UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF |
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For the quarterly period ended June 30, 2003 |
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OR |
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TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15 (d) OF |
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For the transition period from to |
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Commission file number 0-18630 |
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CATHAY BANCORP, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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95-4274680 |
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(State of other jurisdiction of incorporation |
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(I.R.S. Employer |
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777 North Broadway, Los Angeles, California |
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90012 |
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(Address of principal executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code: (213) 625-4700 |
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(Former name, former address and former fiscal year, if changed since last report) |
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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, $.01 par value, 18,036,196 shares outstanding as of August 8, 2003.
CATHAY BANCORP, INC. AND SUBSIDIARIES
2NDQUARTER 2003 REPORT ON FORM 10-Q
TABLE OF CONTENTS
2
(Unaudited)
3
CATHAY BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
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(In thousands, except share and per share data) |
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June 30, 2003 |
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December 31, 2002 |
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% change |
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Assets |
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Cash and due from banks |
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$ |
63,522 |
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$ |
70,777 |
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(10.25 |
)% |
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Federal funds sold and securities purchased under agreements to resell |
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14,000 |
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19,000 |
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(26.32 |
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Cash and cash equivalents |
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77,522 |
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89,777 |
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(13.65 |
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Securities available-for-sale (amortized cost of $890,347 in 2003 and $238,740 in 2002) |
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909,557 |
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248,273 |
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266.35 |
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Securities held-to-maturity (estimated fair value of $477,782 in 2002) |
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— |
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459,452 |
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(100.00 |
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Loans |
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1,954,286 |
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1,877,227 |
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4.10 |
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Less: Allowance for loan losses |
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(27,672 |
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(24,543 |
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12.75 |
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Unamortized deferred loan fees |
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(5,138 |
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(4,606 |
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11.55 |
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Loans, net |
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1,921,476 |
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1,848,078 |
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3.97 |
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Other real estate owned, net |
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653 |
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653 |
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— |
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Investments in real estate, net |
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21,676 |
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21,678 |
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(0.01 |
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Premises and equipment, net |
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29,586 |
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29,788 |
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(0.68 |
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Customers’ liability on acceptance |
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12,418 |
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10,608 |
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17.06 |
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Accrued interest receivable |
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13,988 |
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14,453 |
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(3.22 |
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Goodwill |
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6,552 |
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6,552 |
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— |
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Other assets |
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19,202 |
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24,686 |
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(22.22 |
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Total assets |
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$ |
3,012,630 |
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$ |
2,753,998 |
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9.39 |
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Liabilities and Stockholders’ Equity |
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Deposits |
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Non-interest-bearing demand deposits |
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$ |
320,723 |
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$ |
302,828 |
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5.91 |
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Interest-bearing deposits: |
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NOW deposits |
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155,354 |
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148,085 |
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4.91 |
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Money market deposits |
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176,223 |
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161,580 |
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9.06 |
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Savings deposits |
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309,994 |
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290,226 |
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6.81 |
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Time deposits under $100 |
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440,457 |
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425,138 |
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3.60 |
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Time deposits of $100 or more |
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1,042,128 |
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986,786 |
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5.61 |
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Total deposits |
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2,444,879 |
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2,314,643 |
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5.63 |
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Federal funds purchased and securities sold under agreements to repurchase |
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152,500 |
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28,500 |
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435.09 |
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Advances from the Federal Home Loan Bank |
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50,000 |
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50,000 |
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— |
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Acceptances outstanding |
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12,418 |
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10,608 |
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17.06 |
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Trust preferred securities |
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19,701 |
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100.00 |
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Other liabilities |
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17,965 |
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62,286 |
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(71.16 |
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Total liabilities |
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2,697,463 |
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2,466,037 |
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9.38 |
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Stockholders’ Equity |
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Preferred stock, $0.01 par value; 10,000,000 shares authorized, none issued |
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— |
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