Cathay General Bancorp. (CATY) has announced a new share repurchase program. Under the plan, the board of directors authorized the buyback of $125 million worth of shares. There is no set expiration for the program. Previously, CATY had announced a share repurchase program in May 2022, authorizing the buyback of up to $125 million worth of shares. The company completed this program in February 2023, with the repurchase of 2.9 million shares at an average cost of $43.14. As of May 28, 2024, the company had r ...

FORM 10-Q For the transition period fromto Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Common stock, $0.01 par value, 72,813,413 shares outstanding as of April 30, 2024. | --- | --- | |-----------|------------------------------------------------------------------ ...

Cathay General Bancorp (NASDAQ:CATY) Q1 2024 Earnings Conference Call April 22, 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 Brandon King - Truist Securities Gary Tenner - D.A. Davidson Andrew Terrell - Stephens Christopher Mcgratty - KBW Operator Good afternoon, ladies and gentlemen, and welcome to th ...

Cathay General (CATY) reported $175.18 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 15.2%. EPS of $1.10 for the same period compares to $1.32 a year ago.The reported revenue represents a surprise of -7.24% over the Zacks Consensus Estimate of $188.85 million. With the consensus EPS estimate being $1.02, the EPS surprise was +7.84%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall S ...

Cathay General (CATY) came out with quarterly earnings of $1.10 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $1.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.84%. A quarter ago, it was expected that this holding company for Cathay Bank would post earnings of $1.10 per share when it actually produced earnings of $1.25, delivering a surprise of 13.64%.Over the last four ...

ASSET QUALITY REVIEW FOR IMMEDIATE RELEASE Los Angeles, Calif., April 22, 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 March 31, 2024. The Company reported net income of $71.4 million, or $0.98 per share, for the first quarter of 2024. The first quarter net income included a $9.0 million or $0.09 per diluted share mark-to market loss from equity securities held by ...

In its upcoming report, Cathay General (CATY) is predicted by Wall Street analysts to post quarterly earnings of $1.02 per share, reflecting a decline of 22.7% compared to the same period last year. Revenues are forecasted to be $188.85 million, representing a year-over-year decrease of 8.6%.The consensus EPS estimate for the quarter has been revised 2% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates du ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Cathay General (CATY) reports results for the quarter ended March 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 earnings report, which is expected to be released on April 22, 2024, might help the stock move higher if these key numbers are better than expe ...

Taxation and Regulatory Environment - The Tax Cuts and Jobs Act of 2017 reduced the corporate tax rate from a maximum of 35% to 21%, which is expected to lower future tax expenses[12]. - Taxpayers with consolidated assets over $50 billion are prohibited from deducting FDIC insurance premiums, impacting financial performance[13]. - The Tax Reform Act limits deductions for employee compensation exceeding $1 million per year, affecting the company's ability to deduct certain high compensation[14]. - The company may incur additional compliance costs due to heightened regulatory concerns related to various consumer protection laws[29]. - Future legislative changes may alter the regulatory landscape, increasing supervision and compliance costs for the company[17]. - The company is subject to the Sarbanes-Oxley Act, requiring management to assess the effectiveness of internal controls over financial reporting as of December 31, 2023[39]. - The company is regulated as a bank holding company by the Federal Reserve and as a commercial bank by the California Department of Financial Protection and Innovation[71]. Financial Performance and Risk - The allowance for credit losses is an estimate, and actual credit losses exceeding this estimate could adversely affect financial results[20]. - The company is subject to interest rate risk, which could reduce net interest income and negatively impact business operations[21]. - The bank's performance is influenced by monetary policies, which affect interest rates on loans and deposits[38]. - The Bank utilizes a net interest income simulation model to assess interest rate risk, projecting future earnings under various interest rate scenarios[896]. - Interest-sensitive assets include loans totaling $19.55 billion with an average interest rate of 6.00%, while interest-sensitive liabilities total $6.46 billion with an average interest rate of 2.21%[899]. - The Bank's time deposits amount to $9.33 billion with an average interest rate of 3.75%[899]. - The Bank's advances from the Federal Home Loan Bank total $540 million at an average interest rate of 5.64%[899]. - The Bank's strategy includes monitoring and managing interest rate risk to minimize adverse effects on earnings and cash flows[895]. Operational and Market Risks - The company faces operational risks due to ineffective risk management processes, which could lead to significant losses[24]. - Environmental liabilities may arise from properties the company forecloses on, potentially leading to substantial investigation and remediation costs[35]. - The bank's loan portfolio is primarily secured by real estate, indicating potential vulnerability to downturns in the real estate market[40]. Company Structure and Operations - As of December 31, 2023, the company reported total consolidated assets of $23.08 billion, net loans of $19.38 billion, deposits of $19.33 billion, and shareholders' equity of $2.74 billion[55]. - The company operates 24 branches in Southern California, 19 in Northern California, and additional branches in New York, Washington, Illinois, Texas, Maryland, Massachusetts, Nevada, New Jersey, and Hong Kong[76]. - The bank offers a range of financial products including commercial real estate loans, SBA loans, and residential mortgage loans, targeting individuals and small to medium-sized businesses[77]. - The company has a centralized document department that supervises the loan application process, ensuring thorough documentation and review[81]. - The bank's securities portfolio is managed according to a written investment policy reviewed annually by the Board of Directors[79]. - The Bank holds a preferred lender status for SBA loans, allowing it to expedite the loan processing time under the 7(a) program, which is used for various business financing needs[84]. - The Bank originates single-family residential mortgage loans, including conforming, non-conforming, and jumbo loans, and retains all originated loans in its portfolio, thus avoiding risk retention requirements under the Dodd-Frank Act[85]. - The Bank offers variable-rate home equity lines of credit, generally tied to the prime rate, for purposes such as home improvement and debt consolidation[86]. Workforce and Demographics - As of December 31, 2023, the Bank employed approximately 1,246 full-time equivalent employees, with 740 being banking officers[96]. - The employee demographic includes 80% of Asian descent, 13% from non-Asian underrepresented groups, and 7% Caucasian, with 57% of management positions held by women[97].

Cathay General Bancorp (NASDAQ:CATY) Q4 2023 Earnings Conference Call January 25, 2024 6:00 PM ET Company Participants Chang Liu - President and Chief Executive Officer Heng Chen - Executive Vice President, Chief Financial Officer and Treasurer Georgia Lo - Investor Relations Conference Call Participants Gary Tenner - D.A. Davidson Brandon King - Truist Securities Andrew Terrell - Stephens Inc. Matthew Clark - Piper Sandler Operator Good afternoon, ladies and gentlemen, and welcome to the Fourth Quarter an ...