CATHAY GENERAL BANCORP

For the period ended Sep 30, 2025. Filed Nov 7, 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.

Sep 30, 2025 · Filed Nov 7, 2025

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

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

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Contents

Item 1. FINANCIAL STATEMENTS (Unaudited)

CONSOLIDATED BALANCE SHEETS

	September 30, 2025	December 31, 2024
($ In thousands, except share data)
Assets
Cash and due from banks	$166,167	$157,167
Short-term investments and interest-bearing deposits	1,141,886	882,353
Securities available-for-sale (amortized cost of $1,728,199 at September 30, 2025, and $1,668,661 at December 31, 2024)	1,643,450	1,547,128
Loans held for investment	20,104,716	19,375,955
Less: Allowance for loan losses	(186,647)	(161,765)
Unamortized deferred loan fees, net	(14,987)	(10,541)
Loans held for investment, net	19,903,082	19,203,649
Equity securities	32,111	34,429
Federal Home Loan Bank stock	17,250	17,250
Other real estate owned, net	32,983	23,071
Affordable housing investments and alternative energy partnerships, net	292,672	289,611
Premises and equipment, net	88,552	88,676
Customers’ liability on acceptances	7,730	14,061
Accrued interest receivable	96,055	97,779
Goodwill	375,696	375,696
Other intangible assets, net	2,667	3,335
Right-of-use assets - operating leases	31,086	28,645
Other assets	244,257	291,831
Total assets	$24,075,644	$23,054,681
Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing	$3,574,567	$3,284,342
Interest-bearing:
NOW deposits	2,226,182	2,205,695
Money market deposits	3,586,301	3,372,773
Savings deposits	1,424,243	1,252,788
Time deposits	9,709,856	9,570,601
Total deposits	20,521,149	19,686,199
Advances from the Federal Home Loan Bank	190,000	60,000
Other borrowings of affordable housing investments	17,628	17,740
Long-term debt	119,136	119,136
Acceptances outstanding	7,730	14,061
Lease liabilities - operating leases	33,079	30,851
Other liabilities	284,646	280,990
Total liabilities	21,173,368	20,208,977
Commitments and contingencies	—	—
Stockholders’ Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 91,789,810 issued and 68,286,591 outstanding at September 30, 2025, and 91,615,458 issued and 70,863,324 outstanding at December 31, 2024	918	916
Additional paid-in-capital	998,883	993,962
Accumulated other comprehensive loss, net	(59,698)	(85,607)
Retained earnings	2,842,016	2,688,353
Treasury stock, at cost (23,503,219 shares at September 30, 2025, and 20,752,134 shares at December 31, 2024)	(879,843)	(751,920)
Total stockholders' equity	2,902,276	2,845,704
Total liabilities and stockholders' equity	$24,075,644	$23,054,681

CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
($ In thousands, except share and per share data)
Interest and Dividend Income
Loans receivable	$308,945	$310,311	$899,786	$916,175
Investment securities	12,690	15,125	38,459	45,720
Federal Home Loan Bank stock	376	375	1,128	1,305
Deposits with banks	12,184	13,680	37,135	41,793
Total interest and dividend income	334,195	339,491	976,508	1,004,993
Interest Expense
Time deposits	93,087	119,786	283,517	347,408
Other deposits	46,300	45,918	133,104	133,218
Advances from Federal Home Loan Bank	3,075	1,885	5,721	13,517
Long-term debt	2,043	2,351	6,092	5,935
Short-term debt	103	396	627	1,872
Total interest expense	144,608	170,336	429,061	501,950
Net interest income before provision for credit losses	189,587	169,155	547,447	503,043
Provision for credit losses	28,731	14,500	55,431	23,000
Net interest income after provision for credit losses	160,856	154,655	492,016	480,043
Non-Interest Income
Net gains/(losses) from equity securities	3,263	4,253	(2,318)	(6,204)
Net gains from securities available for sale	—	—	—	1,107
Letters of credit commissions	2,256	2,081	6,467	5,686
Depository service fees	2,011	1,572	5,688	4,900
Wealth management fees	6,219	6,545	17,324	17,861
Other operating income	7,272	5,914	20,455	16,841
Total non-interest income	21,021	20,365	47,616	40,191
Non-Interest Expense
Salaries and employee benefits	43,462	40,859	129,012	124,850
Occupancy expense	6,104	5,938	17,791	17,557
Computer and equipment expense	5,760	4,753	16,974	15,212
Professional services expense	7,360	7,021	23,696	22,225
Data processing service expense	3,991	4,330	13,028	12,136
FDIC and regulatory assessments	2,783	3,250	9,359	13,081
Marketing expense	1,494	1,614	4,485	5,002
Other real estate owned (income)/expense	(1,078)	596	(1,211)	2,331
Amortization of investments in low-income housing and alternative energy partnerships	12,149	24,077	32,382	61,905
Amortization of core deposit intangibles	229	250	729	848
Other operating expense	5,863	4,179	16,662	14,311
Total non-interest expense	88,117	96,867	262,907	289,458
Income before income tax expense	93,760	78,153	276,725	230,776
Income tax expense	16,109	10,639	52,118	24,998
Net income	$77,651	$67,514	$224,607	$205,778
Other Comprehensive Income/(Loss), net of tax
Net holding gains on securities available-for-sale	9,524	26,607	25,909	19,737
Net holding losses on cash flow hedge derivatives	—	—	—	(774)
Total other comprehensive income, net of tax	9,524	26,607	25,909	18,963
Total comprehensive income	$87,175	$94,121	$250,516	$224,741
Net Income Per Common Share:
Basic	$1.13	$0.94	$3.22	$2.84
Diluted	$1.13	$0.94	$3.21	$2.83
Cash dividends paid per common share	$0.34	$0.34	$1.02	$1.02
Average Common Shares Outstanding:
Basic	68,727,390	71,786,624	69,692,964	72,370,995
Diluted	68,990,648	72,032,456	69,946,877	72,607,550

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 June 30, 2025	69,343,395	$918	$996,249	$(69,222)	$2,787,608	$(829,258)	$2,886,295
Dividend Reinvestment Plan	12,855	—	634	—	—	—	634
Restricted stock units vested	341	—	—	—	—	—	—
Shares withheld related to net share settlement of RSUs	—	—	(3)	—	—	—	(3)
Purchases of treasury stock	(1,070,000)	—	—	—	—	(50,585)	(50,585)
Stock-based compensation	—	—	2,003	—	—	—	2,003
Cash dividends of $0.34 per share	—	—	—	—	(23,243)	—	(23,243)
Other comprehensive income	—	—	—	9,524	—	—	9,524
Net income	—	—	—	—	77,651	—	77,651
Balance at September 30, 2025	68,286,591	$918	$998,883	$(59,698)	$2,842,016	$(879,843)	$2,902,276

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 June 30, 2024	72,170,433	$916	$988,772	$(93,060)	$2,589,132	$(692,518)	$2,793,242
Dividend Reinvestment Plan	17,332	1	728	—	—	—	729
Restricted stock units vested	564	(1)	—	—	—	—	(1)
Stock issued to directors	—	—	(1)	—	—	—	(1)
Shares withheld related to net share settlement of RSUs	—	—	(13)	—	—	—	(13)
Purchases of treasury stock	(832,460)	—	—	—	—	(35,309)	(35,309)
Stock-based compensation	—	—	1,876	—	—	—	1,876
Cash dividends of $0.34 per share	—	—	—	—	(24,331)	—	(24,331)
Other comprehensive income	—	—	—	26,607	—	—	26,607
Net income	—	—	—	—	67,514	—	67,514
Balance at September 30, 2024	71,355,869	$916	$991,362	$(66,453)	$2,632,315	$(727,827)	$2,830,313

Accumulated
Common Stock · Additional · Other · Total
Number of · Paid-in · Comprehensive · Retained · Treasury · Stockholders'
Nine 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	43,009	1	1,969	—	—	—	1,970
Restricted stock units vested	108,387	1	—	—	—	—	1
Stock issued to directors	22,956	—	1,020	—	—	—	1,020
Shares withheld related to net share settlement of RSUs	—	—	(2,758)	—	—	—	(2,758)
Purchases of treasury stock	(2,751,085)	—	—	—	—	(127,923)	(127,923)
Stock-based compensation	—	—	4,690	—	—	—	4,690
Cash dividends of $1.02 per share	—	—	—	—	(70,944)	—	(70,944)
Other comprehensive income	—	—	—	25,909	—	—	25,909
Net income	—	—	—	—	224,607	—	224,607
Balance at September 30, 2025	68,286,591	$918	$998,883	$(59,698)	$2,842,016	$(879,843)	$2,902,276

