# EDGAR Filing Document

**Accession Number:** 0000861842
**File Stem:** 0001157523-23-000088
**Filing Date:** 2023-1
**Character Count:** 61158
**Document Hash:** 9164c0b1337d3f893620b4e5e023394d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001157523-23-000088.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001157523-23-000088

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CATHAY GENERAL BANCORP
- **CENTRAL INDEX KEY:** 0000861842
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 954274680
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31830
- **FILM NUMBER:** 23552832

**BUSINESS ADDRESS:**
- **STREET 1:** 777 N BROADWAY
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90012
- **BUSINESS PHONE:** 2136254700

**MAIL ADDRESS:**
- **STREET 1:** 777 NORTH BROADWAY
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90012

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CATHAY BANCORP INC
- **DATE OF NAME CHANGE:** 19930328

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 25, 2023

**CATHAY GENERAL BANCORP** (Exact name of registrant as specified in its charter)

Delaware 001-31830 95-4274680 <br> (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

777 North Broadway, Los Angeles, California 90012 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (213) 625-4700

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock<br>| CATY<br>| The Nasdaq Global Select Market<br>|

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 2.02** <br>| **Results of Operations and Financial Condition.** |

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On January 25, 2023, Cathay General Bancorp (the "Company") announced, in a press release, its financial results for the quarter and year ended December 31, 2022. That press release is attached hereto as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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As announced in the press release attached hereto as Exhibit 99.1, the Company will host a conference call on Wednesday, January 25, 2023 at 3:00 p.m. Pacific Time to discuss its fourth quarter and full year 2022 financial results. A presentation to accompany the conference call, which contains certain historical and forward-looking information relating to the Company (the "Presentation Materials"), has been made available on its website at www.cathaygeneralbancorp.com. A copy of the Presentation Materials is attached hereto as Exhibit 99.2.

The information included in this report pursuant to Item 2.02 and Item 7.01 of Form 8-K (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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| | | |
|:---|:---|:---|
| (d) | Exhibits | Exhibits |
|  | [99.1](a53290481ex_991.htm) | [Press Release of Cathay General Bancorp, dated January 25, 2023](a53290481ex_991.htm) |
|  | [99.2](a53290481ex_992.htm) | [Presentation Materials, dated January 25, 2023](a53290481ex_992.htm) |
|  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: January 25, 2023

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| | |
|:---|:---|
| CATHAY GENERAL BANCORP | CATHAY GENERAL BANCORP |
| By: | /s/ Heng W. Chen |
|  | Heng W. Chen |
|  | Executive Vice President and |
|  | Chief Financial Officer |

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## Exhibit 99.1

**Exhibit 99.1**<br>

**** 

<br> #  **<u>Cathay General Bancorp Announces Fourth Quarter and Full Year 2022 Results</u>** 
LOS ANGELES--(BUSINESS WIRE)--January 25, 2023--Cathay General Bancorp (the "Company", "we", "us", or "our") (Nasdaq: CATY), the holding company for Cathay Bank, today announced its unaudited financial results for the quarter and year ended December 31, 2022. The Company reported net income of $97.6 million, or $1.33 per share, for the fourth quarter of 2022, and net income of $360.6 million, or $4.83 per share, for the year ended December 31, 2022.

 **FINANCIAL PERFORMANCE**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Year ended December 31, | Year ended December 31, |
| (unaudited) | December 31, 2022 | September 30, 2022 | December 31, 2021 | 2022  | 2021  |
| Net income | $97.6 million | $99.0 million | $75.3 million | $360.6 million | $298.3 million |
| Basic earnings per common share | $1.33  | $1.34\* | $0.98  | $4.85  | $3.81  |
| Diluted earnings per common share | $1.33  | $1.33\* | $0.98  | $4.83  | $3.80  |
| Return on average assets | 1.77%  | 1.81%  | 1.48%  | 1.69%  | 1.52%  |
| Return on average total stockholders' equity | 15.73%  | 15.94%  | 12.12%  | 14.70%  | 12.11%  |
| Efficiency ratio | 37.97%  | 36.35%  | 41.77%  | 38.38%  | 43.92%  |
| \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. |

---

 **HIGHLIGHTS**

* Record net income of $360.6 million and EPS of $4.83 per share in 2022. 

* Quarterly earnings per share increased 35.7% compared to same quarter in 2021. 

* Total loans increased $1.4 billion, or 8.3%, excluding HSBC purchased loans of $550.5 million, in 2022. 

"Net interest income for the quarter increased by 29.8% compared to the same quarter last year primarily as a result of loan growth and the higher level of interest rates. During 2022, we repurchased 3,227,465 shares at an average cost of $43.79 per share, for a total of $141.3 million," commented Chang M. Liu, President and Chief Executive Officer of the Company.

 **FOURTH QUARTER INCOME STATEMENT REVIEW**

Net income for the quarter ended December 31, 2022, was $97.6 million, an increase of $22.3 million, or 29.6%, compared to net income of $75.3 million for the same quarter a year ago. Diluted earnings per share for the quarter ended December 31, 2022, increased by 35.7%, or $1.33 per share, compared to $0.98 per share for the same quarter a year ago.

 *Net interest income before provision for credit losses*

Net interest income before provision for credit losses increased $46.3 million, or 29.8%, to $201.8 million during the fourth quarter of 2022, compared to $155.5 million during the same quarter a year ago. The increase was due primarily to an increase in interest income from loans and securities which was partially offset by an increase in interest expense from deposits.

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The net interest margin was 3.87% for the fourth quarter of 2022 compared to 3.23% for the fourth quarter of 2021 and 3.83% for the third quarter of 2022.

