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Cathay General Bancorp (CATY)
NASDAQ:CATY
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Earnings Data
Report Date
Jan 22, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.1Last Year’s EPS
$1.13Same Quarter Last Year
Based on 5 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 21, 2024
|% Change Since: 6.50%
|Next Earnings Date:Jan 22, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a mixed performance. There are positive aspects such as the increase in net income, stock buybacks, and growth in noninterest income and core deposits. However, challenges are evident in the significant increase in nonaccrual loans and provisions for credit losses, indicating underlying concerns in the loan portfolio.Company Guidance
During the Q3 2024 earnings call, Cathay General Bancorp provided several key metrics and guidance. The company reported net income of $67.5 million, a 1% increase from the previous quarter's $66.8 million. Diluted earnings per share rose by 2.2% to $0.94. The company repurchased 832,460 shares, spending $35 million, and plans to continue this buyback trend in Q4 2024 and Q1 2025. Total gross loans saw a modest increase of $16 million or 0.3% annualized, with specific growth in CRE and C&I loans. However, there were decreases in residential mortgages and construction loans. The provision for credit losses increased to $14.5 million, raising the reserve to loan ratio to 0.85%. Nonaccrual loans rose by $55.5 million primarily due to a $38 million loan relationship. The net interest margin improved slightly to 3.04% and is expected to stabilize between 3.05% and 3.10% for 2024. Total deposits grew by $171 million, driven by a significant increase in core deposits. The company maintains a strong liquidity position with substantial unused borrowing capacity and unpledged securities.Increase in Net Income
Net income for Q3 2024 increased by 1% to $67.5 million compared to $66.8 million in Q2, with a 2.2% increase in diluted earnings per share to $0.94.
Stock Buyback Program
Repurchased 832,460 shares of common stock at an average cost of $42 per share, with $35 million under the $125 million stock buyback program.
Increase in Noninterest Income
Noninterest income for Q3 2024 increased $7.2 million to $20.4 million compared to Q2 2024, driven by a $5.7 million increase in mark-to-market annualized gain on equity securities.
Increase in Core Deposits
Total core deposits increased by $195 million or 7.8% annualized during Q3 2024 due to seasonal factors and marketing activities.
Improved Net Interest Margin
Net interest margin increased to 3.04% in Q3 2024 compared to 3.01% in Q2, with expectations to range between 3.05% and 3.10% for the full year.
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CATY Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CATY Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 21, 2024 | $44.59 | $45.39 | +1.79% |
| Jul 22, 2024 | $42.69 | $42.96 | +0.63% |
| Apr 22, 2024 | $35.99 | $34.29 | -4.72% |
| Jan 24, 2024 | $42.82 | $41.96 | -2.01% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Cathay General Bancorp (CATY) report earnings?
Cathay General Bancorp (CATY) is schdueled to report earning on Jan 22, 2025, TBA Not Confirmed.
What is Cathay General Bancorp (CATY) earnings time?
Cathay General Bancorp (CATY) earnings time is at Jan 22, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CATY EPS forecast?
CATY EPS forecast for the fiscal quarter 2024 (Q4) is $1.1.
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