Note 23 - Subsequent Events

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Subsequent Events [Text Block]

23. Subsequent Events

On February 7, 2022, the Company subsidiary bank, Cathay Bank completed the purchase of the HSBC Bank USA’s West Coast mass market consumer banking business and retail business banking business, including 10 retail branches in California for total consideration of approximately $5.0 million.

On February 14, 2022, the Company’s Board of Directors declared first quarter 2022 dividends for the Company’s common stock. The common stock cash dividend of $0.34 per share will be paid on March 7, 2022, to stockholders of record on February 25, 2022.

On February 18, 2022, the Company completed its September 2021 stock buyback program by repurchasing 704,927 shares at an average cost of $46.67 for a total of $32.9 million.

The Company has evaluated the effect of events that have occurred subsequent to December 31, 2021, through the date of issuance of the Consolidated Financial Statements.  Based on this evaluation, the Company has determined none of these events would require recognition in the Consolidated Financial Statements or disclosure in the notes to the Consolidated Financial Statements.