For the fourth quarter of 2022, the yield on average interest-earning assets was 5.06%, the cost of funds on average interest-bearing liabilities was 1.66%, and the cost of average interest-bearing deposits was 1.59%. In comparison, for the fourth quarter of 2021, the yield on average interest-earning assets was 3.52%, the cost of funds on average interest-bearing liabilities was 0.41%, and the cost of average interest-bearing deposits was 0.37%. The increase in the yield on average interest-bearing liabilities resulted mainly from higher interest rates on deposits driven by the higher repricing of maturing time deposits in the fourth quarter. The increase in the yield on average interest-earning assets resulted mainly from higher interest rates on loans due to the increasing rate environment.

The net interest spread, defined as the difference between the yield on average interest-earning assets and the cost of funds on average interest-bearing liabilities, was 3.40% for the quarter ended December 31, 2022, compared to 3.11% for the same quarter a year ago.

 *Provision/(reversal) for credit losses*

The Company recorded a provision for credit losses of $1.4 million in the fourth quarter of 2022 compared to $2.0 million in the third quarter of 2022 and $3.5 million in the fourth quarter of 2021. As of December 31, 2022, the allowance for loan losses decreased by $2.3 million to $146.5 million, or 0.80% of gross loans, compared to $148.8 million, or 0.82% of gross loans as of September 30, 2022.

The following table sets forth the charge-offs and recoveries for the periods indicated:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Three months ended | Year ended December 31, | Year ended December 31, |
|  | December 31, 2022 | September 30, 2022 | December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 2022  | &nbsp;&nbsp;&nbsp;&nbsp; 2021  |
|  | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** |
| Charge-offs: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans | $860  | $2091  | $552  | $3222  | $20051  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate loans <sup>(1)</sup> | 2131  | 137  | —  | 2268  | 3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | 2991  | 2228  | 552  | 5490  | 20054  |
| Recoveries: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans | 356  | 1576  | 160  | 2465  | 1706  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction loans | —  | —  | —  | 6  | 76  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate loans <sup>(1)</sup> | 99  | 95  | 104  | 434  | 661  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | 455  | 1671  | 264  | 2905  | 2443  |
| Net charge-offs/(recoveries) | $2536  | $557  | $288  | $2585  | $17611  |
| (1) Real estate loans include commercial mortgage loans, residential mortgage loans, equity lines and installment & other loans. | (1) Real estate loans include commercial mortgage loans, residential mortgage loans, equity lines and installment & other loans. | (1) Real estate loans include commercial mortgage loans, residential mortgage loans, equity lines and installment & other loans. | (1) Real estate loans include commercial mortgage loans, residential mortgage loans, equity lines and installment & other loans. | (1) Real estate loans include commercial mortgage loans, residential mortgage loans, equity lines and installment & other loans. | (1) Real estate loans include commercial mortgage loans, residential mortgage loans, equity lines and installment & other loans. |

---

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 *Non-interest income*

Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), wire transfer fees, and other sources of fee income, was $12.1 million for the fourth quarter of 2022, a decrease of $7.7 million, or 38.9%, compared to $19.8 million for the fourth quarter of 2021. The decrease was primarily due to an increase of $3.2 million in loss on equity securities, a decrease of $3.1 million in gain on distribution from venture capital investments, and a decrease of $1.7 million in derivative fees, when compared to the same quarter a year ago.

 *Non-interest expense*

Non-interest expense increased $8.0 million, or 10.9%, to $81.2 million in the fourth quarter of 2022 compared to $73.2 million in the same quarter a year ago. The increase in non-interest expense in the fourth quarter of 2022 was primarily due to an increase of $3.8 million in amortization expense of investments in low-income housing and alternative energy partnerships, an increase of $1.2 million in salaries and employee benefits and an increase of $1.0 million in amortization of core deposit intangibles, when compared to the fourth quarter of 2021. The efficiency ratio, defined as non-interest expense divided by the sum of net interest income before provision for loan losses plus non-interest income, was 38.0% in the fourth quarter of 2022 compared to 41.8% for the same quarter a year ago.

 *Income taxes*

The effective tax rate for the fourth quarter of 2022 was 25.7% compared to 23.6% for the fourth quarter of 2021. The effective tax rate includes the impact of alternative energy investments and low-income housing tax credits.

 **BALANCE SHEET REVIEW**

Gross loans were $18.3 billion as of December 31, 2022, an increase of $2.0 billion, or 12.3%, from $16.3 billion as of December 31, 2021. The increase was primarily due to increases of $1.1 billion, or 25.6%, in residential mortgage loans, which included $548.3 million from the acquisition of certain HSBC West Coast branches, $650.4 million, or 8.0%, in commercial mortgage loans, $336.4 million, or 11.3%, in commercial loans, offset by a decrease of $94.9 million, or 22.6%, in home equity loans and $51.7 million, or 8.5%, in real estate construction loans. For the fourth quarter of 2022, gross loans, increased by $147.2 million, or 3.6% annualized.

The loan balances and composition as of December 31, 2022, compared to September 30, 2022 and December 31, 2021, are presented below:

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| | | | |
|:---|:---|:---|:---|
|  | December 31, 2022 | September 30, 2022 | December 31, 2021 |
|  | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** |
| Commercial loans | $3316187  | $3361523  | $2891914  |
| Paycheck protection program loans | 2591  | 5914  | 90485  |
| Residential mortgage loans | 5252952  | 5130650  | 4182006  |
| Commercial mortgage loans | 8793685  | 8677733  | 8143272  |
| Equity lines | 324548  | 350448  | 419487  |
| Real estate construction loans | 559372  | 573421  | 611031  |
| Installment and other loans | 4689  | 7114  | 4284  |
| Gross loans | $18254024  | $18106803  | $16342479  |
| Allowance for loan losses | (146485 ) | (148817 ) | (136157 ) |
| Unamortized deferred loan fees | (6641 )  | (6936 )  | (4321 )  |
| Total loans, net | $18100898  | $17951050  | $16202001  |

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Total deposits were $18.5 billion as of December 31, 2022, an increase of $446.4 million, or 2.5%, from $18.1 billion as of December 31, 2021.

