Cathay General Bancorp Announces Third Quarter 2020 Results
LOS ANGELES , Oct. 26, 2020 |PRNewswire| -- Cathay General Bancorp ((the ", Company", , ", we", , ", us", , or ", our", NASDAQ: CATY ), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter ended September 30 , 2020. The Company reported net income of $56.8 million , or $0.71 per share, for the third quarter of 2020. FINANCIAL PERFORMANCE Three months ended (unaudited) September 30, 2020 June 30, 2020 September 30, 2019 Net income $56.8 million $54.3 million $72.8 million Basic earnings per common share $0.71 $0.68 $0.91 Diluted earnings per common share $0.71 $0.68 $0.91 Return on average assets 1.18% 1.15% 1.65% Return on average total stockholders' equity 9.53% 9.31% 12.98% Efficiency ratio 51.53% 44.82% 41.67% THIRD QUARTER HIGHLIGHTS The net interest margin of 3.02% during the third quarter of 2020 is unchanged from the second quarter of 2020. The provision for loan losses decreased to $12.5 million for the third quarter of 2020 compared to $25.0 million for the second quarter of 2020. "For the third quarter of 2020, our net interest margin was 3.02%, unchanged from the second quarter of 2020 while our net interest income for the third quarter increased to $137.5 million compared to $134.5 million for the second quarter of 2020 on higher average earning assets," commented Chang M.
Cathay General Bancorp Announces Third Quarter 2020 Results
LOS ANGELES , Oct. 26, 2020 |PRNewswire| -- Cathay General Bancorp ((the ", Company", , ", we", , ", us", , or ", our", NASDAQ: CATY ), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter ended September 30 , 2020. The Company reported net income of $56.8 million , or $0.71 per share, for the third quarter of 2020. FINANCIAL PERFORMANCE Three months ended (unaudited) September 30, 2020 June 30, 2020 September 30, 2019 Net income $56.8 million $54.3 million $72.8 million Basic earnings per common share $0.71 $0.68 $0.91 Diluted earnings per common share $0.71 $0.68 $0.91 Return on average assets 1.18% 1.15% 1.65% Return on average total stockholders' equity 9.53% 9.31% 12.98% Efficiency ratio 51.53% 44.82% 41.67% THIRD QUARTER HIGHLIGHTS The net interest margin of 3.02% during the third quarter of 2020 is unchanged from the second quarter of 2020. The provision for loan losses decreased to $12.5 million for the third quarter of 2020 compared to $25.0 million for the second quarter of 2020. "For the third quarter of 2020, our net interest margin was 3.02%, unchanged from the second quarter of 2020 while our net interest income for the third quarter increased to $137.5 million compared to $134.5 million for the second quarter of 2020 on higher average earning assets," commented Chang M.