Cathay General Bancorp (NASDAQ:CATY) Q1 2023 Earnings Conference Call April 20, 2023 6:00 PM ET

Company Participants

Georgia Lo - IR

Chang Liu - President and CEO

Heng Chen - EVP and CFO

Conference Call Participants

Brandon King - Truist

Matthew Clark - Piper Sandler

Gary Tenner - D.A. Davidson

Andrew Terrell - Stephens

Nick Moutafakis - KBW

Operator

Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's First Quarter of 2023 Earnings Conference Call. My name is Anjay and I'll be your coordinator for today. At this time, all participants are in listen-only mode. Following the prepared remarks, there will be a question-and-answer session. [Operator Instructions] Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.

Now, I would like to turn the call over to Georgia Lo, Investor Relations of Cathay General Bancorp.

Georgia Lo

Thank you, Anjay and good afternoon. Here to discuss the financial results today are Mr. Chang Liu, our President and Chief Executive Officer; and Mr. Heng Chen, our Executive Vice President and Chief Financial Officer.

Before we begin, we wish to remind you that the speakers on this call may make forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 concerning future results and events, and that these statements are subject to certain risks and uncertainties that could cause actual results to differ materially.

These risks and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31st, 2022, and at Item 1A in particular, and in other reports and filings with the Securities and Exchange Commission from time-to-time. As such, we caution you not to place undue reliance on such forward-looking statements.

Any forward-looking statement speaks only as of the date of which it is made, and except as required by law, we undertake no obligation to update or review any forward-looking statements to reflect future circumstances, developments or events or the occurrence of unanticipated events.

This afternoon, Cathay General Bancorp issued an earnings release outlining its first quarter of 2023 results. To obtain a copy of our earnings release as well as our earnings presentation, please visit our website at www.cathaygeneralbancorp.com. [Operator Instructions]

I will now turn the call over to our President and Chief Executive Officer, Mr. Chang Liu.

Chang Liu

Thank you, Georgia and good afternoon everyone. Welcome to our 2023 first quarter earnings conference call. This afternoon, we reported a net income of $96 million for the first quarter of 2023, a 1.6% decrease as compared to a net income of $97.6 million for the fourth quarter of 2022.