secwatch.observer — SEC 8-K summary
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Issuer:     CATHAY GENERAL BANCORP (CATY)
CIK:        0000861842
Form:       8-K
Filed at:   2024-07-22T23:59:59+00:00
Accession:  0001437749-24-023190
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/861842/000143774924023190/0001437749-24-023190-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/861842/000143774924023190/caty20240720_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-023190

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