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AI brief of an SEC Form 8-K · Cathay General Bancorp (CATY)

Cathay General Bancorp Q2 net income falls 6.4% to $66.8 million

Negative Impact 3 of 5 earnings Written later

Cathay General Bancorp reported second quarter 2024 net income of $66.8 million, or $0.92 per diluted share, down from $71.4 million, or $0.98 per share, in the first quarter and $93.2 million, or $1.28 per share, a year earlier. The decline was driven mainly by a higher provision for credit losses and $4.1 million of accelerated amortization on solar tax credit investments, and non-performing assets rose to $129.0 million.

Key points

  • Net interest margin narrowed to 3.01% from 3.05% in the first quarter; the provision for credit losses rose to $6.6 million from $1.9 million.
  • Non-performing assets increased 3.1% to $129.0 million as of June 30, 2024.
  • The Company announced a new stock repurchase program of up to $125.0 million on May 28, 2024, and repurchased $25.1 million of stock in the quarter.

The filing

CompanyCathay General Bancorp (CATY)
Form8-K, current report
Filed with the SECJul 22, 2024, 4:31 PM ET
Accession number0001437749-24-023190

Items reported: 2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 22, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.