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Dec 31, 2023
Cathay General Q4 2023 Earnings Report
Net income remained stable while non-interest expense increased due to FDIC assessment.
Key Takeaways
Cathay General Bancorp reported a net income of $82.5 million, or $1.13 per share, for Q4 2023. The results included an $11.3 million charge for a one-time FDIC special assessment. Total loans increased by $1.3 billion for the year, reaching $19.55 billion, and total deposits increased by $820.2 million to $19.33 billion.
Net income for Q4 2023 was $82.5 million, a slight increase from $82.4 million in Q3 2023.
Diluted earnings per share for Q4 2023 were $1.13, unchanged from Q3 2023.
Q4 2023 net income included an $11.3 million charge for a one-time FDIC special assessment.
The company's efficiency ratio was 53.84% for Q4 2023, compared to 48.57% for Q3 2023.
Cathay General
Cathay General
Forward Guidance
No specific forward guidance was provided in the earnings report.