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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Commission file number

001-31830

CATHAY GENERAL BANCORP

(Exact name of registrant as specified in its charter)

Delaware

95-4274680

(State of other jurisdiction of incorporation

or organization)

(I.R.S. Employer

Identification No.)

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

Registrant's telephone number, including area code:

(213) 625-4700

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock	CATY	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒		Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common stock, $0.01 par value, 70,110,365 shares outstanding as of April 30, 2025.

Table of Contents

CATHAY GENERAL BANCORP AND SUBSIDIARIES

1ST QUARTER 2025 REPORT ON FORM 10-Q

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION		2
Item 1.	FINANCIAL STATEMENTS (Unaudited)	2
	NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)	6
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	28
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	43
Item 4.	CONTROLS AND PROCEDURES	44
PART II – OTHER INFORMATION		44
Item 1.	LEGAL PROCEEDINGS	44
Item 1A.	RISK FACTORS	44
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	44
Item 3.	DEFAULTS UPON SENIOR SECURITIES	45
Item 4.	MINE SAFETY DISCLOSURES	45
Item 5.	OTHER INFORMATION	45
Item 6.	EXHIBITS	45
SIGNATURES		46

Table of Contents

Forward-Looking Statements

In this Quarterly Report on Form 10-Q, the term “Bancorp” refers to Cathay General Bancorp and the term “Bank” refers to Cathay Bank. The terms “Company,” “we,” “us,” and “our” refer to Bancorp and the Bank collectively.

The statements in this report include 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. We intend such forward-looking statements to be covered by the safe harbor provision for forward-looking statements in these provisions. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including statements about anticipated future operating and financial performance, financial position and liquidity, growth opportunities and growth rates, growth plans, acquisition and divestiture opportunities, business prospects, strategic alternatives, business strategies, financial expectations, regulatory and competitive outlook, loan and deposit growth, investment and expenditure plans, financing needs and availability, level of nonperforming assets, and other similar forecasts and statements of expectation and statements of assumptions underlying any of the foregoing. Words such as “aims,” “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “optimistic,” “plans,” “potential,” “possible,” “predicts,” “projects,” “seeks,” “shall,” “should,” “will,” and variations of these words and similar expressions are intended to identify these forward-looking statements. Forward-looking statements by us 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, uncertainties and other factors that could cause actual results to differ materially from our historical experience and our present expectations or projections. Such risks, uncertainties and other factors include, but are not limited to:

●

local, regional, national and international economic and market conditions and events and the impact they may have on us, our clients 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 supervisory action by bank supervisory authorities;

●

increased costs of compliance and other risks associated with changes in regulation;

●

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;

●

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) and geopolitical events;

	●	potential for new or increased tariffs or trade restrictions;
	●	failures, interruptions, or security breaches of our information systems;

●

our ability to adapt our systems to the expanding use of technology in banking;

●

risk management processes and strategies;

●

adverse results in legal proceedings;

●

the impact of regulatory enforcement actions, if any;

●

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;

●

fluctuations in the Bancorp’s stock price;

●

restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure;

●

issuances of preferred stock;

●

capital level requirements and successfully raising additional capital, if needed, and the resulting dilution of interests of holders of Bancorp common stock; and

●

the soundness of other financial institutions.

These and other factors are further described in Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2024 (Item 1A in particular), other reports and registration statements filed with the Securities and Exchange Commission (“SEC”), and other filings 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 report. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. We have no intention and undertake no obligation to update any forward-looking statement or to announce publicly any revision of any forward-looking statement to reflect developments, events, occurrences or circumstances after the date of such statement, except as required by law.

Bancorp’s filings with the SEC are available at the website maintained by the SEC at http://www.sec.gov, or by request directed to Cathay General Bancorp, 9650 Flair Drive, El Monte, California 91731, Attention: Investor Relations (626) 279-3296.

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS (Unaudited)

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	*March 31, 2025*			*December 31, 2024*
	(In thousands, except share data)
Assets
Cash and due from banks	$	175,027		$	157,167
Short-term investments and interest-bearing deposits		1,209,487			882,353
Securities available-for-sale (amortized cost of $1,535,896 at March 31, 2025, and $1,668,661 at December 31, 2024)		1,434,040			1,547,128
Loans held for sale		11,759			—
Loans held for investment		19,353,003			19,375,955
Less: Allowance for loan losses		(173,936	)		(161,765	)
Unamortized deferred loan fees, net		(11,657	)		(10,541	)
Loans held for investment, net		19,167,410			19,203,649
Equity securities		30,238			34,429
Federal Home Loan Bank stock		17,250			17,250
Other real estate owned, net		18,484			23,071
Affordable housing investments and alternative energy partnerships, net		285,707			289,611
Premises and equipment, net		89,760			88,676
Customers’ liability on acceptances		12,678			14,061
Accrued interest receivable		95,755			97,779
Goodwill		375,696			375,696
Other intangible assets, net		3,101			3,335
Right-of-use assets - operating leases		30,021			28,645
Other assets		248,609			291,831
Total assets	$	23,205,022		$	23,054,681

Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing	$	3,361,245		$	3,284,342
Interest-bearing:
NOW deposits		2,131,445			2,205,695
Money market deposits		3,423,953			3,372,773
Savings deposits		1,266,561			1,252,788
Time deposits		9,634,324			9,570,601
Total deposits		19,817,528			19,686,199
Advances from the Federal Home Loan Bank		95,000			60,000
Other borrowings of affordable housing investments		17,696			17,740
Long-term debt		119,136			119,136
Acceptances outstanding		12,678			14,061
Lease liabilities - operating leases		32,120			30,851
Other liabilities		245,705			280,990
Total liabilities		20,339,863			20,208,977
Commitments and contingencies		—			—
Stockholders’ Equity
Common stock, $0.01 par value, 100,000,000 shares authorized; 91,663,748 issued and 70,034,708 outstanding at March 31, 2025, and 91,615,458 issued and 70,863,324 outstanding at December 31, 2024		916			916
Additional paid-in-capital		995,371			993,962
Accumulated other comprehensive loss, net		(71,747	)		(85,607	)
Retained earnings		2,734,004			2,688,353
Treasury stock, at cost (21,629,040 shares at March 31, 2025, and 20,752,134 shares at December 31, 2024)		(793,385	)		(751,920	)
Total stockholders' equity		2,865,159			2,845,704
Total liabilities and stockholders' equity	$	23,205,022		$	23,054,681

See accompanying Notes to Consolidated Financial Statements.

