Cathay General Bancorp Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 23, 2023 at 04:30 pm EDT
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Cathay General Bancorp reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net interest income was USD 185.64 million compared to USD 197.53 million a year ago. Net income was USD 82.37 million compared to USD 99.04 million a year ago. Basic earnings per share from continuing operations was USD 1.14 compared to USD 1.34 a year ago. Diluted earnings per share from continuing operations was USD 1.13 compared to USD 1.33 a year ago.
For the nine months, net interest income was USD 559.61 million compared to USD 531.88 million a year ago. Net income was USD 271.6 million compared to USD 263.04 million a year ago. Basic earnings per share from continuing operations was USD 3.74 compared to USD 3.52 a year ago. Diluted earnings per share from continuing operations was USD 3.73 compared to USD 3.5 a year ago.
Cathay General Bancorp is the holding company of Cathay Bank, a California state-chartered commercial bank (the Bank). The Bank services individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located and provides commercial real estate loans, commercial loans, United States Small Business Administration loans, residential mortgage loans, real estate construction loans, home equity lines of credit, and installment loans to individuals for, household and other consumer expenditures. It offers products and services to businesses, such as checking and deposit, lines of credit, commercial and commercial real estate loans, merchant services and payment processing, treasury management services, international banking and financing services, and other customary banking services. It offers similar services that are available to consumers. It provides financial services to diverse commercial and professional businesses in its market areas.