Company Quick10K Filing
Cathay General Bancorp
Price35.26 EPS3
Shares80 P/E10
MCap2,832 P/FCF9
Net Debt-665 EBIT530
TEV2,168 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-02
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-04
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-09
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-16
8-K 2020-07-27 Earnings, Regulation FD, Exhibits
8-K 2020-07-16 Enter Agreement, Officers, Exhibits
8-K 2020-05-18
8-K 2020-04-27
8-K 2020-01-22
8-K 2019-10-17
8-K 2019-10-16
8-K 2019-07-17
8-K 2019-06-20
8-K 2019-05-13
8-K 2019-04-17
8-K 2019-01-23
8-K 2019-01-17
8-K 2018-10-26
8-K 2018-10-17
8-K 2018-07-18
8-K 2018-05-14
8-K 2018-04-18
8-K 2018-03-09
8-K 2018-02-25
8-K 2018-01-30

CATY 10Q Quarterly Report

EX-10.1 ex_197249.htm
EX-31.1 ex_196638.htm
EX-31.2 ex_196639.htm
EX-32.1 ex_196640.htm
EX-32.2 ex_196641.htm

Cathay General Bancorp Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.60.30.1-0.2-0.4-0.72012201420172020
Ops, Inv, Fin

caty20200630_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 endedJune 30, 2020

 

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 (I.R.S. Employer
or organization) 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, 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 filerAccelerated 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, 79,620,001 shares outstanding as of July 31, 2020.

 

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARies

2nd quarter 2020 REPORT ON FORM 10-Q

table of contents

 

PART I – FINANCIAL INFORMATION 3
   
Item 1. FINANCIAL STATEMENTS (Unaudited) 3
  NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 8
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 42
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 69
Item 4. CONTROLS AND PROCEDURES. 70
     
PART II – OTHER INFORMATION 70
   
Item 1. LEGAL PROCEEDINGS. 70
Item 1A. RISK FACTORS. 71
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 73
Item 3. DEFAULTS UPON SENIOR SECURITIES. 74
Item 4. MINE SAFETY DISCLOSURES. 74
Item 5. OTHER INFORMATION. 74
Item 6. EXHIBITS. 74
   
   
SIGNATURES 75

 

 

 

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;

 

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, including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”);

 

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 the COVID-19 pandemic) 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 our 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, 2019 (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

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

June 30, 2020

  

December 31, 2019

 
  

(In thousands, except share and per share data)

 

Assets

        

Cash and due from banks 

 $148,700  $177,240 

Short-term investments and interest-bearing deposits 

  1,425,001   416,538 

Securities available-for-sale (amortized cost of $1,122,994 at June 30, 2020 and $1,443,730 at December 31, 2019) 

  1,146,102   1,451,842 

Loans

  15,608,283   15,075,481 

Less:  Allowance for loan losses 

  (169,680)  (123,224)

Unamortized deferred loan fees, net 

  (4,507)  (626)

Loans, net 

  15,434,096   14,951,631 

Equity securities 

  24,570   28,005 

Federal Home Loan Bank stock 

  17,250   18,090 

Other real estate owned, net 

  7,318   10,244 

Affordable housing investments and alternative energy partnerships, net 

  320,047   308,681 

Premises and equipment, net 

  104,165   104,239 

Customers’ liability on acceptances 

  10,665   10,694 

Accrued interest receivable 

  54,326   53,541 

Goodwill 

  372,189   372,189 

Other intangible assets, net 

  6,030   6,296 

Right-of-use assets - operating leases 

  34,217   33,990 

Other assets 

  162,361   150,924 

Total assets

 $19,267,037  $18,094,144 
         

Liabilities

        

Deposits:

        

Non-interest-bearing demand deposits 

 $3,298,415  $2,871,444 

Interest-bearing deposits:

        

