Cathay General Bancorp (NASDAQ:CATY) Q3 2024 Earnings Conference Call October 21, 2024 6:00 PM ET

Company Participants

Georgia Lo - IR
Chang Liu - President & CEO
Heng Chen - EVP, CFO & Treasurer

Conference Call Participants

Gary Tenner - D.A. Davidson
Andrew Terrell - Stephens
Nicholas Moutafakis - KBW
Adam Butler - Piper Sandler

Operator

Good afternoon, ladies and gentlemen, and welcome to Cathay General Bancorp's Third Quarter of 2024 Earnings Conference Call. My name is Rocco, and I will 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, Rocco, 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 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 statement speaks only as of the date on which it's 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 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 third quarter earnings conference call. This afternoon, we reported net income of $67.5 million for Q3 2024, a 1% increase as compared to $66.8 million in Q2. Diluted earnings per share increased 2.2% to $0.94 per share for the third quarter as compared to $0.92 per share in Q2.