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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.
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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.