Every material Form 8-K Cathay General Bancorp filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
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.
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
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.
Net income was $66.8 million, down 6.4% from the first quarter and 28.3% from the second quarter of 2023 ($93.2 million).
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.
Cathay General Bancorp (Nasdaq: CATY) reported first-quarter 2024 net income of $71.4 million, or $0.98 per diluted share, down from $82.5 million, or $1.13 per diluted share, in the fourth quarter of 2023 and $96.0 million, or $1.32 per diluted share, a year earlier. Lower net interest income, a mark-to-market loss on equity securities and rising non-performing loans weighed on results, which matters to shareholders because earnings per share fell in both comparisons.
Net income $71.4 million vs. $82.5 million in Q4 2023 and $96.0 million in Q1 2023
Diluted EPS $0.98 vs. $1.13 in Q4 2023 and $1.32 in Q1 2023, including a $9.0 million equity securities mark-to-market loss
Net interest margin fell to 3.05% from 3.27% in Q4 2023; non-accrual loans rose $31.4 million to $98.1 million
Conference call scheduled for Monday, April 22, 2024, at 3:00 p.m. Pacific Time
Cathay General Bancorp reported fourth-quarter 2023 net income of $82.5 million, or $1.13 per diluted share, roughly flat from the third quarter but down from $97.6 million in the fourth quarter of 2022. For the full year, diluted EPS rose to $4.86 from $4.83, while net income fell 1.8% to $354.1 million, so shareholders see mixed headline results.
Q4 2023 net income $82.5 million ($1.13 diluted EPS), versus $82.4 million in Q3 2023 and $97.6 million ($1.33) in Q4 2022.
Full-year 2023 net income $354.1 million, down $6.5 million from $360.6 million in 2022; diluted EPS $4.86 versus $4.83.
Q4 included an $11.3 million ($0.12 per diluted share) one-time FDIC special assessment.
Net interest margin was 3.27% in Q4 2023, down from 3.38% in Q3 2023; gross loans reached $19.55 billion and deposits $19.33 billion at year-end.
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Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Cathay General Bancorp filing is on SEC EDGAR ↗. 8-K briefs of other companies →