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Cathay General Bancorp (CATY-0.77%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total assets of $23.27 billion, an increase from $23.08 billion as of December 31, 2023. Total deposits rose to $19.94 billion, compared to $19.33 billion at the end of the previous year.
Net income for the quarter was $67.5 million, down from $82.4 million in the same quarter the previous year. Diluted earnings per share decreased to $0.94 from $1.13.
The company's net interest income before provision for credit losses was $169.2 million, a decrease from $185.6 million in the same period last year. The net interest margin was 3.04%, compared to 3.38% in the previous year.
The allowance for credit losses increased to $173.2 million, representing 0.89% of gross loans, up from $163.6 million at the end of 2023.
Non-performing assets rose to $188.0 million, up from $93.3 million at the end of 2023, with the ratio of non-performing assets to total assets increasing to 0.81%.
The filing details that securities available-for-sale were $1.51 billion, a decrease from $1.60 billion as of December 31, 2023.
The company's capital ratios remained strong, with a common equity tier 1 capital ratio of 13.32% and a total capital ratio of 14.87% as of September 30, 2024.
Net interest income for the nine months ended September 30, 2024, was $503.0 million, down from $559.6 million in the same period the previous year.
The filing notes that the company declared a cash dividend of $0.34 per share, consistent with previous quarters.
The report indicates that Cathay General Bancorp's liquidity position remains robust, with a monthly liquidity ratio of 14.6% as of September 30, 2024.
The filing also discusses the company's stock repurchase program, under which 832,460 shares were repurchased during the third quarter of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cathay General Bancorp quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.