Cathay General Q4 2021 Earnings Report

Net income increased compared to the same quarter a year ago.

Key Takeaways

Cathay General Bancorp reported a net income of $75.3 million, or $0.98 per share, for the fourth quarter of 2021. Total loans, excluding Paycheck Protection Program (“PPP”) loans, increased by $444.6 million, or 11.4% annualized. Total deposits for the quarter increased $1.1 billion, or 24.7% annualized.

Net income for the quarter ended December 31, 2021, was $75.3 million.

Diluted earnings per share for the quarter ended December 31, 2021, increased by 10.1%, or $0.98 per share.

Net interest income before provision for credit losses increased $15.6 million, or 11.2%, to $155.5 million during the fourth quarter of 2021.

The efficiency ratio was 41.8% in the fourth quarter of 2021 compared to 49.6% for the same quarter a year ago.