Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000861842 | ||
Entity Registrant Name | Cathay General Bancorp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-31830 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4274680 | ||
Entity Address, Address Line One | 777 North Broadway | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90012 | ||
City Area Code | 213 | ||
Local Phone Number | 625-4700 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CATY | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,987,485,927 | ||
Entity Common Stock, Shares Outstanding | 79,510,444 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 138,616 | $ 177,240 |
Short-term investments and interest bearing deposits | 1,282,462 | 416,538 |
Securities available-for-sale (amortized cost of $1,019,230 in 2020 and $1,443,730 in 2019 | 1,036,550 | 1,451,842 |
Loans | 15,644,396 | 15,075,481 |
Less: Allowance for loan losses | (166,538) | (123,224) |
Unamortized deferred loan fees, net | (2,494) | (626) |
Loans, net | 15,475,364 | 14,951,631 |
Equity securities | 23,744 | 28,005 |
Federal Home Loan Bank stock | 17,250 | 18,090 |
Other real estate owned, net | 4,918 | 10,244 |
Affordable housing investments and alternative energy partnerships, net | 309,016 | 308,681 |
Premises and equipment, net | 102,998 | 104,239 |
Customers’ liability on acceptances | 13,753 | 10,694 |
Accrued interest receivable | 59,032 | 53,541 |
Goodwill | 372,189 | 372,189 |
Other intangible assets, net | 5,434 | 6,296 |
Right-of-use assets- operating leases | 30,919 | 33,990 |
Other assets | 170,889 | 150,924 |
Total assets | 19,043,134 | 18,094,144 |
Deposits | ||
Non-interest-bearing demand deposits | 3,365,086 | 2,871,444 |
Interest-bearing deposits: | ||
NOW deposits | 1,926,135 | 1,358,152 |
Money market deposits | 3,359,191 | 2,260,764 |
Savings deposits | 785,672 | 758,903 |
Time deposits | 6,673,317 | 7,443,045 |
Total deposits | 16,109,401 | 14,692,308 |
Short-term borrowings | 0 | 25,683 |
Advances from the Federal Home Loan Bank | 150,000 | 670,000 |
Other borrowings for affordable housing investments | 23,714 | 29,022 |
Long-term debt | 119,136 | 119,136 |
Deferred payments from acquisition | 0 | 7,644 |
Acceptances outstanding | 13,753 | 10,694 |
Lease liabilities - operating leases | 33,484 | 35,873 |
Other liabilities | 175,502 | 209,501 |
Total liabilities | 16,624,990 | 15,799,861 |
Commitments and contingencies | 0 | 0 |
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 income, 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 equity | 2,418,144 | 2,294,283 |
Total liabilities and equity | $ 19,043,134 | $ 18,094,144 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale, amortized cost | $ 1,019,230 | $ 1,443,730 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 90,643,206 | 90,064,382 |
Common stock, shares outstanding (in shares) | 79,508,265 | 79,729,419 |
Treasury stock, shares (in shares) | 11,134,941 | 10,334,963 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST AND DIVIDEND INCOME | |||
Loan receivable | $ 677,193 | $ 729,619 | $ 652,480 |
Investment securities | 20,599 | 33,037 | 28,603 |
Federal Home Loan Bank stock | 952 | 1,207 | 1,663 |
Deposits with banks | 1,830 | 5,404 | 5,209 |
Total interest and dividend income | 700,574 | 769,267 | 687,955 |
INTEREST EXPENSE | |||
Time deposits | 111,629 | 152,791 | 86,368 |
Other deposits | 25,396 | 25,311 | 20,503 |
Interest on securities sold under agreements to repurchase | 0 | 0 | 1,446 |
Advances from the Federal Home Loan Bank | 5,299 | 7,441 | 3,739 |
Long-term debt | 5,791 | 7,847 | 8,723 |
Deferred payments from acquisition | 115 | 568 | 1,090 |
Short-term borrowings | 234 | 403 | 187 |
Total interest expense | 148,464 | 194,361 | 122,056 |
Net interest income before provision/(reversal) for credit losses | 552,110 | 574,906 | 565,899 |
Provision/(reversal) for credit losses | (57,500) | 7,000 | 4,500 |
Net interest income after provision/(reversal) for credit losses | 494,610 | 581,906 | 570,399 |
NON-INTEREST INCOME | |||
Net (losses)/gains from equity securities | (1,148) | 5,736 | (2,787) |
Securities gains, net | 1,695 | 211 | 22 |
Letters of credit commissions | 6,741 | 6,407 | 5,614 |
Depository service fees | 4,949 | 4,763 | 5,084 |
Gain from acquisition | 0 | 0 | 340 |
Other operating income | 30,583 | 27,634 | 23,434 |
Total non-interest income | 42,820 | 44,751 | 31,707 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 124,022 | 129,300 | 124,477 |
Occupancy expense | 20,634 | 22,004 | 20,690 |
Computer and equipment expense | 11,133 | 11,113 | 11,402 |
Professional services expense | 21,856 | 23,107 | 22,810 |
Data processing service expense | 14,897 | 13,210 | 12,438 |
FDIC and State assessments | 8,999 | 9,617 | 8,000 |
Marketing expense | 5,224 | 7,585 | 7,837 |
Other real estate owned (income)/loss | (3,091) | 1,115 | (719) |
Operations of investments in affordable housing and alternative energy partnerships, net | 58,225 | 39,731 | 40,515 |
Amortization of core deposit premium | 687 | 687 | 876 |
Acquisition and integration costs | 0 | 0 | 2,105 |
Cost associated with debt redemption | 693 | 0 | 0 |
Other operating expense | 20,186 | 19,819 | 13,988 |
Total non-interest expense | 283,465 | 277,288 | 264,419 |
Income before income tax expense | 253,965 | 349,369 | 337,687 |
Income tax expense | 25,105 | 70,234 | 65,802 |
Net income attributable to common stockholders | 228,860 | 279,135 | 271,885 |
Other comprehensive income/(loss), net of tax: | |||
Unrealized holding gains/(losses) on securities available for sale | 7,680 | 23,628 | (7,934) |
Unrealized holding (losses)/gains on cash flow hedge derivatives | (3,478) | (3,171) | 1,525 |
Less: reclassification adjustment for gains included in net income | 1,194 | 149 | 15 |
Total other comprehensive income/(loss), net of tax | 3,008 | 20,308 | (6,424) |
Total comprehensive income | $ 231,868 | $ 299,443 | $ 265,461 |
Basic (in dollars per share) | $ 2.88 | $ 3.49 | $ 3.35 |
Diluted (in dollars per share) | $ 2.87 | $ 3.48 | $ 3.33 |
Basic average common shares outstanding (in shares) | 79,584,560 | 79,999,703 | 81,131,269 |
Diluted average common shares outstanding (in shares) | 79,777,847 | 80,247,893 | 81,607,346 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 80,893,379 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2017 | $ 891 | $ 932,874 | $ (2,511) | $ 1,281,639 | $ (239,589) | $ 1,973,304 |
Cumulative effect of changes in accounting principles | 0 | 0 | (8,556) | 8,556 | 0 | 0 |
Reclassification of tax effects in accumulated other comprehensive income resulting from the new corporate income tax rate | $ 0 | 0 | (515) | 515 | 0 | $ 0 |
Dividend Reinvestment Plan (in shares) | 69,084 | 69,084 | ||||
Dividend Reinvestment Plan | $ 1 | 2,821 | 0 | 0 | 0 | $ 2,822 |
Restricted stock units vested (in shares) | 125,207 | |||||
Restricted stock units vested | $ 1 | 0 | 0 | 0 | 0 | 1 |
Warrants exercised (in shares) | 476,064 | |||||
Warrants exercised | $ 5 | (5) | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of RSUs | $ 0 | (2,440) | 0 | 0 | 0 | (2,440) |
Stock issued to directors (in shares) | 16,060 | |||||
Stock issued to directors | $ 0 | 649 | 0 | 0 | 0 | $ 649 |
Stock options exercised (in shares) | 35,880 | 35,880 | ||||
Stock options exercised | $ 0 | 838 | 0 | 0 | 0 | $ 838 |
Purchases of treasury stock (in shares) | (1,113,726) | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (42,648) | (42,648) |
Stock -based compensation | 0 | 7,325 | 0 | 0 | 0 | 7,325 |
Cash dividends | 0 | 0 | 0 | (83,446) | 0 | (83,446) |
Other comprehensive income (loss) | 0 | 0 | (6,424) | 0 | 0 | (6,424) |
Net income | $ 0 | 0 | 0 | 271,885 | 0 | 271,885 |
Balance (in shares) at Dec. 31, 2018 | 80,501,948 | |||||
Ending balance, loss, net of tax at Dec. 31, 2018 | $ 898 | 942,062 | (18,006) | 1,479,149 | (282,237) | $ 2,121,866 |
Dividend Reinvestment Plan (in shares) | 93,143 | 93,143 | ||||
Dividend Reinvestment Plan | $ 1 | 3,365 | 0 | 0 | 0 | $ 3,366 |
Restricted stock units vested (in shares) | 123,762 | |||||
Restricted stock units vested | $ 1 | 0 | 0 | 0 | 0 | 1 |
Shares withheld related to net share settlement of RSUs | $ 0 | (2,311) | 0 | 0 | 0 | (2,311) |
Stock issued to directors (in shares) | 21,160 | |||||
Stock issued to directors | $ 0 | 749 | 0 | 0 | 0 | 749 |
Purchases of treasury stock (in shares) | (1,010,594) | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (36,301) | (36,301) |
Stock -based compensation | 0 | 6,601 | 0 | 0 | 0 | 6,601 |
Cash dividends | 0 | 0 | 0 | (99,131) | 0 | (99,131) |
Other comprehensive income (loss) | 0 | 0 | 20,308 | 0 | 0 | 20,308 |
Net income | $ 0 | 0 | 0 | 279,135 | 0 | 279,135 |
Balance (in shares) at Dec. 31, 2019 | 79,729,419 | |||||
Ending balance, loss, net of tax at Dec. 31, 2019 | $ 900 | 950,466 | 2,302 | 1,659,153 | (318,538) | $ 2,294,283 |
Dividend Reinvestment Plan (in shares) | 358,157 | 358,157 | ||||
Dividend Reinvestment Plan | $ 4 | 9,773 | 0 | 0 | 0 | $ 9,777 |
Restricted stock units vested (in shares) | 189,557 | |||||
Restricted stock units vested | $ 2 | 0 | 0 | 0 | 0 | 2 |
Shares withheld related to net share settlement of RSUs | $ 0 | (1,911) | 0 | 0 | 0 | (1,911) |
Stock issued to directors (in shares) | 31,110 | |||||
Stock issued to directors | $ 0 | 800 | 0 | 0 | 0 | 800 |
Purchases of treasury stock (in shares) | (799,978) | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (23,593) | (23,593) |
Stock -based compensation | 0 | 5,606 | 0 | 0 | 0 | 5,606 |
Cash dividends | 0 | 0 | 0 | (98,688) | 0 | (98,688) |
Other comprehensive income (loss) | 0 | 0 | 3,008 | 0 | 0 | 3,008 |
Net income | $ 0 | 0 | 0 | 228,860 | 0 | 228,860 |
Balance (in shares) at Dec. 31, 2020 | 79,508,265 | |||||
Ending balance, loss, net of tax at Dec. 31, 2020 | $ 906 | $ 964,734 | $ 5,310 | $ 1,789,325 | $ (342,131) | $ 2,418,144 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retained Earnings [Member] | |||
Cash dividends (in dollars per share) | $ 1.24 | $ 1.24 | $ 1.03 |
Cash dividends (in dollars per share) | $ 1.24 | $ 1.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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: | |||
Provision/(reversal) for credit losses | 57,500 | (7,000) | (4,500) |
Provision for losses on other real estate owned | 717 | 681 | 0 |
Deferred tax provision | (9,486) | 9,825 | 2,343 |
Depreciation and amortization | 7,660 | 6,756 | 7,314 |
Amortization of right-of-use asset | 8,852 | 8,366 | 0 |
Change in operating lease liabilities | (2,389) | (7,157) | 0 |
Net gains on sale and transfers of other real estate owned | (4,216) | (212) | (1,187) |
Net gains on sale of loans | (413) | (804) | 0 |
Proceeds from sale of loans | 11,098 | 75,257 | 8,000 |
Originations of loans held for sale | (10,685) | (2,241) | 0 |
Loss on sales or disposal of fixed assets | 45 | 14 | 107 |
Amortization of alternative energy partnerships, venture capital and other investments | 58,131 | 39,898 | 40,871 |
Gain on sales and calls of securities | (1,695) | (211) | (22) |
Other non-cash interest income | 0 | 0 | (1,576) |
Amortization of security premiums, net | 8,617 | 3,834 | 3,018 |
Loss/(gain) on equity securities | 1,148 | (5,736) | 2,787 |
Stock based and stock issued to officers and directors compensation expense | 6,406 | 7,350 | 7,974 |
Net change in accrued interest receivable and other assets | (21,247) | 6,163 | (13,984) |
Gain from acquisition | 0 | 0 | (340) |
Net change in other liabilities | (18,948) | 21,061 | 13,848 |
Net cash provided by operating activities | 319,955 | 434,979 | 336,538 |
Cash Flows from Investing Activities | |||
Decrease in interest bearing deposits | 0 | 0 | 5,000 |
Purchase of investment securities available-for-sale | (434,165) | (770,206) | (497,787) |
Proceeds from repayment, maturity, and call of investment securities available-for-sale | 734,485 | 296,721 | 447,773 |
Proceeds from sale of investment securities available-for-sale | 117,249 | 293,849 | 99,899 |
Proceeds from sale of equity securities | 3,112 | 2,829 | 0 |
Purchase of Federal Home Loan Bank stock | (840) | (1,815) | (5,430) |
Redemption of Federal Home Loan Bank stock | 1,680 | 975 | 11,265 |
Net increase in loans | (583,136) | (1,147,019) | (1,125,623) |
Purchase of premises and equipment | (5,778) | (7,133) | (6,670) |
Proceeds from sales of other real estate owned | 4,308 | 2,822 | 3,820 |
Increase in investment in affordable housing and alternative energy partnerships | (79,119) | (52,697) | (66,574) |
Net cash used in investing activities | (242,204) | (1,381,674) | (1,134,327) |
Cash Flows from Financing Activities | |||
Net increase in deposits | 1,417,310 | 989,942 | 1,012,284 |
Net decrease in federal funds purchased and securities sold under agreements to repurchase | 0 | 0 | (100,000) |
Advances from Federal Home Loan Bank | 1,450,000 | 4,355,000 | 5,130,000 |
Repayment of Federal Home Loan Bank borrowings | (1,970,000) | (4,215,000) | (5,030,000) |
Cash dividends | (98,688) | (99,131) | (83,428) |
Purchase of treasury stock | (23,593) | (36,301) | (42,648) |
Proceeds from issuance of short-term borrowings | 0 | 25,683 | 0 |
Repayment of short-term borrowings | (25,683) | 0 | 0 |
Repayment of long-term debt and other borrowings | (7,663) | (81,065) | (23,040) |
Proceeds from shares issued to Dividend Reinvestment Plan | 9,777 | 3,366 | 2,822 |
Proceeds from exercise of stock options | 0 | 0 | 838 |
Taxes paid related to net share settlement of RSUs | (1,911) | (2,311) | (3,550) |
Net cash provided by financing activities | 749,549 | 940,183 | 863,278 |
Increase/(Decrease) in cash, cash equivalents, and restricted cash | 827,300 | (6,512) | 65,489 |
Cash, cash equivalents, and restricted cash, beginning of the year | 593,778 | 600,290 | 534,801 |
Cash, cash equivalents, and restricted cash, end of the year | 1,421,078 | 593,778 | 600,290 |
Supplemental disclosure of cash flow information | |||
Interest | 162,434 | 182,527 | 116,524 |
Income taxes | 45,371 | 61,548 | 65,866 |
Non-cash investing and financing activities: | |||
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax | 6,486 | 23,479 | (7,949) |
Net change in unrealized (loss)/gain on interest rate swaps designated as cash flow hedges | (3,478) | (3,171) | 1,525 |
Transfers to other real estate owned from loans held for investment | 0 | 860 | 5,476 |
Loans transferred to loans held for sale | $ 0 | $ 75,285 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies The accompanying Consolidated Financial Statements include the accounts of Cathay General Bancorp (the “Bancorp”), a Delaware corporation, its wholly-owned subsidiaries, Cathay Bank (the “Bank”), a California state-chartered bank, ten Organization and Background. The Bank is a commercial bank, servicing primarily the individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located. Its operations include the acceptance of checking, savings, and time deposits, and the making of commercial, real estate, and consumer loans. The Bank also offers trade financing, letters of credit, wire transfer, foreign currency spot and forward contracts, Internet banking, investment services, and other customary banking services to its customers. The Bank owns 100% of the common securities of Cathay Holdings LLC. Use of Estimates. Concentrations. December 31, 2020, December 31, 2020, Allowance for Loan Losses. The total allowance for loan losses consists of two two two The Bank’s management allocates a specific allowance for “Impaired Credits,” in accordance with Accounting Standard Codification (“ASC”) Section 310 10 35. not As provided by the Coronavirus Aid, Relief, and Economic Security (the “CARES Act”) and extended by the Consolidated Appropriation Act ("CAA"), the Company has elected to delay its adoption of ASU 2016 13. 2016 13 19 January 1, 2022, 2016 13 January 1, 2021. Securities. may may Securities held-to-maturity are stated at cost, adjusted for the amortization of premiums and the accretion of discounts on a level-yield basis. The carrying value of these assets is not ASC Topic 320 not not not not not not not not not Trading securities are reported at fair value, with unrealized gains or losses included in income. Investment in Federal Home Loan Bank ( FHLB ) Stock. December 31, 2020, December 31, 2019. December 31, 2020, Loans Held for Investment. 360 Generally, loans are placed on nonaccrual status when they become 90 not not Loans held for sale. Impaired Loans. may 1 2 3 first Troubled Debt Restructured Loan ( TDR ). may six Unfunded Loan Commitments. not 12 Letter of Credit Fees. Premises and Equipment. Type Estimated Useful Life (Years) Buildings 15 to 45 Building improvements 5 to 20 Furniture, fixtures, and equipment 3 to 25 Leasehold improvements Shorter of useful lives or the terms of the leases Improvements are capitalized and amortized to occupancy expense based on the above table. Construction in process is carried at cost and includes land acquisition cost, architectural fees, general contractor fees, capitalized interest and other costs related directly to the construction of a property. Other Real Estate Owned ("OREO"). Investments in Affordable Housing Partnerships and Other Tax Credit Investments. 5 December 31, 2020, ten ten Investments in Venture Capital. Goodwill and Goodwill Impairment. may not no December 31, 2020. Core Deposit Intangible. Securities Sold Under Agreements to Repurchase. Bank-Owned Life Insurance. Stock-Based Compensation. Derivatives 815 not third not Foreign Exchange Forwards and Foreign Currency Option Contracts. not Income Taxes. not not Comprehensive Income/(loss). Net Income per Common Share. Foreign Currency Translation. Statement of Cash Flows. three Segment Reporting. one Accounting Standards adopted in 2020 In January 2017, 2017 04, 350 2 2 December 15, 2019. 2017 04 not In August 2018, No. 2018 13, no 1 2 3 No. 2018 13 December 15, 2019; No. 2018 13 no Recent Accounting Pronouncements In July 2017, 2017 11, 260 480 815 two 480, December 15, 2020. first 250 10 45 5 45 10. not not not 2017 11 In December 2019, No. 2019 12, 740 740 not December 15, 2020 not not 2019 12 In January 2020, No. 2020 01, 321 323 815 321, 323, 815.” December 15, 2020. not No. 2020 01 323, 321 not not 2020 01 In March 2020, No. 2020 04, 848 No. 2020 04 March 12, 2020 December 31, 2022. December 31, 2022. 2020 02 In October 2020, 2020 08, 310 20, 2020 08 2020 8 January 1, 2021 not In January 2021, 2021 01, 848 2021 01 848 2021 01 848 2021 01 December 31, 2022. 2021 01 |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash, Cash Equivalents and Restricted Cash The Company manages its cash and cash equivalents, which consist of cash on hand, amounts due from banks, federal funds sold, and short-term investments with original maturity of three The Company is required to maintain reserves with the Federal Reserve Bank. Reserve requirements are based on a percentage of deposit liabilities. The average reserve balances required were $60 thousand for 2020 2019. 2020 2019. December 31, 2020 December 31, 2019, December 31, 2020 December 31, 2019, |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 3. Investment Securities Investment Securities. December 31, 2020 December 31, 2019: As of December 31, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 80,948 $ 6 $ 6 $ 80,948 U.S. government agency entities 99,944 441 546 99,839 Mortgage-backed securities 709,709 17,965 606 727,068 Collateralized mortgage obligations 10,358 — 34 10,324 Corporate debt securities 118,271 367 267 118,371 Total securities available-for-sale $ 1,019,230 $ 18,779 $ 1,459 $ 1,036,550 As of December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 74,926 $ 10 $ — $ 74,936 U.S. government agency entities 90,452 663 319 90,796 U.S. government sponsored entities 225,000 — 557 224,443 Mortgage-backed securities 880,040 8,574 824 887,790 Collateralized mortgage obligations 569 — 17 552 Corporate debt securities 172,743 605 23 173,325 Total securities available-for-sale $ 1,443,730 $ 9,852 $ 1,740 $ 1,451,842 The amortized cost and fair value of investment securities at December 31, 2020, may may Securities Available-for-Sale As of December 31, 2020 Amortized Cost Fair Value (In thousands) Due in one year or less $ 131,974 $ 132,026 Due after one year through five years 54,820 54,688 Due after five years through ten years 190,440 194,029 Due after ten years 641,996 655,807 Total $ 1,019,230 $ 1,036,550 Proceeds from the sale of investment securities were $117.2 million during 2020 2019. 2020 2019. 2020, 2019. The temporarily impaired securities represent 17.9% of the fair value of investment securities as of December 31, 2020. twelve twelve Total unrealized losses of $1.5 million at December 31, 2020, not At December 31, 2020, no December 31, 2020. no not not The tables below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of December 31, 2020, December 31, 2019: As of December 31, 2020 Temporarily Impaired Securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. treasury securities $ 40,952 $ 6 $ — $ — $ 40,952 $ 6 U.S. government agency entities 26,390 102 40,009 444 66,399 546 Mortgage-backed securities 1,694 23 8,093 583 9,787 606 Collateralized mortgage obligations 10,131 25 193 9 10,324 34 Corporate debt securities 58,405 267 — — 58,405 267 Total securities available-for-sale $ 137,572 $ 423 $ 48,295 $ 1,036 $ 185,867 $ 1,459 As of December 31, 2019 Temporarily Impaired Securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. government agency entities $ 48,829 $ 172 $ 3,570 $ 147 $ 52,399 $ 319 U.S. government sponsored entities — — 224,443 557 224,443 557 Mortgage-backed securities 43,719 36 120,801 788 164,520 824 Collateralized mortgage obligations — — 552 17 552 17 Corporate debt securities 51,791 23 — — 51,791 23 Total securities available-for-sale $ 144,339 $ 231 $ 349,366 $ 1,509 $ 493,705 $ 1,740 Investment securities having a carrying value of $22.7 million at December 31, 2020, December 31, 2019, The adoption of ASU 2016 01 January 1, 2018. December 31, 2020, 2019. December 31, 2020, December 31, 2019. |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Loans Most of the Company’s business activity is in markets with a concentration of Chinese-American individuals and businesses located in Southern and Northern California; New York City; Houston and Dallas, Texas; Seattle, Washington; Boston, Massachusetts; Chicago, Illinois; Edison, New Jersey; Rockville, Maryland; Las Vegas, Nevada; and Hong Kong. The Company has no The components of loans in the Consolidated Balance Sheets as of December 31, 2020, December 31, 2019, As of December 31, 2020 2019 (In thousands) Type of Loans: Commercial loans $ 2,836,833 $ 2,778,744 Real estate construction loans 679,492 579,864 Commercial mortgage loans 7,555,027 7,275,262 Residential mortgage loans 4,145,389 4,088,586 Equity lines 424,555 347,975 Installment and other loans 3,100 5,050 Gross loans 15,644,396 15,075,481 Less: Allowance for loan losses (166,538 ) (123,224 ) Unamortized deferred loan fees (2,494 ) (626 ) Total loans and leases, net $ 15,475,364 $ 14,951,631 The Company pledged real estate loans of $11.2 billion at December 31, 2020, December 31, 2019, December 31, 2020, December 31, 2019, Loans serviced for others as of December 31, 2020, The Company has entered into transactions with its directors, executive officers, or principal holders of its equity securities, or the associates of such persons (“Related Parties”). All loans to Related Parties were current as of December 31, 2020. December 31, 2020 2019 (In thousands) Balance at beginning of year $ 43,952 $ 47,263 Additional loans made 23,102 19,036 Payment received (15,766 ) (22,347 ) Balance at end of year $ 51,288 $ 43,952 At December 31, 2020, December 31, 2019, 2020 2019. 