10-Q 1 caty20220630_10q.htm FORM 10-Q caty20220630_10q.htm
0000861842 Cathay General Bancorp false --12-31 Q2 2022 1,336,293 1,126,867 0.01 0.01 100,000,000 100,000,000 90,997,807 74,421,884 90,871,860 75,750,862 16,575,923 15,120,998 0.34 0.31 0.68 0.62 0 3 3 7000 3000 0 0 2017 2018 2019 2020 2021 1 5 10 3 10 the amount is included in other non-interest income. the amount of periodic net settlement of interest rate swaps was included in interest expense. Other real estate owned balance of $4.1 million in the Consolidated Balance Sheets is net of estimated disposal costs. These amounts primarily represent revenue from interest rate swaps, unrealized net gains on equity securities and other miscellaneous income. Included in other comprehensive income. There were no adjustments to the Company's financial statements recorded as a result of the adoption of ASC 606. For comparability, the Company has adjusted consolidated prior period amounts to conform to the periods presentation. Balance sheet amounts previously reported for the impact of the initial adoption of CECL on January 1, 2021 have been corrected. The correction decreased the allowance for loan losses by $2.2 million and increased the allowance for unfunded credit commitments by $5.5 million. In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams. the amount of periodic net settlement of interest rate swaps was included in interest income. 00008618422022-01-012022-06-30 xbrli:shares 00008618422022-07-31 iso4217:USD 00008618422022-06-30 00008618422021-12-31 iso4217:USDxbrli:shares 00008618422022-04-012022-06-30 00008618422021-04-012021-06-30 00008618422021-01-012021-06-30 0000861842us-gaap:DepositAccountMember2022-04-012022-06-30 0000861842us-gaap:DepositAccountMember2021-04-012021-06-30 0000861842us-gaap:DepositAccountMember2022-01-012022-06-30 0000861842us-gaap:DepositAccountMember2021-01-012021-06-30 0000861842us-gaap:AssetManagement1Member2022-04-012022-06-30 0000861842us-gaap:AssetManagement1Member2021-04-012021-06-30 0000861842us-gaap:AssetManagement1Member2022-01-012022-06-30 0000861842us-gaap:AssetManagement1Member2021-01-012021-06-30 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

        

         QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period endedJune 30, 2022

OR

        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to 
 Commission file number001-31830
CATHAY GENERAL BANCORP

(Exact name of registrant as specified in its charter)

Delaware 95-4274680

(State of other jurisdiction of incorporation

 or organization)

 

(I.R.S. Employer

Identification No.)

777 North Broadway, Los Angeles, California90012
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(213) 625-4700

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock

CATY

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑                  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑                  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

         Large accelerated filer ☑                                                                                                     Accelerated filer ☐

         Non-accelerated filer ☐           Smaller reporting company                                       Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes                   No ☑

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Common stock, $.01 par value, 74,469,620 shares outstanding as of July 31, 2022.

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

2ND QUARTER 2022 REPORT ON FORM 10-Q

TABLE OF CONTENTS

 

 

PART I – FINANCIAL INFORMATION

3

Item 1. FINANCIAL STATEMENTS (Unaudited)

3

  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 

8

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

44

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

72

Item 4. CONTROLS AND PROCEDURES

73

PART II – OTHER INFORMATION

73

Item 1. LEGAL PROCEEDINGS

73

Item 1A. RISK FACTORS

74

Item 3. DEFAULTS UPON SENIOR SECURITIES

75

Item 4. MINE SAFETY DISCLOSURES

75

Item 5. OTHER INFORMATION

75

Item 6. EXHIBITS

75

SIGNATURES 

77

 

 

 

Forward-Looking Statements

 

In this Quarterly Report on Form 10-Q, the term “Bancorp” refers to Cathay General Bancorp and the term “Bank” refers to Cathay Bank. The terms “Company,” “we,” “us,” and “our” refer to Bancorp and the Bank collectively.

