Cathay General Bancorp CATY today announced results for the third quarter of 2010.
THIRD QUARTER HIGHLIGHTS
- Improved profitability – Third quarter net income was $17.3 million compared to net income of $1.9 million in the second quarter of 2010 and compared to a net loss of $17.7 million in the same quarter a year ago.
- Decrease in net charge-offs – Net charge-offs decreased $4.6 million, or 20.2%, to $18.0 million in the third quarter of 2010 from $22.6 million in the second quarter of 2010 and decreased $39.0 million, or 68.4%, from $57.0 million in the same quarter a year ago. The provision for credit losses was $17.9 million for the third quarter of 2010 compared to $45.0 million in the second quarter of 2010 and $76.0 million in the same quarter a year ago.
- Decrease in nonaccrual loans – Total nonaccrual loans decreased to $283.7 million at September 30, 2010, from $313.4 million at June 30, 2010, and $360.5 million at September 30, 2009.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in