Financial Data and Key Metrics Changes - The company reported net income of $67.5 million for Q3 2024, a 1% increase from $66.8 million in Q2 2024 [5][13] - Diluted earnings per share increased by 2.2% to $0.94 per share in Q3 2024 compared to $0.92 per share in Q2 2024 [5] - Net interest margin for Q3 2024 was 3.04%, up from 3.01% in Q2 2024, indicating a potential bottoming out and beginning of an increase in net interest margin [13][14] Business Line Data and Key Metrics Changes - Total gross loans increased by $16 million or 0.3% annualized, driven by a $89 million increase in commercial real estate (CRE) loans and a $16 million increase in commercial and industrial (C&I) loans [6] - Residential mortgages and home equity lines of credit (HELOC) decreased by $40 million, and construction loans decreased by $50 million or 47% annualized [6] - Non-interest income for Q3 2024 increased by $7.2 million to $20.4 million compared to $13.2 million in Q2 2024, primarily due to a $5.7 million increase in mark-to-market gains on equity securities [14] Market Data and Key Metrics Changes - Total deposits increased by $171 million or 3.5% annualized during Q3 2024, with core deposits increasing by $195 million or 7.8% annualized [10] - Total uninsured deposits were $8.4 billion, representing 42.1% of total deposits as of September 30, 2024 [11] Company Strategy and Development Direction - The company anticipates continuing to repurchase around $35 million in stock per quarter in Q4 2024 and Q1 2025, depending on market conditions [6] - The company expects loan growth for 2024 to be between -1% and 0% based on current loan trends [6] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in the provision for credit loss to $14.5 million in Q3 2024, up from $6.6 million in Q2, indicating a cautious approach to potential credit risks [10] - The effective tax rate for Q3 2024 was 13.6%, with expectations for a full-year effective tax rate between 10.5% and 11.5% [14][15] Other Important Information - The company recorded net charge-offs of $4.2 million in Q3 2024, down from $8 million in Q2 2024 [8] - Classified loans increased to $382 million from $324 million in Q2 2024, primarily due to the placement of a $38 million loan relationship to non-accrual [9][12] Q&A Session Summary Question: About the increase in the loan loss reserve - Management indicated that the $10 million increase in loan loss reserves was a general reserve addition and not specifically related to the $38 million loan relationship that went on non-accrual [17] Question: Inquiry on the maturity schedule of fixed loans - Management did not have the specific maturity schedule available but noted that most hybrid loans are residential mortgages [18] Question: On CD repricing and maturing CDs - Management stated that approximately $3.49 billion in CDs would mature in Q4 2024, with an average yield of about 4.82% [19][20] Question: Guidance on core expenses for Q4 - Management suggested that core expenses would be close to Q3 levels, with some savings expected from a project aimed at improving the deposit opening process [21] Question: Amortization for low-income housing - Management confirmed that $10 million is still a good run rate for the fourth quarter [22] Question: Buyback authorization for 2025 - Management indicated that the Board would consider increasing the buyback authorization from $125 million to potentially $150 million, depending on future conditions [23] Question: Spot rates on loans and deposits - Management provided spot rates for various loan categories, with residential mortgages at about 7% and commercial real estate around the mid-6% range [24][25] Question: Migration of non-performers during the quarter - Management noted that the increase in non-performers was primarily due to the $38.1 million relationship and a $12.7 million real estate loan in Hong Kong [26]

Cathay General (CATY) reported $189.52 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 2.1%. EPS of $0.97 for the same period compares to $1.13 a year ago.The reported revenue represents a surprise of +3.73% over the Zacks Consensus Estimate of $182.7 million. With the consensus EPS estimate being $0.98, the EPS surprise was -1.02%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Cathay General (CATY) came out with quarterly earnings of $0.97 per share, missing the Zacks Consensus Estimate of $0.98 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -1.02%. A quarter ago, it was expected that this holding company for Cathay Bank would post earnings of $0.96 per share when it actually produced earnings of $0.97, delivering a surprise of 1.04%. Over the last fou ...

Exhibit 99.1 FOR IMMEDIATE RELEASE For: Cathay General Bancorp Contact: Heng W. Chen 777 N. Broadway (626) 279-3652 Los Angeles, CA 90012 Cathay General Bancorp Announces Third Quarter 2024 Results Los Angeles, Calif., October 21, 2024: Cathay General Bancorp (the "Company", "we", "us", or "our") (Nasdaq: CATY), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter ended September 30, 2024. The Company reported net income of $67.5 million, or $0.94 per diluted ...

Investors are always looking for stocks that are poised to beat at earnings season and Cathay General Bancorp (CATY) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report. That is because Cathay is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-todate information possible — is a pretty good ...

In its upcoming report, Cathay General (CATY) is predicted by Wall Street analysts to post quarterly earnings of $0.98 per share, reflecting a decline of 13.3% compared to the same period last year. Revenues are forecasted to be $182.7 million, representing a year-over-year decrease of 5.6%. The consensus EPS estimate for the quarter has undergone a downward revision of 3.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their in ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Cathay General (CATY) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Cathay General (CATY) , which belongs to the Zacks Banks - West industry, could be a great candidate to consider. This holding company for Cathay Bank has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 4.44%. For the most recent quarter, Cathay wa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedJune 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto | --- | --- | --- | |---------------------------------------------------------|-----------------------------------------------------------| ...

Cathay General Bancorp (NASDAQ:CATY) Q2 2024 Results Conference Call July 23, 2024 6:00 PM ET Company Participants Georgia Lo - Investor Relations Chang Liu - President and Chief Executive Officer Heng Chen - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Matthew Clark - Piper Sandler Andrew Terrell - Stephens Gary Tenner - D.A. Davidson Andrew Leischner - KBW Operator Good afternoon, ladies and gentlemen, and welcome to the Cathay General Bancorp Second Quarter ...