The deposit balances and composition as of December 31, 2022, compared to September 30, 2022 and December 31, 2021, are presented below:

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| | | | |
|:---|:---|:---|:---|
|  | December 31, 2022  | September 30, 2022  | December 31, 2021  |
|  | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** | **(In thousands) (Unaudited)** |
| Non-interest-bearing demand deposits | $4168989  | $4398152  | $4492054  |
| NOW deposits | 2509736  | 2570036  | 2522442  |
| Money market deposits | 3812724  | 4935266  | 4611579  |
| Savings deposits | 1000460  | 1128823  | 915515  |
| Time deposits | 7013370  | 5543474  | 5517252  |
| Total deposits | $18505279  | $18575751  | $18058842  |

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 **ASSET QUALITY REVIEW**

As of December 31, 2022, total non-accrual loans were $68.9 million, an increase of $3.0 million, or 4.6%, from $65.8 million as of December 31, 2021, and an increase of $729 thousand, or 1.1%, from $68.1 million as of September 30, 2022.

The allowance for loan losses was $146.5 million and the allowance for off-balance sheet unfunded credit commitments was $8.7 million as of December 31, 2022. The allowances represent the amount estimated by management to be appropriate to absorb credit losses inherent in the loan portfolio, including unfunded credit commitments. The allowance for loan losses represented 0.80% of period-end gross loans, and 182.12% of non-performing loans as of December 31, 2022. The comparable ratios were 0.83% of period-end gross loans, and 202.36% of non-performing loans as of December 31, 2021.

The changes in non-performing assets and troubled debt restructurings as of December 31, 2022, compared to December 31, 2021 and September 30, 2022, are presented below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(Dollars in thousands) (Unaudited)** | December 31, 2022 | December 31, 2021 | %<br> Change | September 30, 2022 | %<br> Change |
| **Non-performing assets** |  |  |  |  |  |
| Accruing loans past due 90 days or more | $11580  | $1439  | 705  | $3172  | 265  |
| Non-accrual loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Construction loans | —  | —  | —  | —  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage loans | 34096  | 38173  | (11 ) | 26911  | 27  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial loans | 25772  | 16558  | 56  | 26604  | (3 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage loans | 8978  | 11115  | (19 ) | 14601  | (39 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Installment and other loans | 8  | —  | —  | 9  | (11 ) |
| Total non-accrual loans: | $68854  | $65846  | 5  | $68125  | 1  |
| Total non-performing loans | 80434  | 67285  | 20  | 71297  | 13  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other real estate owned | 4067  | 4368  | (7 ) | 4067  | —  |
| Total non-performing assets | $84501  | $71653  | 18  | $75364  | 12  |
| Accruing troubled debt restructurings (TDRs) | $15145  | $12837  | 18  | $15208  | (0 ) |
| Allowance for loan losses | $146485  | $136157  | 8  | $148817  | (2 ) |
| Total gross loans outstanding, at period-end | $18254024  | $16342479  | 12  | $18106803  | 1  |
| Allowance for loan losses to non-performing loans, at period-end | 182.12% | 202.36% |  | 208.73% |  |
| Allowance for loan losses to gross loans, at period-end | 0.80% | 0.83% |  | 0.82% |  |

---

The ratio of non-performing assets to total assets was 0.4% as of December 31, 2022, compared to 0.3% as of December 31, 2021. Total non-performing assets increased $12.8 million, or 17.9%, to $84.5 million as of December 31, 2022, compared to $71.7 million as of December 31, 2021, primarily due to an increase of $10.1 million, or 704.7%, in accruing loans past due 90 days or more and an increase of $3.0 million, or 4.6%, in non-accrual loans.

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 **CAPITAL ADEQUACY REVIEW**

As of December 31, 2022, the Company's Tier 1 risk-based capital ratio of 12.19%, total risk-based capital ratio of 13.71%, and Tier 1 leverage capital ratio of 10.08%, calculated under the Basel III capital rules, continue to place the Company in the "well capitalized" category for regulatory purposes, which is defined as institutions with a Tier 1 risk-based capital ratio equal to or greater than 8%, a total risk-based capital ratio equal to or greater than 10%, and a Tier 1 leverage capital ratio equal to or greater than 5%. As of December 31, 2021, the Company's Tier 1 risk-based capital ratio was 12.80%, total risk-based capital ratio was 14.41%, and Tier 1 leverage capital ratio was 10.40%.

 **FULL YEAR REVIEW**

Net income for the year ended December 31, 2022, was $360.6 million, an increase of $62.3 million, or 20.9%, compared to net income of $298.3 million for the year ended December 31, 2021. Diluted earnings per share for the year ended December 31, 2022 was $4.83 compared to $3.80 per share for the year ended December 31, 2021. The net interest margin for the year ended December 31, 2022 was 3.63% compared to 3.22% for the year ended December 31, 2021.

Return on average stockholders' equity was 14.70% and return on average assets was 1.69% for the year ended December 31, 2022, compared to a return on average stockholders' equity of 12.11% and a return on average assets of 1.52% for the year ended December 31, 2021. The efficiency ratio for the year ended December 31, 2022, was 38.38% compared to 43.92% for the year ended December 31, 2021.

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 **CONFERENCE CALL**

Cathay General Bancorp will host a conference call to discuss its fourth quarter and year-end 2022 financial results this afternoon, Wednesday, January 25, 2023, at 3:00 p.m., Pacific Time. Analysts and investors may dial in and participate in the question-and-answer session. To access the call, please dial 1-833-816-1377 and enter Conference ID 10174540. The presentation accompanying this call and access to the live webcast is available on our site at www.cathaygeneralbancorp.com and a replay of the webcast will be archived for one year within 24 hours after the event.

