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 2020-03-31 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 2020-05-18
8-K 2020-04-27 Earnings, Exhibits
8-K 2020-01-22 Earnings, Exhibits
8-K 2019-10-17
8-K 2019-10-16
8-K 2019-07-17 Earnings, Exhibits
8-K 2019-06-20 Enter Agreement, Exhibits
8-K 2019-05-13 Shareholder Vote
8-K 2019-04-17 Earnings, Exhibits
8-K 2019-01-23 Earnings, Exhibits
8-K 2019-01-17 Officers
8-K 2018-10-26 Other Events, Exhibits
8-K 2018-10-17 Earnings, Exhibits
8-K 2018-07-18 Earnings, Exhibits
8-K 2018-05-14 Shareholder Vote
8-K 2018-04-18 Earnings, Exhibits
8-K 2018-03-09 Officers
8-K 2018-02-25 Other Events, Exhibits
8-K 2018-01-30 Earnings, Exhibits

CATY 10Q Quarterly Report

EX-31.1 ex_184245.htm
EX-31.2 ex_184246.htm
EX-32.1 ex_184247.htm
EX-32.2 ex_184248.htm

Cathay General Bancorp Earnings 2020-03-31

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

caty20200331_10q.htm
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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 ended March 31, 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 number 001-31830

 

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, 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, 79,555,526 shares outstanding as of April 30, 2020.

 

 
 

 

CATHAY GENERAL BANCORP AND SUBSIDIARies

1st 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)

7

Item 2.

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

40

Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

65

Item 4.

CONTROLS AND PROCEDURES.

66

 

 

 

PART II  – OTHER INFORMATION

66

 

 

 

Item 1.

LEGAL PROCEEDINGS.

66

Item 1A.

RISK FACTORS.

67

Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

69

Item 3.

DEFAULTS UPON SENIOR SECURITIES.

70

Item 4.

MINE SAFETY DISCLOSURES.

70

Item 5.

OTHER INFORMATION.

70

Item 6.

EXHIBITS.

 

 

 

 

 

 

 

SIGNATURES

71

 

 

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)

 

   

March 31, 2020

   

December 31, 2019

 
   

(In thousands, except share and per share data)

 

Assets

               

Cash and due from banks

  $ 136,350     $ 177,240  

Short-term investments and interest-bearing deposits

    363,666       416,538  

Securities available-for-sale (amortized cost of $1,330,232 at March 31, 2020 and $1,443,730 at December 31, 2019)

    1,355,173       1,451,842  

Loans

    15,534,212       15,075,481  

Less:  Allowance for loan losses

    (148,273 )     (123,224 )

Unamortized deferred loan fees, net

    (277 )     (626 )

Loans, net

    15,385,662       14,951,631  

Equity securities

    18,790       28,005  

Federal Home Loan Bank stock

    17,250       18,090  

Other real estate owned, net

    9,048       10,244  

Affordable housing investments and alternative energy partnerships, net

    294,639       308,681  

Premises and equipment, net

    103,481       104,239  

Customers’ liability on acceptances

    5,175       10,694  

Accrued interest receivable

    53,110       53,541  

Goodwill

    372,189       372,189  

Other intangible assets, net

    6,187       6,296  

Right-of-use assets - operating leases

    32,743       33,990  

Other assets

    142,996       150,924  

Total assets

  $ 18,296,459     $ 18,094,144  
                 

Liabilities

               

Deposits:

               

Non-interest-bearing demand deposits

  $ 2,860,580     $ 2,871,444  

Interest-bearing deposits:

               

NOW deposits

    1,514,434       1,358,152  

Money market deposits

    2,482,950       2,260,764  

Savings deposits

    710,602       758,903  

Time deposits

    7,521,584       7,443,045  

Total deposits

    15,090,150       14,692,308  

Short-term borrowings

    12,898       25,683  

Advances from the Federal Home Loan Bank

    495,000       670,000  

Other borrowings of affordable housing investments

    28,981       29,022  

Long-term debt

    119,136       119,136  

Deferred payments from acquisition

    7,716       7,644  

Acceptances outstanding

    5,175       10,694  

Lease liabilities - operating leases

    34,790       35,873  

Other liabilities

    189,576       209,501  

Total liabilities

    15,983,422       15,799,861  

Commitments and contingencies

           

Stockholders’ Equity

               

Common stock, $0.01 par value, 100,000,000 shares authorized; 90,155,230 issued and 79,420,267 outstanding at March 31, 2020, and 90,064,382 issued and 79,729,419 outstanding at December 31, 2019

