Financial Earnings Results
First Quarter 2025
April 21, 2025
Financial Highlights 1Q 2025
Profitability: Return on Assets & Equity
Return on Tangible Equity *
Quarterly Results Ending March 31, 2025
10.40%
9.63%
9.50%
ROAA ROAE
11.18%
9.84%
11.95% | 13.03% | |
11.21% | ||
11.11% | 11.05% |
$69.5mn
Net Income
$0.98
Diluted EPS
1.23% | 1.15% | 1.15% | 1.37% | 1.22% |
1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 |
1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 |
* Refer to GAAP to non-GAAP reconciliation in Appendix.
$187.8mn
Total Revenue
Pre-Tax Pre-Provision Income Ratio ($mn)
$117 | PTPP Income | PTPP Ratio | ||||||||||||||||
$112 | ||||||||||||||||||
$111 | ||||||||||||||||||
$96 | $103 | |||||||||||||||||
1.76% | 2.00% | 1.92% | 1.92% | |||||||||||||||
1.64% | ||||||||||||||||||
1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 |
Pre-Tax Pre-Provision, Pre-Tax Credit Amortization, and Pre-Acquisition Expense ("PTPP") Income Ratio calculation based on
annualized PTPP Income divided by total average assets.
$19.4bn
Total Loans
$19.8bn
Total Deposits
45.60%
Efficiency Ratio
3
Summary Balance Sheets
$mn, except per share data | 3.31.25 | 12.31.24 | QoQ Change | |||
Cash equivalents & ST investments | $ | 1,385 | $ | 1,040 | $ | 345 |
AFS debt securities | 1,434 | 1,547 | (113) | |||
Loans held-for-sale | 12 | 0 | 12 | |||
Gross loans, net of fees | $ | 19,341 | $ | 19,365 | $ | (24) |
Allowance for credit losses | (175) | (162) | (14) | |||
Net Loans | $ | 19,166 | $ | 19,204 | $ | (38) |
Other assets | 1,207 | 1,264 | (57) | |||
Total Assets | $ | 23,204 | $ | 23,055 | $ | 149 |
Customer deposits | $ | 19,818 | $ | 19,686 | 131 | |
FHLB borrowings | 95 | 60 | 35 | |||
Debt | 137 | 137 | (0) | |||
Other Liabilities | 289 | 326 | (37) | |||
Total Liabilities | $ | 20,339 | $ | 20,209 | $ | 130 |
Total Stockholders' Equity | $ | 2,865 | $ | 2,846 | $ | 19 |
Note: Information as of 3.31.25 is unaudited. Totals may not foot due to rounding.
Net Loans-to-Deposit Ratio (end of period (EOP))
97% | 97% | 96% | 98% | 97% |
3.31.24 | 6.30.24 | 9.30.24 | 12.31.24 | 3.31.25 |
4
Loan Composition
Total Loan Portfolio ($bn)
Construction
2%
Residential
Mortgage*
30% $19.4bn Total CRE
53%
Total Loans
C & I 15%
- Total CRE $10.2bn
- Residential Mortgage* $5.9bn
- C & I Loans $3.0bn
- Construction Loans $0.3bn
Average Loan Growth - QoQ Annualized ($bn)
$19.5 | $19.4 | -0.6% | $19.4 | -1.4% | $19.3 | -0.3% | $19.3 | |
+-1.2% | ||||||||
$0.4 | ||||||||
$0.4 | $0.4 | $0.3 | $0.3 | |||||
$3.2 | $3.2 | $3.2 | $3.0 | $3.0 |
$6.1 | $6.0 | $6.0 | $6.0 | $5.9 |
$9.8 | $9.8 | $9.8 | $10.0 | $10.1 |
1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 |
Total CRE | Residential Mortgage* | C & I | Construction | |
* Residential Mortgage includes equity lines, installment and other loans.
5
Loan Yields
Average Loan Yield by Type (in bps)
624 628 635 619 617
8% fixed rate | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | ||||||||||||||
92% float rate | |||||||||||||||||||
849 | 868 | 846 | 30% fixed rate | 40% fixed rate | |||||||||||||||
22% float rate | |||||||||||||||||||
29% float rate | |||||||||||||||||||
772 | |||||||||||||||||||
728 | 547 | 564 | 572 | 578 | 593 | 588 | 594 | 592 | 593 | ||||||||||
531 | |||||||||||||||||||
Total Loans
C & I | Residential Mortgage | CRE |
Fix Rate & Hybrid in Fixed Rate Period (% of total loans)
64% 64%
63% 63%
62%*
1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 |
* Excludes fixed to float interest rate swaps of 4.1%.
