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Cathay General Bancorp (CATY), a leading bank holding company with deep community roots and international financial expertise, provides this centralized news hub for stakeholders. Track all official press releases and verified news coverage spanning commercial banking developments, cross-border service expansions, and regulatory updates.
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Cathay General Bancorp (Nasdaq: CATY) has declared a cash dividend of $0.34 per common share. The dividend is payable on September 9, 2024, to stockholders of record at the close of business on August 29, 2024. This announcement demonstrates the company's commitment to returning value to shareholders and maintaining a consistent dividend policy. The declaration of a dividend often signals financial stability and confidence in the company's future prospects.
Cathay General Bancorp (CATY) reported net income of $66.8 million, or $0.92 per share, for Q2 2024. This includes $4.1 million from accelerated amortization of solar tax credit investments and a $1.4 million mark-to-market loss from equity securities. Key highlights:
- Net interest margin decreased to 3.01% from 3.05% in Q1 2024
- Diluted EPS decreased to $0.92 from $0.98 in Q1 2024
- New $125 million stock repurchase program announced
- Gross loans decreased 0.4% to $19.36 billion
- Total deposits decreased 0.4% to $19.77 billion
- Non-performing assets increased 3.1% to $129.0 million
The company maintains strong capital ratios, with a Tier 1 risk-based capital ratio of 13.26% and total risk-based capital ratio of 14.74% as of June 30, 2024.
Cathay General Bancorp (Nasdaq: CATY), the parent company of Cathay Bank, is set to release its second quarter 2024 financial results on Monday, July 22, 2024, after the market closes. The company will also hold a conference call and webcast at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time) on the same day to discuss the results. The call will include a question-and-answer session for analysts and investors. The live webcast will be accessible on the company's website, with a recorded version available for replay within 24 hours and archived for one year.
Cathay General Bancorp (Nasdaq: CATY), the holding company for Cathay Bank, has announced a new share repurchase program worth up to $125 million. The previous program, also valued at $125 million, concluded on February 21, 2023, having repurchased 2,897,628 shares at an average cost of $43.14 per share. The new repurchase initiative allows purchases on the open market or through privately negotiated transactions. Management will determine the timing, price, and volume of repurchases based on market conditions and relevant laws. As of this release, Cathay General Bancorp has approximately 72.8 million shares outstanding. The repurchase program can be modified, suspended, or terminated based on various factors, including market conditions and alternative investment opportunities.
Cathay General Bancorp (Nasdaq: CATY) has elected Ann Yee Kono and Elizabeth Woo as new members of the Board of Directors at the Company and Cathay Bank. The elections took place during the Annual Stockholder’s Meeting on May 13, 2024, and a subsequent Board meeting. Ann Yee Kono, CEO of Leda Advisory Group, has a rich background in finance with over 25 years of experience, including tenure at Ares Management Elizabeth Woo, a Lecturer of Accounting at UCLA, brings over 20 years of expertise in accounting and auditing, having held senior positions at Crowe and BDO. Executive Chairman Dunson K. Cheng expressed confidence in their strategic insights and contributions to Cathay’s growth.
Cathay General Bancorp (Nasdaq: CATY) has announced a cash dividend of $0.34 per common share.
The dividend will be payable on June 10, 2024, to stockholders who are on record as of May 30, 2024. This reflects the company's ongoing commitment to returning value to its shareholders.
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