10-Q 1 caty20220930_10q.htm FORM 10-Q caty20220930_10q.htm
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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. 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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 endedSeptember 30, 2022

OR

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

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

 

to

 

Commission file 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, 74,413,792 shares outstanding as of October 31, 2022.

 

  

 

Forward-Looking Statements

 

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

 

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

 

 

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

 

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

 

possible additional provisions for loan losses and charge-offs;

 

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

 

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

 

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

 

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

 

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

 

potential goodwill impairment;

 

liquidity risk;

 

fluctuations in interest rates;

 

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

 

inflation and deflation;

 

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

 

environmental liabilities;

 

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

 

our ability to compete with larger competitors;

 

 

 

our ability to retain key personnel;

 

successful management of reputational risk;

 

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

 

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

 

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

 

risk management processes and strategies;

 

adverse results in legal proceedings;

 

the impact of regulatory enforcement actions, if any;

 

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

 

changes in accounting standards or tax laws and regulations;

 

market disruption and volatility;

 

fluctuations in the Bancorp’s stock price;

 

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

 

issuances of preferred stock;

 

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

 

the soundness of other financial institutions.

 

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

 

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

 

 

PART I FINANCIAL INFORMATION

 

Item 1. FINANCIAL STATEMENTS (Unaudited)

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

September 30, 2022

  

December 31, 2021

 
  

(In thousands, except share and per share data)

 

Assets

        

Cash and due from banks

 $200,051  $134,141 

Short-term investments and interest-bearing deposits

  1,063,294   2,315,563 

Securities available-for-sale (amortized cost of $1,577,311 at September 30, 2022, and $1,126,867 at December 31, 2021)

  1,414,411   1,127,309 

Loans

  18,106,803   16,342,479 

Less:  Allowance for loan losses

  (148,817)  (136,157)

Unamortized deferred loan fees, net

  (6,936)  (4,321)

Loans, net

  17,951,050   16,202,001 

Equity securities

  23,123   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

  325,439   299,211 

Premises and equipment, net

  96,419   99,402 

Customers’ liability on acceptances

  6,899   8,112 

Accrued interest receivable

  71,177   56,994 

Goodwill

  375,696   372,189 

Other intangible assets, net

  6,948   4,627 

Right-of-use assets - operating leases

  30,679   27,834 

Other assets

  303,628   195,403 

Total assets

 $21,890,131  $20,886,723 
         

Liabilities and Stockholders Equity

        

Deposits:

        

Non-interest-bearing demand deposits

 $4,398,152  $4,492,054 

Interest-bearing deposits:

        

NOW deposits

  2,570,036   2,522,442 

Money market deposits

  4,935,266   4,611,579 

Savings deposits

  1,128,823   915,515 

Time deposits

  5,543,474   5,517,252 

Total deposits

  18,575,751   18,058,842 

Advances from the Federal Home Loan Bank

  360,000   20,000 

Other borrowings of affordable housing investments

  22,651   23,145 

Long-term debt

  119,136   119,136 

Acceptances outstanding

  6,899   8,112 

Lease liabilities - operating leases

  33,931   30,694 

Other liabilities

  352,204   180,543 

Total liabilities

  19,470,572   18,440,472 

Commitments and contingencies

      

Stockholders Equity

        

Common stock, $0.01 par value, 100,000,000 shares authorized; 91,067,423 issued and 73,411,960 outstanding at September 30, 2022, and 90,871,860 issued and 75,750,862 outstanding at December 31, 2021

  911   909 

Additional paid-in-capital

  978,433   972,474 

Accumulated other comprehensive loss, net

  (112,874)  (3,065)

Retained earnings

  2,172,098   1,985,168 

Treasury stock, at cost (17,655,463 shares at September 30, 2022, and 15,120,998 shares at December 31, 2021)

  (619,009)  (509,235)

Total equity

  2,419,559   2,446,251 

Total liabilities and equity

 $21,890,131  $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 September 30,

  

Nine months ended September 30,

 
  

2022

  

2021

  

2022

  

2021

 
  

(In thousands, except share and per share data)

 

Interest and Dividend Income

                

Loans receivable

 $211,541  $163,948  $558,657  $485,162 

Investment securities

  7,483   3,707   18,059   9,963 

Federal Home Loan Bank stock

  258   258   774   730 

Deposits with banks

  6,732   714   10,003   1,467 

Total interest and dividend income

  226,014   168,627   587,493   497,322 
                 

Interest Expense

                

