Market Overview

Pacific City Financial Corporation Reports Earnings of $6.5 Million for Q3 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 $6.5 million, or $0.44 per diluted common share for the third
quarter of 2018, compared with $4.8 million, or $0.35 per diluted common
share, in the previous quarter and $4.8 million, or $0.35 per diluted
common share, in the third quarter of 2017.

During the third quarter of 2018, the Company successfully completed its
initial public offering ("IPO") for net proceeds of $45.5 million and
its common stock began trading on the Nasdaq Global Select Market under
the symbol "PCB."

Q3 2018 Financial Highlights

  • Net income totaled $6.5 million or $0.44 per diluted common share;
  • Total assets were $1.66 billion at September 30, 2018, an increase of
    $44.6 million, or 2.8%, from $1.62 billion at June 30, 2018 and an
    increase of $221.8 million, or 15.4%, from $1.44 billion at December
    31, 2017;
  • Loans held-for-investment, net of deferred costs (fees), were $1.31
    billion at September 30, 2018, an increase of $54.3 million, or 4.3%,
    from $1.25 billion at June 30, 2018 and an increase of $119.1 million,
    or 10.0%, from $1.19 billion at December 31, 2017; and
  • Total deposits were $1.42 billion at September 30, 2018, a decrease of
    $7.7 million, or 0.5%, from $1.43 billion at June 30, 2018, but an
    increase of $168.2 million, or 13.4%, from $1.25 billion at December
    31, 2017.

"We are pleased to announce a solid 2018 third quarter results that
coincided with our successful IPO. The new capital from the IPO is
providing us with strong capital ratios and a base to continue to
increase the value of our franchise," stated Henry Kim, President and
Chief Executive Officer. "We like the direction that our profitability
measurements are headed. Our net interest margin increased to 4.17%, our
efficiency ratio improved to 49.34%, and our return on average assets
improved to 1.60% for the third quarter of 2018 from the prior quarter."

Financial Highlights

  Three Months Ended   Nine Months Ended
(Unaudited)   (Unaudited)     (Unaudited)   (Unaudited)   (Unaudited)  
($ in thousands, except per share data)   9/30/2018     6/30/2018   % Change   9/30/2017   % Change   9/30/2018     9/30/2017   % Change
Net income $ 6,543 $ 4,762 37.4 % $ 4,806 36.1 % $ 17,569 $ 14,064 24.9 %
Diluted earnings per common share $ 0.44 $ 0.35 25.5 % $ 0.35 23.6 % $ 1.25 $ 1.04 20.3 %
 
Net interest income $ 16,716 $ 15,882 5.3 % $ 14,383 16.2 % $ 47,892 $ 40,237 19.0 %
Provision for loan losses 417 425 (1.9 )% 586 (28.8 )% 937 114 721.9 %
Noninterest income 2,580 2,273 13.5 % 3,461 (25.5 )% 8,215 10,532 (22.0 )%
Noninterest expense 9,520 10,940 (13.0 )% 8,958 6.3 % 30,091 26,275 14.5 %
 
Return on average assets (1) 1.60 % 1.20 % 1.38 % 1.50 % 1.43 %
Return on average shareholders' equity (1), (2)
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