Market Overview

PCB Bancorp Reports Earnings of $6.6 million for Q2 2019

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PCB Bancorp (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 second quarter of 2019, compared with $6.6 million, or $0.40 per diluted common share, for the previous quarter and $4.8 million, or $0.35 per diluted common share, for the year-ago quarter.

On July 1, 2019, the Company changed its corporate name to "PCB Bancorp" from "Pacific City Financial Corporation" to reflect the Company's goal to align the corporate name with the trading symbol of its common stock and simplify corporate communications while maintaining the Company's core branding.

Q2 2019 Financial Highlights

  • Net income totaled $6.6 million or $0.40 per diluted common share;
  • Total assets were $1.73 billion at June 30, 2019, an increase of $8.7 million, or 0.5%, from $1.72 billion at March 31, 2019, an increase of $29.5 million, or 1.7%, from $1.70 billion at December 31, 2018, and an increase of $107.3 million, or 6.6%, from $1.62 billion at June 30, 2018;
  • Loans held-for-investment, net of deferred costs (fees), were $1.40 billion at June 30, 2019, an increase of $52.4 million, or 3.9%, from $1.34 billion at March 31, 2019, an increase of $56.9 million, or 4.2%, from $1.34 billion at December 31, 2018, and an increase of $140.7 million, or 11.2%, from $1.25 billion at June 30, 2018;
  • Total deposits were $1.45 billion at June 30, 2019, a decrease of $1.2 million, or 0.1%, from $1.45 billion at March 31, 2019, but an increase of $2.8 million, or 0.2%, from $1.44 billion at December 31, 2018 and an increase of $19.3 million, or 1.4%, from $1.43 billion at June 30, 2018;
    • State and Brokered deposits were $117.5 million at June 30, 2019 compared to $157.5 million, $142.5 million and $152.5 million, respectively, at March 31, 2019, December 31, 2018 and June 30, 2018.
  • The Company repurchased 57,551 shares of its common stock totaling $974 thousand under the publicly announced $6.5 million share repurchase program; and
  • The Company declared an increased cash dividend of $0.06 per common share.

"We are pleased to report another strong quarterly financial performance highlighted by earnings of $6.6 million, or $0.40 per diluted common share," stated Henry Kim, President and Chief Executive Officer. "In spite of the uncertain interest rate environment coupled with intense competition on deposits and credits, during the second quarter our held-for-investment loan balance increased $52.4 million, or 3.9%, and our retail deposit balance, excluding wholesale deposits, increased $38.8 million, or 3.0%. We maintained our net interest margin at 4.17% during the quarter and we are successfully carrying our initiative on reducing our asset sensitive balance sheet by increasing the percentage of fixed rate loans to 37.8% at June 30, 2019 compared with 34.6% at March 31, 2019."

Financial Highlights (Unaudited)

 

 

Three Months Ended

 

Six Months Ended

($ in thousands, except per share data)

 

6/30/2019

 

3/31/2019

 

% Change

 

6/30/2018

 

% Change

 

6/30/2019

 

6/30/2018

 

% Change

Net income

 

$

 

6,601

 

 

$

 

6,564

 

 

 

0.6

%

 

$

 

4,762

 

 

 

38.6

%

 

$

 

13,165

 

 

$

 

11,026

 

 

19.4

%

Diluted earnings per common share

 

$

 

0.40

 

 

$

 

0.40

 

 

%

 

$

 

0.35

 

 

 

14.3

%

 

$

 

0.81

 

 

$

 

0.81

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

 

17,692

 

 

$

 

17,153

 

 

 

3.1

%

 

$

 

15,882

 

 

 

11.4

%

 

$

 

34,845

 

 

$

 

31,176

 

 

11.8

%

Provision (reversal) for loan losses

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