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 ...

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Cathay General (CATY) due to lower revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $0.98 per share, reflecting a -13.3% change year-over-year, with revenues projected at $182.7 million, down 5.6% from the previous year [3]. - The consensus EPS estimate has been revised 3.65% lower in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP reading indicates a likely earnings beat, particularly when combined with a strong Zacks Rank [8][10]. - For Cathay, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +1.20%, suggesting a potential earnings beat [10]. Historical Performance - Cathay has a history of beating consensus EPS estimates, having done so in the last four quarters, including a +1.04% surprise in the last reported quarter [11][12]. Conclusion - While Cathay appears to be a compelling candidate for an earnings beat, other factors should also be considered before making investment decisions [15].

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 | --- | --- | --- | |---------------------------------------------------------|-----------------------------------------------------------| ...

Financial Data and Key Metrics Changes - The company reported net income of $66.8 million for Q2 2024, a decrease of 6.4% compared to $71.4 million in Q1 2024 [4] - Diluted earnings per share decreased by 6.1% to $0.92 per share for Q2 2024 from $0.98 per share in the prior quarter [4] - Noninterest income for Q2 2024 increased by $6.6 million to $13.2 million compared to $6.6 million in Q1 2024 [10] - Net interest margin for Q2 2024 was 3.01%, down from 3.05% in Q1 2024, but showed signs of stabilization with June's NIM at 3.06% [25] Business Line Data and Key Metrics Changes - Total gross loans decreased by $72 million or 1.5% annualized, driven by declines in commercial loans, residential mortgages, and construction loans, while commercial real estate loans increased by $64 million or 2.6% annualized [21] - Classified loans increased to $324 million from $244 million in Q1, while special mention loans decreased to $201 million from $249 million in Q1 [7] - Net charge-offs for Q2 2024 were $8 million, compared to $1.1 million in Q1 [23] Market Data and Key Metrics Changes - Total deposits decreased by $73 million or 1.5% annualized during Q2 2024, with a notable decrease in NOW deposits [7] - Total uninsured deposits were $8.2 billion, net of $0.8 billion in collateralized deposits, representing 41.5% of total deposits [24] Company Strategy and Development Direction - The company has revised its overall loan growth guidance for 2024 to a range between 0% and 2% due to slower-than-expected loan growth in the first half of the year [21] - The company plans to repurchase approximately $35 million in stock per quarter in Q3 and Q4 under its stock buyback program [21] - The company is focusing on increasing its commercial real estate loan portfolio while managing risks associated with classified loans [33] Management's Comments on Operating Environment and Future Outlook - Management noted that expenses are expected to moderate in the second half of 2024 after experiencing one-time expenses in Q2 [15] - The effective tax rate for Q2 2024 was 7.9%, with expectations of an effective tax rate between 10.5% and 11.5% for the second half of 2024 [27] - Management expressed confidence in the stability of the economy and the company's ability to manage risks associated with nonaccrual loans [50] Other Important Information - The company recorded a provision for credit loss of $6.6 million in Q2 2024, up from $1.9 million in Q1 [7] - The company has an unused borrowing capacity from the Federal Home Loan Bank of $7.1 billion and the Federal Reserve Bank of $174 million as of June 30, 2024 [24] Q&A Session Summary Question: What is the spot rate on deposits at the end of June? - The total interest-bearing spot rate was 3.92% [28] Question: Can you quantify unusual expenses around consulting, marketing, and charitable contributions? - It was about $10 million a quarter for low-income housing [30] Question: Can you provide insights on the increase in classified loans this quarter? - The increase was primarily due to downgrades from the EM class, mostly related to real estate, with no significant risk anticipated [33] Question: What is the company's current interest in M&A? - The company is open to M&A opportunities but currently has no viable candidates in its niche space [34] Question: How does the company expect loan growth to improve in the second half of the year? - Most expected growth will come from commercial real estate, while residential mortgage applications are down significantly [46]

The reported revenue compares to the Zacks Consensus Estimate of $179.5 million, representing a surprise of -0.54%. The company delivered an EPS surprise of +1.04%, with the consensus EPS estimate being $0.96. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. View all Key Company Metrics for Cathay here>>> For the quarter ended June 20 ...

