


271,780

Premises and equipment, net


103,237


103,189


101,926

Customers' liability on acceptances


20,052


22,709


15,074

Accrued interest receivable


54,955


51,650


45,386

Goodwill


372,189


372,189


372,189

Other intangible assets, net


6,874


7,194


7,803

Right-of-use assets- operating leases


38,591


-


-

Other assets


176,779


175,419


163,488








Total assets


$          17,119,092


$            16,784,737


$          15,882,337








Liabilities and Stockholders' Equity







Deposits







Non-interest-bearing demand deposits


$             2,760,377


$              2,857,443


$             2,741,321

Interest-bearing deposits:







NOW deposits


1,269,085


1,365,763


1,398,076

Money market deposits


1,839,468


2,027,404


2,203,948

Savings deposits


710,214


738,656


801,054

Time deposits 


7,507,220


6,713,074


5,867,852

Total deposits


14,086,364


13,702,340


13,012,251








Securities sold under agreements to repurchase


-


-


100,000

Advances from the Federal Home Loan Bank


420,000


530,000


325,000

Other borrowings for affordable housing investments


29,436


17,298


17,434

Long-term debt


174,449


189,448


194,136

Deferred payments from acquisition


18,663


18,458


35,744

Acceptances outstanding


20,052


22,709


15,074

Lease liabilities - operating leases


39,534


-


-

Other liabilities


167,265


182,618


175,092

Total liabilities


14,955,763


14,662,871


13,874,731

Stockholders' equity


2,163,329


2,121,866


2,007,606

Total liabilities and equity


$          17,119,092


$            16,784,737


$          15,882,337








Book value per common share


$                     26.92


$                      26.36


$                     24.63

Number of common shares outstanding


80,362,840


80,501,948


81,206,998

 

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)




Three months ended



March 31, 2019

December 31, 2018

March 31, 2018



(In thousands, except share and per share data)

INTEREST AND  DIVIDEND INCOME





Loan receivable, including loan fees


$         178,277

$                  174,352

$         151,290

Investment securities


7,290

7,391

6,458

Federal Home Loan Bank stock


304

584

396

Deposits with banks


1,890

1,542

1,556






Total interest and dividend income


187,761

183,869

159,700






INTEREST EXPENSE





Time deposits 


34,123

29,774

15,728

Other deposits


5,377

5,610

4,586

Securities sold under agreements to repurchase


-

-

714

Advances from Federal Home Loan Bank


2,590

620

971

Long-term debt


2,132

2,259

2,082

Deferred payments from acquisition


217

144

276

Short-term borrowings


6

21

-






Total interest expense


44,445

38,428

24,357






Net interest income before reversal for credit losses


143,316

145,441

135,343

Reversal for credit losses


-

-

(3,000)






Net interest income after reversal for credit losses


143,316

145,441

138,343






NON-INTEREST INCOME





Net gains/(losses) from equity securities


4,163

1,793

(3,847)

Securities gains, net


-

36

-

Letters of credit commissions


1,554

1,505

1,275

Depository service fees


1,255

1,179

1,445

Gains from acquisition


-

-

340

Other operating income


5,949

6,282

6,097






Total non-interest income


12,921

10,795

5,310






NON-INTEREST EXPENSE





Salaries and employee benefits


32,132

32,986

30,377

Occupancy expense


5,549

4,883

5,452

Computer and equipment expense


2,879

2,922

3,094

Professional services expense


5,257

5,755

6,039

Data processing service expense


3,410

2,988

3,219

FDIC and State assessments


2,476

1,268

2,035

Marketing expense


2,141

2,316

858

Other real estate owned expense


280

(483)

(212)

Amortization of investments in low income housing and
  alternative energy partnerships


10,810

18,526

5,761

Amortization of core deposit intangibles


172

172

234

Acquisition and integration costs


-

23

169

Other operating expense


5,864

3,040

3,945






Total non-interest expense


70,970

74,396

60,971






Income before income tax expense


85,267

81,840

82,682

Income tax expense


18,588

17,192

18,866

Net income


$            66,679

$                    64,648

$            63,816






Net income per common share:





Basic


$                0.83

$                         0.80

$                0.79

Diluted


$                0.83

$                         0.80

$                0.78






Cash dividends paid per common share


$                0.31

$                         0.31

$                0.24

Basic average common shares outstanding


80,455,317

80,854,451

81,123,380

Diluted average common shares outstanding


80,703,134

81,122,093

81,680,445

 

CATHAY GENERAL BANCORP

AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited)



Three months ended

(In thousands)

March 31, 2019


December 31, 2018


March 31, 2018

Interest-earning assets

Average
Balance

Average
Yield/Rate (1)


Average
Balance

Average
Yield/Rate (1)


Average
Balance

Average
Yield/Rate (1)

Loans (1)

$14,088,488

5.13%


$13,737,560

5.04%


$12,920,204

4.75%

Taxable investment securities 

1,270,053

2.33%


1,306,825

2.24%


1,304,669

2.01%

FHLB stock

17,304

7.13%


17,250

13.44%


22,242

7.22%

Deposits with banks

312,779

2.45%


262,525

2.33%


395,027

1.60%










Total interest-earning assets

$15,688,624

4.85%


$15,324,160

4.76%


$14,642,142

4.42%










Interest-bearing liabilities









Interest-bearing demand deposits

$   1,309,109

0.19%


$   1,373,250

0.21%


$   1,406,842

0.18%

Money market deposits

1,915,030

0.94%


2,113,257

0.85%


2,256,034

0.63%

Savings deposits

717,393

0.19%


746,224

0.20%


838,368

0.22%

Time deposits

7,064,254

1.96%


6,616,390

1.79%


5,651,505

1.13%

Total interest-bearing deposits

$11,005,786

1.46%


$10,849,121

1.29%


$10,152,749

0.81%

Securities sold under agreements to repurchase

-

0.00%


-

0.00%


100,000

2.90%

Other borrowed funds

462,043

2.47%


152,654

1.99%


318,911

1.59%

Long-term debt

183,115

4.72%


194,085

4.62%


194,136

4.35%

Total interest-bearing liabilities

11,650,944

1.55%


11,195,860

1.36%


10,765,796

0.92%










Non-interest-bearing demand deposits

2,775,545



2,887,607



2,750,810











Total deposits and other borrowed funds

$14,426,489



$14,083,467



$13,516,606


Total average assets

$16,811,249



$16,418,970



$15,707,931


Total average equity

$   2,151,192



$   2,124,418



$   1,992,899











(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.

 

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SOURCE Cathay General Bancorp

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