CATHAY GENERAL BANCORP

For the period ended Dec 31, 2024. Filed Feb 28, 2025.

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FY2024 · Filed Feb 28, 2025

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

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Contents

Consolidated Balance Sheets at December 31, 2024 and 2023

CONSOLIDATED BALANCE SHEETS

	As of December 31,
	2024	2023
(In thousands, except share data)
Assets
Cash and due from banks	$157,167	$173,988
Short-term investments and interest-bearing deposits	882,353	654,813
Securities available-for-sale (amortized cost of $1,668,661 in 2024 and $1,726,080 in 2023)	1,547,128	1,604,570
Loans held for sale	—	—
Loans	19,375,955	19,548,140
Less: Allowance for loan losses	(161,765)	(154,562)
Unamortized deferred loan fees, net	(10,541)	(10,720)
Loans, net	19,203,649	19,382,858
Equity securities	34,429	40,406
Federal Home Loan Bank stock	17,250	17,746
Other real estate owned, net	23,071	19,441
Affordable housing investments and alternative energy partnerships, net	289,611	315,683
Premises and equipment, net	88,676	91,097
Customers’ liability on acceptances	14,061	3,264
Accrued interest receivable	97,779	97,673
Goodwill	375,696	375,696
Other intangible assets, net	3,335	4,461
Right-of-use assets- operating leases	28,645	32,076
Other assets	291,831	267,762
Total assets	$23,054,681	$23,081,534
Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing demand deposits	$3,284,342	$3,529,018
Interest-bearing deposits:
NOW deposits	2,205,695	2,370,685
Money market deposits	3,372,773	3,049,754
Savings deposits	1,252,788	1,039,203
Time deposits	9,570,601	9,336,787
Total deposits	19,686,199	19,325,447
Advances from the Federal Home Loan Bank	60,000	540,000
Other borrowings for affordable housing investments	17,740	15,787
Long-term debt	119,136	119,136
Acceptances outstanding	14,061	3,264
Lease liabilities - operating leases	30,851	34,797
Other liabilities	280,990	306,528
Total liabilities	20,208,977	20,344,959
Commitments and contingencies	—	—
Stockholders’ Equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 91,615,458 issued and 70,863,324 outstanding at December 31, 2024, and 91,392,480 issued and 72,668,927 outstanding at December 31, 2023	916	914
Additional paid-in-capital	993,962	987,953
Accumulated other comprehensive loss, net	(85,607)	(85,416)
Retained earnings	2,688,353	2,500,341
Treasury stock, at cost (20,752,134 shares at December 31, 2024, and 18,723,553 shares at December 31, 2023)	(751,920)	(667,217)
Total equity	2,845,704	2,736,575
Total liabilities and equity	$23,054,681	$23,081,534

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

	Year Ended December 31,
	2024	2023	2022
(In thousands, except share and per share data)
Interest and Dividend Income
Loan receivable	$1,217,166	$1,130,242	$801,981
Investment securities	59,307	51,717	28,240
Federal Home Loan Bank stock	1,684	1,349	1,103
Deposits with banks	56,818	58,914	19,957
Total interest and dividend income	1,334,975	1,242,222	851,281
Interest Expense
Time deposits	458,490	331,997	56,354
Other deposits	177,775	135,965	48,942
Advances from the Federal Home Loan Bank	14,283	22,164	5,880
Long-term debt	8,129	6,480	5,546
Short-term borrowings	2,243	3,870	862
Total interest expense	660,920	500,476	117,584
Net interest income before provision for credit losses	674,055	741,746	733,697
Provision for credit losses	37,500	25,978	14,543
Net interest income after provision for credit losses	636,555	715,768	719,154
Non-Interest Income
Net (losses)/gains from equity securities	(7,516)	18,248	392
Net gains/(losses) from securities available for sale	1,107	(3,000)	—
Letters of credit commissions	7,749	6,716	6,351
Depository service fees	6,574	6,432	6,523
Wealth management fees	24,055	17,506	16,436
Other operating income	23,695	22,390	27,112
Total non-interest income	55,664	68,292	56,814
Non-Interest Expense
Salaries and employee benefits	167,376	154,149	142,546
Occupancy expense	23,281	22,270	22,808
Computer and equipment expense	20,135	17,478	13,603
Professional services expense	30,986	32,491	28,237
Data processing service expense	16,370	14,728	13,181
FDIC and State assessments	14,279	23,588	8,037
Marketing expense	6,520	5,887	6,863
Other real estate owned expense	2,699	761	127
Amortization of investments in low income housing and
Alternative energy partnerships	72,633	86,616	42,065
Amortization of core deposit premium	1,098	1,310	1,892
Acquisition, integration and reorganization costs	—	671	4,127
Other operating expense	19,300	20,529	19,946
Total non-interest expense	374,677	380,478	303,432
Income before income tax expense	317,542	403,582	472,536
Income tax expense	31,563	49,458	111,894
Net income	$285,979	$354,124	$360,642
Other Comprehensive Income/(Loss), Net of Tax:
Net holding gains/(losses) on securities available-for-sale	583	18,642	(105,043)
Net holding (losses)/gains on cash flow hedge derivatives	(774)	(1,763)	5,813
Total other comprehensive income/(loss), net of tax	(191)	16,879	(99,230)
Total comprehensive income	$285,788	$371,003	$261,412
Net Income Per Common Share
Basic	$3.97	$4.88	$4.85
Diluted	$3.95	$4.86	$4.83
Cash dividends paid per common share	$1.36	$1.36	$1.36
Average Common Shares Outstanding:
Basic	72,068,850	72,573,025	74,337,265
Diluted	72,327,017	72,862,628	74,664,735

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.