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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.
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00008618422022-02-17
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 March 31, 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 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 or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer,” and “smaller reporting 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, 75,149,231 shares outstanding as of April, 30, 2022.
CATHAY GENERAL BANCORP AND SUBSIDIARIES
1ST QUARTER 2022 REPORT ON FORM 10-Q
TABLE OF CONTENTS
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, 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; |
|
● |
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)
| | March 31, 2022 | | | December 31, 2021 | |
| | (In thousands, except share and per share data) | |
Assets | | | | | | | | |
Cash and due from banks | | $ | 138,979 | | | $ | 134,141 | |
Short-term investments and interest-bearing deposits | | | 1,119,105 | | | | 2,315,563 | |
Securities available-for-sale (amortized cost of $1,284,863 at March 31, 2022 and $1,126,867 at December 31, 2021) | | | 1,219,541 | | | | 1,127,309 | |
Loans | | | 17,398,357 | | | | 16,342,479 | |
Less: Allowance for loan losses | | | (145,786 | ) | | | (136,157 | ) |
Unamortized deferred loan fees, net | | | (4,679 | ) | | | (4,321 | ) |
Loans, net | | | 17,247,892 | | | | 16,202,001 | |
Equity securities | | | 27,740 | | | | 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 | | | 289,430 | | | | 299,211 | |
Premises and equipment, net | | | 98,795 | | | | 99,402 | |
Customers’ liability on acceptances | | | 6,753 | | | | 8,112 | |
Accrued interest receivable | | | 60,056 | | | | 56,994 | |
Goodwill | | | 375,706 | | | | 372,189 | |
Other intangible assets, net | | | 7,512 | | | | 4,627 | |
Right-of-use assets - operating leases | | | 32,045 | | | | 27,834 | |
Other assets | | | 221,699 | | | | 195,403 | |
Total assets | | $ | 20,866,570 | | | $ | 20,886,723 | |
| | | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | | |
Deposits: | | | | | | | | |
Non-interest-bearing demand deposits | | $ | 4,398,779 | | | $ | 4,492,054 | |
Interest-bearing deposits: | | | | | | | | |
NOW deposits | | | 2,435,725 | | | | 2,522,442 | |
Money market deposits | | | 5,113,385 | | | | 4,611,579 | |
Savings deposits | | | 1,156,727 | | | | 915,515 | |
Time deposits | | | 4,955,645 | | | | 5,517,252 | |
Total deposits | | | 18,060,261 | | | | 18,058,842 | |
Advances from the Federal Home Loan Bank | | | 20,000 | | | | 20,000 | |
Other borrowings of affordable housing investments | | | 23,108 | | | | 23,145 | |
Long-term debt | | | 119,136 | | | | 119,136 | |
Acceptances outstanding | | | 6,753 | | | | 8,112 | |
Lease liabilities - operating leases | | | 35,403 | | | | 30,694 | |
Other liabilities | | | 179,679 | | | | 180,543 | |
Total liabilities | | | 18,444,340 | | | | 18,440,472 | |
Commitments and contingencies | | | — | | | | — | |
Stockholders’ Equity | | | | | | | | |
Common stock, $0.01 par value, 100,000,000 shares authorized; 90,904,183 issued and 75,078,258 outstanding at March 31, 2022, and 90,871,860 issued and 75,750,862 outstanding at December 31, 2021 | | | 909 | | | | 909 | |
Additional paid-in-capital | | | 974,748 | | | | 972,474 | |
Accumulated other comprehensive loss, net | | | (45,977 | ) | | | (3,065 | ) |
Retained earnings | | | 2,034,681 | | | | 1,985,168 | |
Treasury stock, at cost (15,825,925 shares at March 31, 2022, and 15,120,998 shares at December 31, 2021) | | | (542,131 | ) | | | (509,235 | ) |
Total equity | | | 2,422,230 | | | | 2,446,251 | |
Total liabilities and equity | | $ | 20,866,570 | | | $ | 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 March 31, | |
| | 2022 | | | 2021 | |
| | (In thousands, except share and per share data) | |
Interest and Dividend Income | | | | | | | | |
Loans receivable | | $ | 166,094 | | | $ | 159,721 | |
Investment securities | | | 4,828 | | | | 3,067 | |
Federal Home Loan Bank stock | | | 261 | | | | 217 | |
Deposits with banks | | | 763 | | | | 315 | |
