Cathay General Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net interest income before provision for credit losses of $99,416,000 compared to $87,751,000 a year ago. Net interest income after reversal for credit losses was $102,416,000 compared to $89,751,000 a year ago. Income before income tax expense was $58,233,000 compared to $56,599,000 a year ago. Net income was $41,446,000 compared to $35,578,000 a year ago. Diluted earnings per share were $0.51 compared to $0.44 for the same quarter a year ago. Return on average assets was 1.27% compared to 1.27% a year ago. Return on average total stockholders' equity was 9.40% compared to 8.86% a year ago. Total interest and dividend income was $119,519,000 compared to $106,043,000 a year ago.

For the year, the company reported net interest income before provision for credit losses of $379,742,000 compared to $342,781,000 a year ago. Net interest income after reversal for credit losses was $391,142,000 compared to $353,581,000 a year ago. Income before income tax expense was $221,096,000 compared to $219,795,000 a year ago. Net income was $161,109,000 or $1.98 per diluted share compared to $137,830,000 or $1.72 per diluted share a year ago. Return on average assets was 1.34% compared to 1.26% a year ago. Return on average total stockholders' equity was 9.52% compared to 8.95% a year ago. Net income increased compared to net income for the year ended December 31, 2014 primarily due to increases in net interest income, decreases in costs associated with debt redemption and increases in venture capital investment income partially offset by decreases in securities gains, increases in operation expenses from amortization of investments in affordable housing and alternative energy partnerships, increases in occupancy expenses and computer and equipment expenses. Total interest and dividend income was $453,706,000 compared to $418,647,000 a year ago. Book value per common share as at December 31, 2015 was $21.46 against $20.00 per share a year ago.

For the quarter, the company reported net charge-offs of $8,113,000 against $5,778,000 a year ago.

The company expects full year effective tax rate for 2016, assuming a similar amount of alternative energy tax credits, would be approximately 28%.