Table of Contents

CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME

(Unaudited)

	*Three Months Ended March 31,*
	*2025*			*2024*
	(In thousands, except share and per share data)
Interest and Dividend Income
Loans receivable	$	293,984		$	302,528
Investment securities		12,103			14,951
Federal Home Loan Bank stock		379			431
Deposits with banks		12,929			14,732
Total interest and dividend income		319,395			332,642

Interest Expense
Time deposits		96,066			109,546
Other deposits		42,434			42,788
Advances from Federal Home Loan Bank		1,904			9,316
Long-term debt		2,020			1,721
Short-term debt		332			699
Total interest expense		142,756			164,070

Net interest income before provision for credit losses		176,639			168,572
Provision for credit losses		15,500			1,900
Net interest income after provision for credit losses		161,139			166,672

Non-Interest Income
Net losses from equity securities		(4,191	)		(9,027	)
Net gains from securities available for sale		—			1,107
Letters of credit commissions		2,091			1,717
Depository service fees		1,752			1,550
Wealth management fees		6,169			5,638
Other operating income		5,383			5,626
Total non-interest income		11,204			6,611

Non-Interest Expense
Salaries and employee benefits		42,427			43,552
Occupancy expense		5,737			5,967
Computer and equipment expense		6,054			5,068
Professional services expense		7,448			6,992
Data processing service expense		4,406			3,929
FDIC and regulatory assessments		3,399			6,089
Marketing expense		1,878			1,914
Other real estate owned expense		244			253
Amortization of investments in low-income housing and alternative energy partnerships		9,054			14,432
Amortization of core deposit intangibles		250			339
Other operating expense		4,759			4,704
Total non-interest expense		85,656			93,239

Income before income tax expense		86,687			80,044
Income tax expense		17,181			8,609
Net income	$	69,506		$	71,435

Other Comprehensive Income/(Loss), net of tax
Net holding gains/(losses) on securities available-for-sale		13,860			(6,422	)
Net holding losses on cash flow hedge derivatives		—			(441	)
Total other comprehensive income/(loss), net of tax		13,860			(6,863	)
Total comprehensive income	$	83,366		$	64,572

Net Income Per Common Share:
Basic	$	0.99		$	0.98
Diluted	$	0.98		$	0.98
Cash dividends paid per common share	$	0.34		$	0.34
Average Common Shares Outstanding:
Basic		70,379,835			72,673,974
Diluted		70,679,640			72,971,157

See accompanying Notes to Consolidated Financial Statements.

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CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

									*Accumulated*
	*Common Stock*					*Additional*			*Other*									*Total*
	*Number of*					*Paid-in*			*Comprehensive*			*Retained*			*Treasury*			*Stockholders'*
Three Months Ended	*Shares*			*Amount*		*Capital*			*(Loss)/Income*			*Earnings*			*Stock*			*Equity*
	(In thousands, except share and per share data)
Balance at December 31, 2024		70,863,324		$	916	$	993,962		$	(85,607	)	$	2,688,353		$	(751,920	)	$	2,845,704
Dividend Reinvestment Plan		15,852			—		695			—			—			—			695
Restricted stock units vested		32,438			—		—			—			—			—			—
Stock issued to directors		—			—		—			—			—			—			—
Shares withheld related to net share settlement of RSUs		—			—		(791	)		—			—			—			(791	)
Purchases of treasury stock		(876,906	)		—		—			—			—			(41,465	)		(41,465	)
Stock-based compensation		—			—		1,505			—			—			—			1,505
Cash dividends of $0.34 per share		—			—		—			—			(23,855	)		—			(23,855	)
Other comprehensive income		—			—		—			13,860			—			—			13,860
Net income		—			—		—			—			69,506			—			69,506
Balance at March 31, 2025		70,034,708		$	916	$	995,371		$	(71,747	)	$	2,734,004		$	(793,385	)	$	2,865,159

								*Accumulated*
	*Common Stock*				*Additional*			*Other*									*Total*
	*Number of*				*Paid-in*			*Comprehensive*			*Retained*			*Treasury*			*Stockholders'*
Three Months Ended	*Shares*		*Amount*		*Capital*			*Loss*			*Earnings*			*Stock*			*Equity*
	(In thousands, except share and per share data)
Balance at December 31, 2023		72,668,927	$	914	$	987,953		$	(85,416	)	$	2,500,341		$	(667,217	)	$	2,736,575
Dividend Reinvestment Plan		18,468		—		744			—			—			—			744
Restricted stock units vested		796		—		—			—			—			—			—
Stock issued to directors		—		—		—			—			—			—			—
Shares withheld related to net share settlement of RSUs		—		—		(24	)		—			—			—			(24	)
Purchases of treasury stock		—		—		—			—			—			8			8
Stock-based compensation		—		—		905			—			—			—			905
Cash dividends of $0.34 per share		—		—		—			—			(24,708	)		—			(24,708	)
Other comprehensive loss		—		—		—			(6,863	)		—			—			(6,863	)
Net income		—		—		—			—			71,435			—			71,435
Balance at March 31, 2024		72,688,191	$	914	$	989,578		$	(92,279	)	$	2,547,068		$	(667,209	)	$	2,778,072

See accompanying Notes to Consolidated Financial Statements.

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CATHAY GENERAL BANCORP AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	*Three Months Ended March 31,*
	*2025*			*2024*
	(In thousands)
Cash Flows from Operating Activities
Net income	$	69,506		$	71,435
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		15,500			1,900
Deferred tax provision/(benefit)		978			(4,782	)
Depreciation and amortization		1,835			1,889
Amortization of right-of-use asset		2,305			2,477
Change in operating lease liabilities		1,269			(472	)
Net gains on sale of loans		(121	)		(20	)
Loss on sales or disposal of premises and equipment		14			—
Amortization on alternative energy partnerships, venture capital and other investments		9,054			14,432
Net gains on sales of securities available-for-sale		—			(1,107	)
Amortization/accretion of securities available-for-sale premiums/discounts, net		(5,265	)		(6,370	)
Unrealized loss on equity securities		4,191			9,026
Stock-based compensation and stock issued to officers as compensation		1,505			905
Net change in accrued interest receivable and other assets		40,065			(1,424	)
Net change in other liabilities		(41,877	)		281
Net cash provided by operating activities		98,959			88,170

