Market Overview

Pacific City Financial Corporation Reports Earnings of $6.6 million for Q1 2019 and Increased Cash Dividend

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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 $6.6 million, or $0.40 per diluted common share for the first
quarter of 2019, compared with $6.7 million, or $0.41 per diluted common
share, in the previous quarter and $6.3 million, or $0.46 per diluted
common share, in the year-ago quarter.

Q1 2019 Financial Highlights

  • Net income totaled $6.6 million or $0.40 per diluted common share;
  • Total assets were $1.72 billion at March 31, 2019, an increase of
    $20.7 million, or 1.2%, from $1.70 billion at December 31, 2018 and an
    increase of $138.8 million, or 8.8%, from $1.58 billion at March 31,
    2018;
  • Loans held-for-investment, net of deferred costs (fees), were $1.34
    billion at March 31, 2019, an increase of $4.5 million, or 0.3%, from
    $1.34 billion at December 31, 2018 and an increase of $119.9 million,
    or 9.8%, from $1.22 billion at March 31, 2018;
  • Total deposits were $1.45 billion at March 31, 2019, an increase of
    $4.0 million, or 0.3%, from $1.44 billion at December 31, 2018, and an
    increase of $65.8 million, or 4.8%, from $1.38 billion at March 31,
    2018;
  • The board of directors approved a $6.5 million share repurchase
    program to begin in the second quarter of 2019; and
  • Reflecting the Company's continued earnings performance in the first
    quarter of 2019, the Company declared an increased cash dividend of
    $0.06 per common share for shareholders of record on May 31, 2019, and
    payable on June 14, 2019.

"I am pleased with another strong financial performance for the quarter
that is highlighted by earnings of $6.6 million, or $0.40 per diluted
common share. I am also pleased with board's declaration of quarterly
cash dividend of $0.06 per common share, or an increase of 20% from
first quarter cash dividend of $0.05, that will be paid in June," stated
Henry Kim, President and Chief Executive Officer. "Although our loan and
deposit growth moderated during the quarter, we maintained net interest
margin of 4.22% and efficiency ratio of 52.60%. Since the tail end of
the first quarter, we are experiencing an increase in loan demand and
stabilization in deposit costs, which lead us to be optimistic on our
ability to deliver a continued strong financial performance for the
remainder of 2019."

Financial Highlights (Unaudited)

      Three Months Ended
($ in thousands, except per share data) 3/31/2019       12/31/2018       % Change       3/31/2018       % Change
Net income $ 6,564 $ 6,732 (2.5 )% $ 6,264 4.8 %
Diluted earnings per common share $ 0.40 $ 0.41 (2.4 )% $ 0.46 (13.0 )%
 
Net interest income $ 17,153 $ 17,856 (3.9 )% $ 15,294 12.2 %
Provision (reversal) for loan losses (85 ) 294 (128.9 )% 95 (189.5 )%
Noninterest income 2,409 2,239 7.6 % 3,362 (28.3 )%
Noninterest expense 10,289 10,135 1.5 % 9,631 6.8 %
 
Return on average assets (1) 1.57 % 1.60 % 1.73 %
Return on average shareholders' equity (1), (2) 12.43 % 12.92 % 17.50 %
Net interest margin (1) 4.22 % 4.33 % 4.33 %
Efficiency ratio (3) 52.60 % 50.44 %
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