NOW deposits 

  1,671,290   1,358,152 

Money market deposits 

  2,982,385   2,260,764 

Savings deposits 

  743,982   758,903 

Time deposits 

  7,585,832   7,443,045 

Total deposits 

  16,281,904   14,692,308 

Short-term borrowings 

     25,683 

Advances from the Federal Home Loan Bank 

  230,000   670,000 

Other borrowings of affordable housing investments 

  32,399   29,022 

Long-term debt 

  119,136   119,136 

Deferred payments from acquisition 

  7,753   7,644 

Acceptances outstanding 

  10,665   10,694 

Lease liabilities - operating leases 

  36,408   35,873 

Other liabilities 

  206,324   209,501 

Total liabilities

  16,924,589   15,799,861 

Commitments and contingencies 

        

Stockholders’ Equity

        

Common stock, $0.01 par value, 100,000,000 shares authorized; 90,354,947 issued and 79,619,984 outstanding at June 30, 2020, and 90,064,382 issued and 79,729,419 outstanding at December 31, 2019 

  903   900 

Additional paid-in-capital 

  953,616   950,466 

Accumulated other comprehensive income, net 

  8,353   2,302 

Retained earnings 

  1,710,994   1,659,153 

Treasury stock, at cost (10,734,963 shares at June 30, 2020, and 10,334,963 shares at December 31, 2019)

  (331,418)  (318,538)

Total equity

  2,342,448   2,294,283 

Total liabilities and equity

 $19,267,037  $18,094,144 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(Unaudited)

 

   

Three months ended June 30,

   

Six months ended June 30,

 
   

2020

   

2019

   

2020

   

2019

 
   

(In thousands, except share and per share data)

 

Interest and Dividend Income

                               

Loans receivable, including loan fees

  $ 168,149     $ 182,291     $ 346,019     $ 360,568  

Investment securities 

    5,405       8,477       13,015       15,767  

Federal Home Loan Bank stock 

    214       298       519       602  

Deposits with banks 

    240       1,383       1,191       3,273  

Total interest and dividend income

    174,008       192,449       360,744       380,210  
                                 

Interest Expense

                               

Time deposits 

    30,811       39,491       65,966       73,614  

Other deposits 

    5,919       5,588       13,910       10,965  

Advances from Federal Home Loan Bank 

    1,316       1,725       2,868       4,315  

Long-term debt 

    1,440       2,007       2,880       4,139  

Deferred payments from acquisition 

    42       192       100       409  

Short-term borrowings

    5       67       234       73  

Total interest expense

    39,533       49,070       85,958       93,515  
                                 

Net interest income before provision for credit losses 

    134,475       143,379       274,786       286,695  

Provision for credit losses 

    25,000             50,000        

Net interest income after provision for credit losses

    109,475       143,379       224,786       286,695  
                                 

Non-Interest Income

                               

Net gains/(losses) from equity securities

    5,779       3,237       (323 )     7,400  

Securities gains, net 

    1,147       13       1,153       13  

Letters of credit commissions

    1,560       1,577       3,200       3,131  

Depository service fees 

    1,117       1,243       2,415       2,498  

Other operating income 

    6,003       6,724       14,947       12,673  

Total non-interest income

    15,606       12,794       21,392       25,715  
                                 

Non-Interest Expense

                               

Salaries and employee benefits 

    28,197       33,153       59,136       65,285  

Occupancy expense 

    4,963       5,489       10,140       11,038  

Computer and equipment expense 

    2,581       2,833       5,174       5,712  

Professional services expense 

    5,200       6,000       10,345       11,257  

Data processing service expense 

    3,566       3,081       7,232       6,491  

FDIC and regulatory assessments 

    2,446       2,132       4,861       4,608  

Marketing expense 

    915       979       2,801       3,120  

Other real estate owned expense/(income) 

    452       369       (3,652 )     649  

Amortization of investments in low income housing and alternative energy partnerships 

    12,934       9,102       26,824       19,912  

Amortization of core deposit intangibles 

    171       171       343       343  

Other operating expense 

    5,843       6,237       9,218       12,101  

Total non-interest expense

    67,268       69,546       132,422       140,516  
                                 

Income before income tax expense 

    57,813       86,627       113,756       171,894  

Income tax expense 

    3,492       14,383       12,583       32,971  

Net income

  $ 54,321     $ 72,244     $