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Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams. 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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, 2020

OR

    transition report pursuant to section 13 or 15 (d) of the SECURITIES EXCHANGE ACT OF 1934

 

For the transition period fromto
  
Commission file number001-31830

 

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, 79,660,767 shares outstanding as of October 31, 2020.

 

 

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARies

3Rd quarter 2020 REPORT ON FORM 10-Q

table of contents

 

 

PART I – FINANCIAL INFORMATION 3
     
Item 1. FINANCIAL STATEMENTS (Unaudited) 3
  NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 8
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 45
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 72
Item 4. CONTROLS AND PROCEDURES. 73
     
PART II – OTHER INFORMATION 73
     
Item 1. LEGAL PROCEEDINGS. 73
Item 1A. RISK FACTORS. 74
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. 76
Item 3. DEFAULTS UPON SENIOR SECURITIES. 77
Item 4. MINE SAFETY DISCLOSURES. 77
Item 5. OTHER INFORMATION. 77
Item 6. EXHIBITS. 77
     
SIGNATURES   78

 

 

 

 

 

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;

 

 

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;

 

 

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;

 

1

 

 

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 the COVID-19 pandemic) 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 our 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, 2019 (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.

 

2

 

PART I – FINANCIAL INFORMATION

 

Item 1. FINANCIAL STATEMENTS (Unaudited)

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

  

September 30, 2020

  

December 31, 2019

 
  

(In thousands, except share and per share data)

 

Assets

        

Cash and due from banks

 $128,896  $177,240 

Short-term investments and interest-bearing deposits

  1,305,170   416,538 

Cash and cash equivalents

        

Securities available-for-sale (amortized cost of $1,060,975 at September 30, 2020 and $1,443,730 at December 31, 2019)

  1,080,540   1,451,842 

Loans

  15,565,779   15,075,481 

Less:  Allowance for loan losses 

  (179,130)  (123,224)

Unamortized deferred loan fees, net

  (4,210)  (626)

Loans, net 

  15,382,439   14,951,631 

Equity securities 

  22,964   28,005 

Federal Home Loan Bank stock 

  17,250   18,090 

Other real estate owned, net 

  4,918   10,244 

Affordable housing investments and alternative energy partnerships, net

  325,013   308,681 

Premises and equipment, net 

  103,438   104,239 

Customers’ liability on acceptances

  12,973   10,694 

Accrued interest receivable 

  57,102   53,541 

Goodwill 

  372,189   372,189 

Other intangible assets, net 

  5,631   6,296 

Right-of-use assets - operating leases 

  32,591   33,990 

Other assets

  167,124   150,924 

Total assets

 $19,018,238  $18,094,144 
         

Liabilities

        

Deposits:

        

Non-interest-bearing demand deposits 

 $3,306,421  $2,871,444 

Interest-bearing deposits:

        

NOW deposits 

  1,767,227   1,358,152 

Money market deposits 

  3,227,359   2,260,764 

Savings deposits 

  784,076   758,903 

Time deposits

  6,949,165   7,443,045 

Total deposits 

  16,034,248   14,692,308 

Short-term borrowings 

     25,683 

Advances from the Federal Home Loan Bank 

  230,000   670,000 

Other borrowings of affordable housing investments 

  23,788   29,022 

Long-term debt

  119,136   119,136 

Deferred payments from acquisition 

     7,644 

Acceptances outstanding 

  12,973   10,694 

Lease liabilities - operating leases 

  35,116   35,873 

Other liabilities 

  188,254   209,501 

Total liabilities

  16,643,515   15,799,861 

Commitments and contingencies 

      

Stockholders’ Equity

        

Common stock, $0.01 par value, 100,000,000 shares authorized; 90,394,359 issued and 79,659,396 outstanding at September 30, 2020, and 90,064,382 issued and 79,729,419 outstanding at December 31, 2019

  904   900 

Additional paid-in-capital 

  955,742   950,466 

Accumulated other comprehensive income, net 

  6,389   2,302 

Retained earnings 

  1,743,106   1,659,153 

Treasury stock, at cost (10,734,963 shares at September 30, 2020, and 10,334,963 shares at December 31, 2019)