Total interest and dividend income | | | 171,946 | | | | 163,320 | |
| | | | | | | | |
Interest Expense | | | | | | | | |
Time deposits | | | 6,060 | | | | 14,009 | |
Other deposits | | | 5,128 | | | | 5,594 | |
Advances from Federal Home Loan Bank | | | 143 | | | | 475 | |
Long-term debt | | | 1,424 | | | | 1,424 | |
Total interest expense | | | 12,755 | | | | 21,502 | |
| | | | | | | | |
Net interest income before provision for credit losses | | | 159,191 | | | | 141,818 | |
Provision/(reversal) for credit losses | | | 8,643 | | | | (13,558 | ) |
Net interest income after provision/(reversal) for credit losses | | | 150,548 | | | | 155,376 | |
| | | | | | | | |
Non-Interest Income | | | | | | | | |
Net gains/(losses) from equity securities | | | 5,974 | | | | (2,752 | ) |
Securities losses, net | | | — | | | | 853 | |
Letters of credit commissions | | | 1,556 | | | | 1,690 | |
Depository service fees | | | 1,671 | | | | 1,363 | |
Wealth management fees | | | 4,354 | | | | 3,557 | |
Other operating income | | | 6,677 | | | | 5,289 | |
Total non-interest income | | | 20,232 | | | | 10,000 | |
| | | | | | | | |
Non-Interest Expense | | | | | | | | |
Salaries and employee benefits | | | 35,475 | | | | 32,722 | |
Occupancy expense | | | 5,613 | | | | 5,046 | |
Computer and equipment expense | | | 2,956 | | | | 3,271 | |
Professional services expense | | | 6,697 | | | | 4,710 | |
Data processing service expense | | | 2,909 | | | | 3,655 | |
FDIC and regulatory assessments | | | 1,802 | | | | 1,925 | |
Marketing expense | | | 947 | | | | 2,882 | |
Other real estate owned expense | | | 71 | | | | 94 | |
Amortization of investments in low income housing and alternative energy partnerships | | | 8,287 | | | | 11,570 | |
Amortization of core deposit intangibles | | | 224 | | | | 172 | |
Acquisition, integration and restructuring costs | | | 3,936 | | | | 732 | |
Other operating expense | | | 3,780 | | | | 4,624 | |
Total non-interest expense | | | 72,697 | | | | 71,403 | |
| | | | | | | | |
Income before income tax expense | | | 98,083 | | | | 93,973 | |
Income tax expense | | | 23,055 | | | | 20,589 | |
Net income | | $ | 75,028 | | | $ | 73,384 | |
| | | | | | | | |
Other Comprehensive Income, net of tax | | | | | | | | |
Unrealized holding losses on securities available-for-sale | | | (45,966 | ) | | | (4,887 | ) |
Unrealized holding gains on cash flow hedge derivatives | | | 3,054 | | | | 1,263 | |
Total other comprehensive loss, net of tax | | | (42,912 | ) | | | (3,624 | ) |
Total other comprehensive income | | $ | 32,116 | | | $ | 69,760 | |
| | | | | | | | |
Net Income Per Common Share: | | | | | | | | |
Basic | | $ | 1.00 | | | $ | 0.92 | |
Diluted | | $ | 0.99 | | | $ | 0.92 | |
Cash dividends paid per common share | | $ | 0.34 | | | $ | 0.31 | |
Average Common Shares Outstanding: | | | | | | | | |
Basic | | | 75,331,976 | | | | 79,530,777 | |
Diluted | | | 75,719,375 | | | | 79,832,305 | |
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 | | | Income | | | 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 | | | 21,415 | | | | — | | | | 945 | | | | — | | | | — | | | | — | | | | 945 | |
Restricted stock units vested | | | 10,908 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Shares withheld related to net share settlement of RSUs | | | — | | | | — | | | | (285 | ) | | | — | | | | — | | | | — | | | | (285 | ) |
Purchases of treasury stock | | | (704,927 | ) | | | — | | | | — | | | | — | | | | — | | | | (32,896 | ) | | | (32,896 | ) |
Stock-based compensation | | | — | | | | — | | | | 1,614 | | | | — | | | | — | | | | — | | | | 1,614 | |
Cash dividends of $0.34 per share | | | — | | | | — | | | | — | | | | — | | | | (25,515 | ) | | | — | | | | (25,515 | ) |
Other comprehensive loss | | | — | | | | — | | | | — | | | | (42,912 | ) | | | — | | | | — | | | | (42,912 | ) |
Net income | | | — | | | | — | | | | — | | | | — | | | | 75,028 | | | | — | | | | 75,028 | |
Balance at March 31, 2022 | | | 75,078,258 | | | $ | 909 | | | $ | 974,748 | | | $ | (45,977 | ) | | $ | 2,034,681 | | | $ | (542,131 | ) | | $ | 2,422,230 | |
