Revenue Reaches $285 Million, Reflecting Solid Performance
Cathay General Bancorp(CATY) and its subsidiaries have r eleased their unaudited financial statements for the first quarter of 2023. The data shows a remarkable performance in both net income and revenue, highlighting the company's strong financial position.
Net Income: A Profitable Start to the Year
During the three months ended March 31, 2023, Cathay General Bancorp achieved a net income of $96 million. This impressive figure indicates the company's ability to generate profits and its strong financial management amidst market challenges.
Revenue: Solid Performance in the First Quarter
The revenue for the first quarter of 2023 reached $285 million, reflecting a robust financial performance by Cathay General Bancorp. The significant increase in interest and dividend income from loans, investment securities, and deposits with banks contributed to this positive result.
The unaudited consolidated balance sheets as of March 31, 2023, revealed total assets of $22.03 billion, compared to $21.95 billion as of December 31, 2022. Cash and due from banks increased from $195.4 million to $252.1 million, and short-term investments and interest-bearing deposits decreased from $966.96 million to $881.28 million during this period.
Moreover, loans, the primary asset for Cathay General Bancorp, increased to $18.32 billion from $18.25 billion at the end of 2022. The net loans also saw growth from $18.1 billion to $18.17 billion, indicating a healthy loan portfolio.
On the liabilities side, total liabilities stood at $19.49 billion as of March 31, 2023. Deposits accounted for a significant portion, with non-interest-bearing demand deposits at $3.75 billion and interest-bearing deposits at $15.89 billion. Other borrowings and long-term debt accounted for $141.62 million.
The consolidated statements of operations and comprehensive income for the first quarter of 2023 showed a net interest income of $192.44 million before provision for credit losses, which amounted to $8.1 million.
The non-interest income for the same period totaled $14.24 million, with net gains from equity securities contributing significantly. However, non-interest expenses amounted to $83.19 million, including salaries and employee benefits as the major component.
Cathay General Bancorp's total equity reached $2.54 billion, reflecting the company's strong financial position and potential for further growth.
Overall, Cathay General Bancorp's unaudited financial statements for the first quarter of 2023 demonstrate its resilience and efficiency in generating profits and managing assets and liabilities effectively.
