The following is a summary of the Cathay General Bancorp (CATY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Cathay General Bancorp reported a Q1 2024 net income of $71.4 million, a 13.4% decrease compared to the previous quarter.
Diluted earnings per share dropped 13.5% to $0.98.
There was a decrease of $119 million or 2.4% in total gross loans primarily from a drop in commercial and construction loans.
Total deposits rose by $520.8 million or 10.8% annually.
Business Progress:
Revised loan growth for 2024 is between 3% and 4% due to slower growth in Q1 2024.
Improved stability was noted with the Tier 1 leverage capital ratio at 10.71% from 10.55% in Q4 2023.
A provision for credit loss of $1.9 million was allocated in Q1 2024 compared to $1.7 million in the previous quarter.
Projected continued growth with an overall deposit estimated between 4% and 5%.
More details: Cathay General Bancorp IR
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