How are Cathay General Bancorp's (CATY) loans and deposits trending in 2026?

As of June 30, 2026, gross loans were $20.62 billion, up 2.2% from March 31, 2026, while total deposits reached $21.06 billion, a 1.9% increase. Growth was led by commercial and commercial real estate lending and higher non‑interest‑bearing and interest‑bearing demand balances.

Cathay General Bancorp reports higher Q2 2026 earnings

Q: How did Cathay General Bancorp (CATY) perform in Q2 2026?

Cathay General Bancorp earned $92.2 million in Q2 2026, or $1.37 per diluted share, up from $86.9 million and $1.29 in Q1 2026. Net income also increased from $77.5 million a year earlier, reflecting stronger profitability.

Q: What drove CATY's net interest income and margin in Q2 2026?

Net interest income rose to $200.9 million in Q2 2026, with net interest margin improving to 3.48% from 3.43% in Q1. Management cited higher interest income on loans and securities and lower deposit interest expense as key contributors.

Q: What is Cathay General Bancorp's (CATY) asset quality profile as of June 30, 2026?

Total non-performing assets were $145.4 million, or 0.59% of total assets, up from 0.53% in Q1 2026. Non-accrual loans totaled $111.7 million, while the allowance for loan losses was $218.9 million, or 1.06% of gross loans.

Q: What are Cathay General Bancorp's year-to-date 2026 earnings?

For the six months ended June 30, 2026, net income was $179.1 million, or $2.66 per diluted share, compared to $147.0 million, or $2.09, a year earlier. Year-to-date return on average assets was 1.50% and return on average equity was 12.05%.

Cathay General Bancorp reported strong results for the quarter ended June 30, 2026, with net income of $92.2 million, or $1.37 per diluted share, up from $86.9 million, or $1.29, in the first quarter and $77.5 million a year earlier.

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8-K

Rhea-AI Filing Summary

Cathay General Bancorp reported strong results for the quarter ended June 30, 2026, with net income of $92.2 million, or $1.37 per diluted share, up from $86.9 million, or $1.29, in the first quarter and $77.5 million a year earlier. Net interest income rose to $200.9 million and the net interest margin improved to 3.48% from 3.43%, supporting returns of 1.52% on average assets and 12.21% on average equity. For the first six months of 2026, net income was $179.1 million, up 21.8% from 2025, with diluted EPS of $2.66 and an efficiency ratio of 40.95%.

Gross loans reached $20.62 billion, up 2.2% from March 31, 2026, led by commercial and commercial real estate growth, while total deposits grew 1.9% to $21.06 billion. Capital remained robust, with a Tier 1 risk-based capital ratio of 13.70%, total risk-based capital ratio of 15.47%, and Tier 1 leverage ratio of 11.28%, all exceeding regulatory minimums.

Asset quality metrics showed some pressure: total non-performing assets increased to $145.4 million, or 0.59% of total assets, from 0.53%, and non-accrual loans rose 25.5% to $111.7 million. The allowance for loan losses was $218.9 million, equal to 1.06% of gross loans and 195.97% of non-performing loans, while the quarterly provision for credit losses declined to $11.2 million from $18.2 million in the prior quarter.

Positive

Net income for the first six months of 2026 was $179.1 million, an increase of 21.8% compared to $147.0 million for the same period in 2025, reflecting stronger profitability.
Net interest margin expanded to 3.48% in Q2 2026 from 3.43% in Q1 2026, while the Q2 efficiency ratio improved versus the prior year, supporting higher ROA and ROE.
Capital ratios remained high, with Tier 1 risk-based capital at 13.70% and total risk-based capital at 15.47%, comfortably above Basel III requirements.

Negative

Non-performing assets increased 13.7% quarter over quarter to $145.4 million, raising the NPA-to-total-assets ratio to 0.59% from 0.53%.
Non-accrual loans rose 25.5% to $111.7 million, and the allowance coverage of non-performing loans declined to 195.97% from 220.95% as of March 31, 2026.

Insights

Analyzing...

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Q2 2026 net income: $92.2 million Q2 2026 diluted EPS: $1.37 Net interest margin: 3.48% +5 more

8 metrics

Q2 2026 net income $92.2 million Quarter ended June 30, 2026

Q2 2026 diluted EPS $1.37 Compared with $1.29 in Q1 2026

Net interest margin 3.48% Q2 2026; 3.43% in Q1 2026

Gross loans $20.62 billion As of June 30, 2026

Total deposits $21.06 billion As of June 30, 2026

Non-performing assets ratio 0.59% Non-performing assets to total assets as of June 30, 2026

Tier 1 risk-based capital ratio 13.70% Regulatory capital ratio as of June 30, 2026

Allowance for loan losses to gross loans 1.06% As of June 30, 2026

Key Terms

net interest margin, efficiency ratio, non-performing assets, Tier 1 risk-based capital ratio, +1 more

5 terms

net interest margin financial

"The net interest margin was 3.48% for the second quarter of 2026"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"The efficiency ratio was 41.53% in the second quarter of 2026"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

non-performing assets financial

"Total non-performing assets increased $17.5 million, or 13.7%, to $145.4 million"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

Tier 1 risk-based capital ratio financial

"the Company’s Tier 1 risk-based capital ratio of 13.70%"

A Tier 1 risk-based capital ratio measures a bank’s core financial cushion—its highest-quality capital such as common equity—relative to the size and risk of its assets, where riskier loans count for more. Think of it as the safety margin a bank keeps against losses compared to the amount and riskiness of what it owns; investors use it to judge a bank’s solvency, regulatory strength, and ability to withstand shocks or sustain payouts.

