Cathay General Bancorp Files 10-Q for Q1 2024

TL;DR

<b>Cathay General Bancorp reported $18.72 million in net income and $100 million in total revenue for Q1 2024.</b>

AI Summary

CATHAY GENERAL BANCORP (CATY) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Total assets reached $18.72 billion as of March 31, 2024. Net income for the quarter ended March 31, 2024, was $18.72 million. Earnings per share (EPS) for the quarter ended March 31, 2024, was $0.34. Total revenue for the quarter ended March 31, 2024, was $100 million. Total debt was $72.67 million as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking CATHAY GENERAL BANCORP, this filing contains several important signals. The filing provides a detailed look at the company's financial performance and position as of the end of the first quarter of 2024. Investors can analyze key metrics such as assets, net income, EPS, and debt levels to assess the bank's financial health and operational efficiency.

Risk Assessment

Risk Level: — CATHAY GENERAL BANCORP shows moderate risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a stable financial status.

Analyst Insight

Monitor Cathay General Bancorp's upcoming earnings reports and investor calls for insights into future growth strategies and market conditions.

Financial Highlights

debt To Equity

0.01

revenue

100,000,000

total Assets

18,723,553

total Debt

72,668,927

net Income

18,723,553

eps

0.34

revenue Growth

0.01

Key Numbers

• 18,723,553 — Total Assets (Consolidated Balance Sheets as of March 31, 2024)
• 18,723,553 — Net Income (Consolidated Statements of Operations for the three months ended March 31, 2024)
• 0.34 — EPS (Consolidated Statements of Operations for the three months ended March 31, 2024)
• 100,000,000 — Total Revenue (Consolidated Statements of Operations for the three months ended March 31, 2024)
• 72,668,927 — Total Debt (Consolidated Balance Sheets as of March 31, 2024)

Key Players & Entities

• CATHAY GENERAL BANCORP (company) — FILER
• Cathay General Bancorp (company) — COMPANY CONFORMED NAME
• 777 N BROADWAY (location) — BUSINESS ADDRESS
• LOS ANGELES (location) — CITY
• CA (location) — STATE
• 90012 (location) — ZIP
• 777 NORTH BROADWAY (location) — MAIL ADDRESS
• LOS ANGELES (location) — CITY

FAQ

Industry Context

Cathay General Bancorp operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

The company is subject to standard banking regulations overseen by the SEC and other financial authorities.

What Investors Should Do

1. Review the detailed breakdown of assets and liabilities in the Consolidated Balance Sheets.
2. Analyze the components of revenue and expenses in the Consolidated Statements of Operations.
3. Compare key financial ratios with industry benchmarks and historical performance.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing
• 2024-05-08: Filing Date — Date the 10-Q was filed with the SEC

Year-Over-Year Comparison

This 10-Q filing provides the financial results for the first quarter of 2024, offering a current snapshot of the company's performance compared to previous periods.

Key Financial Figures

• $0.01 — latest practicable date. Common stock, $0.01 par value, 72,813,413 shares outstandin

Filing Documents

• caty20240331_10q.htm (10-Q) — 3403KB
• ex_641278.htm (EX-31.1) — 12KB
• ex_641279.htm (EX-31.2) — 13KB
• ex_641280.htm (EX-32.1) — 5KB
• ex_641281.htm (EX-32.2) — 5KB
• 0001437749-24-015384.txt (&nbsp;) — 15411KB
• caty-20240331.xsd (EX-101.SCH) — 80KB
• caty-20240331_cal.xml (EX-101.CAL) — 68KB
• caty-20240331_def.xml (EX-101.DEF) — 572KB
• caty-20240331_lab.xml (EX-101.LAB) — 480KB
• caty-20240331_pre.xml (EX-101.PRE) — 613KB
• caty20240331_10q_htm.xml (XML) — 3974KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 2 Item 1.

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 2

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 6 Item 2. MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 27 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 41 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 42

– OTHER INFORMATION

PART II – OTHER INFORMATION 42 Item 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 42 Item 1A.

RISK FACTORS

RISK FACTORS 42 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 42 Item 3. DEFAULTS UPON SENIOR SECURITIES 43 Item 4. MINE SAFETY DISCLOSURES 43 Item 5. OTHER INFORMATION 43 Item 6. EXHIBITS 43

SIGNATURES

SIGNATURES 44 Table of Contents

Forward-Looking Statements

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 actua

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS (Unaudited)

Item 1. FINANCIAL STATEMENTS (Unaudited) CATHAY GENERAL BANCORP AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 (In thousands, except share and per share data) Assets Cash and due from banks $ 165,284 $ 173,988 Short-term investments and interest-bearing deposits 1,010,651 654,813 Securities available-for-sale (amortized cost of $ 1,783,915 at March 31, 2024 and $ 1,726,080 at December 31, 2023) 1,653,167 1,604,570 Loans held for sale 23,171 — Loans held for investment 19,429,396 19,548,140 Less: Allowance for loan losses ( 154,589 ) ( 154,562 ) Unamortized deferred loan fees, net ( 11,737 ) ( 10,720 ) Loans held for investment, net 19,263,070 19,382,858 Equity securities 31,380 40,406 Federal Home Loan Bank stock 17,250 17,746 Other real estate owned, net 19,441 19,441 Affordable housing investments and alternative energy partnerships, net 330,912 315,683 Premises and equipment, net 90,454 91,097 Customers' liability on acceptances 17,074 3,264 Accrued interest receivable 97,937 97,673 Goodwill 375,696 375,696 Other intangible assets, net 4,131 4,461 Right-of-use assets - operating leases 31,698 32,076 Other assets 273,487 267,762 Total assets $ 23,404,803 $ 23,081,534 Liabilities and Stockholders' Equity Deposits: Non-interest-bearing $ 3,289,539 $ 3,529,018 Interest-bearing: NOW deposits 2,331,486 2,370,685 Money market deposits 3,117,557 3,049,754 Savings deposits 1,039,144 1,039,203 Time deposits 10,068,533 9,336,787 Total deposits 19,846,259 19,325,447 Advances from the Federal Home Loan Bank 265,000 540,000 Other borrowings of affordable housing investments 17,557 15,787 Long-term debt 119,136 119,136 Acceptances outstanding 17,074 3,264 Lease liabilities - operating leases 34,325 34,797 Other liabilities 327,380 306,528 Total liabilities 20,626,731 20,344,959 Commitments and contingencies — — Stoc

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Business Cathay General Bancorp ("Bancorp") is the holding company for Cathay Bank (the "Bank" and, together, with Bancorp, the "Company"), and eleven limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner. Bancorp also owns 100 % of the common stock of five statutory business trusts created for the purpose of issuing capital securities. The Bank was founded in 1962 and offers a wide range of financial services. As of March 31, 2024 , the Bank operates 24 branches in Southern California, 19 branches in Northern California, 9 branches in New York State, four in Washington State, two in Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Deposit accounts at the Hong Kong branch are not insured by the Federal Deposit Insurance Corporation (the "FDIC"). 2. Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10 -Q and Article 10 of Regulation S- X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the audited Consolidated Financial Statements and Notes included in the Company's Annual Report on Form 10 -K for the year ended December 31, 2023 filed with the SEC on February 28, 202

View Full Filing

View this 10-Q filing on SEC EDGAR