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Note 19 - Condensed Financial Information of Cathay General Bancorp | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
19. | Condensed Financial Information of Cathay General Bancorp
The condensed financial information of the Bancorp as of December 31, 2020, and December 31, 2019, and for the years ended December 31, 2020, 2019, and 2018 is as follows: Balance Sheets
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands, except |
|  | share and per share data) |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 50,060 |  |  | $ | 32,468 |
Cash pledged as margin for interest rate swaps |  |  | 2,159 |  |  |  | 7,098 |
Short-term certificates of deposit |  |  | 332 |  |  |  | 330 |
Equity securities |  |  | 15,505 |  |  |  | 19,258 |
Investment in Cathay Bank subsidiary |  |  | 2,467,643 |  |  |  | 2,365,206 |
Investment in non-bank subsidiaries |  |  | 845 |  |  |  | 4,458 |
Other assets |  |  | 6,447 |  |  |  | 5,530 |
Total assets |  | $ | 2,542,991 |  |  | $ | 2,434,348 |
Liabilities |  |  |  |  |  |  |  |
Junior subordinated debt |  | $ | 119,136 |  |  | $ | 119,136 |
Deferred payments from acquisition |  |  | — |  |  |  | 7,644 |
Other liabilities |  |  | 5,711 |  |  |  | 13,285 |
Total liabilities |  |  | 124,847 |  |  |  | 140,065 |
Commitments and contingencies |  |  | — |  |  |  | — |
Stockholders' equity |  |  |  |  |  |  |  |
Common stock, $0.01 par value, 100,000,000 shares authorized, 90,643,206 issued and 79,508,265 outstanding at December 31, 2020, and 90,064,382 issued and 79,729,419 outstanding at December 31, 2019 |  |  | 906 |  |  |  | 900 |
Additional paid-in-capital |  |  | 964,734 |  |  |  | 950,466 |
Accumulated other comprehensive loss, net |  |  | 5,310 |  |  |  | 2,302 |
Retained earnings |  |  | 1,789,325 |  |  |  | 1,659,153 |
Treasury stock, at cost (11,134,941 shares at December 31, 2020, and 10,334,963 shares at December 31, 2019) |  |  | (342,131 | ) |  |  | (318,538 | )
Total stockholders' equity |  |  | 2,418,144 |  |  |  | 2,294,283 |
Total liabilities and stockholders' equity |  | $ | 2,542,991 |  |  | $ | 2,434,348 |
Statements of Operations
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Cash dividends from Cathay Bank |  | $ | 146,000 |  |  | $ | 238,998 |  |  | $ | 127,825 |
Interest income |  |  | 49 |  |  |  | 90 |  |  |  | 57 |
Interest expense |  |  | 5,906 |  |  |  | 8,415 |  |  |  | 9,813 |
Non-interest (loss)/income |  |  | (435 | ) |  |  | 4,634 |  |  |  | (1,940 | )
Gain from acquisition |  |  | — |  |  |  | — |  |  |  | 340 |
Non-interest expense |  |  | 4,846 |  |  |  | 3,491 |  |  |  | 3,782 |
Income before income tax benefit |  |  | 134,862 |  |  |  | 231,816 |  |  |  | 112,687 |
Income tax benefit |  |  | (3,692 | ) |  |  | (2,459 | ) |  |  | (4,971 | )
Income before undistributed earnings of subsidiaries |  |  | 138,554 |  |  |  | 234,275 |  |  |  | 117,658 |
Undistributed earnings of subsidiary |  |  | 90,306 |  |  |  | 44,860 |  |  |  | 154,227 |
Net income |  | $ | 228,860 |  |  | $ | 279,135 |  |  | $ | 271,885 |
Statements of Cash Flows
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
|  | (In thousands) |
Cash flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 228,860 |  |  | $ | 279,135 |  |  | $ | 271,885 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (90,306 | ) |  |  | (44,860 | ) |  |  | (154,227 | )
Loss/(gain) on equity securities |  |  | 641 |  |  |  | (4,414 | ) |  |  | 2,242 |
Write-downs on venture capital and other investments |  |  | 107 |  |  |  | 105 |  |  |  | 271 |
Loss/(gain) in fair value of warrants |  |  | 18 |  |  |  | 145 |  |  |  | (93 | )
Stock issued to directors as compensation |  |  | 800 |  |  |  | 749 |  |  |  | 649 |
Net change in other assets |  |  | (1,182 | ) |  |  | 125 |  |  |  | 915 |
Gain from acquisition |  |  | — |  |  |  | — |  |  |  | (340 | )
Net change in other liabilities |  |  | (9,853 | ) |  |  | (832 | ) |  |  | (1,375 | )
Net cash provided by operating activities |  |  | 129,085 |  |  |  | 230,153 |  |  |  | 119,927 |
Cash flows from Investment Activities |  |  |  |  |  |  |  |  |  |  |  |
Increase in short-term investment |  |  | — |  |  |  | — |  |  |  | (1 | )
Proceeds from liquidation of subsidiary |  |  | 2,399 |  |  |  | — |  |  |  | — |
Proceeds from sale of equity securities |  |  | 3,112 |  |  |  | 2,829 |  |  |  | — |
Venture capital and other investments |  |  | 116 |  |  |  | 399 |  |  |  | 150 |
Net cash provided by investment activities |  |  | 5,627 |  |  |  | 3,228 |  |  |  | 149 |
Cash flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  |  | (7,644 | ) |  |  | (81,065 | ) |  |  | (21,633 | )
Cash dividends |  |  | (98,688 | ) |  |  | (99,131 | ) |  |  | (83,428 | )
Proceeds from shares issued under the Dividend Reinvestment Plan |  |  | 9,777 |  |  |  | 3,366 |  |  |  | 2,821 |
Proceeds from exercise of stock options |  |  | — |  |  |  | — |  |  |  | 838 |
Taxes paid related to net share settlement of RSUs |  |  | (1,911 | ) |  |  | (2,311 | ) |  |  | (3,550 | )
Purchase of treasury stock |  |  | (23,593 | ) |  |  | (36,301 | ) |  |  | (42,648 | )
Net cash used in financing activities |  |  | (122,059 | ) |  |  | (215,442 | ) |  |  | (147,600 | )
Increase/(decrease) in cash and cash equivalents |  |  | 12,653 |  |  |  | 17,939 |  |  |  | (27,524 | )
Cash and cash equivalents, beginning of the year |  |  | 39,566 |  |  |  | 21,627 |  |  |  | 49,151 |
Cash and cash equivalents, end of the year |  | $ | 52,219 |  |  | $ | 39,566 |  |  | $ | 21,627 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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