secwatch.observer — SEC 8-K summary
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Issuer:     CATHAY GENERAL BANCORP (CATY)
CIK:        0000861842
Form:       8-K
Filed at:   2024-04-22T23:59:59+00:00
Accession:  0001437749-24-012744
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861842/000143774924012744/0001437749-24-012744-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861842/000143774924012744/caty20240419_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-012744

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