2020 2019. December 31, 2020 2019, The following table presents impaired loans and the related allowance as of December 31, 2020 2019: Impaired Loans As of December 31, 2020 As of December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 23,784 $ 20,698 $ — $ 20,134 $ 15,857 $ — Real estate construction loans 5,776 4,286 — 5,776 4,580 — Commercial mortgage loans 22,877 22,287 — 9,234 9,030 — Residential mortgage and equity lines 6,379 6,307 — 6,171 6,073 — Subtotal $ 58,816 $ 53,578 $ — $ 41,315 $ 35,540 $ — With allocated allowance Commercial loans $ 13,703 $ 6,372 $ 1,030 $ 8,769 $ 8,739 $ 2,543 Commercial mortgage loans 31,134 31,003 5,254 26,117 26,040 473 Residential mortgage and equity lines 5,005 4,452 145 6,740 5,540 220 Subtotal $ 49,842 $ 41,827 $ 6,429 $ 41,626 $ 40,319 $ 3,236 Total impaired loans $ 108,658 $ 95,405 $ 6,429 $ 82,941 $ 75,859 $ 3,236 The following table presents the average balance and interest income recognized related to impaired loans for the periods indicated: For the year ended December 31, 2020 2019 2018 2020 2019 2018 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 31,009 $ 37,475 $ 44,486 $ 246 $ 412 $ 685 Real estate construction loans 4,408 4,697 6,835 294 — — Commercial mortgage loans 41,649 47,612 57,596 1,602 1,366 2,125 Residential mortgage and equity lines 14,287 12,799 13,679 252 306 356 Subtotal $ 91,353 $ 102,583 $ 122,596 $ 2,394 $ 2,084 $ 3,166 The following table is a summary of non-accrual loans as of December 31, 2020, 2019, 2018 2020 2019 2018 (In thousands) Non-accrual portfolio loans $ 67,684 $ 40,523 $ 41,815 Contractual interest due $ 3,093 $ 1,775 $ 1,618 Interest recognized 1,008 85 66 Net interest foregone $ 2,085 $ 1,690 $ 1,552 The following tables present the aging of the loan portfolio by type as of December 31, 2020, December 31, 2019: As of December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Amortized Cost > 90 days and Accruing Type of Loans: (In thousands) Commercial loans $ 52,601 $ 3,182 $ 2,947 $ 23,087 $ 81,817 $ 2,755,016 $ 2,836,833 $ 2,947 Real estate construction loans 6,257 — — 4,286 10,543 668,949 679,492 — Commercial mortgage loans 45,186 18,069 2,035 33,715 99,005 7,456,022 7,555,027 2,035 Residential mortgage loans 14,315 4,223 — 6,596 25,134 4,544,810 4,569,944 — Installment and other loans 43 — — — 43 3,057 3,100 — Total loans $ 118,402 $ 25,474 $ 4,982 $ 67,684 $ 216,542 $ 15,427,854 $ 15,644,396 $ 4,982 As of December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Amortized Cost > 90 days and Accruing Type of Loans: (In thousands) Commercial loans $ 24,681 $ 9,954 $ 6,409 $ 19,381 $ 60,425 $ 2,718,319 $ 2,778,744 $ 6,409 Real estate construction loans 5,846 6,753 — 4,580 17,179 562,685 579,864 — Commercial mortgage loans 7,694 2,609 — 9,928 20,231 7,255,031 7,275,262 — Residential mortgage loans 26,028 965 — 6,634 33,627 4,402,934 4,436,561 — Installment and other loans — — — — — 5,050 5,050 — Total loans $ 64,249 $ 20,281 $ 6,409 $ 40,523 $ 131,462 $ 14,944,019 $ 15,075,481 $ 6,409 The determination of the amount of the allowance for credit losses for problem loans is based on management’s current judgment about the credit quality of the loan portfolio and takes into consideration known relevant internal and external factors that affect collectability when determining the appropriate level for the allowance for credit losses. The nature of the process by which the Bank determines the appropriate allowance for credit losses requires the exercise of considerable judgment. This allowance evaluation process is also applied to TDRs since the Bank deems TDRs to be impaired loans. The allowance for loan losses and the reserve for off-balance sheet credit commitments are significant estimates that can and do change based on management’s process in analyzing the loan portfolio and on management’s assumptions about specific borrowers, underlying collateral, and applicable economic and environmental conditions, among other factors. At December 31, 2020, December 31, 2019. December 31, 2020, December 31, 2019. 2020, December 31, 2020, 2020: No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-offs (Dollars in thousands) Commercial loans 5 $ 5,417 $ 5,417 $ — $ — Total 5 $ 5,417 $ 5,417 $ — $ — The following table presents TDRs that were modified during 2019, December 31, 2019, 2019: No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-offs (Dollars in thousands) Commercial loans 23 $ 25,937 $ 21,874 $ 2,190 $ 4,063 Residential mortgage and equity lines 1 42 42 — — Total 24 $ 25,979 $ 21,916 $ 2,190 $ 4,063 The following table presents TDRs that were modified during 2018, December 31, 2018, 2018: No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-off (Dollars in thousands) Commercial loans 23 $ 13,290 $ 13,290 $ 1,384 $ — Commercial mortgage loans 7 14,626 14,626 111 — Residential mortgage and equity lines 4 1,214 1,214 23 — Total 34 $ 29,130 $ 29,130 $ 1,518 $ — A summary of TDRs by type of concession and by type of loans as of December 31, 2020, December 31, 2019, December 31, 2020 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,983 $ — $ — $ 3,983 Commercial mortgage loans 515 5,635 13,425 19,575 Residential mortgage loans 1,724 275 2,164 4,163 Total accruing TDRs $ 6,222 $ 5,910 $ 15,589 $ 27,721 December 31, 2020 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 8,462 $ — $ — $ 8,462 Residential mortgage loans 523 — — 523 Total non-accrual TDRs $ 8,985 $ — $ — $ 8,985 December 31, 2019 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 5,215 $ — $ — $ 5,215 Commercial mortgage loans 615 5,748 18,779 25,142 Residential mortgage loans 2,525 311 2,143 4,979 Total accruing TDRs $ 8,355 $ 6,059 $ 20,922 $ 35,336 December 31, 2019 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 16,692 $ — $ — $ 16,692 Residential mortgage loans 1,220 — 136 1,356 Total non-accrual TDRs $ 17,912 $ — $ 136 $ 18,048 The activity within our TDR loans for 2020, 2019, 2018 Accruing TDRs 2020 2019 2018 (In thousands) Beginning balance $ 35,336 $ 65,071 $ 68,565 New restructurings 5,417 15,432 26,114 Restructured loans restored to accrual status 263 365 2,896 Charge-offs — (1,341 ) — Payments (13,295 ) (42,895 ) (30,406 ) Restructured loans placed on non-accrual — (1,296 ) (2,098 ) Ending balance $ 27,721 $ 35,336 $ 65,071 Non-accrual TDRs 2020 2019 2018 (In thousands) Beginning balance $ 18,048 $ 24,189 $ 33,416 New restructurings — 10,547 3,015 Restructured loans placed on non-accrual — 1,296 2,098 Charge-offs (4,970 ) (3,607 ) (2,347 ) Payments (3,830 ) (14,012 ) (9,097 ) Restructured loans restored to accrual status (263 ) (365 ) (2,896 ) Ending balance $ 8,985 $ 18,048 $ 24,189 A loan is considered to be in payment default once it is 60 to 90 days contractually past due under the modified terms. The Company did not twelve December 31, 2020. Under the Company’s internal underwriting policy, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification in order to determine whether a borrower is experiencing financial difficulty. As of December 31, 2020, no The CARES Act, signed into law on March 27, 2020, 2021, 19 March 1, 2020 December 31, 2021 60 not 30 December 31, 2019. 19 19 As part of the on-going monitoring of the credit quality of our loan portfolio, the Company utilizes a risk grading matrix to assign a risk grade to each loan. Loans are risk rated based on analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of sources of repayment, the borrower’s current financial and liquidity status and other relevant information. The risk rating categories can be generally described by the following grouping for non-homogeneous loans: ● Pass/Watch ● Special Mention not may ● Substandard may not not ● Doubtful may ● Loss no The following tables present loan portfolio by risk rating as of December 31, 2020 December 31, 2019: As of December 31, 2020 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,581,128 $ 141,344 $ 108,788 $ 5,573 $ 2,836,833 Real estate construction loans 593,196 82,010 4,286 — 679,492 Commercial mortgage loans 7,202,568 186,283 166,176 — 7,555,027 Residential mortgage and equity lines 4,547,052 11,647 11,245 — 4,569,944 Installment and other loans 3,100 — — — 3,100 Total gross loans $ 14,927,044 $ 421,284 $ 290,495 $ 5,573 $ 15,644,396 As of December 31, 2019 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,528,944 $ 166,016 $ 83,784 $ — $ 2,778,744 Real estate construction loans 461,597 113,687 4,580 — 579,864 Commercial mortgage loans 6,992,933 196,454 85,875 — 7,275,262 Residential mortgage and equity lines 4,427,205 914 8,442 — 4,436,561 Installment and other loans 5,050 — — — 5,050 Total gross loans $ 14,415,729 $ 477,071 $ 182,681 $ — $ 15,075,481 The following table presents the balance in the allowance for loan losses by portfolio segment and based on impairment method as of December 31, 2020 December 31, 2019. Real Estate Commercial Residential Commercial Construction Mortgage Mortgage Consumer Loans Loans Loans and Equity Lines and Other Total (In thousands) December 31, 2020 Loans individually evaluated for impairment Allowance $ 1,030 $ — $ 5,254 $ 145 $ — $ 6,429 Balance $ 27,070 $ 4,286 $ 53,289 $ 10,760 $ — $ 95,405 Loans collectively evaluated for impairment Allowance $ 67,712 $ 30,854 $ 43,951 $ 17,592 $ — $ 160,109 Balance $ 2,809,763 $ 675,206 $ 7,501,738 $ 4,559,184 $ 3,100 $ 15,548,991 Total allowance $ 68,742 $ 30,854 $ 49,205 $ 17,737 $ — $ 166,538 Total balance $ 2,836,833 $ 679,492 $ 7,555,027 $ 4,569,944 $ 3,100 $ 15,644,396 December 31, 2019 Loans individually evaluated for impairment Allowance $ 2,543 $ — $ 473 $ 220 $ — $ 3,236 Balance $ 24,596 $ 4,580 $ 35,070 $ 11,613 $ — $ 75,859 Loans collectively evaluated for impairment Allowance $ 54,478 $ 19,474 $ 33,129 $ 12,888 $ 19 $ 119,988 Balance $ 2,754,148 $ 575,284 $ 7,240,192 $ 4,424,948 $ 5,050 $ 14,999,622 Total allowance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Total balance $ 2,778,744 $ 579,864 $ 7,275,262 $ 4,436,561 $ 5,050 $ 15,075,481 The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2020 2019. one not Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2019 Beginning Balance $ 54,978 $ 19,626 $ 33,487 $ 14,282 $ 18 $ 122,391 Provision/(reversal) for loan losses 4,885 (4,764 ) (5,216 ) (1,906 ) 1 (7,000 ) Charge-offs (6,997 ) — — — — (6,997 ) Recoveries 4,155 4,612 5,331 732 — 14,830 Net (Charge-offs)/Recoveries (2,842 ) 4,612 5,331 732 — 7,833 2019 Ending Balance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Reserve for impaired loans $ 2,543 $ — $ 473 $ 220 $ — $ 3,236 Reserve for non-impaired loans $ 54,478 $ 19,474 $ 33,129 $ 12,888 $ 19 $ 119,988 Reserve for off-balance sheet credit commitments $ 2,301 $ 1,047 $ 193 $ 311 $ 3 $ 3,855 2020 Beginning Balance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Provision/(reversal) for loan losses 26,450 11,380 15,164 4,525 (19 ) 57,500 Charge-offs (21,996 ) — — — — (21,996 ) Recoveries 7,267 — 439 104 — 7,810 Net (Charge-offs)/Recoveries (14,729 ) — 439 104 — (14,186 ) 2020 Ending Balance $ 68,742 $ 30,854 $ 49,205 $ 17,737 $ — $ 166,538 Reserve for impaired loans $ 1,030 $ — $ 5,254 $ 145 $ — $ 6,429 Reserve for non-impaired loans $ 67,712 $ 30,854 $ 43,951 $ 17,592 $ — $ 160,109 Reserve for off-balance sheet credit commitments $ 4,802 $ 690 $ 101 $ 284 $ 3 $ 5,880 An analysis of the activity in the allowance for credit losses for the years ended December 31, 2020, 2019, 2018 For the year ended December 31, 2020 2019 2018 Allowance for Loan Losses (In thousands) Balance at beginning of year $ 123,224 $ 122,391 $ 123,279 Provision/(reversal) for credit losses 57,500 (7,000 ) (4,500 ) Loans charged off (21,996 ) (6,997 ) (3,206 ) Recoveries of charged off loans 7,810 14,830 6,818 Balance at end of year $ 166,538 $ 123,224 $ 122,391 Reserve for Off-balance Sheet Credit Commitments Balance at beginning of year $ 3,855 $ 2,250 $ 4,588 Provision/(reversal) for credit losses and transfers 2,025 1,605 (2,338 ) Balance at end of year $ 5,880 $ 3,855 $ 2,250 Residential mortgage loans in process of formal foreclosure proceedings were $808 thousand at December 31, 2020, December 31, 2019. The ongoing COVID- 19 19 • The Company has provided loans through the SBA's Paycheck Protection Program, or “PPP”. As of December 31, 2020, not • The Company has outstanding COVID- 19 December 31, 2020, • As of December 31, 2020, 19 |
Note 5 - Investments in Afforda
Note 5 - Investments in Affordable Housing and Alternative Energy Partnerships | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Affordable Housing [Text Block] | 5. Investments in Affordable Housing and Alternative Energy Partnerships The Company holds ownership interests in a number of limited partnerships that were formed to develop and operate housing for lower-income tenants throughout the United States and alternative energy partnerships that qualify for energy tax credits. The Company evaluates its interests in these partnerships to determine whether they meet the definition of a Variable Interest Entity (“VIE”) and whether the Company is required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not 810, not ten not not not The investments in these entities approximates the maximum exposure to loss as a result of the Company’s involvement with these unconsolidated entities. The balance of the Company’s investments in these entities was $309.0 million and $308.7 million as of December 31, 2020 2019, The Company’s investments in these partnerships, net, are presented in the table below: As of December 31, (In thousands) 2020 2019 Investments in affordable housing partnerships, net $ 279,981 $ 276,506 Other borrowings for affordable housing limited partnerships $ 23,714 $ 29,022 Investments in affordable housing and alternative energy partnerships, unfunded commitments $ 103,060 $ 114,541 Investments in alternative energy tax credit partnerships, net $ 29,035 $ 32,175 At December 31, 2020, ten December 31, 2020, December 31, 2019. December 31, 2020. December 31, 2020, 2021 2021 As of December 31, 2020, Amount Year Ending December 31, (In thousands) 2021 $ 41,602 2022 34,696 2023 19,782 2024 1,408 2025 619 Thereafter 4,953 Total unfunded commitments $ 103,060 Each of the partnerships must meet regulatory requirements for affordable housing and alternative energy projects, including long-term minimum compliance periods (such as a 15 may not December 31, 2020. not three not 2020, 2019, The following table summarizes the Company’s usage of affordable housing and other tax credits including energy tax credits. As of December 31, (In thousands) 2020 2019 2018 Affordable housing and other tax credits recognized $ 23,273 $ 21,523 $ 18,860 Alternative energy tax credit usage $ 29,706 $ 17,786 $ 15,013 |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Premises and Equipment Premises and equipment consisted of the following as of December 31, 2020, December 31, 2019: As of December 31, 2020 2019 (In thousands) Land and land improvements $ 42,476 $ 42,476 Building and building improvements 79,953 79,819 Furniture, fixtures and equipment 62,835 60,141 Leasehold improvement 17,819 17,380 Construction in process 2,061 1,647 205,144 201,463 Less: Accumulated depreciation/amortization 102,146 97,224 Premises and equipment, net $ 102,998 $ 104,239 The amount of depreciation/amortization included in operating expense was $7.0 million in 2020, 2019, 2018. |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 7. Deposits The following table displays deposit balances as of December 31, 2020, December 31, 2019: As of December 31, 2020 2019 (In thousands) Demand $ 3,365,086 $ 2,871,444 NOW accounts 1,926,135 1,358,152 Money market accounts 3,359,191 2,260,764 Saving accounts 785,672 758,903 Time deposits 6,673,317 7,443,045 Total $ 16,109,401 $ 14,692,308 Time deposits outstanding as of December 31, 2020, Expected Maturity Date at December 31, 2021 2022 2023 2024 2025 Thereafter Total (In thousands) Time deposits $ 6,507,616 $ 107,311 $ 58,261 $ 69 $ 48 $ 12 $ 6,673,317 Accrued interest payable on customer deposits was $8.5 million at December 31, 2020, December 31, 2019, December 31, 2018. December 31, 2020, 2019, 2018: Year Ended December 31, 2020 2019 2018 (In thousands) Interest bearing demand $ 2,816 $ 2,371 $ 2,718 Money market accounts 21,574 21,508 16,202 Saving accounts 1,006 1,432 1,583 Time deposits 111,629 152,791 86,368 Total $ 137,025 $ 178,102 $ 106,871 The aggregate amount of domestic time deposits in denominations that meet or exceed the current FDIC insurance limit of $250 December 31, 2020 2019, December 31, 2020 2019, $250 |
Note 8 - Borrowed Funds
Note 8 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Borrowed Funds There were no outstanding securities sold under agreements to repurchase at December 31, 2020, December 31, 2019. Securities sold under agreements to repurchase, if any, are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The table below provides comparative data for securities sold under agreements to repurchase for the years indicated: 2020 2019 2018 (Dollars in thousands) Average amount outstanding during the year (1) $ — $ — $ 49,589 Maximum amount outstanding at month-end (2) — — 100,000 Balance, December 31 — — — Rate, December 31 — % — % — % Weighted average interest rate for the year — % — % — % ( 1 Average balances were computed using daily averages. ( 2 Highest month-end balance was January 2018. As of December 31, 2020, December 31, 2019. December 31, 2020, December 31, 2019. December 31, 2020, May 2021, June 2021, July 2021, May 2023. Other Liabilities. November 23, 2004, December 31, 2005, January 1 first first seventh 2004 November 23, 2014, ten March 13, 2014, December 31, 2013, January 1 first first seventh March 28, 2019, five Interest of $105 thousand during 2020, 2019, 2018 December 31, 2020, December 31, 2019. We established three 2003 two 2007 twenty may not, At December 31, 2020, December 31, 2019. June 2014, 2020, 2019, 2018. |
Note 9 - Capital Resources
Note 9 - Capital Resources | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Capital Resources Total equity was $2.42 billion at December 31, 2020, December 31, 2019, 2020 2019. On May 7, 2019, 2019, May 2019 December 2020, May 2019 The five not not May 19, 2010, 2 May 19, 2010 $15.0 December 31, 2009 1 December 31, 2020 2019, $15.0 no 1 The table below summarizes the outstanding Junior Subordinated Notes issued by the Company to each trust as of December 31, 2020: Principal Not Current Date of Payable/ Issuance Balance of Redeemable Stated Annualized Interest Rate Distribution Trust Name Date Notes Until Maturity Coupon Rate Rate Change Date (Dollars in thousands) Cathay Capital Trust I June 26, $ 20,619 June 30, June 30, 3-month 3.39 % December 30, March 30 2003 2008 2033 LIBOR 2020 June 30 + 3.15% September 30 December 30 Cathay Statutory Trust I September 17, 20,619 September 17, September 17, 3-month 3.23 % December 17, March 17 2003 2008 2033 LIBOR 2020 June 17 + 3.00% September 17 December 17 Cathay Capital Trust II December 30, 12,887 March 30, March 30, 3-month 3.14 % December 30, March 30 2003 2009 2034 LIBOR 2020 June 30 + 2.90% September 30 December 30 Cathay Capital Trust III March 28, 46,392 June 15, June 15, 3-month 1.70 % December 15, March 15 2007 2012 2037 LIBOR 2020 June 15 + 1.48% September 15 December 15 Cathay Capital Trust IV May 31, 18,619 September 6, September 6, 3-month 1.63 % December 7, March 6 2007 2012 2037 LIBOR 2020 June 6 + 1.4% September 6 December 6 Total Junior Subordinated Notes $ 119,136 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes For the years ended December 31, 2020, 2019, 2018, Year Ended December 31, 2020 2019 2018 (In thousands) Current: Federal $ (2,196 ) $ 20,943 $ 26,820 State 36,787 39,466 36,639 Total Current $ 34,591 $ 60,409 $ 63,459 Deferred: Federal $ (3,234 ) $ 7,464 $ 1,495 State (6,252 ) 2,361 848 Total Deferred $ (9,486 ) $ 9,825 $ 2,343 Total income tax expense $ 25,105 $ 70,234 $ 65,802 Temporary differences between the amounts reported in the financial statements and the tax basis of assets and liabilities give rise to deferred taxes. Net deferred tax assets at December 31, 2020, December 31, 2019, As of December 31, 2020 2019 (In thousands) Deferred Tax Assets Loan loss allowance, due to differences in computation of bad debts $ 52,899 $ 38,936 Share-based compensation 1,936 2,945 Accrual for bonuses 3,356 1,293 Non-accrual interest 861 1,005 Write-down on equity securities and venture capital investments 1,833 2,010 State tax 3,882 4,540 Unrealized loss on interest rate swaps 2,934 1,599 Tax credits carried forward 9,136 9,473 Net operating loss carried forward 10,880 14,247 Other, net 3,864 3,719 Gross deferred tax assets 91,581 79,767 Deferred Tax Liabilities Deferred loan costs (10,017 ) (9,778 ) Depreciation and amortization (2,709 ) (1,606 ) Unrealized gain on securities available-for-sale, net (8,712 ) (5,990 ) Unrealized gain on equity securities — (668 ) OREO Installment Sale (1,274 ) — Dividends on Federal Home Loan Bank common stock (979 ) (978 ) Other, net (3,599 ) (3,307 ) Gross deferred tax liabilities (27,290 ) (22,327 ) Net deferred tax assets $ 64,291 $ 57,440 Amounts for the current year are based upon estimates and assumptions and could vary from amounts shown on the tax returns as filed. As of December 31, 2020, 382 December 31, 2020, 382 $10.2 2021 $8.8 2022 $7.3 not 2030. December 31, 2020, not 2028. In assessing the realization of deferred tax assets, management considers whether it is more likely than not not not The Company had current income tax receivables of $19.5 million at December 31, 2020, December 31, 2019. The Company’s tax returns are open for audits by the Internal Revenue Service back to 2017 2016. 2017 July 2020 not twelve not Income tax expense results in effective tax rates that differ from the statutory federal income tax rate for the years indicated as follows: Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Tax provision at Federal statutory rate $ 53,333 21.0 % $ 73,368 21.0 % $ 70,914 21.0 % State income taxes, net of Federal income tax benefit 23,602 9.3 33,276 9.5 29,750 8.8 Excess deduction for stock option and RSUs 264 0.1 (398 ) (0.1 ) (555 ) (0.2 ) Non-taxable bargain purchase gain — — — — (71 ) — Low income housing and other tax credits (52,979 ) (20.8 ) (37,519 ) (10.7 ) (34,517 ) (10.2 ) Other, net 885 0.3 1,507 0.4 281 0.1 Total income tax expense $ 25,105 9.9 % $ 70,234 20.1 % $ 65,802 19.5 % |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity and Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. Stockholders Equity and Earnings per Share As a bank holding company, the Bancorp’s ability to pay dividends will depend upon the dividends it receives from the Bank and on the income it may may Under California banking law, the Bank may not, three December 31, 2020, Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the years ended December 31, 2020, 2019 2020 2019 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, loss, net of tax Securities available-for-sale $ 5,714 $ (17,765 ) Cash flow hedge derivatives (3,412 ) (241 ) Total $ 2,302 $ (18,006 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ 10,903 $ 3,223 $ 7,680 $ 33,543 $ 9,915 $ 23,628 Cash flow hedge derivatives (4,938 ) (1,460 ) (3,478 ) (4,502 ) (1,331 ) (3,171 ) Total 5,965 1,763 4,202 29,041 8,584 20,457 Reclassification adjustment for net gains in net income Securities available-for-sale (1,695 ) (501 ) (1,194 ) (211 ) (62 ) (149 ) Cash flow hedge derivatives — — — — — — Total (1,695 ) (501 ) (1,194 ) (211 ) (62 ) (149 ) Total other comprehensive income/(loss) Securities available-for-sale 9,208 2,722 6,486 33,332 9,853 23,479 Cash flow hedge derivatives (4,938 ) (1,460 ) (3,478 ) (4,502 ) (1,331 ) (3,171 ) Total $ 4,270 $ 1,262 $ 3,008 $ 28,830 $ 8,522 $ 20,308 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 12,200 $ 5,714 Cash flow hedge derivatives (6,890 ) (3,412 ) Total $ 5,310 $ 2,302 The Board of Directors of the Bancorp is authorized to issue preferred stock in one may may may The following is the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years as indicated: Year Ended December 31, 2020 2019 2018 Per Per Per Income Shares Share Income Shares Share Income Shares Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In thousands, except shares and per share data) Net income $ 228,860 $ 279,135 $ 271,885 Basic EPS, income $ 228,860 79,584,560 $ 2.88 $ 279,135 79,999,703 $ 3.49 $ 271,885 81,131,269 $ 3.35 Effect of dilutive stock options and RSU 193,287 248,190 476,077 Diluted EPS, income $ 228,860 79,777,847 $ 2.87 $ 279,135 80,247,893 $ 3.48 $ 271,885 81,607,346 $ 3.33 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Legal Proceedings. not In accordance with ASC 450, may not may Lending. not The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not Financial instruments for which contract amounts represent the amount of credit risk include the following: As of December 31, 2020 2019 (In thousands) Commitments to extend credit $ 2,977,528 $ 3,077,081 Standby letters of credit 234,200 282,352 Commercial letters of credit 16,821 22,209 Bill of lading guarantees 238 319 Total $ 3,228,787 $ 3,381,961 Commitments to extend credit are agreements to lend to a customer provided there is no not As of December 31, 2020, not no As of December 31, 2020, Commercial letters of credit and bill of lading guarantees are issued to facilitate domestic and foreign trade transactions while standby letters of credit are issued to make payments on behalf of customers if certain specified future events occur. The credit risk involved in issuing letters of credit and bill of lading guarantees is essentially the same as that involved in making loans to customers. |