Cash Flows from Investing Activities
Purchase of securities available-for-sale		(464,837	)		(469,647	)
Proceeds from repayments, maturities and calls of securities available-for-sale		602,868			384,721
Proceeds from sale of securities available-for-sale		—			33,690
Proceeds from sale of other real estate owned		773			—
Purchase of Federal Home Loan Bank stock		—			(12,535	)
Redemption of Federal Home Loan Bank stock		—			13,031
Proceeds from sale of loans originally classified as held-for-investment		15,263			83,803
Net (increase)/decrease in loans		(6,925	)		10,634
Purchase of premises and equipment		(2,698	)		(916	)
Net increase/(decrease) in affordable housing investments and alternative energy partnerships		771			(5,680	)
Net cash provided for investing activities		145,215			37,101

Cash Flows from Financing Activities
Increase in deposits		131,236			520,843
Advances from Federal Home Loan Bank		2,399,000			4,403,000
Repayment of Federal Home Loan Bank borrowings		(2,364,000	)		(4,678,000	)
Cash dividends paid		(23,855	)		(24,708	)
Purchases of treasury stock		(41,465	)		8
Proceeds from shares issued under Dividend Reinvestment Plan		695			744
Taxes paid related to net share settlement of RSUs		(791	)		(24	)
Net cash provided by financing activities		100,820			221,863

Increase in cash, cash equivalents, and restricted cash		344,994			347,134
Cash, cash equivalents, and restricted cash, beginning of the period		1,039,520			828,801
Cash, cash equivalents, and restricted cash, end of the period	$	1,384,514		$	1,175,935

Supplemental disclosure of cash flow information
Cash paid during the period:
Interest	$	147,629		$	155,048
Income taxes paid	$	370		$	282
Non-cash investing and financing activities:
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax	$	13,860		$	(6,422	)
Net change in unrealized holding loss on cash flow hedge derivatives	$	—		$	(441	)
Loans transferred from held-for-investment to held-for-sale	$	26,901		$	106,953
Transfers to other real estate owned from loans held-for-investment	$	1,186		$	—

See accompanying Notes to Consolidated Financial Statements.

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CATHAY GENERAL BANCORP AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. Business

Cathay General Bancorp (“Bancorp”) is the holding company for Cathay Bank (the “Bank” and, together, with Bancorp, the “Company”), and eleven limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner. Bancorp also owns 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities. The Bank was founded in 1962 and offers a wide range of financial services. As of March 31, 2025, the Bank operates 24 branches in Southern California, 18 branches in Northern California, 9 branches in New York State, four in Washington State, two in Illinois, two in Texas, one in Maryland, Massachusetts, Nevada, and New Jersey, one in Hong Kong, and a representative office in Taipei, Beijing, and Shanghai. Deposit accounts at the Hong Kong branch are not insured by the Federal Deposit Insurance Corporation (the “FDIC”). Current activities of Beijing, Shanghai, and Taipei representative offices are limited to coordinating the transportation of documents to Bank's head office and performing liaison services.

2. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. For further information, refer to the audited Consolidated Financial Statements and Notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025 (the “2024 Form 10-K”).

The preparation of the Consolidated Financial Statements in accordance with GAAP requires management of the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements. Actual results could differ from those estimates. The Company expects that the most significant estimate subject to change is the allowance for loan losses.

3. Other Accounting Standards Pending Adoption

In November 2024, ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, was issued. This ASU requires disaggregated disclosure of income statement expenses for public business entities. ASU 2024-03 requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The prescribed categories include, among other things, employee compensation, depreciation, and intangible asset amortization. Additionally, entities must disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for us, on a prospective basis, for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, though early adoption and retrospective application is permitted. ASU 2024-03 is not expected to have a significant impact on our financial statements.

In December 2023, ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” was issued. This ASU amends the disclosure requirements for income taxes, including the requirement for further disaggregation of the income tax rate reconciliation and income taxes paid disclosures. The amendments in this guidance are effective for annual periods beginning after December 15, 2024. These amendments should be applied prospectively, with the option to apply retrospectively. ASU 2023-09 is effective for us in 2025 and is not expected to have a significant impact on our financial statements.

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4. Cash, Cash Equivalents and Restricted Cash

The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, for the purposes of reporting cash flows, consist of cash and due from banks, short-term investments, and interest-bearing deposits. Cash and due from banks include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions. Short-term investments and interest-bearing deposits include cash placed with other banks with original maturity of three months or less.

The Company had average excess balance with FRBSF of $1.17 billion as of March 31, 2025, and $1.05 billion as of December 31, 2024. As of March 31, 2025, and December 31, 2024, the Company had $32.6 million and $43.4 million, respectively, as cash margin that serves as collateral on deposits in a cash margin account for interest rate swaps. Of the balances held in the cash margin account $7.6 million and $8.6 million are restricted as of March 31, 2025, and December 31, 2024, respectively. As of December 31, 2024, the Company held $0.3 million in a restricted escrow account with a major bank for its alternative energy investments.

5. Earnings per Share

Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Restricted stock units (“RSUs”) with anti-dilutive effect were not included in the computation of diluted earnings per share. The following table sets forth earnings per common share calculations:

	*Three Months Ended March 31,*
	*2025*		*2024*
	(In thousands, except share and per share data)

Net income	$	69,506	$	71,435

Weighted-average shares:
Basic weighted-average number of common shares outstanding		70,379,835		72,673,974
Dilutive effect of weighted-average outstanding common share equivalents:
RSUs		299,805		297,183
Diluted weighted-average number of common shares outstanding		70,679,640		72,971,157

Average restricted stock units with anti-dilutive effect		42,622		—
Earnings per common share:
Basic	$	0.99	$	0.98
Diluted	$	0.98	$	0.98

6. Stock-Based Compensation

Pursuant to the Company’s 2005 Incentive Plan, as amended and restated, the Company may grant incentive stock options (employees only), non-statutory stock options, common stock awards, restricted stock, RSUs, stock appreciation rights and cash awards to non-employee directors and eligible employees.

RSUs are generally granted at no cost to the recipient. RSUs generally vest ratably over three years or cliff vest after one or three years of continued employment from the date of the grant. While a portion of RSUs may be time-vesting awards, others may vest subject to the attainment of specified performance goals and are referred to as “performance-based RSUs.” All RSUs are subject to forfeiture until vested.

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 and to a maximum of 150% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs generally cliff vest three years from the date of grant.

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.