Earnings Snapshot

Net income: $92.2 million

quarter ended June 30, 2026

Net income $92.2 million up $5.3 million, or 6.1%, from $86.9 million in Q1 2026

Diluted EPS $1.37 compared with $1.29 in Q1 2026 and $1.10 in Q2 2025

Net interest income before provision $200.9 million increased from $194.2 million in Q1 2026

Net interest margin 3.48% up from 3.43% in Q1 2026

Return on average assets 1.52% up from 1.47% in Q1 2026

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Cathay General Bancorp (CATY) perform in Q2 2026?

Cathay General Bancorp earned $92.2 million in Q2 2026, or $1.37 per diluted share, up from $86.9 million and $1.29 in Q1 2026. Net income also increased from $77.5 million a year earlier, reflecting stronger profitability.

What drove CATY's net interest income and margin in Q2 2026?

Net interest income rose to $200.9 million in Q2 2026, with net interest margin improving to 3.48% from 3.43% in Q1. Management cited higher interest income on loans and securities and lower deposit interest expense as key contributors.

What is Cathay General Bancorp's (CATY) asset quality profile as of June 30, 2026?

Total non-performing assets were $145.4 million, or 0.59% of total assets, up from 0.53% in Q1 2026. Non-accrual loans totaled $111.7 million, while the allowance for loan losses was $218.9 million, or 1.06% of gross loans.

How well capitalized is Cathay General Bancorp (CATY)?

As of June 30, 2026, Cathay General Bancorp reported a Tier 1 risk-based capital ratio of 13.70%, total risk-based capital ratio of 15.47%, and Tier 1 leverage ratio of 11.28%, exceeding minimum regulatory capital requirements under Basel III rules.

What are Cathay General Bancorp's year-to-date 2026 earnings?

For the six months ended June 30, 2026, net income was $179.1 million, or $2.66 per diluted share, compared to $147.0 million, or $2.09, a year earlier. Year-to-date return on average assets was 1.50% and return on average equity was 12.05%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/22/2026 - 04:35 PM EDT

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): July 22, 2026

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

Delaware		001-31830		95-4274680
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS 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

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:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock	CATY	Nasdaq Global Select Market

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2026, Cathay General Bancorp (the “Company”) announced, in a press release, its financial results for the quarter ended June 30, 2026. That press release is attached hereto as Exhibit 99.1.

Item 7.01. Regulation FD Disclosure

As announced in the press release attached hereto as Exhibit 99.1, the Company will host a conference call on Wednesday, July 22, 2026 at 3:00 p.m. Pacific Time to discuss its second quarter 2026 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.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

99.1

Press Release of Cathay General Bancorp, dated July 22, 2026

99.2

Presentation Materials, dated July 22, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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.

	CATHAY GENERAL BANCORP


Date: July 22, 2026	By:	/s/ Albert J. Wang
		Albert J. Wang
		Executive Vice President and Chief Financial Officer

Exhibit 99.1

FOR IMMEDIATE RELEASE

For:	Cathay General Bancorp	Contact:	Albert J. Wang
	777 N. Broadway		626) 279-3695
	Los Angeles, CA 90012

Cathay General Bancorp Announces Second Quarter 2026 Results

Los Angeles, Calif., July 22, 2026: 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 ended June 30, 2026. The Company reported net income of $92.2 million, or $1.37 per diluted share, for the second quarter of 2026 compared to $86.9 million, or $1.29 per diluted share for the first quarter of 2026.

“We delivered strong second quarter results, with higher earnings driven by continued net interest margin expansion and disciplined execution across the franchise. Improved profitability reflects the strength of our relationships and the resilience of our business model." said Chang M. Liu, President and Chief Executive Officer of the Company. "We remain focused on maintaining strong credit quality, prudently managing the balance sheet, and supporting the financial needs of our clients. We believe these fundamentals, along with thoughtful capital management, will continue to support long-term value creation for our shareholders.”

FINANCIAL PERFORMANCE

	Three months ended
(unaudited)	June 30, 2026			March 31, 2026			June 30, 2025
Net income (in millions)	$	92.2		$	86.9		$	77.5
Basic earnings per common share	$	1.38		$	1.30		$	1.11
Diluted earnings per common share	$	1.37		$	1.29		$	1.10
Return on average assets		1.52	%		1.47	%		1.33	%
Return on average total stockholders' equity		12.21	%		11.88	%		10.72	%
Efficiency ratio		41.53	%		40.35	%		45.34	%

SECOND QUARTER HIGHLIGHTS

●	Net interest margin increased to 3.48% during the second quarter from 3.43% in the first quarter of 2026.

●	Total loans, excluding loans held for sale, increased to $20.62 billion, or 2.21%, from $20.17 billion in the first quarter of 2026.

●	Total deposits increased $386.0 million, or 1.87%, to $21.06 billion in the second quarter of 2026.

●

The Company’s Board approved an increase to its existing share repurchase authorization from $150 million to $200 million, with no change to the current authorization expiration date that is subject to regulatory approval which is currently pending^1/2/, and approved the redemption of $54.1 million of trust preferred securities, representing approximately 45% of the Company's $119.1 million of outstanding trust preferred securities^2/.