 

The statements in this report include forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management’s beliefs, projections, and assumptions concerning future results and events. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements in these provisions. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including statements about anticipated future operating and financial performance, financial position and liquidity, growth opportunities and growth rates, growth plans, acquisition and divestiture opportunities, business prospects, strategic alternatives, business strategies, financial expectations, regulatory and competitive outlook, loan and deposit growth, investment and expenditure plans, financing needs and availability, level of nonperforming assets, and other similar forecasts and statements of expectation and statements of assumptions underlying any of the foregoing. Words such as “aims,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “optimistic,” “plans,” “potential,” “possible,” “predicts,” “projects,” “seeks,” “shall,” “should,” “will,” and variations of these words and similar expressions are intended to identify these forward-looking statements. Forward-looking statements by us are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks, uncertainties and other factors that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks, uncertainties and other factors include, but are not limited to:

 

 

local, regional, national and international economic and market conditions and events and the impact they may have on us, our customers and our operations, assets and liabilities;

 

the impact on our business, operations, financial condition, liquidity, results of operations, prospects and trading prices of our shares arising out of the COVID-19 pandemic and its related economic impacts;

 

possible additional provisions for loan losses and charge-offs;

 

credit risks of lending activities and deterioration in asset or credit quality;

 

extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities;

 

increased costs of compliance and other risks associated with changes in regulation;

 

higher capital requirements from the implementation of the Basel III capital standards;

 

compliance with the Bank Secrecy Act and other money laundering statutes and regulations;

 

potential goodwill impairment;

 

liquidity risk;

 

fluctuations in interest rates;

 

risks associated with acquisitions and the expansion of our business into new markets;

 

inflation and deflation;

 

real estate market conditions and the value of real estate collateral;

 

environmental liabilities;

 

our ability to generate anticipated returns from our investments and/or financings in certain tax advantaged-projects;

 

our ability to compete with larger competitors;

 

 

 

our ability to retain key personnel;

 

successful management of reputational risk;

 

natural disasters, public health crises (including the occurrence of a contagious disease or illness, such as COVID-19) and geopolitical events;

 

failures, interruptions, or security breaches of our information systems;

 

our ability to adapt our systems to the expanding use of technology in banking;

 

risk management processes and strategies;

 

adverse results in legal proceedings;

 

the impact of regulatory enforcement actions, if any;

 

certain provisions in our charter and bylaws that may affect acquisition of the Company;

 

changes in accounting standards or tax laws and regulations;

 

market disruption and volatility;

 

fluctuations in the Bancorp’s stock price;

 

restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure;

 

issuances of preferred stock;

 

capital level requirements and successfully raising additional capital, if needed, and the resulting dilution of interests of holders of Bancorp common stock; and

 

the soundness of other financial institutions.

 

These and other factors are further described in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2021 (Item 1A in particular), other reports and registration statements filed with the Securities and Exchange Commission (“SEC”), and other filings Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this report. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. We have no intention and undertake no obligation to update any forward-looking statement or to announce publicly any revision of any forward-looking statement to reflect developments, events, occurrences or circumstances after the date of such statement, except as required by law.

 

Bancorp’s filings with the SEC are available at the website maintained by the SEC at http://www.sec.gov, or by request directed to Cathay General Bancorp, 9650 Flair Drive, El Monte, California 91731, Attention: Investor Relations (626) 279-3296.

 

 

PART I FINANCIAL INFORMATION

 

Item 1. FINANCIAL STATEMENTS (Unaudited)

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

June 30, 2022

  

December 31, 2021

 
  

(In thousands, except share and per share data)

 

Assets

        

Cash and due from banks

 $141,734  $134,141 

Short-term investments and interest-bearing deposits

  1,012,228   2,315,563 

Securities available-for-sale (amortized cost of $1,336,293 at June 30, 2022 and $1,126,867 at December 31, 2021)

  1,234,571   1,127,309 

Loans

  17,787,888   16,342,479 

Less: Allowance for loan losses

  (148,772)  (136,157)

Unamortized deferred loan fees, net

  (5,540)  (4,321)

Loans, net

  17,633,576   16,202,001 

Equity securities

  26,785   22,319 

Federal Home Loan Bank stock

  17,250   17,250 

Other real estate owned, net

  4,067   4,368 

Affordable housing investments and alternative energy partnerships, net

  321,717   299,211 

Premises and equipment, net

  97,565   99,402 

Customers’ liability on acceptances

  12,650   8,112 

Accrued interest receivable

  61,939   56,994 

Goodwill

  375,696   372,189 

Other intangible assets, net

  7,231   4,627 

Right-of-use assets - operating leases

  31,883   27,834 

Other assets

  256,661   195,403 

Total assets

 $21,235,553  $20,886,723 
         

Liabilities and Stockholders Equity

        

Deposits:

        

Non-interest-bearing demand deposits

 $4,433,959  $4,492,054 

Interest-bearing deposits:

        

