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Cathay General Bancorp Net Rises 24%

The increase is due in part to a $4.5 million increase in non-interest income.

Cathay General Bancorp

(CATY) - Get Cathay General Bancorp Report

said fourth-quarter earnings 23.9% from a year ago, primarily due to a $4.5 million increase in non-interest income in the current quarter.

The bank earned $26.71 million, or 53 cents a share, in the quarter, compared with $21.56 million, or 42 cents a share, a year ago. Analysts surveyed by Thomson First Call were estimating earnings of 54 cents in the most recent quarter.

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The bank generated a net interest income of $62.37 million in the current quarter, an increase of 10% over the corresponding quarter of 2004. Net interest margin declined from 3.83% in the fourth quarter of 2004 to 3.80% in the fourth quarter of 2005. Provision for credit losses for the fourth quarter was $829,000, compared with $3.2 million over the corresponding quarter of 2004.

Non-interest income for the fourth quarter of 2005 was $5.1 million, up from $629,000 for the corresponding quarter of 2004. Included in the fourth quarter 2004 results was a non-cash charge of $3.2 million net of tax.

Non-interest expense in the most recent quarter grew 10.1% to $25.1 million over the corresponding quarter.

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