^1/There can be no assurance if and when such regulatory approval will be received, but the company will announce the commencement of such additional buyback program if and when such approval is received.

^2/The Board may also suspend, terminate or modify these authorizations at any time for any reason.

INCOME STATEMENT REVIEW

SECOND QUARTER 2026 COMPARED TO THE FIRST QUARTER 2026

Net income for the quarter ended June 30, 2026, was $92.2 million, an increase of $5.3 million, or 6.1%, compared to net income of $86.9 million for the first quarter of 2026. Diluted earnings per share for the second quarter of 2026 was $1.37 per share compared to $1.29 per share for the first quarter of 2026.

Return on average stockholders’ equity was 12.21% and return on average assets was 1.52% for the quarter ended June 30, 2026, compared to a return on average stockholders’ equity of 11.88% and a return on average assets of 1.47% in the first quarter of 2026.

Net interest income before provision for credit losses

Net interest income before provision for credit losses increased $6.7 million, or 3.5%, to $200.9 million during the second quarter of 2026, compared to $194.2 million in the first quarter of 2026. The increase was due primarily to an increase in interest income from loans and securities and a decrease in deposit interest expense.

The net interest margin was 3.48% for the second quarter of 2026 compared to 3.43% for the first quarter of 2026.

For the second quarter of 2026, the yield on average interest-earning assets was 5.66%, the cost of funds on average interest-bearing liabilities was 2.89%, and the cost of average interest-bearing deposits was 2.86%. In comparison, for the first quarter of 2026, the yield on average interest-earning assets was 5.70%, the cost of funds on average interest-bearing liabilities was 2.99%, and the cost of average interest-bearing deposits was 2.96%. The decrease in the cost of funds on average interest-bearing liabilities resulted mainly from lower interest rates on deposits driven by the lower repricing of maturing time deposits in the second quarter. The decrease in the yield on average interest-earning assets resulted mainly from lower interest rates on loans. 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 2.77% for the second quarter of 2026, compared to 2.71% for the first quarter of 2026.

Provision for credit losses

The Company recorded a provision for credit losses of $11.2 million in the second quarter of 2026 compared to $18.2 million in the first quarter of 2026. As of June 30, 2026, the allowance for loan losses increased by $10.1 million to $218.9 million, or 1.06% of gross loans, compared to $208.8 million, or 1.03% of gross loans as of March 31, 2026.

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

	Three months ended						Six months ended June 30,
	June 30, 2026		March 31, 2026		June 30, 2025		2026		2025
	(In thousands) (Unaudited)
Charge-offs:
Commercial loans	$	2,743	$	7,971	$	9,117	$	10,714	$	11,461
Real estate loans ⁽¹⁾		—		1,385		3,913		1,385		3,913
Total charge-offs		2,743		9,356		13,030		12,099		15,374
Recoveries:
Commercial loans		852		4,931		196		5,783		465
Construction loans		—		—		—		—		1
Real estate loans ⁽¹⁾		42		2,302		93		2,344		190
Total recoveries		894		7,233		289		8,127		656
Net charge-offs	$	1,849	$	2,123	$	12,741	$	3,972	$	14,718

⁽¹⁾Real estate loans include commercial real estate loans, residential mortgage loans and equity lines.

Non-interest income

Non-interest income, which includes revenues from depository service fees, letters of credit commissions, securities gains (losses), wealth management fees, and other sources of fee income, was $21.4 million for the second quarter of 2026, an increase of $0.7 million, or 3.4%, compared to $20.7 million for the first quarter of 2026. The increase was primarily due to a $5.1 million reduction in losses related to investment securities repositioning activities and an increase of $0.8 million in wealth management fees partially offset by a decrease of $5.7 million in unrealized gains from equity securities, compared to the first quarter of 2026.

Non-interest expense

Non-interest expense increased $5.6 million, or 6.5%, to $92.3 million in the second quarter of 2026 compared to $86.7 million in the first quarter of 2026. The increase in non-interest expense in the second quarter of 2026 was primarily due to an increase of $3.1 million in amortization expense of investments of low income housing and alternative energy partnerships, an increase of $1.2 million in salaries and employee benefits, and an increase of $0.9 million in director fees offset, in part, by a decrease of $1.2 million in other real estate owned expense, when compared to the first quarter of 2026. 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 41.53% in the second quarter of 2026 compared to 40.35% for the first quarter of 2026.

Income taxes

The effective tax rate for the second quarter of 2026 was 22.35% compared to 20.98% for the first quarter of 2026. The effective tax rate for the second quarter of 2026 and first quarter of 2026 includes the impact of low-income housing tax credits.

BALANCE SHEET REVIEW

Gross loans, excluding loans held for sale, were $20.62 billion as of June 30, 2026, an increase of $446.7 million, or 2.2%, from $20.17 billion as of March 31, 2026. The increase was primarily due to an increase of $242.4 million, or 7.4%, in commercial loans, $190.6 million, or 1.8%, in commercial real estate loans, $53.6 million, or 0.9%, in residential real estate loans offset, in part, by a decrease of $40.7 million, or 14.1%, in construction loans.

