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

12 Months Ended

Dec. 31, 2021

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of December 31,
	2021			2020
	(In thousands, except
	share and per share data)
Assets
Cash	$	19,629		$	50,060
Cash pledged as margin for interest rate swaps		1,071			2,159
Short-term certificates of deposit		333			332
Equity securities		15,627			15,505
Investment in Cathay Bank subsidiary		2,530,850			2,467,643
Investment in non-bank subsidiary		807			845
Other assets		4,691			6,447
Total assets	$	2,573,008		$	2,542,991
Liabilities
Junior subordinated debt	$	119,136		$	119,136
Other liabilities		7,621			5,711
Total liabilities		126,757			124,847
Commitments and contingencies		—			—
Stockholders' equity
Common stock, $0.01 par value, 100,000,000 shares authorized, 90,871,860 issued and 75,750,862 outstanding at December 31, 2021, and 90,643,206 issued and 79,508,265 outstanding at December 31, 2020		909			906
Additional paid-in-capital		972,474			964,734
Accumulated other comprehensive loss, net		(3,065	)		5,310
Retained earnings		1,985,168			1,789,325
Treasury stock, at cost (15,120,998 shares at December 31, 2021, and 11,134,941 shares at December 31, 2020)		(509,235	)		(342,131	)
Total equity		2,446,251			2,418,144
Total liabilities and equity	$	2,573,008		$	2,542,991

Condensed Income Statement [Table Text Block]

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Cash dividends from Cathay Bank	$	230,000		$	146,000		$	238,998
Interest income		36			49			90
Interest expense		5,773			5,906			8,415
Non-interest Income/(loss)		3,117			(435	)		4,634
Non-interest expense		3,224			4,846			3,491
Income before income tax expense		224,156			134,862			231,816
Income tax expense		(1,810	)		(3,692	)		(2,459	)
Income before undistributed earnings of subsidiaries		225,966			138,554			234,275
Undistributed earnings of subsidiary		72,338			90,306			44,860
Net income	$	298,304		$	228,860		$	279,135

Condensed Cash Flow Statement [Table Text Block]

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Cash flows from Operating Activities
Net income	$	298,304		$	228,860		$	279,135
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(72,338	)		(90,306	)		(44,860	)
Loss/(gain) on equity securities		(122	)		641			(4,414	)
Write-downs on venture capital and other investments		73			107			105
Loss in fair value of warrants		—			18			145
Stock issued to directors as compensation		850			800			749
Net change in accrued interest receivable and other assets		1,918			(1,182	)		125
Net change in other liabilities		4,934			(9,853	)		(832	)
Net cash provided by operating activities		233,619			129,085			230,153
Cash flows from Investment Activities
Proceeds from liquidation of subsidiary		—			2,399			—
Proceeds from sale of equity securities		—			3,112			2,829
Venture capital and other investments		357			116			399
Net cash provided by investment activities		357			5,627			3,228
Cash flows from Financing Activities
Repayment of long-term debt		—			(7,644	)		(81,065	)
Cash dividends paid		(99,322	)		(98,688	)		(99,131	)
Proceeds from shares issued under the Dividend Reinvestment Plan		3,563			9,777			3,366
Taxes paid related to net share settlement of RSUs		(2,632	)		(1,911	)		(2,311	)
Purchase of treasury stock		(167,104	)		(23,593	)		(36,301	)
Net cash used in financing activities		(265,495	)		(122,059	)		(215,442	)
Increase/(decrease) in cash, cash equivalents and restricted cash		(31,519	)		12,653			17,939
Cash, cash equivalents, and restricted cash, beginning of the year		52,219			39,566			21,627
Cash, cash equivalents, and restricted cash, end of the period	$	20,700		$	52,219		$	39,566