Note 13 - Leases
Note 13 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 13. Leases The Company determines if a contract arrangement is a lease at inception and primarily enters into operating lease contracts for its branch locations, office space and certain equipment. As part of its property lease agreements, the Company may not December 31, 2020. ASU 2016 02, 842 No. 2018 01, 842”; No. 2018 10, 842, No. 2018 11, 12 not not not The following table represents the operating lease amounts reported on the Consolidated Balance Sheets and other supplemental information as of December 31, 2020 December 31, 2019: December 31, 2020 December 31, 2019 ($ In millions) Operating Leases: ROU assets $ 30.9 $ 34.0 Lease liabilities $ 33.5 $ 35.9 Weighted-average remaining lease term (in years) 4.7 5.4 Weighted-average discount rate 2.77 % 3.10 % Operating cash flows from operating leases $ 9.3 $ 8.4 ROU assets obtained in exchange for lease obligations $ 5.7 $ 1.8 Operating lease expense was $11.7 million and $13.3 million as of December 31, 2020 December 31, 2019, The following table presents a maturity analysis of the Company’s operating lease liabilities as of December 31, 2020: As of December 31, 2020 Operating Leases (In thousands) 2021 $ 9,384 2022 8,335 2023 6,890 2024 4,635 2025 2,520 Thereafter 4,153 Total lease payments 35,917 Less amount of payment representing interest (2,433 ) Total present value of lease payments $ 33,484 |
Note 14 - Financial Derivatives
Note 14 - Financial Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 14. Financial Derivatives The Company does not may may may The Company follows ASC Topic 815 not third not The Company offers various interest rate derivative contracts to its customers. When derivative transactions are executed with its customers, the derivative contracts are offset by paired trades with third not not third In May 2014, ten five ten June 2014 June 2024, three December 31, 2020, 2019, not December 31, 2020, December 31, 2019, December 31, 2020 December 31, 2019 ($ in thousands) Cash flow swap hedges: Notional $ 119,136 $ 119,136 Weighted average fixed rate-pay 2.61 % 2.61 % Weighted average variable rate-receive 0.44 % 2.26 % Unrealized loss, net of taxes (1) $ (6,890 ) $ (3,412 ) Year ended December 31, 2020 December 31, 2019 Periodic net settlement of swaps (2) $ 2,193 $ 200 ( 1 ( 2 As of December 31, 2020, three ten December 31, 2020, 2019, not December 31, 2020, December 31, 2019, December 31, 2020 December 31, 2019 ($ in thousands) Fair value swap hedges: Notional $ 478,266 $ 579,584 Weighted average fixed rate-pay 4.56 % 4.71 % Weighted average variable rate spread 2.46 % 2.62 % Weighted average variable rate-receive 3.11 % 4.87 % Net unrealized loss (1) $ (15,082 ) $ (7,205 ) Year ended December 31, 2020 December 31, 2019 Periodic net settlement of SWAPs (2) $ (7,719 ) $ 996 ( 1 ( 2 The Company has designated as a partial-term hedging election $25.0 million of a pool of loans with a notational value of $44.7 million as of December 31, 2020. not 1 December 31, 2020, Interest rate swap contracts involve the risk of dealing with institutional derivative counterparties and their ability to meet contractual terms. Institutional counterparties must have a strong credit profile and be approved by the Company’s Board of Directors. The Company’s credit exposure on interest rate swaps is limited to the net favorable value and interest payments of all swaps by each counterparty. Credit exposure may December 31, 2020 December 31, 2019. The Company enters into foreign exchange forward contracts with various counterparties to mitigate the risk of fluctuations in foreign currency exchange rates for foreign exchange certificates of deposit or foreign exchange contracts entered into with our clients. These contracts are not not December 31, 2020, December 31, 2019, December 31, 2020 December 31, 2019 Derivative financial instruments not designated as hedging instruments: ($ in thousands) Notional amounts: Option contracts $ — $ 908 Spot, forward, and swap contracts with positive fair value $ 151,244 $ 146,397 Spot, forward, and swap contracts with negative fair value $ 132,813 $ 127,003 Fair value: Option contracts $ — $ (7 ) Spot, forward, and swap contracts with positive fair value $ 4,658 $ 2,411 Spot, forward, and swap contracts with negative fair value $ (2,200 ) $ (1,415 ) |
Note 15 - Fair Value Measuremen
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. Fair Value Measurements and Fair Value of Financial Instruments The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available for-sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may may not The Company used valuation methodologies to measure assets at fair value under ASC Topic 820 825, 2016 01 2018 03, not one three ● Level 1 ● Level 2 not not ● Level 3 The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements as follows: Financial assets and liabilities measured at fair value on a recurring basis The Company uses the following methodologies to measure the fair value of its financial assets and liabilities on a recurring basis: Securities Available for Sale and Equity Securities 1 2 Warrants 3 Currency Option Contracts and Foreign Exchange Contracts 2 Interest Rate Swaps third 2 The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis at December 31, 2020, December 31, 2019: As of December 31, 2020 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 80,948 $ — $ — $ 80,948 U.S. government agency entities — 99,838 — 99,838 Mortgage-backed securities — 727,068 — 727,068 Collateralized mortgage obligations — 10,324 — 10,324 Corporate debt securities — 118,372 — 118,372 Total securities available-for-sale 80,948 955,602 — 1,036,550 Equity securities Mutual funds 6,413 — — 6,413 Preferred stock of government sponsored entities 5,485 — — 5,485 Other equity securities 11,846 — — 11,846 Total equity securities 23,744 — — 23,744 Warrants — — 21 21 Interest rate swaps — 3,409 — 3,409 Foreign exchange contracts — 4,658 — 4,658 Total assets $ 104,692 $ 963,669 $ 21 $ 1,068,382 Liabilities Interest rate swaps $ — $ 10,286 $ — $ 10,286 Foreign exchange contracts — 2,200 — 2,200 Total liabilities $ — $ 12,486 $ — $ 12,486 As of December 31, 2019 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 74,936 $ — $ — $ 74,936 U.S. government agency entities — 90,796 — 90,796 U.S. government sponsored entities — 224,443 — 224,443 Mortgage-backed securities — 887,790 — 887,790 Collateralized mortgage obligations — 552 — 552 Corporate debt securities — 173,325 — 173,325 Total securities available-for-sale 74,936 1,376,906 — 1,451,842 Equity securities Mutual funds 6,277 — — 6,277 Preferred stock of government sponsored entities 10,529 — — 10,529 Other equity securities 11,199 — — 11,199 Total equity securities 28,005 — — 28,005 Warrants — — 39 39 Interest rate swaps — 2,181 — 2,181 Foreign exchange contracts — 2,411 — 2,411 Total assets $ 102,941 $ 1,381,498 $ 39 $ 1,484,478 Liabilities Option contracts $ — $ 7 $ — $ 7 Interest rate swaps — 14,229 — 14,229 Foreign exchange contracts — 1,415 — 1,415 Total liabilities $ — $ 15,651 $ — $ 15,651 Assets measured at estimated fair value on a non-recurring basis. Certain assets or liabilities are required to be measured at estimated fair value on a nonrecurring basis subsequent to initial recognition. Generally, these adjustments are the result of lower-of-cost-or-fair value or other impairment write-downs of individual assets. In determining the estimated fair values during the period, the Company determined that substantially all the changes in estimated fair value were due to declines in market conditions versus instrument specific credit risk. For the year ended December 31, 2020 December 31, 2019, no For financial assets measured at fair value on a nonrecurring basis that were still reflected in the balance sheet at December 31, 2020 2019, December 31, 2020, December 31, 2019, As of December 31, 2020 Total Losses Fair Value Measurements Using For the Twelve Months Ended Level 1 Level 2 Level 3 Total at Fair Value December 31, 2020 December 31, 2019 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 5,342 $ 5,342 $ 7,012 $ — Commercial mortgage loans — — 25,749 25,749 — — Residential mortgage and equity lines — — 4,307 4,307 — — Total impaired loans — — 35,398 35,398 7,012 — Other real estate owned (1) — 905 4,236 5,141 717 681 Investments in venture capital — — 1,381 1,381 107 167 Total assets $ — $ 905 $ 41,015 $ 41,920 $ 7,836 $ 848 ( 1 As of December 31, 2019 Total Losses/(Gains) Fair Value Measurements Using For the Twelve Months Ended Level 1 Level 2 Level 3 Total at Fair Value December 31, 2019 December 31, 2018 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 6,196 $ 6,196 $ — $ — Commercial mortgage loans — — 25,566 25,566 — — Residential mortgage and equity lines — — 5,320 5,320 — — Total impaired loans — — 37,082 37,082 — — Other real estate owned (1) — 6,490 4,343 10,833 681 (619 ) Investments in venture capital — — 1,604 1,604 167 330 Total assets $ — $ 6,490 $ 43,029 $ 49,519 $ 848 $ (289 ) ( 1 The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans was primarily based on the appraised value of collateral adjusted by estimated sales cost and commissions. The Company generally obtains new appraisal reports on an annual basis. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the 2018 2019, The fair value of impaired loans was calculated based on the net realizable fair value of the collateral or the observable market price of the most recent sale or quoted price from loans held for sale. The Company does not 2 3 The significant unobservable inputs used in the fair value measurement of OREO was primarily based on the appraised value of OREO adjusted by estimated sales cost and commissions. The Company applies estimated sales cost and commission ranging from 3% to 6% of collateral value of impaired loans, quoted price or loan sale price of loans held for sale, and appraised value of OREOs. The significant unobservable inputs in the Black-Scholes option pricing model for the fair value of warrants are the expected life of warrant ranging from one six Fair value estimates were made at specific points in time, based on relevant market information and information about the financial instrument. Because no The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: Fair Value of Financial Instruments December 31, 2020 December 31, 2019 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 138,616 $ 138,616 $ 177,240 $ 177,240 Short-term investments 1,282,462 1,282,462 416,538 416,538 Securities available-for-sale 1,036,550 1,036,550 1,451,842 1,451,842 Loans, net 15,475,364 16,103,471 14,951,631 15,444,752 Equity securities 23,744 23,744 28,005 28,005 Investment in Federal Home Loan Bank stock 17,250 17,250 18,090 18,090 Warrants 21 21 39 39 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 151,244 $ 4,658 $ 146,397 $ 2,411 Interest rate swaps 96,889 3,409 130,401 2,181 Financial Liabilities Carrying Carrying Amount Fair Value Amount Fair Value Deposits $ 16,109,401 $ 16,125,808 $ 14,692,308 $ 14,719,452 Short-term borrowings — — 25,683 25,683 Advances from Federal Home Loan Bank 150,000 155,133 670,000 674,530 Other borrowings 23,714 19,632 36,666 30,764 Long-term debt 119,136 65,487 119,136 76,058 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ — $ — $ 908 $ 7 Foreign exchange contracts 132,813 2,200 127,003 1,415 Interest rate swaps 679,648 10,286 602,291 14,229 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 2,977,528 $ (8,432 ) $ 3,077,081 $ (9,826 ) Standby letters of credit 234,200 (1,630 ) 282,352 (2,431 ) Other letters of credit 16,821 (16 ) 22,209 (20 ) Bill of lading guarantees 238 — 319 (1 ) The following tables present the level in the fair value hierarchy for the estimated fair values of certain financial instruments at December 31, 2020, December 31, 2019. As of December 31, 2020 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 138,616 $ 138,616 $ — $ — Short-term investments 1,282,462 1,282,462 — — Securities available-for-sale 1,036,550 80,948 955,602 — Loans, net 16,103,471 — — 16,103,471 Equity securities 23,744 23,744 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 21 — — 21 Financial Liabilities Deposits 16,125,808 — — 16,125,808 Advances from Federal Home Loan Bank 155,133 — 155,133 — Other borrowings 19,632 — — 19,632 Long-term debt 65,487 — 65,487 — As of December 31, 2019 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 177,240 $ 177,240 $ — $ — Short-term investments 416,538 416,538 — — Securities available-for-sale 1,451,842 74,936 1,376,906 — Loans, net (1) 15,444,752 — — 15,444,752 Equity securities 28,005 28,005 — — Investment in Federal Home Loan Bank stock 18,090 — 18,090 — Warrants 39 — — 39 Financial Liabilities Deposits 14,719,452 — — 14,719,452 Short-term borrowings 25,683 — — 25,683 Advances from Federal Home Loan Bank 674,530 — 674,530 — Other borrowings 30,764 — — 30,764 Long-term debt 76,058 — 76,058 — |
Note 16 - Revenue from Contract
Note 16 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 16. Revenue from Contracts with Customers On January 1, 2018, 2014 09, 606 606, 606 not January 1, 2018. not no The following is a summary of revenue from contracts with customers that are in-scope and not 606: Year Ended December 31, 2020 2019 2018 (In thousands) Non-interest income, in-scope (1) : Fees and service charges on deposit accounts $ 7,965 $ 7,848 $ 8,387 Wealth management fees 10,529 9,241 5,905 Other service fees (2) 13,742 14,392 13,693 Total in-scope non-interest income 32,236 31,481 27,985 Noninterest income, not in-scope (3) 10,584 13,270 3,722 Total non-interest income $ 42,820 $ 44,751 $ 31,707 ( 1 There were no 606. ( 2 Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams. ( 3 These amounts primarily represent revenue from contracts with customers that are out of the scope of ASC 606. The major revenue streams by fee type that are within the scope of ASC 606 Fees and Services Charges on Deposit Accounts Fees and service charges on deposit accounts include charges for analysis, overdraft, cash checking, ATM, and safe deposit activities executed by our deposit clients, as well as interchange income earned through card payment networks for the acceptance of card based transactions. Fees earned from our deposit clients are governed by contracts that provide for overall custody and access to deposited funds and other related services and can be terminated at will by either party. Fees received from deposit clients for the various deposit activities are recognized as revenue once the performance obligations are met. The adoption of ASU 2014 09 no Wealth Management Fees The Company employs financial consultants to provide investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter end based on actual transaction details received from the broker dealer the Company engages. Practical Expedients and Exemptions The Company applies the practical expedient in ASC 606 10 50 14 not one one In addition, given the short term nature of the Company’s contracts, the Company also applies the practical expedient in ASC 606 10 32 18 not one |
Note 17 - Employee Benefit Plan
Note 17 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 17. Employee Benefit Plans Employee Stock Ownership Plan. two 1,000 two not 2004 not June 17, 2004, 2020, 2019, 2018, 2020, 2019, 2018. 2020, 2019, 2018. December 31, 2020, 401 1997, 401 March 1, 1997. three 21 first may not may two two five June 1, 2018, first first 30 2020, 2019, 2018. may Bank-Owned Life Insurance. December 31, 2020, |
Note 18 - Equity Incentive Plan
Note 18 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 18. Equity Incentive Plans Pursuant to the Company’s 2005 May 2015, may zero 2020, 2019, 2018. zero 2020 2019. A summary of stock option activity for 2020, 2019, 2018 Weighted-Average Aggregate Weighted-Average Remaining Contractual Intrinsic Shares Exercise Price Life (in years) Value (in thousands) Balance, December 31, 2017 35,880 23.37 0.10 $ 675 Exercised (35,880 ) $ 23.37 Balance, December 31, 2018 — — — $ — Balance, December 31, 2019 — — — $ — Balance, December 31, 2020 — — — $ — At December 31, 2020, 2005 In addition to stock options, the Company also grants restricted stock units (“RSUs”) that are generally granted at no three one three may may Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of zero three Compensation costs for the time-based awards are based on the quoted market price of the Company’s stock at the grant date. Compensation costs associated with performance-based RSUs are based on grant date fair value, which considers both market and performance conditions. Compensation costs of both time-based and performance-based awards are recognized on a straight-line basis from the grant date until the vesting date of each grant. The following table presents RSU activity for 2020, 2019, 2018: Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2017 221,738 32.72 339,872 33.52 Granted 141,810 43.30 55,455 39.46 Vested (65,721 ) 41.59 (121,336 ) 37.87 Forfeited (13,334 ) 35.96 (8,332 ) 29.61 Balance at December 31, 2018 284,493 35.79 265,659 32.90 Granted 108,925 36.37 124,586 36.37 Vested (93,729 ) 35.14 (92,501 ) 38.36 Forfeited (26,489 ) 39.34 — — Balance at December 31, 2019 273,200 35.90 297,744 32.65 Granted 110,495 21.79 212,369 22.96 Vested (80,654 ) 25.34 (193,240 ) 21.68 Forfeited (10,371 ) 39.04 (14,071 ) 39.08 Balance at December 31, 2020 292,670 33.37 302,802 32.55 The compensation expense recorded for RSUs was $5.6 million in 2020, 2019, 2018. December 31, 2020 2019, December 31, 2020, |
Note 19 - Condensed Financial I
Note 19 - Condensed Financial Information of Cathay General Bancorp | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 19. Condensed Financial Information of Cathay General Bancorp The condensed financial information of the Bancorp as of December 31, 2020, December 31, 2019, December 31, 2020, 2019, 2018 Balance Sheets 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 Statements of Operations 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 Statements of Cash Flows 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 |
Note 20 - Dividend Reinvestment
Note 20 - Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Dividend Reinvestment Plan [Text Block] | 20. Dividend Reinvestment Plan The Company has a Dividend Reinvestment Plan which allows for participants’ reinvestment of cash dividends and certain optional additional investments in the Bancorp’s common stock. Shares issued under the plan and the consideration received were 358,157 shares for $9.8 million in 2020, 2019, 2018. |
Note 21 - Regulatory Matters
Note 21 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 21. Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Federal Deposit Insurance Corporation has established five 1 1 1 December 31, 2020 2019, The Bancorp’s and the Bank’s capital and leverage ratios as of December 31, 2020, December 31, 2019, Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2020 (Dollars in thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 2,016,448 13.53 $ 1,042,967 7.00 $ 968,470 6.50 Cathay Bank 2,059,056 13.83 1,041,911 7.00 967,489 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 2,016,448 13.53 1,266,460 8.50 1,191,963 8.00 Cathay Bank 2,059,056 13.83 1,265,178 8.50 1,190,755 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,304,366 15.47 1,564,451 10.50 1,489,953 10.00 Cathay Bank 2,231,474 14.99 1,562,866 10.50 1,488,444 10.00 Leverage Ratio Cathay General Bancorp 2,016,448 10.94 737,382 4.00 921,727 5.00 Cathay Bank 2,059,056 11.19 736,317 4.00 920,396 5.00 Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2019 (Dollars in thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 1,892,321 12.51 $ 1,059,259 7.00 $ 983,597 6.50 Cathay Bank 1,959,832 12.97 1,057,880 7.00 982,318 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 1,892,321 12.51 1,286,243 8.50 1,210,581 8.00 Cathay Bank 1,959,832 12.97 1,284,569 8.50 1,209,006 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,134,900 14.11 1,588,888 10.50 1,513,227 10.00 Cathay Bank 2,086,911 13.81 1,586,821 10.50 1,511,258 10.00 Leverage Ratio Cathay General Bancorp 1,892,321 10.83 699,173 4.00 873,966 5.00 Cathay Bank 1,959,832 11.23 697,976 4.00 872,470 5.00 |
Note 22 - Balance Sheet Offsett
Note 22 - Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 22. Balance Sheet Offsetting Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may may not Financial instruments that are eligible for offset in the Consolidated Balance Sheets, as of December 31, 2020, December 31, 2019, Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount December 31, 2020 (In thousands) Assets: Derivatives $ 3,409 $ — $ 3,409 $ — $ — $ 3,409 Liabilities: Derivatives $ 28,258 $ (17,972 ) $ 10,286 $ — $ — $ 10,286 December 31, 2019 Assets: Derivatives $ 2,181 $ — $ 2,181 $ — $ — $ 2,181 Liabilities: Derivatives $ 14,229 $ — $ 14,229 $ — $ (14,229 ) $ — |
Note 23 - Quarterly Results of
Note 23 - Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 23. Quarterly Results of Operations (Unaudited) The following table sets forth selected unaudited quarterly financial data: Summary of Operations 2020 2019 Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (In thousands, except per share data) Interest income $ 167,596 $ 172,234 $ 174,008 $ 186,736 $ 191,226 $ 197,831 $ 192,449 $ 187,761 Interest expense 27,776 34,730 39,533 46,425 50,015 50,831 49,070 44,445 Net interest income 139,820 137,504 134,475 140,311 141,211 147,000 143,379 143,316 (Reversal)/provision for credit losses (5,000 ) 12,500 25,000 25,000 (5,000 ) (2,000 ) — — Net-interest income after reversal for loan losses 144,820 125,004 109,475 115,311 146,211 149,000 143,379 143,316 Non-interest income 11,451 9,977 15,606 5,786 8,648 10,388 12,794 12,921 Non-interest expense 75,046 75,997 67,268 65,154 71,192 65,580 69,546 70,970 Income before income tax expense 81,225 58,984 57,813 55,943 83,667 93,808 86,627 85,267 Income tax expense 10,332 2,190 3,492 9,091 16,290 20,973 14,383 18,588 Net income $ 70,893 $ 56,794 $ 54,321 $ 46,852 $ 67,377 $ 72,835 $ 72,244 $ 66,679 Net income per common share Basic $ 0.89 $ 0.71 $ 0.68 $ 0.59 $ 0.85 $ 0.91 $ 0.90 $ 0.83 Diluted $ 0.89 $ 0.71 $ 0.68 $ 0.59 $ 0.84 $ 0.91 $ 0.90 $ 0.83 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 24. Subsequent Events Dividend Declared On February 18, 2021, first 2021 March 11, 2021 March 1, 2021. The Company has evaluated the effect of events that have occurred subsequent to December 31, 2020, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations. December 31, 2020, December 31, 2020, |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. The total allowance for loan losses consists of two two two The Bank’s management allocates a specific allowance for “Impaired Credits,” in accordance with Accounting Standard Codification (“ASC”) Section 310 10 35. not As provided by the Coronavirus Aid, Relief, and Economic Security (the “CARES Act”) and extended by the Consolidated Appropriation Act ("CAA"), the Company has elected to delay its adoption of ASU 2016 13. 2016 13 19 January 1, 2022, 2016 13 January 1, 2021. |
Marketable Securities, Policy [Policy Text Block] | Securities. may may Securities held-to-maturity are stated at cost, adjusted for the amortization of premiums and the accretion of discounts on a level-yield basis. The carrying value of these assets is not ASC Topic 320 not not not not not not not not not Trading securities are reported at fair value, with unrealized gains or losses included in income. |
