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Pay vs Performance Disclosure
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]

 

PAY VERSUS PERFORMANCE COMPARISION


 

In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

 

                           

Value of Initial Fixed $100 Investment Based On 4/:

       
Year   Summary Compensation Table Total for Pin Tai 1/
($) 
 

Compensation Actually Paid to Pin Tai 

1/ 2/ 3/
($) 

  Summary Compensation Table Total for Chang M. Liu 1/
($) 
 

Compensation

Actually Paid to Chang M. Liu

1/ 2/ 3/
($)

 

Average

Summary Compensation Table Total for Non-PEO NEOs 1/
($) 

 

Average Compensation Actually Paid to

Non-PEO NEOs

1/ 2/ 3/
($) 

 

CATY

TSR
($) 

 

Peer

TSR

($) 

 

CATY

Net Income
($ million) 

 

CATY

EPS 5/

2022

 

--

 

--

 

3,620,254

 

4,756,329

 

1,746,558

 

2,274,679

 

119.36

 

89.54

 

361

 

$4.85

2021

 

--

 

--

 

2,997,876

 

4,940,132

 

1,747,604

 

3,007,660

 

121.91

 

115.39

 

298

 

$3.81

2020

 

742,264

 

132,941

 

2,110,001

 

2,908,613

 

1,348,043

 

1,428,722

 

88.48

 

74.84

 

229

 

$2.88

 

1/

Pin Tai was our PEO from October 2016 to September 2020. Chang M. Liu was our PEO from September 2020 to present. The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2020

 

2021

 

2022

Heng W. Chen

 

Heng W. Chen

 

Heng W. Chen

Dunson K. Cheng

 

Dunson K. Cheng

 

Dunson K. Cheng

Kim R. Bingham

 

Kim R. Bingham

 

Kim R. Bingham

Mark H. Lee

 

Mark H. Lee

 

Mark H. Lee

 

2/

The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.

3/

Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table.

   
PEO Total Compensation Amount $ 3,620,254 $ 2,997,876 $ 2,110,001
PEO Actually Paid Compensation Amount $ 4,756,329 4,940,132 2,908,613
Adjustment To PEO Compensation, Footnote [Text Block]

Year

Summary Compensation

Table Total for Pin Tai
($)

Exclusion of Stock Awards

for Pin Tai
($)

Inclusion of Equity Values

for Pin Tai
($)

Compensation Actually Paid

to Pin Tai
($)

2020

742,264

(609,323)

132,941

 

 

Year

Summary Compensation

Table Total for Chang M. Liu
($)

Exclusion of Stock Awards

for Chang M. Liu
($)

Inclusion of Equity Values

for Chang M. Liu
($)

Compensation Actually Paid

to Chang M. Liu
($)

2022

3,620,254

(1,686,958)

2,823,033

4,756,329

2021

2,997,876

(1,429,976)

3,372,232

4,940,132

2020

2,110,001

(1,189,967)

1,988,579

2,908,613

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

 

Year

Year-End Fair Value of

Equity Awards Granted

During Year That

Remained Unvested as

of Last Day of Year for

Pin Tai
($)

Change in Fair Value

from Last Day of Prior

Year to Last Day of

Year of Unvested

Equity Awards for

Pin Tai
($)

Change in Fair Value

from Last Day of Prior

Year to Vesting Date of

Unvested Equity

Awards that Vested

During Year for Pin Tai
($)

Fair Value at Last Day

of Prior Year of Equity

Awards Forfeited

During Year for Pin Tai
($)

Total  Inclusion of
Equity Values for

Pin Tai
($)

2020

(334,982)

(74,150)

(200,191)

(609,323)

 

 

Year

Year-End Fair Value of

Equity Awards Granted

During Year That

Remained Unvested as

of Last Day of Year for

Chang M. Liu
($)

Change in Fair Value

from Last Day of Prior

Year to Last Day of

Year of Unvested

Equity Awards for

Chang M. Liu
($)

Change in Fair Value

from Last Day of Prior

Year to Vesting Date of

Unvested Equity

Awards that Vested

During Year for

Chang M. Liu
($)

Fair Value at Last Day

of Prior Year of Equity

Awards Forfeited

During Year for

Chang M. Liu
($)

Total  Inclusion of
Equity Values for

Chang M. Liu
($)

2022

2,289,944

496,450

36,639

2,823,033

2021

2,151,031

1,186,387

34,814

3,372,232

2020

2,200,808

(187,382)

(24,847)

1,988,579

   
Non-PEO NEO Average Total Compensation Amount $ 1,746,558 1,747,604 1,348,043
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,274,679 3,007,660 1,428,722
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