Over the last four quarters, the company has surpassed consensus EPS estimates four times. Heritage Commerce's revenues are expected to be $43.35 million, down 10.4% from the year-ago quarter. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - West is currently in the bottom 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked indust ...

Financial Performance - Net income for the second quarter of 2024 was $66.8 million, or $0.92 per share, down from $71.4 million, or $0.98 per share in the first quarter of 2024[10]. - Net income for the second quarter of 2024 was $66.8 million, a decrease of 6.4% from $71.4 million in the first quarter of 2024[36]. - Diluted earnings per share decreased to $0.92 for the second quarter of 2024 compared to $0.98 for the first quarter of 2024[36]. - Basic net income per common share for the three months ended June 30, 2024, was $0.92, down from $0.98 in the previous quarter and $1.29 in the same quarter last year[65]. - Tangible net income for the three months ended June 30, 2024, was $67,019,000, down from $71,667,000 in the previous quarter and $93,621,000 in the same quarter last year[66]. Income and Expenses - Non-interest income rose to $13.2 million, a 100.0% increase compared to $6.6 million in the first quarter of 2024, driven by a decrease in unrealized losses on equity securities[16]. - Non-interest expense increased by $6.1 million, or 6.5%, to $99.3 million in the second quarter of 2024 compared to $93.2 million in the first quarter of 2024[41]. - Total non-interest expense increased to $99,352,000 for the three months ended June 30, 2024, from $93,239,000 in the previous quarter and $92,821,000 in the same quarter last year[65]. Loans and Credit Losses - Gross loans decreased by $71.9 million, or 0.4%, to $19.36 billion as of June 30, 2024, primarily due to a $59.6 million decrease in residential mortgage loans[7]. - The provision for credit losses increased to $6.6 million in the second quarter of 2024, compared to $1.9 million in the first quarter[14]. - Provision for credit losses increased to $6,600,000 for the three months ended June 30, 2024, compared to $1,900,000 in the previous quarter and $9,155,000 in the same quarter last year[65]. Capital and Ratios - The Company's Tier 1 risk-based capital ratio improved to 13.26% as of June 30, 2024, from 13.08% as of March 31, 2024, indicating strong capital position[21]. - The Tier 1 risk-based capital ratio improved to 13.26% as of June 30, 2024, compared to 13.08% as of March 31, 2024[50]. - Total stockholders' equity reached $2,793,242 thousand, up from $2,602,671 thousand in the previous year, indicating a strong capital position[1]. Asset Management - Total assets decreased to $23,235,245 thousand as of June 30, 2024, from $23,404,803 thousand as of March 31, 2024[28]. - Total deposits as of June 30, 2024, were $19.77 billion, a slight decrease from $19.85 billion as of March 31, 2024[19]. - Total deposits decreased to $19,773,017 thousand as of June 30, 2024, from $19,846,259 thousand as of March 31, 2024[28]. - Total interest-earning assets increased to $22,187,849 thousand with an average yield of 6.03% as of June 30, 2024, compared to $21,028,593 thousand and 5.61% in the previous year[1]. Efficiency and Performance Ratios - The efficiency ratio for the second quarter of 2024 was 55.65%, compared to 53.22% in the first quarter of 2024, indicating a decline in operational efficiency[10]. - Return on average assets decreased to 1.15% for the second quarter of 2024 from 1.23% in the previous quarter[27]. - Return on average total stockholders' equity decreased to 9.63% for the second quarter of 2024 compared to 10.40% in the first quarter of 2024[27]. - Non-performing assets to total assets ratio was 0.56% as of June 30, 2024, an increase from 0.53% as of March 31, 2024, with total non-performing assets rising to $129.0 million[1]. Shareholder Returns - Cash dividends paid per common share remained stable at $0.34 for both the second quarter of 2024 and the first quarter of 2024[51]. - Cash dividends paid per common share remained stable at $0.34 for the three months ended June 30, 2024, consistent with the previous quarter and the same quarter last year[65]. Stock Repurchase - The company announced a new stock repurchase program to buy back up to $125.0 million of its common stock[35].