Loan Portfolio By Index Rate
as of 3.31.25
Other | |
7% | |
Prime | Fixed Rate |
14% | |
30% | |
Total Fixed Rate and | |
SOFR | Hybrid in Fixed Period: |
62% | |
17% | |
Hybrid in Fixed | |
Rate Period | |
32% |
6
Commercial Real Estate Portfolio
CRE Portfolio Breakdown
CRE Geographic Distribution
NY
Construction
2%
Residential | |||
Mortgage* | $19.4bn | Total CRE | |
30% | |||
Total Loans | 53% | ||
C & I | |||
15% |
Residential 18% | Total CRE |
$10.2bn
53% of total loans
Retail 13%
Office 8% | |
Warehouse 7% | |
industrial 3% | special use |
1.3% | |
hotel /motel 2% | restaurant 0.8% |
land 0.4% | |
theater 0.1% |
34% | ||
$10.2bn | ||
Total CRE | ||
CA | TX 5% | |
47% | Other | IL 3% |
WA 2% | ||
9% |
Total CRE Concentration
287% | 288% | 288% | 288% | 286% |
Of $10.2bn in total CRE loans, it included a notional amount of $799mn of interest rate swaps or 4.1% of total loans.
1Q2024 | 2Q2024 | 3Q2024 | 4Q2024 | 1Q2025 |
* Residential Mortgage includes equity lines, installment and other loans. | 400% internal threshold | 300% regulatory threshold | ||
CRE/Total Capital | ||||
7
Commercial Real Estate Portfolio (cont'd)
Total CRE LTV Distribution
40% to 50%
23%
14% | $10.2bn | 50% to 60% | |
30% to 40% | 32% | ||
Total CRE | |||
under 30% | |||
11% | 60% to 70% | ||
Over 70% | 19% | ||
1% |
Total CRE LTV and Size by Property Type
Total CRE Loan | Avg. | Total CRE | |
Portfolio | Loan Size | Weighted | |
($mn) | ($mn) | Avg. LTV | |
Residental | $3,480 | $1.3 | 53% |
Retail | $2,464 | $2.1 | 48% |
Office | $1,463 | $2.3 | 46% |
Warehouse | $1,279 | $2.8 | 46% |
Industrial | $638 | $3.1 | 48% |
Hotel / Motel | $307 | $5.8 | 46% |
Special Use | $261 | $2.7 | 44% |
Restaurant | $164 | $0.9 | 44% |
Land | $85 | $3.4 | 47% |
Theater | $20 | $6.6 | 54% |
Total CRE | $10,161 | $1.9 | 49% |
8
Selected CRE and Construction Loan Portfolios
Residential CRE Portfolio
% based on $3.5bn loans outstanding
Retail CRE Portfolio
% based on $2.5bn loans outstanding
Construction Portfolio
% based on $0.3bn loans outstanding
Commercial Units
5+ Multi-Family
2-4 Unit Residence
Single Family
Residence
40%
39%
16%
5%
Retail Store/Building
Retail/Mix Use
Neighborhood
Center
Strip Mall
Shopping Center
Other
31%
27%
22%
10%
9%
1%
Multiple Family | 84% |
Residential | |
Office & Commercial | 8% |
Condominium | |
Single Family | 6% |
Residential | |
Warehouse | 1% |
Retail | 1% |
CA 35%
53%
LTV Weighted | TX 5% | |
NY | Average | |
50% | WA 4% | |
IL 2% | ||
Other 4% |
NY 27%
48% | TX 8% | |
CA | LTV Weighted | |
Average | NV 4% | |
49% | ||
IL 4%
MA 1%
Other 7%
NY
CA | 53% 21% | |
LTV Weighted | ||
70% | Average | Other |
9% |
9
CRE Office Portfolio
Office CRE Portfolio
% based on $1.5bn loans outstanding
Office CRE Distribution
Office CRE Loan | Total CRE | |
Portfolio | Weighted Avg. LTV | |
Property Type | ($mn) | ($mn) |
Office Building
Office
Condominium
Office / Retail
Stores
Medical Office
Office / Mixed Use
35%
27%
23%
8%
7%
NY 32%
Office Building | $514 | 46% |
Office Condominium | $400 | 46% |
Office / Retail Stores | $329 | 33% |
Medical Office | $122 | 44% |
Office / Mixed Use | $98 | 40% |
Total Office CRE | $1,463 | |
Avg. Outstanding Size | $2.3 | |
Avg. Property Size (sq ft) | 15,854 | |
Office CRE Collateral Distribution ($mn)
Urban
$973
CA 46%
51% LTV Weighted
Average
HK 7%
WA 3%
IL 2%
Other 5%
Suburban
Central Business
District
$440
$50
Central Business District (CBD) - Central Business/Financial Centers (mainly city downtowns) Urban - City and metropolitan areas
Suburban - Outside of the city/metropolitan area
10
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Cathay General Bancorp published this content on April 21, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2025 at 22:19 UTC.