Investment in Federal Home Loan Bank Stock [Policy Text Block] | Investment in Federal Home Loan Bank ( FHLB ) Stock. December 31, 2020, December 31, 2019. December 31, 2020, |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Held for Investment. 360 Generally, loans are placed on nonaccrual status when they become 90 not not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans held for sale. |
Impaired Financing Receivable, Policy [Policy Text Block] | Impaired Loans. may 1 2 3 first |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructured Loan ( TDR ). may six |
Loan Commitments, Policy [Policy Text Block] | Unfunded Loan Commitments. not 12 |
Letter of Credit Fees [Policy Text Block] | Letter of Credit Fees. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. Type Estimated Useful Life (Years) Buildings 15 to 45 Building improvements 5 to 20 Furniture, fixtures, and equipment 3 to 25 Leasehold improvements Shorter of useful lives or the terms of the leases Improvements are capitalized and amortized to occupancy expense based on the above table. Construction in process is carried at cost and includes land acquisition cost, architectural fees, general contractor fees, capitalized interest and other costs related directly to the construction of a property. |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned ("OREO"). |
Investments In Affordable Housing [Policy Text Block] | Investments in Affordable Housing Partnerships and Other Tax Credit Investments. 5 December 31, 2020, ten ten |
Investments in Venture Capital [Policy Text Block] | Investments in Venture Capital. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Goodwill Impairment. may not no December 31, 2020. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Core Deposit Intangible. |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase. |
Bank-Owned Life Insurance [Policy text Block] | Bank-Owned Life Insurance. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation. |
Derivatives, Policy [Policy Text Block] | Derivatives 815 not third not |
Foreign Exchanged Forwards and Foreign Currency Option Contracts [Policy Text Block] | Foreign Exchange Forwards and Foreign Currency Option Contracts. not |
Income Tax, Policy [Policy Text Block] | Income Taxes. not not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income/(loss). |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Common Share. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statement of Cash Flows. three |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. one |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards adopted in 2020 In January 2017, 2017 04, 350 2 2 December 15, 2019. 2017 04 not In August 2018, No. 2018 13, no 1 2 3 No. 2018 13 December 15, 2019; No. 2018 13 no Recent Accounting Pronouncements In July 2017, 2017 11, 260 480 815 two 480, December 15, 2020. first 250 10 45 5 45 10. not not not 2017 11 In December 2019, No. 2019 12, 740 740 not December 15, 2020 not not 2019 12 In January 2020, No. 2020 01, 321 323 815 321, 323, 815.” December 15, 2020. not No. 2020 01 323, 321 not not 2020 01 In March 2020, No. 2020 04, 848 No. 2020 04 March 12, 2020 December 31, 2022. December 31, 2022. 2020 02 In October 2020, 2020 08, 310 20, 2020 08 2020 8 January 1, 2021 not In January 2021, 2021 01, 848 2021 01 848 2021 01 848 2021 01 December 31, 2022. 2021 01 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Estimated Useful Lives of Assets [Table Text Block] | Type Estimated Useful Life (Years) Buildings 15 to 45 Building improvements 5 to 20 Furniture, fixtures, and equipment 3 to 25 Leasehold improvements Shorter of useful lives or the terms of the leases |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of December 31, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 80,948 $ 6 $ 6 $ 80,948 U.S. government agency entities 99,944 441 546 99,839 Mortgage-backed securities 709,709 17,965 606 727,068 Collateralized mortgage obligations 10,358 — 34 10,324 Corporate debt securities 118,271 367 267 118,371 Total securities available-for-sale $ 1,019,230 $ 18,779 $ 1,459 $ 1,036,550 As of December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 74,926 $ 10 $ — $ 74,936 U.S. government agency entities 90,452 663 319 90,796 U.S. government sponsored entities 225,000 — 557 224,443 Mortgage-backed securities 880,040 8,574 824 887,790 Collateralized mortgage obligations 569 — 17 552 Corporate debt securities 172,743 605 23 173,325 Total securities available-for-sale $ 1,443,730 $ 9,852 $ 1,740 $ 1,451,842 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available-for-Sale As of December 31, 2020 Amortized Cost Fair Value (In thousands) Due in one year or less $ 131,974 $ 132,026 Due after one year through five years 54,820 54,688 Due after five years through ten years 190,440 194,029 Due after ten years 641,996 655,807 Total $ 1,019,230 $ 1,036,550 |
Schedule of Unrealized Loss on Investments [Table Text Block] | As of December 31, 2020 Temporarily Impaired Securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. treasury securities $ 40,952 $ 6 $ — $ — $ 40,952 $ 6 U.S. government agency entities 26,390 102 40,009 444 66,399 546 Mortgage-backed securities 1,694 23 8,093 583 9,787 606 Collateralized mortgage obligations 10,131 25 193 9 10,324 34 Corporate debt securities 58,405 267 — — 58,405 267 Total securities available-for-sale $ 137,572 $ 423 $ 48,295 $ 1,036 $ 185,867 $ 1,459 As of December 31, 2019 Temporarily Impaired Securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. government agency entities $ 48,829 $ 172 $ 3,570 $ 147 $ 52,399 $ 319 U.S. government sponsored entities — — 224,443 557 224,443 557 Mortgage-backed securities 43,719 36 120,801 788 164,520 824 Collateralized mortgage obligations — — 552 17 552 17 Corporate debt securities 51,791 23 — — 51,791 23 Total securities available-for-sale $ 144,339 $ 231 $ 349,366 $ 1,509 $ 493,705 $ 1,740 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2020 2019 (In thousands) Type of Loans: Commercial loans $ 2,836,833 $ 2,778,744 Real estate construction loans 679,492 579,864 Commercial mortgage loans 7,555,027 7,275,262 Residential mortgage loans 4,145,389 4,088,586 Equity lines 424,555 347,975 Installment and other loans 3,100 5,050 Gross loans 15,644,396 15,075,481 Less: Allowance for loan losses (166,538 ) (123,224 ) Unamortized deferred loan fees (2,494 ) (626 ) Total loans and leases, net $ 15,475,364 $ 14,951,631 |
Schedule of Related Party Transactions [Table Text Block] | December 31, 2020 2019 (In thousands) Balance at beginning of year $ 43,952 $ 47,263 Additional loans made 23,102 19,036 Payment received (15,766 ) (22,347 ) Balance at end of year $ 51,288 $ 43,952 |
Schedule Of Impaired Loans And Related Allowance And Charge Off [Table Text Block] | Impaired Loans As of December 31, 2020 As of December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 23,784 $ 20,698 $ — $ 20,134 $ 15,857 $ — Real estate construction loans 5,776 4,286 — 5,776 4,580 — Commercial mortgage loans 22,877 22,287 — 9,234 9,030 — Residential mortgage and equity lines 6,379 6,307 — 6,171 6,073 — Subtotal $ 58,816 $ 53,578 $ — $ 41,315 $ 35,540 $ — With allocated allowance Commercial loans $ 13,703 $ 6,372 $ 1,030 $ 8,769 $ 8,739 $ 2,543 Commercial mortgage loans 31,134 31,003 5,254 26,117 26,040 473 Residential mortgage and equity lines 5,005 4,452 145 6,740 5,540 220 Subtotal $ 49,842 $ 41,827 $ 6,429 $ 41,626 $ 40,319 $ 3,236 Total impaired loans $ 108,658 $ 95,405 $ 6,429 $ 82,941 $ 75,859 $ 3,236 |
Impaired Financing Receivables [Table Text Block] | For the year ended December 31, 2020 2019 2018 2020 2019 2018 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 31,009 $ 37,475 $ 44,486 $ 246 $ 412 $ 685 Real estate construction loans 4,408 4,697 6,835 294 — — Commercial mortgage loans 41,649 47,612 57,596 1,602 1,366 2,125 Residential mortgage and equity lines 14,287 12,799 13,679 252 306 356 Subtotal $ 91,353 $ 102,583 $ 122,596 $ 2,394 $ 2,084 $ 3,166 |
Financing Receivable, Nonaccrual [Table Text Block] | 2020 2019 2018 (In thousands) Non-accrual portfolio loans $ 67,684 $ 40,523 $ 41,815 Contractual interest due $ 3,093 $ 1,775 $ 1,618 Interest recognized 1,008 85 66 Net interest foregone $ 2,085 $ 1,690 $ 1,552 |
Financing Receivable, Past Due [Table Text Block] | As of December 31, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Amortized Cost > 90 days and Accruing Type of Loans: (In thousands) Commercial loans $ 52,601 $ 3,182 $ 2,947 $ 23,087 $ 81,817 $ 2,755,016 $ 2,836,833 $ 2,947 Real estate construction loans 6,257 — — 4,286 10,543 668,949 679,492 — Commercial mortgage loans 45,186 18,069 2,035 33,715 99,005 7,456,022 7,555,027 2,035 Residential mortgage loans 14,315 4,223 — 6,596 25,134 4,544,810 4,569,944 — Installment and other loans 43 — — — 43 3,057 3,100 — Total loans $ 118,402 $ 25,474 $ 4,982 $ 67,684 $ 216,542 $ 15,427,854 $ 15,644,396 $ 4,982 As of December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Amortized Cost > 90 days and Accruing Type of Loans: (In thousands) Commercial loans $ 24,681 $ 9,954 $ 6,409 $ 19,381 $ 60,425 $ 2,718,319 $ 2,778,744 $ 6,409 Real estate construction loans 5,846 6,753 — 4,580 17,179 562,685 579,864 — Commercial mortgage loans 7,694 2,609 — 9,928 20,231 7,255,031 7,275,262 — Residential mortgage loans 26,028 965 — 6,634 33,627 4,402,934 4,436,561 — Installment and other loans — — — — — 5,050 5,050 — Total loans $ 64,249 $ 20,281 $ 6,409 $ 40,523 $ 131,462 $ 14,944,019 $ 15,075,481 $ 6,409 |
Schedule Of Troubled Debt Restructurings [Table Text Block] | No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-offs (Dollars in thousands) Commercial loans 5 $ 5,417 $ 5,417 $ — $ — Total 5 $ 5,417 $ 5,417 $ — $ — No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-offs (Dollars in thousands) Commercial loans 23 $ 25,937 $ 21,874 $ 2,190 $ 4,063 Residential mortgage and equity lines 1 42 42 — — Total 24 $ 25,979 $ 21,916 $ 2,190 $ 4,063 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-off (Dollars in thousands) Commercial loans 23 $ 13,290 $ 13,290 $ 1,384 $ — Commercial mortgage loans 7 14,626 14,626 111 — Residential mortgage and equity lines 4 1,214 1,214 23 — Total 34 $ 29,130 $ 29,130 $ 1,518 $ — |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2020 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,983 $ — $ — $ 3,983 Commercial mortgage loans 515 5,635 13,425 19,575 Residential mortgage loans 1,724 275 2,164 4,163 Total accruing TDRs $ 6,222 $ 5,910 $ 15,589 $ 27,721 December 31, 2019 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 5,215 $ — $ — $ 5,215 Commercial mortgage loans 615 5,748 18,779 25,142 Residential mortgage loans 2,525 311 2,143 4,979 Total accruing TDRs $ 8,355 $ 6,059 $ 20,922 $ 35,336 |
Non Accrual Troubled Debt Restructurings [Table Text Block] | December 31, 2020 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 8,462 $ — $ — $ 8,462 Residential mortgage loans 523 — — 523 Total non-accrual TDRs $ 8,985 $ — $ — $ 8,985 December 31, 2019 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 16,692 $ — $ — $ 16,692 Residential mortgage loans 1,220 — 136 1,356 Total non-accrual TDRs $ 17,912 $ — $ 136 $ 18,048 |
Activity Within The Troubled Debt Resturings [Table Text Block] | Accruing TDRs 2020 2019 2018 (In thousands) Beginning balance $ 35,336 $ 65,071 $ 68,565 New restructurings 5,417 15,432 26,114 Restructured loans restored to accrual status 263 365 2,896 Charge-offs — (1,341 ) — Payments (13,295 ) (42,895 ) (30,406 ) Restructured loans placed on non-accrual — (1,296 ) (2,098 ) Ending balance $ 27,721 $ 35,336 $ 65,071 Non-accrual TDRs 2020 2019 2018 (In thousands) Beginning balance $ 18,048 $ 24,189 $ 33,416 New restructurings — 10,547 3,015 Restructured loans placed on non-accrual — 1,296 2,098 Charge-offs (4,970 ) (3,607 ) (2,347 ) Payments (3,830 ) (14,012 ) (9,097 ) Restructured loans restored to accrual status (263 ) (365 ) (2,896 ) Ending balance $ 8,985 $ 18,048 $ 24,189 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2020 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,581,128 $ 141,344 $ 108,788 $ 5,573 $ 2,836,833 Real estate construction loans 593,196 82,010 4,286 — 679,492 Commercial mortgage loans 7,202,568 186,283 166,176 — 7,555,027 Residential mortgage and equity lines 4,547,052 11,647 11,245 — 4,569,944 Installment and other loans 3,100 — — — 3,100 Total gross loans $ 14,927,044 $ 421,284 $ 290,495 $ 5,573 $ 15,644,396 As of December 31, 2019 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,528,944 $ 166,016 $ 83,784 $ — $ 2,778,744 Real estate construction loans 461,597 113,687 4,580 — 579,864 Commercial mortgage loans 6,992,933 196,454 85,875 — 7,275,262 Residential mortgage and equity lines 4,427,205 914 8,442 — 4,436,561 Installment and other loans 5,050 — — — 5,050 Total gross loans $ 14,415,729 $ 477,071 $ 182,681 $ — $ 15,075,481 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2019 Beginning Balance $ 54,978 $ 19,626 $ 33,487 $ 14,282 $ 18 $ 122,391 Provision/(reversal) for loan losses 4,885 (4,764 ) (5,216 ) (1,906 ) 1 (7,000 ) Charge-offs (6,997 ) — — — — (6,997 ) Recoveries 4,155 4,612 5,331 732 — 14,830 Net (Charge-offs)/Recoveries (2,842 ) 4,612 5,331 732 — 7,833 2019 Ending Balance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Reserve for impaired loans $ 2,543 $ — $ 473 $ 220 $ — $ 3,236 Reserve for non-impaired loans $ 54,478 $ 19,474 $ 33,129 $ 12,888 $ 19 $ 119,988 Reserve for off-balance sheet credit commitments $ 2,301 $ 1,047 $ 193 $ 311 $ 3 $ 3,855 2020 Beginning Balance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Provision/(reversal) for loan losses 26,450 11,380 15,164 4,525 (19 ) 57,500 Charge-offs (21,996 ) — — — — (21,996 ) Recoveries 7,267 — 439 104 — 7,810 Net (Charge-offs)/Recoveries (14,729 ) — 439 104 — (14,186 ) 2020 Ending Balance $ 68,742 $ 30,854 $ 49,205 $ 17,737 $ — $ 166,538 Reserve for impaired loans $ 1,030 $ — $ 5,254 $ 145 $ — $ 6,429 Reserve for non-impaired loans $ 67,712 $ 30,854 $ 43,951 $ 17,592 $ — $ 160,109 Reserve for off-balance sheet credit commitments $ 4,802 $ 690 $ 101 $ 284 $ 3 $ 5,880 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | For the year ended December 31, 2020 2019 2018 Allowance for Loan Losses (In thousands) Balance at beginning of year $ 123,224 $ 122,391 $ 123,279 Provision/(reversal) for credit losses 57,500 (7,000 ) (4,500 ) Loans charged off (21,996 ) (6,997 ) (3,206 ) Recoveries of charged off loans 7,810 14,830 6,818 Balance at end of year $ 166,538 $ 123,224 $ 122,391 Reserve for Off-balance Sheet Credit Commitments Balance at beginning of year $ 3,855 $ 2,250 $ 4,588 Provision/(reversal) for credit losses and transfers 2,025 1,605 (2,338 ) Balance at end of year $ 5,880 $ 3,855 $ 2,250 |
Impairment Method [Member] | |
Notes Tables | |
Impaired Financing Receivables [Table Text Block] | Real Estate Commercial Residential Commercial Construction Mortgage Mortgage Consumer Loans Loans Loans and Equity Lines and Other Total (In thousands) December 31, 2020 Loans individually evaluated for impairment Allowance $ 1,030 $ — $ 5,254 $ 145 $ — $ 6,429 Balance $ 27,070 $ 4,286 $ 53,289 $ 10,760 $ — $ 95,405 Loans collectively evaluated for impairment Allowance $ 67,712 $ 30,854 $ 43,951 $ 17,592 $ — $ 160,109 Balance $ 2,809,763 $ 675,206 $ 7,501,738 $ 4,559,184 $ 3,100 $ 15,548,991 Total allowance $ 68,742 $ 30,854 $ 49,205 $ 17,737 $ — $ 166,538 Total balance $ 2,836,833 $ 679,492 $ 7,555,027 $ 4,569,944 $ 3,100 $ 15,644,396 December 31, 2019 Loans individually evaluated for impairment Allowance $ 2,543 $ — $ 473 $ 220 $ — $ 3,236 Balance $ 24,596 $ 4,580 $ 35,070 $ 11,613 $ — $ 75,859 Loans collectively evaluated for impairment Allowance $ 54,478 $ 19,474 $ 33,129 $ 12,888 $ 19 $ 119,988 Balance $ 2,754,148 $ 575,284 $ 7,240,192 $ 4,424,948 $ 5,050 $ 14,999,622 Total allowance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Total balance $ 2,778,744 $ 579,864 $ 7,275,262 $ 4,436,561 $ 5,050 $ 15,075,481 |
Note 5 - Investments in Affor_2
Note 5 - Investments in Affordable Housing and Alternative Energy Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Investments in Affordable Housing and Alternative Energy Partnerships [Table Text Block] | As of December 31, (In thousands) 2020 2019 Investments in affordable housing partnerships, net $ 279,981 $ 276,506 Other borrowings for affordable housing limited partnerships $ 23,714 $ 29,022 Investments in affordable housing and alternative energy partnerships, unfunded commitments $ 103,060 $ 114,541 Investments in alternative energy tax credit partnerships, net $ 29,035 $ 32,175 |
Unfunded Commitments Future Estimated Payments [Table Text Block] | Amount Year Ending December 31, (In thousands) 2021 $ 41,602 2022 34,696 2023 19,782 2024 1,408 2025 619 Thereafter 4,953 Total unfunded commitments $ 103,060 |
Usage of Affordable Housing and Other Tax Credits Including Energy Tax Credit [Table Text Block] | As of December 31, (In thousands) 2020 2019 2018 Affordable housing and other tax credits recognized $ 23,273 $ 21,523 $ 18,860 Alternative energy tax credit usage $ 29,706 $ 17,786 $ 15,013 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2020 2019 (In thousands) Land and land improvements $ 42,476 $ 42,476 Building and building improvements 79,953 79,819 Furniture, fixtures and equipment 62,835 60,141 Leasehold improvement 17,819 17,380 Construction in process 2,061 1,647 205,144 201,463 Less: Accumulated depreciation/amortization 102,146 97,224 Premises and equipment, net $ 102,998 $ 104,239 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Deposits [Table Text Block] | As of December 31, 2020 2019 (In thousands) Demand $ 3,365,086 $ 2,871,444 NOW accounts 1,926,135 1,358,152 Money market accounts 3,359,191 2,260,764 Saving accounts 785,672 758,903 Time deposits 6,673,317 7,443,045 Total $ 16,109,401 $ 14,692,308 |
Schedule of Maturities for Time Deposits [Table Text Block] | Expected Maturity Date at December 31, 2021 2022 2023 2024 2025 Thereafter Total (In thousands) Time deposits $ 6,507,616 $ 107,311 $ 58,261 $ 69 $ 48 $ 12 $ 6,673,317 |
Summary of Interest Expense on Deposits [Table Text Block] | Year Ended December 31, 2020 2019 2018 (In thousands) Interest bearing demand $ 2,816 $ 2,371 $ 2,718 Money market accounts 21,574 21,508 16,202 Saving accounts 1,006 1,432 1,583 Time deposits 111,629 152,791 86,368 Total $ 137,025 $ 178,102 $ 106,871 |
Note 8 - Borrowed Funds (Tables
Note 8 - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Summary of Comparative Data of Securities Sold under Agreements to Repurchase [Table Text Block] | 2020 2019 2018 (Dollars in thousands) Average amount outstanding during the year (1) $ — $ — $ 49,589 Maximum amount outstanding at month-end (2) — — 100,000 Balance, December 31 — — — Rate, December 31 — % — % — % Weighted average interest rate for the year — % — % — % |
Note 9 - Capital Resources (Tab
Note 9 - Capital Resources (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | Principal Not Current Date of Payable/ Issuance Balance of Redeemable Stated Annualized Interest Rate Distribution Trust Name Date Notes Until Maturity Coupon Rate Rate Change Date (Dollars in thousands) Cathay Capital Trust I June 26, $ 20,619 June 30, June 30, 3-month 3.39 % December 30, March 30 2003 2008 2033 LIBOR 2020 June 30 + 3.15% September 30 December 30 Cathay Statutory Trust I September 17, 20,619 September 17, September 17, 3-month 3.23 % December 17, March 17 2003 2008 2033 LIBOR 2020 June 17 + 3.00% September 17 December 17 Cathay Capital Trust II December 30, 12,887 March 30, March 30, 3-month 3.14 % December 30, March 30 2003 2009 2034 LIBOR 2020 June 30 + 2.90% September 30 December 30 Cathay Capital Trust III March 28, 46,392 June 15, June 15, 3-month 1.70 % December 15, March 15 2007 2012 2037 LIBOR 2020 June 15 + 1.48% September 15 December 15 Cathay Capital Trust IV May 31, 18,619 September 6, September 6, 3-month 1.63 % December 7, March 6 2007 2012 2037 LIBOR 2020 June 6 + 1.4% September 6 December 6 Total Junior Subordinated Notes $ 119,136 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 (In thousands) Current: Federal $ (2,196 ) $ 20,943 $ 26,820 State 36,787 39,466 36,639 Total Current $ 34,591 $ 60,409 $ 63,459 Deferred: Federal $ (3,234 ) $ 7,464 $ 1,495 State (6,252 ) 2,361 848 Total Deferred $ (9,486 ) $ 9,825 $ 2,343 Total income tax expense $ 25,105 $ 70,234 $ 65,802 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2020 2019 (In thousands) Deferred Tax Assets Loan loss allowance, due to differences in computation of bad debts $ 52,899 $ 38,936 Share-based compensation 1,936 2,945 Accrual for bonuses 3,356 1,293 Non-accrual interest 861 1,005 Write-down on equity securities and venture capital investments 1,833 2,010 State tax 3,882 4,540 Unrealized loss on interest rate swaps 2,934 1,599 Tax credits carried forward 9,136 9,473 Net operating loss carried forward 10,880 14,247 Other, net 3,864 3,719 Gross deferred tax assets 91,581 79,767 Deferred Tax Liabilities Deferred loan costs (10,017 ) (9,778 ) Depreciation and amortization (2,709 ) (1,606 ) Unrealized gain on securities available-for-sale, net (8,712 ) (5,990 ) Unrealized gain on equity securities — (668 ) OREO Installment Sale (1,274 ) — Dividends on Federal Home Loan Bank common stock (979 ) (978 ) Other, net (3,599 ) (3,307 ) Gross deferred tax liabilities (27,290 ) (22,327 ) Net deferred tax assets $ 64,291 $ 57,440 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 (Dollars in thousands) Tax provision at Federal statutory rate $ 53,333 21.0 % $ 73,368 21.0 % $ 70,914 21.0 % State income taxes, net of Federal income tax benefit 23,602 9.3 33,276 9.5 29,750 8.8 Excess deduction for stock option and RSUs 264 0.1 (398 ) (0.1 ) (555 ) (0.2 ) Non-taxable bargain purchase gain — — — — (71 ) — Low income housing and other tax credits (52,979 ) (20.8 ) (37,519 ) (10.7 ) (34,517 ) (10.2 ) Other, net 885 0.3 1,507 0.4 281 0.1 Total income tax expense $ 25,105 9.9 % $ 70,234 20.1 % $ 65,802 19.5 % |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2020 2019 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, loss, net of tax Securities available-for-sale $ 5,714 $ (17,765 ) Cash flow hedge derivatives (3,412 ) (241 ) Total $ 2,302 $ (18,006 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ 10,903 $ 3,223 $ 7,680 $ 33,543 $ 9,915 $ 23,628 Cash flow hedge derivatives (4,938 ) (1,460 ) (3,478 ) (4,502 ) (1,331 ) (3,171 ) Total 5,965 1,763 4,202 29,041 8,584 20,457 Reclassification adjustment for net gains in net income Securities available-for-sale (1,695 ) (501 ) (1,194 ) (211 ) (62 ) (149 ) Cash flow hedge derivatives — — — — — — Total (1,695 ) (501 ) (1,194 ) (211 ) (62 ) (149 ) Total other comprehensive income/(loss) Securities available-for-sale 9,208 2,722 6,486 33,332 9,853 23,479 Cash flow hedge derivatives (4,938 ) (1,460 ) (3,478 ) (4,502 ) (1,331 ) (3,171 ) Total $ 4,270 $ 1,262 $ 3,008 $ 28,830 $ 8,522 $ 20,308 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 12,200 $ 5,714 Cash flow hedge derivatives (6,890 ) (3,412 ) Total $ 5,310 $ 2,302 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Per Per Per Income Shares Share Income Shares Share Income Shares Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In thousands, except shares and per share data) Net income $ 228,860 $ 279,135 $ 271,885 Basic EPS, income $ 228,860 79,584,560 $ 2.88 $ 279,135 79,999,703 $ 3.49 $ 271,885 81,131,269 $ 3.35 Effect of dilutive stock options and RSU 193,287 248,190 476,077 Diluted EPS, income $ 228,860 79,777,847 $ 2.87 $ 279,135 80,247,893 $ 3.48 $ 271,885 81,607,346 $ 3.33 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | As of December 31, 2020 2019 (In thousands) Commitments to extend credit $ 2,977,528 $ 3,077,081 Standby letters of credit 234,200 282,352 Commercial letters of credit 16,821 22,209 Bill of lading guarantees 238 319 Total $ 3,228,787 $ 3,381,961 |
Note 13 - Leases (Tables)
Note 13 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Operating Lease, Assets and Liabilities, Weighted Average Remaining Terms and Discount Rate [Table Text Block] | December 31, 2020 December 31, 2019 ($ In millions) Operating Leases: ROU assets $ 30.9 $ 34.0 Lease liabilities $ 33.5 $ 35.9 Weighted-average remaining lease term (in years) 4.7 5.4 Weighted-average discount rate 2.77 % 3.10 % Operating cash flows from operating leases $ 9.3 $ 8.4 ROU assets obtained in exchange for lease obligations $ 5.7 $ 1.8 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2020 Operating Leases (In thousands) 2021 $ 9,384 2022 8,335 2023 6,890 2024 4,635 2025 2,520 Thereafter 4,153 Total lease payments 35,917 Less amount of payment representing interest (2,433 ) Total present value of lease payments $ 33,484 |
