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

Cathay General Bancorp Q3 net income rises to $67.5 million, $0.94 per share

Mixed Impact 3 of 5 earnings Written later

Cathay General Bancorp reported third quarter 2024 net income of $67.5 million, or $0.94 per diluted share, up slightly from $66.8 million and $0.92 in the second quarter but down from $82.4 million and $1.13 a year earlier. Non-performing assets rose to $188.0 million from $129.0 million in the prior quarter, mainly due to a $38.1 million loan relationship placed on nonaccrual status, which matters to shareholders because it raised the company's provision for credit losses.

Key points

  • Net income $67.5 million and diluted EPS $0.94, compared with $66.8 million and $0.92 in Q2 2024 and $82.4 million and $1.13 in Q3 2023
  • Net interest margin 3.04%, up from 3.01% in Q2 2024; net interest income before provision $169.2 million
  • Non-accrual loans rose 51.7% to $162.8 million; provision for credit losses was $14.5 million versus $6.6 million in Q2 2024
  • Repurchased 0.8 million shares at an average cost of $42.0 per share, for a total of $35.0 million in the quarter

The filing

CompanyCathay General Bancorp (CATY)
Form8-K, current report
Filed with the SECOct 21, 2024, 4:30 PM ET
Accession number0001437749-24-031649

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 October 21, 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.