Accumulated
Common Stock · Additional · Other · Total
Number of · Paid-in · Comprehensive · Retained · Treasury · Stockholders'
Nine Months Ended	Shares	Amount	Capital	(Loss)/Income	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	56,574	1	2,216	—	—	—	2,217
Restricted stock units vested	128,178	1	—	—	—	—	1
Stock issued to directors	24,120	—	850	—	—	—	850
Shares withheld related to net share settlement of RSUs	—	—	(3,722)	—	—	—	(3,722)
Purchases of treasury stock	(1,521,930)	—	—	—	—	(60,610)	(60,610)
Stock-based compensation	—	—	4,065	—	—	—	4,065
Cash dividends of $1.02 per share	—	—	—	—	(73,804)	—	(73,804)
Other comprehensive income	—	—	—	18,963	—	—	18,963
Net income	—	—	—	—	205,778	—	205,778
Balance at September 30, 2024	71,355,869	$916	$991,362	$(66,453)	$2,632,315	$(727,827)	$2,830,313

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30,
	2025	2024
($ In thousands)
Cash Flows from Operating Activities
Net income	$224,607	$205,778
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	55,431	23,000
Provision for losses on other real estate owned	890	1,164
Deferred tax provision/(benefit)	10,007	(20,452)
Depreciation and amortization	5,184	5,465
Amortization of right-of-use asset	7,045	7,309
Change in operating lease liabilities	2,228	(1,891)
Net gains on sale and transfers of other real estate owned	(2,968)	—
Net losses/(gains) on sale of loans	57	(58)
Loss on sales or disposal of premises and equipment	63	—
Amortization on alternative energy partnerships, venture capital and other investments	32,382	61,905
Net gains on sales of securities available-for-sale	—	(1,107)
Amortization/accretion of securities available-for-sale premiums/discounts, net	(19,721)	(19,182)
Unrealized loss on equity securities	2,318	6,204
Stock-based compensation and stock issued to officers as compensation	5,711	4,916
Net change in accrued interest receivable and other assets	22,830	9,666
Net change in other liabilities	(32,557)	(40,382)
Net cash provided by operating activities	313,507	242,335
Cash Flows from Investing Activities
Purchase of securities available-for-sale	(1,289,400)	(988,498)
Proceeds from repayments, maturities and calls of securities available-for-sale	1,249,581	1,097,594
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	42,134	130,010
Net (increase)/decrease in loans	(820,318)	26,036
Purchase of premises and equipment	(4,455)	(2,654)
Net decrease/(increase) in affordable housing investments and alternative energy partnerships	2,004	(31,737)
Net cash (used for)/provided by investing activities	(810,138)	264,937
Cash Flows from Financing Activities
Increase in deposits	834,819	618,611
Advances from Federal Home Loan Bank	10,145,000	6,968,000
Repayment of Federal Home Loan Bank borrowings	(10,015,000)	(7,448,000)
Cash dividends paid	(70,944)	(73,804)
Purchases of treasury stock	(127,923)	(60,610)
Proceeds from shares issued under Dividend Reinvestment Plan	1,970	2,217
Taxes paid related to net share settlement of RSUs	(2,758)	(3,722)
Net cash provided by financing activities	765,164	2,692
Increase in cash, cash equivalents, and restricted cash	268,533	509,964
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	$1,308,053	$1,338,765
Supplemental disclosure of cash flow information
Cash paid during the period:
Interest	$433,983	$494,181
Income taxes paid	$43,410	$41,027
Non-cash investing and financing activities:
Net change in unrealized holding gain on securities available-for-sale, net of tax	$25,909	$19,737
Net change in unrealized holding loss on cash flow hedge derivatives	$—	$(774)
Loans transferred from held-for-investment to held-for-sale	$51,128	$135,141
Transfers to other real estate owned from loans held-for-investment	$10,351	$—
Transfers to other real estate owned from loans held-for-sale	$8,938	$—

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