Condensed Financial Statements for Parent Company (Tables)
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12 Months Ended |
Dec. 31, 2018 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Condensed Balance Sheet |
Condensed Balance Sheets | | | | | | | | | | | | December 31, | ($ in thousands) | | 2018 | | 2017 | Assets | | | | | Cash | | $ | 1,254 |
| | $ | 990 |
| Investment in Pacific City Bank | | 209,012 |
| | 141,174 |
| Other assets | | 49 |
| | 20 |
| Total assets | | $ | 210,315 |
| | $ | 142,184 |
| Liabilities and Shareholders’ Equity | | | | | Other liabilities | | 19 |
| | — |
| Total liabilities | | 19 |
| | — |
| Total shareholders’ equity | | 210,296 |
| | 142,184 |
| Total liabilities and shareholders’ equity | | $ | 210,315 |
| | $ | 142,184 |
| | | | | |
|
| Condensed Statements of Income and Comprehensive Income |
Condensed Statements of Income and Comprehensive Income | | | | | | | | | | | | | | | | Year Ended December 31, | ($ in thousands) | | 2018 | | 2017 | | 2016 | Income: | | | | | | | Dividends from subsidiary | | $ | 1,694 |
| | $ | 1,566 |
| | $ | — |
| Other income | | — |
| | — |
| | 23 |
| Total income | | 1,694 |
| | 1,566 |
| | 23 |
| Expense: | | | | | | | Other expense | | 923 |
| | 454 |
| | 415 |
| Total expense | | 923 |
| | 454 |
| | 415 |
| Income (loss) before taxes and equity in undistributed subsidiary income | | 771 |
| | 1,112 |
| | (392 | ) | Income tax benefit | | (277 | ) | | (190 | ) | | (167 | ) | Income (loss) before equity in undistributed subsidiary income | | 1,048 |
| | 1,302 |
| | (225 | ) | Equity in undistributed subsidiary income | | 23,253 |
| | 15,101 |
| | 14,227 |
| Net income | | 24,301 |
| | 16,403 |
| | 14,002 |
| Other comprehensive loss, net of tax | | (424 | ) | | (450 | ) | | (135 | ) | Comprehensive income | | $ | 23,877 |
| | $ | 15,953 |
| | $ | 13,867 |
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| Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows | | | | | | | | | | | | | | | | Year Ended December 31, | ($ in thousands) | | 2018 | | 2017 | | 2016 | Cash flows from operating activities | | | | | | | Net income | | $ | 24,301 |
| | $ | 16,403 |
| | $ | 14,002 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | Equity in undistributed subsidiary income | | (23,253 | ) | | (15,101 | ) | | (14,227 | ) | Change in other assets | | (29 | ) | | 3 |
| | (12 | ) | Change in other liabilities | | 19 |
| | (28 | ) | | 28 |
| Net cash provided by (used in) operating activities | | 1,038 |
| | 1,277 |
| | (209 | ) | Cash flows from investing activities: | | | | | | | Capital contribution to subsidiary | | (44,361 | ) | | — |
| | (14,500 | ) | Net cash used in investing activities | | (44,361 | ) | | — |
| | (14,500 | ) | Cash flows from financing activities: | | | | | | | Stock issued under stock offering, net of expenses | | 45,037 |
| | — |
| | 15,194 |
| Stock options exercised | | 310 |
| | 134 |
| | 569 |
| Cash dividends paid on common stock | | (1,760 | ) | | (1,609 | ) | | (1,380 | ) | Net cash provided by (used in) financing activities | | 43,587 |
| | (1,475 | ) | | 14,383 |
| Net increase (decrease) in cash and cash equivalents | | 264 |
| | (198 | ) | | (326 | ) | Cash and cash equivalents at beginning of year | | 990 |
| | 1,188 |
| | 1,514 |
| Cash and cash equivalents at end of year | | $ | 1,254 |
| | $ | 990 |
| | $ | 1,188 |
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