CATHAY GENERAL BANCORP

For the period ended Jun 30, 2025. Filed Aug 8, 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.

Jun 30, 2025 · Filed Aug 8, 2025

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

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 1. FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

	June 30, 2025	December 31, 2024
(In thousands, except share data)
Assets
Cash and due from banks	$190,011	$157,167
Short-term investments and interest-bearing deposits	1,056,964	882,353
Securities available-for-sale (amortized cost of $1,746,703 at June 30, 2025, and $1,668,661 at December 31, 2024)	1,648,433	1,547,128
Loans held for sale	13,338	—
Loans held for investment	19,784,702	19,375,955
Less: Allowance for loan losses	(173,531)	(161,765)
Unamortized deferred loan fees, net	(13,834)	(10,541)
Loans held for investment, net	19,597,337	19,203,649
Equity securities	28,849	34,429
Federal Home Loan Bank stock	17,250	17,250
Other real estate owned, net	18,990	23,071
Affordable housing investments and alternative energy partnerships, net	289,550	289,611
Premises and equipment, net	89,556	88,676
Customers’ liability on acceptances	9,622	14,061
Accrued interest receivable	96,646	97,779
Goodwill	375,696	375,696
Other intangible assets, net	2,888	3,335
Right-of-use assets - operating leases	32,291	28,645
Other assets	256,426	291,831
Total assets	$23,723,847	$23,054,681
Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing	$3,381,407	$3,284,342
Interest-bearing:
NOW deposits	2,174,108	2,205,695
Money market deposits	3,431,060	3,372,773
Savings deposits	1,317,104	1,252,788
Time deposits	9,702,651	9,570,601
Total deposits	20,006,330	19,686,199
Advances from the Federal Home Loan Bank	412,000	60,000
Other borrowings of affordable housing investments	17,652	17,740
Long-term debt	119,136	119,136
Acceptances outstanding	9,622	14,061
Lease liabilities - operating leases	34,304	30,851
Other liabilities	238,508	280,990
Total liabilities	20,837,552	20,208,977
Commitments and contingencies	—	—
Stockholders’ Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 91,776,614 issued and 69,343,395 outstanding at June 30, 2025, and 91,615,458 issued and 70,863,324 outstanding at December 31, 2024	918	916
Additional paid-in-capital	996,249	993,962
Accumulated other comprehensive loss, net	(69,222)	(85,607)
Retained earnings	2,787,608	2,688,353
Treasury stock, at cost (22,433,219 shares at June 30, 2025, and 20,752,134 shares at December 31, 2024)	(829,258)	(751,920)
Total stockholders' equity	2,886,295	2,845,704
Total liabilities and stockholders' equity	$23,723,847	$23,054,681

CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
(In thousands, except share and per share data)
Interest and Dividend Income
Loans receivable	$296,857	$303,336	$590,841	$605,864
Investment securities	13,666	15,644	25,769	30,595
Federal Home Loan Bank stock	373	499	752	930
Deposits with banks	12,022	13,381	24,951	28,113
Total interest and dividend income	322,918	332,860	642,313	665,502
Interest Expense
Time deposits	94,364	118,076	190,430	227,622
Other deposits	44,370	44,512	86,804	87,300
Advances from Federal Home Loan Bank	742	2,316	2,646	11,632
Long-term debt	2,029	1,863	4,049	3,584
Short-term debt	192	777	524	1,476
Total interest expense	141,697	167,544	284,453	331,614
Net interest income before provision for credit losses	181,221	165,316	357,860	333,888
Provision for credit losses	11,200	6,600	26,700	8,500
Net interest income after provision for credit losses	170,021	158,716	331,160	325,388
Non-Interest Income
Net losses from equity securities	(1,390)	(1,430)	(5,581)	(10,457)
Net gains from securities available for sale	—	—	—	1,107
Letters of credit commissions	2,120	1,888	4,211	3,605
Depository service fees	1,925	1,778	3,677	3,328
Wealth management fees	4,936	5,678	11,105	11,316
Other operating income	7,800	5,301	13,183	10,927
Total non-interest income	15,391	13,215	26,595	19,826
Non-Interest Expense
Salaries and employee benefits	43,123	40,439	85,550	83,991
Occupancy expense	5,950	5,652	11,687	11,619
Computer and equipment expense	5,160	5,391	11,214	10,459
Professional services expense	8,888	8,212	16,336	15,204
Data processing service expense	4,631	3,877	9,037	7,806
FDIC and regulatory assessments	3,177	3,742	6,576	9,831
Marketing expense	1,113	1,474	2,991	3,388
Other real estate owned (income)/expense	(377)	1,482	(133)	1,735
Amortization of investments in low-income housing and alternative energy partnerships	11,179	23,396	20,233	37,828
Amortization of core deposit intangibles	250	259	500	598
Other operating expense	6,040	5,428	10,799	10,132
Total non-interest expense	89,134	99,352	174,790	192,591
Income before income tax expense	96,278	72,579	182,965	152,623
Income tax expense	18,828	5,750	36,009	14,359
Net income	$77,450	$66,829	$146,956	$138,264
Other Comprehensive Income/(Loss), net of tax
Net holding gains/(losses) on securities available-for-sale	2,525	(448)	16,385	(6,870)
Net holding losses on cash flow hedge derivatives	—	(333)	—	(774)
Total other comprehensive income/(loss), net of tax	2,525	(781)	16,385	(7,644)
Total comprehensive income	$79,975	$66,048	$163,341	$130,620
Net Income Per Common Share:
Basic	$1.11	$0.92	$2.09	$1.90
Diluted	$1.10	$0.92	$2.09	$1.90
Cash dividends paid per common share	$0.34	$0.34	$0.68	$0.68
Average Common Shares Outstanding:
Basic	69,989,825	72,658,810	70,183,752	72,666,392
Diluted	70,188,902	72,825,356	70,432,916	72,898,256

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 March 31, 2025	70,034,708	$916	$995,371	$(71,747)	$2,734,004	$(793,385)	$2,865,159
Dividend Reinvestment Plan	14,302	1	640	—	—	—	641
Restricted stock units vested	75,608	1	—	—	—	—	1
Stock issued to directors	22,956	—	1,020	—	—	—	1,020
Shares withheld related to net share settlement of RSUs	—	—	(1,964)	—	—	—	(1,964)
Purchases of treasury stock	(804,179)	—	—	—	—	(35,873)	(35,873)
Stock-based compensation	—	—	1,182	—	—	—	1,182
Cash dividends of $0.34 per share	—	—	—	—	(23,846)	—	(23,846)
Other comprehensive income	—	—	—	2,525	—	—	2,525
Net income	—	—	—	—	77,450	—	77,450
Balance at June 30, 2025	69,343,395	$918	$996,249	$(69,222)	$2,787,608	$(829,258)	$2,886,295

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 March 31, 2024	72,688,191	$914	$989,578	$(92,279)	$2,547,068	$(667,209)	$2,778,072
Dividend Reinvestment Plan	20,774	—	744	—	—	—	744
Restricted stock units vested	126,818	2	—	—	—	—	2
Stock issued to directors	24,120	—	850	—	—	—	850
Shares withheld related to net share settlement of RSUs	—	—	(3,684)	—	—	—	(3,684)
Purchases of treasury stock	(689,470)	—	—	—	—	(25,309)	(25,309)
Stock-based compensation	—	—	1,284	—	—	—	1,284
Cash dividends of $0.34 per share	—	—	—	—	(24,765)	—	(24,765)
Other comprehensive loss	—	—	—	(781)	—	—	(781)
Net income	—	—	—	—	66,829	—	66,829
Balance at June 30, 2024	72,170,433	$916	$988,772	$(93,060)	$2,589,132	$(692,518)	$2,793,242

Accumulated
Common Stock · Additional · Other · Total
Number of · Paid-in · Comprehensive · Retained · Treasury · Stockholders'
Six 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	30,154	1	1,335	—	—	—	1,336
Restricted stock units vested	108,046	1	—	—	—	—	1
Stock issued to directors	22,956	—	1,020	—	—	—	1,020
Shares withheld related to net share settlement of RSUs	—	—	(2,755)	—	—	—	(2,755)
Purchases of treasury stock	(1,681,085)	—	—	—	—	(77,338)	(77,338)
Stock-based compensation	—	—	2,687	—	—	—	2,687
Cash dividends of $0.68 per share	—	—	—	—	(47,701)	—	(47,701)
Other comprehensive income	—	—	—	16,385	—	—	16,385
Net income	—	—	—	—	146,956	—	146,956
Balance at June 30, 2025	69,343,395	$918	$996,249	$(69,222)	$2,787,608	$(829,258)	$2,886,295

