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Note 18 - Subsequent Events | 6 Months Ended
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Jun. 30, 2017
Notes to Financial Statements |
Subsequent Events [Text Block] | 18. S ubsequent E vents The Company has evaluated the effect of the following events that have occurred subsequent to the quarter ended June 30, 2017 through the date of issuance of the accompanying condensed consolidated financial statements: On July 14, 2017, the Company completed the acquisition of SinoPac Bancorp, the parent of Far East National Bank (FENB), pursuant to a Stock Purchase Agreement, dated as of July 8, 2016, by and between the Company and Bank SinoPac Co. Ltd. Under the terms of the Stock Purchase Agreement, the Company purchased all of the issued and outstanding share capital of SinoPac Bancorp for an aggregate purchase price of $351.6 million plus additional post closing payments based on the realization of certain assets of FENB. The Company issued 926,192 shares of common stock as consideration and the remainder of the consideration is payable in cash. Pursuant to the Stock Purchase Agreement, (i) $100 million of the purchase price was deferred and will be released within one year based on the timing of the contemplated merger of FENB and Cathay Bank and (ii) 10% of the purchase price was held back and will be released over a period of three years following the closing of the acquisition, subject to any indemnity claims. Founded in 1974, FENB offers a wide range of financial services. As of June 30, 2017, FENB operated nine branches in California, and a representative office in Beijing. As of June 30, 2017, FENB had total assets of $1.2 billion including $733 million in loans, excluding term fed funds sold, and total deposits of $799 million. The acquisition will be accounted for as a business combination, subject to the provisions of ASC 805 - 10 - 50, Business Combinations. Due to the timing of the acquisition, the Company is currently in the process of completing the purchase accounting and has not made all of the remaining disclosures required by ASC 805 - 10 - 50, such as the fair value of assets acquired, which will be disclosed in subsequent filings. Due to the timing of the transaction, balances and results of operations of FENB are not included in the Company’s reported financial results in this Form 10 -Q as of or for the quarter and six months ended June 30, 2017.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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