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The following table presents RSU activity during the three months ended March 31, 2025:

	*Time-Based RSUs*					*Performance-Based RSUs*
				*Weighted-Average*				*Weighted-Average*
				*Grant Date*				*Grant Date*
	*Shares*			*Fair Value*		*Shares*		*Fair Value*
Balance at December 31, 2024		202,466		$	34.70		339,914	$	33.02
Granted		354			42.31		—		—
Vested		(50,426	)		43.98		—		—
Forfeited		(561	)		42.69		—		—
Balance at March 31, 2025		151,833		$	31.61		339,914	$	33.02

The compensation expense recorded for RSUs was $1.5 million and $0.9 million for the three months ended March 31, 2025, and 2024, respectively. Unrecognized stock-based compensation expense related to RSUs was $8.1 million and $7.7 million as of March 31, 2025, and 2024, respectively. As of March 31, 2025, these costs are expected to be recognized over the next 1.7 years for time-based and performance-based RSUs.

As of March 31, 2025, 1,240,814 shares were available for future grants under the Company’s 2005 Incentive Plan, as amended and restated.

7. Investment Securities

The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of securities available-for-sale ("AFS") as of March 31, 2025, and December 31, 2024

	*March 31, 2025*
			*Gross*		*Gross*
	*Amortized*		*Unrealized*		*Unrealized*
	*Cost*		*Gains*		*Losses*		*Fair Value*
	(In thousands)
Securities AFS
U.S. treasury securities	$	541,663	$	10	$	29	$	541,644
U.S. government agency entities		8,787		50		114		8,723
Mortgage-backed securities		775,132		337		95,794		679,675
Collateralized mortgage obligations		26,949		—		2,286		24,663
Corporate debt securities		183,365		160		4,190		179,335
Total	$	1,535,896	$	557	$	102,413	$	1,434,040

	*December 31, 2024*
			*Gross*		*Gross*
	*Amortized*		*Unrealized*		*Unrealized*
	*Cost*		*Gains*		*Losses*		*Fair Value*
	(In thousands)
Securities AFS
U.S. treasury securities	$	621,212	$	250	$	—	$	621,462
U.S. government agency entities		9,226		50		127		9,149
Mortgage-backed securities		797,145		67		113,196		684,016
Collateralized mortgage obligations		27,747		—		3,191		24,556
Corporate debt securities		213,331		145		5,531		207,945
Total	$	1,668,661	$	512	$	122,045	$	1,547,128

As of March 31, 2025, and December 31, 2024, the amortized cost of AFS securities excluded accrued interest receivables of $3.9 million and $4.6 million, respectively, which are included in accrued interest receivable on the Consolidated Balance Sheets. For the Company’s accounting policy related to AFS securities accrued interest receivable, see Note 1 - Summary of Significant Accounting Policies – Securities Available for Sale – Allowance for Credit Losses on Available for Sale Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

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The amortized cost and fair value of AFS securities as of March 31, 2025, by contractual maturities, are set forth in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties.

	*March 31, 2025*
	*Securities AFS*
	*Amortized Cost*		*Fair Value*
	(In thousands)

Due in one year or less	$	581,976	$	581,554
Due after one year through five years		157,871		153,934
Due after five years through ten years		94,698		90,171
Due after ten years		701,351		608,381
Total	$	1,535,896	$	1,434,040

Equity Securities - The Company recognized an unrealized net loss of $4.2 million for the three months ended March 31, 2025, compared to a net loss of $9.0 million for the three months ended March 31, 2024. The $4.8 million decrease in unrealized loss was due to a smaller decrease in fair value of equity investments with readily determinable fair values during the first quarter of 2025. Equity securities were $30.2 million and $34.4 million as of March 31, 2025, and December 31, 2024, respectively.

The following tables set forth the gross unrealized losses and related fair value of the Company’s investment portfolio, aggregated by investment category and the length of time that individual security has been in a continuous unrealized loss position, as of March 31, 2025, and December 31, 2024:

	*March 31, 2025*
	*Less than 12 Months*				*12 Months or Longer*				*Total*
			*Gross*				*Gross*				*Gross*
	*Fair*		*Unrealized*		*Fair*		*Unrealized*		*Fair*		*Unrealized*
	*Value*		*Losses*		*Value*		*Losses*		*Value*		*Losses*
	(In thousands)

Securities AFS
U.S. treasury securities	$	394,431	$	29	$	—	$	—	$	394,431	$	29
U.S. government agency entities		3,587		5		3,071		109		6,658		114
Mortgage-backed securities		14,888		340		648,958		95,454		663,846		95,794
Collateralized mortgage obligations		—		—		24,663		2,286		24,663		2,286
Corporate debt securities		9,985		15		118,990		4,175		128,975		4,190
Total	$	422,891	$	389	$	795,682	$	102,024	$	1,218,573	$	102,413

	*December 31, 2024*
	*Less than 12 Months*				*12 Months or Longer*				*Total*
			*Gross*				*Gross*				*Gross*
	*Fair*		*Unrealized*		*Fair*		*Unrealized*		*Fair*		*Unrealized*
	*Value*		*Losses*		*Value*		*Losses*		*Value*		*Losses*
	(In thousands)

Securities AFS
U.S. government agency entities	$	4,199	$	8	$	2,108	$	119	$	6,307	$	127
Mortgage-backed securities		29,955		959		653,236		112,237		683,191		113,196
Collateralized mortgage obligations		—		—		24,556		3,191		24,556		3,191
Corporate debt securities		24,900		100		127,744		5,431		152,644		5,531
Total	$	59,054	$	1,067	$	807,644	$	120,978	$	866,698	$	122,045

As of March 31, 2025, the Company had a total of 183 AFS securities in a gross unrealized loss position with no credit impairment, consisting primarily of 149 mortgage-backed securities, 14 Corporate debt securities, 10 U.S. government agency securities, seven U.S. treasury securities and three collateralized mortgage obligations. In comparison, as of December 31, 2024, the Company has a total of 182 AFS securities in a gross unrealized loss position with no credit impairment, consisting primarily of 154 mortgage-backed securities, 16 Corporate debt securities, nine U.S. treasury securities and three collateralized mortgage obligations.

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Allowance for Credit Losses

The AFS securities that were in an unrealized loss position at March 31, 2025, were evaluated to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 - Summary of Significant Accounting Policies - Allowance for Credit Losses on Available for Sale Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.

The Company concluded the unrealized losses were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. The issuers have not, to the Company’s knowledge, established any cause for default on these securities. The Company expects to recover the amortized cost basis of its securities and has no present intent to sell and will not be required to sell securities AFS that have declined below their cost before their anticipated recovery. Accordingly, no allowance for credit losses was recorded as of March 31, 2025, against these securities, and there was no provision for credit losses recognized for the three months ended March 31, 2025.

AFS securities having a carrying value of $17.1 million and $17.8 million as of March 31, 2025, and December 31, 2024, respectively, were pledged to secure public deposits and other borrowings.