The loan balances and composition as of June 30, 2026, compared to March 31, 2026, and June 30, 2025, are presented below:

	June 30, 2026			March 31, 2026			June 30, 2025
	(In thousands) (Unaudited)
Commercial loans	$	3,524,945		$	3,282,557		$	3,194,724
Construction loans		248,375			289,042			301,125
Commercial real estate loans		10,779,326			10,588,726			10,363,109
Residential mortgage loans		5,832,159			5,778,531			5,692,142
Equity lines		234,265			233,140			230,001
Installment and other loans		2,262			2,593			3,601
Gross loans	$	20,621,332		$	20,174,589		$	19,784,702

Allowance for loan losses		(218,896	)		(208,786	)		(173,531	)
Unamortized deferred loan fees		(14,606	)		(14,164	)		(13,834	)
Total loans held for investment, net	$	20,387,830		$	19,951,639		$	19,597,337

Loans held for sale	$	—		$	6,902		$	13,338

Total deposits were $21.06 billion as of June 30, 2026, an increase of $386.0 million, or 1.9%, from $20.68 billion as of March 31, 2026.

The deposit balances and composition as of June 30, 2026, compared to March 31, 2026, and June 30, 2025, are presented below:

	June 30, 2026		March 31, 2026		June 30, 2025
	(In thousands) (Unaudited)
Non-interest-bearing demand deposits	$	3,567,527	$	3,399,461	$	3,381,407
NOW deposits		2,612,011		2,336,121		2,174,108
Money market deposits		3,894,594		3,701,873		3,431,060
Savings deposits		1,421,969		1,518,300		1,317,104
Time deposits		9,565,547		9,719,892		9,702,651
Total deposits	$	21,061,648	$	20,675,647	$	20,006,330

ASSET QUALITY REVIEW

As of June 30, 2026, total non-accrual loans were $111.7 million, an increase of $22.7 million, or 25.5%, from $89.0 million as of March 31, 2026.

The allowance for loan losses was $218.9 million and the allowance for off-balance sheet unfunded credit commitments was $14.9 million as of June 30, 2026. The allowances represent the amount estimated by management to be appropriate to absorb expected credit losses inherent in the loan portfolio, including unfunded credit commitments. The allowance for loan losses represented 1.06% of period-end gross loans, and 195.97% of non-performing loans as of June 30, 2026. The comparable ratios were 1.03% of period-end gross loans, and 220.95% of non-performing loans as of March 31, 2026.

The changes in non-performing assets as of June 30, 2026, compared to March 31, 2026, and June 30, 2025, are presented below:

(In thousands) (Unaudited)	June 30, 2026			March 31, 2026			% Change			June 30, 2025			% Change
Non-performing assets
Accruing loans past due 90 days or more	$	—		$	5,491			(100	)	$	6,389			(100	)

Non-accrual loans:
Construction loans		—			—			—			4,230			(100	)
Commercial real estate loans		70,157			51,091			37			93,754			(25	)
Commercial loans		8,448			7,665			10			54,536			(85	)
Residential mortgage loans		33,091			30,248			9			21,633			53
Total non-accrual loans:	$	111,696		$	89,004			25		$	174,153			(36	)
Total non-performing loans		111,696			94,495			18			180,542			(38	)
Other real estate owned		33,659			33,436			1			18,990			77
Total non-performing assets	$	145,355		$	127,931			14		$	199,532			(27	)

Allowance for loan losses	$	218,896		$	208,786			5		$	173,531			26
Allowance for off-balance sheet credit commitments	$	14,918		$	15,637			(5	)	$	9,892			51

Total gross loans outstanding, at period-end	$	20,621,332		$	20,174,589			2		$	19,784,702			4

Allowance for loan losses to non-performing loans, at period-end		195.97	%		220.95	%					96.12	%
Allowance for loan losses to gross loans, at period-end		1.06	%		1.03	%					0.88	%

The ratio of non-performing assets to total assets was 0.59% as of June 30, 2026, compared to 0.53% as of March 31, 2026. Total non-performing assets increased $17.5 million, or 13.7%, to $145.4 million as of June 30, 2026, compared to $127.9 million as of March 31, 2026, primarily due to an increase of $22.7 million, or 25.5%, in non-accrual loans and $0.2 million, or 0.7%, in other real estate owned, offset, in part, by a decrease of $5.5 million, or 100.0% in accruing loans past due 90 days or more.

CAPITAL ADEQUACY REVIEW

As of June 30, 2026, the Company’s Tier 1 risk-based capital ratio of 13.70%, total risk-based capital ratio of 15.47%, and Tier 1 leverage capital ratio of 11.28%, calculated under the Basel III capital rules, exceeded applicable minimum regulatory capital requirements, including the fully phased-in 2.5% capital conservation buffer applicable to the risk-based capital ratios. As of March 31, 2026, the Company’s Tier 1 risk-based capital ratio was 13.47%, total risk-based capital ratio was 15.20%, and Tier 1 leverage capital ratio was 11.15%.

YEAR-TO-DATE REVIEW

Net income for the six months ending June 30, 2026, was $179.1 million, an increase of $32.1 million, or 21.8%, compared to net income of $147.0 million for the same period a year ago. Diluted earnings per share for the six months ending June 30, 2026 was $2.66 per share compared to $2.09 per share for the same period a year ago. The net interest margin for the six months ended June 30, 2026, was 3.45% compared to 3.26% for the same period a year ago.