 **ABOUT CATHAY GENERAL BANCORP**

Cathay General Bancorp is a publicly traded company (Nasdaq: CATY) and is the holding company for Cathay Bank, a California state-chartered bank. Founded in 1962, Cathay Bank offers a wide range of financial services and currently operate over 60 branches across the United States in California, New York, Washington, Texas, Illinois, Massachusetts, Maryland, Nevada, and New Jersey. Overseas, it has a branch outlet in Hong Kong, and a representative office in Beijing, Shanghai, and Taipei. To learn more about Cathay Bank, please visit www.cathaybank.com. Cathay General Bancorp's website is at www.cathaygeneralbancorp.com. Information set forth on such websites are not incorporated into this press release.

 **FORWARD-LOOKING STATEMENTS**

Statements made in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995 regarding management's beliefs, projections, and assumptions concerning future results and events. These forward-looking statements may include, but are not limited to, such words as "aims," "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "hopes," "intends," "may," "plans," "projects," "predicts," "potential," "possible," "optimistic," "seeks," "shall," "should," "will," and variations of these words and similar expressions. Forward-looking statements are based on estimates, beliefs, projections, and assumptions of management and are not guarantees of future performance. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks and uncertainties and other factors include, but are not limited to, adverse developments or conditions related to or arising from local, regional, national and international business, market and economic conditions and events (such as the COVID-19 pandemic) and the impact they may have on us, our customers and our operations, assets and liabilities; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to including potential future supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation including the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act; higher capital requirements from the implementation of the Basel III capital standards; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; our ability to generate anticipated returns on our investments and financings, including in tax-advantaged projects; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters, public health crises (such as the COVID-19 pandemic) and geopolitical events; general economic or business conditions in Asia, and other regions where Cathay Bank has operations; failures, interruptions, or security breaches of our information systems; our ability to adapt our systems to technological changes; risk management processes and strategies; adverse results in legal proceedings; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in accounting standards or tax laws and regulations; market disruption and volatility; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuance of preferred stock; successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; and general competitive, economic political, and market conditions and fluctuations.

These and other factors are further described in Cathay General Bancorp's Annual Report on Form 10-K for the year ended December 31, 2021 (Item 1A in particular), other reports filed with the Securities and Exchange Commission ("SEC"), and other filings Cathay General Bancorp makes with the SEC from time to time. Actual results in any future period may also vary from the past results discussed in this press release. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we undertake no obligation to update or review any forward-looking statement to reflect circumstances, developments or events occurring after the date on which the statement is made or to reflect the occurrence of unanticipated events.

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|:---|:---|:---|:---|:---|:---|
| **CATHAY GENERAL BANCORP** <br> **CONSOLIDATED FINANCIAL HIGHLIGHTS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONSOLIDATED FINANCIAL HIGHLIGHTS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONSOLIDATED FINANCIAL HIGHLIGHTS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONSOLIDATED FINANCIAL HIGHLIGHTS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONSOLIDATED FINANCIAL HIGHLIGHTS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONSOLIDATED FINANCIAL HIGHLIGHTS** <br> **(Unaudited)**  |
|  | Three months ended | Three months ended | Three months ended | Year ended December 31, | Year ended December 31, |
| (Dollars in thousands, except per share data) | December 31, 2022 | September 30, 2022 | December 31, 2021 | 2022  | 2021  |
| **FINANCIAL PERFORMANCE** |  |  |  |  |  |
| Net interest income before (reversal)/provision for credit losses | $201814  | $197529  | $155452  | $733697  | $597755  |
| Provision/(reversal) for credit losses | 1400  | 2000  | 3500  | 14543  | (16008 )  |
| Net interest income after (reversal)/provision for credit losses | 200414  | 195529  | 151952  | 719154  | 613763  |
| Non-interest income | 12088  | 9876  | 19804  | 56814  | 54603  |
| Non-interest expense | 81224  | 75388  | 73197  | 303432  | 286523  |
| Income before income tax expense | 131278  | 130017  | 98559  | 472536  | 381843  |
| Income tax expense | 33677  | 30982  | 23234  | 111894  | 83539  |
| Net income | $97601  | $99035  | $75325  | $360642  | $298304  |
| Net income per common share |  |  |  |  |  |
| Basic | $1.33  | $1.34 <br> \*  | $0.98  | $4.85  | $3.81  |
| Diluted | $1.33  | $1.33 <br> \*  | $0.98  | $4.83  | $3.80  |
| Cash dividends paid per common share | $0.34  | $0.34  | $0.34  | $1.36  | $1.27  |
| **SELECTED RATIOS** |  |  |  |  |  |
| Return on average assets | 1.77% | 1.81 % | 1.48% | 1.69% | 1.52% |
| Return on average total stockholders' equity | 15.73% | 15.94 % | 12.12% | 14.70% | 12.11% |
| Efficiency ratio | 37.97% | 36.35 % | 41.77% | 38.38% | 43.92% |
| Dividend payout ratio | 25.45% | 25.30 % | 34.50% | 27.99% | 33.30% |
| **YIELD ANALYSIS (Fully taxable equivalent)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 5.06% | 4.38 % | 3.52% | 4.21% | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 1.66% | 0.78 % | 0.41% | 0.82% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest spread | 3.40% | 3.60 % | 3.11% | 3.39% | 3.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 3.87% | 3.83 % | 3.23% | 3.63% | 3.22% |
| **CAPITAL RATIOS** | December 31, 2022 | September 30, 2022 | December 31, 2021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 risk-based capital ratio | 12.19% | 12.06 % | 12.80% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total risk-based capital ratio | 13.71% | 13.59 % | 14.41% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tier 1 leverage capital ratio | 10.08% | 10.02 % | 10.40% |  |  |
|  | . |  | . | . |  |
| \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. | \*Net income per common share previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively. |

