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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.
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.