Cathay General Bancorp Announces Second Quarter 2023 Results

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[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nCathay 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, 2023. The Company reported net income of $93.2 million, or $1.28 per share, for the second quarter of 2023.\n\n\n\n\nFINANCIAL PERFORMANCE\n\n\n\n\n\n\n\n\n\n\nThree months ended\n\n\n\n\n\n\n\n(unaudited)\n\nJune 30, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nMarch 31, 2023\n\n\n\n\n\n\n \n\n\n\n\n\n\nJune 30, 2022\n\n\n\n\n\n\n\nNet income\n$ 93.2 million\n\n$ 96.0 million\n\n$89.0 million\n\n\nBasic earnings per common share\n\n$1.29\n\n\n\n\n\n\n\n$1.32\n\n\n\n\n\n\n\n$1.19\n\n\n\n\n\n\n\nDiluted earnings per common share\n\n$1.28\n\n\n\n\n\n\n\n$1.32\n\n\n\n\n\n\n\n$1.18\n\n\n\n\n\n\n\nReturn on average assets\n\n1.67%\n\n\n\n\n\n\n\n1.76%\n\n\n\n\n\n\n\n1.69%\n\n\n\n\n\n\n\nReturn on average total stockholders' equity\n\n14.47%\n\n\n\n\n\n\n\n15.39%\n\n\n\n\n\n\n\n14.62%\n\n\n\n\n\n\n\nEfficiency ratio\n\n45.36%\n\n\n\n\n\n\n\n40.25%\n\n\n\n\n\n\n\n39.06%\n\n\n\n\n\n\n\nSECOND QUARTER HIGHLIGHTS\n\n\n\nTotal gross loans increased by $635.5 million, or 13.9% annualized, to $19.0 billion in the second quarter of 2023.\n\n\n\nThe net interest margin decreased to 3.44% in the second quarter of 2023 from 3.74% in the first quarter of 2023.\n\n\n\nDiluted earnings per share decreased to $1.28 for the second quarter of 2023 compared to $1.32 for the first quarter of 2023.\n\n\n\n“For the second quarter of 2023, our total loans increased by $635.5 million or 13.9% annualized to $19.0 billion. We are pleased by the $448.1 million increase or 9.7% in total deposits for the quarter,” commented Chang M. Liu, President and Chief Executive Officer of the Company.\n\n\n\n\nINCOME STATEMENT REVIEW\nSECOND QUARTER 2023 COMPARED TO THE FIRST QUARTER 2023\n\n\nNet income for the quarter ended June 30, 2023 was $93.2 million, a decrease of $2.8 million, or 2.9%, compared to net income of $96.0 million for the first quarter of 2023. Net income for the second quarter of 2023 included a $10.7 million unrealized gain on equity securities, or $0.10 per diluted share. Diluted earnings per share for the second quarter of 2023 was $1.28 per share compared to $1.32 per share for the first quarter of 2023.\n\n\nReturn on average stockholder...

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