Note 20 - Condensed Financial Information of Cathay General Bancorp

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

20.     Condensed Financial Information of Cathay General Bancorp

The condensed financial information of the Bancorp as of December 31, 2013, and December 31, 2012, and for the years ended December 31, 2013, 2012, and 2011 is as follows:

Balance Sheets

	As of December 31,
	2013			2012
	(In thousands, except share and per share data)
Assets
Cash	$	1,835		$	639
Short-term certificates of deposit		38,000			161,300
Investment in bank subsidiaries		1,525,459			1,569,902
Investment in non-bank subsidiaries		2,536			2,598
Other assets		12,866			9,936
Total assets	$	1,580,696		$	1,744,375
Liabilities
Junior subordinated debt	$	121,136		$	121,136
Other liabilities		589			2,182
Total liabilities		121,725			123,318
Commitments and contingencies		-			-
Stockholders' equity
Preferred stock, 10,000,000 shares authorized, none issued and outstanding at December 31, 2013, 258,000 issued and outstanding at December 31, 2012		-			254,580
Common stock, $0.01 par value, 100,000,000 shares authorized, 83,797,434 issued and 79,589,869 outstanding at December 31, 2013, and 82,985,853 issued and 78,778,288 outstanding at December 31, 2012		838			830
Additional paid-in-capital		784,489			768,925
Accumulated other comprehensive loss, net		(29,729	)		465
Retained earnings		829,109			721,993
Treasury stock, at cost (4,207,565 shares at December 31, 2013, and at December 31, 2012)		(125,736	)		(125,736	)
Total stockholders' equity		1,458,971			1,621,057
Total liabilities and stockholders' equity	$	1,580,696		$	1,744,375

Statements of Operations

	Year Ended December 31,
	2013			2012			2011
	(In thousands)
Cash dividends from Cathay Bank	$	138,030		$	154,700		$	-
Interest income		157			196			259
Interest expense		2,994			3,228			3,038
Non-interest income/(loss)		434			3,718			286
Non-interest expense		2,443			2,064			1,548
Income/(loss) before income tax benefit		133,184			153,322			(4,041	)
Income tax benefit		(2,037	)		(579	)		(1,699	)
Loss before undistributed earnings of subsidiaries		135,221			153,901			(2,342	)
Distributions less (more) than earnings of subsidiaries		(12,078	)		(36,463	)		102,492
Net income	$	123,143		$	117,438		$	100,150

Statements of Cash Flows

	Year Ended December 31,
	2013			2012			2011
	(In thousands)
Cash flows from Operating Activities
Net income	$	123,143		$	117,438		$	100,150
Adjustments to reconcile net income to net cash provided by operating activities:
Dividends in excess of earnings of subsidiaries		12,078			36,463			-
Equity in undistributed earnings of subsidiaries		-			-			(102,492	)
Gains on sale of securities		-			(3,380	)		-
Increase in accrued expense		-			12			24
Write-downs on venture capital and other investments		357			262			321
Write-downs on impaired securities		-			181			200
Loss/(gains) in fair value of warrants		56			114			(215	)
Excess tax short-fall from stock options		2,509			620			290
Net change in other assets		(1,684	)		1,820			(121	)
Net change in other liabilities		27			59			(221	)
Net cash provided by/(used in) operating activities		136,486			153,589			(2,064	)
Cash flows from Investment Activities
Decrease/(increase) in short-term investment		123,300			(142,300	)		17,500
Proceeds from sale of available-for-sale securities		-			4,849			-
Venture capital and other investments		(835	)		(694	)		(671	)
Net cash provided by/(used in) investment activities		122,465			(138,145	)		16,829
Cash flows from Financing Activities
Redemption of Series B preferred stock		(258,000	)		-			-
Cash dividends		(12,606	)		(16,049	)		(16,046	)
Proceeds from shares issued under the Dividend Reinvestment Plan		605			291			287
Proceeds from exercise of stock options		14,755			764			1,306
Excess tax short-fall from share-based payment arrangements		(2,509	)		(620	)		(290	)
Net cash used in financing activities		(257,755	)		(15,614	)		(14,743	)
Increase/(decrease) in cash and cash equivalents		1,196			(170	)		22
Cash and cash equivalents, beginning of year		639			809			787
Cash and cash equivalents, end of year	$	1,835		$	639		$	809