Note 14 - Financial Derivativ_2
Note 14 - Financial Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | December 31, 2020 December 31, 2019 ($ in thousands) Cash flow swap hedges: Notional $ 119,136 $ 119,136 Weighted average fixed rate-pay 2.61 % 2.61 % Weighted average variable rate-receive 0.44 % 2.26 % Unrealized loss, net of taxes (1) $ (6,890 ) $ (3,412 ) Year ended December 31, 2020 December 31, 2019 Periodic net settlement of swaps (2) $ 2,193 $ 200 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | December 31, 2020 December 31, 2019 ($ in thousands) Fair value swap hedges: Notional $ 478,266 $ 579,584 Weighted average fixed rate-pay 4.56 % 4.71 % Weighted average variable rate spread 2.46 % 2.62 % Weighted average variable rate-receive 3.11 % 4.87 % Net unrealized loss (1) $ (15,082 ) $ (7,205 ) Year ended December 31, 2020 December 31, 2019 Periodic net settlement of SWAPs (2) $ (7,719 ) $ 996 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | December 31, 2020 December 31, 2019 Derivative financial instruments not designated as hedging instruments: ($ in thousands) Notional amounts: Option contracts $ — $ 908 Spot, forward, and swap contracts with positive fair value $ 151,244 $ 146,397 Spot, forward, and swap contracts with negative fair value $ 132,813 $ 127,003 Fair value: Option contracts $ — $ (7 ) Spot, forward, and swap contracts with positive fair value $ 4,658 $ 2,411 Spot, forward, and swap contracts with negative fair value $ (2,200 ) $ (1,415 ) |
Note 15 - Fair Value Measurem_2
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2020 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 80,948 $ — $ — $ 80,948 U.S. government agency entities — 99,838 — 99,838 Mortgage-backed securities — 727,068 — 727,068 Collateralized mortgage obligations — 10,324 — 10,324 Corporate debt securities — 118,372 — 118,372 Total securities available-for-sale 80,948 955,602 — 1,036,550 Equity securities Mutual funds 6,413 — — 6,413 Preferred stock of government sponsored entities 5,485 — — 5,485 Other equity securities 11,846 — — 11,846 Total equity securities 23,744 — — 23,744 Warrants — — 21 21 Interest rate swaps — 3,409 — 3,409 Foreign exchange contracts — 4,658 — 4,658 Total assets $ 104,692 $ 963,669 $ 21 $ 1,068,382 Liabilities Interest rate swaps $ — $ 10,286 $ — $ 10,286 Foreign exchange contracts — 2,200 — 2,200 Total liabilities $ — $ 12,486 $ — $ 12,486 As of December 31, 2019 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 74,936 $ — $ — $ 74,936 U.S. government agency entities — 90,796 — 90,796 U.S. government sponsored entities — 224,443 — 224,443 Mortgage-backed securities — 887,790 — 887,790 Collateralized mortgage obligations — 552 — 552 Corporate debt securities — 173,325 — 173,325 Total securities available-for-sale 74,936 1,376,906 — 1,451,842 Equity securities Mutual funds 6,277 — — 6,277 Preferred stock of government sponsored entities 10,529 — — 10,529 Other equity securities 11,199 — — 11,199 Total equity securities 28,005 — — 28,005 Warrants — — 39 39 Interest rate swaps — 2,181 — 2,181 Foreign exchange contracts — 2,411 — 2,411 Total assets $ 102,941 $ 1,381,498 $ 39 $ 1,484,478 Liabilities Option contracts $ — $ 7 $ — $ 7 Interest rate swaps — 14,229 — 14,229 Foreign exchange contracts — 1,415 — 1,415 Total liabilities $ — $ 15,651 $ — $ 15,651 |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2020 Total Losses Fair Value Measurements Using For the Twelve Months Ended Level 1 Level 2 Level 3 Total at Fair Value December 31, 2020 December 31, 2019 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 5,342 $ 5,342 $ 7,012 $ — Commercial mortgage loans — — 25,749 25,749 — — Residential mortgage and equity lines — — 4,307 4,307 — — Total impaired loans — — 35,398 35,398 7,012 — Other real estate owned (1) — 905 4,236 5,141 717 681 Investments in venture capital — — 1,381 1,381 107 167 Total assets $ — $ 905 $ 41,015 $ 41,920 $ 7,836 $ 848 As of December 31, 2019 Total Losses/(Gains) Fair Value Measurements Using For the Twelve Months Ended Level 1 Level 2 Level 3 Total at Fair Value December 31, 2019 December 31, 2018 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 6,196 $ 6,196 $ — $ — Commercial mortgage loans — — 25,566 25,566 — — Residential mortgage and equity lines — — 5,320 5,320 — — Total impaired loans — — 37,082 37,082 — — Other real estate owned (1) — 6,490 4,343 10,833 681 (619 ) Investments in venture capital — — 1,604 1,604 167 330 Total assets $ — $ 6,490 $ 43,029 $ 49,519 $ 848 $ (289 ) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 December 31, 2019 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 138,616 $ 138,616 $ 177,240 $ 177,240 Short-term investments 1,282,462 1,282,462 416,538 416,538 Securities available-for-sale 1,036,550 1,036,550 1,451,842 1,451,842 Loans, net 15,475,364 16,103,471 14,951,631 15,444,752 Equity securities 23,744 23,744 28,005 28,005 Investment in Federal Home Loan Bank stock 17,250 17,250 18,090 18,090 Warrants 21 21 39 39 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 151,244 $ 4,658 $ 146,397 $ 2,411 Interest rate swaps 96,889 3,409 130,401 2,181 Financial Liabilities Carrying Carrying Amount Fair Value Amount Fair Value Deposits $ 16,109,401 $ 16,125,808 $ 14,692,308 $ 14,719,452 Short-term borrowings — — 25,683 25,683 Advances from Federal Home Loan Bank 150,000 155,133 670,000 674,530 Other borrowings 23,714 19,632 36,666 30,764 Long-term debt 119,136 65,487 119,136 76,058 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ — $ — $ 908 $ 7 Foreign exchange contracts 132,813 2,200 127,003 1,415 Interest rate swaps 679,648 10,286 602,291 14,229 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 2,977,528 $ (8,432 ) $ 3,077,081 $ (9,826 ) Standby letters of credit 234,200 (1,630 ) 282,352 (2,431 ) Other letters of credit 16,821 (16 ) 22,209 (20 ) Bill of lading guarantees 238 — 319 (1 ) |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | As of December 31, 2020 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 138,616 $ 138,616 $ — $ — Short-term investments 1,282,462 1,282,462 — — Securities available-for-sale 1,036,550 80,948 955,602 — Loans, net 16,103,471 — — 16,103,471 Equity securities 23,744 23,744 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 21 — — 21 Financial Liabilities Deposits 16,125,808 — — 16,125,808 Advances from Federal Home Loan Bank 155,133 — 155,133 — Other borrowings 19,632 — — 19,632 Long-term debt 65,487 — 65,487 — As of December 31, 2019 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 177,240 $ 177,240 $ — $ — Short-term investments 416,538 416,538 — — Securities available-for-sale 1,451,842 74,936 1,376,906 — Loans, net (1) 15,444,752 — — 15,444,752 Equity securities 28,005 28,005 — — Investment in Federal Home Loan Bank stock 18,090 — 18,090 — Warrants 39 — — 39 Financial Liabilities Deposits 14,719,452 — — 14,719,452 Short-term borrowings 25,683 — — 25,683 Advances from Federal Home Loan Bank 674,530 — 674,530 — Other borrowings 30,764 — — 30,764 Long-term debt 76,058 — 76,058 — |
Note 16 - Revenue from Contra_2
Note 16 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2020 2019 2018 (In thousands) Non-interest income, in-scope (1) : Fees and service charges on deposit accounts $ 7,965 $ 7,848 $ 8,387 Wealth management fees 10,529 9,241 5,905 Other service fees (2) 13,742 14,392 13,693 Total in-scope non-interest income 32,236 31,481 27,985 Noninterest income, not in-scope (3) 10,584 13,270 3,722 Total non-interest income $ 42,820 $ 44,751 $ 31,707 |
Note 18 - Equity Incentive Pl_2
Note 18 - Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted-Average Aggregate Weighted-Average Remaining Contractual Intrinsic Shares Exercise Price Life (in years) Value (in thousands) Balance, December 31, 2017 35,880 23.37 0.10 $ 675 Exercised (35,880 ) $ 23.37 Balance, December 31, 2018 — — — $ — Balance, December 31, 2019 — — — $ — Balance, December 31, 2020 — — — $ — |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2017 221,738 32.72 339,872 33.52 Granted 141,810 43.30 55,455 39.46 Vested (65,721 ) 41.59 (121,336 ) 37.87 Forfeited (13,334 ) 35.96 (8,332 ) 29.61 Balance at December 31, 2018 284,493 35.79 265,659 32.90 Granted 108,925 36.37 124,586 36.37 Vested (93,729 ) 35.14 (92,501 ) 38.36 Forfeited (26,489 ) 39.34 — — Balance at December 31, 2019 273,200 35.90 297,744 32.65 Granted 110,495 21.79 212,369 22.96 Vested (80,654 ) 25.34 (193,240 ) 21.68 Forfeited (10,371 ) 39.04 (14,071 ) 39.08 Balance at December 31, 2020 292,670 33.37 302,802 32.55 |
Note 19 - Condensed Financial_2
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 |
Note 21 - Regulatory Matters (T
Note 21 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2020 (Dollars in thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 2,016,448 13.53 $ 1,042,967 7.00 $ 968,470 6.50 Cathay Bank 2,059,056 13.83 1,041,911 7.00 967,489 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 2,016,448 13.53 1,266,460 8.50 1,191,963 8.00 Cathay Bank 2,059,056 13.83 1,265,178 8.50 1,190,755 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,304,366 15.47 1,564,451 10.50 1,489,953 10.00 Cathay Bank 2,231,474 14.99 1,562,866 10.50 1,488,444 10.00 Leverage Ratio Cathay General Bancorp 2,016,448 10.94 737,382 4.00 921,727 5.00 Cathay Bank 2,059,056 11.19 736,317 4.00 920,396 5.00 Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2019 (Dollars in thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 1,892,321 12.51 $ 1,059,259 7.00 $ 983,597 6.50 Cathay Bank 1,959,832 12.97 1,057,880 7.00 982,318 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 1,892,321 12.51 1,286,243 8.50 1,210,581 8.00 Cathay Bank 1,959,832 12.97 1,284,569 8.50 1,209,006 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,134,900 14.11 1,588,888 10.50 1,513,227 10.00 Cathay Bank 2,086,911 13.81 1,586,821 10.50 1,511,258 10.00 Leverage Ratio Cathay General Bancorp 1,892,321 10.83 699,173 4.00 873,966 5.00 Cathay Bank 1,959,832 11.23 697,976 4.00 872,470 5.00 |
Note 22 - Balance Sheet Offse_2
Note 22 - Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount December 31, 2020 (In thousands) Assets: Derivatives $ 3,409 $ — $ 3,409 $ — $ — $ 3,409 Liabilities: Derivatives $ 28,258 $ (17,972 ) $ 10,286 $ — $ — $ 10,286 December 31, 2019 Assets: Derivatives $ 2,181 $ — $ 2,181 $ — $ — $ 2,181 Liabilities: Derivatives $ 14,229 $ — $ 14,229 $ — $ (14,229 ) $ — |
Note 23 - Quarterly Results o_2
Note 23 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Summary of Operations 2020 2019 Fourth Third Second First Fourth Third Second First Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (In thousands, except per share data) Interest income $ 167,596 $ 172,234 $ 174,008 $ 186,736 $ 191,226 $ 197,831 $ 192,449 $ 187,761 Interest expense 27,776 34,730 39,533 46,425 50,015 50,831 49,070 44,445 Net interest income 139,820 137,504 134,475 140,311 141,211 147,000 143,379 143,316 (Reversal)/provision for credit losses (5,000 ) 12,500 25,000 25,000 (5,000 ) (2,000 ) — — Net-interest income after reversal for loan losses 144,820 125,004 109,475 115,311 146,211 149,000 143,379 143,316 Non-interest income 11,451 9,977 15,606 5,786 8,648 10,388 12,794 12,921 Non-interest expense 75,046 75,997 67,268 65,154 71,192 65,580 69,546 70,970 Income before income tax expense 81,225 58,984 57,813 55,943 83,667 93,808 86,627 85,267 Income tax expense 10,332 2,190 3,492 9,091 16,290 20,973 14,383 18,588 Net income $ 70,893 $ 56,794 $ 54,321 $ 46,852 $ 67,377 $ 72,835 $ 72,244 $ 66,679 Net income per common share Basic $ 0.89 $ 0.71 $ 0.68 $ 0.59 $ 0.85 $ 0.91 $ 0.90 $ 0.83 Diluted $ 0.89 $ 0.71 $ 0.68 $ 0.59 $ 0.84 $ 0.91 $ 0.90 $ 0.83 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Number Of Limited Partnerships In Housing Investments | 10 | |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100.00% | |
Gross Loans Comprised of Commercial Mortgage Loans Percentage | 48.30% | |
Residential Mortgages Properties Percentage | 26.50% | |
Gross Loans Comprised of Commercial Loans Percentage | 18.10% | |
Federal Home Loan Bank Stock | $ 17,250 | $ 18,090 |
Federal Home Loan Bank Stock Shares (in shares) | shares | 172,500 | |
Minimum Stock Requirement on Outstanding Federal Home Loan Bank Borrowings Shares (in shares) | shares | 150,000 | |
Maximum Loan Size Portfolio Stratification Homogenous Portfolio | $ 500 | |
Variable Interest Entity, Primary Beneficiary, Number of Entities | 10 | |
Goodwill, Impairment Loss | $ 0 | |
Number of Reportable Segments | 1 | |
California [Member] | ||
Residential Mortgages Properties Percentage | 52.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Leasehold Improvements [Member] | |
Assets, estimated useful life | Shorter of useful lives or the terms of the leases |
Minimum [Member] | Building [Member] | |
Assets, estimated useful life (Year) | 15 years |
Minimum [Member] | Building Improvements [Member] | |
Assets, estimated useful life (Year) | 5 years |
Minimum [Member] | Furniture Fixtures and Equipment [Member] | |
Assets, estimated useful life (Year) | 3 years |
Maximum [Member] | Building [Member] | |
Assets, estimated useful life (Year) | 45 years |
Maximum [Member] | Building Improvements [Member] | |
Assets, estimated useful life (Year) | 20 years |
Maximum [Member] | Furniture Fixtures and Equipment [Member] | |
Assets, estimated useful life (Year) | 25 years |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Average Reserve Balances Required to be Maintained with Federal Bank | $ 60 | $ 110 |
Average Excess Balances Maintained With Federal Reserve Bank | 874,800 | 199,000 |
Margin Deposit Assets | 34,700 | 17,700 |
Restricted Cash, Total | 9,300 | 18,900 |
Bank [Member] | ||
Margin Deposit Assets | $ 11,900 | $ 7,100 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 117,200 | $ 293,800 | |||
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-sale | 734,485 | 296,721 | $ 447,773 | ||
Debt Securities, Available-for-sale, Realized Gain | 1,700 | 583 | |||
Debt Securities, Available-for-sale, Realized Loss | $ 0 | 372 | |||
Temporarily Impaired Securities As Percentage Of Investment Securities | 17.90% | ||||
Percentage Of Unrealized Losses For Securities With Unrealized Losses For Less Than Twelve Months | 0.30% | ||||
Percentage Of Unrealized Losses For Securities With Unrealized Losses For Greater Than Twelve Months | 2.10% | ||||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $ 1,459 | 1,740 | |||
Pledged Investment Securities | 22,700 | 20,100 | |||
Stockholders' Equity Attributable to Parent, Ending Balance | 2,418,144 | 2,294,283 | 2,121,866 | $ 1,973,304 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | (1,148) | 5,736 | (2,787) | ||
Equity Securities, FV-NI | 23,744 | 28,005 | |||
Retained Earnings [Member] | |||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 1,789,325 | $ 1,659,153 | $ 1,479,149 | $ 1,281,639 | |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Stockholders' Equity Attributable to Parent, Ending Balance | $ 8,600 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investment securities available for sale, amortized cost | $ 1,019,230 | $ 1,443,730 |
Investment securities available for sale, gross unrealized gains | 18,779 | 9,852 |
Investment securities available for sale, gross unrealized losses | 1,459 | 1,740 |
Investment securities available for sale, Estimated fair value | 1,036,550 | 1,451,842 |
US Treasury Securities [Member] | ||
Investment securities available for sale, amortized cost | 80,948 | 74,926 |
Investment securities available for sale, gross unrealized gains | 6 | 10 |
Investment securities available for sale, gross unrealized losses | 6 | 0 |
Investment securities available for sale, Estimated fair value | 80,948 | 74,936 |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities available for sale, amortized cost | 99,944 | 90,452 |
Investment securities available for sale, gross unrealized gains | 441 | 663 |
Investment securities available for sale, gross unrealized losses | 546 | 319 |
Investment securities available for sale, Estimated fair value | 99,839 | 90,796 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 709,709 | 880,040 |
Investment securities available for sale, gross unrealized gains | 17,965 | 8,574 |
Investment securities available for sale, gross unrealized losses | 606 | 824 |
Investment securities available for sale, Estimated fair value | 727,068 | 887,790 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 225,000 | |
Investment securities available for sale, gross unrealized gains | 0 | |
Investment securities available for sale, gross unrealized losses | 557 | |
Investment securities available for sale, Estimated fair value | 224,443 | |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, amortized cost | 10,358 | 569 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 34 | 17 |
Investment securities available for sale, Estimated fair value | 10,324 | 552 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 118,271 | 172,743 |
Investment securities available for sale, gross unrealized gains | 367 | 605 |
Investment securities available for sale, gross unrealized losses | 267 | 23 |
Investment securities available for sale, Estimated fair value | $ 118,371 | $ 173,325 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due in one year or less, Amortized Cost | $ 131,974 | |
Due in one year or less, Fair Value | 132,026 | |
Due after one year through five years, Amortized Cost | 54,820 | |
Due after one year through five years, Fair Value | 54,688 | |
Due after five years through ten years, Amortized Cost | 190,440 | |
Due after five years through ten years, Fair Value | 194,029 | |
Due after ten years, Amortized Cost | 641,996 | |
Due after ten years, Fair Value | 655,807 | |
Total, Amortized Cost | 1,019,230 | $ 1,443,730 |
Total, Fair Value | $ 1,036,550 | $ 1,451,842 |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Temporarily impaired securities, less than 12 months, fair value | $ 137,572 | $ 144,339 |
Temporarily impaired securities, less than 12 months, unrealized losses | 423 | 231 |
Temporarily impaired securities, 12 months or longer, fair value | 48,295 | 349,366 |
Temporarily impaired securities, 12 months or longer, fair value | 1,036 | 1,509 |
Temporarily impaired securities, total fair value | 185,867 | 493,705 |
Temporarily impaired securities, total unrealized losses | 1,459 | 1,740 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 40,952 | |
Temporarily impaired securities, less than 12 months, unrealized losses | 6 | |
Temporarily impaired securities, 12 months or longer, fair value | 0 | |
Temporarily impaired securities, 12 months or longer, fair value | 0 | |
Temporarily impaired securities, total fair value | 40,952 | |
Temporarily impaired securities, total unrealized losses | 6 | |
US Government Corporations and Agencies Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 26,390 | 48,829 |
Temporarily impaired securities, less than 12 months, unrealized losses | 102 | 172 |
Temporarily impaired securities, 12 months or longer, fair value | 40,009 | 3,570 |
Temporarily impaired securities, 12 months or longer, fair value | 444 | 147 |
Temporarily impaired securities, total fair value | 66,399 | 52,399 |
Temporarily impaired securities, total unrealized losses | 546 | 319 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | |
Temporarily impaired securities, less than 12 months, unrealized losses | 0 | |
Temporarily impaired securities, 12 months or longer, fair value | 224,443 | |
Temporarily impaired securities, 12 months or longer, fair value | 557 | |
Temporarily impaired securities, total fair value | 224,443 | |
Temporarily impaired securities, total unrealized losses | 557 | |
Collateralized Mortgage Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 1,694 | 43,719 |
Temporarily impaired securities, less than 12 months, unrealized losses | 23 | 36 |
Temporarily impaired securities, 12 months or longer, fair value | 8,093 | 120,801 |
Temporarily impaired securities, 12 months or longer, fair value | 583 | 788 |
Temporarily impaired securities, total fair value | 9,787 | 164,520 |
Temporarily impaired securities, total unrealized losses | 606 | 824 |
Collateralized Mortgage Obligations [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 10,131 | 0 |
Temporarily impaired securities, less than 12 months, unrealized losses | 25 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 193 | 552 |
Temporarily impaired securities, 12 months or longer, fair value | 9 | 17 |
Temporarily impaired securities, total fair value | 10,324 | 552 |
Temporarily impaired securities, total unrealized losses | 34 | 17 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 58,405 | 51,791 |
Temporarily impaired securities, less than 12 months, unrealized losses | 267 | 23 |
Temporarily impaired securities, 12 months or longer, fair value | 0 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 0 | 0 |
Temporarily impaired securities, total fair value | 58,405 | 51,791 |
Temporarily impaired securities, total unrealized losses | $ 267 | $ 23 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Asset, Total | $ 173,500 | ||
Impaired Financing Receivable, Recorded Investment, Total | 95,405 | $ 75,859 | |
Impaired Financing Receivable, Average Recorded Investment, Total | 91,353 | 102,583 | $ 122,596 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | $ 2,394 | $ 2,084 | 3,166 |
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 7.10% | 2.10% | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 0 | $ 2,190 | 1,518 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | ||
Loans and Leases Receivable, Gross, Total | 15,644,396 | 15,075,481 | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 166,538 | 123,224 | |
SBA's Paycheck Protection Program [Member] | |||
Financing Receivable, Number of Contracts | 1,362 | ||
Loans and Leases Receivable, Gross, Total | $ 240,900 | ||
Loans and Leases Receivable, Forgiven | 23,300 | ||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | ||
Minimum [Member] | |||
Period Loan Is In Payment Default (Day) | 60 days | ||
Maximum [Member] | |||
Period Loan Is In Payment Default (Day) | 90 days | ||
Nonaccrual Loans [Member] | |||
Impaired Financing Receivable, Recorded Investment, Total | $ 67,700 | 40,500 | |
Accruing Troubled Debt Restructuring [Member] | |||
Impaired Financing Receivable, Recorded Investment, Total | 27,700 | 35,400 | |
Financing Receivable, Troubled Debt Restructuring | 27,700 | 35,300 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 122 | 822 | |
Non-accruing Troubled Debt Restructuring [Member] | |||
Financing Receivable, Troubled Debt Restructuring | 9,000 | 18,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 24 | 2,200 | |
Residential Portfolio Segment [Member] | |||
Servicing Asset, Total | 110,500 | ||
Repossessed Assets, Total | 808 | 1,000 | |
Loans and Leases Receivable, Gross, Total | $ 4,145,389 | 4,088,586 | |
Financing Receivable with Modifications, Percentage of Total Commercial Real Estate Loans | 1.00% | ||
Financing Receivable, Number of Contracts with Approved Forbearance Requests | 78 | ||
Loans and Leases Receivable with Approved Forbearance Requests, Gross | $ 40,700 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Servicing Asset, Total | 30,900 | ||
Impaired Financing Receivable, Average Recorded Investment, Total | 41,649 | 47,612 | 57,596 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 1,602 | 1,366 | 2,125 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 111 | ||
Loans and Leases Receivable, Gross, Total | 7,555,027 | 7,275,262 | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 49,205 | 33,602 | |
Financing Receivable, Number of Contracts with Modifications | 23 | ||
Loans and Leases Receivable with Modifications, Gross | $ 81,000 | ||
Financing Receivable with Modifications, Percentage of Total Commercial Real Estate Loans | 1.10% | ||
Commercial Construction Loans [Member] | |||
Servicing Asset, Total | $ 29,000 | ||
Commercial Portfolio Segment [Member] | |||
Servicing Asset, Total | 3,100 | ||
