Cathay Gnl Bncp Stock Price, News & Analysis

Cathay General Bancorp (CATY) reported a strong second quarter 2022, with net income of $89.0 million ($1.18 per share), up 15.3% from $77.2 million in Q2 2021. Total loans reached $17.8 billion, marking a 9.5% annualized increase, driven by significant growth in residential mortgages. Net interest income increased 18.4% to $175.1 million. The efficiency ratio improved to 39.1%. However, non-accrual loans decreased to $60.7 million, reflecting asset quality. The company maintains a healthy capital position with a Tier 1 risk-based capital ratio of 12.18%.

Cathay General Bancorp (NASDAQ: CATY) will announce its Q2 2022 financial results after market close on July 25, 2022. The company has planned a conference call at 3:00 PM PT for analysts and investors to discuss the results, featuring a question-and-answer session. Participants are encouraged to join 5-10 minutes early for the call, which is expected to last one hour. A live webcast will also be available and archived for one year on the company’s website.

Cathay General Bancorp (NASDAQ: CATY) announced a new share repurchase program, allowing the buyback of up to $125,000,000 of common stock. This follows the completion of a previous buyback program, which repurchased 2,858,503 shares at an average cost of $43.73. The timing and method of repurchases will depend on market conditions and other factors. As of this release, there are around 75,150,090 shares outstanding.

Cathay General Bancorp (NASDAQ: CATY) announced a cash dividend of 34 cents per common share. This dividend will be payable on June 6, 2022, to stockholders recorded by the close of business on May 27, 2022.

Founded in 1962, Cathay Bank operates 47 branches in California and various locations nationwide, focusing on a wide range of financial services.

Cathay General Bancorp (CATY) reported a net income of $75.0 million for Q1 2022, reflecting a 2.2% increase from Q1 2021. The diluted earnings per share rose to $0.99, up from $0.92 year-over-year. Total loans increased by $1.1 billion to $17.4 billion, largely due to the acquisition of HSBC’s West Coast consumer banking business. Non-interest income soared by 102% to $20.2 million. However, the return on average assets decreased to 1.46%.

Cathay General Bancorp (NASDAQ: CATY) has been recognized as the ninth best public bank in the U.S. for financial performance by S&P Global Market Intelligence for 2021. The ranking evaluates public banks with over $10 billion in assets based on growth, profitability, and safety. This recognition coincides with the 60th anniversary of Cathay Bank, which operates over 60 branches across the U.S. and has a significant presence in Asia. The ranking reflects the company’s commitment to excellence and the hard work of its team.

Cathay General Bancorp (CATY) is set to release its first quarter 2022 financial results on April 25, 2022, after market close. A conference call will take place at 3:00 p.m. Pacific Time to discuss these results, including a question-and-answer session for analysts and investors. The dial-in number for the call is (855) 761-3186, with Conference ID 5080167. Participants are encouraged to join 5-10 minutes early. A webcast will also be available on their website, and a recorded version will be accessible for replay within 24 hours following the call.

Cathay Bank has enhanced its online offerings by incorporating Autobooks for payment and invoicing services. This integration allows small business clients to manage cash flow effectively, create and send invoices easily, and receive online payments directly into their accounts. The service comes at a competitive fee and aims to expedite payment processes for business clients. Established in 1962, Cathay Bank has expanded its presence across the U.S. and internationally, celebrating a strong commitment to its customer base for over 60 years.