NOW deposits

  2,494,524   2,522,442 

Money market deposits

  5,322,510   4,611,579 

Savings deposits

  1,178,572   915,515 

Time deposits

  4,857,762   5,517,252 

Total deposits

  18,287,327   18,058,842 

Advances from the Federal Home Loan Bank

  95,000   20,000 

Other borrowings of affordable housing investments

  22,319   23,145 

Long-term debt

  119,136   119,136 

Acceptances outstanding

  12,650   8,112 

Lease liabilities - operating leases

  35,171   30,694 

Other liabilities

  232,418   180,543 

Total liabilities

  18,804,021   18,440,472 

Commitments and contingencies

      

Stockholders Equity

        

Common stock, $0.01 par value, 100,000,000 shares authorized; 90,997,807 issued and 74,421,884 outstanding at June 30, 2022, and 90,871,860 issued and 75,750,862 outstanding at December 31, 2021

  910   909 

Additional paid-in-capital

  976,547   972,474 

Accumulated other comprehensive loss, net

  (71,328)  (3,065)

Retained earnings

  2,098,122   1,985,168 

Treasury stock, at cost (16,575,923 shares at June 30, 2022, and 15,120,998 shares at December 31, 2021)

  (572,719)  (509,235)

Total equity

  2,431,532   2,446,251 

Total liabilities and equity

 $21,235,553  $20,886,723 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(Unaudited)

 

   

Three months ended June 30,

   

Six months ended June 30,

 
   

2022

   

2021

   

2022

   

2021

 
   

(In thousands, except share and per share data)

 

Interest and Dividend Income

                               

Loans receivable

  $ 181,022     $ 161,493     $ 347,116     $ 321,214  

Investment securities

    5,748       3,189       10,576       6,256  

Federal Home Loan Bank stock

    255       255       516       472  

Deposits with banks

    2,508       438       3,271       753  

Total interest and dividend income

    189,533       165,375       361,479       328,695  
                                 

Interest Expense

                               

Time deposits

    5,724       10,055       11,784       24,064  

Other deposits

    6,895       5,465       12,023       11,059  

Advances from Federal Home Loan Bank

    312       415       455       890  

Long-term debt

    1,439       1,439       2,863       2,863  

Total interest expense

    14,370       17,374       27,125       38,876  

Net interest income before provision/(reversal) for credit losses

    175,163       148,001       334,354       289,819  

Provision/(reversal) for credit losses

    2,500       (9,000 )     11,143       (22,558 )

Net interest income after provision/(reversal) for credit losses

    172,663       157,001       323,211       312,377  
                                 

Non-Interest Income

                               

Net gains/(losses) from equity securities

    (955 )     (879 )     5,019       (3,631 )

Securities losses, net

                      853  

Letters of credit commissions

    1,602       1,782       3,158       3,472  

Depository service fees

    1,632       1,343       3,303       2,706  

Wealth management fees

    3,956       3,939       8,310       7,496  

Other operating income

    8,383       6,398       15,060       11,687  

Total non-interest income

    14,618       12,583       34,850       22,583  
                                 

Non-Interest Expense

                               

Salaries and employee benefits

    37,301       32,758       72,776       65,480  

Occupancy expense

    5,562       4,960       11,175       10,006  

Computer and equipment expense

    3,297       3,647       6,253       6,918  

Professional services expense

    7,704       5,756       14,401       10,466  

Data processing service expense

    3,420       3,243       6,329       6,898  

FDIC and regulatory assessments

    2,194       1,440       3,996       3,365  

Marketing expense

    1,740       1,443       2,687       4,325  

Other real estate owned (income)/expense

    (33 )     191       38       285  

Amortization of investments in low income housing and alternative energy partnerships

    7,235       10,682       15,522       22,252  

Amortization of core deposit intangibles

    250       171       474       343  

Cost associated with debt redemption

                      732  

Acquisition, integration and restructuring costs

    91             4,027        

Other operating expense

    5,362       5,416       9,142       10,040  

Total non-interest expense

    74,123       69,707       146,820       141,110  
                                 

Income before income tax expense

    113,158       99,877       211,241       193,850  

Income tax expense

    24,180       22,678       47,235       43,267  

Net income

  $ 88,978     $ 77,199     $ 164,006     $ 150,583  
                                 

Other Comprehensive Income, net of tax

                               

Unrealized holding (losses)/gains on securities available-for-sale

    (26,455 )     247       (72,421 )     (4,039 )

Unrealized holding gains on cash flow hedge derivatives

    1,104       439       4,158       1,702  

Less: reclassification adjustments for losses included in net income

                      601  

Total other comprehensive (loss)/income, net of tax

    (25,351 )     686       (68,263 )     (2,938 )

Total other comprehensive income

  $ 63,627     $ 77,885     $ 95,743     $ 147,645  
                                 

Net Income Per Common Share:

                               

Basic

  $ 1.19     $ 0.98     $ 2.18     $ 1.90  

Diluted

  $ 1.18     $ 0.97     $ 2.17     $ 1.89  

Cash dividends paid per common share

  $ 0.34     $ 0.31     $ 0.68     $ 0.62  

Average Common Shares Outstanding:

                               

Basic

    74,958,913       79,167,004       75,144,414       79,347,886  

Diluted

    75,270,140       79,418,668       75,493,516       79,624,344  

 

See accompanying Notes to Consolidated Financial Statements.

