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Cathay General Bancorp Announces Second Quarter 2020 Results
LOS ANGELES, July 27, 2020 /PRNewswire/ -- Cathay General Bancorp (the "Company", "we", "us", or "our" NASDAQ: CATY), the holding company for Cathay Bank,
About this update from Cathay General Bancorp
[{"type":"text","content":"LOS ANGELES, July 27, 2020 /PRNewswire/ -- 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 June 30, 2020. The Company reported net income of $54.3 million, or $0.68 per share, for the second quarter of 2020.\n\n \n \n \n \n \n \n\n \nFINANCIAL PERFORMANCE\nThree months ended\n(unaudited)\nJune 30, 2020\nMarch 31, 2020\nJune 30, 2019\nNet income\n$54.3 million\n$46.9 million\n$72.2 million\nBasic earnings per common share\n$0.68\n$0.59\n$0.90\nDiluted earnings per common share\n$0.68\n$0.59\n$0.90\nReturn on average assets\n1.15%\n1.05%\n1.69%\nReturn on average total stockholders' equity\n9.31%\n8.12%\n13.27%\nEfficiency ratio\n44.82%\n44.60%\n44.53%\nSECOND QUARTER HIGHLIGHTS\nTotal deposits increased for the quarter by $1.2 billion, or 7.9%, to $16.3 billion. \"For the second quarter of 2020, our total deposits increased $1.2 billion, or 31.6% annualized, to $16.3 billion, with the majority of the increase in core deposits. This strong growth in deposits reflects Cathay's commitment to serve the financial needs of our customers during this challenging time,\" commented Pin Tai, Chief Executive Officer of the Company.\nSECOND QUARTER INCOME STATEMENT REVIEW\nNet income for the quarter ended June 30, 2020, was $54.3 million, a decrease of $17.9 million, or 24.8%, compared to net income of $72.2 million for the same quarter a year ago. Diluted earnings per share for the quarter ended June 30, 2020, was $0.68 per share compared to $0.90 per share for the same quarter a year ago.\nReturn on average stockholders' equity was 9.31% and return on average assets was 1.15% for the quarter ended June 30, 2020, compared to a return on average stockholders' equity of 13.27% and a return on average assets of 1.69% for the same quarter a year ago.\nNet interest income before provision for credit losses\nNet interest income before provision for credit losses decreased $8.9 million, or 6.2%, to $134.5 million during the second quarter of 2020, compared to $143.4 million during the same quarter a year ago. The decrease was due primarily to a decrease in interest income from loans and securities.\nThe net interest margin was 3.02% for the second quarter of 2020 compared to 3.58% for the second quarter of 20...