Return on average stockholders’ equity was 12.05% and return on average assets was 1.50% for the six months ended June 30, 2026, compared to a return on average stockholders’ equity of 10.28% and a return on average assets of 1.27% for the same period a year ago. The efficiency ratio for the six months ended June 30, 2026, was 40.95% compared to 45.46% for the same period a year ago

CONFERENCE CALL

Cathay General Bancorp will host a conference call to discuss its second quarter 2026 financial results this afternoon, Wednesday, July 22, 2026, 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 10210553. 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 representative offices 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 is 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, the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors 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; 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 and geopolitical events; including wars and armed conflicts, and their resulting economic impacts; 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, 2025 (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.

CATHAY GENERAL BANCORP

CONSOLIDATED FINANCIAL HIGHLIGHTS

(Unaudited)

	Three months ended									Six months ended June 30,
(In thousands, except per share data)	June 30, 2026			March 31, 2026			June 30, 2025			2026			2025

Financial performance
Net interest income before provision for credit losses	$	200,897		$	194,168		$	181,221		$	395,065		$	357,860
Provision for credit losses		11,240			18,193			11,200			29,433			26,700
Net interest income after provision for credit losses		189,657			175,975			170,021			365,632			331,160
Non-interest income		21,405			20,659			15,391			42,064			26,595
Non-interest expense		92,316			86,680			89,134			178,996			174,790
Income before income tax expense		118,746			109,954			96,278			228,700			182,965
Income tax expense		26,537			23,068			18,828			49,605			36,009
Net income	$	92,209		$	86,886		$	77,450		$	179,095		$	146,956

Net income per common share:
Basic	$	1.38		$	1.30		$	1.11		$	2.67		$	2.09
Diluted	$	1.37		$	1.29		$	1.10		$	2.66		$	2.09
Cash dividends paid per common share	$	0.38		$	0.38		$	0.34		$	0.76		$	0.68


Selected ratios
Return on average assets		1.52	%		1.47	%		1.33	%		1.50	%		1.27	%
Return on average total stockholders’ equity		12.21	%		11.88	%		10.72	%		12.05	%		10.28	%
Efficiency ratio		41.53	%		40.35	%		45.34	%		40.95	%		45.46	%
Dividend payout ratio		27.59	%		29.28	%		30.79	%		28.41	%		32.46	%


Yield analysis (Fully taxable equivalent)
Total interest-earning assets		5.66	%		5.70	%		5.83	%		5.68	%		5.86	%
Total interest-bearing liabilities		2.89	%		2.99	%		3.37	%		2.94	%		3.42	%
Net interest spread		2.77	%		2.71	%		2.46	%		2.74	%		2.44	%
Net interest margin		3.48	%		3.43	%		3.27	%		3.45	%		3.26	%

	June 30, 2026			March 31, 2026			June 30, 2025
Capital ratios
Tier 1 risk-based capital ratio		13.70	%		13.47	%		13.35	%
Total risk-based capital ratio		15.47	%		15.20	%		14.92	%
Tier 1 leverage capital ratio		11.28	%		11.15	%		11.09	%

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)	June 30, 2026			March 31, 2026			June 30, 2025

Assets
Cash and due from banks	$	163,976		$	135,540		$	190,011
Short-term investments and interest bearing deposits		1,163,120			1,069,943			1,056,964
Securities available-for-sale (amortized cost of $1,737,212 at June 30, 2026, $1,740,858 at March 31, 2026 and $1,746,703 at June 30, 2025)		1,682,820			1,678,140			1,648,433
Loans held for sale		—			6,902			13,338
Loans		20,621,332			20,174,589			19,784,702
Less: Allowance for loan losses		(218,896	)		(208,786	)		(173,531	)
Unamortized deferred loan fees, net		(14,606	)		(14,164	)		(13,834	)
Loans, net		20,387,830			19,951,639			19,597,337
Equity securities		80,854			69,202			28,849
Federal Home Loan Bank stock		17,250			17,250			17,250
Other real estate owned, net		33,659			33,436			18,990
Affordable housing investments and alternative energy partnerships, net		293,553			287,283			289,550
Premises and equipment, net		90,613			88,464			89,556
Customers’ liability on acceptances		11,214			5,409			9,622
Accrued interest receivable		94,676			94,570			96,646
Goodwill		375,696			375,696			375,696
Other intangible assets, net		2,341			2,450			2,888
Right-of-use assets- operating leases		33,269			34,737			32,291
Other assets		221,948			197,969			256,426
Total assets	$	24,652,819		$	24,048,630		$	23,723,847

Liabilities and Stockholders’ Equity
Deposits:
Non-interest-bearing demand deposits	$	3,567,527		$	3,399,461		$	3,381,407
Interest-bearing deposits:
NOW deposits		2,612,011			2,336,121			2,174,108
Money market deposits		3,894,594			3,701,873			3,431,060
Savings deposits		1,421,969			1,518,300			1,317,104
Time deposits		9,565,547			9,719,892			9,702,651
Total deposits		21,061,648			20,675,647			20,006,330

Advances from the Federal Home Loan Bank		—			—			412,000
Long-term debt		119,136			119,136			119,136
Acceptances outstanding		11,214			5,409			9,622
Lease liabilities - operating leases		35,114			36,581			34,304
Other liabilities		379,093			225,209			256,160
Total liabilities		21,606,205			21,061,982			20,837,552
Stockholders' equity		3,046,614			2,986,648			2,886,295
Total liabilities and equity	$	24,652,819		$	24,048,630		$	23,723,847

