Cathay General Q3 2021 Earnings Report

Net income increased year-over-year, driven by a decrease in interest expense from deposits

Key Takeaways

Cathay General Bancorp reported a net income of $72.4 million, or $0.93 per share, for the third quarter of 2021, which increased compared to net income of $56.8 million for the same quarter a year ago. The increase was primarily due to a decrease in interest expense from deposits. Total loans, excluding PPP loans, increased by 9.1% annualized.

Net 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.

The net interest margin was 3.22% for the third quarter of 2021 compared to 3.02% for the third quarter of 2020.

During the third quarter of 2021, the Company repurchased 942,613 shares of common stock at an average cost of $39.40 per share for a total of $37.1 million during the quarter.

Previous year: 51.53%

-14.9%