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• It's like a regional Wells Fargo, but with a primary focus on the Asian-American community.
• Imagine a U.S. Bank or PNC, but specifically tailored to serve the Chinese-American community.

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• Commercial Real Estate Loans: Financing for the acquisition, development, and refinancing of commercial properties.
• Commercial & Industrial Loans: Credit facilities provided to businesses for working capital, equipment purchases, and operational needs.
• Residential Mortgage Loans: Financing for individuals to purchase or refinance homes.
• Deposit Products: A range of checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
• International Banking Services: Solutions for international trade finance, foreign exchange, and remittances, catering to businesses engaged in cross-border transactions.
• Treasury Management Services: Cash management solutions including payment processing, account reconciliation, and liquidity management for commercial clients.

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Cathay General Bancorp (symbol: CATY) is a bank holding company whose primary subsidiary, Cathay Bank, provides a wide range of financial services. Like most banks, it does not have a few "major customers" in the traditional sense; instead, it serves a diverse customer base across various segments. The company primarily sells to individuals and businesses.

Cathay General Bancorp serves the following categories of customers:

1. Individuals/Consumers: This category includes personal banking customers who utilize services such as checking and savings accounts, certificates of deposit, personal loans, credit cards, and residential mortgage loans.
2. Small to Medium-sized Businesses (SMBs): These customers are typically enterprises requiring commercial loans, lines of credit, business checking and savings accounts, treasury management services, and other business banking solutions.
3. Commercial Real Estate (CRE) Investors and Developers: This segment comprises clients seeking financing for the acquisition, development, construction, or refinancing of various types of commercial properties, including multi-family, retail, office, and industrial properties.

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Chang M. Liu, President, Chief Executive Officer, and Director

Chang M. Liu was appointed CEO and President of Cathay General Bancorp and Cathay Bank in October 2020. He has over 30 years of banking experience. Prior to his CEO role, Mr. Liu held various leadership positions at Cathay Bank, including President and Chief Operating Officer, Executive Vice President and Chief Lending Officer, Deputy Chief Lending Officer, and Senior Vice President and Assistant Chief Lending Officer, starting from when he joined in 2014. Before joining Cathay Bank, he served as Executive Vice President and Chief Lending Officer at Pacific Trust Bank, Senior Vice President of the Special Assets Group at U.S. Bank, Senior Vice President of the Commercial Real Estate Group at California National Bank, and Chief Lending Officer at Banc of California.

Heng W. Chen, Executive Vice President, Chief Financial Officer, and Treasurer

Heng W. Chen has served as the Chief Financial Officer, Executive Vice President, and Treasurer of Cathay General Bancorp since 2003 and Chief Financial Officer of Cathay Bank since 2004. He also serves as a Director, Vice President, and Chief Financial Officer of GBC Venture Capital Inc. since 2003. His previous experience includes serving as Vice President and Chief Financial Officer of Cathay Real Estate Investment Trust from 2003 to 2013, Executive Vice President-Finance at City National Bank, and Assistant Chief Financial Officer at City National Corp.

Dunson K. Cheng, Chairman

Dunson K. Cheng has been the Chairman of Cathay General Bancorp since 2016. He previously served as President and Chief Executive Officer of the company from 1990 to 2016 and Chairman of the company and Cathay Bank from 1994 to 2016.

Albert Sun, Executive Vice President, Chief Credit Officer of Cathay Bank

Albert Sun became Executive Vice President and Chief Credit Officer of Cathay General Bank in January 2024. His prior experience includes serving as Chief Credit Officer at Piermont Bank from 2022 to 2023, and he also held Chief Credit Officer roles at Grasshopper Bank and East West Bank.

Diana G. Deen, Executive Vice President, Chief Risk Officer of Cathay Bank

Diana G. Deen was appointed Executive Vice President and Chief Risk Officer of Cathay General Bank in January 2025. Previously, Ms. Deen served as the Head of Operational Risk, Executive Vice President, and Chief Ethics and Conduct Officer of Bank of the West. She also held roles including Head of International Risk Oversight and Executive Vice President at Wells Fargo.

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The key risks to Cathay General Bancorp (CATY) include:

1. Credit Risk and Loan Losses: A primary concern for Cathay General Bancorp is its significant exposure to credit risk, particularly within its loan portfolio, which heavily skews towards commercial real estate. Deterioration in asset quality or economic downturns could lead to increased loan losses and negatively impact the bank's financial performance.
2. Regulatory and Compliance Risks, including Insider Fraud: The banking industry faces stringent regulatory oversight, and changes in regulations can necessitate substantial resources for compliance. Furthermore, recent incidents of insider fraud and identified compliance gaps, especially concerning transaction monitoring and data security, highlight specific vulnerabilities that could result in regulatory penalties and damage to the company's reputation.
3. Market-Specific and Geographic Concentration Risks: Cathay General Bancorp's business model, with its focus on the Chinese-American community and significant presence in Southern California and New York State, exposes it to market-specific risks. Economic fluctuations within this demographic or these regions, as well as shifts in immigration patterns or local economic downturns, could disproportionately affect the bank's performance.

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Cathay General Bancorp (CATY) offers a range of financial products and services primarily within the United States, focusing on individuals, professionals, and small to medium-sized businesses. The company operates through its subsidiary, Cathay Bank, with branches across several U.S. states, including California, New York, Massachusetts, Texas, Washington, Illinois, Maryland, Nevada, and New Jersey, and has representative offices in Hong Kong and Taipei.

