Cathay General Bancorp Q2 net income $66.8M, EPS $0.92, down from Q1 and Q2 2023

CATHAY GENERAL BANCORP

2024-Q2 EPS reported $1.90 revenue$24,790,000

Net income $66.8M ($0.92 diluted EPS) vs $71.4M ($0.98) in Q1 and $93.2M ($1.28) in Q2 2023.
Net interest margin narrowed to 3.01% from 3.05% Q1; provision for credit losses surged to $6.6M from $1.9M.
Non-accrual loans rose to $107.3M (up 9.4% from $98.1M); allowance for loan losses 0.79% of gross loans.
Announced $125M stock buyback program; repurchased 0.7M shares at $36.41 avg in Q2.
Total loans decreased 0.4% to $19.36B; deposits down 0.4% to $19.77B.

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