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 (Nasdaq: CATY) will announce its fourth quarter and full year 2020 financial results on January 27, 2021, after market close. A conference call is scheduled for the same day at 3:00 PM PT where analysts and investors can participate in a Q&A session. The call will last for about 1 hour and can be accessed via dial-in or webcast. A recorded version will be available for replay within 24 hours post-call until January 27, 2022.
Cathay General Bancorp (NASDAQ: CATY) has declared a cash dividend of $0.31 per common share. This dividend is payable on December 11, 2020, to shareholders who are on record by the close of business on December 1, 2020. As a holding company for Cathay Bank, founded in 1962, it operates 38 branches in California and additional locations in several states and overseas. This announcement reaffirms the company's commitment to returning value to its shareholders.
Cathay General Bancorp (NASDAQ: CATY) reported a net income of $56.8 million or $0.71 per share for Q3 2020, down 22% from $72.8 million a year ago. The return on equity dropped to 9.53%
and return on assets to 1.18%. Despite an increase in net interest income to $137.5 million, the net interest margin remained stable at 3.02%. The provision for loan losses decreased to $12.5 million, reflecting ongoing impacts from COVID-19. Total deposits rose to $16.0 billion, marking an 8.8% increase year-to-date.
Cathay General Bancorp (NASDAQ: CATY) will announce its third quarter 2020 financial results after market close on October 26, 2020. A conference call will occur on the same day at 3:00 PM PT for analysts and investors, lasting one hour. Participants can access the call via a dial-in number or listen live on the company's website. A recorded version will be available within 24 hours after the call. Cathay General Bancorp is the holding company for Cathay Bank, which operates multiple branches across various states and locations.
The Cathay Bank and UCLA Anderson Forecast released their September 2020 U.S.-China Economic Report, focusing on tourism and real estate impacted by Chinese involvement. The report indicates a generally positive economic outlook despite ongoing risks stemming from geopolitical tensions and the pandemic. This collaboration highlights the ongoing economic relationship between the U.S. and China, with particular emphasis on trade patterns that suggest stability. Two virtual seminars were conducted to analyze these trends and provide insights to stakeholders.
Cathay General Bancorp (CATY) announced a cash dividend of $0.31 per share, payable on September 11, 2020. Shareholders on record as of the close of business on September 1, 2020 will receive this dividend. This decision reflects the company’s confidence in its financial performance despite the uncertainties in the broader economy.
Cathay General Bancorp (CATY) reported its Q2 2020 financial results with a net income of $54.3 million, or $0.68 per share, representing a 24.8% decline compared to $72.2 million in Q2 2019. Total deposits rose by $1.2 billion (7.9%) to $16.3 billion, primarily in core deposits. However, net interest income fell by 6.2% to $134.5 million, influenced by lower loan and securities income. The company recognized a $25 million provision for credit losses due to COVID-19 impacts. As of June 30, 2020, the Tier 1 capital ratio remained strong at 12.88%.
Cathay General Bancorp (CATY) announced the retirement of CEO Pin Tai, effective September 30, 2020, as part of its succession plan. Chang M. Liu, currently President and COO, will take over as CEO on October 1, 2020. Under Tai's leadership since 1999, the bank's assets grew from $1.8 billion to over $19 billion, expanding its branch network significantly. Liu intends to build on Tai's legacy, focusing on future growth and innovation. Pin Tai will remain as an executive advisor until September 2021 to ensure a smooth transition.
Cathay General Bancorp (Nasdaq: CATY) will announce its second quarter 2020 financial results on July 27, 2020, after market close. A conference call will be held that day at 3:00 PM PT for analysts and investors, featuring a question-and-answer session. The call is expected to last one hour and can be accessed via dial-in at (855) 761-3186 or through a webcast available on their official website. A recorded version will be available within 24 hours after the call until July 27, 2021.
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?
