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Cathay General Bancorp (NASDAQ: CATY) is a publicly traded bank holding company, best known for its flagship subsidiary, Cathay Bank. Established in 1962, Cathay Bank was the first Chinese-American bank in Southern California, founded with a mission to provide financial services to the Chinese-American community in the Greater Los Angeles area. Over the decades, it has grown to serve a more diverse clientele, adopting the inclusive motto, "An open door for all."
Today, Cathay General Bancorp boasts a comprehensive service network that stretches from the West Coast to New York and Massachusetts, reaching north to Washington State and south to Texas. Internationally, the bank has established a presence in major Asian-Pacific commercial hubs, including Hong Kong, Taipei, and Shanghai.
Core Business
Cathay Bank primarily caters to the financial needs of individuals, professionals, and small to medium-sized businesses. Their offerings include checking and deposit services, lines of credit, commercial and commercial real estate loans, merchant services, payment processing, and treasury management. With a strong focus on the Chinese-American community, the bank also actively reaches out to low-to-moderate income groups within its service areas.
Wealth Management Services
Through its Wealth Management unit, Cathay Bank provides a wide array of investment products and services. Clients have access to stocks, bonds, mutual funds, insurance products, annuities, and advisory services. This diversification allows the bank to meet the financial planning needs of its clients effectively.
Recent Achievements and Projects
In recent years, Cathay General Bancorp has shown robust financial health and steady growth. The bank continues to explore new opportunities for expansion and development, both domestically and internationally. Its strategic partnerships and community-centric approach have bolstered its reputation as a reliable financial institution.
With a legacy of over half a century, Cathay General Bancorp remains committed to fostering economic growth and providing exceptional banking services. Its extensive experience and strategic geographic positioning make it a significant player in the regional banking sector.
Cathay General Bancorp (CATY) reported Q4 2024 net income of $80.2 million ($1.12 per diluted share), up 18.8% from Q3's $67.5 million. Full-year 2024 net income was $286.0 million ($3.95 per share), down 19.2% from $354.1 million in 2023.
The Q4 net interest margin improved to 3.07% from 3.04% in Q3. Total loans decreased 0.9% to $19.38 billion year-over-year, while deposits increased 1.9% to $19.69 billion. Non-performing assets rose to $196.3 million, representing 0.85% of total assets.
During Q4, the company repurchased 506,651 shares at an average cost of $47.10 per share for a total of $23.9 million. The efficiency ratio improved to 45.70% in Q4 from 51.11% in Q3, while the effective tax rate decreased to 7.57% from 13.61%.
Cathay General Bancorp (CATY) has announced leadership changes in its risk management division. Kim R. Bingham will retire as Chief Risk Officer of Cathay Bank effective January 21, 2025, and will transition to Executive Vice President, Special Advisor to the Office of the President until approximately March 31, 2025.
Diana Deen will succeed Bingham as Executive Vice President and Chief Risk Officer starting January 21, 2025. Deen, 62, brings over 20 years of banking experience, most recently serving at Bank of the West as Executive Vice President, Head of Operational Risk and Chief Ethics and Conduct Officer (2018-2023). Her previous roles include Executive Vice President at Wells Fargo (2013-2017) and Managing Director at JPMorgan Chase (2008-2013), where she led global compliance and risk oversight initiatives.
Cathay General Bancorp (Nasdaq: CATY) has scheduled the announcement of its fourth quarter and full year 2024 financial results for Wednesday, January 22, 2025, after market close. The company will host a conference call at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time) on the same day.
The one-hour conference call will include a question-and-answer session for analysts and investors. Participants can join via phone using the dial-in number (833) 816-1377 with Conference ID 10195683, and are advised to connect 5-10 minutes before the scheduled start. A live webcast will be available on the company's website, with a recorded version accessible for replay within 24 hours and archived for one year.
Cathay General Bancorp (Nasdaq: CATY) has announced a quarterly cash dividend of $0.34 per common share. The dividend will be paid on December 9, 2024, to shareholders who are recorded as stockholders at the close of business on November 27, 2024.
The Cathay Bank Foundation has announced 20 recipients for its 2024 Scholarship program, receiving 720 applications, a 35% increase from last year. Each recipient will receive $2,500 towards tuition costs. Notable statistics show that 29% of applicants are first-generation college students and 90% are minorities. The Asian Pacific Community Fund administered the program, narrowing 720 applications to 487 qualified candidates, from which Cathay Bank volunteers selected the final 20 awardees across multiple states including California, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Texas, and Washington.
Cathay General Bancorp (Nasdaq: CATY) reported net income of $67.5 million, or $0.94 per diluted share, for the third quarter of 2024. Key highlights include:
- Net interest margin increased to 3.04% from 3.01% in Q2 2024
- Total deposits grew by $170.9 million to $19.94 billion
- Gross loans increased slightly to $19.37 billion
- Repurchased 0.8 million shares at an average cost of $42.0 per share
The company's performance showed improvement in several areas, including a 2.4% increase in net interest income before provision for credit losses. However, non-performing assets rose to $188.0 million, up 45.7% from Q2 2024. The allowance for loan losses represented 0.85% of period-end gross loans and 96.45% of non-performing loans.
Cathay General Bancorp (Nasdaq: CATY), the holding company for Cathay Bank, has announced it will release its third quarter 2024 financial results after market close on Monday, October 21, 2024. The company has scheduled a conference call and webcast for the same day at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time) to discuss the results.
Analysts and investors can participate in the question-and-answer session during the one-hour call. To join, participants should dial (833) 816-1377 using the Conference ID: 10193436. It is recommended to join 5 to 10 minutes before the scheduled start.
A live webcast will be available at www.cathaygeneralbancorp.com for those who wish to listen only. A recorded version will be accessible within 24 hours after the call and archived for one year.
Cathay General Bancorp (Nasdaq: CATY) has declared a cash dividend of $0.34 per common share. The dividend is payable on September 9, 2024, to stockholders of record at the close of business on August 29, 2024. This announcement demonstrates the company's commitment to returning value to shareholders and maintaining a consistent dividend policy. The declaration of a dividend often signals financial stability and confidence in the company's future prospects.
Cathay General Bancorp (CATY) reported net income of $66.8 million, or $0.92 per share, for Q2 2024. This includes $4.1 million from accelerated amortization of solar tax credit investments and a $1.4 million mark-to-market loss from equity securities. Key highlights:
- Net interest margin decreased to 3.01% from 3.05% in Q1 2024
- Diluted EPS decreased to $0.92 from $0.98 in Q1 2024
- New $125 million stock repurchase program announced
- Gross loans decreased 0.4% to $19.36 billion
- Total deposits decreased 0.4% to $19.77 billion
- Non-performing assets increased 3.1% to $129.0 million
The company maintains strong capital ratios, with a Tier 1 risk-based capital ratio of 13.26% and total risk-based capital ratio of 14.74% as of June 30, 2024.
Cathay General Bancorp (Nasdaq: CATY), the parent company of Cathay Bank, is set to release its second quarter 2024 financial results on Monday, July 22, 2024, after the market closes. The company will also hold a conference call and webcast at 3:00 p.m. Pacific Time (6:00 p.m. Eastern Time) on the same day to discuss the results. The call will include a question-and-answer session for analysts and investors. The live webcast will be accessible on the company's website, with a recorded version available for replay within 24 hours and archived for one year.
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