    902       900  

Additional paid-in-capital

    952,331       950,466  

Accumulated other comprehensive loss, net

    9,877       2,302  

Retained earnings

    1,681,345       1,659,153  

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

    (331,418 )     (318,538 )

Total equity

    2,313,037       2,294,283  

Total liabilities and equity

  $ 18,296,459     $ 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 March 31,

 
   

2020

   

2019

 
   

(In thousands, except share and per share data)

 

Interest and Dividend Income

               

Loans receivable, including loan fees

  $ 177,870     $ 178,277  

Investment securities

    7,610       7,290  

Federal Home Loan Bank stock

    305       304  

Deposits with banks

    951       1,890  

Total interest and dividend income

    186,736       187,761  
                 

Interest Expense

               

Time deposits

    35,155       34,123  

Other deposits

    7,991       5,377  

Advances from Federal Home Loan Bank

    1,552       2,590  

Long-term debt

    1,440       2,132  

Deferred payments from acquisition

    58       217  

Short-term borrowings

    229       6  

Total interest expense

    46,425       44,445  
                 

Net interest income before provision for credit losses

    140,311       143,316  

Provision for credit losses

    25,000        

Net interest income after provision for credit losses

    115,311       143,316  
                 

Non-Interest Income

               

Net (losses)/gains from equity securities

    (6,102 )     4,163  

Securities losses, net

    6        

Letters of credit commissions

    1,640       1,554  

Depository service fees

    1,298       1,255  

Other operating income

    8,944       5,949  

Total non-interest income

    5,786       12,921  
                 

Non-Interest Expense

               

Salaries and employee benefits

    30,939       32,132  

Occupancy expense

    5,177       5,549  

Computer and equipment expense

    2,593       2,879  

Professional services expense

    5,145       5,257  

Data processing service expense

    3,666       3,410  

FDIC and regulatory assessments

    2,415       2,476  

Marketing expense

    1,886       2,141  

Other real estate owned (income)/expense

    (4,104 )     280  

Amortization of investments in low income housing and alternative energy partnerships

    13,890       10,810  

Amortization of core deposit intangibles

    172       172  

Other operating expense

    3,375       5,864  

Total non-interest expense

    65,154       70,970  
                 

Income before income tax expense

    55,943       85,267  

Income tax expense

    9,091       18,588  

Net income

  $ 46,852     $ 66,679  
                 

Other Comprehensive Income, net of tax

               

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

    11,853       8,799  

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

    (4,278 )     (1,224 )

Total other comprehensive gain, net of tax

    7,575       7,575  

Total other comprehensive income

  $ 54,427     $ 74,254  
                 

Net Income Per Common Share:

               

Basic

  $ 0.59     $ 0.83  

Diluted

  $ 0.59     $ 0.83  

Cash dividends paid per common share

  $ 0.31     $ 0.31  

Average Common Shares Outstanding:

               

Basic

    79,588,076       80,455,317  

Diluted

    79,830,025       80,703,134  

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED 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 December 31, 2019

    79,729,419     $ 900     $ 950,466     $ 2,302     $ 1,659,153     $ (318,538 )   $ 2,294,283  

Dividend Reinvestment Plan

    39,665       1       845                         846  

Restricted stock units vested

    51,183       1                               1  

Shares withheld related to net share settlement of RSUs

                (523 )                       (523 )

Purchases of treasury stock

    (400,000 )                             (12,880 )     (12,880 )

Stock -based compensation

                1,543                         1,543  

Cash dividends of $0.31 per share

                            (24,660 )           (24,660 )

Change in other comprehensive loss

                      7,575                   7,575  

Net income

                            46,852             46,852  

Balance at March 31, 2020

    79,420,267       902       952,331       9,877       1,681,345       (331,418 )     2,313,037  

 

                           

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 December 31, 2018

    80,501,948     $ 898     $ 942,062     $ (18,006 )   $ 1,479,149     $ (282,237 )   $ 2,121,866  

Dividend Reinvestment Plan

    22,945             835                         835  

Restricted stock units vested

    71,647       1                               1  

Shares withheld related to net share settlement of RSUs

                (1,593 )                       (1,593 )

Purchases of treasury stock

    (233,700 )                             (8,601 )     (8,601 )

Stock -based compensation

                1,534                         1,534  

Cash dividends of $0.31 per share

                            (24,967 )           (24,967 )

Change in other comprehensive loss

                      7,575                   7,575  

Net income