18 unchanged sentences
The following table presents share repurchase activities during the three months ended December 31, 2020:
−Removed: ($ in thousands, except per share data)
−Removed: Total Number of Shares Purchased
−Removed: Average Price Paid Per Share
−Removed: Total Number of Shares Purchased as Part of Publicly Announced Program
−Removed: Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
+Added: ($ in thousands, except per share data) Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares That May Yet Be Purchased Under the Program
From October 1, 2020 to October 31, 2020 — $ — — $ —
1 unchanged sentence
From December 1, 2020 to December 31, 2020 — — — —
+Added: Total — $ — —
On March 28, 2019, the Company’s Board of Directors approved the repurchase of up to $6.5 million of the Company’s common stock through March 27, 2020.
−Removed: The Company completed the repurchase program in October 2019, and repurchased and retired a total of 396,715 shares of common stock.
+Added: During the year ended December 31, 2019, the Company completed the repurchase program, and repurchased and retired 396,715 shares of common stock at a weighted-average price of $16.33 per share.
On January 23, 2020, the Company announced that on November 22, 2019, its Board of Directors approved a $6.5 million stock repurchase program to commence upon the opening of the Company’s trading window for the first quarter of 2020 and continue through November 20, 2021.
+Added: The Company completed the repurchase program in March 2020.
+Added: The Company repurchased and retired 428,474 shares of common stock at a weighted-average price of $15.14 per share.
Selected Financial Data
9 unchanged sentences
Allowance for loan losses (26,510) (14,380) (13,167) (12,224) (11,320)
+Added: Total assets 1,922,853 1,746,328 1,697,028 1,441,999 1,226,642
Total deposits 1,594,851 1,479,307 1,443,753 1,251,290 1,091,812
9 unchanged sentences
Income tax expense 6,836 10,243 10,444 14,939 10,401
+Added: Net income 16,175 24,108 24,301 16,403 14,002
Per share data:
2 unchanged sentences
Book value per common share (1)
+Added: 15.19 14.44 13.16 10.60 9.48
Cash dividends declared per common share 0.40 0.25 0.12 0.12 0.11
7 unchanged sentences
Dividend payout ratio (2)
+Added: 38.10 % 16.45 % 7.10 % 9.84 % 9.82 %
Efficiency ratio (3)
+Added: 53.51 % 52.30 % 52.79 % 51.97 % 54.92 %
Yield on average interest-earning assets 4.25 % 5.53 % 5.38 % 4.99 % 4.82 %
2 unchanged sentences
Net interest margin (4)
+Added: 3.53 % 4.11 % 4.23 % 4.22 % 4.18 %
Total loans to total deposits ratio (5)
+Added: 99.42 % 98.21 % 93.12 % 95.53 % 94.64 %
As of or For the Year Ended December 31,
2 unchanged sentences
Loans 30 to 89 days past due and still accruing
+Added: $ 338 $ 1,818 $ 377 $ 1,341 $ 2,094
Loans past due 90 days or more and still accruing
Nonaccrual loans
+Added: 3,163 2,537 1,061 3,234 1,848
Nonperforming loans
+Added: 3,163 2,824 1,061 3,234 1,848
Nonperforming assets (6)
+Added: 4,564 2,824 1,061 3,333 2,354
Net charge-offs
+Added: 1,089 3,024 288 923 308
Loans 30 to 89 days past due and still accruing to loans held-for-investment
+Added: 0.02 % 0.13 % 0.03 % 0.11 % 0.20 %
Nonaccrual loans to loans held-for-investment
+Added: 0.20 % 0.17 % 0.08 % 0.27 % 0.18 %
Nonaccrual loans to allowance for loan losses 11.93 % 17.64 % 8.06 % 26.46 % 16.33 %
Nonperforming loans to loans held-for-investment
+Added: 0.20 % 0.19 % 0.08 % 0.27 % 0.18 %
Nonperforming loans to allowance for loan losses
+Added: 11.93 % 19.64 % 8.06 % 26.46 % 16.33 %
Nonperforming assets to total assets
+Added: 0.24 % 0.16 % 0.06 % 0.23 % 0.19 %
Allowance for loan losses to loans held-for-investment
+Added: 1.67 % 0.99 % 0.98 % 1.03 % 1.10 %
Allowance for loan losses to nonaccrual loans
+Added: 838.13 % 566.81 % 1,241.00 % 377.98 % 612.55 %
Allowance for loan losses to nonperforming loans
+Added: 838.13 % 509.21 % 1,241.00 % 377.98 % 612.55 %
Net charge-offs to average loans held-for-investment
+Added: 0.07 % 0.22 % 0.02 % 0.08 % 0.03 %
Capital ratios:
Shareholders’ equity to total assets
+Added: 12.16 % 12.99 % 12.39 % 9.86 % 10.35 %
Average equity to average assets
+Added: 11.94 % 12.88 % 10.72 % 10.20 % 10.01 %
Common tier 1 capital (to risk-weighted assets)
+Added: 15.97 % 15.87 % 16.28 % 12.15 % 12.47 %
Total capital (to risk-weighted assets)
+Added: 17.22 % 16.90 % 17.31 % 13.20 % 13.59 %
Tier 1 capital (to risk-weighted assets)
+Added: 15.97 % 15.87 % 16.28 % 12.15 % 12.47 %
Tier 1 capital (to average assets)
+Added: 11.94 % 13.23 % 12.60 % 10.01 % 10.48 %
Pacific City Bank
Common tier 1 capital (to risk-weighted assets)
+Added: 15.70 % 15.68 % 16.19 % 12.06 % 12.35 %
Total capital (to risk-weighted assets)
+Added: 16.95 % 16.71 % 17.21 % 13.12 % 13.48 %
Tier 1 capital (to risk-weighted assets)
+Added: 15.70 % 15.68 % 16.19 % 12.06 % 12.35 %
Tier 1 capital (to average assets)
+Added: 11.74 % 13.06 % 12.53 % 9.94 % 10.38 %
(1) Shareholders’ equity divided by common shares outstanding.
5 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.