Market Overview

Pacific City Financial Corporation Reports Earnings of $4.8 million for Q2 2018

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Pacific City Financial Corporation (the "Company") (NASDAQ:PCB), the
holding company of Pacific City Bank (the "Bank"), today reported net
income of $4.8 million, or $0.35 per diluted common share for the second
quarter of 2018, compared with $6.3 million, or $0.46 per diluted common
share, in the previous quarter and $4.9 million, or $0.36 per diluted
common share, in the second quarter of 2017.

On August 14, 2018, the Company issued and sold 2,385,000 shares of its
common stock in an underwritten public offering, for net proceeds of
approximately $43.2 million after deducting underwriting discounts and
commissions and estimated offering expenses. The underwriters have a
30-day option to purchase up to an additional 357,750 shares of common
stock at the initial public offering price less the underwriting
discount. The Company intends to use the proceeds for general corporate
purposes, including maintenance of its required regulatory capital, to
support future organic growth and other strategic alternatives.

Q2 2018 Highlights

  • Net income totaled $4.8 million or $0.35 per diluted common share;
  • Total assets were $1.62 billion at June 30, 2018, an increase of $40.2
    million, or 2.5%, from $1.58 billion at March 31, 2018 and an increase
    of $177.2 million, or 12.3%, from $1.44 billion at December 31, 2017;
  • Loans held-for-investment, net of deferred costs (fees), were $1.25
    billion at June 30, 2018, an increase of $31.6 million, or 2.6%, from
    $1.22 billion at March 31, 2018 and an increase of $64.9 million, or
    5.5%, from $1.19 billion at December 31, 2017; and
  • Total deposits were $1.43 billion, an increase of $45.3 million, or
    3.3%, from $1.38 billion at March 31, 2018 and an increase of $176.0
    million, or 14.1%, from $1.25 billion at December 31, 2017.

"We are pleased to report another strong quarter that was highlighted by
the continuing growth in our total assets supported by strong growth in
loans and deposits," stated Henry Kim, President and CEO. "Our total
loans and deposits increased by $79.9 million and $176.0 million,
respectively, which represented annualized growth rates of 13.4% and
28.1%, respectively, for the current year." Mr. Kim continued, "We were
able to maintain net interest margin above 4%, while growing our deposit
accounts, despite the increase in our deposit cost due to the strong
competition in our deposit target markets, as our asset-sensitive
balance sheet continues to contribute positive impacts to our net
interest margin."

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Financial Highlights
 
    As of or For the Three Months Ended       Six Months Ended
($ in thousands, except per share data) (Unaudited)

6/30/2018

(Unaudited)

3/31/2018

  % Change     (Unaudited)

6/30/2017

  % Change   (Unaudited)

6/30/2018

  (Unaudited)

6/30/2017

  % Change  
Net income $ 4,762 $ 6,264   -24.0 % $ 4,860   -2.0 % $ 11,026   $ 9,258   19.1 %
Diluted earnings per common share 0.35 0.46

 

 

0.36

 

 

0.81 0.68

 

 

 
Net interest income $ 15,882 $ 15,294 3.8 % $ 13,384 18.7 % $ 31,176 $ 25,854 20.6 %
Provision (reversal) for loan losses 425 95 347.4 % (274 ) -255.1 % 520 (472 ) -210.2 %
Noninterest income 2,273 3,362 -32.4 % 3,582 -36.5 % 5,635 7,071 -20.3 %
Noninterest expense 10,940 9,631 13.6 % 8,796 24.4 % 20,571 17,317 18.8 %
 
Return on average assets (1) 1.20 % 1.73 % 1.49 % 1.45 % 1.46 %
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