CATHAY GENERAL BANCORP

For the period ended Mar 31, 2025. Filed May 9, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

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

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Contents

Item 1. FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

	March 31, 2025	December 31, 2024
(In thousands, except share data)
Assets
Cash and due from banks	$175,027	$157,167
Short-term investments and interest-bearing deposits	1,209,487	882,353
Securities available-for-sale (amortized cost of $1,535,896 at March 31, 2025, and $1,668,661 at December 31, 2024)	1,434,040	1,547,128
Loans held for sale	11,759	—
Loans held for investment	19,353,003	19,375,955
Less: Allowance for loan losses	(173,936)	(161,765)
Unamortized deferred loan fees, net	(11,657)	(10,541)
Loans held for investment, net	19,167,410	19,203,649
Equity securities	30,238	34,429
Federal Home Loan Bank stock	17,250	17,250
Other real estate owned, net	18,484	23,071
Affordable housing investments and alternative energy partnerships, net	285,707	289,611
Premises and equipment, net	89,760	88,676
Customers’ liability on acceptances	12,678	14,061
Accrued interest receivable	95,755	97,779
Goodwill	375,696	375,696
Other intangible assets, net	3,101	3,335
Right-of-use assets - operating leases	30,021	28,645
Other assets	248,609	291,831
Total assets	$23,205,022	$23,054,681
Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing	$3,361,245	$3,284,342
Interest-bearing:
NOW deposits	2,131,445	2,205,695
Money market deposits	3,423,953	3,372,773
Savings deposits	1,266,561	1,252,788
Time deposits	9,634,324	9,570,601
Total deposits	19,817,528	19,686,199
Advances from the Federal Home Loan Bank	95,000	60,000
Other borrowings of affordable housing investments	17,696	17,740
Long-term debt	119,136	119,136
Acceptances outstanding	12,678	14,061
Lease liabilities - operating leases	32,120	30,851
Other liabilities	245,705	280,990
Total liabilities	20,339,863	20,208,977
Commitments and contingencies	—	—
Stockholders’ Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 91,663,748 issued and 70,034,708 outstanding at March 31, 2025, and 91,615,458 issued and 70,863,324 outstanding at December 31, 2024	916	916
Additional paid-in-capital	995,371	993,962
Accumulated other comprehensive loss, net	(71,747)	(85,607)
Retained earnings	2,734,004	2,688,353
Treasury stock, at cost (21,629,040 shares at March 31, 2025, and 20,752,134 shares at December 31, 2024)	(793,385)	(751,920)
Total stockholders' equity	2,865,159	2,845,704
Total liabilities and stockholders' equity	$23,205,022	$23,054,681

CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

	Three Months Ended March 31,
	2025	2024
(In thousands, except share and per share data)
Interest and Dividend Income
Loans receivable	$293,984	$302,528
Investment securities	12,103	14,951
Federal Home Loan Bank stock	379	431
Deposits with banks	12,929	14,732
Total interest and dividend income	319,395	332,642
Interest Expense
Time deposits	96,066	109,546
Other deposits	42,434	42,788
Advances from Federal Home Loan Bank	1,904	9,316
Long-term debt	2,020	1,721
Short-term debt	332	699
Total interest expense	142,756	164,070
Net interest income before provision for credit losses	176,639	168,572
Provision for credit losses	15,500	1,900
Net interest income after provision for credit losses	161,139	166,672
Non-Interest Income
Net losses from equity securities	(4,191)	(9,027)
Net gains from securities available for sale	—	1,107
Letters of credit commissions	2,091	1,717
Depository service fees	1,752	1,550
Wealth management fees	6,169	5,638
Other operating income	5,383	5,626
Total non-interest income	11,204	6,611
Non-Interest Expense
Salaries and employee benefits	42,427	43,552
Occupancy expense	5,737	5,967
Computer and equipment expense	6,054	5,068
Professional services expense	7,448	6,992
Data processing service expense	4,406	3,929
FDIC and regulatory assessments	3,399	6,089
Marketing expense	1,878	1,914
Other real estate owned expense	244	253
Amortization of investments in low-income housing and alternative energy partnerships	9,054	14,432
Amortization of core deposit intangibles	250	339
Other operating expense	4,759	4,704
Total non-interest expense	85,656	93,239
Income before income tax expense	86,687	80,044
Income tax expense	17,181	8,609
Net income	$69,506	$71,435
Other Comprehensive Income/(Loss), net of tax
Net holding gains/(losses) on securities available-for-sale	13,860	(6,422)
Net holding losses on cash flow hedge derivatives	—	(441)
Total other comprehensive income/(loss), net of tax	13,860	(6,863)
Total comprehensive income	$83,366	$64,572
Net Income Per Common Share:
Basic	$0.99	$0.98
Diluted	$0.98	$0.98
Cash dividends paid per common share	$0.34	$0.34
Average Common Shares Outstanding:
Basic	70,379,835	72,673,974
Diluted	70,679,640	72,971,157

