Cathay General Q1 2020 Earnings Report

Net income decreased due to economic deterioration from COVID-19 pandemic and increased provision for credit losses.

Key Takeaways

Cathay General Bancorp reported a net income of $46.9 million, or $0.59 per share, for the first quarter of 2020, which was a decrease compared to the same quarter a year ago. The decrease was primarily due to an increase in the provision for credit losses resulting from the economic deterioration caused by the COVID-19 pandemic.

Total loans increased for the quarter by $458.7 million, or 3.0%, to $15.5 billion.

Total deposits increased for the quarter by $397.8 million, or 2.7%, to $15.1 billion.

Net income for the quarter was $46.9 million, a decrease of $19.8 million, or 29.7%, compared to the same quarter a year ago.

The Company recorded a provision for credit losses of $25.0 million in first quarter of 2020 compared to no provision for credit losses in the first quarter of 2019.

Previous year: 45.42%

-1.8%