10-Q 1 caty20230930_10q.htm FORM 10-Q caty20230630_10q.htm
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   Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2023

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, California 90012
(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, a 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, 72,648,863 shares outstanding as of October 31, 2023.

 

   

 
 

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 clients and our operations, assets and liabilities;

 

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) 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 sucessfully 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, 2022 (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)

 

  

September 30, 2023

  

December 31, 2022

 
  

(In thousands, except share data)

 

Assets

        

Cash and due from banks

 $145,580  $195,440 

Short-term investments and interest-bearing deposits

  1,017,354   966,962 

Securities available-for-sale (amortized cost of $1,684,951 at September 30, 2023 and $1,622,173 at December 31, 2022)

  1,508,798   1,473,348 

Loans

  19,023,822   18,254,024 

Less: Allowance for loan losses

  (154,619)  (146,485)

Unamortized deferred loan fees, net

  (9,521)  (6,641)

Loans, net

  18,859,682   18,100,898 

Equity securities

  31,456   22,158 

Federal Home Loan Bank stock

  17,250   17,250 

Other real estate owned, net

  14,407   4,067 

Affordable housing investments and alternative energy partnerships, net

  332,903   327,128 

Premises and equipment, net

  91,033   94,776 

Customers’ liability on acceptances

  16,900   2,372 

Accrued interest receivable

  90,875   82,428 

Goodwill

  375,696   375,696 

Other intangible assets, net

  4,725   5,757 

Right-of-use assets - operating leases

  30,586   29,627 

Other assets

  307,284   250,069 

Total assets

 $22,844,529  $21,947,976 
         

Liabilities and Stockholders’ Equity

        

Deposits:

        

Non-interest-bearing demand deposits

 $3,623,483  $4,168,989 

Interest-bearing deposits:

        

NOW deposits

  2,454,878   2,509,736 

Money market deposits

  3,222,612   3,812,724 

Savings deposits

  1,131,352   1,000,460 

Time deposits

  9,203,263   7,013,370 

Total deposits

  19,635,588   18,505,279 

Advances from the Federal Home Loan Bank

  15,000   485,000 

Other borrowings of affordable housing investments

  22,374   22,600 

Long-term debt

  119,136   119,136 

Acceptances outstanding

  16,900   2,372 

Lease liabilities - operating leases

  32,962   32,518 

Other liabilities

  363,833   307,031 

Total liabilities

  20,205,793   19,473,936 

Commitments and contingencies

      

Stockholders’ Equity

        

Common stock, $0.01 par value, 100,000,000 shares authorized; 91,310,545 issued and 72,586,992 outstanding at September 30, 2023, and 91,090,614 issued and 72,742,151 outstanding at December 31, 2022

  913   911 

Additional paid-in-capital

  986,074   981,119 

Accumulated other comprehensive loss, net

  (123,533)  (102,295)

Retained earnings

  2,442,516   2,244,856 

Treasury stock, at cost (18,723,553 shares at September 30, 2023, and 18,348,463 shares at December 31, 2022)

  (667,234)  (650,551)

Total equity

  2,638,736   2,474,040 

Total liabilities and equity

 $22,844,529  $21,947,976 

 

See accompanying Notes to Consolidated Financial Statements.

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(Unaudited)

 

   

Three Months Ended September 30,

   

Nine Months Ended September 30,

 
   

2023

   

2022

   

2023

   

2022

 
   

(In thousands, except share and per share data)

 

Interest and Dividend Income

                               

Loans receivable

  $ 293,108     $ 211,541     $ 827,765     $ 558,657  

Investment securities

    12,698       7,483       36,832       18,059  

Federal Home Loan Bank stock

    355       258       957       774  

Deposits with banks

    17,307       6,732       43,405       10,003  

Total interest and dividend income

    323,468       226,014       908,959       587,493  
                                 

Interest Expense

                               

Time deposits

    90,022       10,218       234,171       22,002  

Other deposits

    38,207       13,871       92,683       25,894  

Advances from Federal Home Loan Bank

    6,779       2,941       14,875       3,396  

Long-term debt

    1,726       1,455       4,721       4,318  

Short-term debt

    1,094             2,901        

Total interest expense

    137,828       28,485       349,351       55,610  
                                 

Net interest income before provision for credit losses

    185,640       197,529       559,608       531,883  

Provision for credit losses

    7,000       2,000       24,255       13,143  

Net interest income after provision for credit losses

    178,640       195,529       535,353       518,740  
                                 

Non-Interest Income

                               

Net (losses)/gains from equity securities

    (6,218 )     (3,661 )     9,298       1,358  

Securities losses, net

                (3,000 )      

Letters of credit commissions

    1,738       1,609       4,972       4,767  

Depository service fees

    1,536       1,690       5,009       4,993  

Wealth management fees

    5,150       4,184       12,686       12,494  

Other operating income

    5,631       6,054       16,226       21,114  

Total non-interest income

    7,837       9,876       45,191       44,726  
                                 

Non-Interest Expense

                               