| | | | | | | | | | | | | | 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 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 | | | — | | | | — | | | | — | | | | — | | | | (3,140 | ) | | | — | | | | (3,140 | ) |
Dividend Reinvestment Plan | | | 20,036 | | | | — | | | | 868 | | | | — | | | | — | | | | — | | | | 868 | |
Restricted stock units vested | | | 66,724 | | | | 1 | | | | — | | | | — | | | | — | | | | — | | | | 1 | |
Shares withheld related to net share settlement of RSUs | | | — | | | | — | | | | (1,279 | ) | | | — | | | | — | | | | — | | | | (1,279 | ) |
Stock-based compensation | | | — | | | | — | | | | 1,243 | | | | — | | | | — | | | | — | | | | 1,243 | |
Cash dividends of $0.31 per share | | | — | | | | — | | | | — | | | | — | | | | (24,650 | ) | | | — | | | | (24,650 | ) |
Other comprehensive loss | | | — | | | | — | | | | — | | | | (3,624 | ) | | | — | | | | — | | | | (3,624 | ) |
Net income | | | — | | | | — | | | | — | | | | — | | | | 73,384 | | | | — | | | | 73,384 | |
Balance at March 31, 2021 | | | 79,595,025 | | | $ | 907 | | | $ | 965,566 | | | $ | 1,686 | | | $ | 1,834,919 | | | $ | (342,131 | ) | | $ | 2,460,947 | |
See accompanying Notes to Consolidated Financial Statements. |
CATHAY GENERAL BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | Three months ended March 31, | |
| | 2022 | | | 2021 | |
| | (In thousands) | |
Cash Flows from Operating Activities | | | | | | | | |
Net income | | $ | 75,028 | | | $ | 73,384 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | |
Provision/(reversal) for credit losses | | | 8,643 | | | | (13,558 | ) |
Deferred tax provision | | | 3,118 | | | | 6,135 | |
Depreciation and amortization | | | 2,112 | | | | 2,044 | |
Amortization of right-of-use asset | | | 2,443 | | | | 2,221 | |
Change in operating lease liabilities | | | (1,744 | ) | | | 2,319 | |
Net gains on sale and transfer of other real estate owned | | | (6 | ) | | | — | |
Net gains on sale of loans | | | — | | | | (289 | ) |
Proceeds from sales of loans | | | — | | | | 6,345 | |
Originations of loans held for sale | | | — | | | | (6,056 | ) |
Loss on sales or disposal of fixed assets | | | 25 | | | | 22 | |
Amortization on alternative energy partnerships, venture capital and other investments | | | 8,287 | | | | 11,641 | |
Net gain on sales and calls of securities | | | 100 | | | | (853 | ) |
Amortization/accretion of security premiums/discounts, net | | | 1,494 | | | | 2,282 | |
Unrealized (gain)/loss on equity securities | | | (5,874 | ) | | | 2,752 | |
Stock-based compensation and stock issued to officers as compensation | | | 1,614 | | | | 1,243 | |
Net change in accrued interest receivable and other assets | | | (13,309 | ) | | | 11,863 | |
Net change in other liabilities | | | 4,726 | | | | (9,924 | ) |
Net cash provided by operating activities | | | 86,457 | | | | 91,571 | |
| | | | | | | | |
Cash Flows from Investing Activities | | | | | | | | |
Purchase of investment securities available-for-sale | | | (204,882 | ) | | | (50,450 | ) |
Proceeds from repayments, maturities and calls of investment securities available-for-sale | | | 45,393 | | | | 148,685 | |
Proceeds from sale of investment securities available-for-sale | | | 553 | | | | 21,102 | |
Net increase in loans | | | (413,721 | ) | | | (15,246 | ) |
Purchase of premises and equipment | | | (1,276 | ) | | | (760 | ) |
Proceeds from sales of other real estate owned | | | 307 | | | | — | |
Net decrease/(increase) in investment in affordable housing and alternative energy partnerships | | | 902 | | | | (5,950 | ) |
Acquisition, net of cash acquired | | | (73,882 | ) | | | — | |
Net cash (used)/provided for investing activities | | | (646,606 | ) | | | 97,381 | |
| | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | |
Net (decrease)/increase in deposits | | | (573,720 | ) | | | 244,327 | |
Advances from Federal Home Loan Bank | | | — | | | | 50,000 | |
Repayment of Federal Home Loan Bank borrowings | | | — | | | | (125,000 | ) |
Cash dividends paid | | | (25,515 | ) | | | (24,650 | ) |
Purchases of treasury stock | | | (32,896 | ) | | | — | |
Proceeds from shares issued under Dividend Reinvestment Plan | | | 945 | | | | 868 | |
Taxes paid related to net share settlement of RSUs | | | (285 | ) | | | (1,279 | ) |
