UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
ý |
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF |
|
|
|
|
|
For the quarterly period ended March 31, 2003 |
||
|
|
|
|
|
|
|
OR |
|
|
|
|
|
o |
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15 (d) OF |
For the transition period from to
Commission file number 0-18630
CATHAY BANCORP, INC.
(Exact name of registrant as specified in its charter)
|
Delaware |
|
95-4274680 |
|
(State of other
jurisdiction of incorporation |
|
(I.R.S. Employer |
|
|
|
|
|
777 North Broadway, Los Angeles, California |
|
90012 |
|
(Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
|
Registrant’s telephone number, including area code: |
|
(213) 625-4700 |
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common stock, $.01 par value, 18,019,830 shares outstanding as of April 23, 2003.
CATHAY BANCORP, INC. AND SUBSIDIARY
1ST QUARTER 2003 REPORT ON FORM 10-Q
TABLE OF CONTENTS
2
PART I – FINANCIAL INFORMATION
(Unaudited)
3
CATHAY BANCORP, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
|
(In thousands, except share and per share data) |
|
March 31, 2003 |
|
December 31, 2002 |
|
% change |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Assets |
|
|
|
|
|
|
|
|||
|
Cash and due from banks |
|
$ |
87,046 |
|
$ |
70,777 |
|
23 |
|
|
|
Federal funds sold and securities purchased under agreements to resell |
|
8,000 |
|
19,000 |
|
(58 |
) |
|||
|
Cash and cash equivalents |
|
95,046 |
|
89,777 |
|
6 |
|
|||
|
Securities available-for-sale (amortized cost of $320,419 in 2003 and $238,740 in 2002) |
|
327,440 |
|
248,273 |
|
32 |
|
|||
|
Securities held-to-maturity (estimated fair value of $477,544 in 2003 and $477,782 in 2002) |
|
459,839 |
|
459,452 |
|
— |
|
|||
|
Loans |
|
1,955,514 |
|
1,877,227 |
|
4 |
|
|||
|
Less: |
Allowance for loan losses |
|
(25,963 |
) |
(24,543 |
) |
6 |
|
||
|
|
Unamortized deferred loan fees |
|
(4,821 |
) |
(4,606 |
) |
5 |
|
||
|
|
Loans, net |
|
1,924,730 |
|
1,848,078 |
|
4 |
|
||
|
Other real estate owned, net |
|
653 |
|
653 |
|
— |
|
|||
|
Investments in real estate, net |
|
21,647 |
|
21,678 |
|
— |
|
|||
|
Premises and equipment, net |
|
29,463 |
|
29,788 |
|
(1 |
) |
|||
|
Customers’ liability on acceptances |
|
10,696 |
|
10,608 |
|
1 |
|
|||
|
Accrued interest receivable |
|
13,188 |
|
14,453 |
|
(9 |
) |
|||
|
Goodwill |
|
6,552 |
|
6,552 |
|
— |
|
|||
|
Other assets |
|
23,354 |
|
24,686 |
|
(5 |
) |
|||
|
|
|
|
|
|
|
|
|
|||
|
Total assets |
|
$ |
2,912,608 |
|
$ |
2,753,998 |
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|||
|
Deposits |
|
|
|
|
|
|
|
|||
|
Non-interest-bearing demand deposits |
|
$ |
321,423 |
|
$ |
302,828 |
|
6 |
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|||
|
NOW deposits |
|
156,474 |
|
148,085 |
|
6 |
|
|||
|
Money market deposits |
|
180,881 |
|
161,580 |
|
12 |
|
|||
|
Savings deposits |
|
297,194 |
|
290,226 |
|
2 |
|
|||
|
Time deposits under $100 |
|
434,985 |
|
425,138 |
|
2 |
|
|||
|
Time deposits of $100 or more |
|
1,025,482 |
|
986,786 |
|
4 |
|
|||
|
Total deposits |
|
2,416,439 |
|
2,314,643 |
|
4 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Securities sold under agreements to repurchase |
|
125,500 |
|
28,500 |
|
340 |
|
|||
|
Advances from the Federal Home Loan Bank |
|
50,000 |
|
50,000 |
|
— |
|
|||
|
Acceptances outstanding |
|
10,696 |
|
10,608 |
|
1 |
|
|||
|
Other liabilities |
|
13,264 |
|
62,286 |
|
(79 |
) |
|||
|
Total liabilities |
|
2,615,899 |
|
2,466,037 |
|
6 |
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Stockholders’ Equity |
|
|
|
|
|
|
|
|||
|
Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued |
|
— |
|
— |
|
— |
|
|||
|
Common stock, $0.01 par value, 25,000,000 shares authorized, 18,320,900 issued and 18,000,990 outstanding in 2003 and 18,305,255 issued and 17,999,955 outstanding in 2002 |
|
183 |
|
183 |
|
— |
|
|||
|
Treasury stock, at cost (319,910 shares in 2003 and 305,300 in 2002) |
|
(8,810 |
) |
(8,287 |
) |
6 |
|
|||
|
Additional paid-in-capital |
|
73,382 |
|
70,857 |
|
4 |
|
|||
|
Unearned compensation |
|
(1,840 |
) |
— |
|
— |
|
|||
|
Accumulated other comprehensive income, net |
|
5,290 |
|
6,719 |
|
(21 |
) |
|||
|
Retained earnings |
|
228,504 |
|
|||||||