Market Overview

Pacific City Financial Corporation Reports Earnings of $6.7 Million for Q4 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 $6.7 million, or $0.41 per diluted common share for the fourth
quarter of 2018, compared with $6.5 million, or $0.44 per diluted common
share, in the previous quarter and $2.3 million, or $0.17 per diluted
common share, in the fourth quarter of 2017.

Q4 2018 Financial Highlights

  • Net income totaled $6.7 million, or $0.41 per diluted common share;
  • Total assets were $1.70 billion at December 31, 2018, an increase of
    $33.2 million, or 2.0%, from $1.66 billion at September 30, 2018, and
    an increase of $255.0 million, or 17.7%, from $1.44 billion at
    December 31, 2017;
  • Loans held-for-investment, net of deferred costs (fees), were $1.34
    billion at December 31, 2018, an increase of $29.6 million, or 2.3%,
    from $1.31 billion at September 30, 2018, and an increase of $148.7
    million, or 12.5%, from $1.19 billion at December 31, 2017; and
  • Total deposits were $1.44 billion at December 31, 2018, an increase of
    $24.2 million, or 1.7%, from $1.42 billion at September 30, 2018, and
    an increase of $192.5 million, or 15.4%, from $1.25 billion at
    December 31, 2017.

"We are pleased to announce another strong quarter with record earnings
of $6.7 million, and year-to-date increases of 12.5% for loans and 15.4%
for deposits," stated Henry Kim, President and Chief Executive Officer.
"We expanded our net interest margin to 4.33% in the fourth quarter of
2018 compared with 4.17% in the third quarter of 2018 and maintained a
strong efficiency ratio of 50.44%. We are confident in our ability to
continue our high performance and increase the franchise and
shareholders values."

Financial Highlights

      Three Months Ended     Year Ended
(Unaudited)     (Unaudited)         (Unaudited)     (Unaudited)     (Unaudited)    
($ in thousands, except per share data) 12/31/2018 9/30/2018 % Change 12/31/2017 % Change 12/31/2018 12/31/2017 % Change
Net income $ 6,732 $ 6,543 2.9 % $ 2,339 187.8 % $ 24,301 $ 16,403 48.1 %
Diluted earnings per common share $ 0.41 $ 0.44 (6.8 )% $ 0.17 141.2 % $ 1.66 $ 1.21 37.2 %
 
Net interest income $ 17,856 $ 16,716 6.8 % $ 14,933 19.6 % $ 65,748 $ 55,170 19.2 %
Provision for loan losses 294 417 (29.5 )% 1,713 (82.8 )% 1,231 1,827 (32.6 )%
Noninterest income 2,239 2,580 (13.2 )% 3,362 (33.4 )% 10,454 13,894 (24.8 )%
Noninterest expense 10,135 9,520 6.5 % 9,620 5.4 % 40,226 35,895 12.1 %
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