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Note 19 - Condensed Financial Information of Cathay General Bancorp
 12 Months Ended
Dec. 31, 2016
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,
2016,
and
December
31,
2015,
and for the years ended
December
31,
2016,
2015,
and
2014
is as follows:
 
Balance Sheets
 
 
 
As of December 31,
 
 
 
2016
 
 
2015
 
 
 
(In thousands, except
 
 
 
share and per share data)
 
Assets
 
 
 
 
 
 
 
 
Cash
  $
34,596
    $
5,048
 
Cash pledged as margin for interest rate swaps
   
6,895
     
7,936
 
Short-term certificates of deposit
    
325
     
24,324
 
Securities available for sale
    
18,129
     
11,911
 
Investment in bank subsidiaries
    
1,879,868
     
1,807,825
 
Investment in non-bank subsidiaries
    
5,448
     
5,979
 
Other assets
   
6,674
     
9,551
 
Total assets
  $
1,951,935
    $
1,872,574
 
Liabilities
 
 
 
 
 
 
 
 
Junior subordinated debt
  $
119,136
    $
119,136
 
Other liabilities
   
4,260
     
5,660
 
Total liabilities
   
123,396
     
124,796
 
Commitments and contingencies
    
-
     
-
 
Stockholders' equity
 
 
 
 
 
 
 
 
Common stock, $0.01 par value, 100,000,000 shares authorized,
87,820,920 issued and 79,610,277 outstanding at December 31, 2016, and
87,002,931 issued and 80,806,116 outstanding at December 31, 2015
    
878
     
870
 
Additional paid-in-capital
   
895,480
     
880,822
 
Accumulated other comprehensive loss, net
   
(3,715
 )    
(8,426
 )
Retained earnings
   
1,175,485
     
1,059,660
 
Treasury stock, at cost (8,210,643 shares at December 31, 2016,
and 6,196,815 shares at December 31, 2015)
   
(239,589
 )    
(185,148
 )
Total stockholders' equity
   
1,828,539
     
1,747,778
 
Total liabilities and stockholders' equity
  $
1,951,935
    $
1,872,574
 
 
 
Statements of
Operations
 
 
 
 
Year Ended December 31,
 
 
 
2016
 
 
2015
 
 
2014
 
 
 
(In thousands)
 
Cash dividends from Cathay Bank
  $
113,448
    $
163,301
    $
30,000
 
Cash dividends from GBC Venture Capital
   
950
     
-
     
-
 
Interest income
    
48
     
68
     
88
 
Interest expense
   
5,791
     
5,776
     
4,469
 
Non-interest (loss)/income
    
(488
 )    
(1,858
 )    
10,144
 
Non-interest expense
    
3,756
     
4,644
     
2,248
 
Income before income tax benefit
   
104,411
     
151,091
     
33,515
 
Income tax (benefit)/expense
   
(4,199
 )    
(5,134
 )    
1,478
 
Income before undistributed earnings of subsidiaries
    
108,610
     
156,225
     
32,037
 
Undistributed earnings of subsidiary
   
66,489
     
4,884
     
105,793
 
Net income
  $
175,099
    $
161,109
    $
137,830
 
 
Statements of Cash Flows
 
 
 
Year Ended December 31,
 
 
 
2016
 
 
2015
 
 
2014
 
 
 
(In thousands)
 
Cash flows from Operating Activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income
  $
175,099
    $
161,109
    $
137,830
 
Adjustments to reconcile net income to net cash provided by operating activities:
                       
Equity in undistributed earnings of subsidiaries
   
(67,770
 )    
(4,884
 )    
(105,793
 )
Dividends in excess of earnings of non-bank subsidiaries
    
1,281
     
-
     
-
 
Gains on sale of securities
    
-
     
-
     
(10,689
 )
Income associated with debt redemption
    
-
     
-
     
(555
 )
Write-downs on venture capital and other investments
   
503
     
468
     
432
 
Write-downs on impaired securities
   
206
     
-
     
264
 
Loss in fair value of warrants
    
(17
 )    
-
     
3
 
Stock issued to directors as compensation
   
550
     
495
     
350
 
Excess tax short-fall from stock options
   
-
     
5,348
     
1,285
 
Net change in other assets
   
(1,136
 )    
619
     
(3,445
 )
Net change in other liabilities
    
(756
 )    
(5,438
 )    
(1,294
 )
Net cash provided by operating activities
   
107,960
     
157,717
     
18,388
 
Cash flows from Investment Activities
 
 
 
 
 
 
 
 
 
 
 
 
(Increase)/decrease in short-term investment
   
23,999
     
(1,121
 )    
14,797
 
Proceeds from sale of available-for-sale securities
    
294
     
-
     
12,083
 
Purchase of available-for-sale securities
    
-
     
(410
 )    
(7,920
 )
Venture capital and other investments
    
134
     
-
     
(590
 )
Acquisition, net of cash acquired
    
-
     
(57,006
 )    
-
 
Net cash (used in)/provided by investment activities
   
24,427
     
(58,537
 )    
18,370
 
Cash flows from Financing Activities
 
 
 
 
 
 
 
 
 
 
 
 
Repayment of long-term debt
    
-
     
-
     
(1,445
 )
Cash dividends
   
(59,274
 )    
(45,283
 )    
(23,104
 )
Proceeds from shares issued under the Dividend Reinvestment Plan
   
2,277
     
4,175
     
2,848
 
Proceeds from exercise of stock options
   
7,661
     
5,014
     
128
 
Taxes paid related to net share settlement of RSUs
    
(103
 )    
(227
 )    
(850
 )
Excess tax short-fall from share-based payment arrangements
    
-
     
(5,348
 )    
(1,285
 )
Purchase of treasury stock
   
(54,441
 )    
(59,412
 )    
-
 
Net cash used in financing activities
   
(103,880
 )    
(101,081
 )    
(23,708
 )
Increase/(Decrease) in cash and cash equivalents
   
28,507
     
(1,901
 )    
13,050
 
Cash and cash equivalents, beginning of the year
   
12,984
     
14,885
     
1,835
 
Cash and cash equivalents, end of the year
  $
41,491
    $
12,984
    $
14,885