Note 19 - Condensed Financial Information of Cathay General Bancorp (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of December 31,
	2020			2019
	(In thousands, except
	share and per share data)
Assets
Cash	$	50,060		$	32,468
Cash pledged as margin for interest rate swaps		2,159			7,098
Short-term certificates of deposit		332			330
Equity securities		15,505			19,258
Investment in Cathay Bank subsidiary		2,467,643			2,365,206
Investment in non-bank subsidiaries		845			4,458
Other assets		6,447			5,530
Total assets	$	2,542,991		$	2,434,348
Liabilities
Junior subordinated debt	$	119,136		$	119,136
Deferred payments from acquisition		—			7,644
Other liabilities		5,711			13,285
Total liabilities		124,847			140,065
Commitments and contingencies		—			—
Stockholders' equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 90,643,206 issued and 79,508,265 outstanding at December 31, 2020, and 90,064,382 issued and 79,729,419 outstanding at December 31, 2019		906			900
Additional paid-in-capital		964,734			950,466
Accumulated other comprehensive loss, net		5,310			2,302
Retained earnings		1,789,325			1,659,153
Treasury stock, at cost (11,134,941 shares at December 31, 2020, and 10,334,963 shares at December 31, 2019)		(342,131	)		(318,538	)
Total stockholders' equity		2,418,144			2,294,283
Total liabilities and stockholders' equity	$	2,542,991		$	2,434,348

Condensed Income Statement [Table Text Block]

	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Cash dividends from Cathay Bank	$	146,000		$	238,998		$	127,825
Interest income		49			90			57
Interest expense		5,906			8,415			9,813
Non-interest (loss)/income		(435	)		4,634			(1,940	)
Gain from acquisition		—			—			340
Non-interest expense		4,846			3,491			3,782
Income before income tax benefit		134,862			231,816			112,687
Income tax benefit		(3,692	)		(2,459	)		(4,971	)
Income before undistributed earnings of subsidiaries		138,554			234,275			117,658
Undistributed earnings of subsidiary		90,306			44,860			154,227
Net income	$	228,860		$	279,135		$	271,885

Condensed Cash Flow Statement [Table Text Block]

	Year Ended December 31,
	2020			2019			2018
	(In thousands)
Cash flows from Operating Activities
Net income	$	228,860		$	279,135		$	271,885
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(90,306	)		(44,860	)		(154,227	)
Loss/(gain) on equity securities		641			(4,414	)		2,242
Write-downs on venture capital and other investments		107			105			271
Loss/(gain) in fair value of warrants		18			145			(93	)
Stock issued to directors as compensation		800			749			649
Net change in other assets		(1,182	)		125			915
Gain from acquisition		—			—			(340	)
Net change in other liabilities		(9,853	)		(832	)		(1,375	)
Net cash provided by operating activities		129,085			230,153			119,927
Cash flows from Investment Activities
Increase in short-term investment		—			—			(1	)
Proceeds from liquidation of subsidiary		2,399			—			—
Proceeds from sale of equity securities		3,112			2,829			—
Venture capital and other investments		116			399			150
Net cash provided by investment activities		5,627			3,228			149
Cash flows from Financing Activities
Repayment of long-term debt		(7,644	)		(81,065	)		(21,633	)
Cash dividends		(98,688	)		(99,131	)		(83,428	)
Proceeds from shares issued under the Dividend Reinvestment Plan		9,777			3,366			2,821
Proceeds from exercise of stock options		—			—			838
Taxes paid related to net share settlement of RSUs		(1,911	)		(2,311	)		(3,550	)
Purchase of treasury stock		(23,593	)		(36,301	)		(42,648	)
Net cash used in financing activities		(122,059	)		(215,442	)		(147,600	)
Increase/(decrease) in cash and cash equivalents		12,653			17,939			(27,524	)
Cash and cash equivalents, beginning of the year		39,566			21,627			49,151
Cash and cash equivalents, end of the year	$	52,219		$	39,566		$	21,627