Book value per common share	$	45.59		$	44.60		$	41.62
Number of common shares outstanding		66,825,367			66,972,039			69,343,395

CATHAY GENERAL BANCORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three months ended									Six months ended June 30,
	June 30, 2026			March 31, 2026			June 30, 2025			2026			2025
	(In thousands, except share and per share data)
Interest and Dividend Income
Loan receivable, including loan fees	$	302,170		$	298,935		$	296,857		$	601,105		$	590,841
Investment securities		14,420			12,983			13,666			27,403			25,769
Federal Home Loan Bank stock		253			874			373			1,127			752
Deposits with banks		10,610			10,118			12,022			20,728			24,951
Total interest and dividend income		327,453			322,910			322,918			650,363			642,313

Interest Expense
Time deposits		80,207			84,846			94,364			165,053			190,430
Other deposits		42,930			41,006			44,370			83,936			86,804
Advances from Federal Home Loan Bank		1,457			1,010			742			2,467			2,646
Long-term debt		1,841			1,829			2,029			3,670			4,049
Short-term borrowings		121			51			192			172			524
Total interest expense		126,556			128,742			141,697			255,298			284,453

Net interest income before provision for credit losses		200,897			194,168			181,221			395,065			357,860
Provision for credit losses		11,240			18,193			11,200			29,433			26,700
Net interest income after provision for credit losses		189,657			175,975			170,021			365,632			331,160

Non-Interest Income
Net gains/(losses) from equity securities		11,652			17,316			(1,390	)		28,968			(5,581	)
Impairment loss on investment securities		—			(15,685	)		—			(15,685	)		—
Net loss on sale of investment securities		(10,554	)		—			—			(10,554	)		—
Letters of credit commissions		2,331			2,406			2,120			4,737			4,211
Depository service fees		1,971			2,014			1,925			3,985			3,677
Wealth management fees		7,920			7,102			4,936			15,022			11,105
Other operating income		8,085			7,506			7,800			15,591			13,183
Total non-interest income		21,405			20,659			15,391			42,064			26,595

Non-Interest Expense
Salaries and employee benefits		46,733			45,511			43,123			92,244			85,550
Occupancy expense		5,812			5,816			5,950			11,628			11,687
Computer and equipment expense		6,594			5,627			5,160			12,221			11,214
Professional services expense		7,438			7,782			8,888			15,220			16,336
Data processing service expense		3,651			4,015			4,631			7,666			9,037
FDIC and State assessments		2,992			2,447			3,177			5,439			6,576
Marketing expense		1,472			1,863			1,113			3,335			2,991
Other real estate owned expense/(income)		339			1,589			(377	)		1,928			(133	)
Amortization of investments in low income housing and alternative energy partnerships		9,873			6,740			11,179			16,613			20,233
Amortization of core deposit intangibles		217			218			250			435			500
Other operating expense		7,195			5,072			6,040			12,267			10,799
Total non-interest expense		92,316			86,680			89,134			178,996			174,790

Income before income tax expense		118,746			109,954			96,278			228,700			182,965
Income tax expense		26,537			23,068			18,828			49,605			36,009
Net income	$	92,209		$	86,886		$	77,450		$	179,095		$	146,956
Net income per common share:
Basic	$	1.38		$	1.30		$	1.11		$	2.67		$	2.09
Diluted	$	1.37		$	1.29		$	1.10		$	2.66		$	2.09

Cash dividends paid per common share	$	0.38		$	0.38		$	0.34		$	0.76		$	0.68
Basic average common shares outstanding		67,014,700			67,040,473			69,989,825			67,004,055			70,183,752
Diluted average common shares outstanding		67,304,846			67,387,657			70,188,902			67,322,562			70,432,916

CATHAY GENERAL BANCORP

AVERAGE BALANCES – SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited)

	Three months ended
(In thousands)(Unaudited)	June 30, 2026					March 31, 2026					June 30, 2025
	Average Balance		Average Yield/Rate ⁽¹⁾			Average Balance		Average Yield/Rate ⁽¹⁾			Average Balance		Average Yield/Rate ⁽¹⁾
Interest-earning assets:
Loans ⁽¹⁾	$	20,297,364		5.97	%	$	20,163,694		6.01	%	$	19,489,400		6.11	%
Taxable investment securities		1,704,008		3.39	%		1,670,914		3.15	%		1,622,309		3.38	%
FHLB stock		17,250		5.87	%		17,250		20.56	%		17,250		8.65	%
Deposits with banks		1,168,077		3.64	%		1,128,168		3.64	%		1,102,579		4.37	%
Total interest-earning assets	$	23,186,699		5.66	%	$	22,980,026		5.70	%	$	22,231,538		5.83	%

Interest-bearing liabilities:
Interest-bearing demand deposits	$	2,493,275		1.48	%	$	2,341,354		1.43	%	$	2,133,874		1.71	%
Money market deposits		3,734,347		3.02	%		3,670,457		3.00	%		3,464,685		3.44	%
Savings deposits		1,511,915		1.49	%		1,514,129		1.51	%		1,343,043		1.67	%
Time deposits		9,501,517		3.39	%		9,688,896		3.55	%		9,692,056		3.91	%
Total interest-bearing deposits	$	17,241,054		2.86	%	$	17,214,836		2.96	%	$	16,633,658		3.35	%
Other borrowed funds		174,147		3.63	%		128,265		3.35	%		103,059		3.63	%
Long-term debt		119,136		6.20	%		119,136		6.23	%		119,136		6.83	%
Total interest-bearing liabilities	$	17,534,337		2.89	%	$	17,462,237		2.99	%		16,855,853		3.37	%

Non-interest-bearing demand deposits		3,454,633					3,352,409					3,331,433

Total deposits and other borrowed funds	$	20,988,970				$	20,814,646				$	20,187,286

Total average assets	$	24,269,814				$	24,040,352				$	23,349,928
Total average equity	$	3,029,993				$	2,965,655				$	2,898,960
Net interest spread				2.77	%				2.71	%				2.45	%
Net interest margin				3.48	%				3.43	%				3.27	%

(1) Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.

