Cathay General Bancorp(CATY) - 2024 Q4 - Annual Results

Financial Performance - For the year ended December 31, 2024, net income was $286.0 million, or $3.95 per diluted share, compared to $354.1 million for 2023[2] - Net income for the year ended December 31, 2024, was $286.0 million, a decrease of $68.1 million, or 19.2%, compared to $354.1 million for the year ended December 31, 2023[24] - Diluted earnings per share for the year ended December 31, 2024, was $3.95, down from $4.86 per share for the year ended December 31, 2023[24] - Net income for the fourth quarter of 2024 was $80.2 million, an increase of $12.7 million, or 18.8%, from $67.5 million in the third quarter of 2024[5] - Net income for the three months ended December 31, 2024, was $80,201 thousand, an increase from $67,514 thousand in the previous quarter[42] Income and Expenses - Non-interest income for the year ended December 31, 2024, was $55.7 million, down from $68.3 million for the year ended December 31, 2023[32] - Non-interest income for the fourth quarter of 2024 was $15.5 million, a decrease of $4.9 million, or 23.9%, compared to $20.4 million in the third quarter[14] - Non-interest income for the three months ended December 31, 2024, was $15,473 thousand, down from $20,365 thousand in the previous quarter, a decrease of 24.1%[36] - Non-interest expense decreased by $11.7 million, or 12.0%, to $85.2 million in the fourth quarter of 2024 compared to $96.9 million in the third quarter[15] Loans and Deposits - Total loans decreased to $19.38 billion, a decline of $172.2 million, or 0.9%, from $19.55 billion as of December 31, 2023[17] - Total deposits increased by $360.8 million, or 1.9%, to $19.69 billion as of December 31, 2024, compared to $19.33 billion in 2023[17] - Total deposits decreased to $19,686,199 thousand as of December 31, 2024, from $19,943,941 thousand at September 30, 2024, a decrease of 1.29%[34] - Time deposits decreased to $9,570,601 thousand as of December 31, 2024, from $10,245,823 thousand at September 30, 2024, a decline of 6.6%[34] Asset Quality - The allowance for loan losses was $161.8 million, representing 0.83% of period-end gross loans as of December 31, 2024[21] - Total non-accrual loans increased to $169.2 million, an increase of $102.5 million, or 153.7%, from $66.7 million as of December 31, 2023[20] - As of December 31, 2024, total non-performing assets increased by $103.0 million, or 110.4%, to $196.3 million compared to $93.3 million as of December 31, 2023[22] - The allowance for loan losses to non-performing loans ratio was 93.39% as of December 31, 2024, compared to 209.33% as of December 31, 2023[22] Capital and Ratios - The Tier 1 risk-based capital ratio was 13.55% as of December 31, 2024, up from 12.84% as of December 31, 2023, indicating a strong capital position[23] - The total stockholders' equity to total assets ratio was 12.34% as of December 31, 2024, compared to 11.86% a year earlier[42] - The tangible equity to tangible assets ratio increased to 10.88% as of December 31, 2024, from 10.38% a year prior[42] - Return on average stockholders' equity decreased to 10.18% for the year ended December 31, 2024, from 13.56% for the year ended December 31, 2023[25] Interest Margin and Yield - The net interest margin increased to 3.07% in the fourth quarter of 2024 from 3.04% in the third quarter[9] - The net interest margin for the year ended December 31, 2024, was 3.04%, compared to 3.45% for the year ended December 31, 2023[24] - Average loans for the three months ended December 31, 2024, were $19,345,616 thousand with a yield of 6.19%[38] - Total interest-earning assets for the same period were $22,170,939 thousand, yielding 5.92%[38] Other Metrics - The efficiency ratio for the year ended December 31, 2024, was 51.35%, compared to 46.97% for the year ended December 31, 2023[25] - Book value per common share increased to $40.16 as of December 31, 2024, compared to $39.66 at September 30, 2024, an increase of 1.26%[34] - Cash dividends paid per common share remained stable at $0.34 for both the current and previous quarters[37] - Total average assets as of December 31, 2024, were $23,332,869 thousand, compared to $23,304,836 thousand a year earlier[38]