Impaired Financing Receivable, Average Recorded Investment, Total | 31,009 | 37,475 | 44,486 |
Impaired Financing Receivable, Interest Income, Accrual Method, Total | 246 | 412 | 685 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 0 | 2,190 | $ 1,384 |
Loans and Leases Receivable, Gross, Total | 2,836,833 | 2,778,744 | |
Loans and Leases Receivable, Allowance, Ending Balance | $ 68,742 | 57,021 | |
Financing Receivable, Number of Contracts with Modifications | 12 | ||
Loans and Leases Receivable with Modifications, Gross | $ 56,700 | ||
Financing Receivable with Modifications, Percentage of Total Commercial Real Estate Loans | 2.00% | ||
HELOC Loans [Member] | |||
Financing Receivable with Modifications, Percentage of Total Commercial Real Estate Loans | 0.50% | ||
Financing Receivable, Number of Contracts with Approved Forbearance Requests | 7 | ||
Loans and Leases Receivable with Approved Forbearance Requests, Gross | $ 2,200 | ||
Real Estate Loan [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 11,200,000 | 10,600,000 | |
Commercial Loans [Member] | |||
Loans Pledged with Federal Reserve Bank | $ 7,500 | $ 31,900 |
Note 4 - Loans - Components of
Note 4 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 15,644,396 | $ 15,075,481 |
Less: Allowance for loan losses | (166,538) | (123,224) |
Unamortized deferred loan fees, net | (2,494) | (626) |
Loans, net | 15,475,364 | 14,951,631 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,836,833 | 2,778,744 |
Less: Allowance for loan losses | (68,742) | (57,021) |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 679,492 | 579,864 |
Less: Allowance for loan losses | (30,854) | (19,474) |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,555,027 | 7,275,262 |
Less: Allowance for loan losses | (49,205) | (33,602) |
Residential Portfolio Segment [Member] | ||
Loans | 4,145,389 | 4,088,586 |
Equity Lines Portfolio Segment [Member] | ||
Loans | 424,555 | 347,975 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 3,100 | $ 5,050 |
Note 4 - Loans - Loans to Relat
Note 4 - Loans - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 43,952 | $ 47,263 |
Additional loans made | 23,102 | 19,036 |
Payment received | (15,766) | (22,347) |
Balance at end of year | $ 51,288 | $ 43,952 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans and Related Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans with no related allowance, unpaid principal balance | $ 58,816 | $ 41,315 |
Loans with no related allowance, recorded investment | 53,578 | 35,540 |
Loans with related allowance, unpaid principal balance | 49,842 | 41,626 |
Loans with related allowance, recorded investment | 41,827 | 40,319 |
Allowance | 6,429 | 3,236 |
Total impaired loans, unpaid principal balance | 108,658 | 82,941 |
Total impaired loans, recorded investment | 95,405 | 75,859 |
Commercial Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 23,784 | 20,134 |
Loans with no related allowance, recorded investment | 20,698 | 15,857 |
Loans with related allowance, unpaid principal balance | 13,703 | 8,769 |
Loans with related allowance, recorded investment | 6,372 | 8,739 |
Allowance | 1,030 | 2,543 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 5,776 | 5,776 |
Loans with no related allowance, recorded investment | 4,286 | 4,580 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 22,877 | 9,234 |
Loans with no related allowance, recorded investment | 22,287 | 9,030 |
Loans with related allowance, unpaid principal balance | 31,134 | 26,117 |
Loans with related allowance, recorded investment | 31,003 | 26,040 |
Allowance | 5,254 | 473 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 6,379 | 6,171 |
Loans with no related allowance, recorded investment | 6,307 | 6,073 |
Loans with related allowance, unpaid principal balance | 5,005 | 6,740 |
Loans with related allowance, recorded investment | 4,452 | 5,540 |
Allowance | $ 145 | $ 220 |
Note 4 - Loans - Average Balanc
Note 4 - Loans - Average Balance and Interest Income Recognized Related to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Average Recorded Investment | $ 91,353 | $ 102,583 | $ 122,596 |
Contractual interest due | 2,394 | 2,084 | 3,166 |
Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 31,009 | 37,475 | 44,486 |
Contractual interest due | 246 | 412 | 685 |
Real Estate Construction Portfolio Segment [Member] | |||
Average Recorded Investment | 4,408 | 4,697 | 6,835 |
Contractual interest due | 294 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | |||
Average Recorded Investment | 41,649 | 47,612 | 57,596 |
Contractual interest due | 1,602 | 1,366 | 2,125 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
Average Recorded Investment | 14,287 | 12,799 | 13,679 |
Contractual interest due | $ 252 | $ 306 | $ 356 |
Note 4 - Loans - Non-accrual Lo
Note 4 - Loans - Non-accrual Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-accrual portfolio loans | $ 67,684 | $ 40,523 | $ 41,815 |
Contractual interest due | 2,394 | 2,084 | 3,166 |
Nonaccrual Loans [Member] | |||
Contractual interest due | 3,093 | 1,775 | 1,618 |
Interest recognized | 1,008 | 85 | 66 |
Net interest foregone | $ 2,085 | $ 1,690 | $ 1,552 |
Note 4 - Loans - Aging of Loan
Note 4 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans past due | $ 216,542 | $ 131,462 |
Non-accrual loans | 67,684 | 40,523 |
Loans not past due | 15,427,854 | 14,944,019 |
Loans | 15,644,396 | 15,075,481 |
Loans, amortized cost, greater than 90 days and accruing | 4,982 | 6,409 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 118,402 | 64,249 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 25,474 | 20,281 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 4,982 | 6,409 |
Commercial Portfolio Segment [Member] | ||
Loans past due | 81,817 | 60,425 |
Non-accrual loans | 23,087 | 19,381 |
Loans not past due | 2,755,016 | 2,718,319 |
Loans | 2,836,833 | 2,778,744 |
Loans, amortized cost, greater than 90 days and accruing | 2,947 | 6,409 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 52,601 | 24,681 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 3,182 | 9,954 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,947 | 6,409 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans past due | 10,543 | 17,179 |
Non-accrual loans | 4,286 | 4,580 |
Loans not past due | 668,949 | 562,685 |
Loans | 679,492 | 579,864 |
Loans, amortized cost, greater than 90 days and accruing | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 6,257 | 5,846 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 6,753 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans past due | 99,005 | 20,231 |
Non-accrual loans | 33,715 | 9,928 |
Loans not past due | 7,456,022 | 7,255,031 |
Loans | 7,555,027 | 7,275,262 |
Loans, amortized cost, greater than 90 days and accruing | 2,035 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 45,186 | 7,694 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 18,069 | 2,609 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,035 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans past due | 25,134 | 33,627 |
Non-accrual loans | 6,596 | 6,634 |
Loans not past due | 4,544,810 | 4,402,934 |
Loans | 4,569,944 | 4,436,561 |
Loans, amortized cost, greater than 90 days and accruing | 0 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 14,315 | 26,028 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 4,223 | 965 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Installment and Other Loans [Member ] | ||
Loans past due | 43 | 0 |
Non-accrual loans | 0 | 0 |
Loans not past due | 3,057 | 5,050 |
Loans | 3,100 | 5,050 |
Loans, amortized cost, greater than 90 days and accruing | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 43 | 0 |
Installment and Other Loans [Member ] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 0 | $ 0 |
Note 4 - Loans - Troubled Debt
Note 4 - Loans - Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
No. of Contracts | 5 | 24 | 34 |
Pre-Modification Outstanding Recorded Investment | $ 5,417 | $ 25,979 | $ 29,130 |
Post-Modification Outstanding Recorded Investment | 5,417 | 21,916 | 29,130 |
Specific Reserve | 0 | 2,190 | 1,518 |
Charge-offs | $ 0 | $ 4,063 | $ 0 |
Commercial Portfolio Segment [Member] | |||
No. of Contracts | 5 | 23 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 5,417 | $ 25,937 | $ 13,290 |
Post-Modification Outstanding Recorded Investment | 5,417 | 21,874 | 13,290 |
Specific Reserve | 0 | 2,190 | 1,384 |
Charge-offs | $ 0 | $ 4,063 | $ 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
No. of Contracts | 1 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 42 | $ 1,214 | |
Post-Modification Outstanding Recorded Investment | 42 | 1,214 | |
Specific Reserve | 0 | 23 | |
Charge-offs | $ 0 | $ 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
No. of Contracts | 7 | ||
Pre-Modification Outstanding Recorded Investment | $ 14,626 | ||
Post-Modification Outstanding Recorded Investment | 14,626 | ||
Specific Reserve | 111 | ||
Charge-offs | $ 0 |
Note 4 - Loans - Accruing Troub
Note 4 - Loans - Accruing Troubled Debt Restructurings (Details) - Accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accruing TDRs | $ 27,721 | $ 35,336 | $ 65,071 | $ 68,565 |
Payment Deferral [Member] | ||||
Accruing TDRs | 6,222 | 8,355 | ||
Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 5,910 | 6,059 | ||
Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 15,589 | 20,922 | ||
Commercial Portfolio Segment [Member] | ||||
Accruing TDRs | 3,983 | 5,215 | ||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 3,983 | 5,215 | ||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accruing TDRs | 19,575 | 25,142 | ||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 515 | 615 | ||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 5,635 | 5,748 | ||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 13,425 | 18,779 | ||
Residential Portfolio Segment [Member] | ||||
Accruing TDRs | 4,163 | 4,979 | ||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 1,724 | 2,525 | ||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 275 | 311 | ||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | $ 2,164 | $ 2,143 |
Note 4 - Loans - Non-accrual Tr
Note 4 - Loans - Non-accrual Troubled Debt Restructurings (Details) - Non-accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accruing TDRs | $ 8,985 | $ 18,048 | $ 24,189 | $ 33,416 |
Payment Deferral [Member] | ||||
Accruing TDRs | 8,985 | 17,912 | ||
Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 0 | 0 | ||
Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 0 | 136 | ||
Commercial Portfolio Segment [Member] | ||||
Accruing TDRs | 8,462 | 16,692 | ||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 8,462 | 16,692 | ||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 0 | 0 | ||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 0 | 0 | ||
Residential Portfolio Segment [Member] | ||||
Accruing TDRs | 523 | |||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 523 | |||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 0 | |||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | $ 0 | |||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Accruing TDRs | 1,356 | |||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 1,220 | |||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 0 | |||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | $ 136 |
Note 4 - Loans - Troubled Deb_2
Note 4 - Loans - Troubled Debt Restructuring Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Charge-offs | $ 0 | $ (4,063) | $ 0 |
Accruing Troubled Debt Restructuring [Member] | |||
Beginning balance | 35,336 | 65,071 | 68,565 |
New restructurings | 5,417 | 15,432 | 26,114 |
Restructured loans restored to accrual status | 263 | 365 | 2,896 |
Charge-offs | 0 | (1,341) | 0 |
Payments | (13,295) | (42,895) | (30,406) |
Restructured loans placed on non-accrual | 0 | (1,296) | (2,098) |
New restructurings | 5,417 | 15,432 | 26,114 |
Ending balance | 27,721 | 35,336 | 65,071 |
Non-accruing Troubled Debt Restructuring [Member] | |||
Beginning balance | 18,048 | 24,189 | 33,416 |
New restructurings | 0 | 10,547 | 3,015 |
Restructured loans restored to accrual status | (263) | (365) | (2,896) |
Charge-offs | (4,970) | (3,607) | (2,347) |
Payments | (3,830) | (14,012) | (9,097) |
Restructured loans placed on non-accrual | 0 | 1,296 | 2,098 |
New restructurings | 0 | 10,547 | 3,015 |
Ending balance | $ 8,985 | $ 18,048 | $ 24,189 |
Note 4 - Loans - Portfolio by R
Note 4 - Loans - Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans | $ 15,644,396 | $ 15,075,481 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,836,833 | 2,778,744 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 679,492 | 579,864 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,555,027 | 7,275,262 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 4,569,944 | 4,436,561 |
Consumer Portfolio Segment [Member] | ||
Loans | 3,100 | 5,050 |
Pass [Member] | ||
Loans | 14,927,044 | 14,415,729 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 2,581,128 | 2,528,944 |
Pass [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 593,196 | 461,597 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,202,568 | 6,992,933 |
Pass [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 4,547,052 | 4,427,205 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 3,100 | 5,050 |
Special Mention [Member] | ||
Loans | 421,284 | 477,071 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 141,344 | 166,016 |
Special Mention [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 82,010 | 113,687 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 186,283 | 196,454 |
Special Mention [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 11,647 | 914 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | ||
Loans | 290,495 | 182,681 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 108,788 | 83,784 |
Substandard [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 4,286 | 4,580 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 166,176 | 85,875 |
Substandard [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 11,245 | 8,442 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | ||
Loans | 5,573 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 5,573 | 0 |
Doubtful [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 0 | $ 0 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans individually evaluated for impairment, allowance | $ 6,429 | $ 3,236 |
Loans individually evaluated for impairment, balance | 95,405 | 75,859 |
Loans collectively evaluated for impairment, allowance | 160,109 | 119,988 |
Loans collectively evaluated for impairment, balance | 15,548,991 | 14,999,622 |
Loans, allowance | 166,538 | 123,224 |
Loans | 15,644,396 | 15,075,481 |
Commercial Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 1,030 | 2,543 |
Loans individually evaluated for impairment, balance | 27,070 | 24,596 |
Loans collectively evaluated for impairment, allowance | 67,712 | 54,478 |
Loans collectively evaluated for impairment, balance | 2,809,763 | 2,754,148 |
Loans, allowance | 68,742 | 57,021 |
Loans | 2,836,833 | 2,778,744 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 0 | 0 |
Loans individually evaluated for impairment, balance | 4,286 | 4,580 |
Loans collectively evaluated for impairment, allowance | 30,854 | 19,474 |
Loans collectively evaluated for impairment, balance | 675,206 | 575,284 |
Loans, allowance | 30,854 | 19,474 |
Loans | 679,492 | 579,864 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 5,254 | 473 |
Loans individually evaluated for impairment, balance | 53,289 | 35,070 |
Loans collectively evaluated for impairment, allowance | 43,951 | 33,129 |
Loans collectively evaluated for impairment, balance | 7,501,738 | 7,240,192 |
Loans, allowance | 49,205 | 33,602 |
Loans | 7,555,027 | 7,275,262 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 145 | 220 |
Loans individually evaluated for impairment, balance | 10,760 | 11,613 |
Loans collectively evaluated for impairment, allowance | 17,592 | 12,888 |
Loans collectively evaluated for impairment, balance | 4,559,184 | 4,424,948 |
Loans, allowance | 17,737 | 13,108 |
Loans | 4,569,944 | 4,436,561 |
Installment and Other Loans [Member ] | ||
Loans individually evaluated for impairment, allowance | 0 | 0 |
Loans individually evaluated for impairment, balance | 0 | 0 |
Loans collectively evaluated for impairment, allowance | 0 | 19 |
Loans collectively evaluated for impairment, balance | 3,100 | 5,050 |
Loans, allowance | 0 | 19 |
Loans | $ 3,100 | $ 5,050 |
Note 4 - Loans - Allowance fo_2
Note 4 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at beginning of year | $ 123,224 | $ 122,391 | $ 123,224 | $ 122,391 | $ 123,279 | ||||||
Provision/(reversal) for loan losses | $ (5,000) | $ 12,500 | $ 25,000 | 25,000 | $ (5,000) | $ (2,000) | $ 0 | 0 | 57,500 | (7,000) | (4,500) |
Charge-offs | (21,996) | (6,997) | (3,206) | ||||||||
Recoveries | 7,810 | 14,830 | 6,818 | ||||||||
Net (Charge-offs)/Recoveries | (14,186) | 7,833 | |||||||||
Balance at end of year | 166,538 | 123,224 | 166,538 | 123,224 | 122,391 | ||||||
Reserve for impaired loans | 6,429 | 3,236 | 6,429 | 3,236 | |||||||
Reserve for non-impaired loans | 160,109 | 119,988 | 160,109 | 119,988 | |||||||
Reserve for off-balance sheet credit commitments | 5,880 | 3,855 | 5,880 | 3,855 | |||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance at beginning of year | 57,021 | 54,978 | 57,021 | 54,978 | |||||||
Provision/(reversal) for loan losses | 26,450 | 4,885 | |||||||||
Charge-offs | (21,996) | (6,997) | |||||||||
Recoveries | 7,267 | 4,155 | |||||||||
Net (Charge-offs)/Recoveries | (14,729) | (2,842) | |||||||||
Balance at end of year | 68,742 | 57,021 | 68,742 | 57,021 | 54,978 | ||||||
Reserve for impaired loans | 1,030 | 2,543 | 1,030 | 2,543 | |||||||
Reserve for non-impaired loans | 67,712 | 54,478 | 67,712 | 54,478 | |||||||
Reserve for off-balance sheet credit commitments | 4,802 | 2,301 | 4,802 | 2,301 | |||||||
Real Estate Construction Portfolio Segment [Member] | |||||||||||
Balance at beginning of year | 19,474 | 19,626 | 19,474 | 19,626 | |||||||
Provision/(reversal) for loan losses | 11,380 | (4,764) | |||||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 4,612 | |||||||||
Net (Charge-offs)/Recoveries | 0 | 4,612 | |||||||||
Balance at end of year | 30,854 | 19,474 | 30,854 | 19,474 | 19,626 | ||||||
Reserve for impaired loans | 0 | 0 | 0 | 0 | |||||||
Reserve for non-impaired loans | 30,854 | 19,474 | 30,854 | 19,474 | |||||||
Reserve for off-balance sheet credit commitments | 690 | 1,047 | 690 | 1,047 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Balance at beginning of year | 33,602 | 33,487 | 33,602 | 33,487 | |||||||
Provision/(reversal) for loan losses | 15,164 | (5,216) | |||||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 439 | 5,331 | |||||||||
Net (Charge-offs)/Recoveries | 439 | 5,331 | |||||||||
Balance at end of year | 49,205 | 33,602 | 49,205 | 33,602 | 33,487 | ||||||
Reserve for impaired loans | 5,254 | 473 | 5,254 | 473 | |||||||
Reserve for non-impaired loans | 43,951 | 33,129 | 43,951 | 33,129 | |||||||
Reserve for off-balance sheet credit commitments | 101 | 193 | 101 | 193 | |||||||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||||||||||
Balance at beginning of year | 13,108 | 14,282 | 13,108 | 14,282 | |||||||
Provision/(reversal) for loan losses | 4,525 | (1,906) | |||||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 104 | 732 | |||||||||
Net (Charge-offs)/Recoveries | 104 | 732 | |||||||||
Balance at end of year | 17,737 | 13,108 | 17,737 | 13,108 | 14,282 | ||||||
Reserve for impaired loans | 145 | 220 | 145 | 220 | |||||||
Reserve for non-impaired loans | 17,592 | 12,888 | 17,592 | 12,888 | |||||||
Reserve for off-balance sheet credit commitments | 284 | 311 | 284 | 311 | |||||||
Installment and Other Loans [Member ] | |||||||||||
Balance at beginning of year | $ 19 | $ 18 | 19 | 18 | |||||||
Provision/(reversal) for loan losses | (19) | 1 | |||||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Net (Charge-offs)/Recoveries | 0 | 0 | |||||||||
Balance at end of year | 0 | 19 | 0 | 19 | $ 18 | ||||||
Reserve for impaired loans | 0 | 0 | 0 | 0 | |||||||
Reserve for non-impaired loans | 0 | 19 | 0 | 19 | |||||||
Reserve for off-balance sheet credit commitments | $ 3 | $ 3 | $ 3 | $ 3 |
Note 4 - Loans - Activity in th
Note 4 - Loans - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at beginning of year | $ 123,224 | $ 122,391 | $ 123,224 | $ 122,391 | $ 123,279 | ||||||
Provision/(reversal) for credit losses | $ (5,000) | $ 12,500 | $ 25,000 | 25,000 | $ (5,000) | $ (2,000) | $ 0 | 0 | 57,500 | (7,000) | (4,500) |
Loans charged off | (21,996) | (6,997) | (3,206) | ||||||||
Recoveries of charged off loans | 7,810 | 14,830 | 6,818 | ||||||||
Balance at end of year | 166,538 | 123,224 | 166,538 | 123,224 | 122,391 | ||||||
Reserve for off Balance Sheet Credit Commitments [Member] | |||||||||||
Balance at beginning of year | $ 3,855 | $ 2,250 | 3,855 | 2,250 | 4,588 | ||||||
Provision/(reversal) for credit losses | 2,025 | 1,605 | (2,338) | ||||||||
Balance at end of year | $ 5,880 | $ 3,855 | $ 5,880 | $ 3,855 | $ 2,250 |
Note 5 - Investments in Affor_3
Note 5 - Investments in Affordable Housing and Alternative Energy Partnerships (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Investments in Affordable Housing and Alternative Energy Partnerships | $ 309,000 | $ 308,700 | |
Number of Limited Partnerships Deemed to be Variable Interest Entities | 10 | ||
Increase in Total Assets and Liabilities from Consolidating Affordable Housing Equity Interest | $ 31,400 | 36,300 | |
Alternative Energy Tax Credit Partnership Investments, Net | 29,035 | 32,175 | |
Alternative Energy Tax Credit Partnership Investments, Held in Escrow | 9,300 | ||
Solar Tax Credits Expected to Be Realized | 9,100 | ||
Asset Impairment Charges, Total | 7,836 | 848 | $ (289) |
Affordable Housing Limited Partnerships [Member] | |||
Asset Impairment Charges, Total | 1,400 | $ 2,100 | |
Affordable Housing Limited Partnerships [Member] | Domestic Tax Authority [Member] | |||
Remaining and Future Available Tax Credit | 218,600 | ||
Affordable Housing Limited Partnerships [Member] | State and Local Jurisdiction [Member] | |||
Remaining and Future Available Tax Credit | $ 3,100 |
Note 5 - Investments in Affor_4
Note 5 - Investments in Affordable Housing and Alternative Energy Partnerships - Investments in Affordable Housing and Alternative Energy Partnerships (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in affordable housing partnerships, net | $ 279,981 | $ 276,506 |
Other borrowings for affordable housing limited partnerships | 23,714 | 29,022 |
Investments in affordable housing and alternative energy partnerships, unfunded commitments | 103,060 | 114,541 |
Investments in alternative energy tax credit partnerships, net | $ 29,035 | $ 32,175 |
Note 5 - Investments in Affor_5
Note 5 - Investments in Affordable Housing and Alternative Energy Partnerships - Unfunded Commitments Future Estimated Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 41,602 | |
2022 | 34,696 | |
2023 | 19,782 | |
2024 | 1,408 | |
2025 | 619 | |
Thereafter | 4,953 | |
Total unfunded commitments | $ 103,060 | $ 114,541 |
Note 5 - Investments in Affor_6
Note 5 - Investments in Affordable Housing and Alternative Energy Partnerships - Usage of Affordable Housing and Other Tax Credits Including Energy Tax Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Affordable housing and other tax credits recognized | $ 23,273 | $ 21,523 | $ 18,860 |
Alternative energy tax credit usage | $ 29,706 | $ 17,786 | $ 15,013 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Amortization and Accretion, Net, Total | $ 7 | $ 6.1 | $ 6.4 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant, and equipment, gross | $ 205,144 | $ 201,463 |
Less: Accumulated depreciation/amortization | 102,146 | 97,224 |
Premises and equipment, net | 102,998 | 104,239 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 42,476 | 42,476 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 79,953 | 79,819 |
Furniture Fixtures and Equipment [Member] | ||
Property, plant, and equipment, gross | 62,835 | 60,141 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 17,819 | 17,380 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 2,061 | $ 1,647 |
