2 unchanged sentences
The Company has reviewed all legal claims with counsel and has taken into consideration the views of such counsel as to the potential outcome of the claims in determining the accrued loss contingency.
−Removed: The Company had no accrued loss contingencies for certain legal claims at December 31, 2022.
+Added: The Company had accrued loss contingencies of $40 thousand for certain legal claims at December 31, 2023.
It is reasonably possible the Company may incur losses in addition to the amounts currently accrued.
5 unchanged sentences
On September 7, 2021, the Bank determined that an external actor had illegally accessed and/or acquired certain data on its network.
−Removed: The Bank has been working with third-party forensic investigators to understand the nature and scope of the incident and determine what information may have been accessed and/or acquired and who may have been impacted.
+Added: The Bank worked with third-party forensic investigators to understand the nature and scope of the incident and determine what information may have been accessed and/or acquired and who may have been impacted.
The investigation revealed that this incident impacted certain files containing certain Bank customer information.
5 unchanged sentences
Pacific City Bank , Case Number 21STCV45922 (“the Matter”).
−Removed: In the Matter, Plaintiff seeks to form a class action and alleges causes of action for:
−Removed: (1) negligence;
−Removed: (2) unjust enrichment;
−Removed: (3) violations of California’s Consumer Privacy Act, Civil Code § 1798.150(a);
−Removed: and (4) violations of California’s unfair competition law (Cal.
−Removed: Code § 17200, et seq.).
−Removed: The summons and complaint have been served on the Bank as of the date of this submission.
−Removed: The Bank expresses no opinion on the merits of the Matter.
−Removed: The Bank had answered, responded, and will continue to defend itself from the claims and causes of action asserted in the complaint to the fullest extent permitted by applicable law.
−Removed: Those defenses will be based in part on the fact that the Bank has implemented security procedures, practices, and a robust information security program pursuant to guidance from the applicable financial regulators.
−Removed: The Company continues to monitor and evaluate the data incident for its magnitude and concomitant financial, legal or reputational consequences.
−Removed: During the year ended December 31, 2021, expenses associated with the data incident, all of which are included in Other Expense in Consolidated Statements of Income, totaled $100 thousand, which represents the retention amount on its insurance claims.
−Removed: During the year ended December 31, 2022, the Company incurred additional legal expenses of $220 thousand associated with the on-going legal matters related to the data incident, all of which are included in Professional Fees in Consolidated Statement of Income.
−Removed: The Company anticipates additional expenses will be incurred in future periods;
−Removed: however, the Company does have a cyber-liability insurance policy that should provide insurance coverage for this incident.
+Added: During the three months ended September 30, 2023, the Bank agreed to settle this matter in exchange for $700 thousand to the putative class members, including costs of settlement administration, and attorneys’ fees and costs.
+Added: The Bank received preliminary court approval of the settlement and notice was provided to members of the proposed class during the three months ended September 30, 2023.
+Added: However, due to the low claims rate by the members of the proposed class, Plaintiff had requested and the Court had agreed to extend the claims deadline for another 45 days.
+Added: March 21, 2024 is now the new claims deadline.
+Added: No new final approval hearing date has been set by the Court.
+Added: The Company expects that the full amount of the final settlement will be covered under the Company’s applicable insurance policies.
Mine Safety Disclosures
1 unchanged sentence
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.