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Cathay General Bancorp reports developments for Cathay Bank, a regional bank serving individuals, professionals, and small to medium-sized businesses, including Chinese-American communities. News centers on quarterly and annual operating results, loan balances and composition, non-interest income sources, deposit and credit activity, and bank service lines such as treasury management, international banking, merchant services, and wealth management.
Corporate updates also cover common-stock dividends, share repurchase authorizations, board and executive leadership changes, and conference-call materials tied to financial results. These items reflect the capital-management, governance, and performance disclosures of a Nasdaq-listed bank holding company.
Cathay General Bancorp (CATY) reported its Q2 2020 financial results with a net income of $54.3 million, or $0.68 per share, representing a 24.8% decline compared to $72.2 million in Q2 2019. Total deposits rose by $1.2 billion (7.9%) to $16.3 billion, primarily in core deposits. However, net interest income fell by 6.2% to $134.5 million, influenced by lower loan and securities income. The company recognized a $25 million provision for credit losses due to COVID-19 impacts. As of June 30, 2020, the Tier 1 capital ratio remained strong at 12.88%.
Cathay General Bancorp (CATY) announced the retirement of CEO Pin Tai, effective September 30, 2020, as part of its succession plan. Chang M. Liu, currently President and COO, will take over as CEO on October 1, 2020. Under Tai's leadership since 1999, the bank's assets grew from $1.8 billion to over $19 billion, expanding its branch network significantly. Liu intends to build on Tai's legacy, focusing on future growth and innovation. Pin Tai will remain as an executive advisor until September 2021 to ensure a smooth transition.
Cathay General Bancorp (Nasdaq: CATY) will announce its second quarter 2020 financial results on July 27, 2020, after market close. A conference call will be held that day at 3:00 PM PT for analysts and investors, featuring a question-and-answer session. The call is expected to last one hour and can be accessed via dial-in at (855) 761-3186 or through a webcast available on their official website. A recorded version will be available within 24 hours after the call until July 27, 2021.