Note 7 - Deposits (Details Text
Note 7 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deposit Liabilities, Accrued Interest | $ 8.5 | $ 22.3 | $ 10.5 |
Geographic Distribution, Domestic [Member] | |||
Time Deposits, at or Above FDIC Insurance Limit | 2,900 | 3,100 | |
Geographic Distribution, Foreign [Member] | |||
Time Deposits, at or Above FDIC Insurance Limit | $ 142.8 | $ 192.9 |
Note 7 - Deposits - Deposit Bal
Note 7 - Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Non-interest-bearing demand deposits | $ 3,365,086 | $ 2,871,444 |
NOW deposits | 1,926,135 | 1,358,152 |
Money market deposits | 3,359,191 | 2,260,764 |
Savings deposits | 785,672 | 758,903 |
Time deposits | 6,673,317 | 7,443,045 |
Total | $ 16,109,401 | $ 14,692,308 |
Note 7 - Deposits - Time Deposi
Note 7 - Deposits - Time Deposit Maturities (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Time deposits 2021 | $ 6,507,616 |
Time deposits 2022 | 107,311 |
Time deposits 2023 | 58,261 |
Time deposits 2024 | 69 |
Time deposits 2025 | 48 |
Time deposits thereafter | 12 |
Time deposits | $ 6,673,317 |
Note 7 - Deposits - Interest Ex
Note 7 - Deposits - Interest Expense on Time Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest bearing demand | $ 2,816 | $ 2,371 | $ 2,718 |
Money market accounts | 21,574 | 21,508 | 16,202 |
Saving accounts | 1,006 | 1,432 | 1,583 |
Time deposits | 111,629 | 152,791 | 86,368 |
Total | $ 137,025 | $ 178,102 | $ 106,871 |
Note 8 - Borrowed Funds (Detail
Note 8 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Mar. 28, 2019 | Nov. 23, 2014 | Mar. 13, 2014 | Nov. 23, 2004 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Securities Sold under Agreements to Repurchase, Total | $ 0 | ||||||
Advances from Federal Home Loan Banks, Total | 150,000 | $ 670,000 | |||||
Threshold for Deferred Bonus | $ 225,000 | ||||||
Amount of Deferred Bonus Accrued in Other Liabilities | $ 300 | $ 610 | |||||
Accrued Interest on Deferred Bonus | 5.72% | 5.06% | 5.02% | 7.00% | |||
Interest Expense, Other | 105 | 99 | $ 92 | ||||
Accrued Bonuses | 2,100 | 2,000 | |||||
Junior Subordinated Notes, Noncurrent | $ 119,100 | $ 119,100 | |||||
Junior Subordinated Debt [Member] | |||||||
Debt Instrument, Term (Year) | 30 years | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.40% | 4.09% | |||||
Interest Expense, Debt, Total | $ 3,600 | $ 5,600 | $ 5,200 | ||||
Mature in May 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | 5,000 | ||||||
Mature in June 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | 50,000 | ||||||
Mature in July 2021 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | 75,000 | ||||||
Mature in May 2023 [Member] | |||||||
Advances from Federal Home Loan Banks, Total | 20,000 | ||||||
Ten-year Treasury Note [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Debt Instrument, Term (Year) | 10 years | ||||||
Five-year Treasury Note [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
Debt Instrument, Term (Year) | 5 years | ||||||
Over-night Borrowings [Member] | |||||||
Advances from Federal Home Loan Banks, Total | 0 | $ 450,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.66% | ||||||
Non Overnight Borrowings [Member] | |||||||
Advances from Federal Home Loan Banks, Total | $ 150,000 | $ 220,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.15% | 2.26% |
Note 8 - Borrowed Funds - Compa
Note 8 - Borrowed Funds - Comparative Data for Securities Sold Under Agreements to Repurchase (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Average amount outstanding during the year | [1] | $ 0 | $ 0 | $ 49,589 |
Maximum amount outstanding at month-end | [2] | 0 | 0 | 100,000 |
Balance | $ 0 | $ 0 | $ 0 | |
Rate | 0.00% | 0.00% | 0.00% | |
Securities Sold under Agreements to Repurchase 1 [Member] | ||||
Weighted average interest rate for the year | 0.00% | 0.00% | 0.00% | |
[1] | Average balances were computed using daily averages. | |||
[2] | Highest month-end balance was January 2018. |
Note 9 - Capital Resources (Det
Note 9 - Capital Resources (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 07, 2019 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 2,418,144 | $ 2,294,283 | $ 2,418,144 | $ 2,294,283 | $ 2,121,866 | $ 1,973,304 | |||||||
Stockholders' Equity, Period Increase (Decrease), Total | $ 123,900 | ||||||||||||
Stockholders' Equity, Period Increase (Decrease), Percentage | 5.40% | ||||||||||||
Net Income (Loss) Attributable to Parent, Total | $ 70,893 | $ 56,794 | $ 54,321 | $ 46,852 | $ 67,377 | $ 72,835 | $ 72,244 | $ 66,679 | $ 228,860 | 279,135 | 271,885 | ||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 9,777 | 3,366 | 2,822 | ||||||||||
Share-based Payment Arrangement, Expense | 5,600 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Total | 3,008 | 20,308 | (6,424) | ||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 1,911 | 2,311 | 2,440 | ||||||||||
Treasury Stock, Value, Acquired, Cost Method | 23,593 | 36,301 | 42,648 | ||||||||||
Dividends, Common Stock, Cash | $ 98,688 | $ 99,131 | 83,446 | ||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1.24 | $ 1.24 | |||||||||||
May 2019 Repurchase Program [Member] | |||||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 50,000 | $ 26,400 | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 1,541,912 | 741,934 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 32.43 | $ 35.59 | |||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Payment Arrangement, Expense | $ 6,600 | $ 7,300 | |||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,900 |
Note 9 - Capital Resources - Ou
Note 9 - Capital Resources - Outstanding Junior Subordinated Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | May 31, 2014 | |
Junior subordinated debt | $ 119,136 | $ 119,100 |
Cathay Capital Trust I [Member] | ||
Issuance date | Jun. 26, 2003 | |
Junior subordinated debt | $ 20,619 | |
Not redeemable until | Jun. 30, 2008 | |
Stated maturity | Jun. 30, 2033 | |
Annualized coupon rate | 3.15 | |
Current interest rate | 3.39% | |
Date of rate change | Dec. 30, 2020 | |
Payable/distribution date | March 30, June 30, September 30, December 30 | |
Cathay Statutory Trust I [Member] | ||
Issuance date | Sep. 17, 2003 | |
Junior subordinated debt | $ 20,619 | |
Not redeemable until | Sep. 17, 2008 | |
Stated maturity | Sep. 17, 2033 | |
Annualized coupon rate | 3.0 | |
Current interest rate | 3.23% | |
Date of rate change | Dec. 17, 2020 | |
Payable/distribution date | March 17, June 17, September 17, December 17 | |
Cathay Capital Trust II [Member] | ||
Issuance date | Dec. 30, 2003 | |
Junior subordinated debt | $ 12,887 | |
Not redeemable until | Mar. 30, 2009 | |
Stated maturity | Mar. 30, 2034 | |
Annualized coupon rate | 2.9 | |
Current interest rate | 3.14% | |
Date of rate change | Dec. 30, 2020 | |
Payable/distribution date | March 30, June 30, September 30, December 30 | |
Cathay Capital Trust III [Member] | ||
Issuance date | Mar. 28, 2007 | |
Junior subordinated debt | $ 46,392 | |
Not redeemable until | Jun. 15, 2012 | |
Stated maturity | Jun. 15, 2037 | |
Annualized coupon rate | 1.48 | |
Current interest rate | 1.70% | |
Date of rate change | Dec. 15, 2020 | |
Payable/distribution date | March 15, June 15, September 15, December 15 | |
Cathay Capital Trust IV [Member] | ||
Issuance date | May 31, 2007 | |
Junior subordinated debt | $ 18,619 | |
Not redeemable until | Sep. 6, 2012 | |
Stated maturity | Sep. 6, 2037 | |
Annualized coupon rate | 1.4 | |
Current interest rate | 1.63% | |
Date of rate change | Dec. 7, 2020 | |
Payable/distribution date | March 6, June 6, September 6, December 6 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards, Total | $ 28,600 | |
Deferred Tax Assets, Operating Loss Carryforwards, Total | 10,880 | $ 14,247 |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 7,500 | |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1,000 | |
Income Taxes Receivable | 19,500 | $ 9,600 |
Domestic Tax Authority [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 6,000 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2017 2018 2019 2020 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||
Operating Loss Carryforwards, Total | $ 45,900 | |
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 4,500 | |
Open Tax Year | 2016 2017 2018 2019 2020 |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||
Federal | $ (2,196) | $ 20,943 | $ 26,820 | ||||||||
State | 36,787 | 39,466 | 36,639 | ||||||||
Total Current | 34,591 | 60,409 | 63,459 | ||||||||
Deferred: | |||||||||||
Federal | (3,234) | 7,464 | 1,495 | ||||||||
State | (6,252) | 2,361 | 848 | ||||||||
Total Deferred | (9,486) | 9,825 | 2,343 | ||||||||
Total income tax expense | $ 10,332 | $ 2,190 | $ 3,492 | $ 9,091 | $ 16,290 | $ 20,973 | $ 14,383 | $ 18,588 | $ 25,105 | $ 70,234 | $ 65,802 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Tax Assets | ||
Loan loss allowance, due to differences in computation of bad debts | $ 52,899 | $ 38,936 |
Share-based compensation | 1,936 | 2,945 |
Accrual for bonuses | 3,356 | 1,293 |
Non-accrual interest | 861 | 1,005 |
Write-down on equity securities and venture capital investments | 1,833 | 2,010 |
State tax | 3,882 | 4,540 |
Unrealized loss on interest rate swaps | 2,934 | 1,599 |
Tax credits carried forward | 9,136 | 9,473 |
Net operating loss carried forward | 10,880 | 14,247 |
Other, net | 3,864 | 3,719 |
Gross deferred tax assets | 91,581 | 79,767 |
Deferred Tax Liabilities | ||
Deferred loan costs | (10,017) | (9,778) |
Depreciation and amortization | (2,709) | (1,606) |
Unrealized gain on securities available-for-sale, net | (8,712) | (5,990) |
Unrealized gain on equity securities | 0 | (668) |
OREO Installment Sale | (1,274) | 0 |
Dividends on Federal Home Loan Bank common stock | (979) | (978) |
Other, net | (3,599) | (3,307) |
Gross deferred tax liabilities | (27,290) | (22,327) |
Net deferred tax assets | $ 64,291 | $ 57,440 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax provision at Federal statutory rate, amount | $ 53,333 | $ 73,368 | $ 70,914 | ||||||||
Tax provision at Federal statutory rate, percent | 21.00% | 21.00% | 21.00% | ||||||||
State income taxes, net of Federal income tax benefit, amount | $ 23,602 | $ 33,276 | $ 29,750 | ||||||||
State income taxes, net of Federal income tax benefit, percent | 9.30% | 9.50% | 8.80% | ||||||||
Excess deduction for stock option and RSUs, amount | $ 264 | $ (398) | $ (555) | ||||||||
Excess deduction for stock option and RSUs, percent | 0.10% | (0.10%) | (0.20%) | ||||||||
Non-taxable bargain purchase gain, amount | $ 0 | $ 0 | $ (71) | ||||||||
Non-taxable bargain purchase gain, percent | 0.00% | 0.00% | 0.00% | ||||||||
Low income housing and other tax credits, amount | $ (52,979) | $ (37,519) | $ (34,517) | ||||||||
Low income housing and other tax credits, percent | (20.80%) | (10.70%) | (10.20%) | ||||||||
Other, net, amount | $ 885 | $ 1,507 | $ 281 | ||||||||
Other, net, percent | 0.30% | 0.40% | 0.10% | ||||||||
Total income tax expense | $ 10,332 | $ 2,190 | $ 3,492 | $ 9,091 | $ 16,290 | $ 20,973 | $ 14,383 | $ 18,588 | $ 25,105 | $ 70,234 | $ 65,802 |
Total income tax expense, percent | 9.90% | 20.10% | 19.50% |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity and Earnings Per Share (Details Textual) shares in Thousands, $ in Millions | Dec. 31, 2020USD ($)shares |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ | $ 289.8 |
Preferred Stock, Shares Issued, Total (in shares) | 0 |
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity and Earnings Per Share - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance, loss, net of tax | $ 2,294,283 | $ 2,121,866 | $ 1,973,304 |
Total other comprehensive (loss)/income, net of tax | 3,008 | 20,308 | (6,424) |
Ending balance, loss, net of tax | 2,418,144 | 2,294,283 | 2,121,866 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Beginning balance, loss, net of tax | 5,714 | (17,765) | |
Net unrealized (losses)/gains arising during the period, pre-tax | 10,903 | 33,543 | |
Net unrealized (losses)/gains arising during the period, tax | 3,223 | 9,915 | |
Net unrealized (losses)/gains arising during the period, net of tax | 7,680 | 23,628 | |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 1,695 | 211 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 501 | 62 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 1,194 | 149 | |
Total other comprehensive (loss)/income, pre-tax | 9,208 | 33,332 | |
Total other comprehensive (loss)/income, tax | 2,722 | 9,853 | |
Total other comprehensive (loss)/income, net of tax | 6,486 | 23,479 | |
Ending balance, loss, net of tax | 12,200 | 5,714 | (17,765) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Beginning balance, loss, net of tax | (3,412) | (241) | |
Net unrealized (losses)/gains arising during the period, pre-tax | (4,938) | (4,502) | |
Net unrealized (losses)/gains arising during the period, tax | (1,460) | (1,331) | |
Net unrealized (losses)/gains arising during the period, net of tax | (3,478) | (3,171) | |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | 0 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | 0 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | 0 | |
Total other comprehensive (loss)/income, pre-tax | (4,938) | (4,502) | |
Total other comprehensive (loss)/income, tax | (1,460) | (1,331) | |
Total other comprehensive (loss)/income, net of tax | (3,478) | (3,171) | |
Ending balance, loss, net of tax | (6,890) | (3,412) | (241) |
AOCI Attributable to Parent [Member] | |||
Beginning balance, loss, net of tax | 2,302 | (18,006) | (2,511) |
Net unrealized (losses)/gains arising during the period, pre-tax | 5,965 | 29,041 | |
Net unrealized (losses)/gains arising during the period, tax | 1,763 | 8,584 | |
Net unrealized (losses)/gains arising during the period, net of tax | 4,202 | 20,457 | |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 1,695 | 211 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 501 | 62 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 1,194 | 149 | |
Total other comprehensive (loss)/income, pre-tax | 4,270 | 28,830 | |
Total other comprehensive (loss)/income, tax | 1,262 | 8,522 | |
Total other comprehensive (loss)/income, net of tax | 3,008 | 20,308 | (6,424) |
Ending balance, loss, net of tax | $ 5,310 | $ 2,302 | $ (18,006) |
Note 11 - Stockholders' Equit_5
Note 11 - Stockholders' Equity and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 70,893 | $ 56,794 | $ 54,321 | $ 46,852 | $ 67,377 | $ 72,835 | $ 72,244 | $ 66,679 | $ 228,860 | $ 279,135 | $ 271,885 |
Basic EPS, income | $ 228,860 | $ 279,135 | $ 271,885 | ||||||||
Basic average common shares outstanding (in shares) | 79,584,560 | 79,999,703 | 81,131,269 | ||||||||
Basic (in dollars per share) | $ 0.89 | $ 0.71 | $ 0.68 | $ 0.59 | $ 0.85 | $ 0.91 | $ 0.90 | $ 0.83 | $ 2.88 | $ 3.49 | $ 3.35 |
Effect of dilutive stock options and RSU (in shares) | 193,287 | 248,190 | 476,077 | ||||||||
Diluted EPS, income | $ 228,860 | $ 279,135 | $ 271,885 | ||||||||
Diluted average common shares outstanding (in shares) | 79,777,847 | 80,247,893 | 81,607,346 | ||||||||
Diluted (in dollars per share) | $ 0.89 | $ 0.71 | $ 0.68 | $ 0.59 | $ 0.84 | $ 0.91 | $ 0.90 | $ 0.83 | $ 2.87 | $ 3.48 | $ 3.33 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments To Extend Notional Amount | $ 2,977,528 | $ 3,077,081 |
Commitments to Fund Fixed Rate Loans | 59,900 | |
Commitments to Fund Adjustable Rate Loans | $ 2,900,000 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Financial Instruments With Off-balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments | $ 3,228,787 | $ 3,381,961 |
Commitments to Extend Credit [Member] | ||
Commitments | 2,977,528 | 3,077,081 |
Standby Letters of Credit [Member] | ||
Commitments | 234,200 | 282,352 |
Commercial Letters of Credit [Member] | ||
Commitments | 16,821 | 22,209 |
Bill of Lading Guarantees [Member] | ||
Commitments | $ 238 | $ 319 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Lease, Expense | $ 11.7 | $ 13.3 |
Note 13 - Leases - Operating Le
Note 13 - Leases - Operating Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use assets- operating leases | $ 30,919 | $ 33,990 |
Lease liabilities - operating leases | $ 33,484 | $ 35,873 |
Weighted-average remaining lease term (in years) (Year) | 4 years 8 months 12 days | 5 years 4 months 24 days |
Weighted-average discount rate | 2.77% | 3.10% |
Operating cash flows from operating leases | $ 9,300 | $ 8,400 |
ROU assets obtained in exchange for lease obligations | $ 5,700 | $ 1,800 |
Note 13 - Leases - Lease Maturi
Note 13 - Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 9,384 | |
2022 | 8,335 | |
2023 | 6,890 | |
2024 | 4,635 | |
2025 | 2,520 | |
Thereafter | 4,153 | |
Total lease payments | 35,917 | |
Less amount of payment representing interest | (2,433) | |
Lease liabilities - operating leases | $ 33,484 | $ 35,873 |
Note 14 - Financial Derivativ_3
Note 14 - Financial Derivatives (Details Textual) $ in Thousands | May 31, 2014USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Junior Subordinated Notes, Total | $ 119,100 | $ 119,136 | |
Cash [Member] | |||
Collateral Already Posted, Aggregate Fair Value | 11,900 | $ 7,100 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Asset, Number of Instruments Held | 5 | ||
Derivative Outstanding, Notional Amount | $ 119,100 | ||
Derivative Original Maturity (Year) | 10 years | ||
Derivative, Notional Amount | 119,136 | 119,136 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 478,266 | $ 579,584 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |||
Derivative, Term of Contract (Year) | 3 years | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |||
Derivative, Term of Contract (Year) | 10 years | ||
Loans Receivable with Partial-term Hedging Designation [Member] | |||
Derivative, Notional Amount | $ 44,700 | ||
Loans and Leases Receivable, Gross, Total | 25,000 | ||
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount | 25,000 | ||
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease) | $ 342 |
Note 14 - Financial Derivativ_4
Note 14 - Financial Derivatives - Cash Flow Swap Hedges (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Notional | $ 119,136 | $ 119,136 | |
Weighted average fixed rate-pay | 2.61% | 2.61% | |
Weighted average variable rate-receive | 0.44% | 2.26% | |
Unrealized loss, net of taxes | [1] | $ (6,890) | $ (3,412) |
Periodic net settlement of swaps | [2] | $ 2,193 | $ 200 |
[1] | Included in other comprehensive income. | ||
[2] | the amount of periodic net settlement of interest rate swaps was included in interest expense. |
Note 14 - Financial Derivativ_5
Note 14 - Financial Derivatives - Fair Value Swap Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Net unrealized loss | $ (3,478) | $ (3,171) | $ 1,525 | |
Periodic net settlement of SWAPs | [1] | (7,719) | 996 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative, Notional Amount | $ 478,266 | $ 579,584 | ||
Weighted average fixed rate-pay | 4.56% | 4.71% | ||
Weighted average variable rate-receive | 3.11% | 4.87% | ||
Net unrealized loss | [2] | $ (15,082) | $ (7,205) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Weighted average variable rate spread | 2.46% | 2.62% | ||
[1] | the amount of periodic net settlement of interest rate swaps was included in interest income. | |||
[2] | the amount is included in other non-interest income. |
Note 14 - Financial Derivativ_6
Note 14 - Financial Derivatives - Not Designated as Hedging (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Exchange Forward [Member] | ||
Notional | $ 0 | $ 908 |
Option contracts, fair value | 0 | (7) |
Spot, Forward, and Swap Contracts with Positive Fair Value [Member] | ||
Notional | 151,244 | 146,397 |
Option contracts, fair value | 4,658 | 2,411 |
Spot, Forward, and Swap Contracts with Negative Fair Value [Member] | ||
Notional | 132,813 | 127,003 |
Option contracts, fair value | $ (2,200) | $ (1,415) |
Note 15 - Fair Value Measurem_3
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 4,918 | $ 10,244 | |
Minimum [Member] | |||
Estimated Sales Cost Applied To Collateral | 3.00% | ||
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.0020 | ||
Minimum [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.1702 | ||
Minimum [Member] | Warrants Outstanding [Member] | |||
Expected Life Of Warrants (Year) | 1 year | ||
Maximum [Member] | |||
Estimated Sales Cost Applied To Collateral | 6.00% | ||
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.0075 | ||
Maximum [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.2787 | ||
Maximum [Member] | Warrants Outstanding [Member] | |||
Expected Life Of Warrants (Year) | 6 years | ||
Accounts Receivable Collateral [Member] | |||
Collateral Discount Rates | 55.00% | ||
Inventory Collateral [Member] | |||
Collateral Discount Rates | 65.00% | ||
Net of Estimated Disposal Costs [Member] | |||
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 4,900 | $ 10,200 |
Note 15 - Fair Value Measurem_4
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available-for-sale | $ 1,036,550 | $ 1,451,842 |
Equity securities | 23,744 | 28,005 |
Assets, fair value disclosure | 1,068,382 | 1,484,478 |
Liabilities, fair value disclosure | 12,486 | 15,651 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 80,948 | 74,936 |
Equity securities | 23,744 | 28,005 |
Assets, fair value disclosure | 104,692 | 102,941 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 955,602 | 1,376,906 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 963,669 | 1,381,498 |
Liabilities, fair value disclosure | 12,486 | 15,651 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 21 | 39 |
Liabilities, fair value disclosure | 0 | 0 |
US Treasury Securities [Member] | ||
Securities available-for-sale | 80,948 | 74,936 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 80,948 | 74,936 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 99,838 | 90,796 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 99,838 | 90,796 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 727,068 | 887,790 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 727,068 | 887,790 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 224,443 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 224,443 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 10,324 | 552 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 10,324 | 552 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 118,372 | 173,325 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 118,372 | 173,325 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Mutual Funds [Member] | ||
Equity securities | 6,413 | 6,277 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 6,413 | 6,277 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 5,485 | 10,529 |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 5,485 | 10,529 |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Other Equity Securities [Member] | ||
Equity securities | 11,846 | 11,199 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 11,846 | 11,199 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Warrant [Member] | ||
Assets, fair value disclosure | 21 | 39 |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value disclosure | 21 | 39 |
Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 3,409 | 2,181 |
Liabilities, fair value disclosure | 10,286 | 14,229 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value disclosure | 3,409 | 2,181 |
Liabilities, fair value disclosure | 10,286 | 14,229 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 4,658 | 2,411 |
Liabilities, fair value disclosure | 2,200 | 1,415 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value disclosure | 4,658 | 2,411 |
Liabilities, fair value disclosure | 2,200 | 1,415 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | $ 0 | 0 |
Option Contracts [Member] | ||
Liabilities, fair value disclosure | 7 | |
Option Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities, fair value disclosure | 0 | |
Option Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities, fair value disclosure | 7 | |
Option Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities, fair value disclosure | $ 0 |
Note 15 - Fair Value Measurem_5
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets, fair value disclosure | $ 1,068,382 | $ 1,484,478 | ||