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| | | | |
|:---|:---|:---|:---|
| **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED BALANCE SHEETS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED BALANCE SHEETS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED BALANCE SHEETS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED BALANCE SHEETS** <br> **(Unaudited)**  |
| (In thousands, except share and per share data) | December 31, 2022 | September 30, 2022 | December 31, 2021 |
| **Assets** |  |  |  |
| Cash and due from banks | $195440  | $200051  | $134141  |
| Short-term investments and interest bearing deposits | 958731  | 1063294  | 2315563  |
| Securities available-for-sale (amortized cost of $1,622,173 at December 31, 2022, $1,577,311 at September 30, 2022 and $1,126,867 at December 31, 2021) |  |  |  |
| Securities available-for-sale (amortized cost of $1,622,173 at December 31, 2022, $1,577,311 at September 30, 2022 and $1,126,867 at December 31, 2021) | 1473348  | 1414411  | 1127309  |
| Loans | 18254024  | 18106803  | 16342479  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for loan losses | (146485 ) | (148817 ) | (136157 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized deferred loan fees, net | (6641 )  | (6936 )  | (4321 )  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 18100898  | 17951050  | 16202001  |
| Equity securities | 22158  | 23123  | 22319  |
| Federal Home Loan Bank stock | 17250  | 17250  | 17250  |
| Other real estate owned, net | 4067  | 4067  | 4368  |
| Affordable housing investments and alternative energy partnerships, net | 327128  | 325439  | 299211  |
| Premises and equipment, net | 94776  | 96419  | 99402  |
| Customers' liability on acceptances | 2372  | 6899  | 8112  |
| Accrued interest receivable | 82428  | 71177  | 56994  |
| Goodwill | 375696  | 375696  | 372189  |
| Other intangible assets, net | 5757  | 6948  | 4627  |
| Right-of-use assets- operating leases | 29627  | 30679  | 27834  |
| Other assets | 296077  | 303628  | 195403  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $21985753  | $21890131  | $20886723  |
| **Liabilities and Stockholders' Equity** |  |  |  |
| Deposits |  |  |  |
| Non-interest-bearing demand deposits | $4168989  | $4398152  | $4492054  |
| Interest-bearing deposits: |  |  |  |
| NOW deposits | 2509736  | 2570036  | 2522442  |
| Money market deposits | 3812724  | 4935266  | 4611579  |
| Savings deposits | 1000460  | 1128823  | 915515  |
| Time deposits | 7013370  | 5543474  | 5517252  |
| Total deposits | 18505279  | 18575751  | 18058842  |
| Advances from the Federal Home Loan Bank | 485000  | 360000  | 20000  |
| Other borrowings for affordable housing investments | 22600  | 22651  | 23145  |
| Long-term debt | 119136  | 119136  | 119136  |
| Acceptances outstanding | 2372  | 6899  | 8112  |
| Lease liabilities - operating leases | 32518  | 33931  | 30694  |
| Other liabilities | 344808  | 352204  | 180543  |
| Total liabilities | 19511713  | 19470572  | 18440472  |
| Stockholders' equity | 2474040  | 2419559  | 2446251  |
| Total liabilities and equity | $21985753  | $21890131  | $20886723  |
| Book value per common share | $34.01  | $32.96  | $32.29  |
| Number of common shares outstanding | 72742151  | 73411960  | 75750862  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** <br> **(Unaudited)**  |
|  | Three months ended | Three months ended | Three months ended | Year ended December 31, | Year ended December 31, |
|  | December 31, 2022 | September 30, 2022 | December 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 2022  | &nbsp;&nbsp;&nbsp;&nbsp; 2021  |
|  | (In thousands, except share and per share data) | (In thousands, except share and per share data) | (In thousands, except share and per share data) | (In thousands, except share and per share data) | (In thousands, except share and per share data) |
| **INTEREST AND DIVIDEND INCOME** |  |  |  |  |  |
| Loan receivable, including loan fees | $243324  | $211541  | $164062  | $801981  | $649224  |
| Investment securities | 10181  | 7483  | 4188  | 28240  | 14151  |
| Federal Home Loan Bank stock | 329  | 258  | 261  | 1103  | 991  |
| Deposits with banks | 9954  | 6732  | 678  | 19957  | 2145  |
| Total interest and dividend income | 263788  | 226014  | 169189  | 851281  | 666511  |
| **INTEREST EXPENSE** |  |  |  |  |  |
| Time deposits | 34352  | 10218  | 7179  | 56354  | 40542  |
| Other deposits | 23048  | 13871  | 4957  | 48942  | 21259  |
| Advances from Federal Home Loan Bank | 2484  | 2941  | 146  | 5880  | 1182  |
| Long-term debt | 1228  | 1455  | 1455  | 5546  | 5773  |
| Short-term borrowings | 862  | —  | —  | 862  | —  |
| Total interest expense | 61974  | 28485  | 13737  | 117584  | 68756  |
| Net interest income before (reversal)/provision for credit losses | 201814  | 197529  | 155452  | 733697  | 597755  |
| Provision/(reversal) for credit losses | 1400  | 2000  | 3500  | 14543  | (16008 )  |
| Net interest income after (reversal)/provision for credit losses | 200414  | 195529  | 151952  | 719154  | 613763  |
| **NON-INTEREST INCOME** |  |  |  |  |  |
| Net (losses)/gains from equity securities | (966 ) | (3661 ) | 2202  | 392  | (1426 ) |
| Securities gains, net | —  | —  | —  | —  | 853  |
| Letters of credit commissions | 1584  | 1609  | 1867  | 6351  | 7103  |
| Depository service fees | 1530  | 1690  | 1477  | 6523  | 5584  |
| Wealth management fees | 3942  | 4184  | 3982  | 16436  | 15056  |
| Other operating income | 5998  | 6054  | 10276  | 27112  | 27433  |
| Total non-interest income | 12088  | 9876  | 19804  | 56814  | 54603  |
| **NON-INTEREST EXPENSE** |  |  |  |  |  |
| Salaries and employee benefits | 35093  | 34677  | 33878  | 142546  | 132795  |
| Occupancy expense | 5658  | 5975  | 5176  | 22808  | 20318  |
| Computer and equipment expense | 3842  | 3509  | 3456  | 13604  | 13549  |
| Professional services expense | 7529  | 6337  | 6968  | 28267  | 23666  |
| Data processing service expense | 3368  | 3484  | 3185  | 13181  | 13607  |
| FDIC and State assessments | 2038  | 2003  | 1937  | 8037  | 7132  |
| Marketing expense | 2171  | 2005  | 1643  | 6863  | 6913  |
| Other real estate owned expense/(income) | 34  | 55  | 146  | 127  | 343  |
| Amortization of investments in low income housing and<br> alternative energy partnerships | 14594  | 11949  | 10784  | 42065  | 45447  |
| Amortization of core deposit intangibles | 1168  | 250  | 172  | 1892  | 687  |
| Cost associated with debt redemption | —  | —  | —  | —  | 732  |
| Acquisition, integration and reorganization costs | —  | 59  | 949  | 4086  | 1425  |
