News about Cathay General Bancorp

Cathay General Bancorp (CATY) reported record third-quarter net interest income of $211.9 million, up 5.5%, and net income of $95.2 million, or $1.43 per diluted share, up 3.2% from the prior quarter. Net interest margin widened to 3.52%, while total loans rose 2.8% to $21.2 billion and deposits rose 3.7% to $21.8 billion. Net charge-offs totaled $25.3 million, concentrated in three borrower credits, while nonperforming assets fell 18.0% to $119.2 million. Management raised its full-year loan growth guidance to 5%–6% and deposit growth guidance to 4%–5%, but warned that $3.4 billion of certificates of deposit repricing at 3.46% will keep pressure on funding costs.