Cathay General Bancorp(CATY)2024-11-08 18:10Financial Performance - Total assets increased to 23,081,534 thousand at December 31, 2023, reflecting a growth of approximately 0.83%[8] - Total deposits rose to 19,325,447 thousand, representing an increase of approximately 3.20%[8] - Retained earnings increased to 2,500,341 thousand, reflecting a growth of approximately 5.28%[8] - The company reported a total stockholders' equity of 2,736,575 thousand, reflecting an increase of about 3.43%[8] - Net income for Q3 2024 was 82,371,000 in Q3 2023, reflecting a decrease of 18.0%[9] - Basic earnings per share for Q3 2024 was 1.14 in Q3 2023, a decline of 17.5%[9] - Total comprehensive income for Q3 2024 was 57,887,000 in Q3 2023, an increase of 62.4%[9] - Net income for the nine months ended September 30, 2024, was 271,598,000 for the same period in 2023, representing a decline of approximately 24.2%[14] Loan and Credit Quality - Loans held for investment decreased to 19,382,858 thousand, a decline of about 0.94%[8] - The allowance for loan losses increased to 154,562 thousand, indicating a rise of about 5.50%[8] - Total non-accrual loans amounted to 66,681 thousand as of December 31, 2023, showing a significant increase[54] - The provision for credit losses was 7,000,000 in Q3 2023, indicating a rise of 107.1%[9] - The provision for credit losses for the nine months ended September 30, 2024, was 24,255,000 for the same period in 2023[14] - The allowance for loan losses as of September 30, 2024, is 155,109,000 as of September 30, 2023[93] Deposits and Funding - Non-interest-bearing deposits decreased to 3,529,018 thousand, a decline of about 7.80%[8] - Total liabilities increased to 20,344,959 thousand, a growth of approximately 0.49%[8] - The company had 540.0 million at a rate of 5.64% as of December 31, 2023[110] Non-Interest Income - Total non-interest income totaled 7,837,000 in Q3 2023, showing a significant increase of 160.5%[9] - Wealth management fees increased to 5,150 thousand in September 2023, reflecting a growth of 27.0%[156] - Other service fees increased to 4,424 thousand in September 2023, marking a growth of 13.9%[156] Stockholder Actions - The company repurchased 832,460 shares at an average cost of 35.0 million[168] - The company announced a new stock repurchase program on May 28, 2024, to buy back up to $125.0 million of its common stock[168] Risk Management and Outlook - The company continues to face various risks including credit risks, regulatory changes, and market conditions that could impact future performance[5] - The company has no intention to update any forward-looking statements unless required by law, indicating a stable outlook[7] - The company expects the most significant estimate subject to change to be the allowance for loan losses, which could affect reported amounts of assets and liabilities[18] Regulatory and Accounting Changes - The company has determined that the adoption of ASU 2023-07 will not have a significant impact on its Consolidated Financial Statements[22] - The company is currently evaluating the impact of the SEC's climate-related disclosure rules, which will apply to its fiscal year beginning January 1, 2025[23]