Net cash (used)/provided by financing activities | | | (631,471 | ) | | | 144,266 | |
| | | | | | | | |
(Decrease)/Increase in cash, cash equivalents, and restricted cash | | | (1,191,620 | ) | | | 333,218 | |
Cash, cash equivalents, and restricted cash, beginning of the period | | | 2,449,704 | | | | 1,421,078 | |
Cash, cash equivalents, and restricted cash, end of the period | | $ | 1,258,084 | | | $ | 1,754,296 | |
| | | | | | | | |
Supplemental disclosure of cash flow information | | | | | | | | |
Cash paid during the period: | | | | | | | | |
Interest | | $ | 12,896 | | | $ | 25,872 | |
Income taxes paid | | $ | 1,281 | | | $ | 2,891 | |
Non-cash investing and financing activities: | | | | | | | | |
Net change in unrealized holding loss on securities available-for-sale, net of tax | | $ | (45,966 | ) | | $ | (4,887 | ) |
Net change in unrealized holding gain on cash flow hedge derivatives | | $ | 3,054 | | | $ | 1,263 | |
Transfers to other real estate owned from loans held for investment | | $ | — | | | $ | — | |
See accompanying Notes to Consolidated Financial Statements. |
CATHAY GENERAL BANCORP AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
1. Business
Cathay General Bancorp (“Bancorp”) is the holding company for Cathay Bank (the “Bank” and, together, with Bancorp, the “Company”), ten limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner, and GBC Venture Capital, Inc. Bancorp also owns 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities. The Bank was founded in 1962 and offers a wide range of financial services. As of March 31, 2022, the Bank operates 27 branches in Southern California, 20 branches in Northern California, 10 branches in New York State, four in Washington State, two in Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Deposit accounts at the Hong Kong branch are not insured by the Federal Deposit Insurance Corporation (the “FDIC”).
2. Business Combinations
The Company’s subsidiary bank, Cathay Bank completed the purchase of HSBC Bank USA, National Association’s West Coast mass retail market consumer banking business and retail business banking business on February 7, 2022. As a result of the acquisition, Cathay Bank added 10 retail branches in California and additional loans with principal balance of $646.1 million and deposits with a balance of $575.2 million.
The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the February 7, 2022 acquisition date. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. We have included the financial results of the business combinations in the condensed consolidated statement of income beginning on the acquisition date. The purchase accounting adjustments are preliminary and subject to finalization during the one-year measurement period from the date of the acquisition.
The fair value of the assets and the liabilities acquired as of February 7, 2022 are shown below:
| | Balance Sheet | |
| | (In thousands) | |
Assets: | | | | |
Cash and cash equivalents | | $ | 473 | |
Loans | | | 641,829 | |
Right-of-use assets-operating leases | | | 6,453 | |
Core deposit intagible | | | 3,138 | |
Other | | | 561 | |
Total assets | | $ | 652,454 | |
| | | | |
Liabilities assumed: | | | | |
Deposits | | $ | 575,163 | |
Lease liabilities | | | 6,453 | |
Total liabilities assumed | | $ | 581,616 | |
Net assets acquired | | $ | 70,838 | |
| | | | |
| | | | |
Total consideration paid | | $ | 74,355 | |
Goodwill | | $ | 3,517 | |
3. Basis of Presentation and Summary of Significant Accounting Policies
The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the audited Consolidated Financial Statements and Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022 (the “2021 Form 10-K”).
The preparation of the Consolidated Financial Statements in accordance with GAAP requires management of the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements. Actual results could differ from those estimates. The Company expects that the most significant estimate subject to change is the allowance for loan losses.
For comparability, the Company adjusted consolidated prior period amounts to conform to current period presentation.
