Note 20 - Condensed Financial Information of Cathay General Bancorp (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of December 31,
	2019			2018
	(In thousands, except
	share and per share data)
Assets
Cash	$	32,468		$	19,861
Cash pledged as margin for interest rate swaps		7,098			1,766
Short-term certificates of deposit		330			328
Equity securities		19,258			17,564
Investment in Cathay Bank subsidiary		2,365,206			2,290,073
Investment in non-bank subsidiaries		4,458			4,652
Other assets		5,530			6,012
Total assets	$	2,434,348		$	2,340,256
Liabilities
Junior subordinated debt	$	119,136		$	119,136
Long-term Debt		—			70,313
Deferred payments from acquisition		7,644			18,458
Other liabilities		13,285			10,483
Total liabilities		140,065			218,390
Commitments and contingencies		—			—
Stockholders' equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 90,064,382 issued and 79,729,419 outstanding at December 31, 2019, and 89,826,317 issued and 80,501,948 outstanding at December 31, 2018		900			898
Additional paid-in-capital		950,466			942,062
Accumulated other comprehensive loss, net		2,302			(18,006	)
Retained earnings		1,659,153			1,479,149
Treasury stock, at cost (10,334,963 shares at December 31, 2019, and 9,324,369 shares at December 31, 2018)		(318,538	)		(282,237	)
Total stockholders' equity		2,294,283			2,121,866
Total liabilities and stockholders' equity	$	2,434,348		$	2,340,256

Condensed Income Statement [Table Text Block]

	Year Ended December 31,
	2019			2018			2017
	(In thousands)
Cash dividends from Cathay Bank and Far East National Bank	$	238,998		$	127,825		$	265,207
Interest income		90			57			221
Interest expense		8,415			9,813			7,637
Non-interest income/(loss)		4,634			(1,940	)		1,909
Gain from acquisition.		—			340			5,628
Non-interest expense		3,491			3,782			6,726
Income before income tax benefit		231,816			112,687			258,602
Income tax benefit		(2,459	)		(4,971	)		(5,687	)
Income before undistributed earnings of subsidiaries		234,275			117,658			264,289
Undistributed earnings of subsidiary		44,860			154,227			(88,247	)
Net income	$	279,135		$	271,885		$	176,042

Condensed Cash Flow Statement [Table Text Block]

	Year Ended December 31,
	2019			2018			2017
	(In thousands)
Cash flows from Operating Activities
Net income	$	279,135		$	271,885		$	176,042
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(44,860	)		(154,227	)		88,247
(Gain)/loss on equity securities		(4,414	)		2,242			—
Write-downs on venture capital and other investments		105			271			254
Loss/(gain) in fair value of warrants		145			(93	)		(12	)
Stock issued to directors as compensation		749			649			550
Net change in other assets		125			915			3,490
Gain from acquisition		—			(340	)		(5,628	)
Net change in other liabilities		(832	)		(1,375	)		5,949
Net cash provided by operating activities		230,153			119,927			268,892
Cash flows from Investment Activities
(Increase)/decrease in short-term investment		—			(1	)		(2	)
Proceeds from sale of equity securities		2,829			—			12,580
Purchase of available-for-sale securities		—			—			(2,759	)
Venture capital and other investments		399			150			671
Acquisitions, net of cash acquired		—			—			(275,328	)
Net cash provided by/(used in) investment activities		3,228			149			(264,838	)
Cash flows from Financing Activities
Repayment of long-term debt		(81,065	)		(21,633	)		—
Proceeds of issuance of long-term debt		—			—			75,000
Cash dividends		(99,131	)		(83,428	)		(69,888	)
Proceeds from shares issued under the Dividend Reinvestment Plan		3,366			2,821			2,528
Proceeds from exercise of stock options		—			838			1,094
Taxes paid related to net share settlement of RSUs		(2,311	)		(3,550	)		(5,128	)
Purchase of treasury stock		(36,301	)		(42,648	)		—
Net cash (used in)/provided by financing activities		(215,442	)		(147,600	)		3,606
(Decrease)/Increase in cash and cash equivalents		17,939			(27,524	)		7,660
Cash and cash equivalents, beginning of the year		21,627			49,151			41,491
Cash and cash equivalents, end of the year	$	39,566		$	21,627		$	49,151