| Other operating expense | 5729  | 5085  | 4903  | 19956  | 19909  |
| Total non-interest expense | 81224  | 75388  | 73197  | 303432  | 286523  |
| Income before income tax expense | 131278  | 130017  | 98559  | 472536  | 381843  |
| Income tax expense | 33677  | 30982  | 23234  | 111894  | 83539  |
| Net income | $97601  | $99035  | $75325  | $360642  | $298304  |
| Net income per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.33  | $1.34 <br> \*  | $0.98  | $4.85  | $3.81  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.33  | $1.33 <br> \*  | $0.98  | $4.83  | $3.80  |
| Cash dividends paid per common share | $0.34  | $0.34  | $0.34  | $1.36  | $1.27  |
| Basic average common shares outstanding | 73130500  | 73956052 <br> \*  | 76566481  | 74337265  | 78268369  |
| Diluted average common shares outstanding | 73467401  | 74242052 <br> \*  | 76914817  | 74664735  | 78570638  |
| \*Net income per common share, basic and diluted average shares outstanding previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively and increased basic and diluted average common shares by 797,956 shares. | \*Net income per common share, basic and diluted average shares outstanding previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively and increased basic and diluted average common shares by 797,956 shares. | \*Net income per common share, basic and diluted average shares outstanding previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively and increased basic and diluted average common shares by 797,956 shares. | \*Net income per common share, basic and diluted average shares outstanding previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively and increased basic and diluted average common shares by 797,956 shares. | \*Net income per common share, basic and diluted average shares outstanding previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively and increased basic and diluted average common shares by 797,956 shares. | \*Net income per common share, basic and diluted average shares outstanding previously reported for the third quarter of 2022 has been corrected. The correction decreased basic and diluted net income per common share by $.01 and $.02, respectively and increased basic and diluted average common shares by 797,956 shares. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  | **CATHAY GENERAL BANCORP** <br> **AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION** <br> **(Unaudited)**  |
|  | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended |  |
| **(In thousands)** | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2021 |
| **Interest-earning assets** | Average<br> Balance | Average<br> Yield/Rate <sup>(1)</sup> | Average<br> Balance | Average<br> Yield/Rate <sup>(1)</sup> | Average<br> Balance | Average<br> Yield/Rate <sup>(1)</sup> |
| Loans <sup>(1)</sup> | $18117692  | 5.33% | $17923495  | 4.68% | $16130896  | 4.04% |
| Taxable investment securities | 1493472  | 2.70% | 1364013  | 2.18% | 1152596  | 1.44% |
| FHLB stock | 17250  | 7.57% | 18756  | 5.46% | 17250  | 6.00% |
| Deposits with banks | 1052161  | 3.75 <br> %  | 1178261  | 2.27 <br> %  | 1779275  | 0.15 <br> %  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | $20680575  | 5.06% | $20484525  | 4.38% | $19080017  | 3.52% |
| **Interest-bearing liabilities** |  |  |  |  |  |  |
| Interest-bearing demand deposits | $2514877  | 0.78% | $2508526  | 0.30% | $2217341  | 0.08% |
| Money market deposits | 4350804  | 1.63% | 5153566  | 0.90% | 4393816  | 0.39% |
| Savings deposits | 1064019  | 0.09% | 1151126  | 0.07% | 932678  | 0.08% |
| Time deposits | 6403334  | 2.13 <br> %  | 5013213  | 0.81 <br> %  | 5604073  | 0.51 <br> %  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $14333034  | 1.59% | $13826431  | 0.69% | $13147908  | 0.37% |
| Other borrowed funds | 358840  | 3.70% | 498234  | 2.34% | 43186  | 1.34% |
| Long-term debt | 119136  | 4.09 <br> %  | 119136  | 4.85 <br> %  | 119136  | 4.85 <br> %  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 14811010  | 1.66% | 14443801  | 0.78% | 13310230  | 0.41% |
| Non-interest-bearing demand deposits | 4337065  |  | 4456214  |  | 4162906  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits and other borrowed funds | $19148075  |  | $18900015  |  | $17473136  |  |
| Total average assets | $21917339  |  | $21658860  |  | $20176429  |  |
| Total average equity | $2461524  |  | $2465192  |  | $2466363  |  |
|  | Year ended | Year ended | Year ended | Year ended |  |  |
| **(In thousands)** | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |  |  |
| **Interest-earning assets** | Average<br> Balance | Average<br> Yield/Rate <sup>(1)</sup> | Average<br> Balance | Average<br> Yield/Rate <sup>(1)</sup> |  |  |
| Loans <sup>(1)</sup> | $17631943  | 4.55% | $15827550  | 4.10% |  |  |
| Taxable investment securities | 1321346  | 2.14% | 1046187  | 1.35% |  |  |
| FHLB stock | 17629  | 6.26% | 17250  | 5.74% |  |  |
| Deposits with banks | 1261833  | 1.58 <br> %  | 1649564  | 0.13 <br> %  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | $20232751  | 4.21% | $18540551  | 3.59% |  |  |
| **Interest-bearing liabilities** |  |  |  |  |  |  |
| Interest-bearing demand deposits | $2471256  | 0.33% | $2047177  | 0.11% |  |  |
| Money market deposits | 4902357  | 0.81% | 4034246  | 0.45% |  |  |
| Savings deposits | 1118967  | 0.08% | 897663  | 0.09% |  |  |
| Time deposits | 5398808  | 1.04 <br> %  | 5979191  | 0.68 <br> %  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing deposits | $13891388  | 0.76% | $12958277  | 0.48% |  |  |
| Other borrowed funds | 247276  | 2.73% | 75516  | 1.57% |  |  |
| Long-term debt | 119136  | 4.66 <br> %  | 119136  | 4.85 <br> %  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 14257800  | 0.82% | 13152929  | 0.52% |  |  |
| Non-interest-bearing demand deposits | 4386526  |  | 3751626  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total deposits and other borrowed funds | $18644326  |  | $16904555  |  |  |  |
| Total average assets | $21383739  |  | $19591537  |  |  |  |
| Total average equity | $2453391  |  | $2463021  |  |  |  |
| (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. | (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. | (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. | (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. | (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. | (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. | (1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance. |