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY

(Unaudited)

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 

Three months ended

 

Shares

  

Amount

  

Capital

  

loss

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at March 31, 2022

  75,078,258  $909  $974,748  $(45,977) $2,034,681  $(542,131) $2,422,230 

Dividend Reinvestment Plan

  21,847      927            927 

Restricted stock units vested

  51,997   1               1 

Stock issued to directors

  19,780      849            849 

Shares withheld related to  net share settlement of RSUs

        (1,730)           (1,730)

Purchases of treasury stock

  (749,998)              (30,588)  (30,588)

Stock-based compensation

        1,753            1,753 

Cash dividends of $0.34 per share

              (25,537)     (25,537)

Other comprehensive loss

           (25,351)        (25,351)

Net income

              88,978      88,978 

Balance at June 30, 2022

  74,421,884  $910  $976,547  $(71,328) $2,098,122  $(572,719) $2,431,532 

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Income

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at March 31, 2021

  79,595,025  $907  $965,566  $1,686  $1,834,920  $(342,131) $2,460,948 

Dividend Reinvestment Plan

  20,023   1   856            857 

Restricted stock units vested

  55,198                   

Shares withheld related to net share settlement of RSUs

        (1,315)           (1,315)

Stock issued to directors

  20,750      850            850 

Purchases of treasury stock

  (1,532,406)              (63,529)  (63,529)

Stock-based compensation

        1,209            1,209 

Cash dividends of $0.31 per share

              (24,548)     (24,548)

Other comprehensive income

           686         686 

Net income

              77,199      77,199 

Balance at June 30, 2021

  78,158,590  $908  $967,166  $2,372  $1,887,571  $(405,660) $2,452,357 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY

(Unaudited)

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 

Six months ended

 

Shares

  

Amount

  

Capital

  

loss

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at December 31, 2021

  75,750,862  $909  $972,474  $(3,065) $1,985,168  $(509,235) $2,446,251 

Dividend Reinvestment Plan

  43,262      1,872            1,872 

Restricted stock units vested

  62,905   1               1 

Stock issued to directors

  19,780      849            849 

Shares withheld related to net share settlement of RSUs

        (2,015)           (2,015)

Purchases of treasury stock

  (1,454,925)              (63,484)  (63,484)

Stock-based compensation

        3,367            3,367 

Cash dividends of $0.68 per share

              (51,052)     (51,052)

Other comprehensive loss

           (68,263)        (68,263)

Net income

              164,006      164,006 

Balance at June 30, 2022

  74,421,884  $910  $976,547  $(71,328) $2,098,122  $(572,719) $2,431,532 

 

 

  

 

  

 

  

Accumulated

          

 

 
  

Common Stock

  

Additional

  

Other

Comprehensive

  

 

  

 

  

 

Total

 
  

Number of

Shares

  

Amount

  

Paid-in

Capital

  

Income or

(loss)

  

Retained

Earnings

  

Treasury

Stock

  

Stockholders'

Equity

 
  

(In thousands, except share data)

 

Balance at December 31, 2020

  79,508,265  $906  $964,734  $5,310  $1,789,325  $(342,131) $2,418,144 

Cumulative effect of change in accounting principle related to ASC 326, net of tax

              (3,139)     (3,139)

Dividend Reinvestment Plan

  40,059   1   1,724            1,725 

Restricted stock units vested

  121,922   1               1 

Shares withheld related to net share settlement of RSUs

        (2,594)           (2,594)

Stock issued to directors

  20,750      850            850 

Purchases of treasury stock

  (1,532,406)              (63,529)  (63,529)

Stock-based compensation

        2,452            2,452 

Cash dividends of $0.62 per share

              (49,198)     (49,198)

Other comprehensive loss

           (2,938)        (2,938)

Net income

              150,583      150,583 

Balance at June 30, 2021

  78,158,590  $908  $967,166  $2,372  $1,887,571  $(405,660) $2,452,357