Cathay General Bancorp (NASDAQ:CATY) Q2 2024 Results Conference Call July 23, 2024 6:00 PM ET

Company Participants

Georgia Lo - Investor Relations
Chang Liu - President and Chief Executive Officer
Heng Chen - Executive Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

Matthew Clark - Piper Sandler
Andrew Terrell - Stephens
Gary Tenner - D.A. Davidson
Andrew Leischner - KBW

Operator

Good afternoon, ladies and gentlemen, and welcome to the Cathay General Bancorp Second Quarter 2024 Earnings Conference Call. My name is Cole, and I'll 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, Cole, 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 results and uncertainties are further described in the company's annual report on Form 10-K for the year ended December 31, 2023, 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 speak 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 second quarter 2024 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. Welcome to our 2024 second quarter earnings conference call. This afternoon, we reported net income of $66.8 million for Q2 2024, a 6.40% decrease as compared to $71.4 million in Q1. Diluted earnings per share decreased by 6.1% to $0.92 per share for the second quarter of 2024 as compared to $0.98 per share in the prior quarter.