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Investing.com -- Cathay General Bancorp (NASDAQ:CATY) reported first quarter earnings that exceeded analyst expectations, sending its stock up 3.1% in after-hours trading.
The holding company for Cathay Bank announced net income of $69.5 million, or $0.98 per diluted share, for the first quarter of 2025. This surpassed the analyst consensus estimate of $0.95 per share.
Net interest income before provision for credit losses increased 3.3% to $176.6 million compared to the previous quarter, driven primarily by lower interest deposit expenses. The net interest margin expanded to 3.25% from 3.07% in Q4 2024.
Total (EPA:TTEF) deposits grew 0.7% to $19.82 billion, while total loans decreased slightly by 0.12% to $19.35 billion compared to the end of 2024.
"We are pleased by the continued increase in the net interest margin compared to the fourth quarter of 2024," said Chang M. Liu, President and CEO of Cathay General Bancorp.
The company completed a $125 million share repurchase program announced in May 2024, buying back 876,906 shares at an average cost of $46.83 per share.
Cathay General Bancorp’s efficiency ratio improved marginally to 45.60% from 45.70% in the previous quarter. The bank’s Tier 1 risk-based capital ratio stood at 13.57% as of March 31, 2025, keeping it in the "well capitalized" category for regulatory purposes.
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