CATHAY GENERAL BANCORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

CATY$65.35-0.0%Stored close · as of Nov 10, 2026

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Contents

Consolidated Balance Sheets at December 31, 2023 and 2022

CONSOLIDATED BALANCE SHEETS

	As of December 31,
	2023	2022
(In thousands, except share and per share data)
Assets
Cash and due from banks	$173,988	$195,440
Short-term investments and interest-bearing deposits	654,813	966,962
Securities available-for-sale (amortized cost of $1,726,080 in 2023 and $1,622,173 in 2022)	1,604,570	1,473,348
Loans	19,548,140	18,254,024
Less: Allowance for loan losses	(154,562)	(146,485)
Unamortized deferred loan fees, net	(10,720)	(6,641)
Loans, net	19,382,858	18,100,898
Equity securities	40,406	22,158
Federal Home Loan Bank stock	17,746	17,250
Other real estate owned, net	19,441	4,067
Affordable housing investments and alternative energy partnerships, net	315,683	327,128
Premises and equipment, net	91,097	94,776
Customers’ liability on acceptances	3,264	2,372
Accrued interest receivable	97,673	82,428
Goodwill	375,696	375,696
Other intangible assets, net	4,461	5,757
Right-of-use assets- operating leases	32,076	29,627
Other assets	267,762	250,069
Total assets	$23,081,534	$21,947,976
Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing demand deposits	$3,529,018	$4,168,989
Interest-bearing deposits:
NOW deposits	2,370,685	2,509,736
Money market deposits	3,049,754	3,812,724
Savings deposits	1,039,203	1,000,460
Time deposits	9,336,787	7,013,370
Total deposits	19,325,447	18,505,279
Advances from the Federal Home Loan Bank	540,000	485,000
Other borrowings for affordable housing investments	15,787	22,600
Long-term debt	119,136	119,136
Acceptances outstanding	3,264	2,372
Lease liabilities - operating leases	34,797	32,518
Other liabilities	306,528	307,031
Total liabilities	20,344,959	19,473,936
Commitments and contingencies	—	—
Stockholders’ Equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 91,392,480 issued and 72,668,927 outstanding at December 31, 2023, and 91,090,614 issued and 72,742,151 outstanding at December 31, 2022	914	911
Additional paid-in-capital	987,953	981,119
Accumulated other comprehensive income loss, net	(85,416)	(102,295)
Retained earnings	2,500,341	2,244,855
Treasury stock, at cost (18,723,553 shares at December 31, 2023, and 18,348,463 shares at December 31, 2022)	(667,217)	(650,550)
Total equity	2,736,575	2,474,040
Total liabilities and equity	$23,081,534	$21,947,976

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

	Year Ended December 31,
	2023	2022	2021
	(In thousands, except share
	and per share data)
Interest and Dividend Income
Loan receivable	$1,130,242	$801,981	$649,224
Investment securities	51,717	28,240	14,151
Federal Home Loan Bank stock	1,349	1,103	991
Deposits with banks	58,914	19,957	2,145
Total interest and dividend income	1,242,222	851,281	666,511
Interest Expense
Time deposits	331,997	56,354	40,542
Other deposits	135,965	48,942	21,259
Advances from the Federal Home Loan Bank	22,164	5,880	1,182
Long-term debt	6,480	5,546	5,773
Short-term borrowings	3,870	862	—
Total interest expense	500,476	117,584	68,756
Net interest income before provision for credit losses	741,746	733,697	597,755
Provision/(reversal) for credit losses	25,978	14,543	(16,008)
Net interest income after provision for credit losses	715,768	719,154	613,763
Non-Interest Income
Net gains/(losses) from equity securities	18,248	392	(1,426)
Securities (losses)/gains, net	(3,000)	—	853
Letters of credit commissions	6,716	6,351	7,103
Depository service fees	6,432	6,523	5,584
Wealth management fees	17,506	16,436	15,056
Other operating income	22,390	27,112	27,433
Total non-interest income	68,292	56,814	54,603
Non-Interest Expense
Salaries and employee benefits	154,149	142,546	132,795
Occupancy expense	22,270	22,808	20,318
Computer and equipment expense	17,478	13,603	13,549
Professional services expense	32,491	28,237	23,666
Data processing service expense	14,728	13,181	13,607
FDIC and State assessments	23,588	8,037	7,132
Marketing expense	5,887	6,863	6,913
Other real estate owned expense	761	127	343
Amortization of investments in low income housing and
Alternative energy partnerships	86,616	42,065	45,447
Amortization of core deposit premium	1,310	1,892	687
Cost associated with debt redemption	—	—	732
Acquisition, integration and reorganization costs	671	4,127	1,425
Other operating expense	20,529	19,946	19,909
Total non-interest expense	380,478	303,432	286,523
Income before income tax expense	403,582	472,536	381,843
Income tax expense	49,458	111,894	83,539
Net income	$354,124	$360,642	$298,304
Other Comprehensive Income/(Loss), Net of Tax:
Net holding gains/(losses) on securities available-for-sale	18,642	(105,043)	(11,989)
Net holding (losses)/gains on cash flow hedge derivatives	(1,763)	5,813	3,614
Total other comprehensive income/(loss), net of tax	16,879	(99,230)	(8,375)
Total comprehensive income	$371,003	$261,412	$289,929
Net Income Per Common Share
Basic	$4.88	$4.85	$3.81
Diluted	$4.86	$4.83	$3.80
Cash dividends paid per common share	$1.36	$1.36	$1.27
Average Common Shares Outstanding:
Basic	72,573,025	74,337,265	78,268,369
Diluted	72,862,628	74,664,735	78,570,638

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