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Note 2 - Business Combinations | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | 2. Business Combinations The Company’s subsidiary bank, Cathay Bank completed the purchase of HSBC Bank USA, National Association’s West Coast mass retail market consumer banking business and retail business banking business on February 7, 2022. As a result of the acquisition, Cathay Bank added 10 retail branches in California and additional loans with principal balance of $646.1 million and deposits with a balance of $575.2 million. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the February 7, 2022 acquisition date. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. We have included the financial results of the business combinations in the Consolidated Statements of Operations and Comprehensive Income beginning on the acquisition date. The purchase accounting adjustments are preliminary and subject to finalization during the one-year measurement period from the date of the acquisition. The fair value of the assets and the liabilities acquired as of February 7, 2022 are shown below:
|  | Balance Sheet |
|  | (In thousands) |
Assets: |  |  |  |
Cash and cash equivalents |  | $ | 473 |
Loans |  |  | 641,839 |
Right-of-use assets - operating leases |  |  | 6,453 |
Core deposit intangible |  |  | 3,138 |
Other |  |  | 561 |
Total assets |  | $ | 652,464 |
Liabilities assumed: |  |  |  |
Deposits |  | $ | 575,163 |
Lease liabilities |  |  | 6,453 |
Total liabilities assumed |  | $ | 581,616 |
Net assets acquired |  | $ | 70,848 |
Total cash paid at closing |  | $ | 74,355 |
Goodwill |  | $ | 3,507 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
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