Pacific City Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 30, 2018 at 10:00 am
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Pacific City Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported net interest income of $14,933,000 against $12,579,000 a year ago. Total interest income was $17,871,000 against $14,589,000 a year ago. Net income before taxes was $6,962,000 against $7,532,000 a year ago. Net income was $2,339,000 against $4,312,000 a year ago. Basic and diluted earnings per share were $0.17 against $0.32 a year ago. Return on average assets was 0.65% against 1.42% a year ago. Return on average stockholders' equity was 6.47% against 13.59% a year ago. The increase in net interest income compared with the previous year and the previous quarters was primarily due to an increase in interest-earning assets and multiple increases in market interest rates since December 2016.
For the year, the company reported net interest income of $55,170,000 against $45,581,000 a year ago. Total interest income was $65,267,000 against $52,595,000 a year ago. Net income before tax was $31,342,000 against $24,403,000 a year ago. Net income after tax was $16,403,000 against $14,002,000 a year ago. The increase in net income compared with 2016 year was primarily due to an increase of $9.6 million in net interest income, an increase of $275,000 in noninterest income, and a decrease of $456,000 in provision for loan losses, partially offset by an increase of $4.5 million in provision for income tax and an increase of $3.4 million in noninterest expense. Basic and diluted earnings per share were $1.21 against $1.11 a year ago. Return on average assets was 1.22% against 1.25% a year ago. Return on average stockholders' equity was 12.00% against 12.47% a year ago.
PCB Bancorp is a bank holding company for PCB Bank (the Bank). The Bank offers a suite of commercial banking services to small to medium-sized businesses, individuals and professionals, primarily in Southern California, and predominantly in Korean-American and other minority communities. The Bank offers a range of online banking solutions that includes access to account balances, online transfers, online bill payment and electronic delivery of customer statements, mobile banking solutions, including remote check deposit and mobile bill pay. The Bank offers automated teller machines and banking by telephone, mail, personal appointment, debit cards, as well as treasury management, wire transfer and automated clearing house services. The Banks lending activities portfolio consists of real estate loans, commercial and industrial loans and other consumer loans. Its investment securities portfolio includes mortgage-backed securities and collateralized mortgage obligations, among others.