Year

Average Summary

Compensation Table Total

for Non-PEO NEOs
($)

Average Exclusion of Stock

Awards

for Non-PEO NEOs
($)

Average Inclusion of Equity

Values

for Non-PEO NEOs
($)

Average Compensation

Actually Paid

to Non-PEO NEOs
($)

2022

1,746,558

(708,918)

1,237,039

2,274,679

2021

1,747,604

(698,430)

1,958,486

3,007,660

2020

1,348,043

(511,719)

592,398

1,428,722

 

Year

Average Year-End Fair

Value of Equity Awards

Granted During Year

That Remained

Unvested as of Last

Day of Year for

Non-PEO NEOs
($)

Average Change in Fair

Value from Last Day of

Prior Year to Last Day

of Year of Unvested

Equity Awards for

Non-PEO NEOs
($)

Average Change in Fair

Value from Last Day of

Prior Year to Vesting

Date of Unvested

Equity Awards that

Vested During Year for

Non-PEO NEOs
($)

Average Fair Value at

Last Day of Prior Year

of Equity Awards

Forfeited During Year

for Non-PEO NEOs
($)

Total  Average Inclusion of
Equity Values for

Non-PEO NEOs
($)

2022

962,315

232,278

42,446

1,237,039

2021

1,085,232

749,638

123,616

1,958,486

2020

946,409

(340,362)

(13,649)

592,398

 

4/

The Peer Group TSR set forth in this table utilizes the S&P U.S. BMI Banks - Western Region Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P U.S. BMI Banks - Western Region Index, respectively, with all dividends, if any, being re-invested. Historical stock performance is not necessarily indicative of future stock performance.

5/

We determined Earnings Per Share (“EPS”) to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and Non-PEO NEOs in 2022. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years.

   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return (TSR)

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.

 

chart01.jpg

 

   
Compensation Actually Paid vs. Net Income [Text Block]

Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the three most recently completed fiscal years.

 

chart02.jpg

 

   
Compensation Actually Paid vs. Company Selected Measure [Text Block]

Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Earnings Per Share

 

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Earnings Per Share during the three most recently completed fiscal years.

 

chart03.jpg

 

   
Total Shareholder Return Vs Peer Group [Text Block]

Description of Relationship Between Company TSR and Peer Group TSR

 

The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the S&P U.S. BMI Banks - Western Region Index over the same period.

 

chart04.jpg

 

   
Tabular List [Table Text Block]

Financial Performance Measures

 

The four most important financial performance measures used by the Company to link executive compensation actually paid to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:

 

 

Earnings per share

     
 

Earnings per share measured over a three-year performance period (as further described in the Compensation Discussion and Analysis)

     
 

Relative total shareholder return measured over a three-year performance period (as further described in the Compensation Discussion and Analysis)

     
 

Relative return on assets measured over a three-year performance period (as further described in the Compensation Discussion and Analysis)

   
Total Shareholder Return Amount $ 119.36 121.91 88.48
Peer Group Total Shareholder Return Amount 89.54 115.39 74.84
Net Income (Loss) $ 361,000,000 $ 298,000,000 $ 229,000,000
Company Selected Measure Amount 4.85 3.81 2.88
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Earnings per share    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Earnings per share measured over a three-year performance period    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Relative total shareholder return measured over a three-year performance period    
Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Relative return on assets measured over a three-year performance period    
Inclusion of Equity Values for Former PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     $ (609,323)
Exclusion of Stock Awards for Current PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (1,686,958) $ (1,429,976) (1,189,967)
Inclusion of Equity Values for Current PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,823,033 3,372,232 1,988,579
Average Exclusion of Stock Awards for Non-PEO NEOs [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (708,918) (698,430) (511,719)
Average Inclusion of Equity Values for Non-PEO NEOs [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,237,039 1,958,486 592,398
Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Former PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     (334,982)
Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Former PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     (74,150)
Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Former PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     (200,191)
Total Inclusion of Equity Values for Former PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     (609,323)
Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Current PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,289,944 2,151,031 2,200,808
Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Current PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 496,450 1,186,387 (187,382)
Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Current PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 36,639 34,814 (24,847)
Total Inclusion of Equity Values for Current PEO [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 2,823,033 3,372,232 1,988,579
Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 962,315 1,085,232 946,409
Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards for Non-PEO NEOs [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 232,278 749,638 (340,362)
Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year for Non-PEO NEOs [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 42,446 123,616 (13,649)
Total Average Inclusion of Equity Values for Non-PEO NEOs [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 1,237,039 $ 1,958,486 592,398
Former PEO [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount     742,264
PEO Actually Paid Compensation Amount     $ 132,941