Cathay Gnl Bncp Stock Price, News & Analysis

Cathay General Bancorp (CATY) has announced a new share repurchase program, authorizing the buyback of up to $125,000,000 in common stock. This follows the completion of a prior $75,000,000 program on August 5, 2021, where 1,832,481 shares were repurchased at an average cost of $40.93. The new repurchases may occur in open markets or private transactions, with flexibility regarding timing and amounts based on market conditions. Currently, there are approximately 77,860,539 shares outstanding.

Cathay General Bancorp (Nasdaq: CATY) has declared a cash dividend of $0.31 per common share. This dividend is payable on September 9, 2021, to stockholders of record on August 30, 2021. The company, founded in 1962, operates 37 branches in California and additional branches across several states. This decision signifies the board's commitment to returning value to shareholders.

Cathay General Bancorp (CATY) reported a strong second-quarter 2021 with net income of $77.2 million, or $0.97 per share, marking a 42.2% increase from $54.3 million in the same quarter last year. Loan growth, excluding Paycheck Protection Program loans, was up 3.4%, and total deposits increased by $462.2 million, or 18.3% annualized. The net interest margin rose to 3.24%. The company repurchased 1.5 million shares for $63.5 million under its stock buyback program. However, non-interest income decreased by 19.2% year-over-year.

Cathay General Bancorp (NASDAQ: CATY) will announce its financial results for the second quarter of 2021 after market close on July 26, 2021. A conference call is scheduled for the same day at 3:00 p.m. Pacific Time, during which analysts and investors can participate. This information is crucial for stakeholders as it can impact stock performance and investor sentiment. The company operates numerous branches across the U.S. and has a presence in Hong Kong and China.

Cathay General Bancorp (NASDAQ: CATY) announced the acquisition of 10 retail branches from HSBC in California, enhancing its consumer banking footprint. This purchase also includes associated loans and deposits, totaling approximately $0.8 billion in loans and $1 billion in deposits as of March 31, 2021. The deal, expected to close in Q1 2022 pending regulatory approval, is anticipated to be about 2.0% accretive to GAAP earnings per share for 2022, excluding one-time costs. This strategic move aims to improve service access for clients in Northern and Southern California.

Cathay General Bancorp (NASDAQ: CATY) announced an agreement to acquire 10 retail branches from HSBC USA in California. This purchase includes additional loans and deposits linked to HSBC's West Coast consumer banking operations. The total acquired loans are approximately $0.8 billion, while total deposits are around $1 billion. The acquisition aims to enhance Cathay Bank's market presence in Northern and Southern California, expecting to be 2.0% accretive to GAAP earnings per share in 2022. The deal is subject to regulatory approval and is expected to close in Q1 2022.

Cathay General Bancorp (CATY) has declared a cash dividend of $0.31 per share, payable on June 7, 2021. Stockholders of record will be those on the books at the close of business on May 28, 2021. Founded in 1962, Cathay Bank operates numerous branches across several states and in Hong Kong, providing a variety of financial services. This dividend announcement demonstrates the company's commitment to returning value to its shareholders amid its ongoing business operations.

Cathay General Bancorp (CATY) reported a net income of $73.4 million for Q1 2021, a 56.5% increase from $46.9 million a year earlier. Basic and diluted earnings per share rose to $0.92, up from $0.59. The return on average assets improved to 1.57% and the return on equity to 12.23%. The net interest margin increased to 3.20%.

Despite a 9.5% rise in non-interest expenses, non-interest income grew by 72.4% to $10.0 million. Total deposits increased to $16.4 billion, reflecting a 1.5% increase from the prior quarter.

Cathay General Bancorp (Nasdaq: CATY) will announce its first quarter 2021 financial results on April 26, 2021, after market close. A conference call will follow at 3:00 p.m. PT, allowing analysts and investors to engage in a Q&A session. Participants are encouraged to join 5-10 minutes early. The conference call can be accessed via dial-in at (855) 761-3186 (Conference ID: 5682513) or through a live webcast, which will later be available for replay for one year. More details can be found on their website.