Cathay General Bancorp Announces First Quarter 2025 Results
Cathay General Bancorp (CATY) reported Q1 2025 net income of $69.5 million, or $0.98 per diluted share, marking a 13.3% decrease from Q4 2024's $80.2 million. The company's net interest margin improved to 3.25% from 3.07% in Q4 2024.
Key financial metrics include: total loans decreased slightly to $19.35 billion (0.12% decline), while deposits increased by $131.3 million to $19.82 billion. The efficiency ratio improved to 45.60% from 53.22% year-over-year. The company completed a $125 million share repurchase program, buying back 876,906 shares at an average cost of $46.83.
Asset quality showed improvement with total non-performing assets decreasing by 11.5% to $173.7 million. The allowance for loan losses increased to $173.9 million, representing 0.90% of gross loans and 112.06% of non-performing loans.
Cathay General Bancorp (CATY) ha riportato un utile netto nel primo trimestre 2025 di 69,5 milioni di dollari, pari a 0,98 dollari per azione diluita, segnando una diminuzione del 13,3% rispetto agli 80,2 milioni di dollari del quarto trimestre 2024. Il margine di interesse netto della società è migliorato, passando al 3,25% dal 3,07% del quarto trimestre 2024.
Le principali metriche finanziarie includono: i prestiti totali sono diminuiti leggermente a 19,35 miliardi di dollari (calo dello 0,12%), mentre i depositi sono aumentati di 131,3 milioni di dollari, raggiungendo 19,82 miliardi di dollari. Il rapporto di efficienza è migliorato, passando dal 53,22% dell’anno precedente al 45,60%. La società ha completato un programma di riacquisto di azioni da 125 milioni di dollari, riacquistando 876.906 azioni a un costo medio di 46,83 dollari.
La qualità degli attivi ha mostrato un miglioramento, con una diminuzione dell’11,5% degli attivi non performanti, scesi a 173,7 milioni di dollari. L’accantonamento per perdite su prestiti è aumentato a 173,9 milioni di dollari, rappresentando lo 0,90% dei prestiti lordi e il 112,06% dei prestiti non performanti.
Cathay General Bancorp (CATY) reportó un ingreso neto en el primer trimestre de 2025 de 69,5 millones de dólares, o 0,98 dólares por acción diluida, lo que representa una disminución del 13,3% respecto a los 80,2 millones de dólares del cuarto trimestre de 2024. El margen de interés neto de la compañía mejoró a 3,25% desde el 3,07% del cuarto trimestre de 2024.
Las métricas financieras clave incluyen: los préstamos totales disminuyeron ligeramente a 19,35 mil millones de dólares (una caída del 0,12%), mientras que los depósitos aumentaron en 131,3 millones de dólares, alcanzando 19,82 mil millones de dólares. La ratio de eficiencia mejoró a 45,60% desde 53,22% interanual. La compañía completó un programa de recompra de acciones de 125 millones de dólares, recomprando 876,906 acciones a un costo promedio de 46,83 dólares.
La calidad de los activos mostró una mejora con una disminución del 11,5% en los activos no rentables, que bajaron a 173,7 millones de dólares. La provisión para pérdidas por préstamos aumentó a 173,9 millones de dólares, representando el 0,90% de los préstamos brutos y el 112,06% de los préstamos no rentables.
Cathay General Bancorp (CATY)는 2025년 1분기 순이익으로 6,950만 달러를 보고했으며, 희석 주당순이익은 0.98달러로 2024년 4분기 8,020만 달러 대비 13.3% 감소했습니다. 회사의 순이자마진은 2024년 4분기 3.07%에서 3.25%로 개선되었습니다.
주요 재무 지표로는 총 대출금이 약간 감소하여 193억 5천만 달러(0.12% 감소)를 기록했고, 예금은 1억 3,130만 달러 증가하여 198억 2천만 달러에 달했습니다. 효율성 비율은 전년 동기 대비 53.22%에서 45.60%로 향상되었습니다. 회사는 평균 단가 46.83달러로 876,906주를 재매입하는 1억 2,500만 달러 규모의 자사주 매입 프로그램을 완료했습니다.
