2016 Q2 Form 10-Q Financial Statement

#000143774916036742 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $121.9M $112.4M
YoY Change 8.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.000M $5.200M
YoY Change -61.54% 160.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $20.13M $17.63M
YoY Change 14.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $47.10M $54.94M
YoY Change -14.26% -1.54%
Income Tax $12.27M $9.738M
% Of Pretax Income 26.06% 17.73%
Net Earnings $34.83M $45.20M
YoY Change -22.94% 28.77%
Net Earnings / Revenue 28.57% 40.22%
Basic Earnings Per Share $0.44 $0.57
Diluted Earnings Per Share $0.44 $0.56
COMMON SHARES
Basic Shares Outstanding 78.85M 79.94M
Diluted Shares Outstanding 79.62M 80.70M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $229.4M $166.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $107.2M $98.00M
YoY Change 9.42% -3.92%
Goodwill $372.2M
YoY Change
Intangibles $3.310M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $13.49B $11.92B
YoY Change 13.22% 3.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $250.0M $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $250.0M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $287.0M $539.0M
YoY Change -46.75% 0.19%
Other Long-Term Liabilities $145.0M $135.0M
YoY Change 7.41% 128.81%
Total Long-Term Liabilities $432.0M $674.0M
YoY Change -35.91% 12.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $250.0M
Total Long-Term Liabilities $432.0M $674.0M
Total Liabilities $11.73B $10.25B
YoY Change 14.49% 2.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.112B
YoY Change
Common Stock $871.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $239.6M
YoY Change
Treasury Stock Shares $8.211M
Shareholders Equity $1.760B $1.669B
YoY Change
Total Liabilities & Shareholders Equity $13.49B $11.92B
YoY Change 13.22% 3.12%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $34.83M $45.20M
YoY Change -22.94% 28.77%
Depreciation, Depletion And Amortization $2.000M $5.200M
YoY Change -61.54% 160.0%
Cash From Operating Activities $50.40M $30.60M
YoY Change 64.71% 50.74%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K -$800.0K
YoY Change 0.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities -$226.2M $13.80M
YoY Change -1739.13% -108.59%
Cash From Investing Activities -$227.0M $13.00M
YoY Change -1846.15% -108.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 213.4M -58.80M
YoY Change -462.93% -126.04%
NET CHANGE
Cash From Operating Activities 50.40M 30.60M
Cash From Investing Activities -227.0M 13.00M
Cash From Financing Activities 213.4M -58.80M
Net Change In Cash 36.80M -15.20M
YoY Change -342.11% -118.05%
FREE CASH FLOW
Cash From Operating Activities $50.40M $30.60M
Capital Expenditures -$800.0K -$800.0K
Free Cash Flow $51.20M $31.40M
YoY Change 63.06% 46.05%

Facts In Submission

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us-gaap Allocated Share Based Compensation Expense
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us-gaap Amortization Of Intangible Assets
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us-gaap Amortization Of Intangible Assets
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CY2016Q2 us-gaap Commitments And Contingencies
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us-gaap Federal Deposit Insurance Corporation Premium Expense
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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us-gaap Financing Receivable Allowance For Credit Losses Recovery
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">1. Business</div></div></div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Cathay General Bancorp (&#x201c;Bancorp&#x201d;) is the holding company for Cathay Bank (the &#x201c;Bank&#x201d; and, together, the &#x201c;Company&#x201d;), six limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner,&nbsp;GBC Venture Capital, Inc., and Asia Realty Corp.&nbsp;Bancorp also owns 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities. The Bank was founded in 1962 and offers a wide range of financial services. As of June 30, 2016, the Bank operated 22 branches in Southern California, 12 branches in Northern California, 12 branches in New York State, three branches in Illinois, three branches in Washington State, two branches in Texas, one branch in Massachusetts, one branch in New Jersey, one branch in Maryland, one branch in Nevada, one branch in Hong Kong, and a representative office in Shanghai and in Taipei. Deposit accounts at the Hong Kong branch are not insured by the Federal Deposit Insurance Corporation (the &#x201c;FDIC&#x201d;).</div></div></div>
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
204000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
290901000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
1223504000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1857000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1383000
us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
1755000000
us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
4632000000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
1096000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
2752000
us-gaap Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Mbs
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
80700000
us-gaap Proceeds From Maturities Prepayments And Calls Of Mortgage Backed Securities Mbs
ProceedsFromMaturitiesPrepaymentsAndCallsOfMortgageBackedSecuritiesMBS
36500000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
241844000
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
958656000
us-gaap Proceeds From Sale Of Federal Home Loan Bank Stock
ProceedsFromSaleOfFederalHomeLoanBankStock
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
107236000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
108924000
CY2016Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
-5150000
CY2015Q2 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
-2150000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
-15650000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
-7150000
CY2016Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-1655000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
3332000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-1449000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
3353000
CY2016Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-959000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1931000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-840000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1943000
us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
1475000000
us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
4847000000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1112279000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1059660000
CY2016Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
21501000
CY2015Q2 us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
24463000
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
48432000
us-gaap Salaries Wages And Officers Compensation
SalariesWagesAndOfficersCompensation
47079000
CY2016Q2 us-gaap Securities Loaned Or Sold Under Agreements To Repurchase Fair Value Disclosure
SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure
410608000
CY2015Q4 us-gaap Securities Loaned Or Sold Under Agreements To Repurchase Fair Value Disclosure
SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure
413417000
CY2016Q2 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
400000000
CY2015Q4 us-gaap Securities Sold Under Agreements To Repurchase
SecuritiesSoldUnderAgreementsToRepurchase
400000000
us-gaap Share Based Compensation
ShareBasedCompensation
2623000
us-gaap Share Based Compensation
ShareBasedCompensation
2738000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
408390
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
23.37
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
9000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
556000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
608670
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
12000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1031170
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
420390
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3268000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2026000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1973000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
408390
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.27
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.80
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.37
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
23.37
CY2016Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
36.46
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
38.26
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1973000
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y219D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P328D
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y292D
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y219D
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
706927000
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
536880000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2110
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
73350
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2110
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1760000000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1750000000
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1759055000
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1747778000
CY2016Q2 us-gaap Stockholders Equity Period Increase Decrease
StockholdersEquityPeriodIncreaseDecrease
11300000
CY2016Q2 us-gaap Time Deposits
TimeDeposits
4578200000
CY2015Q4 us-gaap Time Deposits
TimeDeposits
4985752000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
3751000
us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
8210643
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
6196815
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
239589000
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
185148000
CY2016Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
54400000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79619883
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80698994
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80006866
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80505265
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78846237
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79939197
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79290378
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79887699

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