Cathay General Q1 net income $71.4M, EPS $0.98, down 26% YoY; deposits rise 10.8% annualized

CATHAY GENERAL BANCORP

2024-Q1 EPS reported $0.98 revenue$11,926,000

Net income $71.4M vs $82.5M in Q4'23 and $96.0M in Q1'23; diluted EPS $0.98, down from $1.13/$1.32.
Deposits grew $520.8M (10.8% annualized) to $19.85B; net interest margin fell to 3.05% from 3.27%.
Non-accrual loans jumped 47% to $98.1M; allowance for loan losses at 0.80% of gross loans.
Non-interest income fell $16.5M largely due to $9.0M mark-to-market loss on equity securities.
Tier 1 risk-based capital ratio improved to 13.08%; bank remains well capitalized.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CATHAY GENERAL BANCORP reported the quarter ended March 31, 2024 results: net income $71.4 million, EPS $0.98 per share.

Period: the quarter ended March 31, 2024
Net income: $71.4 million
EPS: $0.98 per share
Result: reported results

Exact text from the filing

On April 22, 2024, Cathay General Bancorp (the “Company”) announced, in a press release, its financial results for the quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001437749-24-012744

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