Cathay General Q3 net income $72.4M, EPS $0.93 up 31% YoY; loans ex-PPP grow 9.1% annualized

CATHAY GENERAL BANCORP

2021-Q3 EPS reported $2.82 revenue$28,569,000

Net income $72.4M ($0.93 diluted EPS) vs $56.8M ($0.71) in Q3 2020, up 27.5% and 31% YoY.
Net interest margin widened to 3.22% from 3.02% YoY; net interest income $152.5M, up 10.9%.
Total loans ex-PPP grew 9.1% annualized; total deposits ex-time deposits up $686.3M (25.9% annualized).
Board authorized $125M share repurchase program; 942,613 shares repurchased at avg $39.40 during Q3.
Efficiency ratio improved to 43.85% from 51.53% YoY, driven by lower non-interest expense.

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