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Item 5. Market for Registrant’s Common Equity

2022-03-04 compared with 2021-03-11 · 2 added, 109 removed, 29 unchanged (79% of the section changed)

28 unchanged sentences

The Company repurchased and retired 428,474 shares of common stock at a weighted-average price of $15.14 per share.

Selected Financial Data

The following table presents certain selected financial data as of the dates or for the periods indicated:

As of or For the Year Ended December 31,

($ in thousands, except per share data) 2020 2019 2018 2017 2016

Selected balance sheet data:

Cash and cash equivalents $ 194,098 $ 146,228 $ 162,273 $ 73,658 $ 69,951

Securities available-for-sale 120,527 97,566 146,991 129,689 82,838

Securities held-to-maturity — 20,154 21,760 21,070 17,584

Loans held-for-sale 1,979 1,975 5,781 5,297 2,150

Loans held-for-investment 1,583,578 1,450,831 1,338,682 1,189,999 1,031,112

Allowance for loan losses (26,510) (14,380) (13,167) (12,224) (11,320)

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

Shareholders’ equity 233,788 226,834 210,296 142,184 127,007

Selected income statement data:

Interest income $ 79,761 $ 92,945 $ 83,699 $ 65,267 $ 52,595

Interest expense 13,572 23,911 17,951 10,097 7,014

Net interest income 66,189 69,034 65,748 55,170 45,581

Provision for loan losses 13,219 4,237 1,231 1,827 2,283

Noninterest income 11,740 11,869 10,454 13,894 13,619

Noninterest expense 41,699 42,315 40,226 35,895 32,514

Income before income taxes 23,011 34,351 34,745 31,342 24,403

Income tax expense 6,836 10,243 10,444 14,939 10,401

Net income 16,175 24,108 24,301 16,403 14,002

Per share data:

Earnings per common share, basic $ 1.05 $ 1.52 $ 1.69 $ 1.22 $ 1.12

Earnings per common share, diluted 1.04 1.49 1.65 1.21 1.11

Book value per common share (1)

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

Outstanding share data:

Number of common shares outstanding 15,385,878 15,707,016 15,977,754 13,417,899 13,391,222

Weighted-average common shares outstanding, basic 15,384,231 15,873,383 14,397,075 13,408,030 12,532,807

Weighted-average common shares outstanding, diluted 15,448,892 16,172,282 14,691,370 13,540,293 12,607,990

Selected performance ratios:

Return on average assets 0.84 % 1.40 % 1.53 % 1.22 % 1.25 %

Return on average shareholders’ equity 7.08 % 10.88 % 14.26 % 12.00 % 12.47 %

Dividend payout ratio (2)

38.10 % 16.45 % 7.10 % 9.84 % 9.82 %

Efficiency ratio (3)

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 %

Cost of average interest-bearing liabilities 1.15 % 2.09 % 1.65 % 1.14 % 0.96 %

Net interest spread 3.10 % 3.44 % 3.73 % 3.85 % 3.86 %

Net interest margin (4)

3.53 % 4.11 % 4.23 % 4.22 % 4.18 %

Total loans to total deposits ratio (5)

99.42 % 98.21 % 93.12 % 95.53 % 94.64 %

As of or For the Year Ended December 31,

($ in thousands, except per share data) 2020 2019 2018 2017 2016

Asset quality:

Loans 30 to 89 days past due and still accruing

$ 338 $ 1,818 $ 377 $ 1,341 $ 2,094

Loans past due 90 days or more and still accruing

Nonaccrual loans

3,163 2,537 1,061 3,234 1,848

Nonperforming loans

3,163 2,824 1,061 3,234 1,848

Nonperforming assets (6)

4,564 2,824 1,061 3,333 2,354

Net charge-offs

1,089 3,024 288 923 308

Loans 30 to 89 days past due and still accruing to loans held-for-investment

0.02 % 0.13 % 0.03 % 0.11 % 0.20 %

Nonaccrual loans to loans held-for-investment

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

0.20 % 0.19 % 0.08 % 0.27 % 0.18 %

Nonperforming loans to allowance for loan losses

11.93 % 19.64 % 8.06 % 26.46 % 16.33 %

Nonperforming assets to total assets

0.24 % 0.16 % 0.06 % 0.23 % 0.19 %

Allowance for loan losses to loans held-for-investment

1.67 % 0.99 % 0.98 % 1.03 % 1.10 %

Allowance for loan losses to nonaccrual loans

838.13 % 566.81 % 1,241.00 % 377.98 % 612.55 %

Allowance for loan losses to nonperforming loans

838.13 % 509.21 % 1,241.00 % 377.98 % 612.55 %

Net charge-offs to average loans held-for-investment

0.07 % 0.22 % 0.02 % 0.08 % 0.03 %

Capital ratios:

Shareholders’ equity to total assets

12.16 % 12.99 % 12.39 % 9.86 % 10.35 %

Average equity to average assets

11.94 % 12.88 % 10.72 % 10.20 % 10.01 %

Common tier 1 capital (to risk-weighted assets)

15.97 % 15.87 % 16.28 % 12.15 % 12.47 %

Total capital (to risk-weighted assets)

17.22 % 16.90 % 17.31 % 13.20 % 13.59 %

Tier 1 capital (to risk-weighted assets)

15.97 % 15.87 % 16.28 % 12.15 % 12.47 %

Tier 1 capital (to average assets)

11.94 % 13.23 % 12.60 % 10.01 % 10.48 %

Pacific City Bank

Common tier 1 capital (to risk-weighted assets)

15.70 % 15.68 % 16.19 % 12.06 % 12.35 %

Total capital (to risk-weighted assets)

16.95 % 16.71 % 17.21 % 13.12 % 13.48 %

Tier 1 capital (to risk-weighted assets)

15.70 % 15.68 % 16.19 % 12.06 % 12.35 %

Tier 1 capital (to average assets)

11.74 % 13.06 % 12.53 % 9.94 % 10.38 %

(1) Shareholders’ equity divided by common shares outstanding.

(2) Dividends declared per common share divided by basic earnings per common share.

(3) Noninterest expenses divided by the sum of net interest income and noninterest income.

(4) Net interest income divided by average total interest-earning assets.

(5) Total loans include both loans held-for-sale and loans held-for-investment, net of unearned loan costs (fees).

(6) Nonperforming assets include nonperforming loans (nonaccrual loans plus loans past due 90 days or more and still accruing) and other real estate owned.

On April 8, 2021, the Company’s Board of Directors approved a repurchase program authorizing the repurchase of up to 5% of the Company’s outstanding common stock as of the date of the board meeting, which represented 775,000 shares, through September 7, 2021.

The Company repurchased and retired 680,269 shares of common stock at a weighted-average price of $15.99 per share under this repurchase program.

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.

What changed 10-K

Item 5. Market for Registrant’s Common Equity