4. Recent Accounting Pronouncements
In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 is effective for all entities as of March 12, 2020, through December 31, 2022. This ASU provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. In January 2021, the FASB issued ASU 2021-01 as subsequent amendments, which expanded the scope of Topic 848 to include all affected derivatives and clarified certain optional expedients and exceptions regarding the hedge accounting for derivative contracts affected by the discounting transition. Based on our current assessment, we will plan to offer SOFR as the primary alternative reference rate but may consider alternate rates based on customer demands and/or the type of loan or financial instrument. The Company will also continue to assess impacts to our operations, financial models, data and technology as part of our transition plan. The Company plans to adopt these updates this year. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements.
In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method.” Under prior guidance, entities can apply the last-of-layer hedging method to hedge the exposure of a closed portfolio of prepayable financial assets to fair value changes due to changes in interest rates for a portion of the portfolio that is not expected to be affected by prepayments, defaults, and other events affecting the timing and amount of cash flows. ASU 2022-01 expands the last-of-layer method, which permits only one hedge layer, to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. ASU 2022-01 also (i) expands the scope of the portfolio layer method to include non-prepayable financial assets, (ii) specifies eligible hedging instruments in a single-layer hedge, (iii) provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and (iv) specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. ASU 2022-01 will be effective for us on January 1, 2023 though early adoption is permitted. The adoption of ASU 2022-01 is not expected to have a significant impact on our financial statements.
In March 2022, ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.” ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in Accounting Standards Codification (“ASC”) Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, ASU 2022-02 requires entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 will be effective for us on January 1, 2023 though early adoption is permitted. The adoption of ASU 2022-02 is not expected to have a significant impact on our financial statements.
5. Cash, Cash Equivalents and Restricted Cash
The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, including for purposes of reporting cash flows, consist of cash on hand, amounts due from banks, and short-term investments with original maturity of three months or less.
The Company is required to maintain reserves with the Federal Reserve Bank. Reserve requirements are based on a percentage of deposit liabilities. There were zero average reserve balances required for the three months ended March 31, 2022 and for the year ended December 31, 2021. The average excess balance with Federal Reserve Bank was $1.6 billion for the three months ended March 31, 2022 and $1.6 billion for the year ended December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had $3.3 million and $24.3 million, respectively, on deposit in a cash margin account that serves as collateral for interest rate swaps. These amounts included $2.2 million and $5.9 million as of March 31, 2022 and December 31, 2021, respectively, on deposit in a cash margin account that serves as collateral for the Bancorp’s interest rate swaps. As of March 31, 2022 and December 31, 2021, the Company held zero and $690 thousand, respectively, in a restricted escrow account with a major bank for its alternative energy investments.
6. Earnings per Share
Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Restricted stock units (“RSUs”) with anti-dilutive effect were not included in the computation of diluted earnings per share. The following table sets forth earnings per common share calculations:
| | Three months ended March 31, | |
| | 2022 | | | 2021 | |
| | (In thousands, except share and per share data) | |
| | | | | | | | |
Net income | | $ | 75,028 | | | $ | 73,384 | |
| | | | | | | | |
Weighted-average shares: | | | | | | | | |
Basic weighted-average number of common shares outstanding | | | 75,331,976 | | | | 79,530,777 | |
Dilutive effect of weighted-average outstanding common share equivalents: | | | | | | | | |
RSUs | | | 387,399 | | | | 301,528 | |
Diluted weighted-average number of common shares outstanding | | | 75,719,375 | | | | 79,832,305 | |
| | | | | | | | |
Average restricted stock units with anti-dilutive effect | | | 22,574 | | | | 71,108 | |
Earnings per common share: | | | | | | | | |
Basic | | $ | 1.00 | | | $ | 0.92 | |
Diluted | | $ | 0.99 | | | $ | 0.92 | |
10
7. Stock-Based Compensation
Pursuant to the Company’s 2005 Incentive Plan, as amended and restated, the Company may grant incentive stock options (employees only), non-statutory stock options, common stock awards, restricted stock, RSUs, stock appreciation rights and cash awards to non-employee directors and eligible employees.
RSUs are generally granted at no cost to the recipient. RSUs generally vest ratably over three years or cliff vest after one or three years of continued employment from the date of the grant. While a portion of RSUs may be time-vesting awards, others may vest subject to the attainment of specified performance goals and are referred to as “performance-based RSUs.” All RSUs are subject to forfeiture until vested.
Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of zero and to a maximum of 150% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs generally cliff vest three years from the date of grant.
Compensation costs for the time-based awards are based on the quoted market price of the Company’s stock at the grant date. Compensation costs associated with performance-based RSUs are based on grant date fair value, which considers both market and performance conditions. Compensation costs of both time-based and performance-based awards are recognized on a straight-line basis from the grant date until the vesting date of each grant.