  (331,418)  (318,538)

Total equity

  2,374,723   2,294,283 

Total liabilities and equity

 $19,018,238  $18,094,144 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

3

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(Unaudited)

 

   

Three months ended September 30,

   

Nine months ended September 30,

 
   

2020

   

2019

   

2020

   

2019

 
   

(In thousands, except share and per share data)

 

Interest and Dividend Income

                               

Loans receivable, including loan fees

  $ 167,556     $ 187,827     $ 513,575     $ 548,395  

Investment securities

    4,115       8,687       17,130       24,454  

Federal Home Loan Bank stock

    216       301       735       903  

Deposits with banks

    347       1,016       1,538       4,289  

Total interest and dividend income

    172,234       197,831       532,978       578,041  
                                 

Interest Expense

                               

Time deposits

    26,247       40,378       92,213       113,992  

Other deposits

    5,761       6,626       19,671       17,591  

Advances from Federal Home Loan Bank

    1,251       1,661       4,119       5,976  

Long-term debt

    1,456       1,948       4,336       6,087  

Deferred payments from acquisition

    15       93       115       502  

Short-term borrowings

          125       234       198  

Total interest expense

    34,730       50,831       120,688       144,346  
                                 

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

    137,504       147,000       412,290       433,695  

Provision/(reversal) for credit losses

    12,500       (2,000 )     62,500       (2,000 )

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

    125,004       149,000       349,790       435,695  
                                 

Non-Interest Income

                               

Net (losses)/gains from equity securities

    (1,605 )     364       (1,928 )     7,764  

Securities gains/(losses), net

          (121 )     1,153       (108 )

Letters of credit commissions

    1,792       1,602       4,992       4,733  

Depository service fees

    1,263       1,119       3,678       3,617  

Other operating income

    8,527       7,424       23,474       20,097  

Total non-interest income

    9,977       10,388       31,369       36,103  
                                 

Non-Interest Expense

                               

Salaries and employee benefits

    33,341       31,915       92,477       97,200  

Occupancy expense

    5,295       5,579       15,435       16,617  

Computer and equipment expense

    3,044       2,741       8,218       8,453  

Professional services expense

    5,241       5,952       15,586       17,209  

Data processing service expense

    3,772       3,246       11,004       9,737  

FDIC and regulatory assessments

    1,993       2,582       6,854       7,190  

Marketing expense

    1,089       2,436       3,890       5,556  

Other real estate owned expense/(income)

    423       190       (3,229 )     839  

Amortization of investments in low income housing and alternative energy partnerships

    16,173       6,997       42,997       26,909  

Amortization of core deposit intangibles

    172       172       515       515  

Other operating expense

    5,454       3,770       14,672       15,871  

Total non-interest expense

    75,997       65,580       208,419       206,096  
                                 

Income before income tax expense

    58,984       93,808       172,740       265,702  

Income tax expense

    2,190       20,973       14,773       53,944  

Net income

  $ 56,794     $ 72,835     $ 157,967     $ 211,758  
                                 

Other Comprehensive (Loss)/Income, net of tax

                               

Unrealized holding (losses)/gains on securities available-for-sale

    (2,496 )     1,233       8,880       21,216  

Unrealized holding gains/(losses) on cash flow hedge derivatives

    532       (793 )     (3,981 )     (4,119 )

Less: reclassification adjustments for gains/(losses) included in net income

    -       (85 )     812       (76 )

Total other comprehensive (loss)/income, net of tax

    (1,964 )     525       4,087       17,173  

Total comprehensive income

  $ 54,830     $ 73,360     $ 162,054     $ 228,931  
                                 

Net Income Per Common Share:

                               

Basic

  $ 0.71     $ 0.91     $ 1.98     $ 2.64  

Diluted

  $ 0.71     $ 0.91     $ 1.98     $ 2.64  

Cash dividends paid per common share

  $ 0.31     $ 0.31     $ 0.93     $ 0.93  

Average Common Shares Outstanding:

                               