자산 건전성은 개선되어 부실 자산 총액이 11.5% 감소한 1억 7,370만 달러를 기록했습니다. 대손충당금은 1억 7,390만 달러로 증가했으며, 이는 총 대출의 0.90%, 부실 대출의 112.06%에 해당합니다.
Cathay General Bancorp (CATY) a annoncé un bénéfice net au premier trimestre 2025 de 69,5 millions de dollars, soit 0,98 dollar par action diluée, marquant une baisse de 13,3 % par rapport aux 80,2 millions de dollars du quatrième trimestre 2024. La marge nette d’intérêt de la société s’est améliorée, passant de 3,07 % au quatrième trimestre 2024 à 3,25 %.
Les principaux indicateurs financiers incluent : un léger recul des prêts totaux à 19,35 milliards de dollars (baisse de 0,12 %), tandis que les dépôts ont augmenté de 131,3 millions de dollars pour atteindre 19,82 milliards de dollars. Le ratio d’efficacité s’est amélioré, passant de 53,22 % à 45,60 % en glissement annuel. La société a achevé un programme de rachat d’actions de 125 millions de dollars, rachetant 876 906 actions à un coût moyen de 46,83 dollars.
La qualité des actifs s’est améliorée avec une baisse de 11,5 % des actifs non performants, qui sont passés à 173,7 millions de dollars. La provision pour pertes sur prêts a augmenté à 173,9 millions de dollars, représentant 0,90 % des prêts bruts et 112,06 % des prêts non performants.
Cathay General Bancorp (CATY) meldete für das erste Quartal 2025 einen Nettogewinn von 69,5 Millionen US-Dollar bzw. 0,98 US-Dollar je verwässerter Aktie, was einem Rückgang von 13,3 % gegenüber 80,2 Millionen US-Dollar im vierten Quartal 2024 entspricht. Die Nettozinsmarge des Unternehmens verbesserte sich von 3,07 % im vierten Quartal 2024 auf 3,25 %.
Wichtige Finanzkennzahlen umfassen: Die Gesamtkredite sanken leicht auf 19,35 Milliarden US-Dollar (ein Rückgang von 0,12 %), während die Einlagen um 131,3 Millionen US-Dollar auf 19,82 Milliarden US-Dollar stiegen. Die Effizienzquote verbesserte sich im Jahresvergleich von 53,22 % auf 45,60 %. Das Unternehmen schloss ein Aktienrückkaufprogramm im Wert von 125 Millionen US-Dollar ab und kaufte 876.906 Aktien zu einem durchschnittlichen Preis von 46,83 US-Dollar zurück.
Die Vermögensqualität verbesserte sich, da die notleidenden Aktiva um 11,5 % auf 173,7 Millionen US-Dollar zurückgingen. Die Rückstellung für Kreditverluste stieg auf 173,9 Millionen US-Dollar und entspricht 0,90 % der Bruttokredite sowie 112,06 % der notleidenden Kredite.
- Net interest margin improved to 3.25% from 3.07% in Q4 2024
- Total deposits increased by $131.3 million to $19.82 billion
- Non-performing assets decreased by 11.5% to $173.7 million
- Efficiency ratio improved to 45.60% from 53.22% year-over-year
- Strong capital ratios with Tier 1 risk-based capital at 13.57%
- Net income decreased 13.3% to $69.5 million from $80.2 million in Q4 2024
- Total loans decreased by 0.12% to $19.35 billion
- Non-interest income decreased by 27.6% to $11.2 million
- Provision for credit losses increased to $15.5 million from $14.5 million in Q4 2024
- Return on average stockholders' equity declined to 9.84% from 11.18% in Q4 2024
Insights
Cathay's Q1 shows margin improvement but 13.3% earnings decline; mixed signals with strengthened loan loss reserves amid improving asset quality.