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’** EQUITY**

Accumulated
Common Stock · Additional · Other · Total
Number of · Paid-in · Comprehensive · Retained · Treasury · Stockholders'
Three Months Ended	Shares	Amount	Capital	(Loss)/Income	Earnings	Stock	Equity
(In thousands, except share and per share data)
Balance at December 31, 2024	70,863,324	$916	$993,962	$(85,607)	$2,688,353	$(751,920)	$2,845,704
Dividend Reinvestment Plan	15,852	—	695	—	—	—	695
Restricted stock units vested	32,438	—	—	—	—	—	—
Stock issued to directors	—	—	—	—	—	—	—
Shares withheld related to net share settlement of RSUs	—	—	(791)	—	—	—	(791)
Purchases of treasury stock	(876,906)	—	—	—	—	(41,465)	(41,465)
Stock-based compensation	—	—	1,505	—	—	—	1,505
Cash dividends of $0.34 per share	—	—	—	—	(23,855)	—	(23,855)
Other comprehensive income	—	—	—	13,860	—	—	13,860
Net income	—	—	—	—	69,506	—	69,506
Balance at March 31, 2025	70,034,708	$916	$995,371	$(71,747)	$2,734,004	$(793,385)	$2,865,159

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 and per share data)
Balance at December 31, 2023	72,668,927	$914	$987,953	$(85,416)	$2,500,341	$(667,217)	$2,736,575
Dividend Reinvestment Plan	18,468	—	744	—	—	—	744
Restricted stock units vested	796	—	—	—	—	—	—
Stock issued to directors	—	—	—	—	—	—	—
Shares withheld related to net share settlement of RSUs	—	—	(24)	—	—	—	(24)
Purchases of treasury stock	—	—	—	—	—	8	8
Stock-based compensation	—	—	905	—	—	—	905
Cash dividends of $0.34 per share	—	—	—	—	(24,708)	—	(24,708)
Other comprehensive loss	—	—	—	(6,863)	—	—	(6,863)
Net income	—	—	—	—	71,435	—	71,435
Balance at March 31, 2024	72,688,191	$914	$989,578	$(92,279)	$2,547,068	$(667,209)	$2,778,072

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025	2024
(In thousands)
Cash Flows from Operating Activities
Net income	$69,506	$71,435
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	15,500	1,900
Deferred tax provision/(benefit)	978	(4,782)
Depreciation and amortization	1,835	1,889
Amortization of right-of-use asset	2,305	2,477
Change in operating lease liabilities	1,269	(472)
Net gains on sale of loans	(121)	(20)
Loss on sales or disposal of premises and equipment	14	—
Amortization on alternative energy partnerships, venture capital and other investments	9,054	14,432
Net gains on sales of securities available-for-sale	—	(1,107)
Amortization/accretion of securities available-for-sale premiums/discounts, net	(5,265)	(6,370)
Unrealized loss on equity securities	4,191	9,026
Stock-based compensation and stock issued to officers as compensation	1,505	905
Net change in accrued interest receivable and other assets	40,065	(1,424)
Net change in other liabilities	(41,877)	281
Net cash provided by operating activities	98,959	88,170
Cash Flows from Investing Activities
Purchase of securities available-for-sale	(464,837)	(469,647)
Proceeds from repayments, maturities and calls of securities available-for-sale	602,868	384,721
Proceeds from sale of securities available-for-sale	—	33,690
Proceeds from sale of other real estate owned	773	—
Purchase of Federal Home Loan Bank stock	—	(12,535)
Redemption of Federal Home Loan Bank stock	—	13,031
Proceeds from sale of loans originally classified as held-for-investment	15,263	83,803
Net (increase)/decrease in loans	(6,925)	10,634
Purchase of premises and equipment	(2,698)	(916)
Net increase/(decrease) in affordable housing investments and alternative energy partnerships	771	(5,680)
Net cash provided for investing activities	145,215	37,101
Cash Flows from Financing Activities
Increase in deposits	131,236	520,843
Advances from Federal Home Loan Bank	2,399,000	4,403,000
Repayment of Federal Home Loan Bank borrowings	(2,364,000)	(4,678,000)
Cash dividends paid	(23,855)	(24,708)
Purchases of treasury stock	(41,465)	8
Proceeds from shares issued under Dividend Reinvestment Plan	695	744
Taxes paid related to net share settlement of RSUs	(791)	(24)
Net cash provided by financing activities	100,820	221,863
Increase in cash, cash equivalents, and restricted cash	344,994	347,134
Cash, cash equivalents, and restricted cash, beginning of the period	1,039,520	828,801
Cash, cash equivalents, and restricted cash, end of the period	$1,384,514	$1,175,935
Supplemental disclosure of cash flow information
Cash paid during the period:
Interest	$147,629	$155,048
Income taxes paid	$370	$282
Non-cash investing and financing activities:
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax	$13,860	$(6,422)
Net change in unrealized holding loss on cash flow hedge derivatives	$—	$(441)
Loans transferred from held-for-investment to held-for-sale	$26,901	$106,953
Transfers to other real estate owned from loans held-for-investment	$1,186	$—

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