LOS ANGELES (AP) — LOS ANGELES (AP) — Cathay General Bancorp (CATY) on Monday reported first-quarter net income of $71.4 million.
The bank, based in Los Angeles, said it had earnings of 98 cents per share. Earnings, adjusted for non-recurring costs, were $1.10 per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.
The holding company for Cathay Bank posted revenue of $339.3 million in the period. Its revenue net of interest expense was $175.2 million, which did not meet Street forecasts.
Cathay shares have decreased 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $36.40, a rise of 9% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CATY at https://www.zacks.com/ap/CATY
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