8. Loans

Most of the Company’s business activities are with clients located in the high-density Asian-populated areas of Southern and Northern California; New York City, New York; Dallas and Houston, Texas; Seattle, Washington; Boston, Massachusetts; Chicago, Illinois; Edison, New Jersey; Rockville, Maryland; and Las Vegas, Nevada. The Company also has loan clients in Hong Kong. The Company has no specific industry concentration, and generally its loans, when secured, are secured by real property or other collateral of the borrowers. The Company generally expects loans to be paid off from the operating profits of the borrowers, from refinancing by other lenders, or through sale by the borrowers of the secured collateral.

The types of loans in the Company’s Consolidated Balance Sheets as of March 31, 2025, and December 31, 2024, were as follows:

	*March 31, 2025*			*December 31, 2024*
	(In thousands)

Commercial loans	$	2,998,423		$	3,098,004
Construction loans		332,729			319,649
Commercial real estate loans		10,160,934			10,033,830
Residential mortgage loans		5,623,564			5,689,097
Equity lines		231,184			229,995
Installment and other loans		6,169			5,380
Gross loans	$	19,353,003		$	19,375,955
Allowance for loan losses		(173,936	)		(161,765	)
Unamortized deferred loan fees, net		(11,657	)		(10,541	)
Total loans held for investment, net	$	19,167,410		$	19,203,649

Loans held for sale	$	11,759		$	—

As of March 31, 2025, and December 31, 2024, recorded investment in non-accrual loans was $154.6 million and $169.2 million, respectively. For non-accrual loans, the amounts previously charged-off represent 11.9% and 11.8% of the contractual balances for non-accrual loans as of March 31, 2025, and December 31, 2024, respectively.

The following table presents non-accrual loans and the related allowance as of March 31, 2025, and December 31, 2024.

	*March 31, 2025*
	*Unpaid Principal Balance*		*Recorded Investment*		*Allowance*
	(In thousands)

With no allocated allowance:
Commercial loans	$	50,294	$	47,257	$	—
Commercial real estate loans		91,320		76,622		—
Residential mortgage loans and equity lines		17,620		17,136		—
Subtotal	$	159,234	$	141,015	$	—

With allocated allowance:
Commercial loans	$	18,794	$	6,105	$	2,423
Commercial real estate loans		187		180		1
Residential mortgage loans and equity lines		7,980		7,326		29
Subtotal	$	26,961	$	13,611	$	2,453
Total non-accrual loans	$	186,195	$	154,626	$	2,453

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	*December 31, 2024*
	*Unpaid Principal Balance*		*Recorded Investment*		*Allowance*
	(In thousands)

With no allocated allowance:
Commercial loans	$	56,022	$	53,499	$	—
Commercial real estate loans		100,316		82,936		—
Residential mortgage loans and equity lines		19,340		18,831		—
Subtotal	$	175,678	$	155,266	$	—

With allocated allowance:
Commercial loans	$	18,769	$	6,267	$	1,208
Commercial mortgage loans		194		193		1
Residential mortgage loans and equity lines		7,786		7,435		29
Subtotal	$	26,749	$	13,895	$	1,238
Total non-accrual loans	$	202,427	$	169,161	$	1,238

The following tables present the average recorded investment and interest income recognized on non-accrual loans for the period indicated:

	*Three Months Ended*
	*March 31, 2025*
	*Average Recorded Investment*		*Interest Income Recognized*
	(In thousands)

Commercial loans	$	56,112	$	4
Commercial real estate loans		83,678		—
Residential mortgage loans and equity lines		28,651		—
Total non-accrual loans	$	168,441	$	4

	*Three Months Ended*
	*March 31, 2024*
	*Average Recorded Investment*		*Interest Income Recognized*
	(In thousands)

Commercial loans	$	15,097	$	3
Construction loans		28,099		—
Commercial real estate loans		43,871		48
Residential mortgage loans and equity lines		14,169		—
Total non-accrual loans	$	101,236	$	51

The following tables present the aging of the loan portfolio by type as of March 31, 2025, and as of December 31, 2024:

	*March 31, 2025*
	*Accruing*
	*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*
	(In thousands)
Type of Loans:
Commercial loans	$	71,018	$	294	$	595	$	53,362	$	125,269	$	2,873,154	$	2,998,423
Construction loans		13,806		7,813		—		—		21,619		311,110		332,729
Commercial real estate loans		57,707		7,832		—		76,802		142,341		10,018,593		10,160,934
Residential mortgage loans and equity lines		35,413		2,904		—		24,462		62,779		5,791,969		5,854,748
Installment and other loans		200		—		—		—		200		5,969		6,169
Total loans	$	178,144	$	18,843	$	595	$	154,626	$	352,208	$	19,000,795	$	19,353,003

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	*December 31, 2024*
	*Accruing*
	*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*
	(In thousands)
Type of Loans:
Commercial loans	$	25,164	$	275	$	2,590	$	59,767	$	87,796	$	3,010,208	$	3,098,004
Construction loans		5,334		—		—		—		5,334		314,315		319,649
Commercial real estate loans		16,525		13,934		1,460		83,128		115,047		9,918,783		10,033,830
Residential mortgage loans and equity lines		39,018		6,651		—		26,266		71,935		5,847,157		5,919,092
Installment and other loans		—		—		—		—		—		5,380		5,380
Total loans	$	86,041	$	20,860	$	4,050	$	169,161	$	280,112	$	19,095,843	$	19,375,955

The Company has adopted ASU 2022-02, "Financial Instruments – Troubled Debt Restructurings ("TDR") and Vintage Disclosures". The Company has elected to apply the guidance prospectively and the practical expedient to exclude the accrued interest receivable balance from the disclosed amortized cost basis of loan modifications to debtors experiencing financial difficulty, consistent with our Allowance for Credit Losses ("ACL") approach discussed further below in this footnote.

Under this guidance on loan modifications made to borrowers experiencing financial difficulty, when a loan held for investment is modified and is considered to be a continuation of the original loan, the Company uses the post-modification contractual rate to derive the effective interest rate when using a discounted cash flow method to determine the allowance for credit loss.

The amendments in this guidance require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan.

The Company establishes a specific reserve for individually evaluated loans that do not share similar risk characteristics with the loans included in the quantitative baseline. These individually evaluated loans are removed from the pooling approach for the quantitative baseline, and include non-accrual loans, loan modifications made to borrowers experiencing financial difficulty, and other loans as deemed appropriate by management. The Company applies the loan refinancing and restructuring guidance provided in ASU 2022-02 to determine whether a modification made to a borrower results in a new loan or a continuation of an existing loan.

