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Note 19 - Condensed Financial Information of Cathay General Bancorp | 12 Months Ended
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Dec. 31, 2021
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, 2021, and December 31, 2020, and for the years ended December 31, 2021, 2020, and 2019 is as follows: Balance Sheets
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
|  | (In thousands, except |
|  | share and per share data) |
Assets |  |  |  |  |  |  |  |
Cash |  | $ | 19,629 |  |  | $ | 50,060 |
Cash pledged as margin for interest rate swaps |  |  | 1,071 |  |  |  | 2,159 |
Short-term certificates of deposit |  |  | 333 |  |  |  | 332 |
Equity securities |  |  | 15,627 |  |  |  | 15,505 |
Investment in Cathay Bank subsidiary |  |  | 2,530,850 |  |  |  | 2,467,643 |
Investment in non-bank subsidiary |  |  | 807 |  |  |  | 845 |
Other assets |  |  | 4,691 |  |  |  | 6,447 |
Total assets |  | $ | 2,573,008 |  |  | $ | 2,542,991 |
Liabilities |  |  |  |  |  |  |  |
Junior subordinated debt |  | $ | 119,136 |  |  | $ | 119,136 |
Other liabilities |  |  | 7,621 |  |  |  | 5,711 |
Total liabilities |  |  | 126,757 |  |  |  | 124,847 |
Commitments and contingencies |  |  | — |  |  |  | — |
Stockholders' equity |  |  |  |  |  |  |  |
Common stock, $0.01 par value, 100,000,000 shares authorized, 90,871,860 issued and 75,750,862 outstanding at December 31, 2021, and 90,643,206 issued and 79,508,265 outstanding at December 31, 2020 |  |  | 909 |  |  |  | 906 |
Additional paid-in-capital |  |  | 972,474 |  |  |  | 964,734 |
Accumulated other comprehensive loss, net |  |  | (3,065 | ) |  |  | 5,310 |
Retained earnings |  |  | 1,985,168 |  |  |  | 1,789,325 |
Treasury stock, at cost (15,120,998 shares at December 31, 2021, and 11,134,941 shares at December 31, 2020) |  |  | (509,235 | ) |  |  | (342,131 | )
Total equity |  |  | 2,446,251 |  |  |  | 2,418,144 |
Total liabilities and equity |  | $ | 2,573,008 |  |  | $ | 2,542,991 |
Statements of Operations
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (In thousands) |
Cash dividends from Cathay Bank |  | $ | 230,000 |  |  | $ | 146,000 |  |  | $ | 238,998 |
Interest income |  |  | 36 |  |  |  | 49 |  |  |  | 90 |
Interest expense |  |  | 5,773 |  |  |  | 5,906 |  |  |  | 8,415 |
Non-interest Income/(loss) |  |  | 3,117 |  |  |  | (435 | ) |  |  | 4,634 |
Non-interest expense |  |  | 3,224 |  |  |  | 4,846 |  |  |  | 3,491 |
Income before income tax expense |  |  | 224,156 |  |  |  | 134,862 |  |  |  | 231,816 |
Income tax expense |  |  | (1,810 | ) |  |  | (3,692 | ) |  |  | (2,459 | )
Income before undistributed earnings of subsidiaries |  |  | 225,966 |  |  |  | 138,554 |  |  |  | 234,275 |
Undistributed earnings of subsidiary |  |  | 72,338 |  |  |  | 90,306 |  |  |  | 44,860 |
Net income |  | $ | 298,304 |  |  | $ | 228,860 |  |  | $ | 279,135 |
Statements of Cash Flows
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (In thousands) |
Cash flows from Operating Activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 298,304 |  |  | $ | 228,860 |  |  | $ | 279,135 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (72,338 | ) |  |  | (90,306 | ) |  |  | (44,860 | )
Loss/(gain) on equity securities |  |  | (122 | ) |  |  | 641 |  |  |  | (4,414 | )
Write-downs on venture capital and other investments |  |  | 73 |  |  |  | 107 |  |  |  | 105 |
Loss in fair value of warrants |  |  | — |  |  |  | 18 |  |  |  | 145 |
Stock issued to directors as compensation |  |  | 850 |  |  |  | 800 |  |  |  | 749 |
Net change in accrued interest receivable and other assets |  |  | 1,918 |  |  |  | (1,182 | ) |  |  | 125 |
Net change in other liabilities |  |  | 4,934 |  |  |  | (9,853 | ) |  |  | (832 | )
Net cash provided by operating activities |  |  | 233,619 |  |  |  | 129,085 |  |  |  | 230,153 |
Cash flows from Investment Activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from liquidation of subsidiary |  |  | — |  |  |  | 2,399 |  |  |  | — |
Proceeds from sale of equity securities |  |  | — |  |  |  | 3,112 |  |  |  | 2,829 |
Venture capital and other investments |  |  | 357 |  |  |  | 116 |  |  |  | 399 |
Net cash provided by investment activities |  |  | 357 |  |  |  | 5,627 |  |  |  | 3,228 |
Cash flows from Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Repayment of long-term debt |  |  | — |  |  |  | (7,644 | ) |  |  | (81,065 | )
Cash dividends paid |  |  | (99,322 | ) |  |  | (98,688 | ) |  |  | (99,131 | )
Proceeds from shares issued under the Dividend Reinvestment Plan |  |  | 3,563 |  |  |  | 9,777 |  |  |  | 3,366 |
Taxes paid related to net share settlement of RSUs |  |  | (2,632 | ) |  |  | (1,911 | ) |  |  | (2,311 | )
Purchase of treasury stock |  |  | (167,104 | ) |  |  | (23,593 | ) |  |  | (36,301 | )
Net cash used in financing activities |  |  | (265,495 | ) |  |  | (122,059 | ) |  |  | (215,442 | )
Increase/(decrease) in cash, cash equivalents and restricted cash |  |  | (31,519 | ) |  |  | 12,653 |  |  |  | 17,939 |
Cash, cash equivalents, and restricted cash, beginning of the year |  |  | 52,219 |  |  |  | 39,566 |  |  |  | 21,627 |
Cash, cash equivalents, and restricted cash, end of the period |  | $ | 20,700 |  |  | $ | 52,219 |  |  | $ | 39,566 |

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