Cathay General Bancorp (NASDAQ:CATY) Q3 2016 Earnings Conference Call - Final Transcript

Oct 19, 2016 • 06:00 pm ET

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Cathay General Bancorp (NASDAQ:CATY) Q3 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's Third Quarter 2016 Earnings Conference Call. My name is Letif [Phonetic] and I'll be your coordinator for today. At this time, all participants are in a listen-only mode. Following the prepared remarks, there will a question-and-answer session. [Operator Instructions] Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.

Now, I would like to turn the call over to Monica Chen, Investor Relations for Cathay General Bancorp.

Executive
Monica Chen

Thank you, Letif [Phonetic], and good afternoon. Participating in this call today are Mr. Dunson Cheng, our Executive Chairman; Mr. Pin Tai, our President and Chief Executive Officer; and Mr. Heng Chen, our Executive Vice President and Chief Financial Officer. Before we begin, we wish to remind you that the speakers of this call may make forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events, and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2015, at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time to time. As such, we caution you not to place undue reliance on such forward-looking statements which speak only as of the date of this presentation.

We undertake no obligation to update any forward-looking statements or to publicly announce any revision of any forward-looking statements to reflect future developments or events except as maybe required by law. This afternoon, Cathay General Bancorp issued an earnings release outlining its third quarter 2016 results. To obtain the copy, please visit our website at www.cathaygeneralbancorp.com. After comments by management today, we will open up this call for questions.

I will now turn the call over to our Executive Chairman, Mr. Dunson Cheng.

Executive
Dunson Cheng

Thank you, Monica, and good afternoon, everyone. Welcome to our 2016 third quarter earnings conference call. On August 19, the company announced my retirement as President and CEO of the company and as CEO of Cathay Bank. Effective September 30, 2016, Mr. Pin Tai has been appointed by the Board of Directors to succeed me in this position, while I continue to serve as Executive Chairman of both company and Cathay Bank Board of Directors.

Mr. Pin Tai has served as President of Cathay Bank since April 2015; prior to which, he served as General Manager of the New York Region, Executive Vice President and General Manager of the Eastern Region, Deputy Chief Lending Officer and Chief Lending Officer.

With over 34 years of banking experience, of which 17 years were with Cathay Bank, he is well qualified to take on this new responsibility, which has made the transition easier to implement. Before discussing our third quarter performance, I would like to introduce Mr. Pin Tai to say a few words.

Executive
Pin Tai

Thank