If economic conditions or other factors worsen relative to the assumptions the Company utilized, the expected loan losses will increase accordingly in future periods.

The following table presents the amortized cost of loans modified to borrowers experiencing financial difficulty disaggregated by class of financing receivable and type of concession granted and the financial effects of the modifications for the three months ended March 31, 2025, and March 31, 2024, by loan class and modification type.

	*Three Months Ended March 31, 2025*											*Financial Effects of Loan Modifications*
	*Term Extension*		*Payment Delay*		*Combo-Rate Reduction/Term Extension/Payment Delay*		*Total*		*Modification as a % of Loan Class*			*Weighted-Average Change in Rate*		*Weighted-Average Term Extension (in Years)*		*Weighted-Average Payment Deferral (in Years)*
	(In thousands)
Loan Type
Commercial loans	$	5,431	$	130	$	974	$	6,535		0.22	%		0.92		1.9		0.1
Commercial mortgage loans		—		—		3,201		3,201		0.03	%		0.86		1.7		1.7
Residential mortgage loans		—		217		—		217		0.00	%		0.00		0.0		2.0
Total	$	5,431	$	347	$	4,175	$	9,953

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	*Three Months Ended March 31, 2024*											*Financial Effects of Loan Modifications*
	*Term Extension*		*Payment Delay*		*Combo-Rate Reduction/Term Extension/Payment Delay*		*Total*		*Modification as a % of Loan Class*			*Weighted-Average Change in Rate*			*Weighted-Average Term Extension (in Years)*		*Weighted-Average Payment Deferral (in Years)*
	(In thousands)
Loan Type
Commercial loans	$	—	$	—	$	2,529	$	2,529		0.08	%		(1.12	)		2.20		0.90
Residential mortgage loans		222		—		—		222		0.00	%		(0.12	)		0.00		2.00
Total	$	222	$	—	$	2,529	$	2,751

The Company considers a loan to be in payment default once it is 60 to 90 days contractually past due under the modified terms. The Company tracks the performance of modified loans.

The following table presents information on loans that defaulted during the three months ended March 31, 2025, that received modifications within the twelve months preceding payment default. There were no loans that received modifications which subsequently defaulted during the three months ended March 31, 2024.

	Three Months Ended March 31, 2025
	Term Extension		Payment Delay		Combo-Rate Reduction/Term Extension/Payment Delay		Total
	(In thousands)
Loan Type
Commercial loans	$	1,610	$	130	$	—	$	1,740
Total	$	1,610	$	130	$	—	$	1,740

A modified loan may become delinquent and may result in a payment default (generally 90 days past due) subsequent to modification.

The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

The following table presents the performance of loans that were modified in the twelve months ended March 31, 2025, and 2024.

	*As of March 31, 2025*
	*Current*		*30–89 Days Past Due*		*90+ Days Past Due*		*Total*
	(In thousands)
Loan Type
Commercial loans	$	4,795	$	—	$	1,740	$	6,535
Commercial real estate loans		3,201		—		—		3,201
Residential mortgage loans		217		—		—		217
Total	$	8,213	$	—	$	1,740	$	9,953

	*As of March 31, 2024*
	*Current*		*30–89 Days Past Due*		*90+ Days Past Due*		*Total*
	(In thousands)
Loan Type
Commercial loans	$	—	$	—	$	2,529	$	2,529
Residential mortgage loans		—		—		222		222
Total	$	—	$	—	$	2,751	$	2,751

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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 March 31, 2025, there were no commitments to lend additional funds to borrowers experiencing financial difficulty and whose loans were modified.

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 – These loans range from minimal credit risk to higher than average, but still acceptable, credit risk. The loans have sufficient sources of repayment to repay the loans in full, in accordance with all the terms and conditions and remain currently well protected by collateral values.

●

Special Mention – Borrower is fundamentally sound, and loan is currently protected but adverse trends are apparent that, if not corrected, may affect ability to repay. Primary source of loan repayment remains viable but there is increasing reliance on collateral or guarantor support.

●

Substandard – These loans are inadequately protected by current sound net worth, paying capacity, or collateral. Well-defined weaknesses exist that could jeopardize repayment of debt. Loss may not be imminent, but if weaknesses are not corrected, there is a good possibility of some loss.

●

Doubtful – The possibility of loss is extremely high, but due to identifiable and important pending events (which may strengthen the loan), a loss classification is deferred until the situation is better defined.

●

Loss – These loans are considered uncollectible and of such little value that to continue to carry the loan as an active asset is no longer warranted.

The following table summarizes the Company’s loans held for investment and current year-to-date gross write-offs as of March 31, 2025, and December 31, 2024, presented by loan portfolio segments, internal risk ratings and vintage year. The vintage year is the year of origination, renewal or major modification. Revolving Loans that are converted to term loans presented in the table below are excluded from the term loans by vintage year columns.

	*Loans Amortized Cost Basis by Origination Year*
March 31, 2025	*2025*		*2024*		*2023*		*2022*		*2021*		*Prior*		*Revolving Loans*		*Revolving Converted to Term Loans*		*Total*
	(In thousands)
Commercial loans
Pass/Watch	$	63,767	$	330,063	$	225,877	$	165,477	$	189,361	$	111,102	$	1,653,632	$	7,519	$	2,746,798
Special Mention		—		—		17,017		3,473		—		12,573		110,287		—		143,350
Substandard		—		—		5,070		10,560		3,763		28,132		61,099		749		109,373
Total	$	63,767	$	330,063	$	247,964	$	179,510	$	193,124	$	151,807	$	1,825,018	$	8,268	$	2,999,521
YTD gross write-offs	$	—	$	20	$	42	$	163	$	2,119	$	—	$	—	$	—	$	2,344
Construction loans
Pass/Watch	$	6,121	$	33,786	$	56,969	$	120,548	$	59,450	$	3,113	$	886	$	—	$	280,873
Special Mention		—		—		—		2,100		32,910		—		—		—		35,010
Substandard		—		—		4,230		—		—		11,706		—		—		15,936
Total	$	6,121	$	33,786	$	61,199	$	122,648	$	92,360	$	14,819	$	886	$	—	$	331,819
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate loans
Pass/Watch	$	362,249	$	1,482,810	$	1,971,002	$	1,679,321	$	1,393,421	$	2,740,738	$	187,137	$	—	$	9,816,678
Special Mention		19,987		1,733		7,765		19,437		11,420		30,248		19,201		—		109,791
Substandard		—		—		11,348		54,030		62,419		89,230		5,841		3,200		226,068
Total	$	382,236	$	1,484,543	$	1,990,115	$	1,752,788	$	1,467,260	$	2,860,216	$	212,179	$	3,200	$	10,152,537
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential mortgage loans
Pass/Watch	$	152,995	$	609,493	$	983,090	$	988,664	$	758,304	$	2,094,351	$	—	$	—	$	5,586,897
Special Mention		—		498		375		3,027		831		7,254		—		—		11,985
Substandard		29		1,041		2,274		4,772		3,620		14,099		—		—		25,835
Total	$	153,024	$	611,032	$	985,739	$	996,463	$	762,755	$	2,115,704	$	—	$	—	$	5,624,717
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Equity lines
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	—	$	211,828	$	17,163	$	228,991
Substandard		—		—		—		—		—		—		2,760		147		2,907
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	214,588	$	17,310	$	231,898
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Installment and other loans
Pass/Watch	$	—	$	—	$	—	$	854	$	—	$	—	$	—	$	—	$	854
Total	$	—	$	—	$	—	$	854	$	—	$	—	$	—	$	—	$	854
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Total loans	$	605,148	$	2,459,424	$	3,285,017	$	3,052,263	$	2,515,499	$	5,142,546	$	2,252,671	$	28,778	$	19,341,346
Total YTD gross write-offs	$	—	$	20	$	42	$	163	$	2,119	$	—	$	—	$	—	$	2,344

