Welcome to our dedicated page for Cathay General Bancorp news (Ticker: CATY), a resource for investors and traders seeking the latest updates and insights on Cathay General Bancorp stock.
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 $72.4 million or $0.93 per share for Q3 2021, a 27.5% increase from $56.8 million in Q3 2020. Total deposits rose to $17.0 billion, an increase of 5.6% since December 2020. Loans, excluding PPP, grew by 9.1% annualized. The net interest margin improved to 3.22%, while the efficiency ratio was 43.85%. However, there was a $3.1 million provision for credit losses, indicating caution amidst ongoing market uncertainties.
Cathay General Bancorp (Nasdaq: CATY) will release its third quarter 2021 financial results after market close on October 25, 2021. A conference call will follow on the same day at 3:00 p.m. PT, allowing analysts and investors to participate in a Q&A session. The live webcast can be accessed through their official website, with a recorded version available for replay within 24 hours post-call until October 25, 2022.
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.
FAQ
What is the current stock price of Cathay General Bancorp (CATY)?
What is the market cap of Cathay General Bancorp (CATY)?
What services does Cathay General Bancorp offer?
When was Cathay Bank established?
Where is Cathay General Bancorp headquartered?
What is the motto of Cathay Bank?
Does Cathay Bank have an international presence?
What investment services does Cathay Bank offer?
Is Cathay General Bancorp publicly traded?
Who are the primary customers of Cathay Bank?
What regions does Cathay Bank serve?
What makes Cathay General Bancorp unique?