Cathay General Bancorp's Q1 2025 results reveal a mixed financial performance. The bank reported
The margin expansion resulted from deposit costs falling faster than asset yields, widening the net interest spread to
Asset quality metrics present contrasting signals. Non-performing assets decreased
The balance sheet shows modest movement with deposits growing
The efficiency ratio held relatively stable at
During the quarter, the bank completed its previously announced
FINANCIAL PERFORMANCE |
||||||||
Three months ended |
||||||||
| (unaudited) | March 31, 2025 |
|
December 31, 2024 |
|
March 31, 2024 |
|||
| Net income | ||||||||
| Basic earnings per common share | $ |
0.99 |
$ |
1.13 |
$ |
0.98 |
||
| Diluted earnings per common share | $ |
0.98 |
$ |
1.12 |
$ |
0.98 |
||
| Return on average assets |
|
|
|
|
|
|
||
| Return on average total stockholders' equity |
|
|
|
|
|
|
||
| Efficiency ratio |
|
|
|
|
|
|
||
FIRST QUARTER HIGHLIGHTS
-
Net interest margin increased to
3.25% during the first quarter from3.07% in the fourth quarter of 2024. -
Total loans, excluding loans held for sale, decreased to
$19.35 billion 0.12% , from$19.38 billion -
Total deposits increased
$131.3 million 0.7% , to$19.82 billion
“We are pleased by the continued increase in the net interest margin compared to the fourth quarter of 2024. During the quarter we completed the
INCOME STATEMENT REVIEW
FIRST QUARTER 2025 COMPARED TO THE FOURTH QUARTER 2024
Net income for the quarter ended March 31, 2025, was
Return on average stockholders’ equity was
Net interest income before provision for credit losses
Net interest income before provision for credit losses increased
The net interest margin was
For the first quarter of 2025, the yield on average interest-earning assets was
Provision for credit losses
The Company recorded a provision for credit losses of
The following table sets forth the charge-offs and recoveries for the periods indicated:
| Three months ended | ||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||
| (In thousands) (Unaudited) | ||||||||
| Charge-offs: | ||||||||
Commercial loans |
$ |
2,344 |
$ |
14,064 |
$ |
1,939 |
||
| Real estate loans (1) |
|
— |
|
2,472 |
|
254 |
||
| Installment and other loans |
|
— |
|
7 |
|
— |
||
| Total charge-offs |
|
2,344 |
|
16,543 |
|
2,193 |
||
| Recoveries: | ||||||||
| Commercial loans |
|
270 |
|
75 |
|
812 |
||
| Real estate loans (1) |
|
97 |
|
133 |
|
241 |
||
| Installment and other loans |
|
— |
|
2 |
|
— |
||
| Total recoveries |
|
367 |
|
210 |
|
1,053 |
||
| Net charge-offs | $ |
1,977 |
$ |
16,333 |
$ |
1,140 |
||
| (1) Real estate loans include commercial real estate loans, residential mortgage loans and equity lines. |
Non-interest income
Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), wealth management fees, and other sources of fee income, was
Non-interest expense
Non-interest expense increased
Income taxes
The effective tax rate for the first quarter of 2025 was
BALANCE SHEET REVIEW
Gross loans, excluding loans held for sale, were
The loan balances and composition as of March 31, 2025, compared to December 31, 2024, and March 31, 2024, are presented below:
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||
| (In thousands) (Unaudited) | |||||
| Commercial loans |
|
|
|
||
| Construction loans | 332,729 |
319,649 |
382,775 |
||
| Commercial real estate loans | 10,160,934 |
10,033,830 |
9,821,807 |
||
| Residential mortgage loans | 5,623,564 |
5,689,097 |
5,841,846 |
||
| Equity lines | 231,184 |
229,995 |
245,222 |
||
| Installment and other loans | 6,169 |
5,380 |
5,166 |
||
| Gross loans |
|
|
|
||
| Allowance for loan losses | (173,936) |
(161,765) |
(154,589) |
||
| Unamortized deferred loan fees | (11,657) |
(10,541) |
(11,737) |
||
| Total loans held for investment, net |
|
|
|
||
| Loans held for sale |
|
$ — |
|
||
Total deposits were
The deposit balances and composition as of March 31, 2025, compared to December 31, 2024, and March 31, 2024, are presented below:
March 31, 2025 |
December 31, 2024 |
March 31, 2024 |
|||
| (In thousands) (Unaudited) | |||||
| Non-interest-bearing demand deposits |
|
|
|
||
