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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 a net income of $75.0 million for Q1 2022, reflecting a 2.2% increase from Q1 2021. The diluted earnings per share rose to $0.99, up from $0.92 year-over-year. Total loans increased by $1.1 billion to $17.4 billion, largely due to the acquisition of HSBC’s West Coast consumer banking business. Non-interest income soared by 102% to $20.2 million. However, the return on average assets decreased to 1.46%.
Cathay General Bancorp (NASDAQ: CATY) has been recognized as the ninth best public bank in the U.S. for financial performance by S&P Global Market Intelligence for 2021. The ranking evaluates public banks with over $10 billion in assets based on growth, profitability, and safety. This recognition coincides with the 60th anniversary of Cathay Bank, which operates over 60 branches across the U.S. and has a significant presence in Asia. The ranking reflects the company’s commitment to excellence and the hard work of its team.
Cathay General Bancorp (CATY) is set to release its first quarter 2022 financial results on April 25, 2022, after market close. A conference call will take place at 3:00 p.m. Pacific Time to discuss these results, including a question-and-answer session for analysts and investors. The dial-in number for the call is (855) 761-3186, with Conference ID 5080167. Participants are encouraged to join 5-10 minutes early. A webcast will also be available on their website, and a recorded version will be accessible for replay within 24 hours following the call.
Cathay Bank has enhanced its online offerings by incorporating Autobooks for payment and invoicing services. This integration allows small business clients to manage cash flow effectively, create and send invoices easily, and receive online payments directly into their accounts. The service comes at a competitive fee and aims to expedite payment processes for business clients. Established in 1962, Cathay Bank has expanded its presence across the U.S. and internationally, celebrating a strong commitment to its customer base for over 60 years.
The 2022 Cathay Bank | UCLA Anderson Forecast U.S.-China Annual Economic Report highlights the performance and future outlook of the U.S. and Chinese economies. The report notes the impact of the U.S.-China Phase I trade agreement and the ongoing global supply chain disruptions. Forecast director Jerry Nickelsburg and economist William Yu emphasize that despite previous disruptions, global supply chains continue to expand. The report is available in English and Chinese on Cathay Bank's and UCLA Anderson's websites, with updates planned throughout the year.
Cathay General Bancorp (CATY) declared a cash dividend of 34 cents per common share, payable on March 7, 2022, to stockholders of record on February 25, 2022. This announcement reflects the company's commitment to returning value to its shareholders. Cathay Bank operates multiple branches across California, New York, Washington, and other states, serving a diverse clientele since its founding in 1962.
Cathay General Bancorp (NASDAQ: CATY) announced the acquisition of HSBC Bank USA's West Coast retail market consumer banking and retail business banking operations. This strategic move adds 10 retail branches in California, enhancing Cathay Bank's network and client base. CEO Chang M. Liu emphasized that the acquisition will broaden the suite of products and services available to clients.
Cathay General Bancorp (NASDAQ: CATY) announced strong financial results for Q4 and the year ended December 31, 2021. Net income for Q4 reached $75.3 million, or $0.98 per share, marking a 6.3% increase year-over-year. For the full year, net income totaled $298.3 million, with an EPS of $3.80, a 30.3% rise from 2020. Total loans increased by $444.6 million (11.4% annualized) in Q4, and total deposits surged by $1.1 billion (24.7% annualized). The Company continues to maintain a strong capital position, with a Tier 1 risk-based capital ratio of 12.80%.
Cathay General Bancorp (NASDAQ: CATY) will announce its Q4 2021 and full-year financial results on January 27, 2022, post-market close. A conference call is scheduled for 3:00 PM PT where analysts and investors can ask questions. Participants are encouraged to join a few minutes early. Additionally, the call will be available via a live webcast and a recorded version for replay will be accessible for one year after the event.
Cathay General Bancorp (CATY) has declared a cash dividend of $0.34 per share, payable on December 9, 2021. This dividend will be distributed to stockholders recorded by the close of business on November 29, 2021. The announcement underscores the company's commitment to returning value to its shareholders while maintaining a solid operational foundation.
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