Cathay General Bancorp (NASDAQ:CATY) Q3 2023 Earnings Conference Call October 23, 2023 6:00 PM ET
Company Participants
Georgia Lo - Investor Relations
Chang Liu - President and Chief Executive Officer
Heng Chen - Executive Vice President and Chief Financial Officer
Conference Call Participants
Matthew Clark - Piper Sandler
Gary Tenner - D.A. Davidson
Brandon King - Truist Securities
Andrew Terrell - Stephens Inc.
Nicholas Moutafakis - KBW
Operator
Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's Third Quarter of 2023 Earnings Conference Call. My name is Rocco, and I will be your coordinator for today. [Operator Instructions] Today's call is being recorded and will be available for replay at www.cathaygeneralbancorp.com.
I would now like to turn the call over to Georgia Lo, Investor Relations of Cathay General Bancorp. Please go ahead.
Georgia Lo
Thank you, Rocco, and good afternoon. Here to discuss the 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 10-K for the year ended December 31, 2022, 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 statements speaks only as of the date on 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 third quarter 2023 results. To obtain a copy of our earnings release as well as our earnings presentation, please visit our website at www.cathaygeneralbancorp.com. After comments by management today, we will open up this call for questions.
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 third quarter earnings conference call. This afternoon, we reported net income of $82.4 million for the third quarter of 2023, an 11.6% decrease as compared to a net income of $93.2 million for the second quarter of 2023. Diluted earnings per share decreased 11.8% to $1.13 per share for the third quarter of 2023 compared to $1.28 per share for the second quarter of 2023.