Pacific City Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016
January 27, 2017 at 05:00 pm
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Pacific City Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. The company reported net income of $4.3 million, or $0.32 per diluted common share, compared with $3.5 million, or $0.27 per diluted common share, in the previous quarter and $2.9 million, or $0.24 per diluted common share, in the year-ago quarter. Net interest income was $12.579 million against $9.856 million a year ago. Net income before taxes was $7.532 million against $5.015 million a year ago.
For the 2016 year, net income was $14.0 million, or $1.11 per diluted common share, compared with $12.2 million, or $1.02 per diluted common share, in 2015. Net interest income was $45.581 million against $37.040 million a year ago. Net income before taxes was $24.403 million against $21.087 million a year ago.
During the fourth quarter of 2016, the Company recognized a net charge-off of $293,000 compared with a net recovery of $3,000 in the previous quarter, and a net charge-off of $285,000 in the year-ago quarter.
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.
Pacific City Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter of 2016