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 **CATHAY GENERAL BANCORP <br> GAAP to NON-GAAP RECONCILIATION <br> SELECTED CONSOLIDATED FINANCIAL INFORMATION <br> (Unaudited)**

The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders' equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, the Company has included them below for discussion.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In thousands, except share and per share data) |  | **December 31, 2022**  | **September 30, 2022**  | **December 31, 2021**  |  |  |
| Stockholders' equity | (a) | $2474040  | $2419559  | $2446251  |  |  |
| Less: Goodwill |  | (375696 ) | (375696 ) | (372189 ) |  |  |
| Other intangible assets <sup>(1)</sup> |  | (5757 )  | (6948 )  | (4627 )  |  |  |
| Tangible equity | (b) | $2092587  | $2036915  | $2069435  |  |  |
| Total assets | (c) | $21985753  | $21890131  | $20886723  |  |  |
| Less: Goodwill |  | (375696 ) | (375696 ) | (372189 ) |  |  |
| Other intangible assets <sup>(1)</sup> |  | (5757 )  | (6948 )  | (4627 )  |  |  |
| Tangible assets | (d) | $21604300  | $21507487  | $20509907  |  |  |
| Number of common shares outstanding | (e) | 72742151  | 73411960  | 75750862  |  |  |
| Total stockholders' equity to total assets ratio | (a)/(c) | 11.25% | 11.05% | 11.71% |  |  |
| Tangible equity to tangible assets ratio | (b)/(d) | 9.69% | 9.47% | 10.09% |  |  |
| Tangible book value per share | (b)/(e) | $28.77  | $27.75  | $27.32  |  |  |
|  |  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| (In thousands, except share and per share data) |  | **December 31, 2022**  | **September 30, 2022**  | **December 31, 2021**  | **December 31, 2022**  | **December 31, 2021**  |
| Net Income |  | $97601  | $99035  | $75325  | $360642  | $298304  |
| Add: Amortization of other intangibles |  | 1191  | 250  | 203  | 2007  | 828  |
| Tax effect of amortization adjustments <sup>(2)</sup> |  | (353 )  | (74 )  | (60 )  | (595 )  | (246 )  |
| Tangible net income | (f) | $98439  | $99211  | $75468  | $362054  | $298886  |
| Return on tangible common equity <sup>(3)</sup> | (f)/(b) | 18.82% | 19.48% | 14.59% | 17.30% | 14.44% |
| <sup>(1)</sup> Includes core deposit intangibles and mortgage servicing | <sup>(1)</sup> Includes core deposit intangibles and mortgage servicing |  |  |  |  |  |
| <sup>(2)</sup> Applied the statutory rate of 29.65%. |  |  |  |  |  |  |
| <sup>(3)</sup> Annualized |  |  |  |  |  |  |

---

## Contacts
Heng W. Chen <br> (626) 279-3652

## Exhibit 99.2

**Exhibit 99.2**<br>

**![](a53290481ex_992slide1.jpg)

Financial Earnings Results Fourth Quarter and Full Year 2022 January 25, 2023

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Forward Looking Statements This presentation contains forward-looking statements about Cathay General Bancorp and its subsidiaries (collectively referred to herein as the "Company," "we," "us," or "our") within the meaning of the applicable provisions of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements in these provisions. Statements that are not historical or current facts, including statements about beliefs, expectations and future economic performance, are "forward-looking statements" and are based on the information available to, and estimates, beliefs, projections, and assumptions made by, management as of the date on which such statements are first made. Forward-looking statements are not guarantees of future performance and are subject to inherent risks and uncertainties that could cause actual results to differ materially from those anticipated in the statements. These risks and uncertainties include, but are not limited to: local, regional, national and international business, market and economic conditions and events and the impact they may have on us, our customers and our operations, assets and liabilities; the impact on our business, operations, financial condition, liquidity, results of operations, prospects and trading prices of our shares arising out of the COVID-19 pandemic; possible additional provisions for loan losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; environmental liabilities; our ability to generate anticipated returns from our investments and/or financings in certain tax advantaged-projects; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; natural disasters, public health crises (including the occurrence of a contagious disease or illness, such as the COVID-19 pandemic) and geopolitical events; failures, interruptions, or security breaches of our information systems; our ability to adapt our systems to the expanding use of technology in banking; adverse results in legal proceedings; changes in accounting standards or tax laws and regulations; market disruption and volatility; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; capital level requirements and successfully raising additional capital, if needed, and the resulting dilution of interests of holders of our common stock; and the soundness of other financial institutions. For a discussion of these and other risks that may cause actual results to differ from expectations, please see our Annual Report on Form 10-K (at Item 1A in particular) for the year ended December 31, 2021 and all subsequent reports and filings we make with the Securities and Exchange Commission under the applicable provisions of the Securities Exchange Act of 1934. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is first made and, except as required by law, we undertake no obligation to update or review any forward-looking statements to reflect circumstances, developments or events occurring after the date on which the statement is first made or to reflect the occurrence of unanticipated events. 2