Accumulated
Common Stock · Additional · Other · Total
Number of · Paid-in · Comprehensive · Retained · Treasury · Stockholders'
Six 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	39,242	—	1,488	—	—	—	1,488
Restricted stock units vested	127,614	2	—	—	—	—	2
Stock issued to directors	24,120	—	850	—	—	—	850
Shares withheld related to net share settlement of RSUs	—	—	(3,708)	—	—	—	(3,708)
Purchases of treasury stock	(689,470)	—	—	—	—	(25,301)	(25,301)
Stock-based compensation	—	—	2,189	—	—	—	2,189
Cash dividends of $0.68 per share	—	—	—	—	(49,473)	—	(49,473)
Other comprehensive loss	—	—	—	(7,644)	—	—	(7,644)
Net income	—	—	—	—	138,264	—	138,264
Balance at June 30, 2024	72,170,433	$916	$988,772	$(93,060)	$2,589,132	$(692,518)	$2,793,242

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2025	2024
(In thousands)
Cash Flows from Operating Activities
Net income	$146,956	$138,264
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	26,700	8,500
Provision for losses on other real estate owned	890	1,164
Deferred tax provision/(benefit)	5,007	(11,971)
Depreciation and amortization	3,514	3,696
Amortization of right-of-use asset	4,686	4,912
Change in operating lease liabilities	3,453	558
Net gains on sale and transfers of other real estate owned	(1,455)	—
Net gains on sale of loans	(142)	(58)
Loss on sales or disposal of premises and equipment	14	—
Amortization on alternative energy partnerships, venture capital and other investments	20,233	37,828
Net gains on sales of securities available-for-sale	—	(1,107)
Amortization/accretion of securities available-for-sale premiums/discounts, net	(12,376)	(12,912)
Unrealized loss on equity securities	5,581	10,457
Stock-based compensation and stock issued to officers as compensation	3,708	3,039
Net change in accrued interest receivable and other assets	20,418	(21,638)
Net change in other liabilities	(64,276)	355
Net cash provided by operating activities	162,911	161,087
Cash Flows from Investing Activities
Purchase of securities available-for-sale	(779,062)	(645,827)
Proceeds from repayments, maturities and calls of securities available-for-sale	713,395	571,097
Proceeds from sale of securities available-for-sale	—	33,690
Proceeds from sale of other real estate owned	10,316	—
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	107,012
Net (increase)/decrease in loans	(458,424)	74,489
Purchase of premises and equipment	(3,960)	(1,449)
Net increase/(decrease) in affordable housing investments and alternative energy partnerships	1,384	(20,036)
Net cash (used for)/provided by investing activities	(501,088)	119,472
Cash Flows from Financing Activities
Increase in deposits	320,090	447,635
Advances from Federal Home Loan Bank	4,897,000	5,968,000
Repayment of Federal Home Loan Bank borrowings	(4,545,000)	(6,343,000)
Cash dividends paid	(47,701)	(49,473)
Purchases of treasury stock	(77,338)	(25,301)
Proceeds from shares issued under Dividend Reinvestment Plan	1,336	1,488
Taxes paid related to net share settlement of RSUs	(2,755)	(3,708)
Net cash provided by/(used for) financing activities	545,632	(4,359)
Increase in cash, cash equivalents, and restricted cash	207,455	276,200
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	$1,246,975	$1,105,001
Supplemental disclosure of cash flow information
Cash paid during the period:
Interest	$287,163	$322,960
Income taxes paid	$35,025	$32,867
Non-cash investing and financing activities:
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax	$16,385	$(6,870)
Net change in unrealized holding loss on cash flow hedge derivatives	$—	$(774)
Loans transferred from held-for-investment to held-for-sale	$28,458	$106,953
Transfers to other real estate owned from loans held-for-investment	$6,808	$—

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.