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Cathay General Bancorp Announces Third Quarter 2021 Results
LOS ANGELES, Oct. 25, 2021 /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, Oct. 25, 2021 /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 September 30, 2021. The Company reported net income of $72.4 million, or $0.93 per share, for the third quarter of 2021.\n\n \n \n \n \n \n \n\n \nFINANCIAL PERFORMANCE\nThree months ended\n(unaudited)\nSeptember 30, 2021\nJune 30, 2021\nSeptember 30, 2020\nNet income\n$72.4 million\n$77.2 million\n$56.8 million\nBasic earnings per common share\n$0.93\n$0.98\n$0.71\nDiluted earnings per common share\n$0.93\n$0.97\n$0.71\nReturn on average assets\n1.45%\n1.60%\n1.18%\nReturn on average total stockholders' equity\n11.61%\n12.53%\n9.53%\nEfficiency ratio\n43.85%\n43.41%\n51.53%\nTHIRD QUARTER HIGHLIGHTS\nTotal loans, excluding Paycheck Protection Program (\"PPP\") loans, increased by 9.1% annualized. The net interest margin increased to 3.22% in the third quarter of 2021 from 3.02% in third quarter of 2020. Quarterly earnings per share increased 31.0% compared to the same quarter in 2020. Total deposits, excluding time deposits, increased for the quarter by $686.3 million, or 25.9% annualized. For the third quarter of 2021, total loans, excluding PPP loans, increased by 9.1% annualized. \"The Company announced a new share repurchase program of up to $125 million on September 2021 and repurchased 942,613 shares of common stock at an average cost of $39.40 per share during the quarter\" commented Chang M. Liu, President and Chief Executive Officer of the Company.\nTHIRD QUARTER INCOME STATEMENT REVIEW\nNet income for the quarter ended September 30, 2021, was $72.4 million, an increase of $15.6 million, or 27.5%, compared to net income of $56.8 million for the same quarter a year ago. Diluted earnings per share for the quarter ended September 30, 2021, was $0.93 per share compared to $0.71 per share for the same quarter a year ago.\nReturn on average stockholders' equity was 11.61% and return on average assets was 1.45% for the quarter ended September 30, 2021, compared to a return on average stockholders' equity of 9.53% and a return on average assets of 1.18% for the same quarter a year ago.\nNet interest income before provision for credit losses\nNet interest income before provision for credit losses ...