| NOW deposits | 2,131,445 |
2,205,695 |
2,331,486 |
||
| Money market deposits | 3,423,953 |
3,372,773 |
3,117,557 |
||
| Savings deposits | 1,266,561 |
1,252,788 |
1,039,144 |
||
| Time deposits | 9,634,324 |
9,570,601 |
10,068,533 |
||
| Total deposits |
|
|
|
||
ASSET QUALITY REVIEW
As of March 31, 2025, total non-accrual loans were
The allowance for loan losses was
The changes in non-performing assets and loan modifications to borrowers experiencing financial difficulty as of March 31, 2025, compared to December 31, 2024, and March 31, 2024, are presented below:
| (In thousands) (Unaudited) | March 31, 2025 |
|
December 31, 2024 |
|
% Change |
|
March 31, 2024 |
|
% Change |
| Non-performing assets | |||||||||
| Accruing loans past due 90 days or more |
|
|
(85) |
|
(92) |
||||
| Non-accrual loans: | |||||||||
| Construction loans | — |
— |
— |
22,998 |
(100) |
||||
| Commercial real estate loans | 76,802 |
83,128 |
(8) |
47,465 |
62 |
||||
| Commercial loans | 53,362 |
59,767 |
(11) |
14,642 |
264 |
||||
| Residential mortgage loans | 24,462 |
26,266 |
(7) |
13,002 |
88 |
||||
| Total non-accrual loans: |
|
|
(9) |
|
58 |
||||
| Total non-performing loans | 155,221 |
173,211 |
(10) |
105,667 |
47 |
||||
| Other real estate owned | 18,484 |
23,071 |
(20) |
19,441 |
(5) |
||||
| Total non-performing assets |
|
|
(12) |
|
39 |
||||
| Accruing loan modifications to borrowers experiencing financial difficulties |
|
$ — |
— |
$ — |
— |
||||
| Allowance for loan losses |
|
|
8 |
|
13 |
||||
| Total gross loans outstanding, at period-end |
|
|
(0) |
|
(0) |
||||
| Allowance for loan losses to non-performing loans, at period-end |
|
|
|
||||||
| Allowance for loan losses to gross loans, at period-end |
|
|
|
The ratio of non-performing assets to total assets was
CAPITAL ADEQUACY REVIEW
As of March 31, 2025, the Company’s Tier 1 risk-based capital ratio of
CONFERENCE CALL
Cathay General Bancorp will host a conference call to discuss its first quarter 2025 financial results this afternoon, Monday, April 21, 2025, at 3:00 p.m., Pacific Time. Analysts and investors may dial in and participate in the question-and-answer session. To access the call, please dial 1-833-816-1377 and enter Conference ID 10198304. The presentation accompanying this call and access to the live webcast is available on our site at www.cathaygeneralbancorp.com and a replay of the webcast will be archived for one year within 24 hours after the event.
ABOUT CATHAY GENERAL BANCORP
Cathay General Bancorp is a publicly traded company (Nasdaq: CATY) and is the holding company for Cathay Bank, a
FORWARD-LOOKING STATEMENTS
Statements made in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management’s beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as “aims,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “predicts,” “potential,” “possible,” “optimistic,” “seeks,” “shall,” “should,” “will,” and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from local, regional, national and international business, market and economic conditions and events, the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors and the impact they may have on us, our customers and our operations, assets and liabilities; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; our ability to generate anticipated returns on our investments and financings, including in tax-advantaged projects; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters, public health crises and geopolitical events; general economic or business conditions in
These and other factors are further described in Cathay General Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024 (Item 1A in particular), other reports filed with the Securities and Exchange Commission (“SEC”), and other filings Cathay General Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this press release. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we undertake no obligation to update or review any forward-looking statement to reflect circumstances, developments or events occurring after the date on which the statement is made or to reflect the occurrence of unanticipated events.
