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Cathay General Bancorp (CATY) has agreed to acquire about $40 million of deposits and a Las Vegas branch from SWNB Bancorp, marking Cathay's entrance in the Vegas market.
May 15 -
Cathay General Bancorp (CATY) in Los Angeles has repaid half the money it received through the Troubled Asset Relief Program.
March 20 -
Cathay General Bancorp (CATY) in Los Angeles reported earnings that were below expectations after expenses rose.
January 23
Cathay General Bancorp (CATY) in Los Angeles reported flat quarterly earnings as higher expenses offset gains from securities sales.
The $10.6 billion-asset company reported Wednesday a second-quarter profit of $29.9 million, unchanged from the second quarter of 2012. Earnings per share of 35 cents met the expectations of analysts polled by Bloomberg.
Net interest income increased 1%, to $80 million, as loans grew 4.5%, to $7.7 billion. Net interest margin increased by 6 basis points, to 3.30%.
Noninterest income more than doubled, to $20.4 million, primarily due to an increase of $9.8 million on gains from sale of securities.
Noninterest expense increased by 14%, to $53.7 million, primarily due to a $10.1 million penalty on debt prepayment.
Cathay made no provision for credit loss, after recording a credit of $5 million in the second quarter last year. Net loan recoveries were $939,000 this year, compared with $2.56 million last year.
In May, Cathay announced plans to enter the Las Vegas market. In March, it repaid half the money it received through the Troubled Asset Relief Program.