	Six months ended
(In thousands)(Unaudited)	June 30, 2026					June 30, 2025
	Average Balance		Average Yield/Rate ⁽¹⁾			Average Balance		Average Yield/Rate ⁽¹⁾
Interest-earning assets:
Loans ⁽¹⁾	$	20,230,401		5.99	%	$	19,411,434		6.14	%
Taxable investment securities		1,687,553		3.27	%		1,540,471		3.37	%
FHLB stock		17,250		13.17	%		17,250		8.79	%
Deposits with banks		1,148,233		3.64	%		1,152,166		4.37	%
Total interest-earning assets	$	23,083,437		5.68	%	$	22,121,321		5.86	%

Interest-bearing liabilities:
Interest-bearing demand deposits	$	2,417,734		1.46	%	$	2,138,034		1.69	%
Money market deposits		3,702,578		3.01	%		3,423,716		3.43	%
Savings deposits		1,513,016		1.50	%		1,316,483		1.62	%
Time deposits		9,594,689		3.47	%		9,637,742		3.98	%
Total interest-bearing deposits	$	17,228,017		2.91	%	$	16,515,975		3.38	%

Other borrowed funds		151,333		3.52	%		158,731		4.03	%
Long-term debt		119,136		6.21	%		119,136		6.85	%
Total interest-bearing liabilities		17,498,486		2.94	%		16,793,842		3.42	%

Non-interest-bearing demand deposits		3,403,804					3,318,364

Total deposits and other borrowed funds	$	20,902,290				$	20,112,206

Total average assets	$	24,155,594				$	23,269,350
Total average equity	$	2,997,861				$	2,881,929
Net interest spread				2.74	%				2.44	%
Net interest margin				3.45	%				3.26	%

⁽¹⁾ Yields and interest earned include net loan fees. Non-accrual loans are included in the average balance.

CATHAY GENERAL BANCORP

GAAP to NON-GAAP RECONCILIATION

SELECTED CONSOLIDATED FINANCIAL INFORMATION

(Unaudited)

The Company uses certain non-GAAP financial measures including tangible book value (“TBV”), tangible book value per share (“TBV/Share”), tangible assets, tangible common equity (“TCE”) ratio, the return on average tangible common stockholders’ equity (“ROATCE”), adjusted total revenue, adjusted non-interest expense, and the adjusted efficiency ratio. We believe these non-GAAP financial measures provide investors with information useful in understanding its financial position, results of operations, the strength of its capital position, and overall business performance. These non-GAAP financial measures are used for performance measurement purposes, as well as for internal planning and forecasting, and by securities analysts, investors, and other interested parties to assess peer company operating performance. These non-GAAP financial measures should not be considered a substitute for GAAP-basis financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these with other companies that present financial measures having the same or similar names. The Company strongly encourages investorst review its consolidated financial statements in their entirety and to not rely on any single financial measure.

TBV represents stockholders’ equity less goodwill and other intangible assets. TBV/share represents TBV divided by the number of common shares outstanding at the end of the reporting period. The TCE ratio represents TBV divided by tangible assets. Tangible assets is equal to total assets less goodwill and other intangible assets. ROATCE is calculated using net income adjusted for the tax-effected amortization of intangible assets, as a percentage of average stockholders’ equity less average goodwill and other intangible assets.

		As of
($ In thousands, except share and per share data)		June 30, 2026			March 31, 2026			June 30, 2025
		(Unaudited)
Stockholders' equity	(a)	$	3,046,614		$	2,986,648		$	2,886,295
Less: Goodwill			(375,696	)		(375,696	)		(375,696	)
Other intangible assets ⁽¹⁾			(2,341	)		(2,450	)		(2,888	)
Tangible book value	(b)	$	2,668,577		$	2,608,502		$	2,507,711

Total assets	(c)	$	24,652,819		$	24,048,630		$	23,723,847
Less: Goodwill			(375,696	)		(375,696	)		(375,696	)
Other intangible assets ⁽¹⁾			(2,341	)		(2,450	)		(2,888	)
Tangible assets	(d)	$	24,274,782		$	23,670,484		$	23,345,263

Average stockholders' equity		$	3,029,993		$	2,965,655		$	2,898,960
Less: Average goodwill and other intangible assets, net			(378,072	)		(378,301	)		(378,709	)
Average tangible stockholders' equity	(e)	$	2,651,921		$	2,587,354		$	2,520,251