CATHAY GENERAL BANCORP CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) |
||||||
Three months ended |
||||||
| (In thousands, except per share data) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||
| Financial performance | ||||||
| Net interest income before provision for credit losses |
|
|
|
|||
| Provision for credit losses | 15,500 |
14,500 |
1,900 |
|||
| Net interest income after provision for credit losses | 161,139 |
156,512 |
166,672 |
|||
| Non-interest income | 11,204 |
15,473 |
6,611 |
|||
| Non-interest expense | 85,656 |
85,219 |
93,239 |
|||
| Income before income tax expense | 86,687 |
86,766 |
80,044 |
|||
| Income tax expense | 17,181 |
6,565 |
8,609 |
|||
| Net income |
|
|
|
|||
| Net income per common share: | ||||||
| Basic |
|
|
|
|||
| Diluted |
|
|
|
|||
| Cash dividends paid per common share |
|
|
|
|||
| Selected ratios | ||||||
| Return on average assets |
|
|
|
|||
| Return on average total stockholders’ equity |
|
|
|
|||
| Efficiency ratio |
|
|
|
|||
| Dividend payout ratio |
|
|
|
|||
| Yield analysis (Fully taxable equivalent) | ||||||
| Total interest-earning assets |
|
|
|
|||
| Total interest-bearing liabilities |
|
|
|
|||
| Net interest spread |
|
|
|
|||
| Net interest margin |
|
|
|
|||
| Capital ratios | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||
| Tier 1 risk-based capital ratio |
|
|
|
|||
| Total risk-based capital ratio |
|
|
|
|||
| Tier 1 leverage capital ratio |
|
|
|
|||
| . | .. | |||||
CATHAY GENERAL BANCORP CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
||||||
| (In thousands, except share and per share data) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||
| Assets | ||||||
| Cash and due from banks |
|
|
|
|||
| Short-term investments and interest bearing deposits | 1,209,487 |
882,353 |
1,010,651 |
|||
| Securities available-for-sale (amortized cost of |
||||||
1,434,040 |
1,547,128 |
1,653,167 |
||||
| Loans held for sale | 11,759 |
— |
23,171 |
|||
| Loans | 19,353,003 |
19,375,955 |
19,429,396 |
|||
| Less: Allowance for loan losses | (173,936) |
(161,765) |
(154,589) |
|||
| Unamortized deferred loan fees, net | (11,657) |
(10,541) |
(11,737) |
|||
| Loans, net | 19,167,410 |
19,203,649 |
19,263,070 |
|||
| Equity securities | 30,238 |
34,429 |
31,380 |
|||
| Federal Home Loan Bank stock | 17,250 |
17,250 |
17,250 |
|||
| Other real estate owned, net | 18,484 |
23,071 |
19,441 |
|||
| Affordable housing investments and alternative energy partnerships, net | 285,707 |
289,611 |
330,912 |
|||
| Premises and equipment, net | 89,760 |
88,676 |
90,454 |
|||
| Customers’ liability on acceptances | 12,678 |
14,061 |
17,074 |
|||
| Accrued interest receivable | 95,755 |
97,779 |
97,937 |
|||
| Goodwill | 375,696 |
375,696 |
375,696 |
|||
| Other intangible assets, net | 3,101 |
3,335 |
4,131 |
|||
| Right-of-use assets- operating leases | 30,021 |
28,645 |
31,698 |
|||
| Other assets | 248,609 |
291,831 |
273,487 |
|||
| Total assets |
|
|
|
|||
| Liabilities and Stockholders’ Equity | ||||||
| Deposits: | ||||||
| Non-interest-bearing demand deposits |
|
|
|
|||
| Interest-bearing deposits: | ||||||
| NOW deposits | 2,131,445 |
2,205,695 |
2,331,486 |
|||
| Money market deposits | 3,423,953 |
3,372,773 |
3,117,557 |
|||
| Savings deposits | 1,266,561 |
1,252,788 |
1,039,144 |
|||
| Time deposits | 9,634,324 |
9,570,601 |
10,068,533 |
|||
| Total deposits | 19,817,528 |
19,686,199 |
19,846,259 |
|||