Time deposits

  10,218   9,299   22,002   33,363 

Other deposits

  13,871   5,243   25,894   16,302 

Advances from Federal Home Loan Bank

  2,941   146   3,396   1,036 

Long-term debt

  1,455   1,455   4,318   4,318 

Total interest expense

  28,485   16,143   55,610   55,019 
                 

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

  197,529   152,484   531,883   442,303 

Provision/(reversal) for credit losses

  2,000   3,050   13,143   (19,508)

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

  195,529   149,434   518,740   461,811 
                 

Non-Interest Income

                

Net (losses)/gains from equity securities

  (3,661)  3   1,358   (3,628)

Securities losses, net

           853 

Letters of credit commissions

  1,609   1,764   4,767   5,236 

Depository service fees

  1,690   1,401   4,993   4,107 

Wealth management fees

  4,184   3,578   12,494   11,074 

Other operating income

  6,054   5,470   21,114   17,157 

Total non-interest income

  9,876   12,216   44,726   34,799 
                 

Non-Interest Expense

                

Salaries and employee benefits

  34,677   33,437   107,453   98,917 

Occupancy expense

  5,975   5,136   17,150   15,142 

Computer and equipment expense

  3,509   3,175   9,762   10,093 

Professional services expense

  6,337   6,232   20,738   16,698 

Data processing service expense

  3,484   3,524   9,813   10,422 

FDIC and regulatory assessments

  2,003   1,830   5,999   5,195 

Marketing expense

  2,005   945   4,692   5,270 

Other real estate owned expense/(income)

  55   (88)  93   197 

Amortization of investments in low income housing and alternative energy partnerships

  11,949   12,411   27,471   34,663 

Amortization of core deposit intangibles

  250   172   724   515 

Cost associated with debt redemption

           732 

Acquisition, integration and restructuring costs

  59   476   4,086   476 

Other operating expense

  5,085   4,965   14,227   15,005 

Total non-interest expense

  75,388   72,215   222,208   213,325 
                 

Income before income tax expense

  130,017   89,435   341,258   283,285 

Income tax expense

  30,982   17,038   78,217   60,305 

Net income

 $99,035  $72,397  $263,041  $222,980 
                 

Other Comprehensive Income, net of tax

                

Net holding losses on securities available-for-sale

  (43,191)  (3,232)  (115,612)  (7,872)

Net holding gains on cash flow hedge derivatives

  1,645   492   5,803   2,194 

Total other comprehensive loss, net of tax

  (41,546)  (2,740)  (109,809)  (5,678)

Total other comprehensive income

 $57,489  $69,657  $153,232  $217,302 
                 

Net Income Per Common Share:

                

Basic

 $1.35  $0.93  $3.53  $2.83 

Diluted

 $1.35  $0.93  $3.52  $2.82 

Cash dividends paid per common share

 $0.34  $0.31  $1.02  $0.93 

Average Common Shares Outstanding:

                

Basic

  73,158,096   77,846,424   74,475,032   78,841,899 

Diluted

  73,444,096   78,153,408   74,799,324   79,128,644 

 

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, 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 

 

              

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 June 30, 2021

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

Dividend Reinvestment Plan

  22,267      894            894 

Restricted stock units vested

  1,971                   

Shares withheld related to net share settlement of RSUs

        (38)           (38)

Purchases of treasury stock

  (942,613)              (37,139)  (37,139)

Stock-based compensation

        1,697            1,697 

Cash dividends of $0.31 per share

              (24,137)     (24,137)

Other comprehensive income

           (2,740)        (2,740)

Net income

              72,397      72,397 

Balance at September 30, 2021

  77,240,215  $908  $969,719  $(368) $1,935,831  $(442,799) $2,463,291 

 

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, 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

           (109,809)        (109,809)

Net income

              263,041      263,041 

Balance at September 30, 2022

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

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Income or (loss)

  

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

              (3,139)     (3,139)

Dividend Reinvestment Plan

  62,326   1   2,618            2,619 

Restricted stock units vested

  123,893   1               1 

Stock issued to directors

  20,750      850            850 

Shares withheld related to net share settlement of RSUs

        (2,632)           (2,632)

Purchases of treasury stock

  (2,475,019)              (100,668)  (100,668)

Stock-based compensation

        4,149            4,149 

Cash dividends of $0.93 per share

              (73,335)     (73,335)

Other comprehensive loss

           (5,678)        (5,678)

Net income

              222,980      222,980 

Balance at September 30, 2021

  77,240,215  $908  $969,719  $(368) $1,935,831  $(442,799) $2,463,291 

 

See accompanying Notes to Consolidated Financial Statements.

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Nine months ended September 30,

 
   

2022