Cathay General Bancorp (CATY) of Los Angeles reported earnings of $31.9 million for the fourth quarter of 2013, an increase of 12.7% from the same quarter a year prior.

Earnings per share of 40 cents were up nine cents from the same quarter in 2012 and met estimates of analysts polled by Bloomberg. The increase was primarily due to decreases in costs and expenses related to debt redemption and maintaining foreclosed properties. The $10.9 billion-asset company also reported a 9.5% increase in loans, to $8.1 billion.

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