The following table presents RSU activity during the three months ended March 31, 2022:
| | Time-Based RSUs | | | Performance-Based RSUs | |
| | | | | | Weighted-Average | | | | | | | Weighted-Average | |
| | | | | | Grant Date | | | | | | | Grant Date | |
| | Shares | | | Fair Value | | | Shares | | | Fair Value | |
Balance at December 31, 2021 | | | 235,944 | | | $ | 32.38 | | | | 332,506 | | | $ | 31.82 | |
Granted | | | 65,389 | | | | 46.85 | | | | — | | | | — | |
Vested | | | (17,063 | ) | | | 46.29 | | | | — | | | | — | |
Forfeited | | | (1,677 | ) | | | 30.09 | | | | — | | | | — | |
Balance at March 31, 2022 | | | 282,593 | | | $ | 34.90 | | | | 332,506 | | | $ | 31.82 | |
The compensation expense recorded for RSUs was $1.6 million and $1.2 million for the three months ended March 31, 2022, and 2021, respectively. Unrecognized stock-based compensation expense related to RSUs was $10.0 million and $7.2 million as of March 31, 2022 and 2021, respectively. As of March 31, 2022, these costs are expected to be recognized over the next 2.0 years for time-based and performance-based RSUs.
As of March 31, 2022, 1,797,392 shares were available for future grants under the Company’s 2005 Incentive Plan, as amended and restated.
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8. Investment Securities
The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of securities available-for-sale as of March 31, 2022, and December 31, 2021:
| | March 31, 2022 | |
| | | | | | Gross | | | Gross | | | | | |
| | Amortized | | | Unrealized | | | Unrealized | | | | | |
| | Cost | | | Gains | | | Losses | | | Fair Value | |
| | (In thousands) | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | |
U.S. treasury securities | | $ | 119,757 | | | $ | 4 | | | $ | 13 | | | $ | 119,748 | |
U.S. government agency entities | | | 82,300 | | | | 1,050 | | | | 134 | | | | 83,216 | |
Mortgage-backed securities | | | 929,428 | | | | 521 | | | | 56,444 | | | | 873,505 | |
Collateralized mortgage obligations | | | 9,282 | | | | — | | | | 894 | | | | 8,388 | |
Corporate debt securities | | | 144,096 | | | | 50 | | | | 9,462 | | | | 134,684 | |
Total | | $ | 1,284,863 | | | $ | 1,625 | | | $ | 66,947 | | | $ | 1,219,541 | |
| | December 31, 2021 | |
| | | | | | Gross | | | Gross | | | | | |
| | Amortized | | | Unrealized | | | Unrealized | | | | | |
| | Cost | | | Gains | | | Losses | | | Fair Value | |
| | (In thousands) | |
Securities Available-for-Sale | | | | | | | | | | | | | | | | |
U.S. government agency entities | | | 86,475 | | | | 1,169 | | | | 135 | | | | 87,509 | |
Mortgage-backed securities | | | 886,614 | | | | 9,465 | | | | 7,414 | | | | 888,665 | |
Collateralized mortgage obligations | | | 9,547 | | | | — | | | | 430 | | | | 9,117 | |
Corporate debt securities | | | 144,231 | | | | 441 | | | | 2,654 | | | | 142,018 | |
Total | | $ | 1,126,867 | | | $ | 11,075 | | | $ | 10,633 | | | $ | 1,127,309 | |
As of March 31, 2022, the amortized cost of AFS debt securities excluded accrued interest receivables of $2.9 million, which are included in “accrued interest receivables” on the Consolidated Balance Sheets. For the Company’s accounting policy related to AFS debt securities’ accrued interest receivable, see Note 1 - Summary of Significant Accounting Policies – Securities Available for Sale – Allowance for Credit Losses on Available for Sale Securities to the Consolidated Financial Statements in the Company’s 2021 Form 10-K.
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The amortized cost and fair value of securities available-for-sale as of March 31, 2022, by contractual maturities, are set forth in the tables below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties.
| | March 31, 2022 | |
| | Securities Available-For-Sale | |
| | Amortized Cost | | | Fair Value | |
| | (In thousands) | |
| | | | | | | | |
Due in one year or less | | $ | 124,789 | | | $ | 124,794 | |
Due after one year through five years | | | 126,637 | | | | 117,089 | |
Due after five years through ten years | | | 142,206 | | | | 141,424 | |
Due after ten years | | | 891,231 | |