Overview

* Cathay General Bancorp ( CATY ) Q3 net income rises to $77.7 mln, EPS at $1.13

* Net interest income increases by $8.4 mln, driven by higher loan interest rates

* Company repurchased 1.07 mln shares, totaling $50.1 mln

Outlook

* Company did not provide specific guidance for future quarters or full year in press release

Result Drivers

* NET INTEREST INCOME - Increase in net interest income driven by higher interest rates on loans and securities, despite increased deposit expenses

* LOAN AND DEPOSIT GROWTH - Total loans and deposits increased, with notable growth in residential mortgage and commercial real estate loans

* CREDIT LOSS PROVISION - Significant increase in provision for credit losses due to additional reserves for specific loans and CECL model changes

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS $1.13

Q3 Net $77.70

Income mln

Q3 Net $8.40

Interest mln

Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the banks peer group is "buy"

* Wall Street's median 12-month price target for Cathay General Bancorp ( CATY ) is $51.00, about 7.8% above its October 20 closing price of $47.00

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)