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Financial Highlights 4Q 2022 Quarterly results ending December 31, 2022 Net Income $97.6 million Diluted EPS $1.33 Total Revenue $213.9 million Total Loans $18.3 billion Total Deposits $18.5 billion Efficiency Ratio 37.97% 3 \* Refer to GAAP to non-GAAP reconciliation in Appendix.

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Summary Highlights: 4Q and Full Year 2022 Results 4 Note: Information as of 12.31.22 and 9.30.22 are unaudited. \* Gross Loans, net of fees

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Summary Balance Sheets 5 Note: Information as of 12.31.22 and 9.30.22 is unaudited.

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Loan Composition Total Loan Portfolio $18.3 billion\* as of 12.31.22 Total CRE $8.8 billion Residential Mortgage\*\* $5.6 billion C&I Loans $3.3 billion Construction Loans $0.6 billion Paycheck Protection Program $3 million 6 \* Includes Day 1 loan balance of $646 million acquired through the HSBC Bank USA, N.A. West Coast mass retail banking operations on February 7, 2022. \*\* Residential Mortgage includes equity lines, installment and other loans.

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Commercial Real Estate Portfolio Total CRE $8.8 billion 48% of total loans 7 \* Residential Mortgage includes equity lines, installment and other loans.

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LTV & Size by Property Type Commercial Real Estate Portfolio 8

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Selected CRE and Construction Loan Portfolios weighted avg. LTV 54% weighted avg. LTV 50% weighted avg. LTV 56% 9

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Geographic Distribution of Residential Mortgage Residential Mortgage Portfolio 10 \* Residential Mortgage includes equity lines, installment and other loans.

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Allowance for Loan and Lease Losses (ALLL) 11

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Asset Quality Metrics Allowance coverage of loans HFI: 0.80% as of 12/31/22 vs.0.82% as of 9/30/22. Nonaccrual loans/loans HFI: 0.38% as of 12/31/22 and 9/30/22 vs. 0.40% as of 12/31/21. Classified Loans are loans classified as substandard and doubtful. 12 Non-Performing Assets (NPA) = Non-accrual Loans + OREO

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Deposit Mix Total Deposits $18.5 billion\* as of 12.31.22 13 \* Includes Day 1 deposit balance of $575 million acquired through the HSBC Bank USA, N.A. West Coast mass retail banking operations on February 7, 2022.

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Summary Income Statements 14 Note: Information for quarter ending 12.31.22 and 9.30.22 is unaudited.

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Loan Yields, Deposit Costs and Net Interest Margins 15

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Non-Interest Income 16 $ in millions Non-Interest Income\* \* Non-interest income excludes net gains/(losses) from equity securities.

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Operating Expense & Efficiency 17

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Strong Capital Ratios Capital Ratio well above regulatory standards that continues to place Cathay in the "well capitalized" category, calculated under the Basel III capital rules. Book Value Per Common Share is $34.01 as of 12.31.22: +3.19% compared to 9.30.22 and +5.33% YoY. Tangible Book Value\* Per Common Share is $28.77 as of 12.31.22: +3.68% compared to 9.30.22 and +5.31% YoY. Capital Return on Shareholder common stock dividend: $0.34/share quarterly, or $1.36/share annualized. stock buyback: purchased 693,000 shares at avg. cost of $45.52/sh. in fourth quarter. 18 \* Refer to GAAP to non-GAAP reconciliation in Appendix.

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Management Guidance Full Year 2023 19 Full Year 2023 Guidance Compared with 2022 Actual Full Year 2022 Actual Loans, end of period Estimated growth rate 3% to 5% $18.3 billion +11.7% YoY Deposits Estimated growth rate 3% to 5% $18.5 billion +2.5% YoY Core Noninterest Expense Estimated growth rate 3.5% $255.3 million +7.3% YoY NIM Estimated to range between 3.75% and 3.85% 3.63% Tax Rate Effective tax rate for 2023 estimated between 17.5% and 18.5%. Solar amortization estimated to be $10 million for each of the first three quarters or 2023. Effective tax rate for the full year was 23.68%. Solar amortization year to date was $6.2 million. The guidance provided above is based on a number of assumptions that management believes to be reasonable and reflects our expectations as of the date of this presentation. Actual results may differ materially from these estimates as a result of various factors, and we refer to the cautionary language regarding "forward-looking statements" included in this presentation when considering this information.

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Appendix

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We use certain non-GAAP financial measures to provide supplemental information regarding our performance. Tangible equity and tangible equity to tangible assets ratio are non-GAAP financial measures. Tangible equity and tangible assets represent stockholders' equity and total assets, respectively, which have been reduced by goodwill and other intangible assets. Given that the use of such measures and ratios is more prevalent in the banking industry, and such measures and ratios are used by banking regulators and analysts, we have included them below for discussion. Appendix: GAAP to Non-GAAP Reconciliation Selected Consolidation Financial Information ($ in thousands) (unaudited) 21

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![](a53290481ex_992slide22.jpg)** **** <br>