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	*Loans Amortized Cost Basis by Origination Year*
December 31, 2024	*2024*		*2023*		*2021*		*2020*		*2019*		*Prior*		*Revolving Loans*		*Revolving Converted to Term Loans*		*Total*
	(In thousands)
Commercial loans
Pass/Watch	$	400,836	$	237,303	$	203,190	$	201,837	$	27,359	$	90,724	$	1,675,260	$	7,804	$	2,844,313
Special Mention		—		17,424		740		—		9,117		5,139		92,632		—		125,052
Substandard		50		5,070		12,104		6,773		22,357		6,256		67,553		222		120,385
Doubtful		1,857		—		—		3,118		—		—		—		—		4,975
Total	$	402,743	$	259,797	$	216,034	$	211,728	$	58,833	$	102,119	$	1,835,445	$	8,026	$	3,094,725
YTD gross write-offs	$	188	$	1,586	$	3,151	$	8,950	$	257	$	64	$	12,730	$	—	$	26,926
Construction loans
Pass/Watch	$	22,562	$	55,835	$	126,200	$	57,546	$	3,021	$	—	$	—	$	—	$	265,164
Special Mention		—		—		—		35,569		13,837		—		—		—		49,406
Substandard		—		4,230		—		—		—		—		—		—		4,230
Total	$	22,562	$	60,065	$	126,200	$	93,115	$	16,858	$	—	$	—	$	—	$	318,800
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate loans
Pass/Watch	$	1,463,225	$	1,987,280	$	1,724,563	$	1,428,124	$	800,645	$	2,108,143	$	180,394	$	—	$	9,692,374
Special Mention		8,805		8,292		28,465		16,462		24,844		19,888		9,939		—		116,695
Substandard		—		11,364		54,269		57,929		6,946		78,737		8,152		—		217,397
Total	$	1,472,030	$	2,006,936	$	1,807,297	$	1,502,515	$	832,435	$	2,206,768	$	198,485	$	—	$	10,026,466
YTD gross write-offs	$	—	$	—	$	—	$	—	$	296	$	4,173	$	—	$	—	$	4,469
Residential mortgage loans
Pass/Watch	$	642,568	$	1,020,419	$	1,014,842	$	781,218	$	452,623	$	1,745,923	$	—	$	—	$	5,657,593
Special Mention		—		—		—		—		33		1,585		—		—		1,618
Substandard		397		2,513		4,362		5,183		4,191		13,436		—		—		30,082
Total	$	642,965	$	1,022,932	$	1,019,204	$	786,401	$	456,847	$	1,760,944	$	—	$	—	$	5,689,293
YTD gross write-offs	$	—	$	—	$	—	$	59	$	—	$	—	$	—	$	—	$	59
Equity lines
Pass/Watch	$	—	$	—	$	72	$	—	$	—	$	—	$	211,374	$	16,277	$	227,723
Special Mention		—		—		—		—		—		—		—		11		11
Substandard		—		—		—		—		—		—		2,927		161		3,088
Total	$	—	$	—	$	72	$	—	$	—	$	—	$	214,301	$	16,449	$	230,822
YTD gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	3
Installment and other loans
Pass/Watch	$	5,264	$	—	$	44	$	—	$	—	$	—	$	—	$	—	$	5,308
Total	$	5,264	$	—	$	44	$	—	$	—	$	—	$	—	$	—	$	5,308
YTD gross write-offs	$	—	$	—	$	15	$	—	$	—	$	—	$	—	$	—	$	15
Total loans	$	2,545,564	$	3,349,730	$	3,168,851	$	2,593,759	$	1,364,973	$	4,069,831	$	2,248,231	$	24,475	$	19,365,414
Total YTD gross write-offs	$	188	$	1,586	$	3,166	$	9,009	$	553	$	4,237	$	12,733	$	—	$	31,472

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Allowance for Credit Losses

The Company has an allowance framework under ASC Topic 326 for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. The forward-looking concept of current expected credit loss (“CECL”) approach requires loss estimates to consider historical experience, current conditions and reasonable and supportable economic forecasts of future events and circumstances.

The ACL is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Balance Sheets (Unaudited). The amortized cost basis of loans does not include accrued interest receivable, which is included in "accrued interest receivable" on the Consolidated Balance Sheets. The "Provision for credit losses" on the Consolidated Statements of Operations and Comprehensive Income (Unaudited) is a combination of the provision for loan losses and the provision for unfunded loan commitments.

Under the Company’s CECL approach, management estimates the ACL using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable economic forecasts that vary by loan portfolio. We use economic forecasts from Moody’s Analytics in this process. The economic forecast is updated monthly; therefore, the one used for each quarter-end calculation is generally based on a one-month lag based on the timing of when the forecast is released. The Company does not consider a one-month lag to create a material difference but considers any subsequent material changes to our estimated loss forecasts as deemed appropriate. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in gross domestic product (or “GDP”), unemployment rates, property values, or other relevant factors.