Total Losses | 7,836 | 848 | $ (289) | |
Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 41,920 | 49,519 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | 104,692 | 102,941 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 963,669 | 1,381,498 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 905 | 6,490 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 21 | 39 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 41,015 | 43,029 | ||
Impaired Loans [Member] | ||||
Total Losses | 7,012 | 0 | 0 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 35,398 | 37,082 | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 35,398 | 37,082 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Total Losses | 7,012 | 0 | 0 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 5,342 | 6,196 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 5,342 | 6,196 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Total Losses | 0 | 0 | 0 | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 25,749 | 25,566 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 25,749 | 25,566 | ||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Assets, fair value disclosure | 4,307 | 5,320 | ||
Total Losses | 0 | 0 | 0 | |
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 4,307 | 5,320 | ||
Other Real Estate Owned [Member] | ||||
Total Losses | [1] | 717 | 681 | (619) |
Other Real Estate Owned [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 5,141 | 10,833 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 0 | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 905 | 6,490 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 4,236 | 4,343 | |
Investments in Venture Capital [Member] | ||||
Total Losses | 107 | 167 | $ 330 | |
Investments in Venture Capital [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 1,381 | 1,604 | ||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | $ 1,381 | $ 1,604 | ||
[1] | Other real estate owned balance of $10.2 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note 15 - Fair Value Measurem_6
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity securities | $ 23,744 | $ 28,005 | |
Warrants | 3,409 | 2,181 | |
Foreign exchange contracts with gain | 151,244 | 146,397 | |
Foreign exchange contracts with gain, fair value | 4,658 | 2,411 | |
Interest rate swaps | 96,889 | 130,401 | |
Interest rate swaps, fair value | 3,409 | 2,181 | |
Option contracts | 0 | 908 | |
Option contracts, fair value | 0 | 7 | |
Foreign exchange contracts with loss | 132,813 | 127,003 | |
Foreign exchange contracts with loss, fair value | 2,200 | 1,415 | |
Interest rate swaps | 679,648 | 602,291 | |
Interest rate swaps, fair value | 10,286 | 14,229 | |
Commitments to extend credit | 2,977,528 | 3,077,081 | |
Commitments to extend credit, fair value | (8,432) | (9,826) | |
Standby letters of credit | 234,200 | 282,352 | |
Standby letters of credit, fair value | (1,630) | (2,431) | |
Other letters of credit | 16,821 | 22,209 | |
Other letters of credit, fair value | (16) | (20) | |
Bill of lading guarantees | 238 | 319 | |
Bill of lading guarantees, fair value | 0 | (1) | |
Reported Value Measurement [Member] | |||
Cash and due from banks | 138,616 | 177,240 | |
Short-term investments | 1,282,462 | 416,538 | |
Securities available-for-sale | 1,036,550 | 1,451,842 | |
Loans, net | 15,475,364 | 14,951,631 | |
Equity securities | 23,744 | 28,005 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 16,109,401 | 14,692,308 | |
Short-term borrowings | 0 | 25,683 | |
Advances from Federal Home Loan Bank | 150,000 | 670,000 | |
Other borrowings | 23,714 | 36,666 | |
Long-term debt | 119,136 | 119,136 | |
Reported Value Measurement [Member] | Warrants [Member] | |||
Warrants | 21 | 39 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 138,616 | 177,240 | |
Short-term investments | 1,282,462 | 416,538 | |
Securities available-for-sale | 1,036,550 | 1,451,842 | |
Loans, net | 16,103,471 | [1] | 15,444,752 |
Equity securities | 23,744 | 28,005 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 16,125,808 | 14,719,452 | |
Short-term borrowings | 0 | 25,683 | |
Advances from Federal Home Loan Bank | 155,133 | 674,530 | |
Other borrowings | 19,632 | 30,764 | |
Long-term debt | 65,487 | 76,058 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | $ 21 | $ 39 | |
[1] | In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. |
Note 15 - Fair Value Measurem_7
Note 15 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity securities | $ 23,744 | $ 28,005 | |
Warrants | 3,409 | 2,181 | |
Equity Securities, FV-NI | 23,744 | 28,005 | |
Fair Value, Inputs, Level 1 [Member] | |||
Equity securities | 23,744 | 28,005 | |
Equity Securities, FV-NI | 23,744 | 28,005 | |
Fair Value, Inputs, Level 2 [Member] | |||
Equity securities | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Equity securities | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 138,616 | 177,240 | |
Short-term investments | 1,282,462 | 416,538 | |
Securities available-for-sale | 1,036,550 | 1,451,842 | |
Loans, net | 16,103,471 | [1] | 15,444,752 |
Equity securities | 23,744 | 28,005 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 16,125,808 | 14,719,452 | |
Advances from Federal Home Loan Bank | 155,133 | 674,530 | |
Other borrowings | 19,632 | 30,764 | |
Long-term debt | 65,487 | 76,058 | |
Equity Securities, FV-NI | 23,744 | 28,005 | |
Short-term borrowings | 0 | 25,683 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | 21 | 39 | |
Warrants | 39 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 138,616 | 177,240 | |
Short-term investments | 1,282,462 | 416,538 | |
Securities available-for-sale | 80,948 | 74,936 | |
Loans, net | 0 | [1] | 0 |
Equity securities | 23,744 | 28,005 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Equity Securities, FV-NI | 23,744 | 28,005 | |
Short-term borrowings | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrants [Member] | |||
Warrants | 0 | ||
Warrants | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and due from banks | 0 | 0 | |
Short-term investments | 0 | 0 | |
Securities available-for-sale | 955,602 | 1,376,906 | |
Loans, net | 0 | [1] | 0 |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 155,133 | 674,530 | |
Other borrowings | 0 | 0 | |
Long-term debt | 65,487 | 76,058 | |
Equity Securities, FV-NI | 0 | 0 | |
Short-term borrowings | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrants [Member] | |||
Warrants | 0 | ||
Warrants | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and due from banks | 0 | 0 | |
Short-term investments | 0 | 0 | |
Securities available-for-sale | 0 | 0 | |
Loans, net | 16,103,471 | [1] | 15,444,752 |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 16,125,808 | 14,719,452 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 19,632 | 30,764 | |
Long-term debt | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Short-term borrowings | 25,683 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants [Member] | |||
Warrants | $ 21 | ||
Warrants | $ 39 | ||
[1] | In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. |
Note 16 - Revenue from Contra_3
Note 16 - Revenue from Contracts with Customers - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | [1] | $ 32,236 | $ 31,481 | $ 27,985 | ||||||||
Noninterest income, not in-scope | [2] | 10,584 | 13,270 | 3,722 | ||||||||
Total non-interest income | $ 11,451 | $ 9,977 | $ 15,606 | $ 5,786 | $ 8,648 | $ 10,388 | $ 12,794 | $ 12,921 | 42,820 | 44,751 | 31,707 | |
Fees and Services Charges on Deposit Account [Member] | ||||||||||||
Revenues | [1] | 7,965 | 7,848 | 8,387 | ||||||||
Wealth Management Fees [Member] | ||||||||||||
Revenues | [1] | 10,529 | 9,241 | 5,905 | ||||||||
Other Service Fees [Member] | ||||||||||||
Revenues | [1],[3] | $ 13,742 | $ 14,392 | $ 13,693 | ||||||||
[1] | There were no adjustments to the Company's financial statements recorded as a result of the adoption of ASC 606. For comparability, the Company has adjusted consolidated prior period amounts to conform to the periods presentation. | |||||||||||
[2] | These amounts primarily represent revenue from contracts with customers that are out of the scope of ASC 606. | |||||||||||
[3] | Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams |
Note 17 - Employee Benefit Pl_2
Note 17 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 31 Months Ended | 255 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | May 31, 2018 | |
Minimum Number of Years Allowed to Participate in Employee Stock Ownership Plan (Year) | 2 years | ||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 32,128 | 22,933 | 17,559 | ||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 818 | $ 827 | $ 706 | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 33,629 | 22,309 | 58,988 | 33,629 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 777,128 | 777,128 | |||
Percentage of Outstanding Common Stock under Employee Stock Ownership Plan | 1.00% | 1.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage, Less Than Two Years of Service | 0.00% | ||||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage, After Two Years of Service | 25.00% | ||||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage, After Two Years of Service, Increment | 25.00% | ||||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage, After Five Years of Service | 100.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,700 | $ 3,500 | $ 3,100 | ||
Percentage of Participant Borrowing Capacity of Vested Amount | 50.00% | ||||
Cash Surrender Value of Life Insurance | $ 52,200 | $ 52,200 | |||
Maximum [Member] | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | 50 | ||||
Minimum [Member] | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | $ 1 |
Note 18 - Equity Incentive Pl_3
Note 18 - Equity Incentive Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds from Stock Options Exercised | $ 0 | $ 0 | $ 838 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 35,880 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 0 | ||
Share-based Payment Arrangement, Expense | 5,600 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8,400 | 9,300 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 24 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Payment Arrangement, Expense | $ 6,600 | $ 7,300 | |
Performance-based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance-based Restricted Stock Units [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 0.00% | ||
Performance-based Restricted Stock Units [Member] | Maximum [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 150.00% | ||
2005 Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,045,451 |
Note 18 - Equity Incentive Pl_4
Note 18 - Equity Incentive Plans - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, shares (in shares) | 35,880 | |||||
Balance, weighted average exercise price (in dollars per share) | $ 23.37 | |||||
Balance, remaining contractual life (Year) | 1 month 6 days | |||||
Balance, intrinsic value | $ 0 | $ 0 | $ 0 | $ 675 | ||
Exercised, shares (in shares) | (35,880) | |||||
Exercised, weighted average exercise price (in dollars per share) | $ 23.37 | |||||
Balance, shares (in shares) | 0 | 35,880 | ||||
Balance, weighted average exercise price (in dollars per share) | $ 0 | $ 23.37 | ||||
Balance, shares (in shares) | 0 | 35,880 | 0 | 0 | 0 | 35,880 |
Balance, weighted average exercise price (in dollars per share) | $ 0 | $ 23.37 | $ 0 | $ 0 | $ 0 | $ 23.37 |
Note 18 - Equity Incentive Pl_5
Note 18 - Equity Incentive Plans - Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Time-based Restricted Stock Units [Member] | |||
Balance (in shares) | 273,200 | 284,493 | 221,738 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 35.90 | $ 35.79 | $ 32.72 |
Granted (in shares) | 110,495 | 108,925 | 141,810 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 21.79 | $ 36.37 | $ 43.30 |
Vested (in shares) | (80,654) | (93,729) | (65,721) |
Vested, weighted-average grant date fair value (in dollars per share) | $ 25.34 | $ 35.14 | $ 41.59 |
Forfeited (in shares) | (10,371) | (26,489) | (13,334) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 39.04 | $ 39.34 | $ 35.96 |
Balance (in shares) | 292,670 | 273,200 | 284,493 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 33.37 | $ 35.90 | $ 35.79 |
Performance-based Restricted Stock Units [Member] | |||
Balance (in shares) | 297,744 | 265,659 | 339,872 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 32.65 | $ 32.90 | $ 33.52 |
Granted (in shares) | 212,369 | 124,586 | 55,455 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 22.96 | $ 36.37 | $ 39.46 |
Vested (in shares) | (193,240) | (92,501) | (121,336) |
Vested, weighted-average grant date fair value (in dollars per share) | $ 21.68 | $ 38.36 | $ 37.87 |
Forfeited (in shares) | (14,071) | 0 | (8,332) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 39.08 | $ 0 | $ 29.61 |
Balance (in shares) | 302,802 | 297,744 | 265,659 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 32.55 | $ 32.65 | $ 32.90 |
Note 19 - Condensed Financial_3
Note 19 - Condensed Financial Information of Cathay General Bancorp - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2014 |
Assets | |||||
Cash pledged as margin for interest rate swaps | $ 34,700 | $ 17,700 | |||
Equity securities | 23,744 | 28,005 | |||
Other assets | 170,889 | 150,924 | |||
Total assets | 19,043,134 | 18,094,144 | |||
Liabilities | |||||
Junior subordinated debt | 119,136 | $ 119,100 | |||
Deferred payments from acquisition | 0 | 7,644 | |||
Other liabilities | 175,502 | 209,501 | |||
Total liabilities | 16,624,990 | 15,799,861 | |||
Commitments and contingencies | 0 | 0 | |||
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 income, 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 | $ 2,121,866 | $ 1,973,304 | |
Total liabilities and stockholders' equity | 19,043,134 | 18,094,144 | |||
Parent Company [Member] | |||||
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 | |||
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 | 0 | 7,644 | |||
Other liabilities | 5,711 | 13,285 | |||
Total liabilities | 124,847 | 140,065 | |||
Commitments and contingencies | 0 | 0 | |||
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 income, 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 | |||
Parent Company [Member] | Bank Subsidiaries [Member] | |||||
Assets | |||||
Investment in Cathay Bank subsidiary | 2,467,643 | 2,365,206 | |||
Investment in subsidiaries | 2,467,643 | 2,365,206 | |||
Parent Company [Member] | Non Bank Subsidiaries [Member] | |||||
Assets | |||||
Investment in Cathay Bank subsidiary | 845 | 4,458 | |||
Investment in subsidiaries | $ 845 | $ 4,458 |
Note 19 - Condensed Financial_4
Note 19 - Condensed Financial Information of Cathay General Bancorp - Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 90,643,206 | 90,064,382 |
Common stock, shares outstanding (in shares) | 79,508,265 | 79,729,419 |
Treasury stock, shares (in shares) | 11,134,941 | 10,334,963 |
Note 19 - Condensed Financial_5
Note 19 - Condensed Financial Information of Cathay General Bancorp - Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 167,596 | $ 172,234 | $ 174,008 | $ 186,736 | $ 191,226 | $ 197,831 | $ 192,449 | $ 187,761 | |||
Interest expense | 27,776 | 34,730 | 39,533 | 46,425 | 50,015 | 50,831 | 49,070 | 44,445 | $ 148,464 | $ 194,361 | $ 122,056 |
Gain from acquisition | 0 | 0 | 340 | ||||||||
Non-interest expense | 75,046 | 75,997 | 67,268 | 65,154 | 71,192 | 65,580 | 69,546 | 70,970 | 283,465 | 277,288 | 264,419 |
Income tax benefit | 10,332 | 2,190 | 3,492 | 9,091 | 16,290 | 20,973 | 14,383 | 18,588 | 25,105 | 70,234 | 65,802 |
Income before undistributed earnings of subsidiaries | 81,225 | 58,984 | 57,813 | 55,943 | 83,667 | 93,808 | 86,627 | 85,267 | |||
Net income | $ 70,893 | $ 56,794 | $ 54,321 | $ 46,852 | $ 67,377 | $ 72,835 | $ 72,244 | $ 66,679 | 228,860 | 279,135 | 271,885 |
Parent Company [Member] | |||||||||||
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 | 0 | 0 | 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 |
Note 19 - Condensed Financial_6
Note 19 - Condensed Financial Information of Cathay General Bancorp - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities | |||||||||||
Net income | $ 70,893 | $ 56,794 | $ 54,321 | $ 46,852 | $ 67,377 | $ 72,835 | $ 72,244 | $ 66,679 | $ 228,860 | $ 279,135 | $ 271,885 |
Write-downs on venture capital and other investments | 58,131 | 39,898 | 40,871 | ||||||||
Net change in other assets | (21,247) | 6,163 | (13,984) | ||||||||
Gain from acquisition | 0 | 0 | (340) | ||||||||
Net change in other liabilities | (18,948) | 21,061 | 13,848 | ||||||||
Net cash provided by operating activities | 319,955 | 434,979 | 336,538 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Net cash used in investing activities | (242,204) | (1,381,674) | (1,134,327) | ||||||||
Cash Flows from Financing Activities | |||||||||||
Repayment of long-term debt | (7,663) | (81,065) | (23,040) | ||||||||
Cash dividends | (98,688) | (99,131) | (83,428) | ||||||||
Proceeds from exercise of stock options | 0 | 0 | 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 provided by financing activities | 749,549 | 940,183 | 863,278 | ||||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | 228,860 | 279,135 | 271,885 | ||||||||
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 | 0 | 0 | (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 Investing Activities | |||||||||||
Increase in short-term investment | 0 | 0 | (1) | ||||||||
Proceeds from liquidation of subsidiary | 2,399 | 0 | 0 | ||||||||
Proceeds from sale of equity securities | 3,112 | 2,829 | 0 | ||||||||
Venture capital and other investments | 116 | 399 | 150 | ||||||||
Net cash used in investing 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 | 0 | 0 | 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 provided by 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 | 39,566 | 21,627 | 49,151 | ||||||
Cash and cash equivalents, end of the year | $ 52,219 | $ 39,566 | $ 52,219 | $ 39,566 | $ 21,627 |
Note 20 - Dividend Reinvestme_2
Note 20 - Dividend Reinvestment Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 358,157 | 93,143 | 69,084 |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 9,777 | $ 3,366 | $ 2,822 |
Note 21 - Regulatory Matters (D
Note 21 - Regulatory Matters (Details Textual) | Dec. 31, 2020 | Dec. 31, 2019 |
Common Equity, Tier One Risk Based Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 21 - Regulatory Matters -
Note 21 - Regulatory Matters - Capital and Leverage Ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual amount | $ 2,059,056 | $ 1,959,832 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual ratio | 13.83% | 12.97% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required | $ 1,041,911 | $ 1,057,880 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required, Ratio | 7.00% | 7.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 967,489 | $ 982,318 |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, Actual amount | $ 2,059,056 | $ 1,959,832 |
Tier 1 Capital to Risk-Weighted Assets, Actual ratio | 0.1383 | 0.1297 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,265,178 | $ 1,284,569 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 0.0850 | 0.0850 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,190,755 | $ 1,209,006 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.08 | 0.0800 |
Total Capital to Risk-Weighted Assets, Actual amount | $ 2,231,474 | $ 2,086,911 |
Total Capital to Risk-Weighted Assets, Actual ratio | 0.1499 | 0.1381 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,562,866 | $ 1,586,821 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 0.1050 | 0.1050 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,488,444 | $ 1,511,258 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.10 | 0.1000 |
Leverage Ratio, Actual amount | $ 2,059,056 | $ 1,959,832 |
Leverage Ratio, Actual ratio | 0.1119 | 0.1123 |
Leverage Ratio, Minimum Capital Required | $ 736,317 | $ 697,976 |
Leverage Ratio Minimum Capital Required, Ratio | 0.0400 | 0.0400 |
Leverage Ratio, Required to be Considered Well Capitalized | $ 920,396 | $ 872,470 |
Leverage Ratio Required to be Considered Well Capitalized, Ratio | 0.05 | 0.0500 |
Bank [Member] | ||
Common Equity Tier 1 to Risk-Weighted Assets, Actual amount | $ 2,016,448 | $ 1,892,321 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual ratio | 13.53% | 12.51% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required | $ 1,042,967 | $ 1,059,259 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required, Ratio | 7.00% | 7.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 968,470 | $ 983,597 |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, Actual amount | $ 2,016,448 | $ 1,892,321 |
Tier 1 Capital to Risk-Weighted Assets, Actual ratio | 0.1353 | 0.1251 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,266,460 | $ 1,286,243 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 0.0850 | 0.0850 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,191,963 | $ 1,210,581 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.0800 | 0.0800 |
Total Capital to Risk-Weighted Assets, Actual amount | $ 2,304,366 | $ 2,134,900 |
Total Capital to Risk-Weighted Assets, Actual ratio | 0.1547 | 0.1411 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,564,451 | $ 1,588,888 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 0.1050 | 0.1050 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,489,953 | $ 1,513,227 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.1000 | 0.1000 |
Leverage Ratio, Actual amount | $ 2,016,448 | $ 1,892,321 |
Leverage Ratio, Actual ratio | 0.1094 | 0.1083 |
Leverage Ratio, Minimum Capital Required | $ 737,382 | $ 699,173 |
Leverage Ratio Minimum Capital Required, Ratio | 0.0400 | 0.0400 |
Leverage Ratio, Required to be Considered Well Capitalized | $ 921,727 | $ 873,966 |
Leverage Ratio Required to be Considered Well Capitalized, Ratio | 0.0500 | 0.0500 |
Note 22 - Balance Sheet Offse_3
Note 22 - Balance Sheet Offsetting - Financial Instruments That Are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative assets, gross | $ 3,409 | $ 2,181 |
Derivative assets, net | 3,409 | 2,181 |
Derivatives | 0 | 0 |
Derivative assets not offset | 3,409 | 2,181 |
Derivative liabilities, gross | 28,258 | 14,229 |
Derivatives | (17,972) | |
Derivative liabilities, net | 10,286 | 14,229 |
Derivatives, collateral posted | $ 0 | $ (14,229) |
Note 23 - Quarterly Results o_3
Note 23 - Quarterly Results of Operations (Unaudited) - Selected Unaudited Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 167,596 | $ 172,234 | $ 174,008 | $ 186,736 | $ 191,226 | $ 197,831 | $ 192,449 | $ 187,761 | |||
Interest expense | 27,776 | 34,730 | 39,533 | 46,425 | 50,015 | 50,831 | 49,070 | 44,445 | $ 148,464 | $ 194,361 | $ 122,056 |
Net interest income | 139,820 | 137,504 | 134,475 | 140,311 | 141,211 | 147,000 | 143,379 | 143,316 | 552,110 | 574,906 | 565,899 |
(Reversal)/provision for credit losses | (5,000) | 12,500 | 25,000 | 25,000 | (5,000) | (2,000) | 0 | 0 | 57,500 | (7,000) | (4,500) |
Net-interest income after reversal for loan losses | 144,820 | 125,004 | 109,475 | 115,311 | 146,211 | 149,000 | 143,379 | 143,316 | 494,610 | 581,906 | 570,399 |
Non-interest income | 11,451 | 9,977 | 15,606 | 5,786 | 8,648 | 10,388 | 12,794 | 12,921 | 42,820 | 44,751 | 31,707 |
Non-interest expense | 75,046 | 75,997 | 67,268 | 65,154 | 71,192 | 65,580 | 69,546 | 70,970 | 283,465 | 277,288 | 264,419 |
Income before income tax expense | 81,225 | 58,984 | 57,813 | 55,943 | 83,667 | 93,808 | 86,627 | 85,267 | |||
Income tax benefit | 10,332 | 2,190 | 3,492 | 9,091 | 16,290 | 20,973 | 14,383 | 18,588 | 25,105 | 70,234 | 65,802 |
Net income | $ 70,893 | $ 56,794 | $ 54,321 | $ 46,852 | $ 67,377 | $ 72,835 | $ 72,244 | $ 66,679 | $ 228,860 | $ 279,135 | $ 271,885 |
Basic (in dollars per share) | $ 0.89 | $ 0.71 | $ 0.68 | $ 0.59 | $ 0.85 | $ 0.91 | $ 0.90 | $ 0.83 | $ 2.88 | $ 3.49 | $ 3.35 |
Diluted (in dollars per share) | $ 0.89 | $ 0.71 | $ 0.68 | $ 0.59 | $ 0.84 | $ 0.91 | $ 0.90 | $ 0.83 | $ 2.87 | $ 3.48 | $ 3.33 |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) | Feb. 18, 2021$ / shares |
Subsequent Event [Member] | |
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.31 |