| Advances from the Federal Home Loan Bank | 95,000 |
60,000 |
265,000 |
|||
| Other borrowings for affordable housing investments | 17,696 |
17,740 |
17,557 |
|||
| Long-term debt | 119,136 |
119,136 |
119,136 |
|||
| Acceptances outstanding | 12,678 |
14,061 |
17,074 |
|||
| Lease liabilities - operating leases | 32,120 |
30,851 |
34,325 |
|||
| Other liabilities | 245,705 |
280,990 |
327,380 |
|||
| Total liabilities | 20,339,863 |
20,208,977 |
20,626,731 |
|||
| Stockholders' equity | 2,865,159 |
2,845,704 |
2,778,072 |
|||
| Total liabilities and equity |
|
|
|
|||
| Book value per common share |
|
|
|
|||
| Number of common shares outstanding | 70,034,708 |
70,863,324 |
72,688,191 |
|||
CATHAY GENERAL BANCORP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||
| Three months ended | ||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||
| (In thousands, except share and per share data) | ||||||
| Interest and Dividend Income | ||||||
| Loan receivable, including loan fees |
|
|
|
|||
| Investment securities | 12,103 |
13,587 |
14,951 |
|||
| Federal Home Loan Bank stock | 379 |
379 |
431 |
|||
| Deposits with banks | 12,929 |
15,025 |
14,732 |
|||
| Total interest and dividend income | 319,395 |
329,982 |
332,642 |
|||
| Interest Expense | ||||||
| Time deposits | 96,066 |
111,082 |
109,546 |
|||
| Other deposits | 42,434 |
44,557 |
42,788 |
|||
| Advances from Federal Home Loan Bank | 1,904 |
766 |
9,316 |
|||
| Long-term debt | 2,020 |
2,194 |
1,721 |
|||
| Short-term borrowings | 332 |
371 |
699 |
|||
| Total interest expense | 142,756 |
158,970 |
164,070 |
|||
| Net interest income before provision for credit losses | 176,639 |
171,012 |
168,572 |
|||
| Provision for credit losses | 15,500 |
14,500 |
1,900 |
|||
| Net interest income after provision for credit losses | 161,139 |
156,512 |
166,672 |
|||
| Non-Interest Income | ||||||
| Net losses from equity securities | (4,191) |
(1,312) |
(9,027) |
|||
| Debt securities losses, net | — |
— |
1,107 |
|||
| Letters of credit commissions | 2,091 |
2,063 |
1,717 |
|||
| Depository service fees | 1,752 |
1,674 |
1,550 |
|||
| Wealth management fees | 6,169 |
6,194 |
5,638 |
|||
| Other operating income | 5,383 |
6,854 |
5,626 |
|||
| Total non-interest income | 11,204 |
15,473 |
6,611 |
|||
| Non-Interest Expense | ||||||
| Salaries and employee benefits | 42,427 |
42,526 |
43,552 |
|||
| Occupancy expense | 5,737 |
5,724 |
5,967 |
|||
| Computer and equipment expense | 6,054 |
4,923 |
5,068 |
|||
| Professional services expense | 7,448 |
8,761 |
6,992 |
|||
| Data processing service expense | 4,406 |
4,234 |
3,929 |
|||
| FDIC and State assessments | 3,399 |
1,198 |
6,089 |
|||
| Marketing expense | 1,878 |
1,518 |
1,914 |
|||
| Other real estate owned expense | 244 |
368 |
253 |
|||
| Amortization of investments in low income housing and alternative energy partnerships |
9,054 |
10,728 |
14,432 |
|||
| Amortization of core deposit intangibles | 250 |
250 |
339 |
|||
| Other operating expense | 4,759 |
4,989 |
4,704 |
|||
| Total non-interest expense | 85,656 |
85,219 |
93,239 |
|||
| Income before income tax expense | 86,687 |
86,766 |
80,044 |
|||
| Income tax expense | 17,181 |
6,565 |
8,609 |
|||
| Net income |
|
|
|
|||
| Net income per common share: | ||||||
| Basic |
|
|
|
|||
| Diluted |
|
|
|
|||
| Cash dividends paid per common share |
|
|
|
|||
| Basic average common shares outstanding | 70,379,835 |
71,168,983 |
72,673,974 |
|||