Here are the estimated addressable market sizes for their main products and services in the U.S.:

• Commercial Real Estate Loans (U.S.): The total commercial real estate (CRE) mortgage market for income-producing properties in the U.S. was approximately $4.5 trillion as of March 2023, with an additional $470 billion in construction loans. Total commercial and multifamily mortgage debt outstanding in the U.S. increased to $4.79 trillion in Q4 2024. Looking at originations, total commercial real estate mortgage borrowing and lending was estimated at $498 billion in 2024, a 16% increase from 2023. Commercial and multifamily loan originations are projected to climb 16% to $583 billion in 2025.

• Residential Mortgage Loans (U.S.): The residential mortgage debt outstanding in the U.S. totaled $11.92 trillion as of the fourth quarter of 2022. The U.S. home loan market reached $2.29 trillion in 2025 and is forecasted to grow to $3.02 trillion by 2030.

• Small Business Administration (SBA) Loans (U.S.): The U.S. Small Business Administration (SBA) provided $37.8 billion in 7(a) and 504 loan funding in fiscal year 2024, an increase from $33.9 billion in fiscal year 2023. The U.S. small business loan market was valued at $245.39 billion in 2023 and is projected to reach $349.64 billion by 2033, growing at a CAGR of 3.4% from 2024 to 2033.

• Commercial and Industrial (C&I) Loans (U.S.): Commercial and industrial loans held by all commercial banks in the U.S. were $2.695 trillion in September 2025. As of the most recent data, US Commercial Banks Commercial and Industrial Loans were at $2.703 trillion. The broader commercial lending market size was valued at $8,823.53 billion in 2020 and is projected to reach $29,379.83 billion by 2030, growing at a CAGR of 13.1% from 2021 to 2030.

Due to the nature of "deposits" and "wealth management services" as broad financial categories with various sub-segments and different metrics for market sizing, precise addressable market figures comparable to loan markets are not readily available or are often integrated into overall banking and financial services market analyses.

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Cathay General Bancorp (CATY) is expected to experience future revenue growth driven by several key factors over the next two to three years:

1. Loan Growth, Particularly in Commercial Real Estate and Residential Sectors: The company has demonstrated consistent loan growth. In Q3 2025, total gross loans increased by $320 million, an annualized rate of 6.6%, primarily fueled by increases in Commercial Real Estate (CRE) loans and residential loans. Similarly, Q2 2025 saw an 8.9% annualized increase in total gross loans, driven by commercial and commercial real estate loans, as well as residential loans. Cathay General Bancorp has revised its loan growth guidance upward to a range of 3.5% to 5% for both loans and deposits, reflecting this positive momentum.

2. Net Interest Margin (NIM) Expansion through Effective Cost of Funds Management: Cathay General Bancorp has shown a trend of increasing net interest margin. In Q3 2025, the net interest margin rose to 3.31% from 3.27% in Q2 2025, primarily due to a lower cost of funds. The bank also increased its 2025 guidance for NIM to between 3.25% and 3.35%. This expansion is supported by expectations that a potential Federal Reserve rate-cutting cycle will lead to a decrease in market rates, thereby reducing the cost of time deposits and favorably impacting overall profitability.

3. Deposit Growth, with a Focus on Core Deposits: Growth in deposits, especially core deposits, is a significant revenue driver. Total deposits increased by $515 million, or an annualized 10.5%, in Q3 2025, largely driven by a $508 million increase in core deposits due to seasonal factors and marketing activities. In Q2 2025, total deposits also saw an increase of $189 million, predominantly from core and time deposits. The company has adjusted its deposit growth guidance to 3.5% to 5%.

4. Strategic Expansion in High-Density Asian-Populated and Core Urban Markets: The bank's operational strategy is closely linked to its presence and expansion in high-density Asian-populated areas and core urban markets. Cathay Bank operates in nine U.S. states, including California, New York, and Texas, and has an international presence in Hong Kong with representative offices in Beijing, Shanghai, and Taipei. This targeted geographical focus provides opportunities for customer acquisition and market penetration.

5. Growth in Noninterest Income: While net interest income remains the primary revenue source, growth in noninterest income contributes to overall revenue. In Q3 2025, noninterest income increased by $5.6 million to $21 million, primarily due to a change in mark-to-market unrealized gain on equity securities. The bank also saw an increase of $4.2 million in noninterest income in Q2 2025. Continued efforts to grow revenue from various banking services beyond traditional lending, such as fees and other service charges, can further bolster revenue streams.

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Share Repurchases

• Cathay General Bancorp authorized a new share repurchase program of up to $150 million on June 4, 2025.
• This new program followed the completion of a previous $125 million share repurchase program on February 28, 2025, which saw the repurchase of 2,905,487 shares at an average cost of $43.02 per share.
• In the third quarter of 2025, the company repurchased 1.07 million shares for $50.6 million under the ongoing June 2025 buyback program.

Share Issuance

• Proceeds from the issuance of common stock through the Dividend Reinvestment Plan and the exercise of stock options contribute to the Bancorp's liquidity.

Outbound Investments

• In February 2022, Cathay Bank completed the acquisition of HSBC's West Coast branches, adding 10 retail branches in California along with $646.1 million in loans and $575.2 million in deposits.

Capital Expenditures

• The company anticipates that significant capital expenditures may be required to provide secure and reliable services and adapt to changes in technology.