Pacific City Financial Corporation (OTC:PFCF) recently announced financial results for its 2012 Q1, reporting consolidated net income of $1.8 million and net income available to common shareholders of $1.5 million, on enhancements in asset quality.
Net interest income ahead of provision for loan losses rose to $5.2 million for the Q1 of 2012 as compared to $4.9 million for the Q1 of 2011.
The rise was attributable to the gain of $28.7 million in average earning assets. The loan yield as well enhanced to 5.60% for 2012 as compared to 5.42% for 2011.
The average interest bearing liabilities rose to $392 million for the Q1 of 2012 against $390 million for the Q1 of 2011.
On the other hand, the cost of interest bearing liabilities has dropped 45 bps to 1.13% as compared to 1.58% for the Q1 of 2011 having positive influence on enhancement of net interest margin. As a result, net interest margin rose 11 bps to 3.80% in 2012 as compared to 3.69% in 2011.
Its shares added 15.38% to close at $1.50 with the total traded volume of 700.00 shares having the average volume of 51.00.
Its shares were trading within the range of $1.50-$1.50 while its opening price was $1.50. Its market capitalization is $10.00 million. Its stock price 52 weeks low was $0.90 and 52 weeks high price was $1.50.
Pacific City Financial Corporation is a bank holding company with headquarters in Los Angeles, California. Its wholly owned subsidiary, Pacific City Bank, is a full-service commercial bank established in September 2003 by local Korean-American business owners and professionals with a simple mission to help first generation Asian immigrants realize the American Dream through business ownership.
Since its inception, Pacific City Bank has specialized in commercial banking services for small to medium-size businesses by providing commercial real estate loans, small business loans and line of credit, trade finance loans, auto loans, residential mortgage loans, and SBA loans. With over $500 million in total assets, Pacific City Bank serves a diverse customer base through seven branches in the Greater Los Angeles Area and three Loan Production Offices in three States.
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