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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's CEO, Chang M. Liu, has been appointed to the Federal Reserve Bank of San Francisco's Los Angeles Branch Board and elected as a member director of the Federal Home Loan Bank of San Francisco for a four-year term from January 1, 2023, to December 31, 2026. Mr. Liu expressed his enthusiasm for these roles, highlighting a commitment to fostering opportunities and community strength.
Cathay Bank, established in 1962, serves the immigrant community and operates over 60 branches in the U.S., alongside international representative offices. The bank emphasizes its long-standing dedication to serving its community.
Cathay General Bancorp (NASDAQ: CATY) announced robust financial results for Q4 and the year ended December 31, 2022, reporting net income of $97.6 million for Q4 and $360.6 million for the full year, representing a 20.9% increase YoY. Earnings per share (EPS) rose to $4.83 from $3.80 the previous year, reflecting a 35.7% increase for the quarter. The total loans increased by 8.3% to $18.3 billion. However, non-interest income declined by 38.9% to $12.1 million. The efficiency ratio improved to 38.0% from 41.8% in the previous year. The Company maintains a strong capital position with a Tier 1 risk-based capital ratio of 12.19%. A conference call is scheduled for January 25, 2023, to discuss these results.
Cathay General Bancorp (Nasdaq: CATY) will release its fourth quarter and full year 2022 financial results on January 25, 2023, after market close. A conference call is scheduled for 3:00 PM PT (6:00 PM ET) to discuss these results, allowing analysts and investors to engage in a Q&A session. Participants are encouraged to join 5-10 minutes early. A live webcast will be available at www.cathaygeneralbancorp.com, with a replay offered within 24 hours for one year.
Cathay General Bancorp (NASDAQ: CATY) has declared a cash dividend of 34 cents per common share. This dividend is payable on December 9, 2022, to shareholders of record as of the close of business on November 29, 2022. Founded in 1962, Cathay Bank operates 44 branches in California, alongside additional branches across several states and internationally. The bank provides a range of financial services to its customers.
Cathay General Bancorp (CATY) reported a robust net income of $99.0 million for Q3 2022, marking a 36.7% increase from Q3 2021. Earnings per share rose to $1.35, up 45.2% year-over-year. Key highlights include a 7.8% annualized increase in total loans to $18.1 billion and a net interest margin improvement to 3.83%. However, non-interest income decreased 18.9% due to unrealized losses on equity securities. The effective tax rate increased to 23.8% from 19.1% a year earlier. The company remains well-capitalized under Basel III standards.
Cathay Bank released the 2022 Fall Update of the U.S.-China Economic Report in collaboration with UCLA Anderson Forecast. This report analyzes international trade trends, the U.S. economic outlook amid inflation and rising interest rates, and the slowing economy in China, attributed to its real estate crisis and zero-COVID policies. Despite these challenges, China continues to be a significant global manufacturing and export powerhouse. The report highlights ongoing economic ties between the U.S. and China, emphasizing their importance in finance and trade.
Cathay Bank has released the U.S.-China Economic Report 2022 Fall Update, detailing shifts in international trade and global supply chains, indicating a potential slowdown in U.S. economic growth due to challenges in China's economy, such as the real estate crisis and ongoing zero-COVID policies. The report highlights that while there is a decoupling in sectors like technology, U.S. and China will remain interconnected in trade and finance for the foreseeable future.
Cathay General Bancorp (NASDAQ: CATY) is set to report its third quarter 2022 financial results on October 24, 2022, after market close. A conference call will follow at 3:00 p.m. PT (6:00 p.m. ET) for analysts and investors, lasting approximately one hour. Participants can dial in at (866) 652-5200 using the conference code 10171990. The call will also be accessible via a live webcast at cathaygeneralbancorp.com, with a replay available within 24 hours.
Cathay General Bancorp (NASDAQ: CATY) announced a cash dividend of 34 cents per common share. This dividend will be payable on September 9, 2022, to stockholders recorded by the close of business on August 30, 2022. Founded in 1962, Cathay General Bancorp is the holding company for Cathay Bank, which provides a variety of financial services and operates numerous branches across the U.S. and beyond.
Cathay General Bancorp (CATY) reported a strong second quarter 2022, with net income of $89.0 million ($1.18 per share), up 15.3% from $77.2 million in Q2 2021. Total loans reached $17.8 billion, marking a 9.5% annualized increase, driven by significant growth in residential mortgages. Net interest income increased 18.4% to $175.1 million. The efficiency ratio improved to 39.1%. However, non-accrual loans decreased to $60.7 million, reflecting asset quality. The company maintains a healthy capital position with a Tier 1 risk-based capital ratio of 12.18%.
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