| Diluted average common shares outstanding | 70,679,640 |
71,491,518 |
72,971,157 |
|||
CATHAY GENERAL BANCORP AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION (Unaudited) |
||||||||
| Three months ended | ||||||||
| (In thousands)(Unaudited) | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||
| Interest-earning assets: | Average Balance | Average Yield/Rate (1) | Average Balance | Average Yield/Rate (1) | Average Balance | Average Yield/Rate (1) | ||
| Loans (1) |
|
|
|
|
|
|
||
| Taxable investment securities | 1,457,724 |
|
1,542,577 |
|
1,638,317 |
|
||
| FHLB stock | 17,250 |
|
17,250 |
|
23,006 |
|
||
| Deposits with banks | 1,202,304 |
|
1,265,496 |
|
1,093,972 |
|
||
| Total interest-earning assets |
|
|
|
|
|
|
||
| Interest-bearing liabilities: | ||||||||
| Interest-bearing demand deposits |
|
|
|
|
|
|
||
| Money market deposits | 3,382,292 |
|
3,259,771 |
|
3,114,298 |
|
||
| Savings deposits | 1,289,628 |
|
1,306,584 |
|
1,046,103 |
|
||
| Time deposits | 9,582,826 |
|
9,932,776 |
|
9,720,917 |
|
||
| Total interest-bearing deposits |
|
|
|
|
|
|
||
| Other borrowed funds | 215,021 |
|
111,142 |
|
730,779 |
|
||
| Long-term debt | 119,136 |
|
119,136 |
|
119,136 |
|
||
| Total interest-bearing liabilities | 16,731,144 |
|
16,861,387 |
|
17,043,479 |
|
||
| Non-interest-bearing demand deposits | 3,305,149 |
3,318,350 |
3,338,551 |
|||||
| Total deposits and other borrowed funds |
|
|
|
|||||
| Total average assets |
|
|
|
|||||
| Total average equity |
|
|
|
|||||
| (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. |
CATHAY GENERAL BANCORP
GAAP to NON-GAAP RECONCILIATION
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders’ equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.
| As of | ||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||
| (In thousands) (Unaudited) | ||||||
| Stockholders' equity | (a) |
|
|
|
||
| Less: Goodwill | (375,696) |
(375,696) |
(375,696) |
|||
| Other intangible assets (1) | (3,101) |
(3,335) |
(4,131) |
|||
| Tangible equity | (b) |
|
|
|
||
| Total assets | (c) |
|
|
|
||
| Less: Goodwill | (375,696) |
(375,696) |
(375,696) |
|||
| Other intangible assets (1) | (3,101) |
(3,590) |
(4,461) |
|||
| Tangible assets | (d) |
|
|
|
||
| Number of common shares outstanding | (e) | 70,034,708 |
70,863,324 |
72,688,191 |
||
| Total stockholders' equity to total assets ratio | (a)/(c) |
|
|
|
||
| Tangible equity to tangible assets ratio | (b)/(d) |
|
|
|
||
| Tangible book value per share | (b)/(e) |
|
|
|
||
| Three Months Ended | ||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||
| (In thousands) (Unaudited) | ||||||
| Net Income |
|
|
|
|||
| Add: Amortization of other intangibles (1) | 283 |
256 |
330 |
|||
| Tax effect of amortization adjustments (2) | (84) |
(76) |
(98) |
|||
| Tangible net income | (f) |
|
|
|
||
| Return on tangible common equity (3) | (f)/(b) |
|
|
|
||
| (1) Includes core deposit intangibles and mortgage servicing |
| (2) Applied the statutory rate of |
| (3) Annualized |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250421094826/en/
Heng W. Chen (626) 279-3652
Source: Cathay General Bancorp
FAQ
What was Cathay General Bancorp's (CATY) earnings per share in Q1 2025?
How did CATY's net interest margin change in Q1 2025?
What was the total value of CATY's share repurchase program in 2024-2025?
How much did CATY's total deposits grow in Q1 2025?
What is CATY's current allowance for loan losses ratio?