Under the CECL methodology, quantitative and qualitative loss factors are applied to our population of loans on a collective pool basis when similar risk characteristics exist. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, the loan does not share similar credit risk characteristics with other loans. The Company may choose to measure expected credit losses on an individual loan basis by using one of the following methods: (1) the present value of the expected future cash flows of the loan discounted at the loan’s original effective interest rate, or (2) if the loan is collateral dependent, the fair value of the collateral less costs to sell. For loans that are not collateral-dependent, the Company uses the present value of future cash flows.

Quantitative Factors

Under the Company’s CECL methodology, nine portfolio segments with similar risk characteristics are evaluated for expected loss. Six portfolios are modeled using econometric models and three smaller portfolios are evaluated using a simplified loss-rate method that calculates lifetime expected credit losses for the respective pools (simplified approach). The six portfolios subject to econometric modeling include residential mortgages; commercial and industrial loans (“C&I”); construction loans; commercial real estate (“CRE”) for multifamily loans; CRE for owner-occupied loans; and other CRE loans. We estimate the probability of default during the reasonable and supportable forecast period using separate econometric regression models developed to correlate macroeconomic variables, (GDP, unemployment, CRE prices and residential mortgage prices) to historical credit performance for each of the six loan portfolios from the fourth quarter of 2007 to the fourth quarter of 2022. Loss given default rates are computed based on the charge-offs recognized divided by the exposure at default of defaulted loans starting with the fourth quarter of 2007 through the fourth quarter of 2022. The probability of default and the loss given default rates are applied to the expected amount at default at the loan level based on contractual scheduled payments and estimated prepayments. The amounts so calculated comprise the quantitative portion of the allowance for credit losses.

The Company’s CECL methodology utilizes an eight-quarter reasonable and supportable (“R&S”) forecast period, and a four-quarter reversion period. Management relies on multiple forecasts, blending them into a single loss estimate. Generally speaking, the blended scenario approach would include the Baseline, the Alternative Scenario 1 – Upside – 10th Percentile and the Alternative Scenario 3 – Downside – 90th Percentile forecasts. After the R&S period, the Company reverts linearly for the four-quarter reversion period to the long-term loss rates for each of the six portfolios of loans.

The Company’s CECL methodology estimates expected credit losses over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company.

The simplified approach portfolios include Small Business Administration (“SBA”) loans, Home Equity Lines of Credit (“HELOCs”) and cash-secured loans, which are not modelled econometrically due to the low loss history for these three pools of loans. The forecasted loss rate is based on the forecasted GDP and unemployment rates during the first eight quarters of the portfolio’s contractual life, reversion loss rates for the next four quarters of the portfolio’s contractual life on a linear declining rate, and the long-term loss rate projected over the remainder of the portfolio’s contractual life.

Qualitative Factors

Under the Company’s CECL methodology, the qualitative portion of the reserve on pooled loans represents management’s judgment of additional considerations to account for internal and external risk factors that are not adequately measured in the quantitative reserve. The qualitative loss factors consider idiosyncratic risk factors, conditions that may not be reflected in quantitatively derived results, or other relevant factors to seek to ensure the allowance for credit losses reflects our best estimate of current expected credit losses. The qualitative reserves include reserves for policy exceptions, experience of management and staff, level of competition in the lending environment, weak risk identification, lack of historical loss experience with residential mortgage loans made to non-U.S. residents, oil & gas, the higher risk characteristics of purchased syndicated loans, model uncertainty, and loans with potential risk of loss given the current environment, including CRE and Office loans, but have not degraded to the point of qualifying for a specific reserve. Current and forecasted economic trends and underlying market values for collateral dependent loans also are considered within the econometric models described above.

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The Company’s CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things:

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Segmenting the loan portfolio

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Determining the amount of loss history to consider

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Selecting predictive econometric regression models that use appropriate macroeconomic variables

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Determining the methodology to forecast prepayments

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Selecting the most appropriate economic forecast scenario

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Determining the length of the R&S forecast and reversion periods

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Estimating expected utilization rates on unfunded loan commitments

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Assessing relevant and appropriate qualitative factors.

In addition, the CECL methodology is dependent on economic forecasts that are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered by management to be appropriate, there can be no assurance that it will be sufficient to absorb future losses.

Management believes the allowance for credit losses is appropriate for the CECL in our loan portfolio and associated unfunded commitments, and the credit risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. The criteria for default may include any one of the following: on nonaccrual status, modifications to borrowers experiencing financial difficulty, or payment delinquency of 90 days or more.

Individually Evaluated Loans

When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual loans, the Company estimates the allowance for loan losses on an individual loan basis. Generally, the allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and the fair value of the collateral. For loans evaluated individually, the Company uses one of two different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; or (2) the present value of expected future cash flows. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows.

Unfunded Loan Commitments

Unfunded loan commitments are generally related to providing credit facilities to clients of the Bank and are not actively traded financial instruments. These unfunded commitments are disclosed as off-balance sheet financial instruments in Note 9 in the Notes to Consolidated Financial Statements (Unaudited).

The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company, using the same loss factors as used for the allowance for loan losses. The reserve for unfunded loan commitments uses a one-year historical usage rate of the unfunded commitments during the contractual life of the commitments. The allowance for unfunded commitments is included in “other liabilities” on the Consolidated Balance Sheets. Changes in the allowance for unfunded commitments are included in the provision for credit losses.

The following tables set forth activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2025, and March 31, 2024.

								*Residential*
						*Commercial*		*Mortgage Loans*			*Installment*
	*Commercial*			*Construction*		*Real Estate*		*and*			*and Other*
	*Loans*			*Loans*		*Loans*		*Equity Lines*			*Loans*		*Total*
	(In thousands)
Allowance for Loan Losses:
December 31, 2024 Ending Balance	$	57,796		$	8,185	$	79,597	$	16,181		$	6	$	161,765
Provision/(reversal) for expected credit losses		13,301			355		1,214		(733	)		11		14,148
Charge-offs		(2,344	)		—		—		—			—		(2,344	)
Recoveries		270			—		90		7			—		367
Net (charge-offs)		(2,074	)		—		90		7			—		(1,977	)
March 31, 2025 Ending Balance	$	69,023		$	8,540	$	80,901	$	15,455		$	17	$	173,936

Allowance for unfunded credit commitments:
December 31, 2024 Ending Balance	$	7,780		$	1,896	$	—	$	—		$	—	$	9,676
Provision for expected credit losses		1,277			75		—		—			—		1,352
March 31, 2025 Ending Balance	$	9,057		$	1,971	$	—	$	—		$	—	$	11,028

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Residential

Commercial

CATHAY GENERAL BANCORP 10-Q