Salaries and employee benefits

    38,774       34,677       114,048       107,453  

Occupancy expense

    5,851       5,975       16,883       17,150  

Computer and equipment expense

    4,387       3,509       12,899       9,762  

Professional services expense

    7,906       6,337       24,212       20,738  

Data processing service expense

    3,614       3,484       11,010       9,813  

FDIC and regulatory assessments

    3,063       2,003       9,230       5,999  

Marketing expense

    1,587       2,005       4,777       4,692  

Other real estate owned expense

    435       55       566       93  

Amortization of investments in low income housing and alternative energy partnerships

    23,157       11,949       60,497       27,471  

Amortization of core deposit intangibles

    250       250       1,059       724  

Acquisition, integration and restructuring costs

          59             4,086  

Other operating expense

    4,949       5,085       14,799       14,227  

Total non-interest expense

    93,973       75,388       269,980       222,208  
                                 

Income before income tax expense

    92,504       130,017       310,564       341,258  

Income tax expense

    10,133       30,982       38,966       78,217  

Net income

  $ 82,371     $ 99,035     $ 271,598     $ 263,041  
                                 

Other Comprehensive Income/(Loss), net of tax

                               

Net holding losses on securities available-for-sale

    (24,043 )     (43,191 )     (19,915 )     (115,612 )

Net holding (losses)/gains on cash flow hedge derivatives

    (441 )     1,645       (1,323 )     5,803  

Total other comprehensive loss, net of tax

    (24,484 )     (41,546 )     (21,238 )     (109,809 )

Total other comprehensive income

  $ 57,887     $ 57,489     $ 250,360     $ 153,232  
                                 

Net Income Per Common Share:

                               

Basic

  $ 1.14     $ 1.34     $ 3.74     $ 3.52  

Diluted

  $ 1.13     $ 1.33     $ 3.73     $ 3.50  

Cash dividends paid per common share

  $ 0.34     $ 0.34     $ 1.02     $ 1.02  

Average Common Shares Outstanding:

                               

Basic

    72,568,518       73,956,052       72,546,149       74,743,941  

Diluted

    72,890,414       74,242,052       72,847,907       75,068,232  

 

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 June 30, 2023

  72,563,169  $913  $983,233  $(99,049) $2,384,817  $(667,243) $2,602,671 

Dividend Reinvestment Plan

  23,397      865            865 

Restricted stock units vested

  426                   

Shares withheld related to net share settlement of RSUs

        (11)           (11)

Purchases of treasury stock

                 9   9 

Stock-based compensation

        1,987            1,987 

Cash dividends of $0.34 per share

              (24,672)     (24,672)

Other comprehensive loss

           (24,484)        (24,484)

Net income

              82,371      82,371 

Balance at September 30, 2023

  72,586,992  $913  $986,074  $(123,533) $2,442,516  $(667,234) $2,638,736 

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Loss

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at June 30, 2022

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

Dividend Reinvestment Plan

  21,880   1   919            920 

Restricted stock units vested

  47,736                   

Shares withheld related to net share settlement of RSUs

        (849)           (849)

Purchases of treasury stock

  (1,079,540)              (46,290)  (46,290)

Stock-based compensation

        1,816            1,816 

Cash dividends of $0.34 per share

              (25,059)     (25,059)

Other comprehensive loss

           (41,546)        (41,546)

Net income

              99,035      99,035 

Balance at September 30, 2022

  73,411,960  $911  $978,433  $(112,874) $2,172,098  $(619,009) $2,419,559 

 

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'

 

Nine Months Ended

 

Shares

  

Amount

  

Capital

  

loss

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at December 31, 2022

  72,742,151  $911  $981,119  $(102,295) $2,244,856  $(650,551) $2,474,040 

Dividend Reinvestment Plan

  73,269   1   2,698            2,699 

Restricted stock units vested

  121,302   1               1 

Stock issued to directors

  25,360      850            850 

Shares withheld related to net share settlement of RSUs

        (3,538)           (3,538)

Purchases of treasury stock

  (375,090)              (16,683)  (16,683)

Stock-based compensation

        4,945            4,945 

Cash dividends of $1.02 per share

              (73,938)     (73,938)

Other comprehensive loss

           (21,238)        (21,238)

Net income

              271,598      271,598 

Balance at September 30, 2023

  72,586,992  $913  $986,074  $(123,533) $2,442,516  $(667,234) $2,638,736 

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 

Nine 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

  65,142   1   2,791            2,792 

Restricted stock units vested

  110,641   1               1 

Stock issued to directors

  19,780      849            849 

Shares withheld related to net share settlement of RSUs

        (2,864)           (2,864)

Purchases of treasury stock

  (2,534,465)              (109,774)  (109,774)

Stock-based compensation

        5,183            5,183 

Cash dividends of $1.02 per share

              (76,111)     (76,111)

Other comprehensive loss

           (