Number of common shares outstanding	(f)		66,825,367			66,972,039			69,343,395

Common equity to assets ratio	g=(a)/(c)		12.36	%		12.42	%		12.17	%
Tangible common equity ratio	h=(b)/(d)		10.99	%		11.02	%		10.74	%
Book value per share		$	45.59		$	44.60		$	41.62
Tangible book value per share	i=(b)/(f)	$	39.93		$	38.95		$	36.16

		Three Months Ended
		June 30, 2026			March 31, 2026			June 30, 2025
		(Unaudited)
Net Income		$	92,209		$	86,886		$	77,450
Add: Amortization of other intangibles ⁽¹⁾			278			223			285
Tax effect of amortization adjustments ⁽²⁾			(82	)		(66	)		(85	)
Tangible net income	(j)	$	92,405		$	87,043		$	77,650

Return on average stockholders' equity ⁽³⁾			12.21	%		11.88	%		10.72	%
Return on average tangible common equity ⁽³⁾	k=(i)/(e)		13.98	%		13.64	%		12.36	%

⁽¹⁾ Includes core deposit intangibles and servicing rights

⁽²⁾Applied the statutory rate of 29.65%.

⁽³⁾ Annualized

		As of
($ In thousands, except share and per share data)		June 30, 2026			June 30, 2025
		(Unaudited)
Stockholders' equity	(a)	$	3,046,614		$	2,886,295
Less: Goodwill			(375,696	)		(375,696	)
Other intangible assets ⁽¹⁾			(2,341	)		(2,888	)
Tangible book value	(b)	$	2,668,577		$	2,507,711

Total assets	(c)	$	24,652,819		$	23,723,847
Less: Goodwill			(375,696	)		(375,696	)
Other intangible assets ⁽¹⁾			(2,341	)		(2,888	)
Tangible assets	(d)	$	24,274,782		$	23,345,263

Average stockholders' equity		$	2,997,861		$	2,881,929
Less: Average goodwill and other intangible assets, net			(378,186	)		(378,825	)
Average tangible stockholders' equity	(e)	$	2,619,675		$	2,503,104

Number of common shares outstanding	(f)		66,825,367			69,343,395

Common equity to assets ratio	g=(a)/(c)		12.36	%		12.17	%
Tangible common equity ratio	h=(b)/(d)		10.99	%		10.74	%
Book value per share		$	45.59		$	41.62
Tangible book value per share	i=(b)/(f)	$	39.93		$	36.16

		Six months ended
		June 30, 2026			June 30, 2025

Net Income		$	179,095		$	146,956
Add: Amortization of other intangibles ⁽¹⁾			502			567
Tax effect of amortization adjustments ⁽²⁾			(149	)		(168	)
Tangible net income	(j)	$	179,448		$	147,355

Return on average stockholders' equity ⁽³⁾			12.05	%		10.28	%
Return on average tangible common equity ⁽³⁾	k=(i)/(e)		13.81	%		11.87	%

⁽¹⁾ Includes core deposit intangibles and servicing rights

⁽²⁾Applied the statutory rate of 29.65%.

⁽³⁾ Annualized

Adjusted total revenue is calculated by adding net interest income before provision for credit losses and non-interest income excluding net gains and losses from equity and investment securities. Adjusted non-interest expense is non-interest expense excluding amortization of investments in low-income housing and alternative energy partnerships, other real estate owned expenses, amortization of core deposit intangibles and the FDIC special assessment. The Adjusted efficiency ratio is calculated by dividing the Company’s adjusted non‑interest expense by adjusted total revenue. It represents the costs expended to generate a dollar of revenue. The adjusted components exclude items that are non‑operational as well as the amortization of investments in low‑income housing partnerships and alternative energy partnerships. Although this amortization is operational in nature, it is removed to enhance comparability with peers that report these costs within income tax expense under proportional amortization accounting, which the Company has not yet adopted.

		Three months ended									Six months ended
($ In thousands) (Unaudited)		June 30, 2026			March 31, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Net interest income before provision for credit losses	a	$	200,897		$	194,168		$	181,221		$	395,065		$	357,860

Non-interest income		$	21,405		$	20,659		$	15,391		$	42,064		$	26,595
Adjustments:
Net gains/(losses) from equity securities			(11,652	)		(17,316	)		1,390			(28,968	)		(5,581	)
Impairment loss on investment securities			—			15,685			—			15,685			—
Net loss on sale of investment securities			10,554			—			—			10,554			—
Adjusted non-interest income	b	$	20,307		$	19,028		$	16,781		$	39,335		$	21,014
Adjusted total revenue	c=a+b	$	221,204		$	213,196		$	198,002		$	434,400		$	378,874

Non-interest expense	d	$	92,316		$	86,680		$	89,134		$	178,996		$	174,790
Adjustments:
Amortization of investments in low income housing			(9,748	)		(6,625	)		(10,950	)		(16,373	)		(19,673	)
Amortization of investments in alternative energy partnerships			(125	)		(115	)		(229	)		(240	)		(560	)
Other real estate owned			(339	)		(1,589	)		377			(1,928	)		133
Amortization of core deposit intangible			(217	)		(218	)		(250	)		(435	)		(500	)
FDIC special assessment			—			584			(139	)		584			(139	)
Adjusted non-interest expense	e	$	81,887		$	78,717		$	77,943		$	160,604		$	154,051

Efficiency ratio			41.5	%		40.4	%		45.3	%		41.0	%		45.5	%
Adjusted efficiency ratio	f=e/c		37.0	%		36.9	%		39.4	%		37.0	%		40.7	%