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Cathay General Bancorp (CATY) reported its unaudited financial results for Q1 2023, revealing a net income of $96.0 million, or $1.32 per share, reflecting a 1.6% decrease from Q4 2022. Despite a 3.1% increase in total deposits to $18.6 billion, the net interest margin fell to 3.74% from 3.87% in the previous quarter. Net interest income before provision for credit losses decreased by 4.7% to $192.4 million. The efficiency ratio was 40.3%, up from 38.0%. The provision for credit losses significantly rose to $8.1 million compared to $1.4 million in Q4 2022. Non-interest income increased by 18.2% to $14.2 million. Overall, while deposits rose, net income showed a slight decline with increased provisions indicating a cautious outlook.
Cathay General Bancorp (NASDAQ: CATY) will announce its Q1 2023 financial results after market close on April 20, 2023. The company is the holding entity for Cathay Bank and operates over 60 branches across several U.S. states, including California, New York, and Texas, along with international branches in Hong Kong and mainland China.
The upcoming conference call is scheduled for 3:00 p.m. PT and will last for about one hour. Interested analysts and investors can participate in a Q&A session. The conference call dial-in number is (833) 816-1377 with Conference ID 10177602.
A webcast will also be available on Cathay General Bancorp's website, with the recorded version accessible within 24 hours after the call.
Cathay General Bancorp (NASDAQ: CATY) announced a cash dividend of 34 cents per common share, set to be paid on March 9, 2023. Stockholders on record by February 27, 2023, will receive this dividend. The company operates over 60 branches across the U.S. and maintains international offices in Hong Kong, Beijing, Shanghai, and Taipei. This dividend reflects the company's commitment to returning value to its shareholders, highlighting its stable financial position amidst a competitive banking landscape.
Cathay General Bancorp's CEO, Chang M. Liu, has been appointed to the Federal Reserve Bank of San Francisco's Los Angeles Branch Board and elected as a member director of the Federal Home Loan Bank of San Francisco for a four-year term from January 1, 2023, to December 31, 2026. Mr. Liu expressed his enthusiasm for these roles, highlighting a commitment to fostering opportunities and community strength.
Cathay Bank, established in 1962, serves the immigrant community and operates over 60 branches in the U.S., alongside international representative offices. The bank emphasizes its long-standing dedication to serving its community.
Cathay General Bancorp (NASDAQ: CATY) announced robust financial results for Q4 and the year ended December 31, 2022, reporting net income of $97.6 million for Q4 and $360.6 million for the full year, representing a 20.9% increase YoY. Earnings per share (EPS) rose to $4.83 from $3.80 the previous year, reflecting a 35.7% increase for the quarter. The total loans increased by 8.3% to $18.3 billion. However, non-interest income declined by 38.9% to $12.1 million. The efficiency ratio improved to 38.0% from 41.8% in the previous year. The Company maintains a strong capital position with a Tier 1 risk-based capital ratio of 12.19%. A conference call is scheduled for January 25, 2023, to discuss these results.
Cathay General Bancorp (Nasdaq: CATY) will release its fourth quarter and full year 2022 financial results on January 25, 2023, after market close. A conference call is scheduled for 3:00 PM PT (6:00 PM ET) to discuss these results, allowing analysts and investors to engage in a Q&A session. Participants are encouraged to join 5-10 minutes early. A live webcast will be available at www.cathaygeneralbancorp.com, with a replay offered within 24 hours for one year.
Cathay General Bancorp (NASDAQ: CATY) has declared a cash dividend of 34 cents per common share. This dividend is payable on December 9, 2022, to shareholders of record as of the close of business on November 29, 2022. Founded in 1962, Cathay Bank operates 44 branches in California, alongside additional branches across several states and internationally. The bank provides a range of financial services to its customers.
Cathay General Bancorp (CATY) reported a robust net income of $99.0 million for Q3 2022, marking a 36.7% increase from Q3 2021. Earnings per share rose to $1.35, up 45.2% year-over-year. Key highlights include a 7.8% annualized increase in total loans to $18.1 billion and a net interest margin improvement to 3.83%. However, non-interest income decreased 18.9% due to unrealized losses on equity securities. The effective tax rate increased to 23.8% from 19.1% a year earlier. The company remains well-capitalized under Basel III standards.
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