Basic

    79,628,372       79,736,814       79,599,288       80,096,855  

Diluted

    79,764,318       79,993,830       79,758,943       80,330,616  

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

4

 

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED 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/(Loss)

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at June 30, 2020

  79,619,984  $903  $953,616  $8,353  $1,710,994  $(331,418) $2,342,448 

Dividend Reinvestment Plan

  37,420   1   866            867 

Restricted stock units vested

  1,992                   

Shares withheld related to net share settlement of RSUs

        (4)           (4)

Stock -based compensation

        1,264            1,264 

Cash dividends of $0.31 per share

              (24,682)     (24,682)

Other comprehensive loss

           (1,964)        (1,964)

Net income

              56,794      56,794 

Balance at September 30, 2020

  79,659,396   904   955,742   6,389   1,743,106   (331,418)  2,374,723 

 

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 
  

Shares

  

Amount

  

Capital

  

(Loss)/Income

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at June 30, 2019

  79,818,003  $900  $945,250  $(1,358) $1,568,351  $(313,846) $2,199,297 

Dividend Reinvestment Plan

  23,508      841            841 

Purchases of treasury stock

  (135,000)              (4,692)  (4,692)

Stock -based compensation

        1,789            1,789 

Cash dividends of $0.31 per share

              (24,701)     (24,701)

Other comprehensive income

           525         525 

Net income

              72,835      72,835 

Balance at September 30, 2019

  79,706,511   900   947,880   (833)  1,616,485   (318,538)  2,245,894 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

5

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED 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

  

Income

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at December 31, 2019

  79,729,419  $900  $950,466  $2,302  $1,659,153  $(318,538) $2,294,283 

Dividend Reinvestment Plan

  109,988   2   2,571            2,573 

Restricted stock units vested

  188,879   2               2 

Shares withheld related to net share settlement of RSUs

        (1,903)           (1,903)

Stock issued to directors

  31,110      800            800 

Purchases of treasury stock

  (400,000)              (12,880)  (12,880)

Stock-based compensation

        3,808            3,808 

Cash dividends of $0.93 per share

              (74,014)     (74,014)

Other comprehensive income

           4,087         4,087 

Net income

              157,967      157,967 

Balance at September 30, 2020

  79,659,396  $904  $955,742  $6,389  $1,743,106  $(331,418) $2,374,723 

 

 

              

Accumulated

             
  

Common Stock

  

Additional

  

Other

          

Total

 
  

Number of

      

Paid-in

  

Comprehensive

  

Retained

  

Treasury

  

Stockholders'

 
  

Shares

  

Amount

  

Capital

  

(Loss)/Income

  

Earnings

  

Stock

  

Equity

 
  

(In thousands, except share data)

 

Balance at December 31, 2018

  80,501,948  $898  $942,062  $(18,006) $1,479,149  $(282,237) $2,121,866 

Dividend Reinvestment Plan

  70,798   1   2,521            2,522 

Restricted stock units vested

  123,199   1               1 

Shares withheld related to

                            

net share settlement of RSUs

        (2,300)           (2,300)

Stock issued to directors

  21,160      749            749 

Purchases of treasury stock

  (1,010,594)              (36,301)  (36,301)

Stock-based compensation

        4,848            4,848 

Cash dividends of $0.93 per share

              (74,422)     (74,422)

Other comprehensive income

           17,173         17,173 

Net income

              211,758      211,758 

Balance at September 30, 2019

  79,706,511  $900  $947,880  $(833) $1,616,485  $(318,538) $2,245,894 

 

See accompanying Notes to Condensed Consolidated Financial Statements.

 

 

6

 

 

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

  

Nine months ended September 30,

 
  

2020

  

2019

 
  

(In thousands)

 

Cash Flows from Operating Activities

        

Net income

 $157,967  $211,758 

Adjustments to reconcile net income to net cash provided by operating activities:

        

Provision/(reversal) for credit losses

  62,500   (2,000)

Provision for losses on other real estate owned

  717   494 

Deferred tax (benefit)/provision

  (10,305)  9,911 

Depreciation and amortization

  5,644   5,009 

Amortization of right-of-use asset

  6,624   6,248