Cathay General Bancorp reported a net income of $92.2 million for the second quarter of 2026, reflecting a 19% increase from $77.5 million in the same period last year. The diluted earnings per share rose to $1.37, up from $1.10 in the prior year. For the first half of 2026, net income reached $179.1 million, a 21.9% increase compared to $147 million in the first half of 2025. The company's return on average assets improved to 1.52% from 1.33%, while return on average stockholders' equity increased to 12.21% from 10.72% year-over-year.

Total assets for Cathay General Bancorp increased to $24.65 billion as of June 30, 2026, up from $24.23 billion at the end of 2025. The growth was primarily driven by a $474.1 million increase in gross loans held for investment, which reached $20.62 billion. This increase was largely attributed to a $340.4 million rise in commercial loans and a $214.6 million increase in commercial real estate loans. The allowance for loan losses also rose to $218.9 million, representing 1.06% of total loans, compared to 0.97% at the end of 2025.

In terms of operational developments, the company reported a significant increase in non-interest income, which totaled $21.4 million for the second quarter, a 39% increase from $15.4 million in the same quarter of 2025. This growth was driven by a $13 million increase in net gains from equity securities and a $3 million rise in wealth management fees. However, the company also recorded a $10.6 million net loss on the sale of available-for-sale investment securities as part of a portfolio repositioning initiative.

Cathay General Bancorp's total deposits increased to $21.06 billion, a rise of $167.5 million from the previous period. The deposit mix remained stable, with non-interest-bearing demand deposits accounting for 16.9% of total deposits. The company also announced a new share repurchase program, increasing its authorization from $150 million to $200 million, reflecting its commitment to returning value to shareholders. Looking ahead, the company anticipates continued growth in its loan portfolio and remains focused on maintaining strong capital ratios, with its common equity tier 1 ratio at 13.70% as of June 30, 2026, well above regulatory requirements.

About CATHAY GENERAL BANCORP

Cathay General Bancorp is a bank holding company for Cathay Bank, a California state-chartered commercial bank serving individuals, professionals, and small to medium-sized businesses primarily in California, New York, and other U.S. markets. It offers deposit accounts, commercial and residential loans, SBA loans, wealth management, and international banking services. The company leverages strong community ties, multilingual staff, and a focus on underserved markets to provide tailored financial solutions.

This description was generated via AI from an annual report. Updated about 1 year ago.

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